# EDGAR Filing Document

**Accession Number:** 0001172724
**File Stem:** 0001628280-26-021904
**Filing Date:** 2026-3
**Character Count:** 2948201
**Document Hash:** 411f03feb16e15b424982534c668ded7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-021904.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001628280-26-021904

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 543

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLD FIELDS LTD
- **CENTRAL INDEX KEY:** 0001172724
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31318
- **FILM NUMBER:** 26811220

**BUSINESS ADDRESS:**
- **STREET 1:** 150 HELEN ROAD
- **STREET 2:** SANDOWN
- **CITY:** SANDTON
- **STATE:** T3
- **ZIP:** 2196
- **BUSINESS PHONE:** 0027115629700

**MAIL ADDRESS:**
- **STREET 1:** POST NET SUITE 252
- **STREET 2:** PRIVATE BAG X30500
- **CITY:** HOUGHTON 2041 SOUTH AFRICA
- **STATE:** T3
- **ZIP:** 2041

?xml version='1.0' encoding='ASCII'? gfi-20251231

**As filed with the Securities and Exchange Commission on 30 March 2026**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________________**

**Form 20-F**

**_______________________**

**(Mark One)**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**or**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended 31 December 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**or**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of event requiring this shell company report**

**For the transition period from to** 

**Commission file number: 1-31318**

**_______________________**

**Gold Fields Limited**

**(Exact name of registrant as specified in its charter)**

**_______________________**

**Republic of South Africa**

**(Jurisdiction of incorporation or organisation)**

**150 Helen Road**

**Sandown, Sandton, 2196**

**South Africa**

**011-27-11-562-9700**

**(Address of principal executive offices)**

*with copies to:*

**Kelly Carter**

**EVP Legal & Governance**

**Tel: +61 8 9211 9252**

**kelly.carter@goldfields.com**

**150 Helen Road** 

**Sandown, Sandton, 2196** 

**South Africa**

**Michael Z. Bienenfeld**

**Igor Rogovoy**

**Linklaters LLP**

**Tel: +44-20 7456 2000**

**20 Ropemaker Street**

**London EC2Y 9AR**

**United Kingdom**

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| **American Depositary Shares, each representing one ordinary share** | **GFI** | **New York Stock Exchange** |
| **Ordinary shares of no par value each** |  | **New York Stock Exchange\*** |

---

\*Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.

**Securities registered or to be registered pursuant to Section 12(g) of the Act**

**None**

**(Title of Class)**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act**

**None**

**(Title of Class)**

**Indicate the number of outstanding shares of each of the issuer's classes of capital**

**or common stock as of the close of the period covered by the Annual Report**

**895,024,247 ordinary shares of no par value**

**_______________________**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ Yes

No ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those

Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for

such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)

during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer,"

"accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer  | ☒ | Accelerated filer  | ☐ | Non-accelerated filer  | ☐ | Emerging growth company  | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section

404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to

previously issued financial statement. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive

officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. GAAP  | ☐ | International Financial Reporting Standards  | as issued by the International Accounting Standards Board | ☒ | Other  | ☐ |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the

distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

Gold Fields' Operations

![Global Assets Image.jpg](gfi-20251231_g1.jpg)

**i**<br>

Form 20-F Cross Reference Guide

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
| 1 | Identity of directors, senior <br>management and advisers<br>| NA |  |
| 2 | Offer statistics and expected <br>timetable<br>| NA |  |
| 3 | Key information |  |  |
|  | (b)Capitalisation and indebtedness | NA |  |
|  | (c)Reasons for the offer and use <br>of proceeds<br>| NA |  |
|  | (d)Risk factors | Further Information—Risk Factors | 1-27 |
| 4 | Information on the Company |  |  |
|  | (a)History and development of <br>the Company<br>| Presentation of Financial and Other Information | ix-x |
|  |  | Further Information—Information on the Company—Organisational <br>Structure<br>| 28-29 |
|  |  | Annual Financial Report—Accounting Policies | AFR<br>50-68<br>|
|  |  | Further Information—Additional Information—Memorandum of <br>Incorporation—General<br>| 88 |
|  |  | Integrated Annual Report—Administration and Corporate <br>Information<br>| IAR<br>121<br>|
|  |  | Integrated Annual Report—Business Model | IAR<br>66-67<br>|
|  |  | Integrated Annual Report—Chairperson's Report | IAR<br>9-10<br>|
|  |  | Integrated Annual Report—Performance of Our Operations | IAR<br>75-79<br>|
|  |  | Annual Financial Report—Directors' Report—Significant <br>Announcements in 2025<br>| AFR<br>12-13<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Overview<br>| AFR<br>15<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>Financial Statements—Additions to Property, Plant and Equipment<br>| AFR<br>36<br>|
|  |  | Further Information—Description of Mining Business—Capital <br>Expenditure<br>| 64 |
|  |  | Integrated Annual Report—Chief Executive Officer's Report | IAR<br>31-33<br>|
|  |  | Further Information—Description of Mining Business—The Gold <br>Mining Industry—Outlook and guidance for 2026<br>| 67 |
|  |  | Further Information—Additional Information—Taxation—Documents <br>on Display<br>| 98 |
|  | (b)Business overview | Gold Fields' Operations | Back of <br>cover<br>|
|  |  | Further Information—Information on the Company—Summary <br>Disclosure of Mining Operations Pursuant to Item 1303 of Regulation <br>S-K under the Securities Act<br>| 29-38 |
|  |  | Further Information—Information on the Company—Individual <br>Property Disclosure Pursuant to Item 1304 of Regulation S-K under <br>the Securities Act<br>| 39-61 |
|  |  | Integrated Annual Report—Who We Are | IAR<br>3-7<br>|

---

**ii**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| Item | Form 20-F Caption | Location in this document | Page |
|  |  | Integrated Annual Report—Chief Executive Officer's Report | IAR<br>31-33<br>|
|  |  | Integrated Annual Report—Performance of Our Operations | IAR<br>75-79<br>|
|  |  | Integrated Annual Report—Operating Environment | IAR<br>34-37<br>|
|  |  | Integrated Annual Report—Commitment to Responsible Mining | IAR<br>69-70<br>|
|  |  | Integrated Annual Report—Doing Business Ethically | IAR<br>11<br>|
|  |  | Integrated Annual Report—How Good Governance Creates Value | IAR<br>12<br>|
|  |  | Integrated Annual Report—Governance Framework | IAR<br>13<br>|
|  |  | Integrated Annual Report—Stakeholders | IAR<br>38-43<br>|
|  |  | Integrated Annual Report—Application of King IV within Gold Fields | IAR<br>115-117<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Results for the period – years ended 31 <br>December 2025 and 31 December 2024<br>| AFR<br>24-34<br>|
|  |  | Annual Financial Report—Directors' Report—Environmental <br>Obligations<br>| AFR<br>14<br>|
|  |  | Annual Financial Report—Statement of Financial Position—Provision <br>for Environmental Rehabilitation Costs<br>| AFR<br>41<br>|
|  |  | Annual Financial Report—Accounting Policies—Basis for Preparation<br>—Provision for Environmental Rehabilitation Costs<br>| AFR<br>57<br>|
|  |  | Further Information—Description of Mining Business | 63-67 |
|  |  | Further Information—Description of Mining Business—The Gold <br>Mining Industry<br>| 66 |
|  |  | Further Information—Environmental and Regulatory Matters | 68-81 |
|  | (c)Organisational structure | Further Information—Information on the Company—Organisational <br>Structure<br>| 28-29 |
|  | (d)Property, plant and equipment | Further Information—Information on the Company—Summary <br>Disclosure of Mining Operations Pursuant to Item 1303 of Regulation <br>S-K under the Securities Act<br>| 29-38 |
|  |  | Further Information—Information on the Company—Individual <br>Property Disclosure Pursuant to Item 1304 of Regulation S-K under <br>the Securities Act<br>| 39-61 |
|  |  | Further Information—Information on the Company—Internal Controls <br>Disclosure Pursuant to Item 1305 of Regulation S-K under the <br>Securities Act<br>| 62 |
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements<br>| AFR<br>15-45<br>|
|  |  | Annual Financial Report—Accounting Policies—Property, Plant and <br>Equipment<br>| AFR<br>60-62<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 17. Property, Plant and Equipment<br>| AFR<br>87<br>|

---

**iii**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document** | **Page** |
|  |  | Integrated Annual Report—Business Model | IAR<br>66-67<br>|
|  |  | Integrated Annual Report—Chief Executive Officer's Report | IAR<br>31-33<br>|
|  |  | Further Information—Information on the Company—Summary <br>Disclosure of Mining Operations Pursuant to Item 1303 of Regulation <br>S-K under the Securities Act—Summary of Mineral Resources and <br>Reserves<br>| 29-38 |
|  |  | Integrated Annual Report—Stakeholders | IAR<br>38-43<br>|
|  |  | Integrated Annual Report—Operating Environment | IAR<br>34-37<br>|
|  |  | Integrated Annual Report—Performance of Our Operations | IAR<br>75-79<br>|
|  |  | Further Information—Environmental and Regulatory Matters | 68-81 |
| 4A | Unresolved staff comments | NA |  |
| 5 | Operating and financial review and <br>prospects<br>|  |  |
|  | (a)Operating results | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements<br>| AFR<br>15-45<br>|
|  |  | Annual Financial Report—Accounting Policies—Foreign Operations | AFR<br>59<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 42. Risk Management Activities—Foreign <br>Currency Sensitivity<br>| AFR<br>120<br>|
|  |  | Annual Financial Report—Consolidated Statement of <br>Comprehensive Income<br>| AFR<br>70<br>|
|  |  | Integrated Annual Report—Operating Environment | IAR<br>34-37<br>|
|  |  | Integrated Annual Report—Stakeholders | IAR<br>38-43<br>|
|  |  | Further Information—Environmental and Regulatory Matters | 68-81 |
|  | (b)Liquidity and capital resources | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Liquidity and Capital Resources – years <br>ended 31 December 2025 and 31 December 2024<br>| AFR<br>35<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Credit Facilities<br>| AFR<br>42<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Working Capital<br>| AFR<br>42<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Contractual Obligations, Commitments <br>and Guarantees at 31 December 2025<br>| AFR<br>43<br>|
|  |  | Integrated Annual Report—Financial Performance | IAR<br>72-73<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 28. Borrowings<br>| AFR<br>102-104<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 38. Commitments<br>| AFR<br>110<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 41. Financial Instruments<br>| AFR<br>113-115<br>|

---

**iv**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** |  | **Location in this document** | **Page** |
|  |  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 42. Risk Management Activities<br>| AFR<br>116-122<br>|
|  |  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 43. Capital Management<br>| AFR<br>123<br>|
|  | (c)Research and development, patents <br>and licences, etc.<br>|  | NA |  |
|  | (d)Trend information |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Outlook and Guidance for 2026<br>| AFR<br>46<br>|
|  |  |  | Integrated Annual Report—Our Operating Environment | IAR<br>34-37<br>|
|  |  |  | Integrated Annual Report—Chief Executive Officer's Report | IAR<br>31-33<br>|
|  | (e)Off-balance sheet arrangements |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Off-Balance Sheet Items<br>| AFR<br>42<br>|
|  | (f)Tabular disclosure of contractual <br>obligations<br>|  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Contractual Obligations, Commitments <br>and Guarantees at 31 December 2025<br>| AFR<br>43<br>|
|  | (g)Safe harbour |  | Forward-Looking Statements | xvii-xxiii |
| 6 | Directors, senior management and <br>employees<br>|  |  |  |
|  | (a)Directors and senior management | A<br>n<br>n<br>u<br>a<br>l<br>F<br>i<br>n<br>a<br>n<br>c<br>i<br>a<br>l<br>R<br>e<br>p<br>o<br>r<br>t<br>—<br>C<br>o<br>r<br>p<br>o<br>r<br>a<br>t<br>e<br>G<br>o<br>v<br>e<br>r<br>n<br>a<br>n<br>c<br>e<br>R<br>e<br>p<br>o<br>r<br>t<br>—<br>D<br>i<br>r<br>e<br>c<br>t<br>o<br>r<br>s<br>| Integrated Annual Report—Board of Directors | IAR<br>14-15<br>|
|  |  | F<br>u<br>r<br>t<br>h<br>e<br>r<br>I<br>n<br>f<br>o<br>r<br>m<br>a<br>t<br>i<br>o<br>n<br>—<br>D<br>i<br>r<br>e<br>c<br>t<br>o<br>r<br>s<br>,<br>S<br>e<br>n<br>i<br>o<br>r<br>M<br>a<br>n<br>a<br>g<br>e<br>m<br>e<br>n<br>t<br>a<br>n<br>d<br>E<br>m<br>p<br>l<br>o<br>y<br>e<br>e<br>s<br>—<br>D<br>i<br>r<br>e<br>c<br>t<br>o<br>r<br>s<br>| Further Information—Directors, Senior Management and Employees<br>—Directors<br>| 82-83 |
|  |  |  | Further Information—Directors, Senior Management and Employees<br>—Executive Committee<br>| 83-84 |
|  |  |  | Annual Financial Report—Directors' Report | AFR<br>10-14<br>|
|  | (b)Compensation |  | Integrated Annual Report—Remuneration Report | IAR<br>82-113<br>|
|  |  |  | Annual Financial Report—Note 44. Related Parties | AFR<br>124-127<br>|
|  | (c)Board practices |  | Further Information—Directors, Senior Management and Employees | 82-84 |
|  |  |  | Integrated Annual Report—Board of Directors | IAR<br>14-15<br>|
|  |  |  | Integrated Annual Report—Remuneration Report | IAR<br>82-113<br>|
|  |  |  | Integrated Annual Report—Board Committees | IAR<br>19<br>|
|  |  |  | Annual Financial Report—Audit Committee Report | AFR<br>6-9<br>|
|  |  |  | Integrated Annual Report—Application of King IV within Gold Fields | IAR<br>115-117<br>|

---

**v**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document** | **Page** |
|  | (d)Employees | Integrated Annual Report—Our Global Operations | IAR<br>7<br>|
|  |  | Integrated Annual Report—Doing Business Ethically | IAR<br>11<br>|
|  |  | Integrated Annual Report—How Good Governance Creates Value | IAR<br>12<br>|
|  |  | Integrated Annual Report—Governance Framework | IAR<br>13<br>|
|  |  | Further Information—Directors, Senior Management and Employees<br>—Employees<br>| 84 |
|  |  | Further Information—Directors, Senior Management and Employees<br>—Safety<br>| 85 |
|  | (e)Share ownership | Annual Financial Report—Directors' Report—Share Ownership of <br>Directors and Executive Officers<br>| AFR<br>11<br>|
|  |  | Integrated Annual Report—Remuneration Report | IAR<br>82-113<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 6. Share-based Payments<br>| AFR<br>75-76<br>|
| 7 | Major Shareholders and Related <br>Party Transactions<br>|  |  |
|  | (a)Major shareholders | Further Information—Major Shareholders and Related Party <br>Transactions—Major Shareholders<br>| 86 |
|  |  | Annual Financial Report—Shareholders' Information (Unaudited) | AFR<br>140-141<br>|
|  | (b)Related party transactions | Further Information— Major Shareholders and Related Party <br>Transactions—Related Party Transactions<br>| 86 |
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 44. Related Parties<br>| AFR<br>124-127<br>|
|  | (c)Interests of experts and counsel | NA |  |
| 8 | Financial information |  |  |
|  | (a)Consolidated statements and other <br>financial information<br>| Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements<br>| AFR<br>15-45<br>|
|  |  | Annual Financial Report—Consolidated Income Statement | AFR <br>69<br>|
|  |  | Annual Financial Report—Consolidated Statement of <br>Comprehensive Income<br>| AFR <br>70<br>|
|  |  | Annual Financial Report—Consolidated Statement of Financial <br>Position<br>| AFR <br>71<br>|
|  |  | Annual Financial Report—Consolidated Statement of Changes <br>in Equity<br>| AFR <br>72<br>|
|  |  | Annual Financial Report—Consolidated Statement of Cash Flows | AFR <br>73<br>|
|  |  | Annual Financial Report—Audit Committee Report | AFR<br>6-9<br>|
|  |  | Annual Financial Report—Accounting Policies—Basis of Preparation <br>—Provision for Environmental Rehabilitation Costs<br>| AFR<br>57<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 29. Provisions<br>| AFR<br>105-106<br>|

---

**vi**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document** | **Page** |
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 39. Contingent Liabilities<br>| AFR<br>111-112<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis—<br>Silicosis Settlement Costs Provision<br>| AFR<br>42<br>|
|  |  | Annual Financial Report—Directors' Report—Financial Affairs—<br>Dividend Policy<br>| AFR<br>11-12<br>|
|  |  | Integrated Annual Report—Financial Performance | IAR<br>72-73<br>|
|  | (b)Significant changes | Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 40. Events After the Reporting Date<br>| AFR<br>112<br>|
| 9 | The Offer and listing |  |  |
|  | (a)Listing details | Further Information—The Listing | 87 |
|  | (b)Plan of distribution | NA |  |
|  | (c)Markets | Integrated Annual Report—Our Global Operations | IAR<br>7<br>|
|  |  | Annual Financial Report—Directors' Report—Listings | AFR<br>10<br>|
|  |  | Annual Financial Report—Administration and Corporate Information | AFR <br>145<br>|
|  | (d)Selling shareholders | NA |  |
|  | (e)Dilution | NA |  |
|  | (f)Expenses of the issue | NA |  |
| 10 | Additional information |  |  |
|  | (a)Share capital | NA |  |
|  | (b)Memorandum and articles of <br>association<br>| Further Information—Additional Information—Memorandum of <br>Incorporation<br>| 88-90 |
|  |  | Further Information—Corporate Governance | 103 |
|  |  | Integrated Annual Report—Governance Structure | IAR<br>16-17<br>|
|  | (c)Material contracts | Further Information—Additional Information—Material Contracts | 91-94 |
|  | (d)Exchange controls | Further Information—Additional Information—South African <br>Exchange Control Limitations Affecting Security Holders<br>| 95 |
|  | (e)Taxation | Further Information—Additional Information—Taxation | 95-98 |
|  | (f)Dividends and paying agents | NA |  |
|  | (g)Statement by experts | NA |  |
|  | (h)Documents on display | Further Information—Additional Information—Taxation—Documents <br>On Display<br>| 98 |
|  | (i)Subsidiary information | NA |  |
|  | (j) Annual Report to Security Holders | NA |  |
| 11 | Quantitative and qualitative <br>disclosures about market risk<br>| Annual Financial Report—Notes to the Consolidated Financial <br>Statements—Note 42. Risk Management Activities<br>| AFR<br>116-122<br>|
| 12 | Description of securities other than <br>equity securities<br>|  |  |
|  | (a)Debt securities | NA |  |
|  | (b)Warrants and rights | NA |  |
|  | (c)Other securities | NA |  |
|  | (d)American Depositary Shares | Further Information—Additional Information—Material Contracts—<br>Deposit Agreement<br>| 94 |

---

**vii**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document** | **Page** |
| 13 | Defaults, dividend arrearages and <br>delinquencies<br>| NA |  |
| 14 | Material modifications to the rights <br>of security holders and use of <br>proceeds<br>| NA |  |
| 15 | Controls and procedures | Further Information—Controls and Procedures | 99 |
|  |  | Annual Financial Report— Management's Discussion and Analysis—<br>Internal Control over Financial Reporting<br>| AFR<br>45-46<br>|
| 16A | Audit Committee financial expert | Further Information—Audit Committee Financial Expert | 100 |
| 16B | Code of ethics | Integrated Annual Report—Doing Business Ethically | IAR<br>11<br>|
| 16C | Principal accountant fees and <br>services<br>| Further Information—Principal Accountant Fees and Services | 101 |
| 16D | Exemptions from the listing <br>standards for audit committees<br>| NA |  |
| 16E | Purchase of equity securities by the <br>issuer and affiliated purchasers<br>| Further Information—Purchase of Equity Securities by the Issuer and <br>Affiliated Purchasers <br>| 102 |
| 16F | Change in registrant's certifying <br>accountant<br>| NA |  |
| 16G | Corporate governance | Further Information—Corporate Governance | 103 |
| 16H | Mine safety disclosure | NA |  |
| 16I | Disclosure regarding foreign <br>jurisdictions that prevent inspections<br>| NA |  |
| 16J | Insider trading policies | Further Information—Additional Information—Gold Fields Group <br>Share Dealings and Market Abuse Policy<br>| 90 |
| 16K | Cybersecurity | Annual Financial Report—Audit Committee Report—Information <br>Communication and Technology Governance<br>| AFR <br>8<br>|
|  |  | Annual Financial Report—Management's Discussion and Analysis of <br>the Financial Statements—Technology and Cybersecurity<br>| AFR <br>44-45<br>|
|  |  | Integrated Annual Report—Application of King IV within Gold Fields | IAR<br>115-117<br>|
| 17 | Financial statements | NA |  |
| 18 | Financial statements | Annual Financial Report—Report of Independent Registered Public <br>Accounting Firm (PricewaterhouseCoopers, Inc., Johannesburg, <br>South Africa, Audit Firm ID: 1308)<br>| AFR<br>47-49<br>|
|  |  | Annual Financial Report—Consolidated Income Statement | AFR <br>69<br>|
|  |  | Annual Financial Report—Consolidated Statement of <br>Comprehensive Income<br>| AFR <br>70<br>|
|  |  | Annual Financial Report—Consolidated Statement of Financial <br>Position<br>| AFR <br>71<br>|
|  |  | Annual Financial Report—Consolidated Statement of Changes in <br>Equity<br>| AFR <br>72<br>|

---

**viii**<br>

Form 20-F Cross Reference Guide *continued*

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document** | **Page** |
|  |  | Annual Financial Report—Consolidated Statement of Cash Flows | AFR <br>73<br>|
|  |  | Annual Financial Report—Accounting Policies | AFR<br>50-68<br>|
|  |  | Annual Financial Report—Notes to the Consolidated Financial <br>Statements<br>| AFR<br>74-132<br>|
| 19 | Exhibits | Exhibits | 104-105 |

---

**ix**<br>

Presentation of Financial and Other Information

Financial Information

Gold Fields Limited (Gold Fields or the Company) is a South African company and, in fiscal 2025, 42%, 12%, 23%, 7% and 16% of Gold

Fields' operations, based on managed gold-equivalent production, were located in Australia, South Africa, Ghana, Peru and Chile,

respectively. The Gold Fields consolidated financial statements are presented in U.S. dollars which is the Group's presentation currency.

The Group's annual and interim financial statements are prepared in accordance with IFRS Accounting Standards as issued by the

International Accounting Standards Board (IASB), and as prescribed by law (refer to the "Basis of preparation" section of the accounting

policies to the consolidated financial statements).

Except as otherwise noted, the financial information included in this annual report has been prepared in accordance with IFRS Accounting

Standards as issued by the International Accounting Standards Board (IASB) and is presented in U.S. dollars, and for descriptions of

critical accounting policies, refer to accounting policies under IFRS Accounting Standards as issued by the International Accounting

Standards Board (IASB).

Rounding adjustments have been made in calculating some of the financial and operating information included in this annual report. As a

result, numerical figures shown as total amounts in some tables may not be exact arithmetic aggregations of the figures that make up

such total amounts.

For Gold Fields' consolidated financial statements, unless otherwise stated, statement of financial position item amounts are translated

from Rand, A$ and CAD to U.S. dollars at the exchange rate prevailing on the statement of financial position date for fiscal 2025 (U.S.

$0.67 per A$1.00, Rand 16.54 per U.S.$1.00 and U.S.$0.73 per CAD1.00 as of 31 December 2025), except for specific items included

within shareholders' equity and the statement of cash flows that are translated at the rate prevailing on the date the relevant transaction

was entered into, and income statement item amounts are translated from Rand, A$ and CAD to U.S. dollars at the weighted average

exchange rate for each period (U.S.$0.64 per A$1.00, Rand 17.88 per U.S.$1.00 and U.S.$0.72 per CAD1.00 for fiscal 2025).

In this annual report, Gold Fields presents the financial items "all-in sustaining costs" (AISC), "all-in sustaining costs per ounce", "all-in

costs" (AIC), and "all-in costs per ounce", which have been determined using industry standards promulgated by the World Gold Council

(WGC) and are non-IFRS measures. An investor should not consider these items in isolation or as alternatives to cost of sales, profit before

tax, profit for the year, cash flows from operating activities or any other measure of financial performance presented in accordance with

IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). While the WGC provided definitions for the

calculation of AISC and AIC, the calculation of AISC, AISC per ounce, AIC and AIC per ounce may vary significantly among gold mining

companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies. See "—*Glossary of* 

*Terms—All-in sustaining costs*" and "—*Glossary of Terms—All-in costs*". For the definitions and reconciliations of these non-IFRS measures

to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), see "*Annual Financial Report—*

*Management's Discussion and Analysis of the Financial Statements*".

Gold Fields also presents "adjusted free cash flow", "adjusted free cash flow from operations", "net debt", "net debt (excluding lease

liabilities)", "adjusted EBITDA", "net debt to adjusted EBITDA", "sustaining and non-sustaining capital expenditure" and "normalised profit"

in this annual report, which are non-IFRS measures. An investor should not consider these items in isolation or as alternatives to cash flow

from operating activities, cash and cash equivalents or any other measure presented in accordance with IFRS Accounting Standards as

issued by the International Accounting Standards Board (IASB). Adjusted free cash flow is defined as net cash from operations adjusted

for the South Deep BEE Dividend, additions to property, plant and equipment, capital expenditure – working capital, proceeds on disposal

of property, plant and equipment, contributions to environmental trust funds and payments of principal lease liabilities as per the

consolidated statement of cash flows. Adjusted free cash flow from operations is calculated as cash flow from operating activities less net

capital expenditure, environmental payments and lease payments from the eight mining operations. Net debt is defined as total

borrowings plus lease liabilities less cash and cash equivalents. Net debt (excluding lease liabilities) is defined as total borrowings less

cash and cash equivalents. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and

depreciation and certain other costs. Sustaining capital expenditure represents the majority of capital expenditure at existing operations,

including mine development costs, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at

existing operations. Non-sustaining capital expenditure represents capital expenditures for major growth projects as well as enhancement

capital for significant infrastructure improvements at existing operations. Normalised profit is defined as profit excluding gains and losses

on foreign exchange, financial instruments, non-recurring net realisable value adjustments to stockpiles and non-recurring items after

taxation and non-controlling interest effect. The definition of the non-IFRS measures set out above may vary significantly between

companies, and by themselves do not necessarily provide a basis for comparison with other companies. See "—Glossary of Terms". For

the definitions and reconciliations of these non-IFRS measures to IFRS Accounting Standards as issued by the International Accounting

Standards Board (IASB), see "*Annual Financial Report—Management's Discussion and Analysis of the Financial Statements*".

This annual report also contains data on Gold Fields' Scope 1, 2 and 3 greenhouse gas (GHG) emissions. Data for Scope 1 and 2 emissions

relate to Gold Fields' own activities and supplied heat, power, and cooling which are measured using data from its own systems, as

described in our 2025 Sustainability Report. Scope 3 emissions are indirect emissions other than Scope 2 emissions that result from

activities from assets not owned or controlled by Gold Fields. Due to the minimal downstream processing required, gold mining

companies' Scope 3 emissions primarily relate to the organisations upstream supply chain. The processes, methodologies and issues

involved in calculating Scope 3 emissions are particularly complex, require the use of a number of key judgements, estimates and

**x**<br>

Presentation of Financial and Other Information *continued*

assumptions, and are subject to a range of uncertainties and challenges. For example, unlike reporting standards for Scope 1 and Scope 2

emissions, which are often calculated in accordance with statutory legislation in regions in which Gold Fields operates, Scope 3 emissions

are not currently a statutory requirement for the countries in which Gold Fields operates, which may create challenges related to data

availability and quality thereby causing an additional degree of inherent risk and uncertainty in any Scope 3 emissions data included in

this report.

Operational Information

In this annual report, except where otherwise noted, all production and operating statistics are based on attribution of 100% of Gold

Fields' total operations, which include production from the Damang and Tarkwa mines in Ghana and from the Cerro Corona mine in Peru,

South Deep in South Africa and Salares Norte in Chile, a portion of which is attributable to the non-controlling shareholders in those

mines. For the Gruyere mine in Australia, 100% attribution applies with effect from 26 September 2025.

Market Information

This annual report includes industry data about Gold Fields' markets obtained from industry surveys, industry publications, market

research and other publicly available third-party information. Industry surveys and industry publications generally state that the

information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such

information is not guaranteed. Gold Fields and its advisers have not independently verified this data.

In addition, in many cases, statements in this annual report regarding the gold mining industry and Gold Fields' position in that industry

have been made based on internal surveys, industry forecasts and market research, as well as Gold Fields' own experiences. While these

statements are believed by Gold Fields to be reliable, they have not been independently verified.

Websites

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such

information is not incorporated in, and does not form part of, this annual report on Form 20-F.

**xi**<br>

Glossary of Terms

The following explanations are not intended as technical definitions, but rather are intended to assist the reader in understanding some of

the terms used in this annual report. For additional terms, please see **"Annual Financial Report—Glossary of Terms"**.

**"A$"** and **"Australian dollars"** refer to Australian dollars.

**"Adjusted EBITDA"** is a non-IFRS measure which means profit or loss for the year adjusted for interest, taxation, amortisation and

depreciation and certain other costs. The definition of adjusted EBITDA is as defined in the U.S.$1,200 million sustainably linked revolving

credit facility agreement. For the calculation of adjusted EBITDA, refer to **"Annual Financial Report—Notes to the Consolidated Financial** 

**Statements—Note 43. Capital management"**.

**"Adjusted free cash flow"** is defined as net cash from operations adjusted for the South Deep BEE Dividend, additions to property, plant

and equipment, capital expenditure – working capital, proceeds on disposal of property, plant and equipment, contributions to

environmental trust funds, payment of principal lease liabilities, contributions for rehabilitation purposes in Australia and as per the

consolidated statements of cash flows which is a non-IFRS measure. An investor should not consider this item in isolation or as an

alternative to cash flow from operating activities, cash and cash equivalents or any other measure presented in accordance with IFRS

Accounting Standards as issued by the International Accounting Standards Board (IASB). The definition for the calculation of net cash flow

may vary significantly between companies, and by itself does not necessarily provide a basis for comparison with other companies. The

following table sets out a reconciliation of Gold Fields' **"net cash from operations"** in accordance with IFRS Accounting Standards as

issued by the International Accounting Standards Board (IASB) (refer to the consolidated statement of cash flows) to **"adjusted free cash** 

**flows"**. For a reconciliation, see **"Annual Financial Report—Management's Discussion and Analysis of the Financial Statements".**

---

| | |
|:---|:---|
| Net cash from operations<sup>(1)</sup> | xx |
| Less: |  |
| South Deep BEE Dividend<sup>(1)</sup> | xx |
| Additions to property, plant and equipment<sup>(1)</sup> | xx |
| Capital expenditure – working capital<sup>(1)</sup> | xx |
| Proceeds on disposal of property, plant and equipment<sup>(1)</sup> | xx |
| Contributions to environmental trust funds<sup>(1)</sup> | xx |
| Payment of principal lease liabilities<sup>(1)</sup> | xx |
| Contributions for rehabilitation purposes at Australia  | xx |
| Adjusted free cash flow | xx |

---

---

| |
|:---|
| *Note:* |
| *1. As per the consolidated statement of cash flows.* |

---

**"All-in costs"** or **"AIC"** is a non-IFRS measure which means all-in sustaining costs plus additional costs relating to growth, including non-

sustaining capital expenditure and exploration, evaluation and feasibility costs not associated with current operations. For the calculation

of all-in costs, see **"Annual Financial Report—Management's Discussion and Analysis of the Financial Statements— All-in Sustaining** 

**and All-in Costs"**.

**"All-in sustaining costs"** or **"AISC"** is a non-IFRS measure which means operating costs excluding amortisation and depreciation, plus all

costs not included therein relating to sustaining current production, including sustaining capital expenditure. For the calculation of all-in

sustaining costs, see **"Annual Financial Report—Management's Discussion and Analysis of the Financial Statements—All-in Sustaining** 

**and All-in Costs"**.

**"Australia"** means the Commonwealth of Australia.

**"Backfill"** see paste fill.

**"Ball mill"** means a piece of machinery used to crush and grind ore which uses steel balls and the ore itself to achieve comminution. The

mill is shaped like a cylinder causing the grinding media and the ore itself to impact upon the ore.

**"Brownfield"** means exploration conducted in areas where mineral deposits have already previously been discovered and is also termed

near mine or extensional exploration.

**"CAD"** or **"C$"** refers to Canadian dollars.

**"Canada"** means the Dominion of Canada.

**"Carbon in Leach"** or **"CIL"** is a metallurgical process whereby gold from milled ore is leached with sodium cyanide (NaCN) in order to

dissolve it into a pregnant leach solution; with this being undertaken simultaneously to the gold being recovered from the leach solution

through absorption onto carbon particles.

**xii**<br>

Glossary of Terms *continued*

**"Chile"** means the Republic of Chile.

**"Cut-off grade"** or **"COG"** means the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the

material during mining. For purposes of establishing **"prospects of economic extraction"**, the cut-off grade is the grade that distinguishes

material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will

be the waste dump or mineralised waste dump) from material deemed to have economic value (its ultimate destination during mining will

be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, cut-off and break-even,

and stripping ratio. Also see the definition of "Net smelter return".

**"Destress"** means that by mining a five-metre high horizontal slice through the orebody package an optimal position is achieved to create

a destressed window. This window is created 50 to 60 metres above and below the associated horizon and provides the necessary

geotechnical stress conditions for safer extraction.

**"Dilution"** or **"Mining Dilution"** means low or zero grade (waste) material that is mined during the course of mining Mineral Reserve

operations and forms part of the Mineral Reserve.

**"Dissolution"** means the process whereby a metal is dissolved and becomes amenable to separation from the gangue material.

**"DMRE"** means the South African Department of Mineral Resources and Energy, the government body responsible for regulating the

mining industry in South Africa.

**"Economically viable"** means, in the context of Mineral Reserve determination, that the qualified person has determined using a

discounted cash flow analysis or other analytical methods, that extraction of the Mineral Reserve is economically viable under reasonable

investment and market assumptions.

**"Electrowinning"** means the process of removing mineral from solution by the action of electric currents, known as electrolysis.

**"EMR"** means Mineral Resources exclusive of Mineral Reserves.

**"Exploration"** means activities associated with ascertaining the existence, location, extent or quality of mineralisation, including economic

and technical evaluations of mineralisation.

**"fiscal 2022"** means the 12-month period ended 31 December 2022.

**"fiscal 2023"** means the 12-month period ended 31 December 2023.

**"fiscal 2024"** means the 12-month period ended 31 December 2024.

**"fiscal 2025"** means the 12-month period ended 31 December 2025.

**"fiscal 2026"** means the 12-month period ending 31 December 2026.

**"fiscal 2027"** means the 12-month period ending 31 December 2027.

**"Gangue"** means commercially valueless or waste material remaining after ore extraction from rock.

**"GH"** refers to Ghana Cedi.

**"Ghana"** means the Republic of Ghana.

**"gold"** means gold and gold equivalent ounces, unless otherwise specified or where the context suggests otherwise.

**"gold equivalent ounces"** means quantities of metals (such as copper) expressed as amounts of gold using the prevailing prices of gold

and the other metals. To calculate this, the accepted total value of the metal based on its weight and value is divided by the accepted

value of one troy ounce of gold.

**"Gold Reserves"** means the gold contained within **"proven and probable Mineral Reserves"** on the basis of recoverable material

(reported as mill delivered tonnes, head grade and ounces).

**"Grinding"** means reducing rock to the consistency of fine sand by crushing and abrading in a rotating steel grinding mill.

**"Group"** refers to Gold Fields Limited and its subsidiaries.

**"Hypogene"** means ore or mineral deposits formed by ascending fluids occurring deep below the earth's surface, which tend to form

deposits of primary minerals, as opposed to supergene processes that occur at or near the surface, and tend to form secondary minerals.

**"IFRS"** means the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

**"In situ"** means within unbroken rock or still in the ground.

**"Indicated Mineral Resource"** means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of

adequate geological evidence and sampling. The level of geological certainty associated with an indicated Mineral Resource is sufficient

to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability

of the deposit. Because an indicated Mineral Resource has a lower level of geoscientific knowledge confidence than the level of

geoscientific knowledge and confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a

Probable Mineral Reserve.

**xiii**<br>

Glossary of Terms *continued*

**"Inferred Mineral Resource"** means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of

limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to

apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of

economic viability. Because an Inferred Mineral Resource has the geoscientific knowledge and lowest level of geological confidence of all

Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an

Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to

a Mineral Reserve.

**"Kriging"** means a geostatistical estimation technique used in the evaluation of Mineral Reserves.

**"Leaching"** means dissolution of gold from the crushed and milled material, including reclaimed slime, for adsorption and concentration

onto the activated carbon.

**"Level"** means the horizontal tunnels of an underground mine used to access the workings or ore body.

**"Life of mine"**, or **"LOM"** means the expected remaining years of production, based on production schedules and proven and probable

Mineral Reserves.

**"Life of mine plan"**, or **"LOM plan"** means a design and financial/economic study of an existing operation in which appropriate

assessments have been made of existing geological, mining, metallurgical, economic, marketing, legal, environmental, social,

governmental, engineering, operational and all other modifying factors, which are considered in sufficient detail to demonstrate that

continued extraction is reasonably justified. This is completed to a minimum pre-feasibility level of study.

**"London afternoon fixing price"** means the afternoon fixing by the new electronic London Bullion Market Association, or LBMA price-

discovery process. The price continues to be set twice daily, at 10:30 and 15:00 London time.

**"lost time injury"** or **"LTI"** means a work-related injury resulting in the employee or contractor being unable to attend work for a period of

one or more days after the day of the injury (i.e., the employee or contractor is unable to perform any of his/her normal duties).

**"Mark-to-market"** means the current fair value of a derivative based on current market prices, or to calculate the current fair value of a

derivative based on current market prices, as the case may be.

**"Measured Mineral Resource"** means that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis

of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is

sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine

planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of

geoscientific knowledge and confidence than the level of geoscientific knowledge and confidence of either an Indicated Mineral

Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable

Mineral Reserve.

**"Measures"** means conversion factors from metric units to U.S. units are provided below.

---

| | |
|:---|:---|
| **Metric unit** | **U.S. equivalent** |
| 1 tonne (1 t) | 1.10231 short tonnes |
| 1 gram (1 g) | 0.03215075 troy ounces |
| 31.1034768 gram (1 oz) | 1 troy ounce |
| 1 gram per tonne (1 g/t) | 0.02917 ounces per short tonne |
| 1 kilogram (1 kg) | 2.204622622 pounds (lb) |
| 1 kilogram per tonne (1 kg/t) | 29.16642 ounces per short tonne |
| 1 kilometre (1 km) | 0.62137 miles |
| 1 metre (1 m) | 3.28084 feet |
| 1 centimetre (1 cm) | 0.39370 inches |
| 1 millimetre (1 mm) | 0.03937 inches |
| 1 hectare (1 ha) | 2.47104 acres |

---

**"Metallurgical plant"** means a processing plant used to treat ore and extract the contained minerals.

**"Metallurgical recovery factor"** means the proportion of metal in the ore delivered to the mill that is recovered by the metallurgical

process or processes.

**"Metallurgy"** means, in the context of this document, the science of extracting metals from ores and preparing them for sale.

**"Mill delivered tonnes"** means a quantity, expressed in tonnes, of ore delivered to the metallurgical plant.

**xiv**<br>

Glossary of Terms *continued*

**"Mine Call Factor"** or **"MCF"** means the ratio, expressed as a percentage, of the specific product accounted for at the mill (including

residue), compared to the corresponding specific product "called for" based on an operation's measuring and valuation methods.

**"Mineralisation"** means the presence of a target mineral in a mass of host rock. A concentration (or occurrence) of material of possible

economic interest, in or on the earth's crust, for which quantity and quality cannot be estimated with sufficient geoscientific knowledge

and confidence to be defined as a Mineral Resource. Mineralisation is not classified as a Mineral Resource or Mineral Reserve and can

only be reported under exploration results. The data and information relating to it must be sufficient to allow a considered and balanced

judgement of its significance and the process or processes by which a mineral or minerals are introduced into rock, resulting in a

potentially valuable deposit. Mineralisation generally incorporates various terms, including fissure filling, impregnation and replacement,

among others.

**"Mineral Reserve"** means an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resources that, in the opinion

of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a

Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is

mined or extracted.

**"Mineral Resource"** means a concentration or occurrence of material of economic interest in or on the earth's crust in such form, grade or

quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of

mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the

assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not

merely an inventory of all mineralisation drilled or sampled.

**"Mining Recovery"** means an estimate of ore losses of stope material (normally at stope grade) that is not recovered during the course of

mining Mineral Reserve operations and is excluded from the Mineral Reserve.

**"medically treated injury"** or **"MTI"** means a work-related injury sustained by an employee or contractor which does not incapacitate that

employee and who, after having received medical treatment, is deemed fit to immediately resume his/her normal duties on the next

calendar day, immediately following the treatment or re-treatment.

**"Modifying Factors"** means the consideration of mining, metallurgical, processing, infrastructural, economic, marketing, legal,

environmental, social and governmental factors.

**"Mpa"** means a unit measurement of stress or pressure within the earth's crust used to profile tectonic stress, which can impact ground

stability and ground support requirements in underground mining.

**"Net debt"** is a non-IFRS measure which means total borrowings and lease liabilities less cash and cash equivalents.

**"Net debt (excluding lease liabilities)"** is a non-IFRS measure which means total borrowings less cash and cash equivalents.

**"Net smelter return"** or **"NSR"** means the volume of refined mineral sold during the relevant period multiplied by the average spot

mineral price and the average exchange rate for the period, less refining, transport and insurance costs.

**"Non-sustaining capital expenditure"** is a non-IFRS measure which represents capital expenditures for major growth projects as well as

enhancement capital for significant infrastructure improvements at existing operations.

**"Normalised profit"** is a non-IFRS measure which means profit excluding gains and losses on foreign exchange, financial instruments,

non-recurring net realisable value adjustments to stockpiles and non-recurring items after taxation and non-controlling interest effect.

**"NPV"** is the net present value of a Mineral Reserve Life of Mine plan based on free cash flow with the application of a mid-year discount

rate. The Mineral Reserve NPV includes closure liabilities and unutilised take and/or pay contracts. Also see the definition of

"Economically viable".

**"Open pit"** means mining where the ore is extracted from a surface mining operation or **"pit"**. The geometry of the pit may vary with the

characteristics of the ore body.

**"Ore"** means a mixture of material containing minerals from which at least one of the minerals can be mined and processed profitably.

**"Ore body"** means a well-defined mass of material of sufficient mineral content to make extraction economically viable.

**"Ore grade"** means the average amount of mineral contained in a tonne of mineral-bearing ore expressed in grams per tonne, or per

cent. per tonne.

**"Ounce"** means one troy ounce, which equals 31.1034768 grams.

**"Overburden"** or **"waste strip"** means the soil and rock that must be removed in order to expose an open pit ore body.

**"Paste filling"** or **"backfill"** means a technique whereby cemented paste fill is placed in mined-out voids to improve and maintain ground

stability, minimise waste dilution and maximise extraction of the ore.

**"Peru"** means the Republic of Peru.

**"Porphyry"** means an igneous rock of any composition that contains larger, well-formed mineral grains in a finer-grained groundmass.

**xv**<br>

Glossary of Terms *continued*

**"Probable Mineral Reserve"** means the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource.

**"Produced"** refers to metal that is recovered by smelting.

**"Production stockpile"** means the selective accumulation of unprocessed ore which is actively managed as part of the current mining

and processing operations. Material resulting from mining or processing operations.

**"Prospect"** means to investigate a site with insufficient data available on mineralisation to determine if minerals are economically

recoverable.

**"Prospecting right"** means the permission to explore an area for minerals.

**"Proven Mineral Reserve"** means the economically mineable part of a Measured Mineral Resource and can only result from a conversion

of a Measured Mineral Resource.

**"R", "Rand"** and **"ZAR"** refer to the South African Rand.

**"Refining"** means the final stage of metal production in which final impurities are removed from the molten metal by introducing air and

fluxes. The impurities are removed as gases or slag.

**"Rehabilitation"** means the process of restoring mined land to a condition approximating its original state. In an underground scenario

rehabilitation can mean the refurbishment of underground development to near original state.

**"Restricted work injury"** or **"RWI"** means a work-related injury sustained by an employee or contractor which results in the employee or

contractor being unable to perform one or more of their routine functions for a full working day from the day after the injury occurred, but

the employee or contractor can still perform some of his/her duties.

**"Rock dump"** means the historical accumulation of waste or low grade material derived in the course of mining which could be processed

in order to take advantage of spare processing capacity. Also see the definition of "Waste storage facility".

**"Run of Mine"** or **"ROM"**, when used with regard to grade, is a term to describe the average grade of the ore mined. When used in

mineral reserve means the final destination of mineral reserves before the processing plant.

**"S/."** refers to the Peruvian Nuevo Sol.

**"Sampling"** means taking small pieces of rock at intervals in a representative manner along exposed mineralisation for assay

(to determine the mineral content).

**"Seismicity"** means a sudden movement within a given volume of rock that radiates detectable seismic waves. The amplitude and

frequency of seismic waves radiated from such a source depend, in general, on the strength and state of stress of the rock, the size of the

source of seismic radiation and the magnitude and the rate at which the rock moves during the fracturing process.

**"Semi-autogenous grinding"** or **"SAG mill"** means a piece of machinery used to crush and grind ore which uses the ore itself to achieve

comminution. The mill is shaped like a cylinder causing the ore to impact upon itself.

**"Shotcrete"** means a sprayed concrete or specialist cement type product applied through a hose or similar device and pneumatically

projected at high velocity on the surface of excavations, as a geotechnical ground support technique to reinforce the stability of

underground faces. Shotcrete is also used to construct backfill and ventilation walls.

**"Slimes"** means the finer fraction or tailings discharged from a processing plant after the valuable minerals have been recovered. Also,

see "Tailings".

**"Slurry"** means a fluid comprising fine solids suspended in a solution (generally water containing additives).

**"Smelting"** means thermal processing whereby mineral is liberated from molten beneficiated ore or concentrate, with impurities

separating as lighter slag.

**"South Africa"** means the Republic of South Africa.

**"South Deep Dividend"** means the dividend paid by South Deep to its indirect 10% outside shareholders held pursuant to its black

economic empowerment transaction, as set out in the consolidated statement of cash flows.

**"Spot price"** means the current price of a metal for immediate delivery.

**"Stockpile"** means a store of unprocessed ore, which is material resulting from mining or processing operations.

**"Stope"** means the underground excavation within the ore body where the main mineral production takes place.

**"Stratigraphic"** means the study of rock layers (strata) and layering (stratification) and is primarily used in the study of sedimentary and

layered volcanic rocks. Stratigraphic modelling is often important in profiling the regional and local geology that has played a controlling

role in mineralisation and ore body generation.

**"Stripping"** means the process of removing overburden (waste material) to expose the ore for mining.

**xvi**<br>

Glossary of Terms *continued*

**"Sulphide"** means a mineral characterised by the linkages of sulphur with a metal or semi-metal, such as pyrite (iron sulphide); also a zone

in which sulphide minerals occur.

**"Supergene"** means ores or ore minerals formed where descending surface water oxidises the primary (hypogene) mineralised rock and

redistributes the ore minerals, often concentrating them in zones. Supergene enrichment occurs at the base of the oxidised portion of the

ore deposit.

**"Sustaining capital expenditure"** represents the majority of capital expenditure at existing operations, including mine development costs,

ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations.

**"Tailings"** means finely ground rock from which the bulk of valuable minerals have been extracted by metallurgical processes. Also, see

"Slimes".

**"Tailings storage facility"** or **"TSF"** typically means a dam used to store by-products or tailing from mining operations after separating the

ore from the gangue.

**"Tonne"** means one tonne and is equal to 1,000 kilograms (also known as a **"metric"** tonne).

**"Tonnage"** means the quantity of material where the tonne is an appropriate unit of measure. Typically used to measure Mineral Reserves

of mineral-bearing material, or quantities of ore and waste material mined, transported or milled.

**"TRIFR"** means the total recordable injury frequency rate at each Gold Fields operation. This includes the total number of fatalities, LTI,

MTI and RWI per million labour hours.

**"United States"** or **"U.S."** means the United States of America, its territories and possessions and any state of the United States and the

District of Columbia.

**"U.S. cents"** refers to subunits of the U.S. dollar.

**"$"**, **"U.S.$"** and **"U.S. dollars"** refer to United States dollars.

**"Waste"** means rock mined with an insufficient mineral content to justify processing.

**"Waste storage facility"** or **"WSF"** typically means an area where waste rock is stored until such time as it can be processed, reclaimed

or rehabilitated.

**"Yield"** means the actual grade of ore realised after the mining and metallurgical treatment process.

**xvii**<br>

Forward-looking statements

This annual 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 2026

production and operational guidance of Gold Fields, wherever they may occur in this annual report and the exhibits to the annual report,

and including any climate change-related statements, targets and metrics, 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 annual report. All statements other than statements of historical facts included

in this report may be forward-looking statements. Forward-looking statements also often use words such as "will", "forecast", "potential",

"estimate", "expect" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they

relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this

disclaimer. Readers are cautioned not to place undue reliance on such statements. 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 the Australian dollar, Rand and non-U.S. dollar currencies;

• high inflation, supply chain issues, volatile commodity costs and other inflationary pressures, and geopolitical tensions;

• difficulties, operational delays, cost pressures and related impacts to Gold Fields' operations;

• the challenges associated with replacing annual Mineral Reserve and Mineral Resource depletion, as well as growing the Mineral

Reserve and Mineral Resource base to extend the life of operations;

• reliance on contract mining and other contractors may result in operational disruption, disputes and potential financial losses;

• uncertainties related to title, rights, the renewal of mining leases and other interests, particularly at Tarkwa in Ghana;

• changes in technical and economic assumptions underlying Mineral Resource and Mineral Reserve estimates;

• the success of the Group's business strategy, development activities and other initiatives;

• the ability to achieve anticipated efficiencies and other cost savings in connection with its existing asset base, as well as past and

future acquisitions, combinations or joint ventures;

• material adverse consequences arising from cyber security and cyber incidents, the use of AI technologies in an uncertain

regulatory environment, and the ability to protect Gold Fields' information, communication and technology systems, including the

personal data it retains;

• failure to optimise and modernise operations;

• supply chain shortages and increases in the prices of production inputs;

• power cost increases, as well as unreliability of power supply, power deficits, potential total power failure in South Africa,

fluctuations and usage constraints;

• geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often

deeper underground deposits;

• the continued status of South Africa's credit rating as sub-investment grade and its impact on Gold Fields' ability to secure

financing;

• difficulty controlling theft of gold and copper bearing materials and illegal and artisanal mining on some Gold Fields properties;

• the impact of occupational diseases and health epidemics;

• the ability to maintain a physically and psychologically safe, respectful and inclusive work environment;

• economic, political or social instability in the countries or regions where Gold Fields operates;

• the ability to appoint, hire and retain qualified Board members, executives, senior leadership, technically skilled employees that

make up its workforce or attain sufficient representation among marginalised or underrepresented persons in management

positions or sufficient gender diversity in its workforce;

• the ability to meet environmental, social and corporate governance targets or disclosure requirements;

• compliance with extensive environmental, health and safety regulations;

• the ability of the Group to satisfy expectations that it provides benefits to affected communities;

• uncertainties as to compensation that may be payable to native title holders and other First Nations in respect of Gold Fields'

operations in certain regions;

• the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents and pollution

incidents;

• increasing regulation of environmental and sustainability matters such as GHG emissions and climate change, and the impact of

climate change on Gold Fields' operations;

• the impact of climate change, which may present physical risks to Gold Fields' operations, including from extreme weather events

and increased risk of wildfires and flooding;

• the ability to obtain, renew and comply with, water use licences and water quality discharge standards, or to otherwise source the

sufficient volumes and quality of water required to sustain its operations;

**xviii**<br>

Forward-looking statements *continued*

• the occurrence of future acid mine drainage-related pollution;

• the effects of a failure of a tailings storage facility;

• ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents;

• the effects of regional cessation of dewatering at South Deep;

• the effect of various regulatory costs, such as taxes and royalties, and amendment, expiration or non-renewal of related

stabilisation arrangements;

• the impact of legislation pertaining to mineral rights, which could impose significant costs and burdens, certain ownership

requirements, the ability to successfully renew and/or retain mining rights or leases, and possible penalties or forfeiture for non-

compliance;

• actual or alleged breach or breaches of law or applicable governance processes, fraud, bribery, corruption, money-laundering or

a sanctions breach that leads to censure, penalties or negative reputational impacts;

• the occurrence of adverse trade union activity, and impact of new and existing labour laws;

• fluctuations in insurance cost, market conditions and availability and the adequacy of the Group's insurance coverage;

• financial flexibility could be limited by South African exchange control regulations;

• 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; and

• Gold Fields' ability to pay dividends or make similar payments to its shareholders.

These forward-looking statements speak only as of the date they are made. 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 annual report or to

reflect the occurrence of unanticipated events. In light of these risks, uncertainties and assumptions, the forward-looking events discussed

in this annual report might not occur and results may differ materially from those described in the forward-looking statements.

**xix**<br>

Table of contents

---

| | |
|:---|:---|
|  | **Page** |
| **FORM 20-F CROSS REFERENCE GUIDE** | i |
| **PRESENTATION OF FINANCIAL AND OTHER INFORMATION** | ix |
| **GLOSSARY OF TERMS**  | xi |
| **FORWARD-LOOKING STATEMENTS** | xvii |
| **INTEGRATED ANNUAL REPORT** | IAR-1 |
| **ANNUAL FINANCIAL REPORT** | AFR-1 |
| **SUSTAINABILITY REPORT** | SR-1 |
| **FURTHER INFORMATION** | 1 |
| **RISK FACTORS SUMMARY** | 1 |
| **RISK FACTORS** | 2 |
| **INFORMATION ON THE COMPANY** | 28 |
| **DESCRIPTION OF MINING BUSINESS** | 63 |
| **ENVIRONMENTAL AND REGULATORY MATTERS** | 68 |
| **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES** | 82 |
| **MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS** | 86 |
| **THE LISTING** | 87 |
| **ADDITIONAL INFORMATION** | 88 |
| **CONTROLS AND PROCEDURES** | 99 |
| **AUDIT COMMITTEE FINANCIAL EXPERT** | 100 |
| **PRINCIPAL ACCOUNTANT FEES AND SERVICES** | 101 |
| **PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS** | 102 |
| **CORPORATE GOVERNANCE** | 103 |
| **EXHIBITS** | 104 |
| **SIGNATURES** | 106 |

---

![Form 20-F wrapper_GFL Integrated Annual Report_2025001.jpg](gfi-20251231_g2.jpg)

1 GOLD FIELDS Integrated Annual Report 2025 Creating enduring value beyond mining 2025 Gold Fields Limited Integrated Annual Report

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![Form 20-F wrapper_GFL Integrated Annual Report_2025002.jpg](gfi-20251231_g3.jpg)

Contents 2 GOLD FIELDS Integrated Annual Report 2025 About the cover The cover photo of our 2025 Integrated Annual Report (IAR) shows employees at the South Deep mine in South Africa heading underground. Share your feedback We value your feedback on our reporting suite. We aim to report on the issues our stakeholders care about. Pease provide any feedback and questions to investors@goldfields.com or sustainability@goldfields.com. You can also visit www.goldfields.com and download the feedback form. Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Integrated Annual Report Details how Gold Fields creates, preserves and erodes value over time, and serves as our primary report to capital providers. This report also includes valuable information for other stakeholders. Notice of Annual General Meeting Details the resolutions to be tabled to shareholders at our 2025 Annual General Meeting (AGM). Annual Financial Report Contains the Directors' Report, Audit Committee Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements. Mineral Resources and Mineral Reserves Supplement Provides detailed technical and operational information relating to our operations. Tax Transparency Report Defines our tax principles and the Group's approach to tax, and includes our country-by-country report. Sustainability Report Provides an overview of how Gold Fields delivers positive social and environmental impact through responsible mining practices. ESG databook Includes key data, as well as cross references to the GRI, ICMM Principles, United Nations (UN) Global Compact Principles, UN SDGs and the Value Reporting Foundation. Form 20-F Comprises our annual report on Form 20-F filed with the United States (US) Securities and Exchange Commission (SEC) as a foreign private issuer trading on the New York Stock Exchange (NYSE). Quick navigation icons This is an interactive report. Navigation tools are on the top of each page. Where to find more information Find relevant information in this report Read more on our website at www.goldfields.com Gold Fields' reporting suite can be accessed online at https://www.goldfields.com/2025-annual-report-suite.php and is also available in PDF format. Who we are Group overview, including our global operations, aspirations and how our purpose, values and strategy drives long-term value creation. About this report 3 About Gold Fields 6 Our global operations 7 Governance and leadership The Board's key activities, demonstrating how leadership and governance contributes to creation and protection of value while managing risks. Chairperson's report 9 Doing business ethically 11 How good governance creates value 12 Governance Framework 13 Board of Directors 14 Governance structure 16 Key Board focus areas for 2025 18 Board committees 19 Other key areas of oversight 28 Executive Committee 29 How we create value Our operating context, material matters, risk management, opportunities, strategic response and trade-offs for sustainable value creation. Chief Executive Officer's report 31 Operating environment 34 Stakeholders 38 Risks and opportunities 44 Catastrophic risks 53 Emerging global risks 55 Material matters 56 Unpacking our strategy 61 Capital Allocation Framework 65 Business model 66 Technology and cybersecurity 68 Commitment to responsible mining 69 The value we created Overview of 2025 operational and financial performance. Financial performance 72 Capital allocation and debt management 74 Operational performance 75 Mineral Resources and Mineral Reserves summary 80 Headline Mineral Resources and Mineral Reserves estimates 81 Our Remuneration Report Assessment of remuneration as an enabler for attracting and retaining talent, strategic delivery and sustainable value creation, protection and erosion for stakeholders. Message from the Remuneration Committee Chairperson 83 Remuneration Policy 86 Implementation Report 99 Appendices Abbreviations, acronyms and reporting criteria. Application of King IV 115 Application of section 5.7 of the JSE Listings Requirements 118 Glossary 119 Administrative and corporate information 121

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![Form 20-F wrapper_GFL Integrated Annual Report_2025003.jpg](gfi-20251231_g4.jpg)

About this report This IAR provides a detailed view of the performance of Gold Fields Limited (Gold Fields, the Group or the Company) for the year ended 31 December 2025. It explains how our purpose drives operational, financial and non-financial delivery against our three strategic pillars, which are underpinned by disciplined capital allocation, robust governance and a commitment to our 2035 aspirations and creation of long-term value. While this report is primarily intended for our capital providers, it also includes valuable insights for all our stakeholders. Reporting boundary This report includes financial and non-financial data relating to our nine mines in Australia, South Africa, Ghana, Chile and Peru. Non-financial data for Salares Norte is included from 1 September to 31 December 2025, following the achievement of full commercial production, in accordance with our sustainability performance reporting guidance. Except where noted, this report excludes data relating to our Windfall project in Canada. While not yet part of operational reporting, Windfall's development remains a key element in Gold Fields' future production and portfolio quality. Where relevant, selected data for Windfall is disclosed separately to support transparency. In line with our reporting approach, as performance metrics are disaggregated between producing and non- producing assets to maintain comparability. Socio-economic development (SED) spend includes spend by the South Deep trusts and the Gold Fields Ghana Foundation. The report also includes any material events after year- end and up to the date of Board approval on 24 March 2026. Entities and stakeholders considered in determining our reporting boundary. Key terms • The term "attributable" as it relates to production refers to 100% of our operations except for Gruyere1, South Deep (93.1%; 2024: 96.4%), Damang (90%), Tarkwa (90%) and Cerro Corona (99.5%) • The term "attributable" as it relates to Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, except for South Deep (93.1%; 2024: 90.3%), Damang (90%), Tarkwa (90%) and Cerro Corona (99.5%) • The term "managed" as it relates to production and Mineral Reserves and Mineral Resources refers to 100% of our mines and projects • The net debt: earnings before interest, taxes, depreciation, and amortisation (EBITDA) ratios mentioned refer to adjusted EBITDA, and we present Group and mine All-in costs (AIC) and All-in sustaining costs (AISC) in terms of the original World Gold Council (WGC) interpretation Reporting frameworks In preparing this IAR, we were guided by the following frameworks, standards and acts: • Integrated Reporting Framework • Companies Act No 71 of 2008, as amended (Companies Act) • Johannesburg Stock Exchange (JSE) Limited Listings Requirements • NYSE Listings Requirements • US SEC • King IV Report on Corporate Governance for South Africa, 2016 (King IV)2 • International Financial Reporting Standards (IFRS) Accounting Standards • ICMM's Sustainable Development Framework, Mining Principles, Performance Expectations and Position Statements • WGC's Responsible Gold Mining Principles We consider that this IAR, together with the additional documents available on our website, aligns and complies with the requirements of the GRI Standards. We comply with the ICMM's Sustainable Development Framework, Mining Principles, Performance Expectations and Position Statements. Our compliance with ICMM is addressed throughout this report and on our website, including disclosures related to: • How our sustainable development policies, management standards and procedures align with the ICMM's Mining Principles • How we identify specific sustainable development risks and opportunities based on our review of the business and expectations of its stakeholders • The systems and approaches we implemented to manage the sustainable development risks and opportunities identified • Our performance across the identified material sustainable development risks and opportunities • Our prioritisation process for validation of performance expectations Exchange rates used Year R/US$ US$/A$ US$/C$2026 Guidance R16.00 US$0.70 US$0.73 2025 Average R17.88 US$0.64 US$0.72 2024 Average R18.33 US$0.66 US$0.73 2023 Average R18.45 US$0.66 US$0.74 We completed our annual ICMM Mining Principles and Performance Expectations conformance self-assessment, which is available in the Group's ESG databook. Our ICMM Mining Principles and Performance Expectations self-assessment and Independent Assurance report can be accessed here. We take our commitment to producing gold in a responsible way seriously. To demonstrate this, we rejoined the WGC in January 2022 and endorse the Responsible Gold Mining Principles and conform with its Conflict-Free Gold Standard. The Independent Assurance report can be found in the WGC Responsible Gold Mining Principles Conformance self-assessment as these have been combined for the 2025 assurance process. We reviewed and updated our annual WGC Responsible Gold Mining Principles Conformance self-assessment in 2025. Find the self-assessment in our ESG databook. Independent external assurance is disclosed on our website. No information has been restated from previous reporting periods, unless specified otherwise. 3 GOLD FIELDS Integrated Annual Report 2025 1 Financial results are reported on a 50% basis up to the acquisition of Gold Road Resources on 26 September 2025, and on a 100% basis from that date forward. Non-financial data is reported on a 100% basis for the full reporting period 2 Copyright and trademarks are owned by the Institute of Directors South Africa NPC and all of its rights are reserved Who we are About this report About Gold Fields Our global operations Governance and leadership How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025004.jpg](gfi-20251231_g5.jpg)

About this report continued Materiality The content of this report is guided by the material themes and material matters that could substantively impact the Group's ability to create value in the short, medium and long term. We review and update our GRI-aligned double materiality analysis annually to identify and confirm these matters. Board approval We are committed to disclosing accurate information that our stakeholders can use in their decision-making. Preparation of this report was led by senior management, with oversight from the Executive Committee and Board of Directors (Board). The IAR was submitted to the Audit Committee for review, who recommended it to the Board for approval. The Gold Fields Board acknowledges its responsibility to ensure the integrity of the 2025 IAR. The Board believes this report addresses all matters that could materially impact the Group's ability to create value over the short, medium and long term, including Gold Fields' strategic objectives. The Board is also of the opinion that this report materially complies with the Company's Memorandum of Incorporation, the relevant statutory and regulatory requirements – particularly the Integrated Reporting Framework, IFRS Accounting Standards and the Companies Act. The Board unanimously approved the 2025 IAR on 24 March 2026. Yunus Suleman Chairperson We actively manage our business activities and their impact (p66) To ensure we deliver on our three strategic pillars and create sustainable value for our stakeholders (p61) Operate Operate in a safe, reliable and cost- effective way Impact Have a positive impact on our communities and the environment Grow Grow the quality of our portfolio We assess the operating context in which our nine mines operate (p34) Our operating environment is shaped by fluctuating gold prices and currencies, shifting geopolitical landscapes, evolving regulatory requirements and intensifying environmental and social expectations. We work to ensure the interests of our stakeholders are represented and considered (p38) We are committed to building strong stakeholder relationships to create positive impact and ultimately deliver competitive shareholder returns. Our people Host communities Suppliers Capital providers Governments We identify and respond to our risks and opportunities (p44) We analyse the impact and influence of the global context, our relationships with our stakeholders, and resource availability to identify our top strategic risks that could impact our value creation. 4 GOLD FIELDS Integrated Annual Report 2025 Refer to p66 for more information on our materiality determination process. We consider our material themes and matters (p56) We apply a double materiality lens to identify the Group's impact on society, our host communities and the environment, as well as our ability to deliver on our strategy and create value for our stakeholders. The material matters that inform our strategy are grouped into seven themes. • Protecting the health, safety and wellbeing of our employees and business partners • Committing to sound environmental practices • Managing our employees and business partners • Ensuring business resilience • Creating positive impact for host communities • Upholding sound corporate governance principles • Respecting the rights of our stakeholders Our value creation context Who we are About this report About Gold Fields Our global operations Governance and leadership How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025005.jpg](gfi-20251231_g6.jpg)

Who we are Gold Fields is a gold producer with a globally diversified portfolio of high-quality assets. In this chapter About Gold Fields 6 Our global operations 7 5 GOLD FIELDS Integrated Annual Report 2025 Matshediso Nthethe, trackless electrician at the South Deep mine in South Africa Who we are About this report About Gold Fields Our global operations Governance and leadership How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025006.jpg](gfi-20251231_g7.jpg)

About Gold Fields The why Our purpose The what Our strategy The how Our culture of care and accountability Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment\* Grow Grow the quality of our portfolio Our 2035 strategic aspirations • Safety and wellbeing Eliminate serious injuries and fatalities; enhance lives • People, culture and capability Inclusive, values-driven teams growing capabilities • Social and environmental performance Trusted sustainable leadership • Safe, reliable and cost-effective operations Operational excellence • Asset quality Grow portfolio through value optimisation • Results Deliver shared social and financial success The Gold Fields Way is the mechanism through which we activate and embed our culture. It comprises: Our culture levers: • Leadership and mindsets: How we lead, what we believe and how we act • Operating model: How we are structured and organised to deliver results • Operating practices and systems: The shared standards, routines and processes that support execution Our values Safety – If we cannot guarantee safe operations, we will not mine Respect – Treat everyone with dignity, care and fairness Collaboration – Work as a global team to succeed together Responsibility – Own our actions and their impact 6 GOLD FIELDS Integrated Annual Report 2025 For more information on our strategic pillars, refer to p61 – 64. Creating enduring value beyond mining What we do \*Through responsible mining practices Who we are About this report About Gold Fields Our global operations Governance and leadership How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025007.jpg](gfi-20251231_g8.jpg)

Our global operations 7 GOLD FIELDS Integrated Annual Report 2025 Peru Located high in the Andes mountains, Cerro Corona is the only mine in our portfolio with copper as a by-product. Cerro Corona Open pit with gold-copper flotation plant with five-year LOM. The operation is expected to process stockpiles from 2026. Exploration interests: Chakana Copper South Africa As one of the deepest, bulk- mechanised mines in the world South Deep, is one of our four multi-decade assets, with substantial resources. South Deep Underground operation with 83-year LOM.7 Australia Our mines in Australia account for almost half of the Group's production. Gold Fields has a strong track record of success in transforming these assets and extending the lives of our mines, with a strong pipeline of projects to ensure Mineral Reserves replacement. Canada The Windfall project is among the largest undeveloped gold deposits in Canada. Windfall Underground gold project.4 Permitting approvals are progressing, along with the impact benefit agreement (IBA) and advancing project studies to final investment decision (FID). Exploration interests: Vior, Onyx Gold, Bonterra (Phoenix JV) Life-of-mine (LOM) is as of 31 December 2025, reported under the SAMREC Code and the US SEC's S-K regulation, and only includes Mineral Reserves 1 Cash-flow from operating activities less net capital expenditure, contributions to environmental trust funds and payments of lease liabilities 2 Measured and Indicated Mineral Resources, including operations exiting the portfolio (Damang). Attributable Proved and Probable gold Mineral Reserves 3 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision- making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 4 LOM to be determined after feasibility studies 5 Depends on the renewal of Tarkwa's mining leases 6 2025 ESG target performance data includes Salares Norte from 1 September to 31 December 2025, following the achievement of full commercial production, in accordance with our sustainability performance reporting guidance 7 Based on a maximum Reserve scheduled production of 11 tonnes of gold per year Ghana Tarkwa Tarkwa is one of Africa's largest open-pit gold mines , with a 17-year LOM.5 Damang The asset will be transitioned out of our portfolio in April 2026. St Ives Two underground and one open-pit active operations, with 10-year LOM. Agnew Three active underground operations with a five-year LOM. Nine mines across Australia, South Africa, Ghana, Chile and Peru One project in Canada Through deliberate transformation over time, Gold Fields has a high-quality, geographically diverse portfolio. Chile Our newest mine, Salares Norte, is among the lowest-cost mines globally. The mine achieved commercial production on 31 August 2025 and reached steady-state operations in Q4 2025. Salares Norte6 Open-pit gold-silver mine with 11-year LOM. Exploration interests: Torq Resources, Tesoro Gold Gruyere One active open-pit operation and a nine-year LOM. Granny Smith: One active underground operation with 10-year LOM. Exploration interests: Great Southern Mining, Killi Resources, Gold Copper Resources, Hamelin Gold, Gold Road Resources- acquired tenements. Contribution to Group attributable production l Australia 44% l South Africa 12% l Ghana 21% l Peru 7% l Chile 16% Attributable gold- equivalent production 2,438koz AIC US$1,927/oz Adjusted free cash-flow (FCF)1 US$2,970m Work-related fatalities3 0 Serious injuries3 6 Mineral Resources2 47.0Moz Mineral Reserves2 48.3Moz Total workforce 23,235 Total dividend declared R25.50 Stakeholder value created US$5.8bn Who we are About this report About Gold Fields Our global operations Governance and leadership How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025008.jpg](gfi-20251231_g9.jpg)

Governance and leadership Gold Fields' foundation is built on strong ethics, fostering a culture of integrity and transparent reporting to strengthen trust, enhance our reputation and create sustainable value. In this chapter Chairperson's report 9 Doing business ethically 11 How good governance creates value 12 Governance Framework 13 Board of Directors 14 Governance structure 16 Key Board focus areas for 2025 18 Board committees 19 Other key areas of oversight 28 Executive Committee 29 8 GOLD FIELDS Integrated Annual Report 2025 Our CEO, Mike Fraser, speaking at Salares Norte's inauguration ceremony Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025009.jpg](gfi-20251231_g10.jpg)

Chairperson's report Gold Fields' 2025 performance reflects how the Group is becoming more integrated, operationally robust and culturally aligned. The Group's number one priority remains protecting our people. We are therefore pleased with the progress we made on our safety improvement plan during the year: there were no work-related fatalities at any of our operations in 2025 – a significant milestone in Gold Fields' history. I believe this reflects the disciplined leadership we have in place across our business; however, we remain vigilant to ensure we continue protecting our people from serious injuries and fatalities. As part of this, we continued strengthening our Group Safety function to supplement the technical and functional expertise to support our focus on accountability and strategic delivery. Furthermore, by integrating our business partners into our operating practices and systems, we believe we can unify our safety standards across our operations. We also approved and implemented the Occupational Health Framework during the year to safeguard the long-term psychological safety, health and wellbeing of our people. In 2025, we delivered strong financial results and operational performance, with production at the upper end of guidance and costs within the guided range – a strong indication that the Group's efforts to optimise the portfolio and introduce operational efficiencies are bearing results. While production remained strong, we continue monitoring cost pressures, overseeing opportunities for asset optimisation, and ways to organically improve operational efficiencies and transform the Group's portfolio. Gold Fields' performance was matched by an extraordinary year for gold, which started in 2025 at US$2,600/oz and increased over 60% to cross the US$4,000/oz barrier in October 20251. By year-end, it had exceeded US$4,339/oz2, marking its strongest performance in four decades. Escalating geopolitical tensions and soaring US debt made gold a safe haven and hedge against the political management of money. By the time this report has been published in March 2026, gold was trading over US4,500/oz. During the year, we approved a new Dividend Policy that reflects our confidence in the Group's financial position and positive outlook on future cash-flow generation. We declared a final dividend of R18.50, a 164% increase from our final dividend in 2024. Our total 2025 dividend of R25.50 per share (US$1.60 per share) equates to 35% of FCF before discretionary investments. Gold Fields also announced that additional returns of US$353m will be distributed through a special dividend and share buybacks, bringing total dividends and additional returns for 2025 to R31.85 per share. We continue to position Gold Fields as a financially resilient Company ready to pursue strategic growth opportunities. The Board oversaw several developments that reshaped the Gold Fields' portfolio during the year. Most notably, the acquisition of Gold Road Resources, which consolidated 100% ownership of Gruyere – an asset already successfully contributing to the quality of Gold Fields' portfolio. Our attention now turns to integrating the prospective land packages acquired as part of the transaction to ensure we optimise the asset's LOM. We remain committed to the development of a long-term gold industry in Chile. Pleasingly, Salares Norte had a successful ramp-up, achieving commercial production on 31 August 2025 and reaching steady-state operations in Q4 2025. The operation, which we officially inaugurated in October 2025, will enable a 25% increase in Chile's gold production. In Ghana, following the extension of the Damang lease for one year until 18 April 2026, the Board provided oversight of the process of preparing Damang for transition and transfer of ownership to the Government of Ghana. The imperative in Ghana is securing the renewal of the Tarkwa mining leases, which are due for expiry in April 2027. In line with the agreement reached with Government in April 2025, Gold Fields submitted its technical application for the renewal of the leases and is working to progress negotiations for the lease renewals. These discussions are taking place in an environment where the Government of Ghana is reviewing mining legislation and fiscal dispensation for mining in the country, which may impact the outcomes of the Tarkwa mining lease renewal process. In March 2026, the mining contractor at Tarkwa and Damang, Engineers and Planners (E&P), issued Gold Fields with a notice of dispute against Abosso Goldfields under the Tarkwa and Damang mining contracts (see note 39 of the Annual Financial Statements). Gold Fields is disputing these claims and will be commencing a process under the contract dispute process. 9 GOLD FIELDS Integrated Annual Report 2025 1 World Gold Council 2 London Bullion Market Association "The Board recognises that culture must be more than a stated set of values – it must be actively reflected in daily leadership. We therefore maintained close oversight of efforts to embed care, accountability and enhanced leadership behaviours across the Group." Yunus Suleman Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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Chairperson's report continued Recognising Ghana as a critical but increasingly complex jurisdiction, Gold Fields formed a Board subcommittee to focus on Ghana matters, comprising myself as Chairperson, John MacKenzie, Philisiwe Sibiya (Chairperson of the Audit Committee) and Alhassan Andani. The committee monitored progress on the Tarkwa lease renewal application, progress on the Damang transition, developments and the relationship with the mining contractor E&P and overall stakeholder engagement in Ghana. The Board of Directors held its November 2025 meeting in Ghana and engaged with our local teams, the Government, traditional leaders, suppliers, business partners and local business leaders to deepen our understanding of Gold Fields' role as a collaborative, long-term contributor to the national economy. In September 2025, my fellow Board members and I had the privilege of visiting the Windfall project and engaging with our teams in Canada and our host community, the Cree First Nation of Waswanipi. We have made progress in developing the mine under the current bulk permit, and we look forward to progressing the project to FID following the finalisation of the impact and benefit agreement (IBA) and approval of all the requisite permits. We understand that sustainable development is essential for meeting present needs without compromising the ability of future generations to meet theirs. As the Group reached the midpoint of its 2030 ESG target period, we conducted a midpoint review to ensure our sustainability commitments remain relevant to our long-term business strategy, as well as our operating context. The review identified several important insights, and we now have a more refined and integrated set of strategic sustainability commitments to shape our pathway over the next decade. Enabling organisational transformation Strengthening our organisational transformation remained a key focus in 2025, which included aligning the Group's organisational structure and culture with our strategy. We recognise that culture must be more than a stated set of values – it must be actively reflected in daily leadership. The Board therefore continued overseeing the Group's efforts to embed care, accountability and enhanced leadership behaviours across our business. Establishing clearer role definition was critical to improving process effectiveness and ensuring every employee understands their contribution to our success. We made good progress in implementing the recommendations from the Elizabeth Broderick & Co (EB&Co) review. This marked a significant milestone in our journey towards creating a more respectful workplace. While the foundations for an ethical and inclusive environment are firmly in place, the Board will continue monitoring the outcomes to ensure these changes are embedded. Following the transition of the Group's organisational structure in 2024, the Board continued to monitor implementation, mindful that the change in structure affected most business areas and required careful alignment with the Group's governance principles. We believe that our new organisational structure is fit-for-purpose, scalable for growth and was successfully implemented. Ensuring good governance Anchored by the Group's purpose and values, the Board continues to set the tone for the Group's integrity and corporate stewardship. We approved the Group's new Code of Conduct – Living the Gold Fields Way as our central operating system to embedding the way of working for elevating the Group's long-term performance and drive to achieving our 2035 aspirations. It is the Group's north star, guiding who we are and what we stand for. Our commitment to providing effective and ethical governance was confirmed through an external assessment of the Board and its committees' performance. The review confirmed that the Board and each committee were fully functional and effectively fulfilling our duties as outlined in their terms of reference. To support organisational readiness and delivery of our 2035 aspirations, we continued to manage director succession in line with our Governance Framework. During the year, Jacqueline McGill was elected as Lead Independent Director (LID). Steven Reid and Peter Bacchus retired from the Board at our AGM held on 28 May 2025. The Board's capacity was further supplemented by appointing John MacKenzie and Michael Rawlinson as NEDs with effect from 1 August 2025. At the 2026 AGM, Philisiwe Sibiya and Terence Goodlace will stand for re-election to the Board. Board succession will remain an ongoing focus for the Board, ensuring continuous alignment with our strategy. Looking ahead, the Board is preparing for my planned retirement at the May 2026 AGM, after which John MacKenzie will take up the role of Board Chairperson. These planned transitions are being managed to ensure continuity of experience and strong governance as the Group advances its strategic objectives. Driving meaningful stakeholder engagement The Board firmly believes that Gold Fields' success depends on its ability to create value for its stakeholders. Throughout the year, the Board engaged with key stakeholders to strengthen relationships and drive performance. Our inaugural Capital Markets Day provided investors with a transparent overview of the Group's strategic direction. To further enhance operational partnerships, the Board approved a new Business Partner Framework, designed to improve collaborative working relationships and outcomes. Outlook and appreciation Looking ahead, the Board remains committed to strengthening governance frameworks, ensuring robust regulatory compliance and fostering transparent stakeholder relations to support sustainable operations and accountability. Specifically, we will closely monitor the implementation of King V to ensure continued compliance and track the implementation of the Gold Fields Way and its impact on the Group. We will also monitor the integration of our new Code of Conduct across the Group. Gold Fields will continue executing its strategy to strengthen our position relative to peers and enhance returns for our shareholders. We will focus on advancing several high-value organic growth projects, and anticipate obtaining permits and formalising the IBA for Windfall to support an FID. I am delighted to welcome John MacKenzie as incoming Board Chairperson and Chairperson of the Nomination and Governance (N&G) Committee, with effect from 21 May 2026. John is an experienced mining executive with over 30 years' experience in mining operations and executive leadership across multiple commodities and jurisdictions. Gold Fields is pleased to have someone of John's calibre assuming the role of Board Chairperson. I wish him success in his new role. I want to extend my gratitude to our people, the leadership team and my fellow directors for their hard work during my tenure, but particularly in 2025 – a milestone year for Gold Fields and its shareholders. A special thanks to our investors for their continued support, which empowers the Group to achieve our commitments and aspirations. Yunus Suleman Chairperson 10 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025011.jpg](gfi-20251231_g12.jpg)

Doing business ethically Gold Fields' foundation is built on strong ethics, driven by our Board and committees, to foster a culture of integrity, ethical decision-making and transparent reporting. This foundation strengthens trust, enhances our reputation and creates sustainable value. We have robust mechanisms in place to ensure ethical conduct, regulatory compliance and the entrenchment of good governance principles across the business. Legal and compliance We proactively manage legal, regulatory and reputational risks through a robust governance and compliance framework. Key actions in 2025 included the following: • Monitor and assess applicable laws, regulations, policies, codes and standards • Developed new policies and standards to govern how we manage risks related to bribery, corruption and sanctions • Analysed engagements with and commitments made to all external stakeholders • Risk-screened new and existing suppliers and business partners for a range of predefined legal and reputational risk categories, including compliance with human rights, sanctions and political exposure • Implemented our combined assurance process to assess the efficacy of compliance-related operational controls as part of operational business process review During the year, we also undertook a comprehensive, independent review of our Compliance Management Framework to benchmark against best practice. The review identified opportunities to more closely align with our Enterprise Risk Management Framework and use of digital technology, which we will begin to implement in 2026. Audit and risk The Board determines the risk appetite for the Group, defining the amount and types of risks the Company is prepared to take to pursue its strategic objectives. Management is responsible for defining the measures that will be used to monitor and predict risk exposure and embedding these in business performance management and reporting. The Risk Committee reviews management reports on the status of strategic risks and opportunities and reports these to the Board. The Board supports management in ensuring risk exposures are maintained within appetite and in highlighting and addressing unacceptable exposures where necessary. The Audit Committee oversees the combined assurance model implemented by management, which focuses on the risks most critical to the Group. For each strategic risk, a specific risk appetite is determined and approved by the Board, then monitored through key risk indicators and tolerance levels. These risks and their indicators underpins the Group's combined assurance priorities. Internal controls are evaluated using the three-lines model, and any deficiencies identified are addressed by management and assigned mitigating actions. Furthermore, the Audit Committee ensures the integrity of Gold Fields' accounting records. It is supported by the Company's external auditors, who provide an opinion on the financial statements of the Company and the Group. PwC have been the Company's auditors since 2019. Code of Conduct and confidential hotline Our Code of Conduct is a key artefact of our culture, defining who we are and what we stand for – reflecting our values and commitments to how we operate. Our Code of Conduct was comprehensively reviewed, refreshed and updated in 2025, and our new Code – Living the Gold Fields Way, will be implemented throughout the organisation in 2026, supported by new digital learning modules. A confidential hotline is available to our people and stakeholders across our business, backed by our Whistleblower Policy, which outlines reporting processes and protections against retaliation. During the year, we completed our review of our hotline process to align to the current environment, integrate with our new Code of Conduct, ensure secure incident reporting through a range of channels, and promote effective and confidential handling of concerns raised. Our new Speak Up platform, and supporting policy and standards, will be launched in 2026. Commitment to leading practice Gold Fields upholds and promotes continuous improvement in ethical, responsible mining as guided by a range of international standards and industry best practices. We are guided, among others, by: • Legislation and regulations of the countries in which we operate • King IV • UN Guiding Principles on Business and Human Rights • Task Force on Climate-related Financial Disclosures (TCFD) 11 GOLD FIELDS Integrated Annual Report 2025 For more information on our Audit Committee and Risk Committee, refer to p20 and p23. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025012.jpg](gfi-20251231_g13.jpg)

How good governance creates value We believe good governance directly contributes to the sustainability of our business and advances our purpose of creating enduring value beyond mining. The Board drives value creation by: Culture of integrity • Setting the tone for integrity and responsible corporate citizenship, anchored in our purpose and values • Ensuring our decision-making frameworks support and uphold a culture of integrity • Promoting inclusive decision-making to protect our reputation and licence to operate • Overseeing the fulfilment of fiduciary duties by executives and Board members Robust strategy and Capital Allocation Framework • Approving strategic direction and goals presented by the Executive Committee • Ensuring strategy drives sustainability and considers the interests of all stakeholders • Overseeing the Risk Management Framework – the risks and opportunities that might impact the implementation of strategy • Implementation of the capital management framework – balancing sustaining and growth investment with capital returns to our investors • Setting performance targets and monitoring delivery against plans Fair remuneration • Ensuring executive remuneration is fair, equitable, responsible and aligned with our strategy, promoting business performance on a strong cultural foundation • Determining remuneration principles in line with King IV • Aligning remuneration with shareholder interests and sustainable value creation • Ensuring remuneration practices attract, motivate, retain and reward employees who support the delivery of our corporate and operational commitments • Providing transparent disclosure on Remuneration Policy and executive remuneration outcomes Inclusive stakeholder engagement • Ensuring our approach to stakeholder engagement supports transparent and ongoing consultation, and collaborative and informed decision-making • Overseeing our reporting and disclosure to allow stakeholders to make informed assessments of Gold Fields' performance and impact • Ensuring our inclusive stakeholder engagement approach continually evolves to balance the interests, needs and expectations of stakeholders with the best interests of the Company Safe and healthy work environment • Upholding our guarantee that everyone who works at Gold Fields goes home safe and well every day • Ensuring adequate oversight of physical and psychological safety, particularly through incident and risk reporting • Overseeing adherence to safety, health and environmental legislation, standards and compliance requirements • Reviewing serious potential incidents and material unwanted events and overseeing the application of learnings to prevent future incidents Regulatory compliance • Ensuring adherence to laws, regulations and adopted rules, codes and standards and the highest levels of corporate governance • Supporting Executive Committee decisions to drive governance in line with leading practices Commitment to sustainability • Overseeing community impact and value creation through the Social, Ethics and Transformation (SET) Committee • Overseeing health, safety and environmental performance through the Safety, Health and Sustainable Development (SHSD) Committee • Overseeing processes to help ensure good corporate citizenship and timely responses to any adverse impacts our operations may have on communities and the environment • Ensuring accurate and timely ESG performance reporting 12 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025013.jpg](gfi-20251231_g14.jpg)

Governance Framework Gold Fields' Governance Framework is structured to ensure effective oversight, clear delegation and accountability across the Group 13 GOLD FIELDS Integrated Annual Report 2025 Audit Gold Fields Board CEOBoard committees Group Company Secretary Subsidiary Boards Secondary Holding Companies General Managers Oversight and strategic direction Reports to Executive Committee Delegates authority Delegates authority The Gold Fields Board retains ultimate responsibility and formally delegates authority to the Board committees and the CEO. Maintains Governance Framework The Company Secretary is responsible for the maintenance, integrity and administration of the Group's Governance Framework. The CEO leads the Executive Committee and maintains communication with the Subsidiary Boards. Leads Executive Committee Keeps informed via Executive Committee May act as Operational control The CEO reports directly on the performance and activities of the Subsidiary Boards to the Gold Fields Board, facilitated through the N&G Committee. The Subsidiary Boards may act as Secondary Holding Companies to provide local oversight, supporting the General Managers, who run our daily operations. Nomination and Governance Remuneration Risk Safety, Health and Sustainable Development Social, Ethics and Transformation Strategy and Investment Technical Functions Assets Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025014.jpg](gfi-20251231_g15.jpg)

Board of Directors as at 30 March 2026 Mike Fraser (60) BCom, MBL (Unisa), AMP (Harvard) GAICD Appointed to the Board: Executive Director and CEO – January 2024 Alex Dall (38) CA(SA), Bachelor Business Science, PGDA, University of Cape Town Appointed to the Board: Interim CFO – 2024, Executive Director and CFO – 2025 Yunus Suleman (68) BCom, University of Durban Westville; BCompt (Hons), University of South Africa (UNISA); CA(SA); CD(SA) Appointed to the Board: 2016; to retire in May 2026 Jacqueline McGill (58) MBA, La Trobe University; BSc (Ext Metallurgy), Murdoch University; honorary doctorate, Adelaide University Appointed to the Board: 2021; appointed as LID in May 2025 Alhassan Andani (65) MA (Banking and Finance), Finafrica Institute, Italy; BSc (Agriculture), University of Ghana Appointed to the Board: 2016 John MacKenzie (57) BSc, Mining Engineering, MSc (Mining Engineering), University of the Witwatersrand; MBL, UNISA; AMP, Harvard Appointed to the Board: 2025 Zarina Bassa (61) CA(SA); Postgraduate Diploma in Accounting, University of Durban Westville; BAcc, University of Durban Westville Appointed to the Board: 2024 Cristina Bitar (56) BA (Economics), Dartmouth College; MBA, Universidad de Chile and Tulane University Appointed to the Board: 2022 Terence Goodlace (65) MBA (Business Administration), University of Wales; BCom, UNISA; NHDip and NDip (Metalliferous Mining), Witwatersrand Technikon; MDP, University of Cape Town Appointed to the Board: 2016 Shannon McCrae (54) BSc (Geology) (Hons), University of Western Ontario; P.Geo, Ontario; ICD.D, Directors' Education Programme, Institute of Corporate Directors Appointed to the Board: 2024 Michael Rawlinson (56) BSocSci (Hons) (Economics), University of Birmingham; MSc (Environmental and Resource Economics), University College London Appointed to the Board: 2025 Philisiwe Sibiya (49) BCom (Hons), University of Natal; CA(SA) Appointed to the Board: 2021 Carel Smit (63) Higher Diploma in Tax Law, University of the Witwatersrand; BCompt and CTA, University of the Free State; CA(SA) Appointed to the Board: 2023 14 GOLD FIELDS Integrated Annual Report 2025 Refer to our Notice of AGM for detailed CVs of our Board of Directors. Committee key Chairperson of committee Safety, Health and Sustainable Development Committee Nomination and Governance Committee Strategy and Investment Committee Social, Ethics and Transformation Committee Remuneration Committee Audit Committee Risk Committee Technical Committee Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025015.jpg](gfi-20251231_g16.jpg)

Board of Directors continued Board composition (as at 30 March 2026) Gold Fields' Memorandum of Incorporation mandates a Board of between four and 15 directors. Currently, the Board comprises 13 directors – two executive directors and 11 independent NEDs. Since the Company's inception, the Board has maintained a majority of independent NEDs. Guided by the N&G Committee, the Board appoints reputable individuals with recognised competence, skills, experience and commitment to dedicating sufficient time to the Company as independent directors. Each director offers relevant knowledge, technical expertise and business acumen, ensuring independent judgement in Board discussions and decisions. Board size and turnover 8 10 9 11 112 3 2 2 2 2021 2022 2023 2024 2025 0 5 10 15 The N&G Committee ensures the Board has adequate diversity in race, gender, culture, age, field of knowledge, skills, experience, business expertise and geographic and academic backgrounds. The Board strongly supports the Group's diversity targets, including 30% female representation across the workforce by 2030. The Board also adopted a Board Diversity Policy, which commits to a target of 40% female representation at the Board level. We are currently at 45%. The composition of the Board's committees was reviewed and approved at the November 2025 and February 2026 Board meetings. Nationalities South African 8 Chilean 1 Australian 1 Canadian 1 Ghanaian 1 British 1 15 GOLD FIELDS Integrated Annual Report 2025 \*African, Coloured and Indian Our Memorandum of Incorporation is available online. 2025 2024 2025 2024 20242025 2025 2024 n Non-executive directors n Executive directors Director movement in 2025 2 non-executive directors appointed 2 non-executive directors resigned or retired 1 executive director officially appointed Race diversity l Black\* 31 % l Black\* 31 % l White 69 % l White 69 % Gender diversity l Male 62% l Male 62% l Female 38% l Female 38% Age l Over 50 85 % l Over 50 85 % l Under 50 15 % l Under 50 15 % Tenure l 0 – 5 years 69 % l 0 – 5 years 77 % l 5 – 10 years 31 % l 5 – 10 years 23 % Independence l Non-executive directors 85% l Executive directors 15% Board skills Strategy Major projects oversight n n n n n n n n n n n n n n n n n Mining and natural resources ESG n n n n n n n n n n n n n n n Risk management and controls Corporate governance n n n n n n n n n n n n n n n n n n n n n n n Government and regulatory engagement Accounting and financial reporting n n n n n n n n n n n n n n n Health and safety Mergers, acquisitions and divestments n n n n n n n n n n n n n n n n n Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025016.jpg](gfi-20251231_g17.jpg)

Governance structure The Gold Fields Board, as the Group's highest governing authority, is ultimately responsible for ensuring adherence to sound corporate governance standards. It oversees business decisions and judgements, ensuring they are made with integrity, care, skill and diligence. The Board's objectives and responsibilities are outlined in its Charter. Each Board committee operates in accordance with its terms of reference. Chairperson and LID Yunus Suleman Chairperson Yunus Suleman provides overall leadership to the Board, ensuring collective responsibility for decisions while recognising the individual duties of Board members. He guides the Board's focus on strategic matters, oversees the Group's business and upholds high governance standards. Additionally, he plays a key role in enhancing the effectiveness of the Board and its directors. The roles of Chairperson and CEO are distinct and remain separate. Jacqueline McGill LID As LID, Jacqueline McGill, provides leadership and advice to the Board while stepping in to lead whenever the Chair is absent, unable to perform duties, or where the Chair's independence is compromised. Critically, the LID chairs meetings on Chair succession and leads the Chair's performance appraisal, ensuring objective oversight where a conflict of interest would otherwise exist. Independent non-executive directors Gold Fields has 11 independent NEDs who operate independently of management. Their role is to monitor and provide independent oversight, ensure effective governance and safeguard the interests of the Company and its stakeholders, with a particular focus on shareholders, including minority shareholders. Executive directors Mike Fraser Chief Executive Officer (CEO) Mike Fraser leads all aspects of the Group's operations by executing the strategy, focusing on long-term goals, growth, profitability and maximising return on investment. Alex Dall Chief Financial Officer (CFO) Alex oversees all finance activities at Gold Fields, including planning, implementation, budgeting, forecasting, business planning and negotiations. Committee Chairpersons N&G Committee Yunus Suleman Chairperson The Committee oversees the Group's Corporate Governance Framework, Board composition, appointments, succession planning and all matters of governance. Audit Committee Philisiwe Sibiya Chairperson The Committee holds decision-making authority over its statutory duties and is accountable to the Board and shareholders. It oversees the Group's financial affairs and reporting, monitors the suitability and independence of external auditors and ensures the effectiveness of combined assurance and Group Internal Audit. Remuneration Committee Jacqueline McGill Chairperson The Committee assists the Board in fulfilling its responsibilities regarding Gold Fields' remuneration practices and annual reporting, in line with applicable rules and regulations. The Committee holds decision- making authority regarding remuneration matters. It ensures the Group's remuneration practices are fair, responsible and equitable, with executive remuneration directly linked to Group performance. SHSD Committee Terence Goodlace Chairperson The Committee oversees the effectiveness of the Company's safety, occupational health and sustainable development programmes. It keeps the Board informed on objectives, compliance and standards. The committee monitors SHSD performance across the Group, approves related policies and standards and ensures operations align with national and international regulations and best practices. Technical Committee Alhassan Andani Chairperson The Committee monitors, reviews and evaluates technical matters relevant to operational performance and projects. SET Committee Cristina Bitar Chairperson The Committee holds decision-making authority over its statutory obligations and is accountable to the Board and shareholders. It assists the Board in overseeing social, ethics, security, labour, transformation, community, anti-corruption, land (in a social context), human rights and stakeholder relationships. Risk Committee Zarina Bassa Chairperson The Committee ensures that effective risk management practices and strategies are in place so management can identify, manage and mitigate risks within Board-approved risk parameters. S&I Committee Carel Smit Chairperson The Committee considers and recommends strategic, organisational and structuring options for the Group to the Board, including investment and divestment opportunities. Executive Committee Mike Fraser Chairperson The Executive Committee develops strategies and policy proposals for Board consideration, reviews Gold Fields' performance against strategic objectives and supports the Board in fulfilling the Group's disclosure obligations. The Executive Committee is not a Board committee. The Board approves and monitors the Group's performance against the management-developed strategy. The Board Charter mandates directors to promote the Company's vision while upholding sound corporate governance. Responsibilities are delegated to Board committees through formal terms of reference, but accountability remains with the Board. The Board stays informed of all Group developments through executive directors, executive management and the Company Secretary. Directors have unrestricted access to the Group's management and access to the external auditors, when necessary, and are entitled to seek independent professional advice, at the Group's expense, on any matters pertaining to Gold Fields that they require to address independently. 16 GOLD FIELDS Integrated Annual Report 2025 The Board assessed its 2025 performance and effectiveness through an external assessment, which concluded that it was fully functional and satisfactorily discharging its duties as set out in the Board Charter. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025017.jpg](gfi-20251231_g18.jpg)

Governance structure continued Board attendance The Board meets at least four times a year, with the flexibility to convene electronically as permitted by the Board Charter. The Board and its committees met as outlined in the table below. Directors receive comprehensive Board packs ahead of each meeting, ensuring they have the necessary information to fulfil their responsibilities effectively. Board agendas focus on strategy, sustainable development, finance, performance monitoring, governance and related areas. During 2025, Board meetings and some committee meetings were preceded by closed-session meetings by NEDs. Directors are required to recuse themselves from discussions where conflicts of interest may arise. This year, the Board established an ad hoc steering committee – comprising Yunus Suleman, Philisiwe Sibiya and Alhassan Andani – to oversee material matters impacting our Ghanaian operations. This committee met six times during the year, with all members attending these meetings. Number of Board meetings, Board committee meetings and directors' attendance during the year Directors Board meetings Audit Committee2 N&G Committee2 Remuneration Committee2 Risk Committee2 SET Committee2 SHSD Committee2 S&I Committee Technical Committee2 Ghana Steering Committee SPECIAL Number of meetings held 6 4 4 4 4 4 4 4 4 6 YGH Suleman1 6/6 n/a 4/4 n/a n/a n/a n/a n/a n/a 6/6 JE McGill (LID) 6/6 n/a 4/4 4/4 n/a n/a 4/4 n/a 4/4 n/a MJ Fraser1 (CEO) 6/6 n/a n/a n/a n/a 4/4 n/a n/a n/a n/a A Dall3 6/6 n/a n/a n/a n/a n/a n/a n/a n/a n/a A Andani4 6/6 3/3 n/a 4/4 n/a 3/4 n/a 4/4 4/4 6/6 ZBM Bassa 6/6 4/4 n/a 4/4 4/4 n/a n/a 4/4 n/a n/a MC Bitar 6/6 n/a n/a 4/4 4/4 4/4 4/4 n/a n/a n/a TP Goodlace 6/6 n/a 4/4 n/a 4/4 n/a 4/4 n/a 4/4 n/a SL McCrae 6/6 n/a n/a n/a n/a 4/4 4/4 4/4 4/4 n/a PG Sibiya 6/6 4/4 3/4 n/a 4/4 n/a n/a 4/4 n/a 6/6 CAT Smit 6/6 4/4 n/a n/a 4/4 4/4 n/a 4/4 n/a n/a J MacKenzie5 4/4 n/a 2/2 n/a n/a n/a 1/2 2/2 2/2 3/4 M Rawlinson5 4/4 2/2 n/a 2/2 n/a n/a n/a 2/2 2/2 n/a SP Reid6 2/2 n/a 2/2 2/2 n/a n/a 2/2 2/2 n/a n/a PJ Bacchus6 1/2 1/2 n/a 1/2 2/2 n/a n/a 2/2 1/2 n/a Notes: 1 The Board Chairperson and Group CEO are standing invitees for all committee meetings. Committee members are shaded and Chairs are in black borders. Directors who are not members of a committee are invited to attend all committee meetings, and do so as invitees when they are able to 2 Quarterly Board committee (main) meetings were preceded by closed sessions held on the same date as the main meetings and therefore not recorded separately for the following committees: Audit Committee (four) and SET Committee (four) 3 Alex Dall was appointed as executive director effective 1 March 2025 and is a standing invitee for the Audit Committee, Risk Committee, Remuneration Committee and S&I Committee and Technical Committee 4 Alhassan Andani was a member of the Audit Committee until 29 May 2025; thereafter, he attended Audit Committee meetings as an invitee from time to time 5 John MacKenzie and Michael Rawlinson were appointed as directors effective 1 August 2025, and attended all committee meetings as standing invitees since then. From 1 December 2025, John became a member of the N&G Committee, SHSD Committee, S&I Committee and Technical Committee, while Michael became a member of the Audit Committee, Remuneration Committee, S&I Committee and Technical Committee 6 Steven Reid and Peter Bacchus retired from the Board and committees with effect from 29 May 2025 7 Special Board and Committee meetings have been held as follows: 7.1 Six Special Board meetings to consider the CFO appointment, Damang mining leases and Project Vogue 7.2 Four Special Audit Committee meetings to consider the Integrated Annual Report and SOX attestations 7.3 One special meeting each by the other seven committees to consider the Integrated Annual Report and SOX attestations 17 GOLD FIELDS Integrated Annual Report 2025 The full Directors' Report can be found in our Annual Financial Report. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025018.jpg](gfi-20251231_g19.jpg)

Key Board focus areas During 2025, the Board monitored the Group's strategy, focusing on delivery of the three pillars of the Group strategy as well as safeguarding the safety and wellbeing of our people, overseeing organisational restructuring, cultural and strategic alignment, delivering consistent operational performance and project advancements. Our people's safety and wellbeing The Board maintains an unwavering commitment to our primary responsibility: ensuring our people return home safe and well every day. During 2025, we reviewed the Group's progress to date and the ongoing development of the necessary systems to protect our workforce. The Board therefore: • Steered the Group's safety ambition and commitment to building a business free from fatalities and serious injuries • Oversaw the completed implementation of the EB&Co and dss+ recommendations • Monitored the implementation of initiatives that will establish psychosocial health and emotional wellbeing • Welcomed the implementation of inclusive practices aimed at strengthening safety practices by empowering our workforce to speak up and reject harmful behaviours In 2026, the Board will oversee the implementation of the actions arising from the 2025 workforce engagement survey to ensure the Group's culture continues to support the safe and sustainable delivery of our strategy. Refer to our Sustainability Report (SR) for details on how we protect our people. Organisational structure, operating model and executive leadership changes A primary focus of the Board, throughout the year, was governing the Group's structural transformation, ensuring Gold Fields' operating model and culture are fully aligned to achieve the 2035 aspirations. The Board therefore: • Monitored the implementation of the streamlined organisational structure and will guide leadership to identify further opportunities for driving efficiency and sustainable value • Oversaw the progress in investment in systems necessary to achieve our 2035 aspirations, operationalised through the Gold Fields Way • Endorsed significant investment in leadership development and the strengthening of the Group's talent pipeline to drive performance • Supported the appointments of Alex Dall as CFO, Francois Swanepoel as COO, Mariette Steyn as EVP People and Sustainability and Jason Sander appointment as Acting Chief Technical Officer Read more about our organisational restructuring on p31. Board committee structure and succession In 2025, the Board continued with the phased Board succession programme that commenced in 2024, reflecting our belief that Board renewal is imperative to ensure that the Board's independence remains intact and that it is optimally positioned to govern and support leadership to execute the Group's strategy. The Board therefore: • Approved the retirement of Steven Reid and Peter Bacchus in May 2025 • Approved and appointed Jacqueline McGill as LID in May 2025 • Appointed two new NEDs, John MacKenzie and Michael Rawlinson, in August 2025 • Completed comprehensive fit-and-proper assessments for all 2026 director elections and re-elections • Prepared for the retirement of the Chairperson of the Board and N&G Committee, Yunus Suleman, in May 2026. John MacKenzie, who was appointed to the Board in August 2025, was subsequently nominated and elected as incoming Chairperson Read about changes to the Board committees on p10. Aligning ESG targets to 2035 aspirations Following our midpoint review, and in response to the Group's evolving portfolio and stakeholder expectations, Gold Fields strengthened its integrated approach to people and sustainability. The Board therefore: • Provided oversight of sustainability, including safety, health, social, environmental and climate-related matters • Reviewed the Group's progress against its 2030 ESG targets, tested the validity of key assumptions and alignment with our business aspirations to 2035 • Supported the refinement of 2035 strategic sustainability commitments, building on the 2030 trajectory and strengthening alignment with the Group's strategy and long-term value creation priorities while reinforcing business resilience, competitiveness and access to growth opportunities Refer to our SR for details on our approach to sustainability, as well as more details on our midpoint review. Safe, reliable and cost-effective operations The Group's asset base is strategically positioned for enduring performance. The Group maximises value from these mining assets through innovation and technology, while leveraging the expertise of our workforce. The Board therefore: • Oversaw the implementation of the Group's safety improvement plan, and endorsed the establishment of clearer expectations, sharper routines and a proactive approach to risk management • Oversaw the implementation of a culture of care and accountability • Monitored leadership and supervisory development • Approved the Information Technology Transformation Strategy • Assessed the advancement of the Asset Optimisation Strategy and approved investments in existing assets to support growth • Guided the investments and implementation of energy efficient infrastructure • Approved the new Capital Allocation Framework and Dividend Policy Improving the quality of our portfolio Gold Fields manages a top-tier asset base spanning six jurisdictions, underpinned by long-term exploration opportunities, which are essential for the Group's long-term sustainability. It is imperative for the Group to continue optimising its portfolio, through mergers and acquisitions (M&A), divestments and greenfields and brownfields exploration. The Board therefore: • Approved the acquisition of Gold Road Resources • Provided oversight during the preparation for commencing negotiations to renew Tarkwa's mining leases • Steered the execution of Damang's business and transition plans • Held its November 2025 meeting in Ghana and engaged with our local teams, the Government and other stakeholders • Oversaw the progress of the Windfall project towards FID and visited the project to engage with our teams in Canada and the Cree First Nation of Waswanipi • Monitored the ramp-up and commercialisation of Salares Norte • Focused on ongoing strategic engagement to deepen stakeholder relationships in Ghana Read about our strategic performance on p61. 18 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025019.jpg](gfi-20251231_g20.jpg)

Board committees The Board has eight standing committees, established in compliance with the Companies Act and JSE Listings Requirements. These committees operate under delegated authority from the Board and in accordance with their written terms of reference. Committee members are majority independent NEDs, and the CEO, CFO and various members of management are standing invitees to committee meetings. Each Board committee is chaired by an independent NED. In line with King IV recommendations, the Board reviews the terms of reference of all committees annually and, if necessary, adopts changes which are approved by the Board. Committees are required to evaluate their effectiveness and performance annually and to report findings to the Board for consideration. During 2025, the Board reviewed the Board Charter and committee terms of reference to ensure they align with the recommendations of King IV. Looking ahead to 2026, the Board will conduct a gap analysis against King V to inform its implementation plan. The Board announced the following changes to our committee membership: • Audit Committee: Peter Bacchus and Alhassan Andani were members until 29 May 2025; thereafter, Alhassan continued attending meetings as a standing invitee. Michael Rawlinson was appointed as member effective 1 December 2025 • N&G Committee: John MacKenzie was appointed to the Committee effective 1 December 2025 • Remuneration Committee: on 28 May 2025, Steven Reid retired as member and Chairperson, and Jacqueline McGill, a member of the Committee, was elected as Chairperson. Michael was appointed as member effective 1 December 2025 • Risk Committee: On 28 May 2025, Peter Bacchus retired as member and Chairperson, and Zarina Bassa, a member of the Committee, was elected as Chairperson. Michael was appointed as member effective 1 December 2025 • SHSD Committee: John was appointed to the Committee effective 1 December 2025 • SET Committee: on 28 May 2025, Jacqueline retired as a member and Chairperson, and Cristina Bitar, a member of the Committee, was elected as Chairperson. Additionally, Philisiwe Sibiya retired as member and Carel Smit was elected as member to the Committee • S&I Committee: on 28 May 2025, Peter retired as a member and Chairperson, and Carel, a member of the Committee, was elected as Chairperson. John and Michael were both appointed as members effective 1 December 2025 • Technical Committee: on 28 May 2025, Carel retired as member. John and Michael were appointed as members effective 1 December 2025 The following pages outline each committee's responsibilities and focus areas during the year. Board sub-committees Audit Nomination and Governance Remuneration Risk Safety, Health and Sustainable Development Social, Ethics and Transformation Strategy and Investment Technical 19 GOLD FIELDS Integrated Annual Report 2025 For more detail on Board committees' internal standards and principles, refer to the Standards and principles page on our website. Cerro Corona, pit Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025020.jpg](gfi-20251231_g21.jpg)

Board committees continued Audit Committee Members: Philisiwe Sibiya (Chairperson), Zarina Bassa, Carel Smit, Michael Rawlinson1 Invitees: Yunus Suleman, Alhassan Andani1, Mike Fraser, Alex Dall Four ordinary meetings Four special meetings Relevant stakeholders Relevant Group risks 1 Appointed to the Board in August 2025 and as Committee member in December 20252 Alhassan Andani was a member of the Audit Committee until 29 May 2025; thereafter, he attended meetings as a standing invitee Mandate The Audit Committee oversees the Group's financial reporting, sustainability disclosures and public announcements, and monitors the independence and effectiveness of Gold Fields' external auditor. It monitors combined assurance and internal audit controls and provides risk management assurance to the Chairperson of the Risk Committee. It oversees the management and governance of the Group's information communication and technology (ICT) systems. The Committee's formal terms of reference are reviewed annually and set out in its Board-approved Charter. The Board is satisfied that the Committee complied with these terms, as well as its legal and regulatory responsibilities as set out in the Companies Act, King IV and Section 3.84(d) of the JSE Listings Requirements. Supporting value creation in 2025 • Reviewed and approved the interim and annual financial statements • Reviewed the Group's solvency and liquidity position and concluded that the Group can continue as a going concern • Reviewed and confirmed PwC's performance as external auditors, and approved their reappointment, independence, scope of work, materiality and fees as part of the annual workplan • Reviewed and approved internal audit reports, as well as the recommended remedial actions for relevant risks identified, and ensured the necessary mitigating actions were implemented • Reviewed and approved the accounting for the acquisition of Gold Road Resources • Considered the impact of Salares Norte achieving commercial levels of production • Maintained regular oversight of the Group's ICT Digital Strategy, its transformation process and its performance against the Group's 2025 key performance indicators Future focus areas In addition to its statutory and Board delegated duties, the Committee will focus on: • The one SAP roll-out and S/4HANA implementation road map • Further improvements to the integrated combined assurance model • Integration of Windfall in the Group's reporting and SOX environment The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the Audit Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. • Consistently reviewed cyber-related risks and tracked the completion of required actions • Oversaw the Group's compliance to the Foreign Corrupt Practices Act, as well as other relevant global anti-bribery and corruption regulations • Evaluated the expertise and performance of Alex Dall, who was officially appointed as Group CFO on 1 March 2025 • Monitored the Group's compliance performance, and oversaw updates to Gold Fields' Code of Conduct to broaden its scope and enhance its effectiveness • Reviewed the Group's progress with developing and implementing the new combined assurance plan, and is satisfied that the plan's design and effectiveness are appropriate • Considered and discussed the Group's external reports with management and external audit, including the IAR, AFR, SR and Form 20-F, and ensured compliance with all relevant regulations 20 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black 50% l White 50% Race l Male 50% l Female 50% Gender l Under 50 25% l Over 50 75% Age Refer to the Audit Committee Report in the Annual Financial Report for more details, including the Audit Committee's duties, terms of reference and statement. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025021.jpg](gfi-20251231_g22.jpg)

Board committees continued Nomination and Governance Committee Members1: Yunus Suleman (Chairperson), Jacqueline McGill, Terence Goodlace, Philisiwe Sibiya, John Mackenzie2 Invitees: Mike Fraser Four ordinary meetings One special meeting Relevant stakeholders Relevant Group risks 1 Steven Reid retired from the Board and N&G Committee in May 2025 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The Committee monitors and enhances all matters of governance by reviewing the Board's structure, composition and effectiveness, and by advising on the Board's performance evaluations, committees and management. It also manages director and executive succession, recommending director nominees for election and successors for key roles – including the Chairperson, LID, CEO and CFO. The Committee considers and supports executive candidates presented for appointment. The Committee reviews committee mandates, advises on director induction and development, Chairperson and member rotations, and conducts annual performance assessments. It ensures effective risk management oversight where required within its scope and will provide assurance to the Risk Committee as mandated by the Board on any committee-allocated risks if and when required. Supporting value creation in 2025 • Developed a three-year succession plan for the five NEDs reaching their nine-year tenure in 2025, and appointed a recruitment firm to support the search for suitable candidates • Appointed two NEDs, John MacKenzie and Michael Rawlinson, to the Board, effective 1 August 2025 – thereby supplementing the Board's technical, financial and M&A capacity, and oversaw their induction • Supported the appointment of Alex Dall as CFO, Francois Swanepoel as COO and Mariette Steyn as EVP People and Sustainability, and oversaw their accelerated induction • Oversaw the external performance assessment conducted by The Board Practice, which concluded that the Board and its committees are fully functional and effectively fulfilling their duties in accordance with their terms of reference • Assessed the composition of the Board committees and recommended changes to the Board for approval • Supported the Board in establishing an ad hoc steering committee on Ghana, comprising Yunus Suleman, Philisiwe Sibiya, Alhassan Andani and John MacKenzie, to oversee matters regarding the renewal of the Tarkwa mining leases and the transition of Damang, among other related matters Future focus areas • Continuing the search for suitable Board candidates • Preparing for the retirement of Yunus Suleman at the Group's AGM in May 2026 • Supplementing the Board's Ghanaian representation • Monitoring the implementation of King V The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the N&G Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. • Conducted its annual assessment of the Board's skills and diversity to meet disclosure requirements, and adopted a new platform to identify and address skills gaps across the Board and its committees • Ensured the Board received regular training through formal sessions, brief updates during quarterly meetings and informal circulars on current events, including a refresher on tailings management (including safety and the Group's Emergency Preparedness and Response Plan), the JSE Listings Requirements, the US regulatory landscape and King V • Recommended members of the SET Committee for shareholder appointment at the Group's AGM, held on 28 May 2025 • Reviewed and approved its terms of reference and Board Charter • Monitored changes to the Group's operating model, which affected most business areas and required careful alignment with governance principles – particularly the enhanced oversight of subsidiary governance 21 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black 40% l White 60% l Under 50 20% l Over 50 80% Age l Male 60% l Female 40% Gender Race Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025022.jpg](gfi-20251231_g23.jpg)

Board committees continued Remuneration Committee Members1: Jacqueline McGill (Chairperson), Alhassan Andani, Zarina Bassa, Cristina Bitar, Michael Rawlinson2 Invitees: Yunus Suleman (standing invitee), Mike Fraser, Alex Dall Four ordinary meetings One special meeting Relevant stakeholders Relevant Group risks 1 Steven Reid retired as member and Chairperson of the Committee in May 2025, after which Jacqueline McGill was elected as Chairperson 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The Remuneration Committee oversees the Company's remuneration linked to performance outcomes against strategy, encouraging alignment with shareholder experience and principles of fairness and responsibility. It monitors contractual terms on potential termination of the executive directors and Executive Committee members, and any payments made are fair to both parties, that failure is not rewarded and that the duty to mitigate loss is fully recognised. The Committee further oversees and manages remuneration-related risks and provides assurance to the Chairperson of the Risk Committee, as mandated by the Board, on risk management oversight within the Committee's scope. Supporting value creation in 2025 • Approved updates to the Group's Remuneration Policy, aligning short-term incentives (STIs) and long-term incentives (LTIs) with the new organisational model, culture transformation and strategic priorities • Approved the 2025 Employee Share Plan (effective 1 January 2025), including appropriate governance and compliance structures to monitor compliance • Endorsed a revised Minimum Shareholding Requirement (MSR) Policy, eliminating matching shares from January 2025 while honouring existing commitments • Approved benchmark methodology and principles for executive rewards to support competitive positioning • Reviewed and approved key performance frameworks linking cultural, strategic and operational outcomes, reinforcing alignment between Group and asset levels and embedding accountability through individual performance multipliers. • Approved the guaranteed remuneration package (GRP) for Alex Dall as CFO, Francois Swanepoel as COO and Mariette Steyn as EVP People and Sustainability, and authorised transitional arrangements where appropriate • Endorsed and monitored performance against the Group's 2025 business plan, scorecard and CEO and CFO performance measures on a quarterly basis • Prioritised talent retention and employee wellbeing, through incentives, standardised and revised Global Parental Leave Framework, promoting continuity, engagement and inclusivity across our global workforce. • Strengthened reward governance frameworks, ensured regulatory compliance and maintained transparent investor relations, including monitoring amendments to the Companies Act to ensure remuneration-related compliance readiness Future focus areas • Ensuring the Remuneration Framework continues supporting disciplined execution, responsible rewards and long term- shareholder value • Reviewing LTI performance measures to ensure these remain robust and aligned with strategic priorities and stakeholder value • Evaluating relative Total Shareholder Return (r-TSR) peer group to ensure it remains an appropriate and market-relevant external comparator • Confirming readiness for the implementation of King V and the Companies Act Amendments The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the Remuneration Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. 22 GOLD FIELDS Integrated Annual Report 2025 l Independent 100% l Non-independent —% Independence l Black 40% l White 60% l Male 40% l Female 60% Gender l Under 50 —% l Over 50 100% Age Race Refer to p83 for our Remuneration Report. Refer to p4 and p44 for icon definitions. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025023.jpg](gfi-20251231_g24.jpg)

Board committees continued Risk Committee Members1: Zarina Bassa (Chairperson), Cristina Bitar, Terence Goodlace, Philisiwe Sibiya, Carel Smit, Michael Rawlinson2 Invitees: Yunus Suleman (standing invitee), Mike Fraser, Alex Dall Four ordinary meetings One special meeting Relevant stakeholders Relevant Group risks All Group risks 1 Peter Bacchus retired as member and Chairperson of the Committee in May 2025, after which Zarina was elected as Chairperson 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The Risk Committee oversees and assists the Board with risk management and reviews the strategic and emerging risks impacting the Group. The Committee is responsible for assisting the Board in its oversight of risk, including reviewing the Group's risk appetite statements and risk profile, and for assessing the overall effectiveness of the Group's Risk Management Framework. The Committee's responsibility is to ensure that risks and opportunities are appropriately managed to achieve the Group's strategic outcomes. Supporting value creation in 2025 • Oversaw the update and refresh of the Group's strategic risk categories and the aggregate risk exposure across the portfolio • Evaluated the adequacy of the key risk indicators and defined tolerance levels to inform the status of each strategic risk category • Assessed the outcomes of the Group's strategic risks and opportunities, including IT risks • Reviewed and approved amendments to the Group's risk appetite statement • Confirmed that the Group's integrated risk management system remains within approved appetite levels • Oversaw the development of the Combined Assurance Model with the Audit Committee • Conducted deep dives into emerging or out-of-appetite risks such as cyber, contractors and licensing/permits • Verified that the results of the 2025 combined assurance programme effectively addressed the Group's significant strategic risks • Reviewed and approved the 2026 Combined Assurance plan in alignment with the King IV requirements • Continued to monitor jurisdictional risks across the Group's portfolio, including regulatory and tenure-related developments in Ghana Future focus areas • Overseeing the Group's planned activities to improve risk management practices by implementing a renewed Risk Management Standard • Enhancing the Group's combined assurance programme and ensuring alignment with the new requirements of King V • Overseeing and monitoring the progress of management's risk management improvement plan • Assessing the movement of strategic risks and how the Group responds, and conducting deep dives on top-of-mind risks for the Board • Ongoing monitoring of the Group's risk appetite and tolerance • Monitoring the evolving mining policy environment and the renewal of the Tarkwa mining leases The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the Risk Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. 23 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black 34% l White 66% l Male 50% l Female 50% Gender l Under 50 17% l Over 50 83% Age Race Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025024.jpg](gfi-20251231_g25.jpg)

Board committees continued Safety, Health and Sustainable Development Committee Members1: Terence Goodlace (Chairperson), Jacqueline McGill, Cristina Bitar, John MacKenzie2, Shannon McCrae Invitees: Yunus Suleman (standing invitee), Mike Fraser Four ordinary meetings One special meeting Relevant stakeholders Relevant Group risks 1 Steven Reid retired from the Board and SHSD Committee in May 2025 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The SHSD Committee monitors initiatives that ensure a safe and healthy work environment, maintain responsible environmental performance and monitors all matters of safety, health and sustainable development. All activities in this area are aligned with the Group's strategy and operations, applicable legislation and prevailing codes of best practice, including national and international regulatory and technical developments related to sustained development guided by the Group's external assurance partners. The Committee continuously aims to ensure that ESG goals and targets drive sustainable performance and recommend those to the Board for consideration. The Committee reviews detailed investigations into any relevant incidents that may have occurred and oversees the implementation of recommended actions in line with relevant policies, standards and guidelines on how to mitigate, solve or prevent incidents, in a timeous manner where possible. Quarterly, the Committee provides assurance to the Risk Committee that allocated SHSD risks are being effectively mitigated and managed. This includes catastrophic risks. Additionally, the Committee informs the Audit Committee of any material sustainability matters or disclosures that could impact the Group's financial statements. Supporting value creation in 2025 • Oversaw the Group's health, safety and wellbeing strategies and performance, including the implementation of the Gold Fields safety improvement plan • Monitored the development and implementation of the Group Sustainability Policy and Safety Standard to drive consistent safety practices across our assets • Oversaw the establishment of the Group Safety function and its readiness to provide technical expertise and functional support to our assets • Held quarterly reviews and, where required, dedicated sessions to review the findings and recommendations from independent safety reviews and investigations into serious potential incidents, and oversaw the implementation of agreed actions • Oversaw the tailings storage facility (TSF) conformance disclosures for all assets Future focus areas • Overseeing the implementation of a solar plant and wind farm at St Ives, with construction and commissioning planned to be completed in 2026 • Overseeing the implementation of the chinchilla capture and relocation programme at Salares Norte • Improving the culture of safe operations by enhancing critical control management, verification and recommendations from external experts, and aligning to future industry developments, including the consolidated mining standards that are in development • Setting nature targets, reviewing the financial impact thereof, and collaborating externally as needed • Ongoing monitoring of the Group's safety performance and integration of business partners into Gold Fields' safety improvement plan The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the SHSD Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference • Monitored the management of catastrophic risks – including tailings stewardship, flooding risks, geotechnical risks, fires and explosion risks, and asset integrity programmes – and ensured the necessary mitigating actions are in place • Reviewed the Group's approach to managing environmental risks and monitored progress against targets • Ensured all Gold Fields operations that use cyanide were fully certified to the International Cyanide Management Code • Focused on driving improved maturity in environmental and social risk management to ensure risks were effectively identified, understood and controlled, while maintaining compliance with ISO 14001, ISO 45001 and ISO 50001 standards 24 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black —% l White 100% l Male 40% l Female 60% Gender l Under 50 —% l Over 50 100% Age Race Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025025.jpg](gfi-20251231_g26.jpg)

Board committees continued Social, Ethics and Transformation Committee Members1: Cristina Bitar (Chairperson), Alhassan Andani, Shannon McCrae, Carel Smit, Mike Fraser Invitees: Yunus Suleman (standing invitee) Four ordinary meetings One special meeting Relevant stakeholders Relevant Group risks 1 Jacqueline McGill retired as a member and Chairperson of the Committee in May 2025, after which Cristina was elected as Chairperson. Philisiwe Sibiya retired as member of the Committee in May 2025 Mandate The Committee oversees social, ethics, transformation, security, workforce, host communities, human rights and stakeholder issues to ensure strong and ethical corporate citizenship, in accordance with the Companies Act and global best practice. The SET Committee plays a central role in overseeing the Group's culture, ethical conduct and stakeholder relationships. It enforces labour mandates, employment policies and compliance with laws and regulations (including OECD, employment equity and B-BBEE), while monitoring stakeholder management and offering strategic guidance. The Committee receives hotline, ethics and governance-related reports and investigations, enabling the Committee to recommend actions to the Board to mitigate or prevent such issues. As mandated by the Board, the Committee also supports the Chairperson of the Risk Committee by ensuring effective risk management oversight. The Committee liaises with the SHSD Committee on any environmental-related matters, as well as any other relevant issues. Supporting value creation in 2025 During 2025, the Committee focused on strengthening ethical governance, stakeholder engagement and organisational culture across the Group. In addition, the Committee: • Oversaw the management and investigation of reports received through our hotline, and discussed measures to mitigate, solve or prevent identified issues • Received updates from management on any fraud, theft or corruption-related issues within the Group, and oversaw the implementation of preventative and remedial actions • Oversaw conformance of community-related actions related to the implementation of Global Industry Standards on Tailings Management (GISTM) across the Group • Considered matters of diversity, equity and inclusion, including the Group's progress towards its 2030 ESG targets and metrics and the implementation of the recommendations from the 2023 EB&Co review • Monitored relevant risks, including country risks, artisanal and small- scale mining (ASM), major industry incidents and shareholder activism, and provided quarterly assurance to the Risk Committee that these risks are being managed appropriately • Oversaw progress in building a culture of care and accountability, which included the launch of a workforce engagement survey to measure the effectiveness and impact of changes implemented • Endorsed several agreements with our First Nations communities for recommendation to the Board • Approved the new Code of Conduct – Living the Gold Fields Way, Speak Up Policy (previously the Whistleblowing Policy), and Anti-bribery, Corruption and Sanctions Policy 25 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 80% l Non-independent 20% Independence l Black 20% l White 80% l Male 60% l Female 40% Gender l Under 50 —% l Over 50 100% Age Race Future focus areas • Overseeing the implementation of the Group's new Business Partner Framework • Strengthening stakeholder engagement frameworks to support the Group's licence to operate in key jurisdictions • Ensuring conformance to ICMM principles by H1 2026 • Concluding the IBA with the Cree First Nation of Waswanipi and the Cree Nation Government at Windfall • Ensuring the smooth implementation of Cerro Corona's social transition plan • Monitoring the transition of the Damang mine to the Government of Ghana • Overseeing the roll-out of the Global Communication Strategy, including the launch of a new global website and multi-lingual intranet • Overseeing the roll-out of the new Code of Conduct and Speak Up reporting platform, including training programmes • Implementation of the new Group People and Sustainability Policies The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the SET Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. • Monitored the implementation of legacy programmes and the Group's efforts to create positive impact for stakeholders, including tracking in-country procurement, host community employment and procurement, SED spending, and the creation of non-mining jobs to provide holistic community value • Monitored key performance areas across the Group's assets, including stakeholder-related strategies, Social and Labour Plans, social transition strategies, agreements with Indigenous Peoples, and efforts to manage ASM and illegal mining • Adopted a more integrated Communications Strategy to effectively communicate the Group's purpose, strategy and value proposition and build a unified voice • Oversaw the Group's foundation and trusts, including the South Deep Education Trust, South Deep Community Trust, Thusano Trust and the Gold Fields Ghana Foundation Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025026.jpg](gfi-20251231_g27.jpg)

Board committees continued Strategy and Investment Committee Members1: Carel Smit (Chairperson)1, Alhassan Andani, Zarina Bassa, Shannon McCrae, John MacKenzie2, Michael Rawlinson2, Philisiwe Sibiya Invitees: Yunus Suleman (standing invitee), Mike Fraser, Alex Dall Four ordinary meetings Relevant stakeholders Relevant Group risks 1 Peter Bacchus retired as member and Chairperson of the Committee in May 2025, after which Carel was elected as Chairperson 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The Committee provides strategic oversight by reviewing and advising the Board on Group strategy, particularly with respect to portfolio management. It supports the Board in evaluating opportunities for organic growth, investments, mergers and acquisitions, exploration and disposals aligned with the Company's strategy. The Committee approves significant transactions, including mergers, acquisitions, capital investments, disposals and related funding decisions. Transactions and projects valued over US$40m are considered material. It also reviews external investment opportunities exceeding US$40m and recommends these to the Board for final approval. Supporting value creation in 2025 • Recommended the Group's 2025 strategy and monitored progress against the 2035 aspirations agreed to in 2024 • Considered potential global M&A opportunities, monitored returns in relation to share price performance and considered the Group's current portfolio given the three horizons guiding our strategy • Monitored progress of transactions within its mandated threshold, including divestments and disposals • Oversaw the acquisition of Gold Road Resources, consolidating Gold Fields' ownership in Gruyere • Approved the divestment of the Gold Fields' royalty portfolio • Oversaw the implementation of the greenfields exploration strategy, including the acquisition of a 10.5% strategic placement in Founders Metals • Endorsed and oversaw the implementation of the refined Capital Allocation Framework Future focus areas • Ongoing monitoring of our greenfields exploration strategy, the allocation of exploration capital and disciplined investment • Monitoring the environment for strategic M&A opportunities, and overseeing portfolio optimisation • Tracking performance against the 2035 aspirations and, where required, ensure course correction • Recommending the 2026 strategy for continued growth, in alignment with the 2035 aspirations • Overseeing the integration of new ventures and exploration growth initiatives The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the S&I Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. 26 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black 43% l White 57% l Male 57% l Female 43% Gender l Under 50 14% l Over 50 86% Age Race Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025027.jpg](gfi-20251231_g28.jpg)

Board committees continued Technical Committee Members1: Alhassan Andani (Chairperson), Jacqueline McGill, Terence Goodlace, Shannon McCrae, John MacKenzie2, Michael Rawlinson2 Invitees: Yunus Suleman (standing invitee), Mike Fraser Four ordinary meetings Two special meetings Relevant stakeholders Relevant Group risks 1 Carel Smit retired as member of the Committee in May 2025 2 Appointed to the Board in August 2025 and as Committee member in December 2025 Mandate The Committee monitors, reviews and evaluates technical matters relevant to the Group's operational performance and projects. It oversees the adoption, deployment and performance of technical systems and processes to support both operational and project goals. The Committee evaluates current and emerging risks related to technology and automation, including the effectiveness of controls and mitigation strategies. It also provides oversight of brownfields exploration and reporting of Mineral Resources and Mineral Reserves in line with international standards. Supporting value creation in 2025 • Monitored the overall Group capital spend performance, project performance, project studies and 2025 assurance activities • Monitored other project and technical-related matters within its Delegation of Authority, including the construction of the renewable energy project at St Ives, the mining lease renewals for Tarkwa, and Salares Norte • Considered and approved Windfall's execution strategy, pre-commitment execution works and feasibility study to enable the progression of the project to FID in H2 2026 • Monitored the implementation of the Damang transition plan to support an orderly transition of the asset to the Government of Ghana in 2026, including the commencement of mining of the satellite pits, as well as the completion of the feasibility study to extend the LOM • Oversaw the development and submission of the comprehensive mining lease extension application at Tarkwa, including the review of the updated Mineral Reserves statement to support the lease extension application • Reviewed the Mineral Resources and Mineral Reserves statements, as well as the disclosure thereof in Gold Fields' Mineral Resources and Mineral Reserves Supplement Future focus areas • Monitoring the overall Group capital spend performance, project performance, project studies and 2026 assurance activities • Considering the independent project review findings and project execution plan to progress Windfall's FID • Monitoring project delivery and other technical matters within the Committee's Delegation of Authority • Advising the Board on technical matters related to its engagement with the Government of Ghana to ensure a orderly transition of Damang in April 2026, as well as the extension of Tarkwa's mining leases • Monitoring progress of projects within its mandate threshold, including: – Windfall mine development project – St Ives renewables project implementation phase – Gruyere Integrated Complex Study – Granny Smith Wallaby Zone 150 – South Deep South of Wrench • Reviewing the Mineral Resources and Mineral Reserves statements and figures in the Supplement The Committee's performance and effectiveness were assessed externally in 2025, which concluded that the Technical Committee was fully functional and had satisfactorily discharged its duties as set out in its terms of reference. 27 GOLD FIELDS Integrated Annual Report 2025 Refer to p4 and p44 for icon definitions. l Independent 100% l Non-independent —% Independence l Black 17% l White 83% l Male 67% l Female 33% Gender l Under 50 —% l Over 50 100% Age Race Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025028.jpg](gfi-20251231_g29.jpg)

Other key areas of oversight Board appointment and succession Board succession planning is integral to the ongoing effective functioning of the Board. The Board and N&G Committee review development and succession planning annually, or more frequently as needed. The Board actively and continuously manages director succession to ensure continuity and maintain critical skills. We focus on evolving Board composition to align with the Group's strategic direction, while prioritising the diversity, experience and expertise essential for long- term success. A structured global search process commenced in 2024 to identify suitable candidates who bring particular skills, experience and fresh perspectives to the Board. This process not only ensures orderly succession of departing directors but also strengthens the Board's overall capacity. A formal process governs director appointments. The N&G Committee recommends suitable candidates and evaluates such candidates when required. The Board Chairperson and LID are appointed annually by the Board, following a review of their performance and independence. In line with King IV recommendations, the Board conducted a thorough independence evaluation of directors who are presented to shareholders for appointment at the Group's AGM and, particularly, of those directors who have served on the Board for nine years or more. The Board was satisfied that all NEDs assessed during the year remain independent. Together with management, the N&G Committee develops and facilitates an induction programme for new Board members to ensure they understand Gold Fields and the business environment in which it operates. This programme includes site visits to the Group's respective assets. In addition, the Board aims to hold a Board cycle in one of our jurisdictions annually to ensure our directors visit our operations and meet our teams. As part of continuing Board training and development, we ensure directors remain abreast of developments in their areas of expertise and our industry. We also provide them with the opportunity to build and enhance the skills required to drive effective governance across our business. Board members conduct regular site visits to deepen their understanding of operational challenges and foster direct, meaningful dialogue with our people and key stakeholders. Each Board meeting starts with a safety and/or value share, along with updates on compliance-related matters, including relevant regulatory developments. Our Audit Committee's agenda includes a dedicated action item related to compliance. In 2025, the Board received briefings on US regulatory changes, with a specific focus on anti-bribery and corruption and beneficial share ownership disclosure, and the implementation of King V. The Board also discussed AI and cybersecurity, which are increasingly relevant to directors' fiduciary duties. The N&G Committee also assesses the commitments of non- executive candidates to ensure their availability to fulfil their responsibilities. In accordance with Gold Fields' Memorandum of Incorporation, one-third of all directors (including executive directors) will retire from office at each AGM. The first to retire are those directors appointed during the year, followed by the longest-serving members. The Board, assisted by the N&G Committee, recommends the eligibility of retiring directors (subject to availability and their contribution to the business) for reappointment, informing their re-election by the shareholders at the AGM. In accordance with the Board Charter, a director is required to retire at the AGM after the year in which they reach the age of 70, unless the retirement age is extended by a fixed period at the Board's discretion. In terms of the recommendations of King IV, a director may continue to serve longer than nine years, provided the Board, in its discretion and unanimous decision, determines it is in the Company's and shareholders' best interest to extend the director's service for an additional period. In this case, directors are subject to an annual independence evaluation by the Board. Five directors reached the end of their nine-year tenure in 2025. On 20 February 2025, the Board announced the retirement of Steven Reid and Peter Bacchus, effective 28 May 2025, at the Company's AGM. Yunus Suleman, our Board Chairperson, will retire in 2026. Following the retirements of Steven Reid and Peter Bacchus, the Board approved new Chairpersons for several committees and announced Jacqueline McGill's election as Lead Independent Director. Two NEDs, John MacKenzie and Michael Rawlinson, were appointed to the Board on 1 August 2025, supplementing the Board's technical, financial and M&A capacity. John will succeed Yunus as Board Chairperson in May 2026. The Board remains committed to its succession plan for both Terence Goodlace and Alhassan Andani, whose expertise continue to add significant value. The Board will advise shareholders on a year-to-year basis to ensure continuity and re-election of directors at each AGM. The Board confirms that the requisite fit-and-proper assessments, as contemplated in the JSE Listings Requirements, have been conducted in respect of each of John MacKenzie, Michael Rawlinson, Terence Goodlace and Philisiwe Sibiya, and that the Board is satisfied with the outcome thereof. Board evaluation In 2025, the Board underwent an external performance assessment, which concluded that the Board and its committees are fully functional and effectively fulfilling their duties as outlined in their terms of reference. Board of Directors' Charter During the year, the Board reviewed the Board Charter and committees' terms of references to ensure they align with the recommendations of King IV and broader corporate governance best practice. Conflicts of interest To our knowledge, there are no undisclosed conflicts of interest between Gold Fields and our directors or officers, given that some directors serve on other public company boards. Our directors and officers understand the laws governing their accountability and their obligation to disclose any conflicts to the Chairperson of the Board and N&G Committee. The Board ensures independent judgement in considering transactions and agreements. Directors with a material interest must recuse themselves from relevant parts of Board and committee meeting discussions to allow the remaining directors to discuss the matter openly. Chief Financial Officer Alex Dall was appointed interim CFO on 1 May 2024 and CFO and executive director on 1 March 2025. In accordance with the JSE Listings Requirements, the Audit Committee considered and unanimously agreed that Alex executed his duties satisfactorily and with the required levels of expertise and experience during 2025. The Audit Committee is of the opinion that Alex, together with other members of the financial management team, managed the Group's financial affairs effectively during 2025. Company Secretary The Company Secretary provides secretarial services and advises the Board on corporate governance in line with the Companies Act, King IV, and JSE and NYSE Listings Requirements. Responsibilities include monitoring regulatory changes and implementing updates where applicable. Attending all Board and committee meetings, the Company Secretary ensures directors have direct access to guidance on their fiduciary duties. While an employee of the Company, the role maintains an arm's-length relationship with the Board. The Company Secretary oversaw Board governance matters in 2025, supporting the Board and its committees while ensuring statutory compliance and up-to-date records. Anré Weststrate held the position of Company Secretary in 2025. The Board is satisfied that Anré is competent, qualified and has the necessary expertise and experience to fulfil the role. 28 GOLD FIELDS Integrated Annual Report 2025 A summary of how Gold Fields applied the principles of King IV is detailed and explained on p115 – 117 For more information on succession planning, refer to p10 of this report. Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025029.jpg](gfi-20251231_g30.jpg)

Executive Committee Gold Fields' Executive Committee is responsible for implementing the Group's strategy and executing the Board's mandates. The Committee meets monthly to review performance against objectives and develop strategy and policy proposals for Board consideration. In addition, weekly executive leadership sessions are held to consider operational and functional performance and related matters. A monthly Senior Leaders Safety Review focuses on matters of safety at executive level, demonstrating the Company's commitment to safe operations and zero harm to its employees. The Committee also supports the Board in fulfilling the Company's disclosure obligations, guided by established internal disclosure guidelines, and comprises nine members, including prescribed officers and executive directors. Each operating subsidiary has established a Board and executive structures to ensure sound corporate governance, with executives serving on a number of these subsidiary boards. Developments during the year • Mariette Steyn was appointed EVP People and Sustainability effective 1 April 2025, following the integration of the People and Sustainability function • Francois Swanepoel was appointed as Chief Operating Officer from 1 September 2025 following Martin Preece' retirement • Jason Sander was appointed Acting Chief Technical Officer effective 31 August 2025 • Luis Rivera resigned as EVP Americas effective 31 May 2025 29 GOLD FIELDS Integrated Annual Report 2025 Mike Fraser Alex Dall Francois Swanepoel Jason Sander CEO CFO Chief Operating Officer Acting Chief Technical Officer Kelly Carter Chris Gratias Jongisa Magagula Mariette Steyn EVP Legal and Governance EVP Strategy and Corporate Development EVP External Affairs EVP People and Sustainability 12 ordinary meetings in 2025 Four special meetings in 2025 Weekly meetings to discuss operational and functional performance, and ad hoc important matters Our Executive Committee works with our Board and people to meet the Group's strategic objectives and create sustainable value for our stakeholders. l Black 22% l White 78% Race Gender Age l Male 62% l Female 38% l Under 50 33% l Over 50 67% Monthly senior leaders safety review meetings Who we are Governance and leadership Chairperson's report Doing business ethically How good governance creates value Governance Framework Board of Directors Governance structure Key Board focus areas for 2025 Board committees Other key areas of oversight Executive Committee How we create value The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025030.jpg](gfi-20251231_g31.jpg)

How we create value We continue to set the foundations to enable the delivery of our strategy and offer a compelling value proposition for our shareholders. In this chapter Chief Executive Officer's report 31 Operating environment 34 Stakeholders 38 Risks and opportunities 44 Catastrophic risks 53 Emerging global risks 55 Material matters 56 Unpacking our strategy 61 Capital Allocation Framework 65 Business model 66 Technology and cybersecurity 68 Commitment to responsible mining 69 30 GOLD FIELDS Integrated Annual Report 2025 Pasture and livestock initiatives, part of the Cerro Corona legacy programme Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025031.jpg](gfi-20251231_g32.jpg)

Chief Executive Officer's report 2025 was a landmark year for Gold Fields, defined by a step- change in our safety performance, strong operational delivery and continued progress in our strategic transformation. Most importantly, there were no work-related fatalities at our operations this year. Operationally, we delivered production and cost within guidance, reflecting improved consistency and predictability across the business, supported by stronger operational discipline and enhanced performance management. At the same time, cost pressures remained elevated across the industry, and we continue focusing on cost discipline, operational efficiencies and asset optimisation to remain competitive while positioning the business for long-term resilience. At a portfolio level, we continued enhancing the quality and resilience of the business. Acquiring Gold Road Resources, for example, enhances our exposure to a high-quality, long-life asset and provides access to additional exploration upside, supporting our long-term growth ambitions. At our inaugural Capital Markets Day in November 2025, we outlined a clear pathway to unlocking additional value from our portfolio. This includes opportunities to improve operational efficiency, reduce costs, extend lives-of-mine and enhance production across key assets – reinforcing our confidence in the underlying quality and potential of our business. We remain disciplined in our approach to capital allocation, prioritising investments that strengthen the quality of our portfolio, improve cash-flow generation and deliver sustainable returns. At the same time, we continue to assess opportunities to optimise or divest assets that do not meet our strategic or return thresholds. During the year, we continued embedding our global operating model, which is designed to standardise processes, strengthen accountability and enable faster, more effective decision-making across the Group. As it continues to mature, it is supporting more consistent performance and greater alignment across our operations. Overall, 2025 reflects the progress we are making in strengthening the fundamentals of the business. While there is more to be done, we are building a more resilient and better-positioned Gold Fields, with a clear pathway to sustained value creation. Strategic pillar 1: Operate in a safe, reliable and cost-effective way Ensuring safe and responsible production Our foremost priority remains the safety and wellbeing of our people and we are committed to building a business free from fatalities and serious injuries. In 2025, we recorded zero work-related fatalities across our operations – a significant milestone that reflects sustained focus on strengthening leadership accountability, improving risk management practices and embedding greater discipline across our systems and processes. Over the past two years, we undertook a comprehensive transformation of our approach to safety, informed by independent reviews of both our safety systems and organisational culture. The Gold Fields Way continues to provide the foundation for embedding a culture of care and accountability across the Group, aligning leadership behaviours, operating practices and systems to ensure that safety is consistently prioritised in day-to-day decision-making. While the progress achieved in 2025 is encouraging, the six serious injuries recorded across our operations, and one at our Windfall project, reinforce the need for continued vigilance. Sustaining this performance will require ongoing focus, consistent leadership and disciplined execution across all levels of the Group. Maintaining reliable and cost-effective operations The implementation of our simplified operating model in 2024 is improving the consistency and predictability of performance across the Group. By standardising processes, strengthening accountability and enabling better visibility of operational performance, the model supports more effective decision-making and the sharing of best practices across our portfolio. In 2025, we delivered production at the upper end of guidance, with attributable gold-equivalent production increasing by 18% to 2,438koz (2024: 2,071koz, excluding Asanko). This performance was underpinned by strong delivery across the portfolio – particularly at Salares Norte, which achieved commercial production on 31 August 2025 and reached steady-state operations in Q4 2025, marking an important milestone that will contribute meaningfully to our future production profile. Cost pressures continued to prevail during the year, reflecting industry-wide inflation, strengthening producer currencies against the US Dollar, increased royalties linked to higher gold prices, and the structural impact of mining at greater depths. Group AISC increased modestly to US$1,645/oz (2024: US$1,629/oz), while AIC increased by 3% to US$1,927/oz (2024: US$1,873/oz). The average gold price received increased by 45% to US$3,496/oz, providing strong support to margins and cash-flow. 31 GOLD FIELDS Integrated Annual Report 2025 "2025 was a landmark year for Gold Fields, defined by a step-change in our safety performance, strong operational delivery and continued progress in our strategic transformation. Most importantly, there were no work- related fatalities at our operations this year." Mike Fraser Read more about our strategy and its links to our 2035 aspirations, the Gold Fields Way and our approach to portfolio optimisation from p61 to 64. Read more about how we are keeping our people safe in our SR. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025032.jpg](gfi-20251231_g33.jpg)

Chief Executive Officer's report continued Currency movements also impacted cost performance, with both the Australian Dollar and South African Rand strengthening against the US Dollar during the year. As our Australian operations – particularly Granny Smith and Agnew – mature and mining progresses to greater depths, we are proactively addressing structural cost pressures. We expect that investments in advanced material handling systems will reduce reliance on trucking, decrease costs over time and support our emissions reduction objectives. In addition, through our asset optimisation programme, we continue identifying opportunities to extend mine life, reduce costs and, where appropriate, increase production across our portfolio. Strengthening operational performance across our assets Performance across our operations was generally strong, supported by improved operating discipline and the benefits of our evolving operating model. At Gruyere, production was impacted by lower high-grade ore delivery, resulting in reduced plant yields as a greater proportion of lower-grade ore was processed. Performance was further affected by labour turnover within the workforce of our business partner. In response, we implemented a targeted recovery plan for 2026 to improve equipment availability, enhance operational efficiencies and strengthen the stability of our workforce. St Ives delivered a strong performance, with production increasing by 12% to 369.6koz. In 2026, our focus will be on advancing the Invincible underground life-extension study and completing the construction and commissioning of the renewable energy project. South Deep exceeded the top end of its guidance range, with production increasing by 16% to 308.8koz. As a long-life, mechanised asset, South Deep remains a cornerstone of our portfolio. Ongoing initiatives are focused on improving operational efficiency, including reducing open-stope turnaround times and deploying advanced digital monitoring systems to enhance performance and safety. At Tarkwa, production decreased by 12% to 474.5koz, primarily due to lower feed grade and yield. In response, we are focused on optimising operating costs, improving margins and increasing mineable inventory. We also initiated the process to renew the five mining leases that will expire in April 2027, supported by updates to the life-of-mine plan and Mineral Resources and Mineral Reserves. During 2025, we continued to work closely with the Government of Ghana to develop a transition plan for Damang. The current lease extension is due to expire in April 2026, and we are focused on ensuring a responsible and orderly transition of the asset. Cerro Corona completed its final year of mining in 2025 and will continue processing stockpiles from 2026 through to 2031. We are assessing options to maximise the asset's value, including potential life-extension opportunities. Following a successful ramp-up, Salares Norte exceeded guidance, producing 396.5koz-eq for the year. Achieving steady-state production at this high-margin operation is a key driver of future cash-flow and margin improvement for the Group. The Windfall project continued to advance during the year, with progress on permitting and execution readiness supporting an expected FID in 2026, subject to the completion of regulatory approvals and agreements. Strategic pillar 2: Having a positive impact on our communities and the environment Strengthening our sustainability approach Our approach to sustainability remains central to how we create long-term value. In 2021, we established six ESG targets to guide our performance and align sustainability with our broader business strategy. In 2025, we conducted a comprehensive midpoint review of these commitments to assess progress, test their continued relevance and ensure alignment with a rapidly evolving regulatory and stakeholder landscape. This review was undertaken against a backdrop of increasing scrutiny, more stringent disclosure requirements and rising expectations for measurable, integrated outcomes. The review confirmed that while we have made meaningful progress, delivering sustainable value requires greater integration between our ESG commitments and our operational, financial and growth strategies. As a result, we refined our sustainability approach to ensure it is more focused, outcome-driven and aligned with our 2035 aspirations. Delivering tangible social impact We continued to translate our commitments into measurable outcomes across our social priorities during the year. We made progress with implementing the recommendations from the EB&Co review, reinforcing our focus on building a respectful, inclusive and accountable workplace. Female representation increased to 27%, which is in line with our 2025 target and reflects steady progress towards greater diversity within the Group. We also continued to create significant value in our host countries. In 2025, we distributed US$5.78bn in value (2024: US$4.21bn), with US$3.36bn spent on in-country procurement, representing 97% of total procurement. These contributions support local economic development, strengthen relationships with host communities and reinforce our licence to operate. A key milestone during the year was the vesting of the Thusano Trust, which delivered R11.1bn in value to over 46,000 past and present employees over its 15-year life. This represents a significant empowerment outcome in the South African mining industry and reflects our commitment to shared value creation. Managing environmental performance and resilience We continued to improve our environmental performance while strengthening the resilience and reliability of our operations. Renewable energy accounted for 18% of the Group's electricity consumption, which is consistent with 2024 levels. We progressed construction of St Ives' hybrid renewable energy project, which remains on track for commissioning in mid-2026. These investments support our efforts to reduce emissions intensity while improving energy security and cost resilience. We recorded zero serious environmental incidents during the year. Total water recycled and reused reached 74%, exceeding our annual target, while total freshwater withdrawal improved compared to both 2024 levels and our 2025 target. We also made meaningful progress in implementing the GISTM, in line with our ICMM commitments, supported by a multi-year programme across our global operations. Embedding sustainability into long-term value creation Sustainability is fully integrated into our strategy, operating model and capital allocation decisions. This alignment is reinforced by our updated 2035 sustainability commitments, thereby ensuring that our approach supports not only compliance and risk management, but also long-term competitiveness and access to growth opportunities. As expectations continue to evolve, we remain focused on delivering credible, measurable outcomes that strengthen both our business and the communities and environments in which we operate. Strategic pillar 3: Growing the quality of our portfolio Strengthening the quality of our portfolio We continue to actively manage and enhance the quality of our portfolio to support long-term value creation. We remain focused on building a portfolio of high-quality assets with strong margins, long life, and exploration upside, while maintaining disciplined capital allocation. This includes investing in assets that strengthen our production base and improve cash-flow generation while divesting assets that no longer align with our strategic priorities. In 2025, we continued to reshape the portfolio through targeted transactions. We disposed of our shareholding in Galiano Gold for C$151m (US$106.4m) and divested a portfolio of royalties and related financial instruments for US$167m, reinforcing our focus on core assets. 32 GOLD FIELDS Integrated Annual Report 2025 Read more about our detailed financial performance in our Annual Financial Report. Read more about our capital allocation on p65. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025033.jpg](gfi-20251231_g34.jpg)

Chief Executive Officer's report continued Advancing our core assets and growth pipeline A key milestone during the year was the acquisition of Gold Road Resources, which consolidated our ownership of Gruyere and secured access to the significant surrounding land package. This transaction strengthens our position in a highly prospective Australian gold province and enhances the overall quality and scale of our portfolio. The net acquisition cost of A$2.19bn (US$1.42bn) was concluded at an attractive valuation and is expected to be accretive to cash-flow. By consolidating the Gruyere, Golden Highway and the Yamarna land package, we see clear potential to extend mine life and support future production growth. We will continue to evaluate optimisation opportunities at Gruyere, including open-pit and underground trade- off studies, while accelerating access to higher-grade ore sources and advancing exploration across the broader land package. Windfall represents another cornerstone asset within our portfolio. Following the acquisition of Osisko Mining in 2024, the project offers significant scale and exploration upside across a 2,400km² land package. Engineering and permitting activities progressed during the year, supporting an expected FID in 2026, subject to regulatory approvals and the completion of the IBA. These assets are central to our long-term growth strategy and position the Group to deliver a more resilient production profile, with an increasing proportion of production expected to come from high- quality jurisdictions. Sustaining long-term value through exploration Exploration remains a key driver of long-term value, supporting Mineral Reserves replacement and providing a pipeline of future growth opportunities. Our near-mine exploration programme continues to deliver strong results – particularly across our Australian operations, where we have maintained a track record of replacing Mineral Reserves at competitive costs. During the year, we invested US$63m in brownfields exploration, with a continued focus on extending mine life and enhancing the value of our existing assets. We also progressed our greenfields exploration strategy by building a pipeline of opportunities beyond our current operations. This included targeted investments in early-stage projects and partnerships to secure exposure to prospective mineralised systems. While exploration remains an important component of our strategy, our approach remains disciplined and focused on opportunities that align with our long-term portfolio objectives. Building a resilient, future-ready portfolio Gold Fields has a long history of continuous production, and we remain focused on positioning the business for sustainable growth over the long term. Through a combination of portfolio optimisation, targeted acquisitions and disciplined investment in our asset base, we are building a portfolio that is more resilient, competitive and capable of delivering consistent value. Our strategic direction remains clear: to improve the quality of our production base, strengthen our exposure to high-quality jurisdictions and ensure that our portfolio is well positioned to deliver sustainable returns over time. Outlook and priorities We operate in a dynamic and increasingly complex global environment. Geopolitical developments, regulatory changes and evolving stakeholder expectations continue to shape the mining sector. We remain mindful of external risks, including the potential impact of tensions in the Middle East on oil prices, which may place upward pressure on operating costs in 2026. In this context, maintaining strong relationships with our stakeholders and ensuring transparency in how we operate remain critical to sustaining our licence to operate and delivering long-term value. We will implement disciplined cost management and maintain flexible budgeting to absorb potential volatility without compromising delivery against our strategic priorities. Gold Fields' high-quality asset base, with significant optionality for growth and optimisation, positions the Group to generate strong over the next five years. In 2026, our focus remains on advancing our safety improvement plan and further embedding our operating model, systems and processes to deliver consistent, predictable performance in line with guidance. Key priorities include securing the renewal of the Tarkwa mining leases and transitioning Damang to the Government of Ghana. In Canada, we expect to advance permitting and formalise the IBA for Windfall, supporting an FID. We will continue progressing high-value organic growth projects across the portfolio, including open-pit and underground studies at Gruyere, material handling system assessments at St Ives and Granny Smith, and life-extension studies at Invincible and Santa Ana. At South Deep, we will advance the South of Wrench feasibility study while, in Chile, we will prepare for pre-stripping at the Aqua Amarga resource areas of Salares Norte. Attributable gold-equivalent production for 2026 is expected to be between 2.4Moz and 2.6Moz. We expect AISC to range between US$1,800/oz and US$2,000/oz, and AIC between US$2,075/oz and US$2,300/oz. Capital expenditure will remain elevated in 2026, reflecting planned investment in Windfall and sustaining capital across the portfolio. Total capital expenditure is expected to range between US$1,900m and US$2,100m, comprising sustaining capital of US$1,300m to US$1,400m and non-sustaining capital of US$240m to US$340m, excluding Windfall project capital of C$495m (US$361m). Appreciation I would like to thank our Board for their continued guidance and oversight. I extend my appreciation to Yunus Suleman for his leadership and contribution as Chairperson, and I wish him well as he prepares to retire in 2026. To our people, thank you for your continued commitment to safety, performance and living the Gold Fields Way. Your dedication is fundamental to our success. Finally, I thank our shareholders for their continued support and confidence in Gold Fields. Mike Fraser CEO 33 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025034.jpg](gfi-20251231_g35.jpg)

Operating environment Gold Fields operates in a complex global environment, shaped by volatile gold prices, shifting geopolitical landscapes and evolving regulatory requirements across the jurisdictions in which we operate. Increased expectations around sustainability, climate resilience and responsible mining continue to influence decision-making, while responding to social pressures – including the expectations from our host communities – are key to maintaining trust with our stakeholders. Gold supply and demand Affected strategic pillars Related material themes Operate Grow Ensuring business resilience Amid ongoing geopolitical uncertainty and shifting monetary policies, gold remains a trusted store of value while evolving to meet the demands of a changing global economy. The international gold market showed exceptional resilience during the year – the gold price hit record highs in 2025, exceeding US$4,500/oz for the first time, with prices reaching as high as US$5,400 in early 2026. This was primarily driven by investment demand, a combination of an uncertain and volatile geopolitical environment and US Dollar weakness. Investment demand, including over-the-counter, surged to 5,002t and total demand at US$555bn, a five-year high, with global gold exchange-traded funds experiencing strong net inflows after five years of declines. Central bank buying remained robust, reaching 863t, which is at the upper end of the WGC 2025 guidance though slower than the recent pace of over 1,000t. This strong demand offset a marked drop in jewellery consumption due to the high prices, while global gold supply increased by 1% also reached a new record of 5,002.3t due to higher mine production and recycling. Impact on Gold Fields Our response The performance of bullion has been beneficial to Gold Fields over the past few years – rising steadily since 2015, but accelerating notably since 2019 and, particularly, over the past 24 months. The average gold price achieved during 2025 improved to US$3,496/oz – a 45% increase from US$2,418/oz in 2024, which was a marked rise on the average price of US$1,941/oz in 2023. The gold price ended 2025 at just over US$4,325/oz, a record high year-end close. The stronger gold price and demand in 2025, along with improved operational performance, bolstered Gold Fields' financial results and cash generation. Higher realised prices and sales supported profitability, enabling increased investment in sustaining and growth capital, debt reduction and shareholder returns. However, elevated prices also contributed to higher royalties and cost inflation across the industry, keeping unit costs elevated. In response, we have accelerated the investment in our portfolio: We ramped up investment in greenfields exploration (p64) We consolidated Gruyere and deleveraged our balance sheet faster to ensure resilience (p33) Increased our Mineral Reserve price assumptions which has driven an increase in Mineral Reserves declared (p82) We made portfolio optimisation decisions (p62) We invested significant capital expenditure to ensure more cost-effective production in the future (p75) We increased our returns to shareholders (p75) We advanced our asset optimisation programme (p33) 1 Source: S&P Capital IQ 2 Source: World Gold Council 34 GOLD FIELDS Integrated Annual Report 2025 4, 70 7 4, 75 2 4, 94 6 4, 97 4 4, 99 9 4, 00 2 4, 69 9 4, 44 8 4, 97 5 5, 00 2 2021 2022 2023 2024 2025 0 1,000 2,000 3,000 4,000 5,000 6,000 Gold price performance1 Gold demand and supply2 n Gold demand (t) n Gold supply (t) (t)(US$) Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025035.jpg](gfi-20251231_g36.jpg)

Operating environment continued Geopolitics, resource nationalism and the regulatory environment Affected strategic pillars Related material themes Operate Impact Grow Creating a positive impact for host communities Respecting the rights of our stakeholders Ensuring business resilience Upholding sound corporate governance practices Governments play a central role in shaping the political and regulatory landscape within which mining companies operate, and targeted regulation and policy will be critical to shaping a sustainable global mining sector. Resource nationalism is rising, affecting tax rules and ownership rights in certain territories, and will most likely take precedence over optimised supply chains in a geopolitically volatile world. This trend reflects an increasing resolve by governments to assert greater sovereign control over their natural mineral wealth. We are also mindful that the conflict in the Middle East could impact supply chains and oil prices which, in turn, could affect our business in 2026. However, at the same time, increased global uncertainty continues to drive investors towards gold as a safe-haven asset, underpinning elevated price levels despite short-term volatility. In several resource-rich jurisdictions, governments are seeking greater participation in the value generated from natural resources through evolving regulatory frameworks and fiscal regimes. In Ghana, these dynamics have included policy discussions relating to mining sector regulation and the future tenure of certain assets. Governments can employ a range of measures that could affect the profitability and stability of mining operations, including: • Seizing ownership of mines or requiring a larger stake in mining projects • Raising or introducing new taxes and royalties to ensure the state receives a greater share of the revenue – especially during periods of high gold prices • Tightening regulations to increase local participation, such as mandating that supplies are sourced domestically or strengthening environmental and labour laws • Using mining permits and licence renewals as political leverage, with delays or blocks during electoral transitions creating investment uncertainties • Changing administrative priorities, which can erode support for existing operations or challenge a mine's licence to operate Impact on Gold Fields Our response The Australian Government recognises mining as a strategic sector given the industry's economic contribution to the country. At the same time, mining companies are facing increased scrutiny for their sustainability practices and environmental stewardship, as well as engagement with Indigenous Peoples. In South Africa, the government undertook consultation on proposed changes to the Mineral and Petroleum Resources Development Act of 2002, which includes increased government control over key areas like changes in shareholding or control. The industry, through the Minerals Council, has proposed changes to the bill, which are being considered by the government. In March 2025, the Government of Ghana rejected Gold Fields' application to renew its mining lease at Damang. A one-year lease extension was ultimately agreed, after which Damang will transition to the Government of Ghana in April 2026. Subsequently, the Minerals Commission of Ghana proposed amendments to the Minerals and Mining Act, which include a reduction in the maximum tenure for the grant and renewal of mining leases, as well as the abolition of Development Agreements. The Government also implemented changes to the gold royalty regime in March 2026, which replaces the existing flat rate of 5% with a sliding scale ranging from 5% to 12%. These changes are expected to affect Tarkwa after its development agreement expires in April 2027. Gold Fields has submitted an application to renew its mining leases that expire in 2027, and is seeking to engage with the Government of Ghana on the applicable terms. Additionally, in October 2025 the Minerals Commission announced its intention to audit all mining companies in Ghana, including Damang and Tarkwa. This audit was subsequently paused, and it is unclear if and when it will be recommenced. Political instability in Peru could result in leadership changes in several key ministries, potentially impacting the approval of environmental or operational permits for Cerro Corona and our exploration projects. Legislative changes were introduced in Chile to balance investment and environmental conservation but created uncertainty around new protection measures and regulations. Our host governments issue mining licences, develop state policies and enforce regulations, and each country requires a different approach tailored to its geopolitical environment. We collaborate with mining industry associations to highlight and communicate the work done by member companies, engage with governments on material industry-related issues and advocate for improved policies as well as, usually only as a last resort, address unfair regulations and laws. We also work with our ICMM and WGC peers to promote industry-wide best practice and demonstrate the benefits of a responsible and fairly regulated industry. We engaged with the First Nations Peoples for the Windfall project (p40) Gold Fields continues to engage constructively with the Government of Ghana and other stakeholders to support a stable and sustainable operating environment. Through these proactive engagements, we initiated the process to renew the Tarkwa mining leases due to expire in April 2027. We updated and published Tarkwa's LOM plan and the mine's declared Mineral Resources and Reserves with the Q3 operating results update, which support its application (p51) We adhere to all relevant legislation in the countries where we operate, including paying taxes and other levies (TR, p5) We work to improve trust between government and the mining industry (p43) We actively create value for a range of stakeholders, including our host governments and host communities, through employment, procurement and socio-economic investment (SR, p31) We engaged extensively with the Government of Ghana to reach agreement for a 12-month transitional lease for Damang to ensure operational stability and a safe and orderly handover process (p9) 35 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025036.jpg](gfi-20251231_g37.jpg)

Operating environment continued Environmental considerations Affected strategic pillars Related material themes Operate Impact Grow Creating a positive impact for host communities Committing to sound environmental practices While the mining industry is critical to economic development, the pursuit of profit must be balanced with environmental performance and responsibility. As the demand for natural resources increases, mining companies must address the energy trilemma: energy security and affordability and environmental sustainability. The nature-positive movement, championed by groups like the ICMM, sets an expectation that mining moves beyond simply reducing harm to rather focus on actively reversing nature loss by 2030 and enhancing their environmental legacy. Meeting this expectation necessitates immediate improvements in tailings management, water stewardship and mine closure strategies. Consequently, companies are accelerating their adoption of lower-emission energy sources, driven by national decarbonisation policies and advancements in renewable technology. Impact on Gold Fields Our response Gold Fields' cost of operation and capital allocation plans must account for decarbonisation and ecological stewardship. This includes responsibly managing our TSFs and water use, maintaining infrastructure, accounting for mine closure liabilities, and investing in renewable energy and nature- related preservation initiatives. Failure to demonstrate concrete action can damage the Group's licence to operate, reputation and ability to attract investors. In addition, our business is exposed to the impacts of climate change, especially extreme weather events, which could lead to infrastructure damage and business interruption. We integrate climate and environment-related risks and opportunities into our strategy and operations to ensure our stakeholders recognise and trust us for nature-based solutions that aim to enhance lives. We design our strategies, targets and implementation plans to ensure we extract natural resources in a way that is environmentally responsible and sound and considers the needs of our stakeholders – particularly those communities impacted by our operations. We mitigate our climate impacts through our Decarbonisation Strategy (SR, p49) We preserve natural resources through our commitment to responsible water stewardship (SR, p55) and nature preservation (SR, p59) We prevent serious environmental harm through responsible tailings management and integrated mine closure plans (SR, p60) 36 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025037.jpg](gfi-20251231_g38.jpg)

Operating environment continued Social dynamics Affected strategic pillars Related material themes Operate Impact Grow Protecting the health, safety and wellbeing of our employees and business Creating positive impact for our host communities Respecting the rights of our stakeholders A mining company's licence to operate depends on its ability to make a positive impact and build trust with host communities. Companies that engage these communities as genuine partners lay the foundation for long- term relationships and a stronger brand. Host community procurement and employment, and responsible mine closure, present opportunities to reinforce these relationships and leave a lasting positive legacy. Failure to secure the necessary consent or to honour agreements with Indigenous Peoples regarding land rights, cultural heritage and benefit sharing carries severe consequences. Such failures may prevent or delay access to the land that supports our activities, or in some jurisdictions, may lead to protests, community blockades and litigation. These disruptive actions can halt operations, delay project development, place the mine's permits at risk, and result in a government-mandated licence revocation. Illegal mining compounds these social challenges, posing security and reputational risks and imposing financial burdens. Mines must allocate substantial capital towards increased security measures and often bear the costs of environmental and infrastructural remediation for damage caused by illicit operations. Equally important is maintaining constructive relationships with employees and business partners, ensuring fair labour practices, safe working conditions and local skills development that support long-term employability and shared value creation. Impact on Gold Fields Our response Gold Fields' financial and non-financial performance is closely linked to the quality of our relationships with employees, business partners and host communities. As such, it is essential that we seek to make a positive impact and identify and mitigate risks that could arise from any failure to keep our people safe or uphold community or Indigenous Peoples' rights. ASM is a significant source of income for communities in resource-rich developing countries, including South Africa, Ghana and Peru, where Gold Fields operates. However, this is often associated with illegal mining – which presents significant challenges, including the potential to cause community unrest and violence; physical harm to illegal miners, our employees and members of our host communities; and damage to the infrastructure and environment surrounding our assets. We protect our licence to operate through proactive, culturally respectful engagement with our stakeholders to ensure enduring, mutually beneficial relationships. We proactively engage with our employees (p39), suppliers (p41) and host communities (p40) We work to ensure our people go home safe and well every day (SR, p24) We shared 30% of national stakeholder value created in 2025 with host communities (SR, p31) We aim to deliver one legacy programme per country within five years of operation (SR, p36) We work closely with local law enforcement, take preventative security measures and invest in alternative livelihoods to combat illegal mining (SR, p37) 37 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025038.jpg](gfi-20251231_g39.jpg)

Stakeholders We work to ensure the interests of our stakeholders are represented and considered appropriately to enable informed decision-making that considers their interests, needs and expectations. Nurturing effective relationships with our stakeholders Our Stakeholder Engagement Strategy, supported by our Communication Strategy, recognises the crucial role of stakeholders in our business, and our work is underpinned by maintaining and strengthening stakeholder relationships based on respect, trust and transparency. We engage with our stakeholders to understand their diverse interests, needs and expectations. This input is crucial for informed decision-making. By consistently delivering on our commitments, we aim to build mutually beneficial relationships that are grounded in trust, ensuring we are the partner of choice for our people, host communities, suppliers, capital providers and governments. Strong relationships with our stakeholders, as well as the value we create and distribute to them, support more than just our licence to operate – we strive to ensure all stakeholders, including our host communities, experience sustainable benefits from our operations. Our stakeholder value creation is captured in our disclosure of national economic value creation in accordance with WGC guidelines. Gold Fields' total value creation amounted to US$ bn in 2025 (2024: US$4.21bn), with payments to our host communities historically accounting for about 30% thereof. Financial value distributed to stakeholders in 2025 (US$m) Payments to employees6 Host community SED spend1 Payments to suppliers (including business partners)3 Payments to governments Payments to capital providers Total value creation Australia 208 2 1,572 533 8 2324 South Africa 139 5² 399 25⁴ 2 570 Ghana 89 6 841 342⁵ 54 1332 Chile 22 1 169 -3 0 188 Peru 65 8 229 78 7 0 379 Corporate 84 0 40 31 831 986 Total Gold Fields 607 21 3249 1006 895 5778 1 Excludes host community wages and procurement spend, which are captured under "Payments to employees" and "Payments to suppliers", 2 Includes US$626,000 from the South Deep trusts 3 Includes business partners and suppliers, and excludes projects 4 South Deep has carry-forward losses and allowances for offset against taxable income 5 Excludes US$53m in dividends declared in lieu of the Government of Ghana's 10% stake in Tarkwa and Damang mines 6 Excludes benefits paid to employees working on capital projects 7 Excludes US$1m in dividends declared in lieu of the Government of Peru's 0.47% stake in the Cerro Corona mine 38 GOLD FIELDS Integrated Annual Report 2025 Our people The employees and business partners through which we deliver on our strategy Host communities Our host communities are directly impacted by our mining activities and have expectations regarding our operations Suppliers External providers of critical goods, services and expertise Governments Public institutions that regulate our activities and enable the legal and policy environment we operate in Capital providers The investors and lenders who supply the financial resources that enable our growth and resilience OUR STAKEHOLDER UNIVERSE Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Commissioning of Smart Lab and Innovation Centre in Tarkwa

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![Form 20-F wrapper_GFL Integrated Annual Report_2025039.jpg](gfi-20251231_g40.jpg)

Stakeholders continued Our people Relationship status1 Why they matter Current • High engagement above industry levels. Our people are proud to work for Gold Fields • Improved resourcing and clearer communication regarding decision-making during times of change • Although positive about line managers, our people require strong vision and leadership • Inconsistent employee experiences based on employee grade, location and discipline Desired • Proud, safe and unified workforce aligned to purpose and values • Proactive brand advocates Gold Fields' workforce consists of permanent employees and contractors (who we refer to as business partners), collectively referred to as "our people" or "our workforce". About 70% of our workforce are business partners, and our payments to them are captured under payments to suppliers. Through our workforce, we drive the implementation of our strategy by having the requisite capabilities and working collaboratively across the asset and function teams in our various jurisdictions to deliver the best possible outcomes. Payments to employees2 Relevant material themes Protecting the health, safety and wellbeing of our employees and business partners Managing our employees and business partners Respecting the rights of our stakeholders Key stakeholder interests Our response How we engage • Physical and psychological health and safety, supported by workplaces where everyone feels safe, respected and valued • Cultivating a strong culture of care and accountability by embedding our culture in daily routines and leadership behaviour • Internal communication channels • Town halls • Developing our safety culture and performance through a focused and consistent safety improvement plan • Senior leader alignment sessions • Clear direction and visibility from leadership • Workforce engagement surveys • An understanding of how roles contribute to Group goals • Designing and delivering a Respectful Workplaces toolkit, which was recognised as best practice in Australia • One-on-one engagements • Accessible communication channels, including ways to report harmful behaviour, and transparent messaging • Rolling out leader and bystander enablement sessions to foster a respectful workplace • Performance reviews • Redesigning our hotline to support enhanced accessibility, confidentiality and the ability to raise a broader range of concerns • Culture conversations • A diverse, inclusive organisation with an enabling culture that supports innovation • Implementing an integrated operating model where assets drive operational performance and functions enables capability and strategy, supporting a unified Group and stronger stakeholder confidence • Respectful workplace conversations • Internal communication channels, including collaboration platforms, working groups, workshops and forums• Career development opportunities • Creating an integrated global Communication Strategy to amplify our purpose through unified, consistent and high-impact messaging• Competitive salaries and benefits • Social media platforms • Transparency around decision-making • Creating a Business Partner Framework to further enhance and improve working relationships and performance outcomes• Operational efficiency improvements to streamline workflows and reduce administrative complexity and red tape • Creating channels to report harmful behaviour • Strengthening our leadership, technical and project capability, while adopting disciplined and process-driven ways of working Refer to our SR for details on our leadership development and alignment sessions. 1 Measured based on our workforce engagement survey 2 Excludes business partners 39 GOLD FIELDS Integrated Annual Report 2025 US$607m paid in wages and benefits 23,235 people (6,628 employees and 16,607 business partners) Good Needs improvement At risk l Australia 34% l South Africa 23% l Ghana 15% l Peru 11% l Chile 4% l Corporate 13% Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025040.jpg](gfi-20251231_g41.jpg)

Stakeholders continued Host communities Relationship status1 Why they matter Current • Trust fragmented by geography • Engagement varies by site Desired • Advocates and co-creators of shared value • Deeply embedded relationships Our host communities are crucial to the sustainability of our operations. Their support underpins our licence to operate which, in turn, impacts our ability to create enduring value. Value distributed to host communities Relevant material themes Creating positive impact for host communities Respecting the rights of our stakeholders Ensuring business resilience Key stakeholder interests Our response How we engage • Employment and procurement opportunities • Strengthening our cultural heritage stewardship through arts and culture initiatives, robust land access and cultural heritage management protocols, and deepening internal expertise Gold Fields focuses on inclusive and culturally appropriate engagements with our host communities, which include: • Education, skills and enterprise development • Implementing sustainable development initiatives for education, health services, infrastructure development, skills development, and sports and recreation • Meetings and events with communities and their representatives • Environmental impacts and obligations, including the mitigation of climate-related risks • Website and social media channels • Partnering with aligned community stakeholders to implement and support sustainable development • Community grievance mechanisms and effective remedies • Investments to support sustainable development • Mobile communication units • Agreement making to define respective rights and obligations • Creating jobs and maximising opportunities for host community employment at our operations and through community investments (i.e. non-mining jobs) • Printed newsletters • Sponsorship activations • Respecting human rights • Maximising local supplier opportunities and implementing enterprise development initiatives • Independent assessments and surveys • Respecting the culture, rights, interest and heritage of Indigenous and First Nations Peoples • Setting and delivering targets for host community procurement and employment • Partnering with community organisations to develop and implement shared value initiatives• Supporting community and environmental resilience beyond the LOM through our legacy programmes• Community safety, health and wellbeing • Communications related to potential risks and emergency response • Employment and social benefit concerns during mine scale-downs and closures • Concluding and implementing agreements with Indigenous and First Nations Peoples, as well as host communities • Proactive, authentic two-way engagement • Adhering to responsible mining practices • Implementing stakeholder engagement plans to ensure transparent and inclusive engagement with host communities to understand and respond to their needs, expectations and grievances • Combatting illegal mining and associated criminal activities through preventative action and collaboration with local law enforcement • Actively managing community expectations through sustained and transparent engagements during operational scale-downs and mine closures • Commemorating days of community significance • Undertaking human rights due diligence to identify, prevent and mitigate potential impacts related to our business activities Refer to our SR for more detail on how we engage with our host communities. 1 Measured based on our independent stakeholder perception survey 40 GOLD FIELDS Integrated Annual Report 2025 US$1.4bn value distributed US$21m invested in SED l Australia 38% l South Africa 12% l Ghana 46% l Chile 1% l Peru 3% Good Needs improvement At risk Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025041.jpg](gfi-20251231_g42.jpg)

Stakeholders continued Suppliers Relationship status1 Why they matter Current • Inadequate governance and performance management in some regions • Increased procurement and support required for host community suppliers Desired • Increased collaboration to ensure responsible supply chain stewardship • Value-aligned, robust due diligences Our suppliers provide the services, equipment and materials necessary for our operations to deliver safely, reliably and cost efficiently. Our business partners are key suppliers who provide essential expertise, technology and services, enhancing operational efficiency, safety and sustainability. Our business partners manage our contractors, who we classify, together with our employees, as our people (p39). We refer to both contractors and the suppliers who manage them as business partners. These vital partnerships drive innovation, strengthen the resilience of our supply chain and support compliance with environmental and social standards. By collaborating on initiatives like decarbonisation and community development, our business partners help Gold Fields create positive impact, manage risks and deliver responsible mining practices aligned with our long-term growth and stakeholder expectations. We prioritise host community procurement and using in-country suppliers, where possible. Payments to suppliers Relevant material themes Protecting the health, safety and wellbeing of our employees and business partners Managing our employees and business partners Creating positive impact for host communities Respecting the rights of our stakeholders Key stakeholder interests Our response How we engage • In-country and host community procurement of goods and services • Developing an integrated and sustainable Business Partner Framework that sets clear guidelines and aligns our business partners with our culture, standards and ways of work (implementation is expected to be multi-year journey) • Internal communication channels • Webinars • Investment in enterprise and supplier development • Surveys • Seeking opportunities for community-based enterprises to participate in our supply chain guided by our host community procurement strategy • Conferences • Sustainable materials and supply chain stewardship • Ongoing meetings and forums • Supporting small and medium-sized host community suppliers through preferential payment terms • Supplier day events • Payment terms for small and medium-sized enterprise suppliers in our host community • Engaging to understand and align suppliers' carbon emissions and, where relevant, their modern slavery impacts • Communication and engagement on issues relating to Respectful Workplaces and gender safety • Identifying viable local economic alternatives beyond mining for suppliers • Opportunities for businesses owned by women, Indigenous and First Nations Peoples, and historically disadvantaged people • Job losses due to mine scale-downs and closures 1 Measured based on our internal assessment 41 GOLD FIELDS Integrated Annual Report 2025 US$3,249m paid to suppliers 1,010 host community supplier companies 97% of total procurement spend with in-country businesses l Australia 48% l South Africa 12% l Ghana 26% l Peru 7% l Chile 5% l Corporate 2% Good Needs improvement At risk Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025042.jpg](gfi-20251231_g43.jpg)

Stakeholders continued Capital providers Relationship status1 Why they matter Current • Successful placement of US$750m seven-year notes were issued in May 2025 in the debt capital market • Achieved record shareholder distribution of R31.90/share, comprising a base dividend of R25.50/share, a special dividend of R4.50/share and US$100m allocated to share buybacks Desired • Trusted and transparent partner recognised for consistency and operational, financial and ESG perspectives Our capital providers are critical to our growth and success, supplying the funds needed to explore, develop and operate our mines and projects. Payments to capital providers Relevant material themes Committing to sound environmental practices Ensuring business resilience Key stakeholder interests Our response How we engage • Delivery against our commitments and guidance • Implementing a five-year roadmap for growth and value • Timeous announcements on the relevant stock exchanges for Group • Operational and cost performance • Applying our Capital Allocation Framework to fund growth, develop and maintain our assets • Quarterly webcasts • Balance sheet management • Successfully ramping up Salares Norte to steady-state production • Results presentations • Growth in production to sustainable levels • Consolidating 100% of the Gruyere mine and surrounding land package in Western Australia • Capital Markets Day • Strong margins supported by disciplined capital allocation and competitive shareholder returns • Progressing the permitting process for Windfall and advancing the project to FID • Integrated reporting suite • Uplifting Mineral Reserves for sustained production over multiple decades • One-on-one and group investor meetings • Organisational capability to elevate performance • Achieving industry-leading FCF growth • Attending industry conferences and forums • Understanding of and demonstrated execution of Gold Fields' strategy • Delivering strong margins • ESG microsite • Adhering to a balanced approach to shareholder returns, capital reinvestment and maintaining balance sheet flexibility• Sound and ethical leadership, including succession planning • Creating enduring value through responsible mining, focusing on the safety and wellbeing of our people, host community resilience, and climate and environmental stewardship • Consistency and progress on key sustainability priorities and risks, including safety, environmental performance, climate resilience and maintaining our licence to operate • Developing a long-term greenfields exploration portfolio, including through strategic investment and JVs • Safe delivery of growth projects, particularly the Salares Norte ramp-up • Delivering sector-leading shareholder returns in line with our new Dividend Policy and additional returns programme • Portfolio management, including acquisitions, disposals and transition management • Strengthening and integrating a healthy work culture across the Group • Creating a fit-for-purpose, scalable operating model, aligned to our strategy • Access to leadership • Implementing operating practices and systems unlocking value through standardised work and simplified enterprise systems • Improving our share price and delivering a stable dividend in line with our Dividend Policy 1 Measured based on our internal assessment 42 GOLD FIELDS Integrated Annual Report 2025 HOST COMMUNITIES Number of engagements in 2025: XX US$895m paid to providers of debt and equity capital 0.26x net debt: adjusted EBITDA ratio l Australia 0.9% l South Africa 0.2% l Ghana 6.0% l Peru 0.0% l Chile 0.0% l Corporate 92.8% Good Needs improvement At risk Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025043.jpg](gfi-20251231_g44.jpg)

Stakeholders continued Governments Relationship status1 Why they matter Current • Trust has strengthened overtime in some countries, however increase in resource nationalism and changes in the legislation has impacted relations with governments Desired • Collaborative partner in national development • Highly trusted mining Group Maintaining positive relationships with governments is essential for sustainable operations, as they are a key stakeholder and crucial partner in many of our societal benefit projects. Responsible mining practices and effective transition plans are critical to maintain our licence to operate. Value distributed to governments Relevant material themes Creating positive impact for host communities Respecting the rights of our stakeholders Committing to sound environmental practices Ensuring business resilience Upholding sound corporate governance principles Key stakeholder interests Our response How we engage 43 GOLD FIELDS Integrated Annual Report 2025 US$1,006m paid in taxes and royalties US$52.5m paid to the Government of Ghana in dividends for its 10% stake in Damang and Tarkwa l Australia 53% l South Africa2 2% l Ghana 34% l Peru 8% l Chile 0% l Corporate 3% Good Needs improvement At risk 1 Measured based on our independent stakeholder perception survey 2 South Deep has carried forward losses and allowances for offset against taxable income • Compliance with relevant legislation and regulations and support for local policy where appropriate • Protection of human rights • Payment of taxes, royalties and other levies • In-country employment and procurement • Investments in host communities, particularly infrastructure-related investments • Upholding the highest standards of ethical business practice • Commitment to sound environmental stewardship • Sustainable social transition plans • Regular direct engagement with leadership • Evidence of contribution to national priorities and transparency • Adhering to all applicable regulatory and other requirements • Paying royalties and taxes that, if utilised appropriately, can enable governments to develop critical infrastructure • Investing in host communities to contribute to shared sustainable development goals by growing non-mining jobs and building institutional capacity in our operating countries • Conducting our business in a fair and ethical manner by upholding our Code of Conduct • Conducting independent, standalone human rights impact assessments • Developing a stakeholder engagement plan related to our chinchilla capture and relocation project • Collaborating with governments and implementing transition strategies to ensure smooth transfers of mine ownership and renewal of mining licences • Memberships and active engagements in various industry and regulatory forums • Compliance submissions • Site visits • Working relationships with local municipalities and public bodies • Industry associations Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025044.jpg](gfi-20251231_g45.jpg)

Risks and opportunities Effective risk management is crucial for fulfilling our organisational purpose, implementing our strategy and creating long-term value for stakeholders. Our approach to managing risk is based on our Risk Management Framework, which aligns with international standards (ISO:31000). This framework outlines our processes for identifying, assessing, managing, monitoring, mitigating and reporting risks within our defined risk appetite. Our approach to risk management Risk categories We classify similar risks into categories using a Group taxonomy. This helps us understand overall risk exposure across the portfolio and provides management and the Board with visibility into aggregated Group-wide risks. We use key risk indicators to monitor our risk status against the approved risk appetite. Risk appetite We apply the principles of risk appetite and tolerance to determine if the risks we take align with our strategic goals. The Board reviews and approves our risk appetite statements regularly. For each strategic risk category, we clearly define our risk appetite by specifying which risks we avoid, which require mitigation and which opportunities we pursue. Each category has key risk indicators and specific tolerance levels that are tracked through our performance management and reporting systems. If these limits are exceeded, management investigates root causes and decides if further action is needed. Risk culture Our leadership drives a strong risk culture, making risk management an integral part of decision-making rather than just a compliance activity. We continue to improve risk routines and reporting at both Board and executive levels to raise risk awareness throughout the Group. Risk maturity Risk maturity reflects the extent to which our risk management practices are formalised, integrated and optimised. In 2025, we enhanced our risk management system and realigned our strategic risk portfolio with our objectives. Updates included refining risk categories, definitions, appetite statements, metrics and tolerances. In 2026, we aim to implement a renewed Risk Management Standard, standardise risk routines across all operations, functions and projects, and strengthen second-line activities. Risk governance Board oversight The Board has ultimate accountability for overseeing risk management within the Group, including setting risk appetite and tolerance and ensuring effective practices are in place. The Audit and Risk Committees support this oversight by reviewing and monitoring internal control systems. Three-lines model Our governance is built on the three-lines model, which clarifies roles and supports robust risk management: • The first line designs, implements and runs processes and controls for risk management • The Risk team and functions offer expertise, support, monitoring and challenge, and set minimum standards across the Group • Internal audit, as the third line, provides independent assurance on controls, governance and risk management Combined assurance We integrate assurance activities across all three lines through a combined assurance approach, overseen by the Risk and Audit Committees. These committees ensure assurance activities align with strategic risks. The Risk Committee receives quarterly updates on all risk categories, highlighting any critical risks exceeding thresholds. Overview of our risks Risks impacting the Group's ability to achieve its business objectives include strategic, catastrophic and emerging risks. These are summarised in the following section. Strategic risks Strategic risks are those most significant to the Group and could materially affect our strategy. The overall risk trend for the Group has improved but with an increased risk over tenure and regulatory and business partner risk. This improvement is underpinned by stronger safety and production performance, with a stronger gold price leading to record cash generation. In addition, project delivery has significantly reduced with Salares Norte reaching commercial levels of production during 2025. Risks Safety and wellbeing of our people Business partners Delivery of expected profitability and cash-flow Licence to operate and societal expectations Safe and predictable operating delivery Climate adaptation measures impacting on operational deliveryPolitical and economic stability Attracting and retaining talent Cybersecurity posture leading to an incident Delivery of growth through M&A and greenfields exploration Tenure and regulatory risk Delivery of growth through Mineral Resource management and brownfields exploration Delivery of growth through capital project delivery Risk status No action On watch Action required Risk trend Risk trend Decreasing Increasing 44 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025045.jpg](gfi-20251231_g46.jpg)

Risks and opportunities continued 45 GOLD FIELDS Integrated Annual Report 2025 Management of safety and health risks are inherent to the nature of the business. Failure to manage these risks will result in unacceptable incidents leading to injury, illness and fatality. Threats Response and mitigating actions Opportunities • The organisation faces safety and health risks arising from uncontrolled safety and health hazards that could result in serious injury, long-term health impacts or fatality • Workplace culture and behaviours further influence safety outcomes, particularly in relation to sustained mental health and psychological wellbeing • Major incidents without adequate identification, assessment, or implementation of effective controls presents a material threat to employee safety and wellness and overall operational integrity • Reviewing and strengthening safety systems, processes and programmes regularly to ensure they remain effective and responsive to evolving operational risks • Evaluating the health and maturity of the organisational safety culture to reinforce care and accountability at every level • Executing the safety improvement plan in alignment with the Group's strategic objectives • Leveraging opportunities to strengthen safety performance and operational resilience • Collaborating with industry forums, peers and partners to promote shared learning and exchange leading risk management practices • Adopting safe work practices to safeguard employees while improving operational effectiveness and efficiency • Utilising technology and innovation to eliminate hazards at the source, supporting a proactive and sustainable approach to safety and health management Inconsistent operational performance and rising input costs, along with fluctuations in commodity prices and exchange rates, may lead to margin erosion, thereby reducing the Group's profitability and cash-flows. This could impact Gold Fields' ability to fund operations, sustain growth and deliver shareholder returns. • Inability to deliver safe, reliable and cost-effective operations • Potential delays or cost overruns in executing capital projects within approved schedules and budgets • External inflationary pressures and commodity price, interest rate and exchange rate volatility impacting on financial performance and cash generation • Maintaining investment flexibility internally and externally in accordance with our Capital Allocation Policy, balancing debt repayments and returns to shareholders • Actions that result in liquidity or solvency constraints that negatively impact our investment credit rating • Pursuing a range of opportunities to strengthen profitability and enhance cash-flow resilience • Supporting reliable production and cost discipline through ongoing improvements in safety and operational efficiency, while executing transformational AO initiatives • Actively accessing capital markets to secure funding for the growth and quality of the asset base • Leveraging the operating model, systems and technology to drive cost reductions and productivity gains • Pursuing appropriate tax structuring and planning to optimise after-tax returns and strengthen overall financial performance • Ensuring our operations have safety, business, productivity and cost improvement programmes in place which are supported by the Group's Asset Optimisation (AO) Strategy • Providing clear cost guidance to the market annually and conducting monthly and quarterly reviews to ensure spending remains within budget • Optimising our processes and systems to drive greater efficiency, strengthen cost management, and support sustainable operational performance • Regular review of construction and project cost inputs and schedule that could impact on our ability to deliver expected cash-flows Strategic pillar: Operate Board oversight: SHSD Committee Risk status and trend: Countries affected Safety and wellbeing of our people Strategic pillar: Operate Board oversight: Audit Committee Risk status and trend: Countries affected Delivery of expected profitability and cash-flow Threats Response and mitigating actions Opportunities 2025 risk exposure and trend summary The trend and risk exposure has remained on watch throughout 2025. The Group's safety performance improved materially during 2025 with the achievement of zero fatalities, however seven serious injuries occurred during the year1 reinforcing that safety performance is not yet stable and predictable. The Group has made good progress with the implementation of the Safety Improvement Plan (SIP) which will continue into 2026. 2025 risk exposure and trend summary The risk exposure and trend have remained on watch through 2025. The Group has been assisted by record level gold prices in 2025 and higher production outcomes, however the risk exposure remains elevated due to the strengthening of producer currencies and increases in operating costs due to inflation and cost pressures. The conflict in Iran could lead to significant and sustained cost increases in oil and gas prices, heightened freight and logistics costs, delays or interruptions in the delivery of critical mining equipment, consumables and spare parts, and increase costs of existing and alternative supply arrangements into 2026. 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision-making practices. We recorded one serious injury at Windfall (seven injuries in total for the Group) and no fatalities during 2026 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025046.jpg](gfi-20251231_g47.jpg)

Risks and opportunities continued 46 GOLD FIELDS Integrated Annual Report 2025 Strategic pillar: Operate Board oversight: Technical and SHSD Committees Risk status and trend: Countries affected Safe and predictable operating delivery Strategic pillar: Impact Board oversight: Board and SET Committees, ad hoc steering committee on Ghana Risk status and trend: Countries affected Political and economic stability Grow Threats Response and mitigating actions Opportunities • Operating our assets in a way that could compromise our people, the environment and host communities, or result in non-compliance with laws and regulations • Outsourcing core mining activities, creating a risk of non- delivery due to underperformance by business partners • Compromises on predictable operating delivery, unacceptably impacting asset resilience or integrity, or requiring our assets to operate beyond their design capability may increase the likelihood of operational disruptions, safety incidents and unplanned costs, undermining sustainable performance • Executing the safety improvement plan in alignment with broader strategic objectives • Implementing the Group's Asset Optimisation Strategy to ensure ongoing operational stabilisation and deployment of targeted initiatives to mitigate the risk of underperformance against quarterly ounce targets • Performing structured operational assessments to identify constraints, inefficiencies and systemic projects • The Business Partner Management Framework has been developed and operational teams are preparing for its deployment • Building operational flexibility into our operations to deliver additional value in a higher gold price environment • Building capabilities by embracing a new approach to talent attraction and retention, ensuring we have the skills and leadership required to sustain high performance • Investing in assets' full potential and technical systems to improve efficiencies and performance • Co-developing technical solutions with third parties to unlock potential Failure to achieve our planned operational performance in line with market guidance will prevent us from delivering on our strategic objectives, resulting in reputational damage in the market and negatively impacting our share price. Threats Response and mitigating actions Opportunities Failure to achieve our planned operational performance in line with market guidance will prevent us from delivering on our strategic objectives, resulting in reputational damage in the market and negatively impacting our share price. • Shifts in national leadership that increase political and regulatory uncertainty • Fiscal deficits that drive the need to generate additional revenue • Impacts from regional geopolitical instability that influence economic conditions and cross-border dynamics • Land, Indigenous Peoples' and First Nations Peoples' rights and considerations • Infrastructure and service delivery challenges • Socio-economic pressures • Undertake comprehensive stakeholder engagement programmes across all levels of government, including regulatory agencies, to maintain transparent and constructive dialogue • Intensify our engagement during times of political uncertainty, particularly during elections • Channel additional engagements through mining associations in collaboration with our peers to strengthen collective advocacy and coordinated responses • Review our legal options, particularly in terms of adherence to investment agreements, to safeguard our interests • Collaborate with local law enforcement and implement security measures to combat illegal ASM • Developing and successfully executing a broad-based stakeholder engagement plan that promotes transparent, consistent, and meaningful dialogue with our stakeholders • Exceptional delivery against our sustainability objectives and becoming the partner of choice through positive impact • Exploring and operating in jurisdictions outside of our existing footprint that enable us to grow the quality and value of our portfolio 2025 risk exposure and trend summary The overall risk trend and exposure for this risk have decreased in 2025 with the Group meeting its 2025 production guidance and overall improvement in operational performance for the year. The Group remains exposed to typical operational risk, including mining contractor performance, geological uncertainty, regulatory risk, and equipment performance which may (or have resulted) result in performance variation at individual mines within the portfolio. 2025 risk exposure and trend summary The overall risk trend and exposure have increased in 2025. Risk exposure remains elevated primarily due to the Group's exposure in jurisdictions such as Ghana and South Africa. Evolving regulatory requirements in these jurisdictions (refer to risk 12) increases the Group's exposure to requirements for higher payments to governments in the form of royalties and taxes, regulated beneficiation and contracting and increasing state or national state or national ownership of resources. Rising geopolitical tensions globally are also contributing to increased risk exposure. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025047.jpg](gfi-20251231_g48.jpg)

Risks and opportunities continued 47 GOLD FIELDS Integrated Annual Report 2025 Strategic pillar: Operate Board oversight: SET and Remuneration Committees Risk status and trend: Countries affected Attracting and retaining talent Threats Response and mitigating actions Opportunities Proactively attracting and retaining a diverse and skilled talent pool to enable Gold Fields to build a capable workforce aligned with operational and strategic needs that ensure we do not compromise Gold Fields' ability to deliver safe, reliable and cost-effective operations. • Outsourcing critical skills to business partners and third parties, which may reduce internal capability and knowledge retention. • Negative perceptions of the mining industry that hinder the ability to attract and retain top talent • Navigating strategic tension between host community employment and fulfilling critical skills and capability globally • Variations in remuneration frameworks and talent attraction and retention strategies across jurisdictions must remain aligned to Gold Fields' brand positioning across different countries • Exposure to countries with volatile or constrained talent market conditions like high competition for skilled labour, rising compensation expectations or geographic talent shortages may impact workforce stability and the reliability of outsourced core functions • Appointing, promoting and rotating high-potential talent are key to maintaining leadership continuity, capability development and organisational resilience • Embedding our new operating model, which standardises ways of working and provides agility and growth opportunities that can leverage the experience of our people across the Group • Strengthening the skills and capabilities of our employees to maintain a respectful workplace, using global standards and processes to streamline talent onboarding and integration • Strengthening our People Strategy by revising our global talent approach to integrate functional talent needs • Implemented a revised talent process under the new operating model, which provides data aligned with key risk indicators to support informed decision- making and proactive workforce management • Promoting inclusively through diversity and gender representation and the implementation of the EB&Co recommendations • Simplifying the learning landscape and integrating learning moments into our day-to-day operations • Introducing a new performance process based on continuous performance management and feedback • Improving succession and development planning to build leadership depth and organisational resilience • Integrating culture, engagement, diversity, equity, inclusion and belonging actions into learning offerings • Leveraging AI to support recruitment and people management activities • Adapting to modern workforce dynamics and organisational design Strategic pillar: Board oversight: Board, S&I and Technical Committees Risk status and trend: Countries affected Delivery of growth through M&A and greenfields exploration Grow Threats Response and mitigating actions Opportunities Insufficient growth through acquisition, exploration or development to sustain production profile and impact cash-flow into the future, leading to a reduction in shareholder returns and market capitalisation, and the inability to maintain a competitive advantage. • Growth strategy and portfolio management risks, where misaligned acquisitions or investments could adversely affect long-term value • Exploration risks, involving unsuccessful or delayed activities that may limit reserve replacement • Integration and value realisation risks, where failure to effectively integrate new assets or projects could prevent expected benefits from being fully realised • Execute the Group's strategic planning process • Evaluate value-accretive opportunities to build the value of our portfolio – including acquisitions, divestments, joint ventures and new mine builds • Greenfields exploration remains a key component of our Growth Strategy, whether through securing our own mineral titles or entering into earn-in arrangements with exploration juniors, including opportunities where we may not hold a controlling interest but can access prospective resources • Creating disciplined competition for capital by rigorously assessing and prioritising investments across existing operations, organic growth options and external opportunities • Maximising shareholder returns through a balanced, value- focused approach to capital allocation while maintaining financial strength and strategic flexibility 2025 risk exposure and trend summary The risk exposure and trend have remained on watch throughout 2025. The Group has made progress in 2025 with Exco appointments in key positions and progress with succession planning and talent management. 2025 risk exposure and trend summary The risk exposure and trend have decreased in 2025 with the Group finalising the acquisition of Gold Road, the advancing of the greenfields Windfall project in Canada and the continuation of its greenfields exploration strategy to build a pipeline of early-stage opportunities to underpin production beyond 2035. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025048.jpg](gfi-20251231_g49.jpg)

Risks and opportunities continued 48 GOLD FIELDS Integrated Annual Report 2025 Strategic pillar: Board oversight: Technical Committee Risk status and trend: Countries affected Delivery of growth through Mineral Resource management and brownfields exploration Threats Response and mitigating actions Opportunities Insufficient growth through brownfield exploration and Mineral Resource management to sustain the production profile and impact cash-flows into the future, leading to reduced shareholder returns and reduced market capitalisation, and an inability to maintain competitive advantage. • Exposing Mineral Resource management to risks related to the allocation of capital for brownfields exploration drilling, potentially impacting the extension or enhancement of existing operations • Ineffective business planning due to miscalculations in the Reserve and Resource estimations • Carrying financial and operational risks related to significant upfront capital investments – including stripping and development costs – if expected returns are not realised or project execution deviates from the plan • Utilising the Group's strategic planning process to mitigate risks associated with delivering growth through Mineral Resource replacement, supported by detailed consideration of LOM capital requirements • Implementing comprehensive near-mine exploration programmes across operations, with performance monitored during quarterly reviews • Consistently replacing depleted Mineral Reserves through focused efforts, exemplified by the 16-year track record of the Australian mines • Pursuing value-accretive projects above the planned Mineral Reserve price during high gold price environments to deliver substantial cash-flow benefits • Optimising operations by mining near existing infrastructure or relocating infrastructure where required to reduce capital intensity and leverage current assets • Exploring projects that expand technical capabilities, such as caving and ultra-deep mining with seismic challenges, to access high-potential resources • Positioning the Group for long-term growth by developing expertise in advanced mining methods and supporting strategies beyond current limits Grow Impact Board oversight: Board and SET Committee Risk status and trend: Countries affected Business partners Threats Response and mitigating actions Opportunities Poor application of business partnerships negatively impacts ounces, cost and safe delivery at our assets. • Inadequate and ineffective governance, oversight and performance management of our business partners resulting in risk exposure, increased costs, potential disputes, delayed project delivery and operational challenges • Developing a Business Partner Management Framework, which provides clear and consistent performance standards for selecting, onboarding, managing and evaluating business partner performance to reduce risks and improve operational efficiency and predictability. The framework also encompasses expected leadership behaviours and the organisational culture and required capability uplift to manage business partners • Delivering value through strategic sourcing and collaborative, performance-based partnerships • Providing support, procurement opportunities and development to emerging host community businesses, advancing local skills development and building sustainable community relationships • Strategic partnerships can deliver cost efficiencies, access to specialised skills and expertise and support the execution of key commitments, such as decarbonisation • Structuring outsourcing arrangements to complement our Capital Allocation Strategy, enhancing operational flexibility and value creation, while leveraging the strengths of our business partners Strategic pillar: Operate 2025 risk exposure and trend summary The risk exposure and trend have remained on watch through 2025. The Group's Mineral Reserves and Mineral Resources increased during the year, driven by revised gold price assumptions, a strong underlying Resource base, exploration success, and acquisitions. However, the risk remains on watch as the Group needs to reset exploration at Agnew, recommence surface exploration at Granny Smith, and establish exploration across the expanded Gruyere tenement package. 2025 risk exposure and trend summary In 2025, Business Partner risk has increased mainly because of the underperformance of mining contractors responsible for core mining activities at our Gruyere and Tarkwa sites. Additionally, there are concerns about the financial stability of these contractors, with the Group having had to provide financial support during 2025; accordingly the Group has initiated discussions with business partners to ensure sustainable operating delivery. Increased employee turnover among our business partners has also contributed to the higher risk classification. Gold Fields' contractor in Ghana, Engineers and Planners (E&P), has purported to commence dispute resolution processes under the terms of the mining agreements (Agreements) at the Tarkwa and Damang mines. Gold Fields' assessment is that it has a clear and sufficient basis to challenge E&P's claims through the dispute resolution mechanisms provided in the Agreements. The ultimate outcome of the process cannot presently be determined and contributes to the heightened status of this risk. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025049.jpg](gfi-20251231_g50.jpg)

Risks and opportunities continued 49 GOLD FIELDS Integrated Annual Report 2025 Strategic pillar: Board oversight: Board, SET and SHSD Committees Risk status and trend: Countries affected Licence to operate and societal expectations Threats Response and mitigating actions Opportunities • Increasing climate-related risk to our operations and communities • Increasing political instability and regulatory oversight • Changing socio-economic conditions • Increasing pressure and expectations over integrated sustainability and financial disclosures • Increasing stakeholder expectations of performance and disclosure • Mining in fragile ecosystems and Indigenous Peoples' lands • Increasing anti-mining sentiment and stakeholder activism • Identified Group environmental and social critical risks and designed risk bowties and critical control performance standards for each critical risk • All assets conducted self-assessments against these controls and, where relevant, initiated implementation of control improvement plans • Using diverse financial instruments to deliver existing commitments • Partnering and collaborating with increasingly diverse stakeholders • Pursuing leading nature and biodiversity-positive investments and adopting integrated environmental, social, and economic approaches to address complex challenges • Collaborating with business partners to improve sustainability outcomes • Driving more inclusive, resilient and impactful initiatives by leveraging evolving ways of working and incorporating local knowledge and community-led monitoring into environmental and social programmes Our ability to obtain and consistently meet legal, ethical and societal norms enhances stakeholder trust and regulatory approval and prevents operational disruption Impact Strategic pillar: Board oversight: SHSD Committee Risk status and trend: Countries affected Climate adaptation measures impacting communities, the environment and/or operational delivery Threats Response and mitigating actions Opportunities Failure to identify and mitigate climate-related events that may impact our operations or ability to execute on strategy, leading to operational disruptions and lost revenue. This risk impacts our ability to deliver predictable operating results and to meet societal expectations, leading to a loss of licence to operate. ImpactOperate • Climate-related events that disrupt production and operational continuity • Climate-induced supply chain disruptions • Challenges related to energy, flooding and water security impacts operational reliability and cost management • Environmental and social impacts, including host community water conflict • Government and community expectations of support for climate adaptation place heightened accountability and compliance obligations on the organisation • Adhere to a comprehensive Decarbonisation Strategy with clear carbon-reduction goals for 2030 • Adherence to recognised industry standards, including the GISTM • Review and update climate change vulnerability risks to boost operational resilience • Roll-out renewable energy and implement mitigation efforts such as flood management, extreme temperature response plans and insurance cover • Developing climate-resilient infrastructure • Adopting climate-resilient technologies through pilot studies, staged implementation and cross-functional collaboration • Co-developing flood, drought, fire and extreme heat contingency plans with our host communities and government • Enhancing supply chain resilience, particularly in advance of extreme weather seasons to secure critical inputs and to maintain stable operational performance, supporting long-term sustainability and value creation. 2025 risk exposure and trend summary The overall risk exposure and trend has remained on watch in 2025 due to increased stakeholder expectations particularly in Ghana and South Africa. Furthermore, the Group is exposed to the risk of delays in meeting key permit schedules and approval for its Windfall project which includes the conclusion of an Impact Benefit Agreement (IBA) with the Cree First Nation of Waswanipi, Environmental Impact Assessment (EIA) and secondary permits. 2025 risk exposure and trend summary The overall risk exposure and trend have remained on watch through 2025. The Group continues to face heightened risks associated with climate change including extreme weather events such as wildfires and flooding, and evolving or emerging regulatory requirements within its operating jurisdictions. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025050.jpg](gfi-20251231_g51.jpg)

Risks and opportunities continued 50 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Strategic pillar: Board oversight: Audit and Risk Committees Risk status and trend: Countries affected Cybersecurity posture leading to an incident Threats Response and mitigating actions Opportunities Weak cybersecurity control environment leading to being held to ransom, unauthorised disclosure of sensitive information or business disruption/safety event. This risk impacts on our ability to achieve our safety ambitions (Risk 1), deliver predictable operating results (Risk 3) and our financial performance targets. Operate • Adopting new technology that introduces inherent vulnerabilities • Cyber risks from digital transformation and IT/OT convergence • Fast-changing technological environment, including the rapid availability of AI platforms • Rapid digital transformation of the mining value chain • Third-party risks with vendors, suppliers and business partners interacting with Gold Fields through any digital platforms • Human factor risks, including insider threats and social engineering • Deploy Group-wide software platforms to safeguard critical IT and operational technology infrastructure • Continue monitoring our internal systems and third-party risks, leveraging always-on vendor risk management platforms • Optimise and design all activities related to people, procedures and cybersecurity controls • Reinforce our commitment to best practices • Continue to monitor threat intelligence • Leveraging technological innovations, including AI, automation and cloud services, to enhance operational efficiency • Pursuing digital transformation initiatives that create competitive advantage • Investing in advanced security capabilities, including predictive analytics and automated response, to strengthen our cyber resilience 2025 risk exposure and trend summary The risk trend and exposure have remained on watch in 2025. Cybersecurity risks and threats continue to evolve both in sophistication and volume and results in this risk remaining stable but on watch. The Group continues to monitor and manage its cyber exposure through leveraging new technologies, support of cybersecurity partners and conducting resilience exercises to be able to adequately respond in the instance of a cyber incident.

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![Form 20-F wrapper_GFL Integrated Annual Report_2025051.jpg](gfi-20251231_g52.jpg)

Risks and opportunities continued 51 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Strategic pillar: Board oversight: Board, Audit Committee and ad hoc steering committee on Ghana Risk status and trend: Countries affected Tenure and regulatory risk Threats Response and mitigating actions Opportunities Changes to the legal and regulatory environment of a jurisdiction in which we operate or wish to enter could impact our ability to sustainably operate, comply with laws, or secure required tenure and approvals. This includes changes to mining regulations, mineral royalty and tax policies, government ownership of resources, and requirements for leases, permits or agreements. Operate • Securing the applicable licences and permits, including renewals, extensions or re-grants in time to meet project and operational requirements • Governments' desire to secure an increasing share of revenue from natural resources • Uncertain and complex tax environments that are open to different interpretations • Unpredictable changes to government policies relating to mineral rights, ownership of mining assets and the right to mine in certain areas • Legislative agendas that increase obligations on proponents in the development or operation of projects • Judicial interpretation of existing laws, including as a result of activist litigation • Uncertain and lengthy timeframes for review and approval of tenure renewal and required permits • Maintain robust tenure management processes to track obligations, expiries and compliance • Continue to track and report on the forthcoming expiry of core operating tenure and core tenure, including any potential impact on Mineral Reserves • Monitor and report proposed and implemented changes to regulatory instruments – including tenure and key approvals in all jurisdictions • Monitoring proposed legislative changes in South Africa and Ghana to assess their potential material impact on the Group's interests • Managing material disputes and litigation matters involving the Group to mitigate operational and financial risks • Exploring and operating in new jurisdictions to grow the value of our portfolio • Proactively monitoring early signals indicating change in established and emerging jurisdictions to capitalise on favourable conditions and secure strategic advantages. Grow 2025 risk exposure and trend summary The Group's exposure to risks associated with tenure and regulation has increased in 2025 and is elevated. This is primarily due to uncertainty over the ability of the Group to secure the core operating tenure of the Tarkwa asset on commercially viable terms, specifically the renewal of the operation's mining leases which expire in April 2027. Tarkwa, five of Gold Fields' six mining leases are due to expire in April 2027. Consistent with the agreement reached with the Government of Ghana in April 2025, Gold Fields submitted, in November 2025, an application for the renewal of the Tarkwa mining leases, together with supporting technical reports, in accordance with applicable law. Gold Fields is seeking to progress negotiations on the Tarkwa lease renewals against a backdrop of changing mining policy in Ghana, with the Government of Ghana proposing material amendments to the Minerals and Mining Act (Act 703), including the reduction in mining lease terms and the abolition of development agreements. These amendments, however, have not yet been implemented and continue to be under consideration by the Government of Ghana. Gold Fields currently has a Development Agreement (DA) with the Government of Ghana, which provides a range of fiscal concessions and includes key stabilising provisions in relation to taxes, royalties and other matters. However, the DA is also due to expire in April 2027, and it is currently unclear as to whether this will be extended or any other form if stabilisation applied to Tarkwa. Gold Fields is seeking to progress negotiations with the Government of Ghana regarding the proposed renewal of the Tarkwa mining leases and the related fiscal terms, including the extension of the DA. However, no agreement has yet been reached, there is no assurance that an agreement will be concluded and the terms of any renewal are uncertain. To the extent that the Tarkwa mining leases are renewed on terms that are less favourable than those currently in place (including as a result of the abolition of development agreements and any changes to the applicable fiscal regime), Gold Fields' costs at Tarkwa could increase materially, including through higher taxes and royalties and the loss of other fiscal concessions. In particular, the Government of Ghana has implemented legislation replacing the existing flat 5% gold royalty rate with a sliding scale rate (linked to the prevailing gold price) of 5% –12%, effective March 2026. If the Tarkwa mining leases are not renewed by the Government of Ghana, Gold Fields would be required to cease mining operations at Tarkwa entirely.

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Risks and opportunities continued 52 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Strategic pillar: Board oversight: Board and Technical Committee Risk status and trend: Countries affected Delivery of growth through capital project delivery Threats Response and mitigating actions Opportunities Management of key capital projects to ensure that we deliver on time and on budget to market expectations including capital cost and commercial levels of production guidance resulting in missed revenue, higher costs, reputational damage and share price impacts. • Facing exposure to a range of risks that could adversely affect project costs, schedules, and overall value creation • Managing financial exposure from step-changes in TSF or closure cost requirements, as well as significant upfront capital investments such as stripping • Navigating inherent uncertainties and volatile development conditions when pursuing projects aimed at extending the life of existing operations or unlocking additional value • Addressing residual execution risks related to cost and schedule, and the availability of capable project delivery resources, despite a focus on long-term returns • Overseeing capital discipline actively by reviewing project progress and ensuring alignment with the Capital Allocation Framework • Ensuring that appropriate skills, systems, structures and governance procedures are in place throughout the project process • Conducting feasibility studies to support confident capital investment decisions • Targeting completion of the pre-feasibility study and securing environmental impact assessment and IBA approvals for the Windfall project to enable an FID in 2026 • Board visit to Windfall during September 2025 with follow up issues being tracked • Independent external peer review initiated • Meeting of Board with the Cree First Nation • Pursuing once-off, value-accretive projects above the planning reserve price during high gold price environments to deliver substantial cash-flow benefits • Unlocking lower operating costs through strategic investments, particularly at foundation assets, and enhancing efficiency by achieving economies of scale via bulk mining or simulation modelling • Generating synergies with existing commitments by leveraging excess plant or infrastructure capacity • Leveraging proven mining methods in familiar jurisdictions and utilising existing geological experience, land ownership and stakeholder relationships for shallow, low-cost mining • Embedding modern operating practices into project designs to ensure new assets are inherently safer and more productive • Executing large-scale growth projects across greenfields and brownfield environments to support long-term portfolio expansion and sustainable value creation Grow 2025 risk exposure and trend summary The trend for this risk have remained stable into 2025 however remains on watch due to complex and evolving regulatory approval processes and permitting delays. The risk is elevated primarily due to potential delays to the Windfall project, refer Risk 9: Licence to operate and societal expectations.

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Catastrophic risks Catastrophic risks represent low-probability but high-impact events with the potential to result in severe consequences – including loss of life, significant environmental harm, substantial reputational damage or a material threat to the Group's long-term sustainability. While such risks are inherently infrequent, their potential impact requires heightened focus, robust prevention measures, and a high level of organisational preparedness. The Group maintains clearly defined response and escalation protocols, supported by a crisis communication plan that enables timely, coordinated and transparent communication in the event of a crisis. This ensures that incidents are managed with clarity, speed and consistency, safeguarding stakeholders and supporting the resilience of the business. 53 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices TSF failure Strategic pillar: Impact Catastrophic TSF failure Response and mitigation actions • Continuing to fully comply with the Group's TSF Management Policy and Management Standard as well as international guidelines, including ANCOLD, SANS, CDA and the GISTM • Attaining a high level of conformance with the GISTM for all consequence- type facilities across all assets by August 2025 • Strengthening our combined assurance approach through annual Independent Geotechnical and Tailings Review Board reviews at Cerro Corona (Peru), Tarkwa (Ghana) and our four Australian assets Board oversight Board and SHSD Committee Risk status and trend: Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Geotechnical Significant pit wall slope or underground failure Response and mitigation actions Our portfolio comprises one deep-level and other underground mines that are seismically active due to induced stresses approaching or exceeding the strength of the rock mass. We respond by: • Conducting ongoing reviews of all geotechnical incidents across our underground operations to identify trends and reduce the likelihood of recurrence • Applying industry best practices in seismological monitoring and analysis, together with dynamic ground support at relevant operations • Performing deformation and seismic analyses through the second-line function to identify significant anomalies • Strengthening our combined assurance approach through the Geotechnical Review Boards or Panels – comprising independent and internal industry experts – reviewing major projects at South Deep, Australian underground operations (when required), and pit cutbacks across our operations in Australia, Ghana, Chile, Peru and major projects Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Flooding Major incident causing loss of life and property damage Response and mitigation actions • Implementing probable precipitation and flood modelling in the design of our operations to ensure appropriate mitigation measures are in place • Including flooding and associated risks within the ICMM Critical Control Management programme, with control measures audited internally and verified by independent parties • Completing a flood study across all our operations and using the outcomes to define, design and implement risk mitigation priorities Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Explosion Major incident causing loss of life and property damage Response and mitigation actions • Implementing and adhering to mandatory codes of practice, where applicable, and mine standards for fire prevention and flammable gas explosions • Providing second-line guidance and oversight across the Group to address explosion risks • Implementing a combined assurance strategy • Conducting annual independent reviews of fire protection systems as part of the insurance risk engineering review process • Repairing and testing the automatic fire suppression system at Salares Norte, which was out of order but is now operational • Undertaking a study to rectify the non-conforming exclusion zone radius

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Catastrophic risks continued 54 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Fire Major incident causing loss of life and property damage Response and mitigation actions • Implementing second-line stewardship for fire risk management across the Group as part of the Functional operating model • Formalising technical fire requirements and aligning them with the Group document management system to ensure consistent governance and implementation • Conducting independent annual reviews of fire-protection systems through the insurance risk-engineering process • Reporting the temporary outage of the automatic fire-suppression system at; through the stewardship mechanism and repairing, testing and returning the system to full operation Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Water barrier Impact of Ezulwini rewatering on South Deep Response and mitigation actions • Inspecting the reinforced concrete water plugs between South Deep and the neighbouring Ezulwini mine (owned by Sibanye-Stillwater) and maintaining an ongoing condition monitoring programme • Conducting a Level Two water barrier pillar review at South Deep in 2024, with no anomalies identified • Undertaking an annual structural integrity review of the plugs, with DRA completing the 2025 review and reporting no anomalies • Monitoring the Constitutional Court confirmation that Ezulwini must continue pumping water until a mine closure certificate is issued • Working with Sibanye-Stillwater to ensure Ezulwini remains dewatered Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Asset integrity Material damage to operations or infrastructure Response and mitigation actions • Developing an Asset Integrity Framework that strengthens oversight of the Group's physical infrastructure and equipment • Establishing risk-based stewardship reporting to support proactive, data driven decision-making • Developing an Asset Integrity Framework for vertical shaft systems including establishing level 2 assurance routines for very high-risk areas Agnew's emergency response team conducts preparedness activity, simulating a coordinated medical response

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Material matters We review and update our GRI-aligned materiality analysis annually, which is driven and informed by Gold Fields' purpose and our commitment to best practices in sustainability, as well as reporting disclosures, standards and frameworks. Material matters are those issues that could substantially impact Gold Fields' outward influence on society, our host communities and the environment (including human rights), as well as our ability to deliver on the Group's three strategic pillars and create value for our stakeholders over the short, medium and long term. Our approach applies the principles of double materiality – assessing both how external factors could affect Gold Fields' ability to create value (inward impact) and how our operations impact society, the environment and our stakeholders (outward impact). We reassess these matters annually to reflect shifts in our operating context, stakeholder priorities and global reporting standards. In 2023, we initiated a new three-year materiality analysis cycle and conducted a double materiality review to identify and prioritise the Group's most material themes and matters. In 2024, we performed a high-level review to ensure their continued relevance, and in 2025, we completed an in-depth update to close the cycle. This year's process combined a source-based analysis of internal and external inputs, followed by management validation to confirm prioritisation and ensure alignment with Gold Fields' strategic focus areas. The review confirmed that our seven existing material themes, disaggregated into 26 material matters, remain robust and closely aligned with our strategy and stakeholder expectations, though several refinements were made to sharpen focus and ensure consistency. These include wording adjustments, combining overlapping matters and recognising three emerging material matters that reflect our evolving business context. Our materiality assessment continues to inform Gold Fields' integrated business planning and external reporting. The IAR primarily focuses on matters with financial and strategic significance, while our SR provides more detailed coverage of our outward impacts. Updated management approaches aligned with these material themes and matters are available on our website. Key Type of impact Inward impact Outward impact Time horizons Short term Long term Our 2025 material themes and matters in perspective Material matters and themes Type of impact Time horizon Main disclosure Protecting the health, safety and wellbeing of our employees and business partners Physical safety and health SR Protect our people and foster respect (p21 – 30) Psychological safety and respectful workplaces SR Protect our people and foster respect (p21 – 30) Managing our employees and business partners Attract, retain and develop talent and skills, including remuneration and reward IAR Our Remuneration Report (p82 – 113) SR Protect our people and foster respect (p21 – 30) Labour practices and relations Our people management approach Business partner integration SR Responsible sourcing (p23) Diversity, equity and inclusion SR Protect our people and foster respect (p21 – 30) Creating positive impact for host communities Community engagement and relations SR Delivering positive impact for society (p31 – 39) Host community employment and procurement SR Delivering positive impact for society (p31 – 39) SED SR Delivering positive impact for society (p31 – 39) Respecting the rights of our stakeholders Human rights SR Human rights (p64 – 66) Indigenous Peoples, culture and heritage SR Delivering positive impact for society (p31 – 39) ASM SR Human rights (p64 – 66) Committing to sound environmental practices Nature and biodiversity management SR Preserving natural resources (p55 – 59) Tailings management and emergency preparedness SR Preventing serious environmental harm (p60 – 63) Climate adaptation and resilience SR Mitigating climate impacts (p41 – 54) Water stewardship SR Preserving natural resources (p55 – 59) Energy and carbon management SR Mitigating climate impacts (p41 – 54) Ensuring business resilience Geopolitical context and licence to operate IAR Our operating environment (p34 – 37) IAR Our stakeholders (p38 – 43) SR Delivering positive impact for society (p31 – 39) Sustainable returns for shareholders IAR How we create value (p30 – 70) IAR The value we created (p71 – 81) Life expansion and exploration IAR Performance of our operations (p75 – 79) MRMR Supplement Modernisation, innovation and technology IAR Technology and cybersecurity (p68) Responsible and resilient supply chain SR Responsible sourcing (p23) Integrated mine closure planning SR Preventing serious environmental harm (p60 – 63) Cybersecurity IAR Technology and cybersecurity (p68) Upholding sound corporate governance principles Ethics and compliance IAR Governance and leadership (p8 – 29) Board and leadership effectiveness and succession IAR Our Board of Directors (p14 – 15) 56 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Material matters continued Unpacking our material themes Protecting the health, safety and wellbeing of our employees and business partners Safety remains Gold Fields' foremost value and the foundation of sustainable operations. We are committed to ensuring our people return home safe and well each day, recognising that true safety extends beyond physical protection to encompass mental and emotional wellbeing. Through a combination of strong safety culture, disciplined leadership, technological innovation and continual learning, we aim to eliminate serious injuries and fatalities and embed a culture of care across all our operations. Material matters • Physical safety and health • Psychological safety and respectful workplaces Related risk categories Related strategic pillars Safety and wellbeing of our people Safe and predictable operating delivery Business partners Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment Managing our employees and business partners Our people are central to the delivery of Gold Fields' strategy, and we are committed to building a respectful, fair and inclusive workplace. We focus on attracting, developing and retaining the right skills through a culture that fosters open communication, mutual respect and continuous learning. Diversity, equity and inclusion are embedded in our human capital strategy and leadership objectives, ensuring every person feels valued and empowered to contribute to our shared success. We extend the same principles to our business partners, maintaining constructive relationships and upholding ethical, transparent labour practices across all operations. Reward and remuneration are fundamental to our ability to attract, retain and develop the talent and skills necessary for long-term success. By offering competitive and equitable compensation, we support a diverse workforce and foster an environment where every individual feels recognised and empowered to grow. This commitment is not only essential for employee engagement, but also for nurturing innovation and inclusivity and a culture of care and accountability across the Group. Material matters • Diversity, equity and inclusion • Attract, retain and develop talent and skills, including remuneration and reward • Business partner integration Related risk categories Related strategic pillars Attracting and retaining talent Business partners Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment 57 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Material matters continued Creating positive impact for host communities Our host communities are key stakeholders as their support underpins our licence to operate which, in turn, impacts our ability to create enduring value. We aim to consistently deliver on our sustainability commitments and earn the trust of our host communities through purpose-led social impact and nature-positive performance that seeks to enhance lives. Material matters • Community engagement and relations • Host community employment and procurement • SED Related risk categories Related strategic pillars Licence to operate and societal expectations Impact Have a positive impact on our communities and the environment Respecting the rights of our stakeholders Our mining activities, including exploration, corporate transactions, construction, operations and closure, have the potential to adversely impact our people and host communities. We strive to understand, mitigate and manage our human rights-related risks as far as possible. Our engagements with Indigenous Peoples are respectful and culturally appropriate, and we seek their participation in decisions that affect them. Gold Fields aims to engage with the ASM mining community respectfully and transparently, with the goal of creating positive impact for our stakeholders, securing our operations and maintaining our licence to operate. Material matters • Indigenous Peoples, culture and heritage • Human rights • ASM Related risk categories Related strategic pillars Licence to operate and societal expectations Impact Have a positive impact on our communities and the environment Committing to sound environmental practices Environmental stewardship forms a significant part of our sustainability efforts. As a cornerstone of the Group's strategy, we strive to integrate climate and environment-related risks and opportunities into our strategy and operations. We aim to ensure our communities and stakeholders recognise and trust us for purpose-led social impact and nature-based solutions that aim to enhance lives. Our strategies, targets and implementation plans are designed to ensure we protect and conserve natural resources and prevent significant environmental impact or catastrophic events. Material matters • Nature and biodiversity management • Tailings management and emergency preparedness • Climate adaptation and resilience • Energy and carbon management • Water stewardship Related risk categories Related strategic pillars Climate adaptation measures impacting communities, the environment and operational delivery Impact Have a positive impact on our communities and the environment 58 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Material matters continued Ensuring business resilience Gold Fields' long-term success depends on our ability to remain resilient in a changing operating environment. We work to strengthen the stability and adaptability of our business by maintaining our licence to operate, responsibly managing our supply chains and ensuring our operations can withstand social, political and economic volatility. Delivering sustainable returns for shareholders remains a core strategic focus, supported by disciplined capital allocation and prudent growth through life extension and exploration. Modernisation and innovation play a vital role in building operational resilience, and robust cybersecurity measures further safeguard our data, systems and stakeholders as we continue to digitalise our operations. Material matters • Geopolitical context and licence to operate • Responsible and resilient supply chain • Sustainable returns for shareholders • Life expansion and exploration • Integrated mine closure planning • Modernisation, innovation and technology • Cybersecurity Related risk categories Related strategic pillars Delivery of expected profitability and cash-flow Safe and predictable operating delivery Political and economic stability Delivery of growth through M&A and greenfields exploration Delivery of growth through Mineral Resource management and brownfields exploration Business partners Licence to operate and societal expectations Cybersecurity posture leading to incident Tenure and regulatory risk Delivery of growth through capital project delivery Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment Grow Grow the quality of our portfolio 59 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Material matters continued Upholding sound corporate governance principles Gold Fields' foundation is built on strong ethics, driven by our Board and committees, fostering a culture of integrity, ethical decision- making and transparent reporting. This foundation strengthens trust, enhances our reputation and creates sustainable value. Board succession planning is integral to the ongoing effective functioning of the Board. By upholding these principles, we reinforce stakeholder confidence, protect our licence to operate and enable sound, ethical leadership that supports sustainable growth. Material matters • Board and leadership effectiveness and succession • Ethics and compliance Related risk categories Related strategic pillars Safety and wellbeing of our people Predictable operating delivery Business partners Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment Grow Grow the quality of our portfolio 60 GOLD FIELDS Integrated Annual Report 2025 Members of Salares Norte's leadership team Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Unpacking our strategy Our strategy provides a clear roadmap for creating enduring value, grounded in our purpose, guided by our 2035 strategic aspirations and supported by the systems, culture and values that enable consistent, long-term performance. We believe that consistent delivery of this strategy will drive increased profitability and FCF per share, strengthen our position relative to peers and enhance returns for our shareholders. 61 GOLD FIELDS Integrated Annual Report 2025 Guided by our 2035 strategic aspirations Safety and wellbeing People, culture and accountability Social and environmental performance Safe, reliable and cost-effective operations Asset quality Results Operationalised by the Gold Fields Way Leadership and mindsets Operating model Operating practices and systems Supported by our values We are investing in our systems to elevate long-term performance To effectively deliver on our strategy, we must have the right enablers in place to achieve near-term targets and realise our longer-term aspirations. This is further supported by the Gold Fields Way, which is the mechanism through which we activate and embed our culture to drive results. By investing in how we lead and how we are structured – and aligning our systems and processes to drive simplification – we enable sustained predictable performance. Leadership and mindsets Operating model Operating practices and systems Identified fragmented workplace culture Launched safety improvement plan Simplified operating model Aligned beliefs and values Invested in leadership capability Integrated change into systems Standardise and embed operating practices and routines Enable enterprise systems Initiating organisational change 2023 – 2024 Building foundations 2025 Elevating performance 2026 – 2028 We are taking a long-term perspective on portfolio optimisation to deliver value today and into the future As we build stronger foundations within the business, we are equally focused on optimising our portfolio to deliver sustained value over time. Our strategy unfolds across three time horizons – balancing near-term delivery with long-term growth. In the short term, we are driving stable, value-accretive production; in the medium term, we will unlock efficiencies and realise the benefits of current investment; and beyond 2035, we will build on this momentum through productivity gains, exploration and selective growth opportunities. HORIZON 1 Present – 2030 HORIZON 2 2031 – 2035 HORIZON 3 Beyond 2035 Focus on delivering 3Moz per year by 2031, with stable costs and strong margins by optimising our portfolio, extending asset life, improving efficiencies and investing with discipline in brownfields and greenfields exploration, as well as key growth projects. Maintain 2.5Moz – 3Moz per year while realising the benefits of earlier investments, achieving structural cost efficiencies and driving growth through established operations and technology-led improvements. Sustain production and replace Mineral Reserves through productivity gains, exploration success and targeted acquisitions to extend portfolio value into the 2040s. See p6 for more detail. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Unpacking our strategy continued Operate Operate in a safe, reliable and cost-effective way As stewards of our quality portfolio of assets, we aim to optimise delivery from each operation by understanding the full potential of each asset. We implement innovative ideas and technology, capitalising on our people's expertise to get the most out of our current mining operations through safe, predictable, cost-effective and responsible production. What we focus on • Embedding a culture of care and accountability to ensure safe, respectful and inclusive workplaces • Delivering against our multi- year safety improvement plan • Embedding safety leadership and capabilities, supported by our culture • Leveraging AI and real-time data for proactive operational intelligence and to deploy collision avoidance to minimise risks • Improving compliance with each operation's plan • Embedding systems and process for consistent operational delivery • Progressing AO initiatives to improve operational efficiencies and cost performance • Optimising asset lifecycle programmes • Achieving acceleration by embedding subject matter experts in operations • Improving energy efficiencies • Improving operational resilience during extreme weather-related events • Investing the necessary capital to ensure safe and reliable production • Managing our discretionary growth investments to include explorations, extending LOM of existing assets, organic growth opportunities and M&A Our portfolio is anchored by four multi-decade assets that provide the production baseload and an additional four assets with upside optionality. Multi-decade assets Assets with upside optionality Maturing assets St Ives South Deep Tarkwa Windfall Granny Smith Agnew Gruyere Salares Norte Damang Cerro Corona Related material themes Capitals affected Protecting the health, safety and wellbeing of our employees and business partners Managing our employees and business partners Ensuring business resilience Upholding sound corporate governance practices 2025 performance overview For our detailed performance, refer to p72. • Continued to deliver our multi-year Group-wide safety improvement plan • Embedding the Group's new functional operating model • Zero work-related fatalities at our operations1 • Six serious injuries reported1 • Ongoing vigilance to improve safety outcomes • Empowered leaders across all levels to shift safety mindsets • Improving prevention and early intervention through psychosocial risk assessments • Delivered production at the upper end of guidance – attributable gold-equivalent production increased by 18% to 2,438Moz (2024: 2,071Moz) • Increased AIC to US$1,927/oz (2024: US$1,873/oz) and AISC to US$1,645/oz (2024: US$1,629/oz) • AO programmes at St Ives, Agnew, Gruyere, South Deep and Salares Norte increased performance year-on-year • South Deep piloted a new collision avoidance system (CAS) and missing-person location system • South Deep rolled out an advanced digital monitoring and analytics platform, enabling better insights into asset performance • Salares Norte achieved commercial production and reached steady-state operations, despite similar weather conditions to 2024 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision-making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 Future focus areas • Ongoing focus on eliminating fatalities and serious injuries through disciplined delivery of our safety improvement plan, optimising the Group's operating model and maturing our culture • Rolling out the Group Safety Standard, with facilitated gap assessments to identify and close critical gaps • Building frontline leadership capabilities, with a strong focus on leading through routines, integrating safety and respectful workplace into the management operating system • Facilitating asset risk reviews to deepen our understanding of risk profiles across the business • Supporting assets in establishing core risk routines and mentoring stakeholders to drive risk-based decision-making • Ongoing implementation of the AO programme to drive operational performance 62 GOLD FIELDS Integrated Annual Report 2025 Refer to p76 for more details on the performance of our operations. Refer to p69 for more information on our approach to technology and cybersecurity. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Unpacking our strategy continued Impact Have a positive impact on our communities and the environment Integration of sustainability into our strategic, operational and financial decision-making is key to the delivery of our aspiration and purpose. It underpins our ability to secure access to resources, enable growth and create value over time. We are committed to delivering positive impact for our host communities through responsible mining practices and contributing to the prosperity of the jurisdictions we operate in while responsibly managing our impact on the environment. Our 2030 ESG targets (where we came from) Safety, health, wellbeing and environment Gender diversity Stakeholder value creation • Zero fatalities • Zero serious injuries • Zero serious environmental incidents • 30% female representation • 30% of total value created benefits host communities • Six legacy programmes benefiting host communities Decarbonisation Water stewardship Tailings management • Net-zero emissions by 2050 • 50% absolute emissions and 30% net emissions reduction from 2016 baseline (Scope 1 and 2) • 10% net emissions reduction against 2022 baseline (Scope 3) • 80% of total water use recycled/reused • 45% reduction in freshwater use from 2018 baseline • Conformance to the GISTM by 2025 • Reduce the number of active upstream TSFs from five to three 2025 performance overview • Continued to reinforce our cultural and operational levers through leadership behaviours and mindsets, robust risk management and strengthened health and safety systems and practices • Implemented an Occupational Health Framework to prevent workplace exposures and illnesses • Recorded zero serious environmental incidents for the seventh consecutive year • Achieved 27% female employee representation • Delivered substantial value to host communities through employment, procurement and services: total value distributed was US$1.4bn, equal to 30% of total national value created • Total SED spend amounted to US$21.28m • Continued to implement three legacy programmes – in Ghana, Chile and Peru – with three programmes planned for Australia, South Africa and Canada • Achieved meaningful reductions in Scope 1 and 2 emissions (through initiatives) of 266kt CO2e, Scope 3 emissions were 902kt CO2e1; improved energy security, reliability and cost reliance – renewables accounted for 18% of the Group's electricity consumption in 2025 • Achieved meaningful conformance with the GISTM, in line with our ICMM commitment and our comprehensive, multi-year programme to meet the requirements of the GISTM across our global assets • Recycled/reused 74% of total water use and reduced freshwater withdrawal2 by 13% from 11.09GL to 9.72GL • Total water withdrawal was 17.8GL and total water withdrawal per tonnes processed was 385l/t • Reduced the number of upstream-raised TSFs to four • Delivered the Thusano Trust, our employee share ownership initiative established in 2010 Related material themes Capitals affected Protecting the health, safety and wellbeing of our employees and business partners Managing our employees and business partners Creating a positive impact for host communities Respecting the rights of our stakeholders Committing to sound environmental practices Where we are going – our 2035 sustainability commitments The year marked the midpoint of our 2030 ESG target period. This milestone provided an important opportunity to reflect on progress achieved since establishing our targets in 2021, test underlying assumptions and strengthen our approach for the decade ahead. By 2035, Gold Fields aspires to trusted sustainability leadership – consistently delivering safe, reliable operations and positive social and environmental impact through responsible mining practices, while enabling resilient growth and long-term value creation. Therefore, in 2025, we initiated a midpoint review to consider progress against each 2030 ESG target, and tested the validity of key assumptions – including technology readiness and deployment timelines, portfolio evolution and growth and alignment with our business aspirations to 2035. The midpoint review confirmed that disciplined commitments drive real performance, while also highlighting the need to move beyond activity-based approaches towards more integrated, impact focused and business-relevant outcomes. The outcome is a refined and more integrated set of strategic sustainability commitments through to 2035. These sustainability commitments build on our 2030 trajectory and strengthen alignment with our purpose, strategy and long-term value creation priorities, while reinforcing business resilience, competitiveness and access to growth opportunities. 63 GOLD FIELDS Integrated Annual Report 2025 Read more about our social and environmental commitments, our midpoint review and our performance in our SR. Delivering positive social impact Delivering positive environmental impact Our 2035 social commitments build on our 2030 ESG targets, with no change to the core areas of focus. What has changed is the emphasis on how social performance is delivered and sustained. Our 2035 environmental commitments reflect more targeted and context-driven approach, informed by the midpoint review and operational experience. Our 2035 social commitments: Our 2035 environmental commitments: Protect our people Mitigate climate change Foster respect Preserve natural resources Deliver positive impact for society Prevent serious environmental harm Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices 1 Excludes offices and projects. If the Perth office number is included, the Group Scope 3 emissions amount to 912kt CO2e 2 Freshwater withdrawal refers to water with less than 5,000 mg/L Total Dissolved Solids and a pH range of 4 – 10

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Unpacking our strategy continued Grow Grow the quality of our portfolio We continue to improve the quality of our production base, either by acquiring low-cost, long-life assets that will enable us to create sustainable value through economic cycles or disposing of assets which no longer fit the Group's longer-term vision. Simultaneously, we invest in our existing operations to ensure their continued sustainability, productivity and longevity. What we focus on Bolt-on M&A, to demonstrate a measured approach to improving the quality and value of our portfolio. Brownfields exploration, to grow our portfolio over a shorter time horizon through near-mine discovery. Greenfields exploration, to maintain a pipeline of high-quality, early-stage opportunities that will support production and growth in the longer term. 2025 performance overview For our detailed performance see p72. • Acquired 100% of Gold Road Resources, consolidating Gold Fields' full ownership of Gruyere • Progressed the consolidation of 100% ownership and environmental permitting process for Windfall, as well as the engineering work required ahead of an FID in H2 2026 • Identified greenfields exploration opportunities in Australia and Canada, bringing our portfolio to over 20 projects globally • Increased attributable gold Mineral Reserves (Proved and Probable) by 4.0Moz (9%) • Disposed of our 19.5% stake in Galiano Gold in September 2025 for a total consideration of C$151m (US$106.4m) • Made a strategic equity investment of C$50m (US$35.6m) in Founders Metals, acquiring a 10.5% ownership interest and gaining exposure to the district-scale Antino gold project in Suriname • Maintained 17.7% equity position in Hamelin Gold to accelerate exploration activities in the West Tanami and Yilgarn regions • Increased our equity stake in Onyx Gold by 9.4%, and delivered high-grade discovery results at Munro- Croesus in Ontario, while Vior's programme at Belleterre in Québec is well underway • Invested US$115m in brownfields exploration, including US$15m at Windfall to support near-term production horizons and extend LOM • Divested a portfolio of royalties and related financial instruments for US$167m • Undertook significant brownfields exploration programmes at Salares Norte, Windfall and Cerro Corona, targeting Mineral Reserves replacement and life extension • Continued to work with the Government of Ghana to ensure the successful transition of Damang in 2026 • Submitted our application and initiated discussions with the Government of Ghana to renew the Tarkwa mining leases, which are due to expire in April 2027 • Started assessing pathways to realise Cerro Corona's full value, including potential life-extension opportunities Related material themes Capitals affected Respecting the rights of our stakeholders Ensuring business resilience Upholding sound corporate governance principles Future focus areas Bolt-on M&A Brownfields exploration Greenfields exploration • Continuing to focus on existing jurisdictions, while assessing value-enhancing opportunities to balance output quality • Commencing construction for the Windfall plant in H2 2027, with commissioning planned for H2 2028 and delivery of first gold in H1 2029 • Investing over US$100m in brownfields development annually to assess value- enhancing opportunities to improve our portfolio quality • Driving multi-decade, low-cost growth at St Ives through investment in brownfields exploration, Invincible infrastructure and renewables to maintain Mineral Reserves over 3.5Moz • Converting Tarkwa's existing resource base • Extending LOM at Gruyere through open-pit studies, plant and pit optimisation, exploration and unlocking supplementary ore feeds from Golden Highway • Prioritising high-quality targets for drilling across Australia, Canada, Peru and Chile through a disciplined US$45m greenfields exploration programme in 2026 • Allocating US$17m to aggressive district exploration at Windfall to support medium- term production horizons and extend mine life • Rapidly assessing the acquired Gold Road Resources greenfields portfolio in Australia and rationalising projects that do not meet strict discovery criteria 64 GOLD FIELDS Integrated Annual Report 2025 Read more about our assets and their 2025 performance in our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Capital Allocation Framework Capital allocation is a key element of Gold Fields' strategic decision-making framework. During 2025, the Group further refined its Capital Allocation Framework, reinforcing a disciplined, cash-flow-driven approach to balancing reinvestment in the business, balance sheet resilience and sustainable shareholder returns. This enhancement builds on our previous framework that was and is designed to ensure capital is deployed in a way that supports long-term value creation across commodity cycles. At the core of the framework is the prudent allocation of cash-flow generated from operating activities across three clearly defined priorities. First, the Group remains committed to reinvesting in its asset base to support safe, reliable and cost-effective operations and to sustain long-term production. Second, preserving the Group's investment-grade credit rating remains a key financial objective. Third, Gold Fields introduced a new Dividend Policy, which came into effect from the final 2025 dividend declaration. The policy targets a base dividend payout of 35% of FCF before discretionary growth investments, subject to a minimum annual dividend of US$0.50 per share1. The Group also intends to provide up to US$750m2 in additional returns over the next 24 months, to be delivered through special dividends, share buybacks3,4, or a combination of both. This policy aligns shareholder distributions more closely with the Group's cash-flow-based capital allocation model, while retaining the flexibility required to fund value-accretive growth opportunities without compromising returns. 1 Paid semi-annually at US$0.25 per share 2 Subject to applicable legal, regulatory and shareholder approval requirements 3 Subject to maintaining an adjusted net debt to adjusted EBITDA ratio of below 1.0 times 4 All payouts are subject to all applicable legal, regulatory and shareholder approval requirements A strategic enabler Our revised Capital Allocation Framework underscores Gold Fields' ability to manage competing demands for capital within a structured and transparent decision-making framework. By anchoring capital allocation decisions in cash-flow generation – and maintaining clear strategic priorities – the Group ensures capital allocation continues to serve as a strategic enabler, supporting operational excellence, funding future growth and delivering attractive, sustainable returns to shareholders through the cycle. Once these three priorities have been met, any remaining FCF will go towards growing the quality of the portfolio, increasing shareholder returns or strengthening the balance sheet, whichever provides the best return. 65 GOLD FIELDS Integrated Annual Report 2025 Capital allocation priorities Spend necessary capital to ensure safe, reliable and cost-effective operations Maintain our investment grade credit rating Base dividend of 35% of FCF before discretionary growth investments, with a minimum annual dividend of US$0.501 per share with a mechanism for additional returns Remaining FCF competes Maintain balance sheet strength Discretionary investments to improve portfolio quality Industry-leading returns to shareholders Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Business model Inputs The resources we rely on Human capital (p39) The collective technical knowledge, operational skills and expertise of our people, which enable the delivery of our strategic pillars. • 6,628 employees (2024: 6,560) and 16,607 business partners (2024: 16,330) across six countries • US$13.2m spent on training and development (2024: US$12.3m), equalling US$2,110 per employee (2024: US$1,930) • US$607m paid in wages, benefits and bonuses (2024: US$498m) • A refined operating model to provide stronger functional leadership, guidance and support to our assets • A culture of care and accountability to ensure a safe, respectful and inclusive workplace that drives performance Intellectual capital (SR, p25) The intangible experiences that inform our strategic objectives, drive innovation and efficiencies, and support risk management. • An AO programme aimed at identifying opportunities across the business • Group-wide job architecture detailing knowledge, skills, qualifications and behavioural and technical competencies required for all roles Natural capital (SR, p40) The land that gives us access to extract gold resources, as well as the critical need for secure water resources and a reliable energy supply to execute our mining and processing activities. • 15.7PJ energy consumed (2024: 14.4PJ) • 17.8GL water withdrawn (2024: 18.0GL) Social and relationship capital (p38) The stakeholder relationships and partnerships that are essential to our sustainability, licence to operate and ability to create positive impact. • US$5.8bn total value created (2024: US$4.2bn), of which 30% (US$1.4bn) remained with our host communities • US$21m invested in SED programmes and projects in our host communities (2024: US$16.61m), including technical and vocational training to develop local talent pipelines • Extensive one-on-one engagements with our shareholders, bond investors and analysts Financial capital (p75) The investment and funding provided by our capital providers – shareholders, bondholders and banks – in addition to the cash generated by our operations, which enables us to create value across all capitals. • Total equity of US$8,672m • Adjusted FCF of US$2,970m • US$500m 10-year notes due 2029; US$750m seven-year notes due 2032, used to refinance the bridge facilities employed for the acquisition of Osisko Mining • US$1,200m sustainability-linked syndicated revolving credit facility • US$2,300m multi-currency syndicated bridge facility, used to fund the acquisition of Gold Road Resources • A$500m sustainability-linked syndicated revolving credit facility • A$1,250m multi-currency syndicated term loan facility, used for the partial repayment of the US$2,300m bridge facility • R2,500m revolving credit facilities Manufactured capital (p76) The physical assets – including mines, machinery and equipment – and information, communications and technology infrastructure that enable us to deliver our products. Business processes Outputs How we create value Our diversified portfolio across six countries creates value through: What we produce 2.44Moz attributable gold-equivalent production (2024: 2.07Moz) 23kt attributable copper production (2024: 22kt) 2,360koz attributable silver production (2024: 145koz) 166Mt mining waste produced (2024: 138Mt) 1,780kt CO2 Scope 1 and 2 emissions (2024: 1,632kt CO2) Exploration Our near-mine and selected greenfields exploration, some of which are in partnership with junior miners, focuses on resource extension to enhance the long-term sustainability of our portfolio. Development We invest in developing projects that improve the cost and production profile of our portfolio. Mining We extract gold, silver and copper-bearing ore from open-pit and underground mines through mechanised processes. Processing We generate additional value through the physical and chemical processing of ore, which results in semi-pure gold doré and copper- gold concentrate. The doré is externally refined into gold bullion. Mine closure We seek to responsibly manage mine closure and optimise our closure liabilities through integrated closure planning and progressive rehabilitation. Post-closure social and economic sustainability requires consultation with and investment in impacted communities during the LOM. 66 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Business model continued Outcomes Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment Grow Grow the quality of our portfolio Zero work-related fatalities1 2 serious environmental incidents have been recorded since 2018 Salares Norte achieved commercial production on 31 August 2025 and reached steady-state operations in Q4 2025 6 serious injuries1 Recycled/reused 74% of water withdrawn and reduced our freshwater withdrawal by 33% against a 2018 baseline Invested US$115m in brownfields exploration (including the Windfall project) 2 new cases of Silicosis submitted to health authorities Achieved an A score in the CDP's Water Disclosure Project Mineral Reserves up 9% net of depletion 4 cases of noise-induced hearing loss reported Improved energy security, reliability and cost resilience, with total energy savings of 0.20PJ US$843m in gross mining closure liabilities (including the Windfall project) 256 of the workforce (53 employees, 203 business partners) tested positive for malaria in Ghana; Among South African and Ghanaian employees, 575 were on HAART while 55% of the workforce in Ghana and South Africa were in the VCT programme 15% absolute emissions reduction and 5% net emissions increase from 2016 baseline (Scope 1 and 2) Advanced our greenfields exploration strategy in Chile, Peru and Australia 7% net Scope 3 emissions reduction from 2022 baseline Commenced transition of Damang to ownership by the Government of Ghana Total recordable injury frequency rate was 2.31 Achieved meaningful conformance with the GISTM Advancing Windfall project execution readiness, with FID due H2 2026 AIC increased by 3% to US$1,927/oz (2024: US$1,873/oz) 89 community grievances, of which 95% were resolved within the agreed timeframe Acquired Gold Road Resources, consolidating ownership of Gruyere AISC increased by 1% to US$1,645/oz (2024: US$1,629/oz) 44% (10,301 people) of our workforce are from host communities Developed an Opportunity Screening Tool to align target scanning and selection with strategy and portfolio requirements Declared a total dividend of R25.50/share, with total shareholder distribution of US$1.7bn 37% (or US$1,261m) of total procurement costs spent with host community suppliers and contractors Capitals affected Normalised profit increased by 119% to US$2,684m All mines implemented at least 55% of their progressive rehabilitation plans Net debt decreased by US$644m to US$1,422m, with a net debt to adjusted EBITDA ratio of 0.26x Bolstered chinchilla capture through AI and robotic process automation integration Increased use of remote mining and collision avoidance in South Africa, Ghana and Australia, which remove people from potentially dangerous areas Created 12,307 host community mining value chain jobs US$1,006m paid to governments in taxes, royalties and dividends Increased use of real-time data and AI to enable decisions that facilitate safer and more productive mines 27% of our employees are women, and we have 27% female representation in leadership Capitals affected Received multiple awards for our industry-leading decarbonisation strategies and investments across Australia Capitals affected 67 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices Positive Neutral Negative 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026

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Technology and cybersecurity The ICT function supports Gold Fields' business resilience as it provides the digital infrastructure that enables the Group to operate efficiently, while keeping it protected from cybersecurity breaches and related risks. The ICT strategy, aligned with the Group's strategy, empowers the Group to operate in a safe, reliable and cost-effective way. It provides the digital foundation and technologies necessary to drive modernisation and innovation across our operations. ICT manages the full lifecycle of our technology assets while ensuring robust governance, risk management and cybersecurity compliance across all our jurisdictions. Guided by the ICT Management Committee and overseen by the Audit Committee, we are committed to securing Gold Fields' digital future and achieving our strategic goals. Key projects in 2025 Outcomes Digital infrastructure Executed Gold Fields' cloud-first strategy by migrating key systems to a secure, resilient cloud infrastructure. Enabling the seamless flow of data across the Group, while ensuring that the necessary safeguards are in place. AI and data analytics Completed several data analytics initiatives. We continue adopting data lake technology and robot process automation. Creating solutions across the mining value chain. Leveraging advanced analytics to uncover insights and inform strategic decision-making and operational improvements. Cybersecurity Strengthened security posture by implementing key initiatives in identity and access management, third- party threat management and cyberthreat detection. Protecting information assets within Gold Fields' technology landscape. People management platform Optimised the digital people platforms and extending employee experience to the entire workforce. Delivering on the future of work and enhancing employee experience. Information technology and operational technology Established unified architecture and standards to facilitate the convergence of data. Advancing our goal of becoming an insights- driven Company. Digital value Managed digital value integration while maintaining custodianship of architecture and data governance. Ensuring ongoing value realisation from digital investments. ICT operating model Repositioned and enhanced the ICT function to effectively deliver on the digital strategy. Shifted ICT focus to strategic imperatives by partnering for capacity and identifying deployment opportunities. Related strategic pillar Related material theme Related risks Operate Ensuring business resilience Cybersecurity Our commitment to protecting the Group's digital assets is underpinned by a comprehensive ICT Governance Framework that integrates rigorous security policies with industry-leading standards, including, NIST and the CIS Critical Security Controls, which ensure all components of our digital environment remain well-governed and resilient. We maintain a proactive defence posture through continuous risk assessments of the adoption of cutting- edge technologies. By integrating AI and automated controls, we achieve a unified view of our cyber ecosystem, enabling the rapid identification of threats and vulnerabilities. This technical defence is bolstered by our dedicated Security Operations Centre, which provides 24-hour monitoring and incident response. Recognising that our digital footprint extends beyond our internal network, we employ a robust third-party risk assessment capability. This allows us to continuously monitor our digital attack surface and manage risks associated with external service providers. To ensure business continuity, our incidence response and recovery strategies are integrated into our broader ICT business continuity plans, minimising potential disruptions. We regularly review the effectiveness of these measures through cybersecurity simulations throughout the year. Cultivating a security-conscious culture is equally important. We provide ongoing training and awareness programmes for employees at all levels to mitigate the risk of human error. We ensure strict adherence to evolving global regulations, including the South African Protection of Personal Information Act No 4 of 2013 and the European General Data Protection Regulation, enhancing our procedures as legislation changes. In 2025, there were no cybersecurity incidents that affected Gold Fields, including its strategy, results of operations, or financial position. Future focus areas • Continuing to strengthen the cybersecurity defences by adopting adaptive countermeasures to mitigate evolving risks, including AI-enabling threats and third-party supply chain vulnerabilities • Advancing the responsible deployment of AI, automation and machine learning across the mining value chain to enhance predictive maintenance, operational decision-making and efficiency across business workflows • Consolidating five legacy systems into a single SAP S/4HANA platform, standardising global transactional processes and embedding automation to reduce complexity and lower the cost of ownership • Integrating information and operational technology, supported by cloud infrastructure modernisation, to enable real-time, integrated data flows across all jurisdictions in alignment with the Group's cloud-first strategy • Undertaking the overhaul of the Group's Governance, Risk and Compliance Framework to unify information and operational technology standards, including a strategic suspension of ISO 27001 to build a more fit-for-purpose compliance model 68 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Commitment to responsible mining Gold Fields is committed to responsible mining that goes beyond compliance by embedding ethical, sustainable practices across our operations to create enduring value. Protecting our people and fostering respect Protecting our people so they can go home safe and well every day is our number one value and the most important thing we do. Fostering respectful and inclusive workplaces drives innovation, performance and trust. While historically we focused on physical health and safety, we have now broadened our scope to address all forms of harm – including psychological harm like harassment and bullying. Our approach is designed to create a workplace where every person feels valued, respected and empowered to contribute to our success, and we are committed to seeking out and retaining a diverse and talented workforce to ensure business growth and performance. Our approach is guided by our People Policy. As an ICMM member, we engage with our peers on safety and health across various committees and working groups. We report against the ICMM's Mining Principles and Performance Expectations As a member of the WGC, we implement and report our performance against the Responsible Gold Mining Expectations (RGMPs) Principle 5: Health and safety Principle 4: Safety and health The Group revised its safety approach after an independent diagnostic in 2024, focusing on the systemic and cultural aspects of safety performance. Following this assessment, we started implementing a comprehensive safety improvement plan, aimed at building on our strengths and addressing areas for improvement. The Group safety improvement plan aligns with our new operating philosophy and comprises four focus areas: leadership and culture, resilient risk reduction, building capability and business partner management. Over the past several years, we have placed significant focus on our culture journey – including detailed work to understand our current culture and the culture we aspire to create for our people. Transforming our culture into one of care and accountability is embedded in our business plans and leadership performance objectives, and we expect the same standard of fairness and accountability to extend to the business partners we work with. Safety performance indicators are also included in operational scorecards and linked to remuneration and incentives. Delivering positive impact for society We aim to build lasting, mutually beneficial relationships with our host communities that support their sustainable development. We strive to continuously improve our social performance, recognising that empowered host communities go beyond granting our licence to operate – they strengthen our business. We believe the greatest benefit we can provide is to empower our host communities to build the long-term social, economic and environmental resilience they require. We aim to share 30% of our total national value creation with our host communities, and in 2025 delivered US$1.4bn in value through host community employment, procurement and SED. Through our legacy programmes, we aim to deliver long-term socio-economic benefits beyond the LOM. Gold Fields manages ASM risks through alternative livelihood programmes and partnerships, supporting community development while reducing illegal mining risks. We also prioritise inclusive engagement, implementing culturally appropriate and transparent processes that ensure meaningful participation of Indigenous Peoples, our host communities and other stakeholders. Our approach is supported by our Community Policy Statement, Sustainable Development Policy Statement, Human Rights Policy Statement, Stakeholder Engagement and Relationship Policy Statement and Group-wide Community Relations and Stakeholder Engagement Guidelines. We report against the ICMM's Mining Principles and Performance Expectations We report against the WGC's RGMPs Principle 3: Human rights Principle 4: Risk management Principle 6: Environmental performance Principle 9: Social performance Principle 7: Working with communities Gold Fields is committed to upholding and respecting human rights. Our approach is guided by international human rights standards, including the UN Guiding Principles on Business and Human Rights and the International Labour Organization conventions. We recognise our activities, including exploration, construction, operations and closure, have the potential to cause or contribute to adverse human rights impacts. We work to identify, prevent and mitigate these impacts and to address them when they occur. 69 GOLD FIELDS Integrated Annual Report 2025 For more information, refer to our SR. For more information, refer to our SR. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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Commitment to responsible mining continued Engaging with governments We work with host governments to establish ethical, sound and transparent working relationships that benefit the countries where we operate and our host communities. This supports compliance with laws, fair taxation and policy development while fostering trust and stability in the mining sector. Our host governments issue mining licences, develop state policies and enforce regulations, making them key stakeholders in ensuring stable, sustainable and ethical operations. By partnering with them, we advance our purpose of creating enduring value beyond mining – through socio-economic investment, responsible resource management and alignment with global best practices. Main stakeholders We report against the ICMM's Mining Principles and Performance Expectations We report against the WGC's RGMPs Principle 1: Ethical business Principle 2: Social performance Principle 10: Stakeholder engagement Principle 1 : Ethical conduct Gold Fields identifies, assesses and monitors the regulatory environments of each jurisdiction, ensuring appropriate controls are in place to maintain compliance and manage risk. We adhere to all relevant legislation, including paying taxes and strict anti-bribery and conflict of interest requirements. Our approach is supported by several Group policies, including our Code of Conduct, Anti-bribery, Corruption and Sanctions Policy, and Sustainable Development Policy. Adhering to responsible tax practices Gold Fields is committed to responsible tax practices to maintain our licence to operate and build long-term, sustainable relationships with our host governments and communities. As a global mining Company, we operate in multiple countries and understand that transparent and ethical tax management is essential to maintaining compliance, reducing risk and supporting the economies in which we operate. We aim to establish and maintain open and constructive relationships with tax authorities, collaborating to ensure we promptly resolve any issues or disputes that may arise. The Group also interacts with governments on the development of fair, clear and predictable tax laws, either directly or through various industry organisations. We are guided by our global Tax Strategy, which ensures we meet our tax obligations transparently and sustainably, aligning our principles with the Group's Code of Conduct. While managing tax costs for the Group's shareholders, we prioritise full compliance with all tax legislation. Our efficient tax planning supports our business and accurately reflects our commercial and economic activity. We do not engage in artificial tax arrangements for the purpose of tax avoidance. Our business decisions are driven by commercial considerations and ethical conduct, ensuring any tax optimisation aligns completely with the underlying commercial and economic rationale. Main stakeholders Delivering positive environmental impact Environmental stewardship is more than a compliance issue; it is a material factor impacting business sustainability, cost efficiency and our licence to operate. We therefore aim to use the natural resources our business depends on responsibly, care for the environment in our operational and surrounding areas and limit the environmental impact of our operations on our host communities and other stakeholders. We have integrated our commitment to having a positive environmental impact into the Group's strategy to drive long-term value creation. This is a proactive approach to managing risks and opportunities and, by embedding sustainability into our daily operations, we can ensure long-term resilience. We further mitigate the impact of environment-related risks by setting targets, supported by adaptation and transition plans. We also keep our leadership team accountable by linking our targets to remuneration (p102 – 103). Main stakeholders We report against the ICMM's Mining Principles and Performance Expectations We report against the WGC's RGMPs Principle 6: Environmental performance Principle 7: Conservation of biodiversity Principle 8: Environmental stewardship Principle 9: Biodiversity, land use and mine closure Principle 10: Water, energy and climate change Our environmental stewardship is driven by our strategies, progress and approach to water stewardship, energy and carbon management, climate change, nature and biodiversity. We are guided by the precautionary approach and informed by several external standards and local legislation, supported by internal policies and priorities, including the Group's Environmental Policy Statement, Climate Change Policy Statement, TSF Management Policy Statement, Water Stewardship Policy Statement and Sustainable Development Policy Statement. Performance requirements are set out in our Environmental Standard, which was finalised in 2025. 70 GOLD FIELDS Integrated Annual Report 2025 Read more about our tax contribution in our Tax Report. For more information, refer to our SR. Access our updated ICMM Mining Principles and Performance Expectations Self Assessment and Independent External Assurance report on our website. Access our 2025 WGC RGMP Conformance self-assessment on our website. Who we are Governance and leadership How we create value Chief Executive Officer's report Operating environment Stakeholders Risks and opportunities Catastrophic risks Emerging global risks Material matters Unpacking our strategy Capital Allocation Framework Business model Technology and cybersecurity Commitment to responsible mining The value we created Our Remuneration Report Appendices

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The value we created We continue to improve the quality of our portfolio by adding low-cost, long-life assets that will enable us to create value sustainably, through the cycles. Simultaneously, we are investing in our existing operations to ensure their continued sustainability, productivity and longevity. In this chapter Financial performance 72 Capital allocation and debt management 74 Operational performance 75 Mineral Resources and Mineral Reserves summary 80 Headline Mineral Resources and Mineral Reserves estimates 81 71 GOLD FIELDS Integrated Annual Report 2025 A nocturnal view of the Salares Norte operational plant Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Financial performance The Group achieved significant financial growth in 2025 as operational performance and favourable gold prices supported robust cash generation and strengthened the balance sheet. Headline earnings increased by 117% to US$2,576m, while adjusted free cash-flow rose 391% to US$2,970m. This performance supported a final dividend of R18.50 per share and US$353m in additional returns. Our capital position remains disciplined, with net debt:adjusted EBITDA ratio improving to 0.26x, sustaining long-term financial resilience. Consolidated income statement for the year ended 31 December 2025 United States Dollar Figures in millions unless otherwise stated 2025 2024 2023 Continuing operations Revenue 8,751.3 5,201.6 4,500.7 Cost of sales (3,680.8) (2,843.7) (2,747.0) Investment income 53.3 28.7 24.9 Finance expense (120.7) (50.4) (62.9) Gain on financial instruments, net 58.1 – – Foreign exchange gain/(loss) 6.6 (6.6) (5.6) Share-based payments (25.4) (4.4) (9.1) Long-term incentive plan (43.2) (14.5) (55.8) Exploration expense (297.8) (98.4) (76.2) Reversal of impairment of assets, net of impairment 281.3 (3.5) (156.4) Other costs, net (134.8) (82.1) (48.8) Restructuring costs (10.3) (6.6) (7.8) Ghana expected credit loss (66.0) – (33.2) Profit on disposal of asset held for sale – Asanko Gold – 5.6 – Profit on disposal of assets held for sale – Rusoro – 62.3 – Gain on remeasurement of 50% previously held interest in Gruyere 808.2 – – Transaction costs on acquisition of Gold Road (51.4) – – Share of results of equity-accounted investees, net of tax (2.3) (53.6) (32.6) Silicosis settlement costs (0.7) 0.3 4.1 Profit on disposal of assets 1.1 0.6 32.4 Profit before royalties and taxation 5,526.5 2,135.3 1,326.7 Royalties (231.9) (147.7) (116.4) Profit before taxation 5,294.6 1,987.6 1,210.3 Mining and income taxation (1,649.2) (697.1) (465.1) Profit from continuing operations 3,645.4 1,290.5 745.2 United States Dollar Figures in millions unless otherwise stated 2025 2024 2023 Discontinued operation Loss from discontinued operation – – (18.9) Profit for the year 3,645.4 1,290.5 726.3 Profit/(loss) attributable to: Owners of the parent 3,567.4 1,245.0 703.3 – Continuing operations 3,567.4 1,245.0 722.2 – Discontinued operation – – (18.9) Non-controlling interests – Continuing operations 78.0 45.5 23.0 3,645.4 1,290.5 726.3 Earnings/(loss) per share attributable to owners of the parent: Basic earnings per share – cents 399 139 79 Basic earnings per share from continuing operations – cents 399 139 81 Basic loss per share from discontinued operation – cents – – (2) Diluted earnings per share – cents 394 138 77 Diluted earnings per share from continuing operations – cents 394 138 79 Diluted loss per share from discontinued operation – cents – – (2) 72 GOLD FIELDS Integrated Annual Report 2025 Read about our detailed financial performance in our Annual Financial Report. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Financial performance continued Consolidated statement of financial position at 31 December 2025 United States Dollar Figures in millions unless otherwise stated 2025 2024 ASSETS Non-current assets 12,176.8 8,195.1 Property, plant and equipment 11,336.8 7,298.4 Equity accounted investees 2.8 12.6 Investments 189.6 139.9 Environmental trust funds 140.9 125.2 Inventories 373.4 349.8 Deferred taxation 38.2 154.9 Taxation receivable 73.1 69.7 Asanko deferred and contingent considerations 22.0 44.6 Current assets 2,970.9 1,926.7 Inventories 782.6 699.3 Trade and other receivables 380.7 337.8 Cash and cash equivalents 1,779.2 860.2 Taxation receivable 0.3 6.1 Current portion of Asanko deferred and contingent considerations 28.1 23.3 Assets held for sale 77.5 21.1 Total assets 15,225.2 10,142.9 EQUITY AND LIABILITIES Equity attributable to owners of the parent 8,432.6 5,201.4 Stated capital 3,844.8 3,871.5 Other reserves (2,089.5) (2,528.1) Retained earnings 6,677.3 3,858.0 Non-controlling interests 239.8 165.5 Total equity 8,672.4 5,366.9 Non-current liabilities 4,852.9 3,065.6 Deferred taxation 1,401.7 503.8 Borrowings 2,559.5 1,776.5 Provisions 492.2 402.0 Long-term incentive plan 20.4 20.0 Lease liabilities 379.1 363.3 Current liabilities 1,699.9 1,710.4 Trade and other payables 908.1 651.1 Royalties payable 45.3 30.7 Taxation payable 311.5 112.4 Current portion of borrowings 178.7 719.1 Current portion of provisions 108.3 79.2 Current portion of long-term incentive plan 44.1 31.0 Current portion of lease liabilities 103.9 86.9 Total liabilities 6,552.8 4,776.0 Total equity and liabilities 15,225.2 10,142.9 Consolidated statement of cash flows for the year ended 31 December 2025 United States Dollar Figures in millions unless otherwise stated 2025 2024 2023 Cash-flows from operating activities 3,772.2 1,607.0 1,192.8 Cash generated by operations 5,478.8 2,747.3 2,392.6 Interest received 41.2 17.4 23.4 Change in working capital 187.4 13.9 (199.1) Cash generated by operating activities 5,707.4 2,778.6 2,216.9 Silicosis payment (1.2) (0.4) (1.3) Interest paid (159.9) (130.4) (104.8) Royalties paid (222.5) (136.1) (113.4) Taxation paid (789.7) (525.5) (421.8) Net cash from operations 4,534.1 1,986.2 1,575.6 Dividends paid (761.9) (379.2) (382.8) – Owners of the parent (707.1) (350.9) (368.6) – Non-controlling interest holders (54.1) (27.6) (13.5) – South Deep BEE dividend (0.7) (0.7) (0.7) Cash-flows from investing activities (2,765.8) (2,590.6) (1,369.7) Additions to property, plant and equipment (1,398.5) (1,183.4) (1,054.7) Capital expenditure – working capital (23.8) (5.2) 35.5 Proceeds on disposal of property, plant and equipment 2.2 2.7 2.0 Purchase of investments (93.4) (57.6) (30.6) Purchase of equity-accounted investee – Windfall Project – – (247.1) Windfall Project capital contributions – (65.3) (69.1) Purchase of Osisko1 – (1,452.5) – Purchase of Gold Road2 (2,124.2) – – Proceeds on disposal of investments 882.0 56.6 5.0 Proceeds on disposal of Rusoro – 62.3 – Proceeds on disposal of Asanko Gold – 65.0 – Contributions to environmental trust funds (10.1) (13.2) (10.7) Cash-flows from financing activities (173.3) 1,212.6 82.4 Loans raised 4,085.8 2,291.1 804.8 Loans repaid3 (4,119.6) (986.3) (650.9) Purchase of treasury shares (36.3) – – Payment of principal lease liabilities (103.2) (92.2) (71.5) Net cash generated/(utilised) 833.1 229.0 (94.5) Effect of exchange rate fluctuation on cash held 85.9 (17.5) (26.2) Cash and cash equivalents at beginning of the year 860.2 648.7 769.4 Cash and cash equivalents at end of the year 1,779.2 860.2 648.7 1 The purchase of Osisko comprises US$1,483.2 million cash consideration paid, partially offset by US$30.7 million Osisko take-on cash and cash equivalents 2 The purchase of Gold Road comprises US$2,169.1 million (A$3,348.8 million) fixed and variable cash considerations paid on 10 October 2025, US$315.3 million (A$477.5 million) special dividend paid on 3 October 2025, partially offset by US$360.2 million (A$550.3 million) Gold Road take-on cash and cash equivalents at 26 September 2025 3 Loans repaid in 2025 includes a repayment of US$197.1 million (A$301.1 million) relating to the loan acquired as part of the Gold Road acquisition 73 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Capital allocation and debt management We have a clear Capital Allocation Framework aligned with our strategic priorities. Capital allocation priorities 2025 outcomes Spend necessary capital to ensure safe, reliable and cost-effective operations • Gold Road Resources acquisition: US$1.4bn • Windfall investment: US$0.2bn • St Ives renewables: US$0.2bn • Exploration: US$0.1bn • Salares Norte ramp-up: US$0.1bn • Continued investment in exploration Maintain our investment grade credit rating • Moody's: Baa3, stable outlook • S&P: BBB-, stable outlook Top quartile shareholder returns • Special dividend: US$0.2bn • Share buyback: US$0.1bn • Total returns to shareholders: US$1.7bn During 2025, we amended our Dividend Policy, which came into effect with the final 2025 dividend declaration and targets a base dividend of 35% of FCF before discretionary growth investments, with a minimum annual dividend of US$0.50 per share1. At the same time, we committed to providing additional returns to shareholders of up to US$750m2 over the next 24 months, either in the form of special dividends or share buybacks3. Accordingly, Gold Fields declared a total dividend of R25.50 per share for 2025 (2024: R10.00 per share), equating to 35% of FCF before discretionary investments, in line with our updated Dividend Policy. In addition to the base dividend, Gold Fields will distribute US$353m as part of our commitment to providing additional returns to our shareholders. This will comprise US$253m of special dividends and US$100m of share buybacks, which broadly aligns with the preferences and make up of our shareholder register. When added to the base dividend, this results in a total distribution to shareholders of US$1.7bn, which equates to 54% of adjusted FCF. We maintained a healthy debt position in 2025. Net debt decreased by US$644m, despite the US$1.42bn payment to acquire Gold Road Resources in October 2025. Gold Fields ended the year with a robust balance sheet, with net debt of US$1,442m (2024: US$2,086m) and a net debt:adjusted EBITDA ratio of 0.26x (2024: 0.73x). Excluding lease liabilities, core net debt was US$959m at the end of 2025. Gold Fields continued to meet its capital allocation priorities during 2025, maintaining our focus on safe and reliable production and enhancing the longevity of our portfolio. Group capital expenditure amounted to US$1,399m in 2025, compared with US$1,183m in 2024. The Group spent US$1,029m (2024: US$849m) in sustaining capital to maintain the integrity of our asset base, with growth capital expenditure amounting to US$370m (2024: US$334m). Country-specific capital expenditure was as follows: • Australia: capital expenditure at our Australian mines rose to A$1,004m (US$646m) in 2025 (2024: A$660m (US$436m), mainly due to increased stripping and underground development at Gruyere and Granny Smith, and initial capital spent on the St Ives renewables project • South Africa: capital expenditure at South Deep increased by 12% to R2,292m (US$128m) in 2025 (2024: R2,046m (US$112m). The major spending related to an increase in equipment, winder upgrades, electrical upgrades and water reticulation upgrades • Ghana: total capital expenditure increased by 16% to US$245m in 2025 (2024: US$212m) due to an increase in capital waste tonnes mined and infrastructure relocation project expenditure at Tarkwa while offset by the decrease at Damang due to capital cost reclassified as operational cost • Chile: capital expenditure decreased by 25% from US$389m in 2024 to US$293m in 2025 at Salares Norte. The increase in sustaining capital expenditure for the ramp-up was offset by the decrease in non-sustaining capital expenditure due to the completion of the project stage capital expenditure • Peru: capital expenditure at Cerro Corona increased by 35% to US$46m in 2025 from US$34m in 2024, due to the construction of the in-pit tailing facility Looking ahead, we remain focused on ensuring safe, reliable and cost-effective delivery. 2026 will be another year in which capital expenditure levels will remain elevated, given the capital planned for the Windfall project, as well as the sustaining capital expenditure required across the portfolio to maintain the Group's production base. We have budgeted for total capital of US$1,900m – US$2,100m for 2026. Liquidity profile The Group continues to manage liquidity conservatively by maintaining substantial committed headroom across facilities, diversifying funding sources and currencies and staggering debt maturities. This disciplined approach supports operational resilience and positions the Group to meet its financial obligations while retaining flexibility to fund growth opportunities and manage market volatility. In May 2025, the Group issued US$750m seven-year notes to refinance bridge facilities previously utilised to fund the acquisition of Osisko Mining in 2024. To fund the acquisition of Gold Road Resources in 2025, the Group entered into a US$2,300m fully underwritten multi-currency syndicated bridge facility. This facility was fully repaid and cancelled in January 2026 using a combination of available cash resources and proceeds from the A$1.25bn multi- currency term loan facility. The Group's debt and liquidity profile comprises US$500m 10-year notes maturing in May 2029; US$750m seven-year notes maturing in May 2032; a US$1.2bn sustainability-linked syndicated revolving credit facility (RCF) maturing in May 2030 (with a US$400m accordion option); a A$500m sustainability-linked syndicated RCF maturing in September 2028 (with a A$100m accordion option); a A$1.25bn multi- currency syndicated term loan facility maturing in December 2030; several smaller in-country committed facilities; and cash and cash equivalents of US$1,779m. The margin on the two sustainability-linked RCFs is subject to both credit rating-based adjustments and sustainability-linked pricing mechanics. Under these provisions, the Group benefits from a margin reduction, where agreed sustainability performance targets are achieved and incurs a margin premium where performance falls short of targets. For 2025, performance against the sustainability performance targets was as follows4: • Cumulative Scope 1 and 2 carbon abatement of 87kt CO2e against a 2025 target of 100kt CO2e5 • Water recycling/reuse of 74% against a target of 75% • Women represented 27% of the Group's total workforce, exceeding the target of 25% Accordingly, only one of the three sustainability performance targets was achieved during the year. As this performance outcome was consistent with the prior year, the sustainability-linked margin adjustment had already been applied and no further adjustment was triggered in 2025. Hedging Given the volatility of the gold price, Gold Fields does not enter long- term systematic hedges, but instead regularly evaluates the Company's position and outlook to determine whether short-term hedging is appropriate. Our policy allows for hedging to protect cash-flows: • During times of significant capital expenditure • For specific debt servicing requirements • To safeguard the viability of higher-cost operations We did not have any revenue hedges (gold and copper price), cost input hedges or currency hedges in place during 2025 and remain in an unhedged position. 1 Paid semi-annually at US$0.25 per share 2 Subject to applicable legal, regulatory and Board approval requirements 3 Subject to maintaining an adjusted net debt:adjusted EBITDA ratio of below 1.0x. All payouts are subject to all applicable legal, regulatory and Board approval requirements 4 The calculation methodology used was the same as the calculation methodology applied in the 2024 and prior IARs and Climate Change Reports 5 Calculated in accordance with the accounting and reporting standards as published by the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard 74 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Operational performance Gruyere After a strategic decision to acquire Gold Road Resources, Gold Fields now owns 100% of Gruyere in Western Australia. The mine operates on a large scale as a low-grade open-pit operation, with ore processed through a 9.6Mtpa carbon-in- leach plant. Since its first gold pour in 2019, Gruyere has contributed steadily to the Group's Australian portfolio. Production 2025 2026 guidance 295.6koz 300koz – 320koz AIC 2025 2026 guidance A$3,150/oz (US$2,030/oz) A$3,375/oz – A$3,575/oz (US$2,360/oz – US$2,500/oz) AISC 2025 2026 guidance A$3,150/oz (US$2,030/oz) A$3,300/oz – A$3,500/oz (US$2,310/oz – US$2,450/oz) Medium-term performance goals • Consolidate the Gruyere, Golden Highway and Yamarna land package to sustainably produce over 400koz on a sustainable basis over an extended period Performance enablers • Incrementally expand the processing facility from 7.5Mt per annum to 10Mt per annum (2025: 9.5Mtpa – 9.75Mtpa) • Increase material movement from 48Mt per annum in 2024 to 75Mt per annum in 2026 • Accelerate delivery of higher-grade material from Golden Highway and Gilmour deposits • Conduct value-optimising studies • Execute exploration across the Yamarna land package, which exceeds 2,000km2 Key developments in 2025 • Acquired Gold Road Resources, consolidating ownership of Gruyere and adding over nine greenfields projects to our portfolio • Early-stage exploration of Yamarna land commenced • Inclement weather impacted production during H1 2025 • An innovative construction approach delivered substantial savings • Tonnes mined rose 37% year-on-year, driven by accelerated Stage 5 waste strip Looking forward Gruyere is a highly prospective land package, and the acquisition of Gold Road Resources will enable Gold Fields to streamline decision-making and optimise the LOM plan for the asset. Looking ahead, we will focus on: • Transitioning from a capital-intensive phase to a production- focused phase, lowering AIC • Advancing studies to optimise value, including drilling 50km and investing US$14m in open-pit studies • Extending LOM through pit and plant optimisation and exploring the Yamarna Greenstone Belt • Implementing optimisation initiatives to unlock mining efficiencies • Unlocking supplementary ore feeds from Golden Highway to support 500koz production Granny Smith Granny Smith is a wholly owned underground gold mine operated by Gold Fields in the eastern Goldfields region of Western Australia. Processing ore through a 3.5Mtpa mill, the mine is a key asset in Gold Fields' Australian portfolio, delivering stable production. The Wallaby deposit shows strong geological potential for future Mineral Reserves replacement, building on a robust track record of exploration success that has added over 5Moz Mineral Reserves since 2013, resulting in its highest Mineral Reserve life to date. Production 2025 2026 guidance 261.7koz 250koz – 260koz AIC 2025 2026 guidance A$2,427/oz (US$1,564/oz) A$3,450/oz – A$3,650/oz (US$2,415/oz – US$2,555/oz) AISC 2025 2026 guidance A$2,337/oz (US$1,506/oz) A$3,100/oz – A$3,300/oz (US$2,170/oz – US$2,310/oz) Medium-term performance goals • Maintain an average production rate of >275koz over the next 15 years • Maintain a Mineral Reserve base of c.2.5Moz Performance enablers • Implement autonomous haulage and materials handling systems for lower-cost extraction • Review options for c.50MW renewable energy projects • Ongoing definition of high-value zones Z150 and Z160 • Integrate alternative open-pit ore sources to supplement the mill feed Key developments in 2025 • Enhanced grades achieved through mining and processing operations • Capital expenditure reflects investment in underground development and ventilation projects • Realised cost savings of US$8m driven by TSF design alignment with GISTM standards • Commissioned an 11MW solar plant in Q2 2025, which operated at full capacity in Q3 2025 • Signed a Native Title agreement with the Wangkatja Tjungula Aboriginal Corporation on behalf of the Nyalpa Pirniku native title holders in December 2025 Looking forward Granny Smith has a strong track record of exploration success. Looking ahead, we will focus on: • Accelerating near-mine Mineral Reserve growth at Wallaby • Re-establishing the regional exploration pipeline • Optimising higher-grade stopes, increasing gold- equivalent ounces production and lowering per ounce cost of production 75 GOLD FIELDS Integrated Annual Report 2025 For more details on our assets, read our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Operational performance continued St Ives Wholly owned by Gold Fields, St Ives is a cornerstone asset located in Western Australia's eastern Goldfields region. The operation integrates open-pit and underground mining with a 4.7Mtpa processing capacity. Central to its long- term strategy is the Invincible underground complex, which will anchor its operations for the next eight years, as well as a strong production pipeline to extend LOM into 2040 and beyond. Production 2025 2026 guidance 369.6koz 350koz – 360koz AIC 2025 2026 guidance A$3,352oz (US$2,160/oz) A$3,600/oz – A$3,800/oz (US$2,520/oz – US$2,660/oz) AISC 2025 2026 guidance A$2,589oz (US$1,669/oz) A$3,100/oz – A$3,300/oz (US$2,170/oz – US$2,310/oz) Medium-term performance goals • Maintain sustainable production of more than 400koz annually • Reduce AISC to US$1,500/oz by 2030 • Find alternative ore sources by developing the Santa Ana open pit and other satellite pits Performance enablers • Implement autonomous haulage and materials handling system to increase Invincible underground production from 2.0Mtpa to 3.4Mtpa by 2030 • Source over 70% of electrical energy from renewables by 2027 through the hybrid renewable energy project • Increase metallurgical recovery by 1.5% by 2027 through the sulphide recovery project • Increase exploration through 300km planned drilling over the next three years Key developments in 2025 • Continued with construction of the renewable energy project, with commissioning targeted for mid-2026 • Increased open-pit volumes and ore grade by ramping up Swiftsure and Invincible Footwall South Looking forward Strong exploration momentum and targeted drilling of down-dip and down-plunge extensions continue to unlock the site's significant growth potential. Looking ahead we will focus on: • Maintaining an average of 3.5Moz Mineral Reserves to sustain production into 2040 • Leveraging Santa Ana's latent mill capacity to increase production capacity • Supplementing Invincible ore feed through Santa Ana and smaller regional pits. Santa Ana mining commencing early 2026 • Unlocking exploration opportunities across highly prospective tenement package through US$90m over the next three years • Reducing reliance on fossil fuels through renewable energy project, improving long-term operational margins Agnew Agnew is a 100% Gold Fields-owned underground operation in the northern Goldfields region in Western Australia, featuring a 1.35Mtpa processing capacity. Upside is driven by a highly prospective land package and the ongoing expansion of the Waroonga deposit. Production 2025 2026 guidance 245.3koz 230koz – 240koz AIC 2025 2026 guidance A$2,609/oz (US$1,682/oz) A$3,050/oz – A$3,250/oz (US$2,135/oz – US$2,275/oz) AISC 2025 2026 guidance A$2,225/oz (US$1,434/oz) A$2,800/oz – A$3,000/oz (US$1,960/oz – US$2,100/oz) Medium-term performance goals • Maintain production of more than 225koz annually • Deliver cost optimisations to remove structural cost and accelerate higher margin ounces • Replace the Mineral Reserve base to support the production profile Performance enablers • Enable immediate LOM extension through Waroonga, Redeemer and New Holland deposits • Redeemer and New Holland ore sources offer potential to expand portfolio from near-mine operations • Unlock conceptual exploration opportunities in northern and southern tenements outside of the known resources • Increase exploration with US$80m drilling investment over the next three years • Optimise mining costs through exploration and cost efficiency programme Key developments in 2025 • Improved grades mined and processed from available stockpiled material • Progressed exploration with a balanced pipeline of conceptual and advanced-stage targets • Incurred higher costs due to ongoing development of the Redeemer underground mine • Production was successfully started at the Barren Lands Redeemer underground mine • Redeemer decline access advanced as planned • Exploration at New Holland identified new ore bodies below existing mining horizons Looking forward The mine has a proven history of replacing Mineral Reserves through consistent exploration success. Looking ahead we will focus on: • Ongoing exploration of pipeline targets • Increasing regional tenement exploration to continue building the project pipeline • Driving AIC margin expansion through operational scale and Mineral Reserve integrity 76 GOLD FIELDS Integrated Annual Report 2025 For more details on our assets, read our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Operational performance continued South Deep South Deep, Gold Fields' only South African operation, is a bulk-mechanised underground mine situated in the Witwatersrand Basin. It holds one of the world's largest gold ore bodies and is managed as a high-potential, long-life asset. Gold Fields maintains a 93.1% interest alongside its B-BBEE partners. Production 2025 2026 guidance 9,605kg (308.8koz) 9,300kg – 9,900kg (300koz – 320koz) AIC 2025 2026 guidance R1,058,238/kg (US$1,841/oz) R1,200,000/kg – R1,300,000/kg (US$2,350/oz – US$2,500/oz) AISC 2025 2026 guidance R1,058,238/kg (US$1,841/oz) R1,100,000/kg – R1,200,000/kg (US$2,150/oz – US$2,350/oz) Medium-term performance goals • Achieve sustainable production growth with disciplined cost management • Reduce AISC to US$1,500/oz by 2030 • Develop South of Wrench to unlock 23Moz Mineral Reserves Performance enablers • Optimise the stope extraction sequence to improve the extraction rate • South of Wrench development creates mining flexibility and resilience. First production scheduled for 2031 • Increase in renewable energy through expanding the Khanyisa solar plant to secure sustainable, low-cost power supply • Leverage potential latent mill capacity through the high- grade Ventersdorp Contact Reef Key developments in 2025 • Improved stope turnaround and backfill process efficiencies • Conducted extensive testing and piloting of new collision avoidance system and missing-person locator systems • Rolled out advanced digital monitoring and analytics platform to enable insights into performance • Expanded the use of automation and tele-remote technology in selected mining sections to boost productivity, improve cycle efficiency and lower human exposure to high-risk areas • The South of Wrench fault project was a central focus: – Techno-economic study completed to align and optimise mining. Feasibility study underway and expected to be completed towards the end of 2026 – Surface drilling commenced to enhance orebody knowledge – Early access development started to provide additional technical information Looking forward The mine will focus on continued productivity and profitability: • Delivering 325koz annually through improved operational efficiencies • Decreasing AIC by 5% by adhering to capital spend compliance, strategic infrastructure and reserve expansion • Finalising South of Wrench feasibility study • Optimising North of Wrench stope extraction sequence to address geotechnical constraints and lay the foundation for sustainable growth Damang Following the expiry of the original 30-year lease agreement in April 2025, Gold Fields reached an agreement with the Government of Ghana for a 12-month transition lease for the Damang mine. The lease expires in April 2026, at which point Gold Fields will transition the mine to the Government of Ghana. Production 2025 2026 guidance 97.5koz 20koz – 25koz AIC 2025 2026 guidance US$2,461/oz US$4,000/oz – US$4,200/oz AISC 2025 2026 guidance US$2,461/oz US$4,000/oz – US$4,200/oz Key developments in 2025 • Gold production achieved in line with expectations • Gold Fields successfully executed the mine's business plan • Mine transition plan on schedule • Processed stockpiles and mining satellite pits Looking forward • Working closely with the Government of Ghana to ensure a smooth transition of the mine in April 2026 77 GOLD FIELDS Integrated Annual Report 2025 For more details on our assets, read our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Operational performance continued Tarkwa Located in Ghana's Tarkwa Basin, this open-pit mine is 90% owned by Gold Fields and 10% by the government. With five leases expiring in April 2027, Gold Fields submitted its renewal application in November 2025, and has commenced talks with the Government of Ghana. Aligning with Gold Fields' goal of creating lasting value, a new mine plan proposes extending LOM from eight to 23 years, underpinned by a 17-year reserve life and conversion of inclusive resources. Production 2025 2026 guidance 474.5koz 470koz – 490koz AIC 2025 2026 guidance US$2,049/oz US$2,200/oz – US$2,400/oz AISC 2025 2026 guidance US$2,049/oz US$2,000/oz – US$2,200/oz Medium-term performance goals • Maintain production of more than 500koz annually for the next two decades • Secure the renewal of the mining leases to deliver long- term value to all stakeholders • Reduce AISC to less than US$1,500/oz by 2030 Performance enablers • Expand the mining fleet for pre-stripping to align with material movement requirements and target a US$100/oz AISC reduction • Optimise the haulage distances to mitigate the impact of an increasing strip ratio • Refine the overall pit slope angles to reduce the strip ratio and lower total mining costs • Implement systemic processing plant enhancements to drive increased throughput Key developments in 2025 • Mineral Reserves increased by over 70% in 2025, providing the foundation for a multi-decade operation (subject to approval of mining leases) • Accelerated stripping during H1 2025 to advance waste removal and access future ore bodies • Supplemented ore feed using low-grade stockpiles to maintain plant throughput and operational consistency Looking forward Tarkwa is a long-life asset supported by uplift in reported reserves. Looking ahead we will focus on: • Advancing the renewal of the mining leases with the Government of Ghana • Optimising operating costs to enhance margins, cash generation and further increase mineable inventory • Prioritising exploration between 2026 and 2028 to identify further potential for pit cutbacks • Progressing the underground study to evaluate high- grade ore as a potential supplementary feed • Identify upside opportunities to enhance the existing mine plan through targeted geological assessment Salares Norte Located in the Atacama region of northern Chile, the 100% Gold Fields- owned Salares Norte is a world-class gold and silver mine situated at altitudes of up to 4,700m. This high-sulphidation epithermal system features high-grade oxide mineralisation and is set to transform the Group's profile by accelerating production and lowering AIC. In 2025, the mine made significant progress in its operational ramp-up and achieved commercial levels of production. Production 2025 2026 guidance 396.5koz-eq 525koz-eq – 550koz-eq AIC 2025 2026 guidance US$1,244/oz US$550/oz – US$700/oz AISC 2025 2026 guidance US$933/oz US$450/oz – US$600/oz Medium-term performance goals • Deliver annual production exceeding 500koz through to 2028, with a further ramp-up scheduled after 2031 once Agua Amarga is commissioned • Sustain a low AISC position over the short term to maximise operational margins • Pursue meaningful LOM extensions through ongoing exploration and strategic evaluation Performance enablers • Increase LOM through targeted brownfields exploration activities • Leverage technology to drive operational efficiencies and optimise performance • Bridge the production gap forecast for 2029/2030 by accelerating the development of Agua Amarga • Maintain district-scale exploration to unlock further regional potential Key developments in 2025 • Achieved commercial production on 31 August 2025 and reached steady-state operations in Q4 2025 • Maintained uninterrupted operations despite inclement weather conditions • Increased sustaining capital expenditure due to winterisation activities • Won the Chile PotencIA Award for our Chinchilla Conservation System • Captured and relocated two chinchillas in 2025. We released five, as the female was pregnant and had three kits. In early 2026, two more were captured and released • Completed early exploration activities for the Villa Tati Project • Commenced drilling of various targets for the Azufreras Project and brownfields exploration • Obtained positive results in the joint venture with Torq Resources Looking forward Looking ahead we will focus on continuing to improve the quality of our pipeline: • Execute an 8km drilling programme to test potential depth extensions beneath the existing pit • Continue our chinchilla capture and relocation programme in 2026 • Utilise large-scale 3D geophysics to refine drill targeting and identify new discovery corridors • Consolidate strategic land holdings within a 20km radius to secure future regional potential • Conclude the winterisation process • Maximising cash-flow through production ramp-up and capital discipline 78 GOLD FIELDS Integrated Annual Report 2025 For more details on our assets, read our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Mineral Resources and Mineral Reserves summary Introduction Managing our Mineral Resources and Mineral Reserves is central to achieving our strategic goals. In 2025, Gold Fields continued to focus on near-mine exploration to extend mine life, and managed to reverse the trend of declining reserves of the past five years. This was achieved through the following: • The Australian assets replaced depletion through exploration and by increasing its ownership in Gruyere through the acquisition of Gold Road Resources' share of the operation • Tarkwa increased its attributable Mineral Reserves, driven by a higher reserve gold price of known Mineral Resources, together with the removal of key operational constraints Replacement of Mineral Reserves through extensional drilling and exploration is a multi-year endeavour, and replacement rates will naturally fluctuate. Gold Fields remains committed to a structured Mineral Reserves replacement strategy. In 2025, we invested US$115m in brownfields exploration, including US$15m at Windfall. In total, Gold Fields drilled 433,234m across the portfolio, with the majority of the spend occurring in Australia (70%), followed by Canada (13%) and Chile (11%). The price increase was able to offset the impact from cost pressures, as well as mining depletion contributed to some operations' net decline in Mineral Resources and Mineral Reserves. The 2026 brownfields exploration and resource development programmes continue to support the Group's organic growth strategy with an approved budget, including Windfall, of US$170m (2025: US$101m). Programmes will focus on replacing production depletion, advancing near-term opportunities and progressing priority target areas identified through multi-year datasets and interpretation. In 2025, we applied gold price assumptions of US$2,300/oz for Mineral Resources and US$2,000/oz for Mineral Reserves, alongside updated exchange rates for the Australian Dollar and South African Rand. These changes influenced local currency gold prices. Across our operations, we continue to prioritise Mineral Resources-to- Mineral Reserves conversion, sustainable Mineral Reserves growth and operational efficiency. These efforts aim to offset annual depletion, improve cash-flow and cost per ounce, and unlock strategic opportunities to extend mine life. Improving the quality of our portfolio The LOM Mineral Reserves encompass the first two years of the operational plan schedule. As at end-2025, the Group's attributable Proved and Probable Mineral Reserves are estimated at 48.3Moz gold (2024: 44.3Moz), 193Mlbs copper (2024: 271Mlbs) and 43.2Moz silver (2024: 46.0Moz). Gold Mineral Reserves increased by 4.0Moz, net of annual depletion of approximately 2.5Moz. Copper Mineral Reserves at Cerro Corona decreased by 78Mlbs, primarily due to a net depletion of 58Mlbs. Similarly, silver Mineral Reserves at Salares Norte decreased by 2.9Moz. Attributable Mineral Reserves saw notable increases, particularly at Tarkwa, where the reserve gold price increase added +2.9Moz (75%) and decreasing stand-off from mine infrastructure added an additional +0.7Moz (18%). Gruyere Mineral Reserves increased by +1.6Moz (94%) with the purchase of Gold Road Resources' 50% share while St Ives and Granny Smith added +0.5Moz (16%) and +0.3Moz (13%), respectively, through exploration. Gold Mineral Reserves decreases were recorded at Salares Norte (-0.3Moz, -8%) and Cerro Corona (-0.2Moz, -31%), all due to annual depletion. South Deep and Agnew showed no material change, (-0.4Moz, -2%) and (-0.04Moz, -4%) respectively. While Gold Fields discloses Damang Mineral Resources as at 31 December 2025, following the transition of the mine to the Government of Ghana after 18 April 2026, the Mineral Resources will become 0% attributable to Gold Fields. Group attributable Measured and Indicated Mineral Resources exclusive of Mineral Reserves amounted to 34.2Moz gold (2024: 30.4Moz) and 4.6Moz silver (2024: 2.8Moz). Inferred Mineral Resources EMR were 12.8Moz gold (2024: 11.6Moz) and 0.04Moz silver (2024: 0.1Moz). Gold Measured and Indicated Mineral Resources increased across several operations, including Granny Smith (+0.4Moz, +16%), Gruyere (+1.4Moz, +196%), St Ives (+0.4Moz, +42%), Agnew (+0.1Moz, +6%), South Deep (+2.3Moz, +12%) and Damang (+0.3Moz, +14%), while Tarkwa (-1.2Moz, -34%) showed a reduction. Silver Measured and Indicated Mineral Resources at Salares Norte grew by 1.7Moz (+61%). Growth in Inferred Mineral Resources was also recorded, with Gruyere (+0.8Moz, +76%), Granny Smith (+0.3Moz, +22%), St Ives (+0.2Moz, +11%), Agnew (+0.1Moz, +14%) and Tarkwa (+0.5Moz, +293%) contributing to the 1.2Moz overall increase in Gold Inferred Resources. Gold Inferred Mineral Resources reduced at South Deep (-0.7Moz, -12%) and Damang (-0.1Moz, -14%) while Silver Inferred Resources at Salares Norte decreased by -0.01Moz (-24%). In 2023, Gold Fields announced that it had entered into a 50/50 joint venture with Osisko for the joint ownership and development of the Windfall project. On 25 October 2024, Gold Fields completed its acquisition of Osisko, and consolidated 100% ownership of the Windfall project. Windfall is a development stage property with existing underground infrastructure based on current exploration activities and with further development planned and budgeted into 2026 and 2027. However, a decision to proceed with construction has not been made and is subject to the approval of an EIA by the Québec Provence in Canada regulators, as well as mining licence and FID by Gold Fields. Gold Fields did not disclose Mineral Reserves and Mineral Resources for Windfall as at 31 December 2025, as the property is not considered material to its business and financial condition. Project information for Windfall is included for completeness; however, Mineral Resources and Mineral Reserves are not disclosed while key permitting and project approval decisions are pending. Governance This consolidated summary of Gold Fields' Mineral Resources and Mineral Reserves should be read alongside the Mineral Resources and Mineral Reserves Supplement and Form 20-F, both available on our website. The Mineral Resources and Mineral Reserves Supplement provides detailed technical information on our year-end Mineral Resources and Mineral Reserves. It is prepared in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources, and Mineral Reserves, 2016 edition, as well as other leading global standards, including the US SEC's SK-1300. Additional technical details can be found in the Technical Report Summaries, which are filed as exhibits to our Form 20-F. While differences in formatting exist due to varying regulatory requirements, the core information remains consistent across these documents. The Mineral Resources and Mineral Reserves statements were prepared under supervision of Group Competent Persons Alex Trueman and Rachel Proud, both members of Gold Fields' Corporate Technical Services team. They consent to the disclosure of these statements in the form they are presented. Further details on their qualifications and affiliations are provided in the Mineral Resources and Mineral Reserves Supplement. 80 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Headline Mineral Resources and Mineral Reserves estimates as at 31 December 2025 Gold Fields' Mineral Reserves December 2025 December 2024 Category Tonnes (Mt) Grade (g/t) Gold (Moz) Tonnes (Mt) Grade (g/t) Gold (Moz) Gold Proved and Probable 578.3 2.60 48.3 458.2 3.01 44.3 Category Tonnes (Mt) Grade (%) Copper (MIb) Tonnes (Mt) Grade (%) Copper (MIb) Copper Proved and Probable 29.8 0.29 193.0 38.5 0.32 271.0 Category Tonnes (Mt) Grade (g/t) Silver (Moz) Tonnes (Mt) Grade (g/t) Silver (Moz) Silver Proved and Probable 20.0 67.1 43.2 19.8 72.2 46.0 Year-on-year Mineral Reserve change per country: Proved and Probable Gold (Moz) 8.4 28.0 3.8 4.0 10.6 27.6 6.6 3.5 Australia South Africa Ghana Chile and Peru n December 2024 n December 2025 Gold Fields' Mineral Resources (EMR)3,4 Accumulated summary December 2025 December 2024 Category Tonnes (Mt) Grade (g/t) Metal (Moz) Tonnes (Mt) Grade (g/t) Metal (Moz) Gold Measured and Indicated 366.3 2.90 34.2 308.6 3.06 30.4 Inferred 113.8 3.49 12.8 80.3 4.51 11.6 Category Tonnes (Mt) Grade (g/t) Metal (Moz) Tonnes (Mt) Grade (g/t) Metal (Moz) Silver Measured and Indicated 3.3 42.7 4.6 2.9 30.5 2.8 Inferred 0.2 6.1 0.04 0.2 8.3 0.1 3 Minor variances in the numbers are due to rounding effects and changes in the application of YOY attributable percentages 4 Includes Damang Exclusive Mineral Resources Year-on-year Mineral Resource change per country: Measured and Indicated Gold (Moz) 5.2 19.0 5.9 0.2 7.5 21.4 5.0 0.2 Australia South Africa Ghana Chile and Peru n December 2024 n December 2025 81 GOLD FIELDS Integrated Annual Report 2025 For more details on our assets, read our Mineral Resources and Mineral Reserves Supplement. Who we are Governance and leadership How we create value The value we created Financial performance Capital allocation and debt management Operational performance Mineral Resources and Mineral Reserves summary Headline Mineral Resources and Mineral Reserves estimates Our Remuneration Report Appendices

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Our Remuneration Report On the pages that follow, we outline how the Group's Remuneration Committee governed remuneration practices during 2025, ensuring that Gold Fields' Remuneration Policy continues to reflect the highest standards of remuneration governance and practice and how it is implemented in a way that is fair, responsible and transparent. In this chapter Message from our Remuneration Committee Chairperson 83 Remuneration Policy 86 Implementation Report 99 82 GOLD FIELDS Integrated Annual Report 2025 Seabane Lekarapa, control room Superintendent at South Deep Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 1: Background statement Dear Gold Fields stakeholders, On behalf of the Remuneration Committee, I am pleased to present our report for 2025 and provide insight into the considerations that informed the Committee's remuneration decisions during the year. Gold Fields delivered strong operational and financial performance in 2025, supported by an 18% increase in production, at the upper end of guidance, continued cost discipline and strong cash generation that enabled enhanced shareholder returns, including a 164% year-on-year increase in our final dividend, as well as a further US$353m in additional returns to our shareholders via a special dividend and share buybacks. Notably, the Group recorded zero fatalities during the year, a milestone that reflects sustained focus on safety, organisational culture and operational leadership. This outcome continues to anchor our remuneration philosophy and reinforces the principle that performance must never come at the expense of safety. The year was also characterised by a markedly supportive gold price environment. While this contributed positively to financial outcomes, the Committee remained mindful of the importance of ensuring that remuneration outcomes appropriately reflected underlying performance and factors within management's influence, rather than commodity price movements alone. Where judgement was required, it was applied carefully to maintain alignment between executive reward and shareholder experience. Against this backdrop, the Committee continued to exercise disciplined oversight of the Remuneration Framework to ensure it remains fair, responsible and aligned with the creation of sustainable long-term shareholder value. As disclosed in last year's report, we introduced several structural changes to our Remuneration Framework for senior executives during the year to simplify our pay model, strengthen pay-for-performance alignment and reinforce executive ownership. A contemporary, market-aligned evolution of the Short-Term Incentive (STI) plan further strengthened performance linkage and accountability through enhanced performance assessment mechanisms and deferral features, reflecting market feedback and supporting a balanced approach to annual reward. The Long-Term Incentive (LTI) framework was similarly strengthened through updated performance measures and the adoption of the 2025 Share Equity plan, which utilises on-market share purchases to remove dilution and support shareholder alignment. In response to shareholder and broader market feedback, matching shares were also removed during the year, further simplifying the plan design and reinforcing the direct link between sustained performance and reward outcomes. Having strengthened the structure of the Remuneration Framework, the Committee then reviewed the level of remuneration opportunities available to senior executives to ensure it remains appropriate for a globally significant organisation competing for talent across multiple markets. Details of the review process, key findings and the resulting changes to executive remuneration opportunity for 2026 are outlined on p94 – 95. The Committee also oversaw several executive appointments during the year, ensuring remuneration arrangements were appropriately benchmarked, internally equitable and aligned with our remuneration philosophy. Targeted retention measures were used selectively to safeguard critical capabilities during a period of strategic delivery. Strong governance underpinned all remuneration decisions. The Committee operated within a disciplined Governance Framework, supported by independent advice and informed by ongoing engagement with shareholders. Feedback received was constructive and contributed to the continued evolution of our remuneration practices. The sections that follow provide additional context on the Group's performance, shareholder engagement, governance practices and the Committee's forward priorities. Together, these disclosures are intended to offer transparent insight into how remuneration decisions are made and how the framework supports the long-term interests of our shareholders. Looking ahead, the Committee remains focused on maintaining a Remuneration Framework that supports disciplined execution, responsible reward and sustained alignment with shareholder value. As part of our ongoing governance cycle, we will continue reviewing key elements of the framework to ensure they remain relevant and aligned with evolving business priorities. The Committee is satisfied that remuneration outcomes for the year appropriately reflect Company performance and reinforce our commitment to fair, transparent and responsible pay practices. 83 GOLD FIELDS Integrated Annual Report 2025 "Strong performance, including US$353M returned to shareholders and a 164% dividend increase, was delivered alongside zero fatalities and solid ESG progress. The Committee is satisfied that 2025 executive rewards are clearly aligned to shareholder outcomes and broader positive social impact." Jacqueline McGill Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 1: Background statement continued Company performance at a glance The Remuneration Committee considered overall Company performance in determining remuneration outcomes for 2025. The table below presents a summary of selected key financial and operational performance metrics, which form part of the Company's overall scorecard and provide context for the performance assessment. While not all measures form part of the formal incentive framework, they informed the Committee's judgement on the alignment between Company performance and remuneration outcomes. Detailed performance measures and weightings for the STI and LTI plans are set out later in this report. Metric 2025 outcomes Committee assessment Fatalities 01 (2024: 2) Safety remains the Company's foremost priority and is foundational to the Committee's assessment of leadership performance. Serious injuries 61 (2024: 5) Provided insight into operational leadership, risk management and the effectiveness of safety practices. Attributable gold production 2.4Moz (2024: 2.1Moz) Reflected the consistency and reliability of operational execution during the year. All-in sustaining cost (AISC) US$1,645/oz (2024: US$1,629/oz) Demonstrated cost discipline and supported the quality and sustainability of earnings. Headline earnings US$2,576m (2024: US$1,188m) Provided a clear view of the Group's underlying financial performance. Net debt US$1,442m (2024: US$2,086m) Reflected disciplined capital management and balance sheet resilience. Dividends (R and per share) R25.50 (2024: R10.00) Demonstrated the translation of performance into tangible shareholder returns. Overall, the Committee was satisfied that the Group's performance during the year supported remuneration outcomes while reflecting disciplined execution of Gold Fields' strategy and a continued focus on creating sustainable shareholder value. Shareholder engagement Engagement with shareholders remains an important component of the Committee's governance approach. The Committee values open and constructive dialogue and considers shareholder perspectives in the ongoing evolution of the Company's Remuneration Framework. Ahead of the 2025 Annual General Meeting (AGM), the Remuneration Committee Chairperson met with several of the Group's largest institutional shareholders, representing approximately 30% of issued share capital. Discussions covered a range of governance, strategic and remuneration-related matters and provided valuable insight into investor priorities. Shareholders expressed support for several enhancements to the Remuneration Framework, including the strengthening of LTIs, the introduction of share-based deferral and the removal of matching share awards. Investors also welcomed continued progress in disclosure. Discussions addressed areas of investor focus, including capital allocation discipline, cost management in a strong gold price environment, the transparency of performance measures within incentive structures and the integration of environmental, social and governance considerations into remuneration. Further engagement will be undertaken ahead of the 2026 AGM to discuss proposed changes to remuneration opportunity for 2026 (details on p94 – 95). The Committee carefully considered the perspectives shared during these engagements and will continue to engage proactively with shareholders to support informed voting outcomes and reinforce confidence in the Company's remuneration practices. The outcomes of the advisory votes on the remuneration policy and the implementation report at the two most recent AGM's are summarised below. AGM year Remuneration policy support Implementation report support 2025 93.28% 96.84% 2024 89.99% 93.94% 84 GOLD FIELDS Integrated Annual Report 2025 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision-making practices, including performance and reward. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 1: Background statement continued Governance and advisers The Remuneration Committee operates within a well-defined governance framework and is committed to maintaining high standards of independence and objectivity in its decision-making. To support robust deliberation, the Committee holds closed sessions without management present, enabling non-executive directors (NEDs) to consider sensitive matters independently and exercise objective judgement. The Chief Executive Officer (CEO), Chief Financial Officer (CFO), Executive Vice President (EVP) People and Sustainability, and the Vice President Group Reward, Benefits and Global Mobility attended Committee meetings by invitation to provide management insight and support discussions on remuneration matters. Management does not participate in decisions relating to their own remuneration. During the year, the Committee fulfilled its responsibilities in accordance with its mandate and continued to enhance the Group's remuneration practices in response to organisational developments, evolving market practice and regulatory expectations. The Committee is supported by independent external advisers who provide specialist remuneration, legal and governance advice. Khokhela served as the Committee's independent remuneration adviser during the year. Following a period of valued service, Khokhela stepped down as adviser to the Committee, and Deloitte LLP (UK) was subsequently appointed after a formal selection process to provide independent remuneration advisory services going forward. Bowmans provided legal and governance support in relation to remuneration matters, while Loftswood assisted management with the review of the Group's global variable and executive Remuneration Framework. The Committee is satisfied that the advice received during the year was objective and independent, and that no conflicts of interest were identified. The Committee will continue to review the independence of its external advisers on an ongoing basis. Remuneration Committee succession The Board maintains a structured and forward-looking succession framework to ensure the continued effectiveness, independence and renewal of the Remuneration Committee. Directors approaching established tenure and independence thresholds are subject to annual review, with transition planning undertaken well in advance to support continuity while maintaining an appropriate balance of skills, experience and fresh perspective. Through disciplined and ongoing Board refreshment, the Committee will continue to retain the capabilities and independence required to oversee a Remuneration Framework that remains aligned to the Company's strategy, shareholder expectations and evolving governance standards. During 2025, the following changes affected the composition and leadership of the Remuneration Committee: Leadership transition (effective 29 May 2025) • Steven Reid retired as director, Lead Independent Director (LID) of the Board and Chairperson of the Remuneration Committee at the conclusion of the AGM on 29 May 2025 • Jacqueline McGill was elected as LID and appointed Chairperson of the Remuneration Committee with effect from 29 May 2025. In line with Board policy, the LID receives an all-inclusive annual fee for Board and Committee responsibilities This transition formed part of the Board's planned succession process and was implemented in an orderly manner to ensure continuity of oversight. Committee membership changes • Michael Rawlinson was appointed as an NED effective 1 August 2025 and was subsequently appointed as a member of the Remuneration Committee with effect from 1 December 2025 No other changes during the year had a direct impact on the composition, leadership or fee structure of the Remuneration Committee. The Board is satisfied that the Committee continues to comprise independent Non-Executive Directors with the appropriate skills, experience and governance expertise to discharge its mandate effectively. Committee priorities for the coming year In addition to its standing responsibilities, the Remuneration Committee will focus on several priority areas during 2026 to ensure the continued effectiveness and relevance of the Company's Remuneration Framework. These include reviewing Long-Term Incentive performance measures to ensure they remain robust and aligned with Company strategy, evolving business priorities and the creation of sustainable stakeholder value. The Committee will also assess the composition of the relative Total Shareholder Return peer group to confirm it remains an appropriate and market-relevant external comparator. In addition, the Committee will confirm readiness for the implementation of the Companies Act Amendment disclosure obligations. These reviews form part of the Committee's normal governance cycle and reflect its commitment to maintaining a Remuneration Framework that is responsible, market-aware and aligned with shareholder interests. Conclusion The Committee is satisfied that the Company's remuneration policies and practices operated as intended during the reporting period and did not encourage excessive risk-taking. The structural enhancements introduced during the year strengthened alignment between pay, performance and long-term shareholder value. The remuneration opportunity changes to be implemented in 2026 will position executive pay at the market midpoint, supporting the retention of proven leaders and the attraction of global talent critical to delivering the Company's future strategic priorities. The Committee will continue to monitor emerging trends, regulatory developments and investor expectations to ensure that the Remuneration Framework supports fair, equitable and responsible reward while enabling the successful delivery of the Company's strategy. We thank our shareholders for their continued engagement and support. Yours sincerely Jacqueline McGill Remuneration Committee Chairperson 85 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 2: Remuneration Policy Remuneration Policy This Remuneration Policy sets out the principles and framework that guide how Gold Fields rewards its people. It is designed to support the delivery of the Company's strategy, promote sustainable long-term performance and reinforce alignment between executives and shareholders. This remuneration policy has been prepared in accordance with the principles of King IV, the Companies Act, the Johannesburg Stock Exchange (JSE) Listings Requirements and other applicable regulatory requirements relating to executive remuneration. The policy reflects a balanced approach to remuneration, combining fixed and performance-based elements within an effectively managed governance structure. In developing the policy, the Remuneration Committee has considered applicable regulatory requirements, evolving market practices and the expectations of our shareholders and other stakeholders. Together, these elements support remuneration outcomes that are responsible, transparent and aligned with the creation of enduring shareholder value. Remuneration governance Gold Fields maintains a robust remuneration governance framework that promotes independent oversight, disciplined decision-making and alignment with shareholder interests. The Remuneration Committee operates independently of management, ensuring objective and balanced outcomes. Executives are not present during discussions or decisions regarding their own remuneration. The Committee is also responsible for overseeing consistent application of the Remuneration Policy across the Group, including monitoring pay equity and wage gaps. Shareholders reinforce this governance through advisory votes on the Remuneration Policy and the Remuneration Implementation Report, and binding approval of NED fees. In the event where 25% or more of votes are cast against either report, the Committee Chairperson would engage directly with shareholders to understand their concerns and reports transparently on the actions taken thereafter. Why this matters At Gold Fields, remuneration is deliberately positioned as a driver of long-term value – aligned with safe and reliable production, disciplined financial performance, responsible environmental and social practices, and sustainable shareholder returns. Our governance approach ensures remuneration decisions are rigorous, transparent and closely linked to performance. Remuneration is governed with discipline and directly linked to performance, intended to strengthen accountability, support strategic delivery and advance the long-term interests of our shareholders, employees and host communities. The detailed Remuneration Policy that follows builds on this foundation, setting out how fixed and variable pay structures reward performance and align leadership with shareholder outcomes over the short, medium and long term. Remuneration governance at a glance Role and key responsibilities Shareholders – provide oversight and approval • Exercise oversight through advisory votes on the Remuneration Policy, Implementation Report and binding approval of NED fees • Trigger direct shareholder engagement led by the Committee Chairperson if a vote of 25% or more is cast against either resolution • Received strong shareholder support in 2025 for both resolutions (Remuneration Policy: 93%; Implementation Report: 97%) The Board – ultimately accountable • Retains ultimate accountability for ensuring remuneration outcomes are fair, responsible and transparent • Approves executive remuneration arrangements and recommends NED fees for shareholder approval • Receives formal quarterly updates on remuneration matters Remuneration Committee – accountable for policy and oversight • Oversees the Remuneration Policy and reviews it annually against King IV and relevant global practices • Ensures remuneration outcomes are fair and responsible across the Group, including oversight of pay equity and wage differentials • Recommends executive remuneration to the Board • Met four times in 2025, with full attendance, and completed its annual effectiveness review Independent advisers – provide independent advice • Provides objective benchmarking, peer analysis and technical guidance to support informed decision- making • All advice is commissioned by, and provided directly to, the Committee and confirmed to be free from conflicts of interest • During 2025, the Committee engaged Khokhela, Loftswood and Deloitte LLP (UK) among other specialists Management – responsible for implementation • Supports the Committee and Board by providing relevant data, analysis and recommendations on remuneration structures and policy application across the workforce • Monitors internal pay equity to promote consistent and fair implementation. Executives are excluded from discussions and decisions relating to their own remuneration 86 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 2: Remuneration Policy continued Our remuneration philosophy At Gold Fields, remuneration is designed to support the long-term success of the Company and the creation of sustainable shareholder value. The framework promotes clear alignment between executive outcomes and shareholder interests, reinforcing accountability for performance and disciplined delivery of strategic priorities. As a globally significant organisation operating across multiple jurisdictions, our remuneration approach is structured to attract, retain and motivate high-calibre leadership capable of delivering performance in a competitive global talent market. Remuneration is closely aligned with the execution of our strategy, linking reward to outcomes that underpin long-term value creation. It forms an integral part of the Company's governance framework, supporting prudent decision-making, accountability and a sustained focus on operational and financial performance. Collectively, this approach provides a clear, consistent and transparent basis for recognising performance. By maintaining a strong alignment between strategy, performance and remuneration, the Committee seeks to ensure that executive reward outcomes reflect Company performance and support the long-term interests of shareholders. Strategy REWARD GROUNDED IN STRATEGY Remuneration is deliberately aligned with the execution of our strategy and the priorities that underpin long-term performance. Our incentive frameworks are anchored to three strategic pillars: • Operate in a safe, reliable and cost-effective way • Have a positive impact on our communities and the environment • Grow the quality of our portfolio These pillars define how Gold Fields creates value and provide shareholders with clear visibility into what leadership is expected to deliver. By embedding these measures directly into our STIs and LTIs, we maintain a transparent connection between Company performance and remuneration outcomes. Governance BALANCED, COMPETITIVE AND RESPONSIBLY GOVERNED To deliver on our strategic priorities, remuneration is positioned to attract and retain the leadership capability required in a global and competitive industry. Practices are regularly reviewed to ensure they remain appropriate, fair and aligned with market conditions. Remuneration decisions are subject to oversight that supports outcomes that are balanced, defensible and aligned with shareholder expectations as well as South African and global governance standards. Value creation ALIGNMENT TO SUPPORT LONG-TERM SUSTAINABLE VALUE Our remuneration framework promotes sustained performance by balancing short-term delivery with long-term value creation. Long-term incentives, together with executive shareholding requirements, ensure that senior leaders retain a meaningful personal investment in the Company. This strengthens alignment with shareholders and supports decision- making that considers both immediate priorities and future performance. Remuneration outcomes are reviewed to ensure they appropriately reflect performance and support long-term shareholder interests Culture SUPPORTING A CULTURE THAT ENABLES DELIVERY Gold Fields is guided by a culture of care and accountability, underpinned by lived values of collaboration, respect, safety and responsibility. These principles inform how work is carried out across the organisation, to support consistent execution of our strategy and the delivery of safe, reliable cost-effective production outcomes. Our remuneration approach reinforces these expectations by recognising both performance outcomes and the way they are achieved. This supports responsible leadership, encourages disciplined operational practices and aligns behaviours with the standards expected by our stakeholders. 87 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 2: Remuneration Policy continued Reward levers Guided by our remuneration philosophy, Gold Fields applies a total Remuneration Framework designed to attract and retain talent, support disciplined performance, and align leadership with the creation of enduring shareholder value. The framework comprises three elements: fixed pay, short-term incentives (STI) and long-term incentives (LTI), each serving a distinct and complementary role. Collectively, these elements give effect to our remuneration philosophy, creating a balanced remuneration structure. This integrated framework supports consistent decision-making, aligns leadership with shareholder interests and embeds performance accountability across the organisation. Total fixed remuneration (TFR) The foundation of our Remuneration Framework Strategic role It comprises cash salary together with core benefits, including retirement funding, medical cover, life and disability insurance, and other standard employment provisions. Fixed pay provides a competitive and equitable level of guaranteed remuneration. It ensures the Company can attract and retain the capability required to deliver on its strategic priorities. Levels are reviewed annually with reference to a carefully selected peer group that includes leading international mining companies, and relevant global peers in our key talent markets as well as relevant local and regional employers in the jurisdictions where we operate. Internal relativities are considered to promote fairness and consistency, alongside broader economic factors such as inflation and prevailing market conditions. The resulting structure is: • Market-competitive – supporting the attraction and retention of critical skills • Internally equitable – promoting fairness across roles, levels and geographies • Transparent and defensible – capable of clear explanation to shareholders, regulators and employees Maintaining discipline in fixed pay allows variable remuneration to remain strongly performance-oriented and aligned with value creation. • Supports strategic capability • Promotes fairness and consistency • Maintains market relevance • Preserves performance orientation Short-term incentives (STI) Driving annual performance Strategic role The STI is our annual variable remuneration mechanism, designed to reward performance delivered during the financial year while reinforcing accountability. In 2025, we introduced a redesigned STI underpinned by a more integrated performance model that supports a balanced assessment of delivery across safety, operational performance, financial outcomes and strategic priorities. The plan is designed to: • Provide a clear and transparent structure • Strengthen the link between individual contribution and Group performance • Encourage collaboration across the global portfolio • Recognise behaviours that support safe, reliable and consistent operations • Deliver outcomes aligned with Company performance • Alight with long-term performance via deferral of part of any award earned Importantly, the STI supports disciplined execution without encouraging outcomes that could compromise longer-term performance. • Rewards annual execution • Reinforces accountability • Encourages balanced delivery • Supports disciplined performance Long-term incentives (LTI) Aligning with sustained value creation Strategic role For executives and senior leaders, the LTI is the primary vehicle for aligning remuneration with long-term shareholder interests. Awards are delivered in equity and vest over three years. The majority are subject to performance conditions linked to metrics of strategic importance, including Total Shareholder Return (TSR), cost performance, emissions reduction, diversity and other long-term priorities. A retention component supports leadership continuity and organisational stability. Key features include: • Equity-based participation, strengthening alignment with shareholders • Performance measures directly linked to strategic priorities • Role-based award levels that promote consistency and fairness • Robust malus and clawback provisions • A design that remains competitive while supporting responsible pay outcomes • Aligns with shareholder interests • Supports sustained value creation • Reinforces strategic focus • Promotes leadership continuity 88 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 2: Remuneration Policy continued Total fixed remuneration Gold Fields operates across multiple jurisdictions within a competitive international talent market. Delivering on our strategy requires executive leadership with the capability and experience to manage operational complexity, allocate capital responsibly and support sustainable performance. TFR provides the stable foundation of our executive reward framework. It comprises base salary together with the value of applicable benefits and allowances. TFR is positioned to remain competitive while reflecting a disciplined and responsible approach to fixed pay. PEER GROUP SELECTION Benchmarking is an important input in setting executive remuneration. The Remuneration Committee applies a structured approach to identify comparator organisations, drawing on both direct gold mining peers and a broader international market. Primary peer comparators comprise international gold producers of broadly comparable scale (market capitalisation of approximately US$10B – US$100B) and global operational complexity. This represents the Group's core executive talent market, with Gold Fields positioned among the larger companies within this peer set. Secondary peer groups supplement the gold peer group with companies across the global mining, oil and gas, and broader industrials sector in key jurisdictions including Australia, South Africa, the United Kingdom and North America, many of these companies remain relevant given the global nature of executive recruitment. While the Committee does not seek to directly align remuneration outcomes with North American pay levels, these markets remain important reference points in the context of recruiting and retaining executive talent in an increasingly competitive international market. Peer groups are reviewed annually to ensure continued alignment with the Company's scale and competitive landscape. The primary mining peer group used for benchmarking purposes was: Agnico Eagle Mines (CAN); Alamos Gold (CAN); AngloGold Ashanti (USA); Barrick Mining (CAN); Coeur Mining (USA); Endeavour Mining (UK); Evolution Mining (AUS); Fresnillo plc (UK); Harmony Gold (SA); Kinross Gold (CAN); Lundin Gold (CAN); Newmont (USA); Northern Star (AUS); Pan American Silver (CAN). Broader sector comparator groups are also considered as part of the benchmarking analysis but are not presented here due to the breadth of companies included. How we determine TFR The Remuneration Committee applies a structured, multi-factor approach when determining TFR. Decisions are informed by several complementary reference points rather than any single comparator, supporting outcomes that are fair, balanced and responsibly determined. These include: • Role-specific market data from jurisdictions and organisations where we compete for talent, primarily gold mining peers of comparable scale and complexity, supplemented by relevant companies across mining, energy and industrial sectors in North America, Australia, South Africa and the UK • Ratio-to-CEO analysis, providing an additional benchmark for roles where external disclosure is limited and supporting internal consistency • Internal pay distribution, promoting appropriate relativity across the Executive Committee while considering role scope, accountability and organisational structure This methodology reflects our scale, geographic footprint and operational complexity. Company size remains a significant reference point in executive pay, and we therefore focus on organisations with market capitalisation broadly aligned to our own. Our positioning philosophy Gold Fields targets a responsible mid-market position overall. We do not seek to lead the market, but rather to maintain a level of fixed remuneration that supports attraction and retention while remaining aligned with shareholder expectations and governance standards. Where executives are appointed below the target positioning, the Committee may adjust remuneration over time as responsibilities evolve and sustained performance is demonstrated. Any adjustments are informed by market data and internal relativities and are implemented in a measured manner. Link to performance and shareholder alignment Fixed remuneration represents the smaller proportion of total executive earning opportunity. The majority is delivered through performance-based incentives, ensuring that a significant share of remuneration is contingent on the achievement of outcomes that support long-term shareholder value. This structure reinforces alignment while maintaining an appropriate balance between fixed and variable pay. Ongoing review TFR is reviewed annually with reference to independent market data, economic conditions, salary budgets and organisational requirements. This approach supports fixed remuneration levels that remain appropriate, responsible and consistent with the long-term needs of the business. 89 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 2: Remuneration Policy continued Variable pay – short-term incentives Consistent with our remuneration philosophy, the STI plan is designed to reinforce accountability for annual performance while supporting sustainable long-term outcomes. As a core component of our Remuneration Framework, the plan supports disciplined execution of our strategy by linking reward to Company, operational and individual performance through a structured and transparent approach. PERFORMANCE FRAMEWORK STI outcomes are determined across three performance dimensions, each measured on a scale of 0% to 200%, where 100% represents on-target performance. Assessments reflect overall delivery against objectives together with the context in which results were achieved. Business performance Business performance evaluates delivery against Group-wide priorities and strategic objectives through the annual business scorecard, which is derived directly from the approved business plan and aligned to our strategic pillars. The scorecard focuses on six priority areas: How STI is calculated The plan uses a multiplicative formula to ensure strong alignment of outcomes across all performance dimensions: STI opportunity x Business performance x Asset/function performance x Individual performance STI maximum outcomes are capped at 200% of STI opportunity. STI opportunity and performance STI opportunity is expressed as a percentage of salary, with defined on-target and maximum outcomes to support a clear pay-for-performance structure, with 2025 opportunities set out below: Executive STI target opportunity STI maximum opportunity Cash portion Deferred to restricted shares Performance area Weighting category Safety and wellbeing People, culture and capability Social and environmental performance 40% CEO 125% 250% 75% 50% Executive 90% 180% 60% 30% • Actual payouts vary based on outcomes in line with the Performance Framework Safe, reliable and cost-effective operations Asset quality Financial outcomes 60% STI deferral • To strengthen alignment with long-term shareholder interests and support retention, a portion of STI earned by executives is deferred into restricted shares • Deferred awards vest after two years, subject to continued employment and malus provisions. Unvested awards are forfeited in cases of fault or voluntary termination, while good leaver provisions apply in specified circumstances, typically including retirement, death, disability or redundancy The Board retains discretion to apply a business modifier in exceptional circumstances to reflect factors not fully captured in the scorecard such as overall shareholder experience, significant safety or environmental events, or exceptional external conditions. Any adjustment is applied judiciously and disclosed in full in the Implementation Report. Asset/function performance Each asset and support function operates against an annual plan cascaded from the Group business plan, supporting clear line-of- sight between strategic priorities and operational delivery. Performance is assessed by the CEO and Executive Committee, informed by operating conditions and the broader business environment during the year, and calibrated to ensure consistency across the Group. Individual performance Individual performance reflects total contribution across two equally weighted dimensions assessed on a continuous basis: • Delivery against role accountabilities and strategic objectives • Demonstration of behaviours aligned with Gold Fields' values Final assessments result in a performance category that translates to a 0% – 200% multiplier. The STI pool • All STI awards are funded from a single bonus pool to support affordability and reinforce shared accountability across the organisation. The pool is primarily determined by the final business performance outcome • This structure ensures that overall spend expands and contracts in line with Group performance and helps moderate excessive outcomes that may arise in purely formulaic plans • The Remuneration Committee pre-approves a maximum pool, providing limited flexibility to recognise cases of exceptional individual performance while maintaining cost discipline Governance, payment and termination • The Remuneration Committee oversees the STI framework, including approval of the business scorecard, bonus pool parameters, performance outcomes and final awards. The Board retains ultimate discretion • STI awards are typically paid in the first quarter following the performance year and in the currency of the employing entity • Participants must normally be employed at year-end to qualify, with pro-rating applied in line with policy • Good leaver provisions allow prorated participation based on applicable performance outcomes, while bad leavers forfeit unvested awards • Change-in-control treatment follows the Group's approved policy 90 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025091.jpg](gfi-20251231_g92.jpg)

Section 2: Remuneration Policy continued Variable pay – long-term incentives: 2025 and beyond Consistent with our remuneration philosophy, the LTI plan aligns executive reward with the creation of sustainable long-term shareholder value. As a core element of our Remuneration Framework, the plan deliver awards through equity and supports disciplined execution of our strategy by linking vesting outcomes directly to long-term Company performance and strengthening alignment with shareholder interests over an extended horizon. The design described in this section applies to awards granted from 2025 onwards, following enhancements to the Company's Incentive Framework. Legacy awards granted under prior plans remain subject to their original terms and are described separately in the sections that follow. LTI opportunity LTI opportunity is expressed as a percentage of base salary, with defined target and maximum award levels supporting a clear pay-for-performance structure. Target and stretch opportunities for the performance period 1 January 2025 – 31 December 2027 are set out below Executive LTI target opportunity LTI max opportunity Type of right Type of underlying security CEO 150% of salary 300% of salary Performance share rights Ordinary shares Executive Committee 110% of salary 220% of salary Performance share rights Ordinary shares Vesting levels vary based on performance against predefined measures, ensuring realised outcomes are closely aligned with long-term shareholder value creation Award structure • Awards are granted annually as Conditional Share Rights at no cost to participants. These rights are personal and non-transferable and do not carry voting or dividend entitlements prior to vesting Performance framework • Performance share rights vest after a three-year financial performance period, promoting sustained delivery against strategic priorities rather than short-term outcomes • Performance measures are weighted to balance financial outcomes, operational delivery and sustainability priorities Performance vesting levels Performance category Measure Weighting At threshold At target At maximum Financial Absolute and Relative Total Shareholder Return 50% 0% 50% 100% Operational AISC 25% 0% 25% 50% Sustainability Carbon emissions reduction and female workforce representation 25% 0% 25% 50% • No vesting occurs for performance below threshold. Partial vesting applies for performance between threshold and target, with maximum vesting reserved for exceptional performance • For the TSR measures applicable to the 2025 – 2027 performance cycle, vesting commences at target performance, with no vesting at threshold. The peer group used for relative TSR is reviewed periodically to ensure ongoing relevance and comparability. Full details provided in the Implementation Report Vesting conditions • For executives, awards vest after three years based solely on achievement of the applicable performance conditions. Continued employment is a qualifying condition but does not, in itself, result in vesting • Restricted share rights, which vest based on continued employment, apply to certain management participants and not to executives • Vested awards are settled in ordinary shares, acquired through on-market purchases, supporting a disciplined approach to dilution • The Remuneration Committee retains discretion to adjust vesting outcomes only in exceptional circumstances to ensure they appropriately reflect underlying Company performance and overall shareholder experience. Any such adjustment would be fully disclosed in the Implementation Report Cessation of employment and change of control • Unvested awards are treated in accordance with established policy provisions – Good leavers: typically including retirement, death, disability or redundancy, remain eligible for prorated vesting at the original vesting date, subject to performance conditions. – Bad leavers: voluntary resignations or dismissals, forfeit unvested awards • Change of control provisions apply to executive participants only. In such circumstances, awards may vest on a prorated basis, taking into account time served and expected performance, unless replaced with equivalent incentives Malus and clawback • Malus and clawback provisions enable the Remuneration Committee to reduce or recover awards in cases of misconduct, material misstatement or other defined triggers, reinforcing executive accountability Governance and oversight • The Remuneration Committee oversees the operation of the LTI Plan within Board-approved parameters, ensuring that awards remain aligned with Company performance, shareholder interests and applicable governance standards 91 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025092.jpg](gfi-20251231_g93.jpg)

Section 2: Remuneration Policy continued Variable pay – long-term incentives: legacy plans Outstanding awards granted under prior LTI plans Outstanding awards granted under prior LTI plans continue to operate in accordance with their original terms. These plans were designed to support long-term value creation and remain aligned with shareholder interests over their remaining vesting periods. These legacy plans are in run-off, with outstanding awards expected to vest over the next years as follows: Performance share award Grant date Performance period Estimated vesting date Estimated settlement date PS16 1 March 2023 1 January 2023 – 31 December 2025 18 February 2026 25 February 2026 PS17 1 March 2024 1 January 2024 – 31 December 2026 18 February 2027 25 February 2027 No new awards are granted under these plans, and no material amendments have been made following grant. Legacy LTI plans The Group continues to administer awards granted under the following plans: 2012 Share plan • A conditional share plan under which executives received performance-based awards that vest after three years, subject to predefined performance conditions 2018 Cash-settled LTI plan • A cash-settled plan with performance conditions aligned to relevant operational measures. Settlements are made in cash rather than shares Award framework Award levels were determined with reference to role-based opportunity and were subject to performance modifiers at both grant and vesting. At grant At vesting Executive position Threshold Target 100% Stretch 200% Threshold Target 100% Stretch 200% Grant modified by individual performance Vesting linked to performance achievement CEO 0% 104% 208% 0% 104% 416% CFO 0% 96% 192% 0% 96% 384% Executive Committee 0% 88% 176% 0% 88% 352% Vesting outcomes vary according to achievement against predefined performance conditions measured over the applicable performance period. Performance conditions reflected a combination of financial and sustainability measures and were assessed over a three-year period aligned with the Company's financial year. No retesting applies. The performance conditions for the LTI performance period ended 31 December 2025 are outlined below: Performance vesting levels Performance category Measure Weighting At threshold At target At maximum Financial Absolute and Relative Total Shareholder Return 50.0% 0.0% 50.0% 100.0% Operational AISC 25.0% 0.0% 25.0% 50.0% Sustainability Carbon emissions reduction 10.0% 0.0% 10.0% 20.0% Female workforce representation 8.0% 0.0% 8.0% 16.0% Tailings Management Conformance 7.0% 0.0% 7.0% 14.0% Relative TSR performance was measured against a peer group of comparable international mining companies, with full details provided in the Implementation Report. 92 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025093.jpg](gfi-20251231_g94.jpg)

Section 2: Remuneration Policy continued Remuneration mix 2025 The Group's Remuneration Framework is designed to ensure that a significant proportion of executive remuneration is performance-based and aligned with long-term shareholder value creation. Total remuneration for executive directors and prescribed officers comprises TFR, which provides a stable and market-competitive foundation. Variable remuneration (STI and LTI) represents the performance-linked component and forms the majority of total remuneration opportunity for executives. The charts below illustrate the remuneration mix for the CEO and other Executive Committee members under three performance scenarios: • Threshold performance • On-target performance • Stretch performance Under threshold performance, only minimum performance conditions are met and no value is delivered from the LTI where performance hurdles are not achieved. At target performance, variable remuneration reflects delivery in line with approved business plans and strategic objectives. Under stretch performance, variable remuneration reflects exceptional performance outcomes aligned with shareholder value creation. At stretch performance levels, a substantial majority of executive remuneration is variable and subject to performance conditions. This structure reinforces alignment with shareholder interests and ensures that significant reward is earned only through sustained delivery of strategy and value creation. The remuneration mix demonstrates that: • Fixed remuneration represents a minority of total potential remuneration at stretch performance • A significant proportion of total remuneration is delivered through LTI's • Executive outcomes are materially dependent on Company performance over both the short and long term This structure supports disciplined execution, accountability and long-term alignment between leadership and shareholders. Chief Executive Officer % of fixed remuneration 100 100 100 75 150 50 100 150 300 0 100 200 300 400 500 600 700 Below At target At stretch n Fixed REM n Cash STI n Deferred STI n LTI Chief Financial Officer and other executives % of fixed remuneration 100 100 100 60 120 30 60 110 220 0 100 200 300 400 500 600 Below At target At stretch n Fixed REM n Cash STI n Deferred STI n LTI 93 GOLD FIELDS Integrated Annual Report 2025 All incentive awards forfeited 73% at risk 85% at risk All incentive awards forfeited 67% at risk 80% at risk Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025094.jpg](gfi-20251231_g95.jpg)

Section 2: Remuneration Policy continued Remuneration changes for 2026 In 2024, Gold Fields refined its three-pillar model and commenced an organisational transformation to better enable strategic delivery and drive greater efficiency. Reward and performance are critical to this process and so, in parallel, we conducted a thorough review of our reward and performance structures to ensure they remained effective and market-aligned in driving the desired outcomes. The Committee took a measured approach to this review with changes thoroughly considered, benchmarked and implemented in a phased manner to ensure stability and proper oversight. Accordingly, in 2025, the Committee focused on several changes to our Remuneration Framework for senior executives, including transition to a simpler and more transparent STI model including a deferred element and simplification of the LTI including removal of matching shares in line with investor feedback. This approach received strong support at the 2025 AGM. Having addressed the structure of the Remuneration Framework, in 2025 the Committee focused on ensuring the opportunity available to executives under this framework is also appropriate. To provide market context, the Committee commissioned a review of executive remuneration at Gold Fields against defined peer companies (as outlined on p90), with a focus on ensuring market benchmarks were responsibly selected. The review provided the following key findings: • Market positioning compared to gold peers: CEO target remuneration was ranked 11th out of 17 companies, notwithstanding that Gold Fields is the fifth largest company by market capitalisation • Global context including mining and broader industrials: while pay in US companies was unsurprisingly higher than most markets, the CEO package also lagged pay levels against relevant international peers. The majority of companies in the samples were smaller than Gold Fields in terms of market capitalisation • Broader Executive Committee: benchmarking for other Gold Fields Executive Committee members showed a similar below market positioning relative to peers • Pay structure: many of our North American peers pay STI wholly in cash and deliver part of their LTI in time-vested restricted shares. Although we remain mindful of best practice in South Africa, the weighting of the package towards short-term cash and guaranteed stock awards further enhances the relative competitiveness of pay packages in peer companies in the wider talent market Key remuneration principles underpinning changes • Remuneration must support the ambitious goals of the business over the medium term • Remuneration must remain globally competitive to attract and retain the talent required to support Gold Fields' continued growth and delivery of its strategic ambitions. At the same time, the Committee adopts a measured and disciplined approach to pay and does not seek to align with US remuneration practices. Rather, the objective is to maintain broadly mid-market positioning within the Company's relevant global comparator groups • No changes to the structure of Executive Committee remuneration for 2026. The structure therefore retains best practice features such as significant deferral of STI into shares, wholly performance-based STI and LTI and minimum shareholding requirements CEO remuneration in 2026 • TFR: conservative level set on appointment in 2024 – increase from US$1,048m to US$1,300m in 2026 reflects performance and development in role • STI and LTI: increase in 2026 target STI deferred shares opportunity (from 50% to 75% of TFR) and target LTI opportunity (from 150% to 175% of TFR) to reduce gap to market. Increases wholly in shares to improve shareholder alignment. No change in target STI cash opportunity (75% of TFR) Chief Executive Officer % of fixed remuneration 100 100 100 75 150 75 150 175 350 0 100 200 300 400 500 600 700 800 Below At target At stretch n Fixed REM n Cash STI n Deferred STI n LTI 94 GOLD FIELDS Integrated Annual Report 2025 All incentive awards forfeited 76% at risk 87% at risk Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025095.jpg](gfi-20251231_g96.jpg)

Section 2: Remuneration Policy continued While the Committee recognises that the increases are material, the CEO's remuneration would only move from 11th to eighth out of the 17 Gold Fields' peers, as shown in the chart below (before any increases peer companies may announce for the coming year), which remains a conservative positioning relative to Gold Field's relative market capitalisation within the Group (fifth). Target CEO total package for global gold miners Target total package US$000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 G ol d Fi el ds 20 26 G ol d Fi el ds 20 25 Given the size, complexity, international footprint and performance of Gold Fields, the Committee is satisfied that this represents a fair and measured approach. The changes reduce the delta to competitive market practice but remain modest by comparison to broader sector practice. Other Executive Committee members' remuneration in 2026 • TFR: standard increases for 2026 informed by local country budget increases and relevant market data. Targeted, more material increases to reflect development in role awarded to selected individuals appointed on TFR levels that were below market levels • STI and LTI: increase in 2026 target STI deferred shares opportunity (from 30% to 60% of TFR) and target LTI opportunity (from 110% to 120% of TFR) to reduce gap to market. Increases wholly in shares to improve shareholder alignment. No change in target STI cash opportunity (60% of TFR) Chief Financial Officer and other executives Percentage of fixed remuneration 100 100 100 60 120 60 120 120 240 0 100 200 300 400 500 600 700 Below At target At stretch n Fixed REM n Cash STI n Deferred STI n LTI The Committee believes these changes are vital to enable us to retain the talent that has delivered significant shareholder value creation to date and to attract global talent that will be key to the delivery of future strategic imperatives. Shareholder consultation The proposed changes for 2026 were the subject of consultation with our largest institutional shareholders. Engagement responses indicated broad support for both the direction and overall quantum of the proposed adjustments. No material concerns were raised. Feedback focused primarily on: • The balance between fixed and variable remuneration • The relative weighting of STIs and LTIs • The importance of maintaining discipline in remuneration levels during a strong gold price cycle • Continued alignment between performance measures and long-term shareholder value creation The Committee will continue to engage constructively with shareholders as part of its ongoing commitment to transparency and responsible remuneration governance. 95 GOLD FIELDS Integrated Annual Report 2025 All incentive awards forfeited 71% at risk 83% at risk Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025096.jpg](gfi-20251231_g97.jpg)

Section 2: Remuneration Policy continued Additional remuneration governance practices Consistent with our remuneration philosophy, Gold Fields maintains governance practices designed to support fairness, reinforce alignment with shareholder interests and promote responsible remuneration outcomes. Pay fairness and equity Consistent with our remuneration philosophy, Gold Fields is committed to fair and responsible pay practices across the Group. The Company seeks to ensure that remuneration outcomes are equitable, transparent and aligned with employees' contribution to the Group's performance and long-term success. In determining remuneration across the Group, the Company seeks to ensure that minimum levels of pay are fair and competitive within the local labour markets in which the Group operates. Gold Fields complies with applicable statutory minimum wage requirements in each jurisdiction and considers broader factors such as local economic conditions, labour market benchmarks and employee wellbeing when determining remuneration levels. The Company conducts periodic reviews of internal remuneration structures to identify and address any unjustifiable disparities. These reviews consider factors such as role scope, experience, performance and market benchmarks, and include analysis to identify potential disparities related to race, gender or other non-performance-related factors. Pay practices are guided by applicable legislation, governance standards and internal policy frameworks. The Remuneration Committee receives oversight on remuneration practices and pay equity considerations as part of its broader responsibility to promote responsible and sustainable remuneration practices across the Group. Executive minimum shareholding requirements Executive share ownership is a core component of Gold Fields' remuneration governance framework, strengthening alignment between executives and shareholders while supporting a long-term ownership mindset. The Company maintains formal minimum shareholding requirements (MSR) for executive directors and Executive Committee members. Compliance with these requirements is assessed annually by the Remuneration Committee. Role Shareholding requirement Period to achieve CEO 300% of fixed remuneration Five years Executive Committee 100% of fixed remuneration Five years Executives are expected to retain a meaningful shareholding once the requirement has been met, reinforcing sustained alignment with shareholder interests. Until 1 January 2025, matching share awards were used to support progress towards the MSR. This practice has been discontinued, further strengthening the pay-for-performance orientation of the executive Remuneration Framework. Attraction and retention awards Gold Fields maintains a formal framework governing the use of attraction and retention awards to support the recruitment and retention of critical skills in areas where talent is scarce or strategically important. Such awards are granted selectively and only where a clear business rationale exists. All awards are aligned with market practices, subject to predefined approval thresholds and structured to support long-term retention through service-based conditions. Awards at Executive Committee level require prior approval from the Remuneration Committee, ensuring independent oversight. The minimum service period associated with retention awards is typically three years. These arrangements are used judiciously and do not form a routine component of executive remuneration. Compensation clawback and malus Gold Fields maintains formal clawback and malus provisions within its Remuneration Framework to reinforce executive accountability and ensure that incentive outcomes appropriately reflect sustainable performance. These mechanisms support the Group's remuneration philosophy by enabling the adjustment or recovery of incentive-based remuneration where outcomes are subsequently found to be inconsistent with the underlying performance of the business, risk management practices or expected standards of conduct. The provisions align with applicable governance and regulatory requirements, including the principles of King IV, the Companies Act, the JSE Listings Requirements and applicable New York Stock Exchange (NYSE) listing standards. These provisions apply to both annual incentive awards and LTI arrangements, ensuring that variable remuneration outcomes remain aligned with the Company's performance, risk management practices and long-term shareholder interests. Clawback The Company's Clawback Policy provides for the recovery of incentive-based remuneration that has already been paid where specified trigger events occur. The policy applies to current and former executives and may be invoked where a financial restatement results in an overpayment of incentive remuneration, whether arising from misconduct or unintentional error. The policy generally applies to incentive compensation awarded during the three years preceding the date of a financial restatement. Where recovery is required, the Remuneration Committee may determine the appropriate recovery mechanism, which may include reimbursement by the executive or the offset of amounts against future remuneration, subject to applicable legal and regulatory requirements. The Remuneration Committee has oversight of the application of the policy and retains discretion, within the parameters of applicable regulations, in determining whether recovery is appropriate in the circumstances. Malus In addition to clawback provisions, the Remuneration Framework includes malus provisions that enable the Remuneration Committee to reduce or cancel incentive awards that have been granted but not yet paid or vested. Malus may be applied in circumstances such as material financial misstatement, serious misconduct, significant risk management failures or other events that could reasonably be expected to have a material adverse impact on the Company or its stakeholders. 96 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025097.jpg](gfi-20251231_g98.jpg)

Section 2: Remuneration Policy continued These provisions allow the Committee to intervene before incentive outcomes are realised where performance outcomes are subsequently found to be inaccurate, unsustainable or inconsistent with the Company's values and governance standards. No clawback or malus provisions were applied during the reporting period. The Committee reviews these provisions periodically to ensure continued alignment with evolving regulatory requirements and emerging governance best practice. Executive service contracts Executives are employed under formal service agreements that reflect the scope, accountability and leadership responsibilities associated with their roles. These agreements are designed to support organisational stability while maintaining appropriate governance safeguards. Executive contracts are typically indefinite, subject to applicable retirement provisions in the relevant jurisdiction. Provision Policy and governance approach Contract duration Executive contracts are typically indefinite, subject to applicable retirement provisions in the relevant jurisdiction. Notice periods Notice periods are reciprocal and structured to support orderly succession planning. Executive directors are subject to a 12-month notice period, while other executives are generally subject to a six-month notice period. Change of control Provisions operate on a double-trigger basis. Payments arise only where both a change of control occurs and employment is terminated within defined parameters. Compensation is typically limited to two times annual fixed remuneration. The treatment of STI and LTI awards follows the approved plan rules and is applied on a prorated basis, taking into account time served and expected performance where relevant. Bad leaver treatment Bad leavers, including cases of voluntary resignation or dismissal for cause, forfeit unvested incentive awards. Accrued statutory benefits are administered in accordance with applicable legislation. Good leaver treatment Good leaver provisions, typically including retirement, death or retrenchment, are applied in line with the governing incentive plan rules, with vesting remaining subject to the fulfilment of applicable conditions. Severance arrangements Severance arrangements, where applicable, are subject to Remuneration Committee review and approval. Post-employment restraints Post-employment restraints are typically in place for a period of six months, supported by ongoing confidentiality obligations. Clawback Executive remuneration is subject to the Company's clawback policy, reinforcing accountability in the event of misconduct, material misstatement or other defined triggers. Non-Executive Director remuneration Gold Fields maintains a fee structure designed to attract and retain NEDs with the experience and judgement required to provide effective oversight of strategy, risk and governance. Fees are structured as fixed annual retainers and are not linked to Company performance. NEDs do not participate in short-term or long-term incentive arrangements and are not eligible to participate in the Company's share plans. This approach supports the independence of the Board and aligns with established governance standards. Additional fees are paid for Board Committee membership to reflect the responsibilities associated with these roles. The Chairperson of the Board and the Lead Independent Director receive all-inclusive fees covering Board and Committee participation. The fee structure applicable to NEDs is summarised below: NED fees in US$ Approved 2025/2026 Proposed 2026/20271 Chairperson of the Board (all-inclusive fee) 252,000 262,100 LID (all-inclusive fee) 164,000 170,600 Members of the Board 91,400 95,100 Chairperson of the Audit Committee 30,000 31,200 Chairpersons of all other committees 20,300 21,200 Members of the Audit Committee 17,200 17,900 Members of all other committees 13,000 13,550 1. The proposed fees for the 2026/2027 Board cycle are based on a US inflationary indicator of 3.1% Fees are reviewed periodically with reference to relevant market benchmarks and remain subject to shareholder approval. The most recent benchmarking review of NED fees was conducted in 2023. The review considered a peer group comprising South African listed mining companies and international mining companies, reflecting the Group's geographic footprint, operational scale and global investor base. This benchmarking analysis assists the Committee in ensuring that NED remuneration remains competitive while maintaining appropriate governance discipline. 97 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025098.jpg](gfi-20251231_g99.jpg)

Section 2: Remuneration Policy continued The peer group used for the 2023 benchmarking review is set out below. South African mining companies International mining companies African Rainbow Minerals AngloGold Ashanti Anglo American Platinum Barrick Gold DRD Gold Eldorado Gold Harmony Gold Mine Yamana Gold Impala Platinum Agnico Eagle Kumba Iron Ore Ltd Northam Platinum Sibanye-Stillwater The peer group used in the 2023 benchmarking review included companies with broadly comparable scale, geographic footprint and governance environments and provided an appropriate reference point for assessing NEDs fees. NEDs are also reimbursed for reasonable travel and accommodation costs incurred in the performance of their Board duties, in accordance with Company policy. Full details of the fees paid to NEDs during the year are disclosed in the Implementation Report. Remuneration Committee affirmation The Remuneration Committee is satisfied that this policy is aligned with the Company's strategic objectives and supports the creation of sustainable long-term shareholder value. The Committee believes the policy promotes fair and responsible remuneration, appropriately balances reward with performance, and reflects good governance practice. The Committee reviews the policy regularly to ensure it remains relevant in a changing environment and continues to support the attraction, retention and motivation of the leadership required to deliver the Company's strategy. Non-binding advisory vote In line with King IV, shareholders cast non-binding advisory votes on both the Remuneration Policy and the Implementation Report at the AGM. Should 25% or more of the votes be cast against either resolution, the Company will undertake shareholder engagement to understand the underlying concerns and consider appropriate responses. 98 GOLD FIELDS Integrated Annual Report 2025 St Ives tailings facility Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025099.jpg](gfi-20251231_g100.jpg)

Section 3: Implementation Report This section sets out how the Company's approved Remuneration Policy was implemented during the financial year ended 31 December 2025 and provides the disclosure of remuneration outcomes for executive directors, prescribed officers and NEDs. The remuneration outcomes reported in this section were determined in accordance with the Remuneration Policy approved by shareholders, the applicable incentive plan rules and the JSE Listings Requirements. The Remuneration Committee is satisfied that the outcomes appropriately reflect Company performance for the year and are aligned with the pay-for-performance principles described in this report. This disclosure has been prepared in compliance with the principles of King IV, the Companies Act, the JSE Listings Requirements and other applicable regulatory requirements relating to remuneration reporting. Confirmation of executive directors and prescribed officers In accordance with the Companies Act and applicable governance requirements, the Board has determined the individuals who qualify as prescribed officers of the Company for the reporting period. Prescribed officers are those individuals who exercise general executive control over and management of the whole, or a significant portion, of the Company's business and activities. The following individuals were designated as prescribed officers for reporting purposes during the year ended 31 December 2025: Name Position Executive Director Prescribed Officer M Fraser CEO Yes Yes AT Dall CFO Yes Yes F Swanepoel Chief Operating Officer No Yes M Steyn EVP People and Sustainability No Yes KM Carter EVP Legal and Governance No Yes CO Gratias EVP Strategy and Corporate Development No Yes J Magagula EVP External Affairs No Yes M Preece Former Chief Operating Officer No Yes L Rivera Former EVP Americas No Yes J Sander Acting Chief Technical Officer No Yes G Lotz Acting EVP People No Yes 1 M Preece and L Rivera exited as prescribed officers during 2025. 2 G Lotz (1 Jan 2025 – 31 Mar 2025) and J Sander (1 Sep 2025 – 31 Dec 2025) served in an acting executive capacity during 2025. Key valuation and disclosure information The following information applies to remuneration disclosures presented in this Implementation Report. Item FY2025 FY2024 Basis of calculation US$/R exchange rate 17.88 18.33 12-month average exchange rate for the year ended 31 December US$/A$ exchange rate 1.55 1.52 12-month average exchange rate for the year ended 31 December LTI fair value performance 121.29% 93.10% Final performance vesting percentage applied to LTI awards vesting in the year Share price (NYSE) US$44.05 US$13.96 20-day volume weighted average price (VWAP) ending 31 December Fixed remuneration – implementation TFR for executive directors and prescribed officers was implemented during 2025 in accordance with the principles set out in Section 2 of this report. The updated fixed pay methodology described in Section 2 was applied during the year. Increases effective in 2025 were primarily inflation-linked and reflected jurisdiction-specific economic conditions. Broader market alignment adjustments were considered separately and approved for implementation in 2026. Accordingly, the 2025 reporting year reflects inflation-based adjustments under the revised methodology, with market realignment taking effect prospectively. Pay methodologies Executive guaranteed remuneration continues to be delivered through two established methodologies: • All-inclusive guaranteed remuneration package (GRP): applicable to executives based in South Africa, comprising base salary and core benefits (including retirement funding, medical cover and insured risk benefits), with all employer contributions included in the total package • Base salary plus core benefits ("Base +"):applicable to executives based outside South Africa, comprising base salary and standard employer-funded benefits in line with local market practice The Committee remains satisfied that these structures are appropriate for the jurisdictions in which the Group operates. Dual-currency arrangements Certain executives hold dual contracts within the Group and are remunerated in dual currencies, reflecting the international scope of their roles. During 2025, the CEO, CFO and EVP Strategy and Corporate Development were subject to dual-currency arrangements. For disclosure purposes, all remuneration is presented in US Dollars. Non-US Dollar denominated amounts have been translated using the average exchange rate for the year, as disclosed in the Implementation Reference Information section. 99 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025100.jpg](gfi-20251231_g101.jpg)

Section 3: Implementation Report continued Disclosure of fixed remuneration The table below sets out the annual contractual fixed remuneration values for Executive Directors and Prescribed Officers for 2025, including the applicable pay methodology, currency of remuneration, inflationary adjustment applied and US Dollar equivalent for comparative purposes for the period ending 31 December 2025. Executive Fixed pay method Currency 2024 approved salary 2024 approved salary in US$ Increase % 2025 approved salary1 2025 approved salary in US$2025 additional contributions – local currency2 2025 total fixed remuneration M FraserDC GRP R 12,060,000 657,938 5.8% 12,759,480 713,617 – 713,617 US$312,000 312,000 4.0% 324,480 324,480 – 324,480 A DallN, DC GRP R 3,700,000 201,855 – 5,725,000 320,190 – 320,190 US$ – – – 150,000 150,000 – 150,000 C GratiasDC GRP R 5,700,000 310,966 5.8% 6,030,600 337,282 – 337,282 US$155,000 155,000 4.0% 161,200 161,200 – 161,200 J Magagula GRP R 6,360,000 346,972 5.8% 6,728,880 376,336 – 376,336 F Swanepoel4 Base + A$754,728 496,532 19.3% 900,051 580,678 120,942 658,705 M Steyn3 Base + A$620,000 407,895 24.4% 771,528 497,760 105,519 565,837 K Carter Base + A$695,256 457,405 3.7% 720,980 465,149 99,454 529,312 M PreeceEX GRP R 12,190,000 665,030 5.8% 12,897,020 721,310 – 721,310 L RiveraEX Base + US$636,141 636,141 4.0% 661,587 661,587 236,656 898,243 Footnotes: 1 Salary increases are effective 1 March 2025. The 2025 approved salary reflected is based on a full 12-month period, whereas the salary reflected in the single figure of remuneration on p108, accounts for the March increase date 2 Health insurance allowance for Australian senior management increased from A$11,000 to A$11,550 per annum from 1 August 2025. This adjustment reflects the cumulative increase in private health insurance premiums 3 M Steyn's increase is reflective of her appointment from EVP Sustainability to her dual portfolio appointment EVP People and Sustainability on 1 April 2025 4 F Swanepoel's increase is reflective of his appointment to COO on 1 September 2025 5 The following individuals served in an acting executive capacity during 2025, with their 2025 TFR set out below: • G Lotz as EVP: People from 1 January to 31 March 2025. His 2025 TFR was R4,725,557 ($264,293). • J Sander as Chief Technical Officer from 1 September to 31 December 2025. His 2025 TFR was A$589,624 ($380,403). N = refers to executives who were appointed during the 2025 reporting year, ended 31 December 2025 DC = refers to executives who hold contracts in both South African Rand and US Dollar EX = refers to executives who exited during the 2025 reporting year, ended 31 December 2025 100 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025101.jpg](gfi-20251231_g102.jpg)

Section 3: Implementation Report continued Short-term incentive – implementation in 2025 In line with policy, STI outcomes for executive directors and prescribed officers were determined through the three-tier structure of Group business performance, operation/function performance (where applicable) and individual performance. The Group business scorecard, aligned to the Group's strategic pillars and annual business plan, formed the foundation of all STI outcomes and determined the overall bonus pool. The Committee assessed performance against the approved targets and applied judgement where appropriate, consistent with the policy provisions disclosed in Section 2. Individual outcomes were then determined through calibrated assessments of both performance delivery and leadership behaviours, ensuring alignment with sustainable value creation and responsible stewardship. The tables that follow set out the 2025 Group business scorecard results, the CEO and CFO performance assessments, and the final STI outcomes, including the application of deferral in accordance with plan rules. Group and Chief Executive Officer performance assessment The Remuneration Committee assessed the CEO's performance against the approved annual business plan and scorecard, which constitutes the CEO's annual performance framework. The scorecard reflects the Group's strategic priorities across safety, sustainability, operational delivery, assets quality and financial outcomes. The Committee considered the Group's overall performance for 2025, including zero fatalities, production exceeding plan, disciplined cost performance, strengthening of the balance sheet and progress in portfolio optimisation. In doing so, the Committee applied judgement where appropriate to ensure that the outcome appropriately reflected both achievements and areas requiring further improvement. No discretionary adjustments were applied. The resulting Group business scorecard outcome of 124.3% represents the Committee's balanced assessment of performance delivered during the year. The Group business scorecard is detailed on p102. Chief Financial Officer performance assessment The Remuneration Committee assessed the CFO's performance against the approved individual objectives for 2025, which were aligned to the Group business scorecard and focused on financial stewardship, capital discipline, balance sheet strength and the optimisation of the finance function. In evaluating performance, the Committee considered the Group's delivery against its financial objectives, including disciplined cost performance, refinancing of the bridge facility, maintenance of investment-grade credit ratings and implementation of the capital returns framework. The Committee also assessed progress made in strengthening financial governance, reporting transparency and cost oversight across the portfolio. In addition, the Committee considered broader leadership factors, including the CFO's contribution to embedding the simplified organisational structure, strengthening accountability within the finance function, supporting cross-functional collaboration and reinforcing a culture of disciplined capital allocation and financial transparency across the Group. The resulting individual performance outcome of 100% reflects the Committee's balanced assessment of both objective delivery and executive leadership demonstrated during the year. The CFO's individual performance assessment is detailed on p103. Executive individual performance – 2025 assessment The performance of Executive Committee members (excluding the CEO) was assessed against defined strategic, financial and operational objectives for 2025, directly aligned to the approved annual business plan and the Group Business Scorecard described above. In addition to measurable delivery against objectives, the assessment incorporated qualitative considerations, including leadership effectiveness, collaboration across the Group, strengthening of organisational capability, and the consistent demonstration of Gold Fields' values and culture-based behaviours. This ensured that outcomes reflected not only what was delivered, but how it was delivered. Individual performance outcomes were determined by the CEO following a structured review process. The Remuneration Committee reviewed and approved the CFO's assessment and endorsed the outcomes for the remaining executives, satisfying itself that the results were appropriately calibrated, consistent with Group performance and aligned with the principles of the approved STI Policy. 101 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices Gruyere – process plant

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![Form 20-F wrapper_GFL Integrated Annual Report_2025102.jpg](gfi-20251231_g103.jpg)

Section 3: Implementation Report continued Group and Chief Executive Officer scorecard In accordance with the Gold Fields performance framework and STI plan, the CEO's annual incentive is determined based on performance against the approved annual Group business plan and scorecard, which constitutes the CEO's performance scorecard for STI purposes. OBJECTIVE WEIGHT TARGET OBJECTIVES PERFORMANCE OUTCOME SCORE OUTCOME Safety, sustainability and people Safety and wellbeing 5.0% Achieve zero fatalities. The Group achieved zero fatalities in 20251 100.0% 5.0% 5.0% Achieve 50% reduction in serious injuries from baseline of 5. Six serious injuries were recorded1 0.0% 0.0% 10.0% Deliver the Safety Improvement Plan by: • complete risk awareness in-field training for 90% of operational leaders • complete leadership coaching for 50% of senior leaders • assess and verify the five highest priority risks and critical controls • implement 90% of the Respectful Workplace recommendations The safety improvement plan was delivered above target in all areas: • risk awareness in-field training was completed by 1.73 times the number of operational leaders estimated, reflecting broader rollout across additional leadership levels and embedded business partners • leadership coaching was completed by 61% of senior leaders, above the 50% target • nine highest priority risks and critical controls were assessed and verified, above the target of five • 95% of the Respectful Workplace recommendations were implemented, with 20 of 21 actions completed and the final action in progress 151.0% 15.1% Sustainability 10.0% Carbon intensity reduction to 562kg CO₂e/oz Fresh water withdrawal reduction by 17% and 73% recycle/reuse of water usage. Conformance of greater than 90% for eight of nine sites. Achievement of 30% Host Community Procurement for 2025 The Carbon intensity target was not achieved with an outcome of 706kg CO₂e/oz. Fresh water withdrawal reduced by 31% and 74% of water recycled/reused. Conformance exceeded 95% for all assets, excluding Damang, for which transition disclosure was made during the year. 37% host community procurement was achieved. 115.0% 11.5% People and operating model 10.0% Improve employee engagement and progress the Group's operating model to support accountability, efficiency and cost discipline The Group delivered a strong employee engagement outcome and made good progress in embedding its operating model and identifying multi-year efficiency opportunities 125.0% 12.5% Safe, reliable and cost-effective operations Production 10.0% Achieve gold-equivalent production above the P25 risk-adjusted business plan estimate of 2,310koz Gold-equivalent production of 2,438koz substantially exceeded the 2,310koz risk- adjusted business plan estimate 200.0% 20.0% All-in-Costs 5.0% Produce gold within 2% of the all-in cost target ratio of US$1,926/oz All-in costs of US$1,927/oz was delivered in line with the target ratio 100.0% 5.0% Compliance to Mine Plan 5.0% Achieve 85% combined spatial compliance and progressing the asset optimisation programme Combined spatial compliance improved during the year at 78% but remained below the 85% target, while progress continued against the asset optimisation programme 26.0% 1.3% Asset quality Portfolio strength and project delivery 20.0% Reverse the reserve depletion trend, with Mineral Reserves by December 2025 equal to or higher than the December 2022 level of 46.1Moz Mineral Reserves are expected to be approximately 48.3Moz, around 5% above the 46.1Moz December 2022 baseline 150.0% 15.0% Advance the Windfall project towards FID readiness and integration into Gold Fields Windfall feasibility and integration activities progressed, although FID timing moved beyond year-end 76.0% 3.8% Sustainably bringing Salares Norte into commercial production Salares Norte achieved sustained commercial production and delivered strong operational performance, ranked as our top performing asset in 2025 200.0% 10.0% Financial outcomes Capital discipline and balance sheet strength 10.0% Improve ROIC relative to the 2024 baseline ROIC performance was 102.64% of the 2024 baseline 102.6% 10.3% 5.0% Deliver capital expenditure within 5% of budget, adjusted for foreign exchange Capital expenditure was delivered at 4% above budget, within the approved range 100.0% 5.0% 5.0% Refinance the US$750m bridge debt facility at competitive pricing and maintaining an investment-grade credit rating The US$750m bridge facility was successfully refinanced in May 2025, and the Company maintained its investment-grade credit ratings with a stable outlook 200.0% 10.0% 100.0% 124.3% 102 GOLD FIELDS Integrated Annual Report 2025 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision-making practices, including performance and reward. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025103.jpg](gfi-20251231_g104.jpg)

Section 3: Implementation Report continued Chief Financial Officer individual performance assessment PERFORMANCE AREA PERFORMANCE OUTCOME ASSESSMENT Financial stewardship and cost discipline • Supported delivery of production and cost objectives in line with the approved business plan • Strengthened oversight of operating and capital expenditure across the portfolio and enhanced transparency of functional spend, contributing to AIC performance delivered in line with target Target met (moderated) Balance sheet resilience and capital allocation • Successfully refinanced the US$750m bridge facility, extending maturity and strengthening liquidity at competitive rates • Maintained investment-grade credit ratings and supported implementation of the capital returns framework, reinforcing disciplined capital allocation and financial resilience Target exceeded Financial governance and reporting transparency • Advanced the standardisation of financial reporting and strengthened financial controls across the Group to support improved return on invested capital measurement and capital allocation decision-making • Continued progress made in integrating systems and improving reporting consistency across assets Target met (moderated) Translation of performance into short-term incentive outcomes Final STI outcomes for 2025 were determined in accordance with the mechanics outlined in the Remuneration Policy, based on target STI opportunity for each executive (CEO 125% of salary; other Executive Committee members 90% of salary) multiplied by both the business performance score (124.3% in 2025 as outlined on p102) and by individual performance, and capped at 200% of target. The table below sets out the STI outcomes for Executive Directors and Prescribed Officers for 2025. Executive Currency Total STI Total STI STI as cash1 STI deferred to shares2 Deferred shares3 CCY US$ CCY CCY # M Fraser R 19,649,400 1,600,060 11,789,640 7,859,760 13,312 US$501,100 300,660 200,440 A Dall R 6,038,400 478,418 4,025,600 2,012,800 3,317 US$140,700 93,800 46,900 C Gratias R 7,355,400 608,576 4,903,600 2,451,800 4,219 US$197,200 131,467 65,733 J Magagula R 7,460,900 417,276 4,973,933 2,486,967 2,893 F Swanepoel A$1,005,900 648,968 670,600 335,300 4,493 M Steyn A$996,500 642,903 664,333 332,167 4,451 K Carter A$802,000 517,419 534,667 267,333 3,583 M Preece4 R 9,477,600 530,067 9,477,600 – – Footnotes: 1 The STI cash portion split for CEO = 75% of 125% and CFO and Executive Committee = 60% of 90% 2 The STI deferral portion split for CEO = 50% and CFO and Executive Committee = 30% 3 Deferred shares are determined using a 20-day VWAP of R 859.65 (GFI:JSE) at the award date, 1 March 2026. 4 The following individuals exited executive roles during 2025, with their 2025 STI outcomes set out below: • M Preece, former COO, exited on 31 August 2025. His prorated 2025 STI outcome was paid as cash with no deferral requirement. • L Rivera, former EVP: Americas, exited on 31 March 2025. No STI was payable. 5 The following individuals served in an acting executive capacity during 2025, with their 2025 STI outcomes set out below: • G Lotz as EVP: People from 1 January to 31 March 2025. His 2025 STI outcome was R2,923,000 ($163,479). • J Sander as Chief Technical Officer from 1 September to 31 December 2025. His 2025 STI outcome was A$401,800 ($259,226). 103 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025104.jpg](gfi-20251231_g105.jpg)

Section 3: Implementation Report continued Long-term incentive – implementation for 2025 This section explains how the LTI Policy described in Section 2 was applied during 2025. It covers both: • The vesting outcomes of previously granted awards under legacy LTI arrangements • New awards granted during 2025 under the 2025 Gold Fields Share Equity Plan Consistent with our remuneration philosophy, LTI outcomes are determined strictly in accordance with the approved performance conditions and plan rules. Assessment of performance conditions Awards that vested during 2025 relate to performance cycles that commenced in prior years under the legacy LTI plans described in Section 2. These awards were tested against the approved three-year performance conditions applicable at the time of grant. The performance measures comprised a balanced mix of financial, operational and sustainability metrics, with no retesting of performance once the cycle concluded. Where performance fell below threshold, no vesting occurred. Where performance fell between threshold and target, vesting occurred on a linear basis, except where otherwise specified in the original plan rules. Full details of the relevant performance measures and outcomes are set out below. The Remuneration Committee reviewed the calculated vesting outcomes and confirmed that they accurately reflected performance against the pre-determined conditions. No upward discretion was applied. Performance period: 1 January 2023 – 31 December 2025 Estimated vesting date: 26 February 2026 Grant price: GFI:JSE – R165.94 Performance period: 1 January 2025 – 31 December 2027 Estimated vesting date: 24 February 2028 Grant price: GFI: JSE – R346.44 LTI performance conditions Weight Target (100%) Actual Achieved Final outcome Weight Threshold Target Stretch ABSOLUTE TSR (US$) (0%) (100)% (200%) Absolute TSR is measured on the US cost of equity, calculated independently using three-year Gold Fields US beta applied by 5% plus the average yield on a US three- year Treasury bond. 25.0% 9.8 44.21 200% 50.00% 25.0% No vesting below target US$ cost of equity in nominal terms over the three years US$ cost of equity in nominal terms plus 6% p.a. RELATIVE TSR (rank) Relative TSR is measured on the Gold Fields ranking against the peer group approved by the Remuneration Committee. 25.0% 5th 3rd 150% 37.50% 25.0% Ranked 6th or lower against peer group Ranked at median of peer group Ranked 1st against peer group AIC (US$/oz) AIC is measured in US$/oz over the three-year performance period. The vesting correlation for this target is a 10% movement in the target achievement for every US$10 movement. 25.0% 1,347 1 ,696 0% 0.00% AISC (US$/oz) AISC is measured as cost per ounce sold, with performance based on a cumulative 3% per annum real improvement from the 2024 base of US$1,629/oz. 25.0% 2024 baseline or lower 3% p.a. improvement on 2024 baseline 5% p.a. improvement on 2024 baseline REDUCED CARBON EMISSIONS (kt CO2e) Reduced carbon emissions are measured as the three-year cumulative total reduction in kt CO2e, as part of the 2030 abatement plan. 10.0% 668.83 676.8 108% 10.79% 12.5% Cumulative reduction in 750kt CO2e by 2027 Cumulative reduction in 882kt CO2e by 2027 Cumulative reduction in 1014kt CO2e by 2027 FEMALE REPRESENTATION (%) Female representation in mining is measured as a percentage of the total workforce with an aim to target 30% by 2030. 8.0% 25% 27% 200% 16.00% 12.5% 26.1% of total headcount 27.5% of total headcount 28.9% of total headcountTAILINGS STORAGE FACILITIES AND GISTM CONFORMANCE Achieve conditional conformance by August 2023 + full conformance by August 2024 + reduce active upstream raised TSFs to from five to three by end-2024. 7.0% Targets met 100% 7.00% LTI performance hurdle vesting outcome 121.29% 104 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025105.jpg](gfi-20251231_g106.jpg)

Section 3: Implementation Report continued Peer group used for relative total shareholder return comparison Relative total shareholder return (R-TSR) performance is assessed against a peer group of international mining companies that broadly reflect the Group's sector exposure, scale and global investor base. The Remuneration Committee reviews the composition of the peer group periodically, typically in November for application in the following performance year. In recent years the composition of the peer group has evolved as a result of consolidation within the global mining sector, including mergers and acquisitions involving certain companies in the peer group. The Committee has maintained the integrity of the comparator set by continuing to assess its appropriateness as part of this review process. The Committee intends to review the composition of the R-TSR peer group again in 2026, including consideration of a potential expansion of the peer group, to ensure that it remains appropriate, representative and aligned with evolving governance practice. The evolution of the comparator group over the past three performance cycles is summarised below. R-TSR peer group comparators 2023 2024 2025 Agnico Eagle ✓ ✓ ✓ AngloGold Ashanti ✓ ✓ ✓ Barrick Gold Corporation ✓ ✓ ✓ Eldorado Gold ✓ – – Endeavour Mining Corporation ✓ ✓ ✓ Kinross ✓ ✓ ✓ Newcrest ✓ ✓ – Newmont Corporation ✓ ✓ ✓ Northern Star Resources Limited ✓ ✓ ✓ Yamana ✓ – – Pan American Silver – ✓ ✓ 105 GOLD FIELDS Integrated Annual Report 2025 Cerro Corona – process plant Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025106.jpg](gfi-20251231_g107.jpg)

Section 3: Implementation Report continued LTI awards granted and vested in 2025 The table that follows distinguishes clearly between: • Vesting of legacy LTI awards — relating to performance cycles concluded in 2025 under the 2012 share plan and the 2018 cash-settled LTI plan • New LTI awards granted during 2025 under the 2025 Gold Fields share equity plan New awards granted in 2025 fall under the revised LTI structure outlined in Section 2 (LTIs), including updated performance measures and plan mechanics. These awards will be tested over the 2025 – 2027 performance cycle and therefore have no vesting impact in the current reporting year. The below table provides full transparency of award levels, performance outcomes and resulting vesting, enabling shareholders to assess the direct alignment between long-term performance and executive reward. Performance shares vested for 2023 – 2025 cycle Performance share rights granted for 2025 – 2027 cycle Granted in 2023 Value at grant1 Shares lapsed Vested outcome Vested shares Estimated fair value2 2025 salary3 Target opportunity Granted in 2025 Value at grant Estimated fair value2 Executive US$'000 US$'000 ZAR'000 US$'000 US$'000 M Fraser 15,669 148 – 121.29% 19,005 837.2 18,707 150% 80,997 1,530.9 4,730.0 A Dall – – – – – – 8,500 110% 26,989 510.1 1,576.1 C Gratias – – – – – – 8,985 110% 28,530 539.2 1,666.1 J Magagula 14,186 134 – 121.29% 17,206 757.9 6,729 110% 21,365 403.8 1,247.7 F Swanepoel – – – – – – 9,462 110% 30,044 567.8 1,754.5 M Steyn – – – – – – 7,773 110% 24,681 466.5 1,441.3 K Carter 39,730 375 – 121.29% 48,189 2,122.7 8,717 110% 27,677 523.1 1,616.2 M Preece4 85,381 806 14,230 121.29% 86,300 3,801.5 12,897 110% 40,950 774.0 2,391.4 L Rivera4 75,661 715 18,915 121.29% 68,828 3,031.9 12,127 110% 38,505 727.7 2,248.6 Footnotes: 1. The 2023 performance share grant value was translated at US$:R17.57, based on the JSE grant price of R165.94 per share 2. The 2023 performance shares and 2025 performance shares rights reflect an estimated vesting of 121.29% and 132.57%, respectively, based on a 20-day VWAP of US$44.05 at 31 December 2025 3. The 2025 LTI grant base was translated at US$:R18.33 and A$:R12.09. Performance share rights were granted on the JSE at R346.44 per share at the effective award date of 1 March 2025 4. The following executives exited during 2025: • M Preece vested his 2023 performance shares on a prorated basis to 31 August 2025 • L Rivera vested his 2023 performance shares on a prorated basis to 31 March 2025 5. The following individuals served in an acting executive capacity during 2025, with their 2025 LTI awards and vesting outcomes set out below: • G Lotz – EVP: People from 1 January to 31 March 2025, was awarded 15,004 Conditional Share Rights in 2025 and vested 9,886 Performance Shares, with an estimated fair value of $435,478 • J Sander – Chief Technical Officer from 1 September to 31 December 2025, was awarded 11,680 Conditional Share Rights in 2025 and did not vest any Performance Shares 6. The following former executives exited during 2024, with their 2025 LTI vesting outcomes set out below: • P Schmidt – former CFO, exited on 30 June 2024 and vested 50,752 Performance Shares on a prorated basis, with an estimated fair value of $2,235,626 • N Chohan – former EVP: Sustainability, exited on 31 August 2024 and vested 28,342 Performance Shares on a prorated basis, with an estimated fair value of $1,248,465 • S Mathews – former EVP: Australia, exited on 31 March 2024 and vested 30,957 Performance Shares on a prorated basis, with an estimated fair value of $1,363,656 • R Bardien – former EVP: People, exited on 31 January 2024 and vested 16,798 Performance Shares on a prorated basis, with an estimated fair value of $739,952 • J Mortoti – former EVP: West Africa, exited on 30 June 2024 and vested 37,259 Performance Shares on a prorated basis, with an estimated fair value of $1,641,259 106 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025107.jpg](gfi-20251231_g108.jpg)

Section 3: Implementation Report continued Remuneration for executive directors and prescribed officers (US$'000) for the reporting period ended 31 December 2025 Single total figure of remuneration Name and position Year Salary1, 2 Benefits3 Total fixed remuneration Short-term incentive4 LTI plan reflected5 Matching shares reflected6 Other7 Single total figure of remuneration EXECUTIVE DIRECTOR M Fraser 2025 1,113.1 28.8 1,141.9 1,600.1 837.2 – 0.2 3,579.3 CEO 2024 943.1 26.8 969.9 335.4 – – – 1,305.4 A Dall8 2025 404.7 21.8 426.4 478.4 – – 8.3 913.2 CFO 2024 117.1 17.5 134.6 61.4 – – 28.7 224.7 PRESCRIBED OFFICERS F Swanepoel9, 10 2025 575.3 26.6 601.9 649.0 – – 39.1 1,289.9 Chief Operating Officer 2024 535.1 26.2 561.3 151.1 – – 42.0 754.3 C Gratias 2025 478.7 18.3 497.0 608.6 – 462.3 0.2 1,568.0 EVP Strategy and Business Development 2024 134.3 6.5 140.8 47.2 – – 598.0 786.0 K Carter 2025 513.5 26.6 540.1 517.4 2,122.7 207.0 1.0 3,388.2 EVP Legal and Compliance 2024 497.9 26.2 524.0 139.1 89.0 60.1 8.3 820.6 M Steyn10, 11 2025 525.7 26.6 552.3 642.9 – – 115.4 1,310.6 EVP People and Sustainability 2024 305.1 15.6 320.7 72.6 – – 442.6 835.9 J Magagula 2025 317.2 55.7 372.9 417.3 757.9 – – 1,548.1 EVP External Affairs 2024 293.0 50.7 343.7 105.5 – – – 449.2 M Preece13 2025 452.2 22.1 474.3 530.1 3,801.5 – 276.6 5,082.5 Former Chief Operating Officer 2024 628.1 30.7 658.8 202.3 745.9 – 0.9 1,607.8 L Rivera14 2025 379.7 154.2 534.0 – 3,031.9 – 1,262.9 4,828.8 Former EVP Americas 2024 839.6 202.4 1,042.1 – 736.9 – 520.5 2,299.5 Footnotes: 1 Salary represents fixed remuneration paid during the year, including cash allowances where applicable. 2 Messrs Fraser, Dall and Gratias are employed under dual-currency contracts. Salary disclosed represents the aggregate remuneration paid under local and offshore contracts as follows: • Mr Fraser: R12,759,480 (local) and US$324,480 (offshore) • Mr Dall: R5,725,000 (local) and US$150,000 (offshore) • Mr Gratias: R6,030,600 (local) and US$161,200 (offshore) 3 Benefits comprise employer contributions to retirement funds, risk benefits and medical insurance in accordance with local employment arrangements. 4 Short-term incentive (STI) reflects cash incentives earned for the respective performance period. Amounts for 2025 relate to performance for the year ended 31 December 2025 and are payable in 2026 (2024: payable in 2025). 5 Long-term incentive (LTI) reflects the value of performance shares vesting for the year ended 31 December 2025. The 2025 amount relates to the vesting of 2023 awards, valued using a 20-day VWAP of US$44.05 (2024: 2022 awards valued using a 20-day VWAP of US$13.96). 6 Executives contributing towards their Minimum Shareholding Requirement (MSR) during 2024 received matching shares on a 3:1 basis under the Executive MSR Policy. Awards are valued using a 20-day VWAP of US$44.05. The policy was discontinued with effect from 1 January 2025. 7 Other payments include leave encashment, long-service awards, acting allowances, retention bonuses, reimbursed expenses, termination payments (where applicable) and statutory payments outside the Company's remuneration policies. 8 A Dall assumed the interim CFO role on 1 May 2024 and was appointed permanent CFO on 1 March 2025. The amount disclosed under "Other" reflects the acting allowance paid in January and February 2025, calculated at 20% of total fixed remuneration during the acting period. 9 In addition to a local inflationary increase of 3.7% in 2025, Mr Swanepoel's base salary increased from A$782,653 to A$900,051 following his appointment as Chief Operating Officer, effective 1 September 2025. 10 During 2025, Mr Swanepoel assumed responsibility for the South America Asset portfolio in addition to his executive duties, requiring frequent travel between Australia and South America. The Board approved an exertion allowance of A$60,607, reflected under "Other" in the 2025 single figure of remuneration. 11 In addition to a local inflationary increase of 3.7% in 2025, Ms Steyn's base salary increased from A$642,940 to A$771,528 following her appointment to EVP: People and Sustainability and assumption of a dual executive portfolio, effective 1 April 2025. 12 Ms Steyn received the second instalment (AUD178,571) of her previously disclosed three-year sign-on payment, which is reflected under "Other" for 2025. The first instalment (AUD672,645) was reflected under "Other" for 2024. 13 Mr Preece retired on 31 August 2025. His 2025 STI and LTI vesting were prorated to the retirement date. Payments for accrued annual leave are included under "Other". 14 Mr Rivera separated from the Company on 31 March 2025 through mutual agreement. Payments included under "Other" comprise accrued annual leave and statutory severance in accordance with Peruvian legislation. No STI was payable under the Group's policy. LTI vesting was prorated to the termination date. 15 For Mr Lotz, who served as Acting EVP: People from 1 January to 31 March 2025, his 2025 TFR for the acting period was $63,700, STI for 2025 was $163,500, LTI reflected in the single figure was $435,500, and Other was $12,700 for the acting period, comprising an acting allowance of R227,643. His single total figure of remuneration reported for 2025 was $675,300. 16 For Mr Sander, who served as Acting Chief Technical Officer from 1 September to 31 December 2025, his 2025 TFR for the acting period was $129,500, STI for 2025 was $259,200, LTI reflected in the single figure was nil, and Other was $22,300 for the acting period, comprising an acting allowance of A$34,327. His single total figure of remuneration reported for 2025 was $411,000. 17 Former executives exited during 2024, LTI vesting was prorated to their respective exit dates and disclosed in the footnotes to the "LTI awards granted and vested in 2025" table on p106 and the "Unvested shares and cash-flow on settlement" table on p108 – 109. 107 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 3: Implementation Report continued Unvested shares and cash-flow on settlement Performance share and MSR share awards1,2,3,4,5 Grant date Vest date Opening Granted Grant price Forfeited Balance Condition achieved1 Shares vested Sold Retained Closing Cash on settlement1 Estimated fair value at 31 Dec 2025 US$ Estimated fair value at 31 Dec 2024 US$ ZAR US$ $44.05 $13.96 M Fraser 2023 Performance Shares 01-Mar-23 18-Feb-26 15,669 – 165.94 – 15,669 – – – – 15,669 – 837,170 128,619 2024 Performance Shares 01-Mar-24 18-Feb-27 63,769 – 244.63 – 63,769 – – – – 63,769 – 2,413,808 537,957 2025 Performance Shares 01-Mar-25 18-Feb-28 – 80,997 346.44 – 80,997 – – – – 80,997 – 4,730,001 – Total 79,438 80,997 – 160,435 – – – – 160,435 – 7,980,979 666,576 A Dall 2025 Performance Shares 01-Mar-25 18-Feb-28 – 26,989 346.44 – 26,989 – – – – 26,989 – 1,576,065 – Total – 26,989 – 26,989 – – – – 26,989 – 1,576,065 – F Swanepoel 2024 Performance Shares 01-Mar-24 18-Feb-27 42,237 – 244.63 – 42,237 – – – – 42,237 – 1,598,751 356,313 2025 Performance Shares 01-Mar-25 18-Feb-28 – 30,044 346.44 – 30,044 – – – – 30,044 – 1,754,467 – Total 42,237 30,044 – 72,281 – – – – 72,281 – 3,353,218 356,313 C Gratias 2024 Performance Shares 01-Mar-24 18-Feb-27 15,288 – 244.63 – 15,288 – – – – 15,288 – 578,685 128,970 2025 Performance Shares 01-Mar-25 18-Feb-28 – 28,530 346.44 – 28,530 – – – – 28,530 – 1,666,059 – 2025 MSR Shares – 10,494 – 10,494 – – – – 10,494 – 462,261 – Total 15,288 39,024 – 54,312 – – – – 54,312 – 2,707,005 128,970 K Carter 2022 Performance Shares 01-Mar-22 21-Feb-25 6,846 – 209.01 – 6,846 (472) 6,374 6,374 – – 140,987 – – 2023 Performance Shares 01-Mar-23 18-Feb-26 39,730 – 165.94 – 39,730 – – – – 39,730 – 2,122,725 326,123 2024 Performance Shares 01-Mar-24 18-Feb-27 42,892 – 244.63 – 42,892 – – – – 42,892 – 1,623,551 361,838 2025 Performance Shares 01-Mar-25 18-Feb-28 – 27,677 346.44 – 27,677 – – – – 27,677 – 1,616,239 – 2024 MSR Shares 4,308 – – 4,308 – – – – 4,308 – 189,767 60,140 2025 MSR Shares – 4,700 – 4,700 – – – – 4,700 – 207,035 – Total 93,776 32,377 – 126,153 (472) 6,374 6,374 – 119,307 140,987 5,759,317 748,101 108 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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![Form 20-F wrapper_GFL Integrated Annual Report_2025109.jpg](gfi-20251231_g110.jpg)

Section 3: Implementation Report continued Unvested shares and cash-flow on settlement continued Performance share and MSR share awards1,2,3,4,5 Grant date Vest date Opening Granted Grant price Forfeited Balance Condition achieved1 Shares vested Sold Retained Closing Cash on settlement1 Estimated fair value at 31 Dec 2025 US$ Estimated fair value at 31 Dec 2024 US$ ZAR US$ M Steyn 2024 Performance Shares 01-Mar-24 18-Feb-27 20,491 – 244.63 – 20,491 – – – – 20,491 – 775,632 172,863 2025 Performance Shares 01-Mar-25 18-Feb-28 – 24,681 346.44 – 24,681 – – – – 24,681 – 1,441,316 – Total 20,491 24,681 – 45,172 – – – – 45,172 – 2,216,948 172,863 J Magagula 2023 Performance Shares 01-Mar-23 18-Feb-26 14,186 – 165.94 – 14,186 – – – – 14,186 – 757,924 116,445 2024 Performance Shares 01-Mar-24 18-Feb-27 25,852 – 244.63 – 25,852 – – – – 25,852 – 978,571 218,088 2025 Performance Shares 01-Mar-25 18-Feb-28 – 21,365 346.44 – 21,365 – – – – 21,365 – 1,247,672 – Total 40,038 21,365 966.00 – 61,403 – – – – 61,403 – 2,984,167 334,534 109 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices St Ives - Lake Lefroy at sunrise

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![Form 20-F wrapper_GFL Integrated Annual Report_2025110.jpg](gfi-20251231_g111.jpg)

Section 3: Implementation Report continued Unvested shares and cash-flow on settlement continued Performance share and MSR share awards1,2,3,4,5 Grant date Vest date Opening Granted Grant price Forfeited Balance Condition achieved1 Shares vested Sold Retained Closing Cash on settlement1 Estimated fair value at 31 Dec 2025 US$ Estimated fair value at 31 Dec 2024 US$ EXITED EXECUTIVES M Preece6 2022 Performance Shares 01-Mar-22 21-Feb-25 57,390 – 209.01 – 57,390 (3,960) 53,430 24,844 28,586 – 549,528 – – 2023 Performance Shares 01-Mar-23 18-Feb-26 85,381 – 165.94 14,230 71,151 – – – – 71,151 – 3,801,515 584,042 2024 Performance Shares 01-Mar-24 18-Feb-27 58,560 – 244.63 29,280 29,280 – – – – 29,280 – 1,108,342 247,007 2025 Performance Shares 01-Mar-25 18-Feb-28 – 40,950 346.44 34,125 6,825 – – – – 6,825 – 398,564 – Total 201,331 40,950 77,635 164,646 (3,960) 53,430 24,844 28,586 107,256 549,528 5,308,421 831,048 L Rivera6 2022 Performance Shares 01-Mar-22 21-Feb-25 56,698 – 209.01 – 56,698 (3,912) 52,786 52,786 – – 1,167,581 – – 2023 Performance Shares 01-Mar-23 18-Feb-26 75,661 – 165.94 18,915 56,746 – – – – 56,746 – 3,031,873 465,798 2024 Performance Shares 01-Mar-24 18-Feb-27 29,554 – 244.63 17,240 12,314 – – – – 12,314 – 466,137 103,881 2025 Performance Shares 01-Mar-25 18-Feb-28 – 38,504 346.44 35,295 3,209 – – – – 3,209 – 187,433 – Total 161,913 38,504 71,450 128,967 (3,912) 52,786 52,786 – 72,269 1,167,581 3,685,443 569,680 Footnotes: 1. The 2022 performance shares vested at 93.10%, based on a JSE market value price of R345.99. For Mr Preece, Mr Mokoatle, Mr Lotz, Ms Carter and Mr Rivera, vesting occurred in May 2025 due to a special closed period restriction and was valued at a JSE market price of R395.49 2. The estimated fair value of 2023 performance shares reflects vesting of 121.29% using a 20-day VWAP of US$44.05 for 2025 and 58.80% using a 20-day VWAP of US$13.96 for 2024 3. The estimated fair value of 2024 performance shares reflects vesting of 85.93% using a 20-day VWAP of US$44.05 for 2025 and 60.43% using a 20-day VWAP of US$13.96 for 2024 4. The estimated fair value of 2025 performance shares reflects vesting of 132.57%, using a 20-day VWAP of US$44.05 for 2025 5. The estimated fair value of MSR matching shares reflects vesting at 100%, using a 20-day VWAP of US$44.05 for 2025 and US$13.96 for 2024 6. Performance share vesting for executives who retired or separated was prorated to their contractual exit dates as follows: • Mr Preece – exit 31 August 2025: 2023 award – 30/36 months, 2024 award – 18/36 months, 2025 award – 6/36 months • Mr Rivera – exit 31 March 2025: 2023 award – 27/36 months, 2024 award –15/36 months, 2025 award – 3/36 months 7 The following individuals served in an acting executive capacity during 2025 • G Lotz – EVP: People from 1 January to 31 March 2025. Opening unvested awards were 19,573. He was awarded 15,004 Conditional Share Rights in 2025, 5,953 awards vested during the year, and 28,183 unvested awards remained in flight at 31 December 2025, with cash on settlement of $131,675 and an estimated fair value of $1,502,017. • J Sander – Chief Technical Officer from 1 September to 31 December 2025. Opening unvested awards were 4,883. He was awarded 11,680 Conditional Share Rights in 2025, 4,546 awards vested during the year, and 11,680 unvested awards remained in flight at 31 December 2025, with cash on settlement of $87,967 and an estimated fair value of $682,070. The table below provides an aggregated summary, by former executive, of share awards that vested during 2025 and unvested awards remaining in flight at 31 December 2025, showing both vesting outcomes during the year and the value of awards that remain subject to future vesting. Former executives Opening unvested awards1 Vested in 20252 Closing unvested awards3 Cash on settlement (US$) Estimated fair value at 31 Dec 2025 (US$)4 R Bardien 80 521 20 936 13 849 188 377 739 952 N Chohan 124 175 35 190 28 715 316 632 1 450 919 S Mathews 175 080 33 974 26 963 657 413 1 418 146 J Mortoti 117 776 5 351 35 304 103 544 1 814 816 P Schmidt 229 005 54 718 48 431 1 058 820 2 485 037 Footnotes 1 No awards were granted to former executives during 2025 following cessation of employment. 2 Performance Shares awarded in 2022 vested in 2025 on a prorated basis to each executive's contractual exit date. 3 Closing unvested awards comprise outstanding 2023 and, where applicable, 2024 Performance Share awards that remain subject to the original vesting schedules. 4 Estimated fair value at 31 December 2025 reflects the value of closing unvested awards remaining in flight. 110 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 3: Implementation Report continued Minimum shareholding requirements As outlined in the Remuneration Policy, Gold Fields maintains minimum shareholding requirements (MSR) for executive directors and Executive Committee members to strengthen alignment with shareholders and support a long-term ownership mindset. The Remuneration Committee reviews executive shareholdings annually to monitor progress against the MSR and to ensure that executives maintain meaningful equity exposure in the Company. In line with evolving governance standards and investor expectations, the focus on executive shareholding extends beyond meeting minimum thresholds within prescribed timelines to demonstrating a sustained commitment to building and maintaining meaningful holdings that reflect confidence in the Company's long-term performance. Matching share awards, which previously supported progress towards the MSR, were discontinued with effect from 1 January 2025, further reinforcing the pay-for-performance orientation of the Executive Remuneration Framework. The shareholdings of executive directors and Executive Committee members relative to the applicable MSR are summarised below. Executives Holding start date Holding period end MSR target MSR – opening MSR share commitment in 2025 Equity used MSR – closing 1,2 MSR achievement MJ Fraser3 01-Jan-24 01-Jan-29 300% – – – – 0% AT Dall5 01-Mar-25 01-Mar-30 100% – – – – 0% CO Gratias 01-Aug-24 01-Aug-29 100% 20,000 – GFI:NYSE 36,364 117% J Magagula3 01-Sept-23 01-Sept-28 100% – – – – 0% F Swanepoel5 01-Jun-23 01-Jun-28 100% – – – – 0% M Steyn4 01-Jun-24 01-Jun-29 100% – – – – 0% K Carter 01-Mar-23 01-Mar-28 100 % 21,144 — GFI:JSE 27,869 103 % Footnotes: 1 Executives are encouraged to accumulate and hold their targeted MSR multiple of salary in GFL equity within a five-year period 2 Shares committed by 31 December 2025 are included for indicative purposes. Personal shares are grossed up for tax in line with MSR Policy 3. Mr Fraser and Ms Magagula vested LTI awards for the first time in respect of the performance cycle ending 31 December 2025 and have retained shares towards meeting their MSR. 4. Ms Steyn has not yet vested any LTI awards and is expected to vest for the first time in respect of the performance cycle ending 31 December 2026. 5. F Swanepoel and A Dall have not yet vested any equity awards and have to date vested only cash-settled awards. They are expected to vest equity for the first time in respect of the performance cycles ending 31 December 2026 and 31 December 2028, respectively. Shareholdings include beneficially owned shares and vested shares held by executives. The value of shareholdings is assessed annually for purposes of monitoring compliance with the MSR. 111 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices Windfall operations_Underground

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Section 3: Implementation Report continued Non-executive director remuneration: implementation for 2025 NEDs are remunerated in accordance with the policy set out in Section 2 (NED remuneration). As described in that section, NEDs receive fixed annual fees only, determined by role and Committee responsibilities, and do not participate in any STI or LTI arrangements. This structure preserves independence and ensures that NED remuneration remains aligned with governance responsibilities rather than Company performance. Fees disclosed below reflect: • The 2024/2025 fee cycle (applicable from 1 January 2025 to 31 May 2025) • The 2025/2026 fee cycle approved by shareholders at the 2025 AGM (applicable from 1 June 2025 to 31 December 2025) All fees are paid in US Dollars, irrespective of Directors' country of residence, consistent with the global nature of the Group and the benchmarking approach described in the policy section. With effect from 1 December 2025, the Company assumed responsibility for certain offshore tax administration and facilitation fees for NEDs, as charged by an external service provider. Directors remain responsible for their personal tax compliance obligations. The Company considers these costs to be administrative in nature and not part of director remuneration. The amounts involved are not material and are disclosed in the interests of transparency. The table below sets out the total fees paid to each NED for the year ended 31 December 2025, reflecting the applicable fee cycles described above. NEDs US$'000 2025 directors' fees 2025 Committee fees 2025 total Board fees 2024 total Board fees 2025 total subsidiary Board fees 2024 total subsidiary Board fees CURRENT DIRECTORS YGH Suleman1 257.97 – 257.97 231.96 – – JE McGill2 138.20 29.57 167.78 163.69 – – ZBM Bassa3 93.59 62.10 155.69 48.09 – – TP Goodlace 93.59 60.80 154.39 133.83 – – P Sibiya4 93.59 75.99 169.58 144.47 – – CAT Smit5 93.59 61.97 155.56 134.13 – – A Andani6 93.59 67.97 161.56 172.38 86.63 81.46 MC Bitar7 93.59 57.81 151.40 143.39 – – S McCrae 93.59 53.29 146.88 42.07 – – J MacKenzie8 39.63 4.52 44.14 – – – M Rawlinson9 39.63 4.88 44.50 – – – EXITED DIRECTORS S Reid10 67.09 – 67.09 150.97 9.36 34.40 P Bacchus11 37.39 34.28 71.67 182.04 – Board and subcommittee fees are paid monthly and determined annually. The monthly fees reported are for the reporting period of 1 January 2025 to 31 December 2025. Capital Projects Control and Review Committee reconstituted as a Technical Committee effective 1 January 2025. 1 YGH Suleman received an all-inclusive fee as Chairperson of the Board 2 JE McGill elected as the Lead Independent Director and Chairperson of the Remuneration Committee effective 29 May 2025. Retired as Chairperson and member of SET Committee. Receives an all-inclusive fee 3 ZBM Bassa elected as Chairperson of Risk Committee effective 29 May 2025 4 P Sibiya retired from SET Committee effective 29 May 2025 5 CAT Smit elected as Chairperson of the Strategy and Investment Committee, member of the SET Committee and retired from the Technical Committee all effective 29 May 2025 6 Mr A. Andani's term on the Audit Committee concluded on 29 May 2025. In addition to the fees disclosed above, Mr Andani received subsidiary Board fees for serving on the Gold Fields Ghana Limited and Abosso Goldfields Limited Board 7 MC Bitar elected as Chairperson of SET Committee effective 29 May 2025 8 JF MacKenzie appointed as NED to the Board from 1 August 2025. Appointed to the Nomination and Governance Committee, Safety, Health and Sustainable Development Committee, Strategy and Investment Committee and Technical Committee effective 1 December 2025 9 MI Rawlinson appointed as NED to the Board from 1 August 2025. Appointed to the Audit Committee, Remuneration Committee, Strategy and Investment Committee, and Technical Committee effective 1 December 2025 10 SP Reid retired as director, LID and Chairperson of the Remuneration Committee effective 29 May 2025. Resigned as NED of the Managing Board of the Gold Fields Netherlands Services B.V and Gold Fields Orogen Holding (BVI) Limited effective 31 March 2025 11 PJ Bacchus retired as director and Chairperson of the Risk Committee and the Strategy and Investment Committee effective 29 May 2025 112 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Section 3: Implementation Report continued Conclusion and shareholder vote The Remuneration Committee is satisfied that the Remuneration Policy and its implementation during the 2025 financial year remained aligned with Gold Fields' strategy, performance outcomes and long-term shareholder interests. Throughout the year, the Committee exercised independent judgement in applying the policy, ensuring that remuneration outcomes reflected underlying business performance, leadership contribution and responsible governance. We are confident that the framework continues to support disciplined execution, sustainable value creation and alignment between executive reward and shareholder experience. As set out in King IV, shareholders are required to cast non-binding advisory votes on both the Remuneration Policy and the Implementation Report at Gold Fields' AGM on 21 May 2026. Should either resolution receive less than 75% support, the Committee will initiate a structured shareholder engagement process to understand the reasons for dissenting votes and to consider appropriate remedial actions. Feedback received will inform the continued evolution of our Remuneration Framework, ensuring it remains fair, responsible and aligned with stakeholder expectations. We value constructive dialogue with our shareholders and remain committed to transparency, accountability and continuous improvement in our remuneration practices. 113 GOLD FIELDS Integrated Annual Report 2025 Windfall project staff members Who we are Governance and leadership How we create value The value we created Our Remuneration Report Message from our Remuneration Committee Chairperson Remuneration Policy Implementation Report Appendices

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Appendices We continue to improve the quality of our portfolio by adding low-cost, long-life assets that will enable us to create value sustainably, through the cycles. Simultaneously, we are investing in our existing operations to ensure their continued sustainability, productivity and longevity. In this chapter Application of King IV 115 Application of section 5.7 of the JSE Listings Requirements 118 Glossary 119 Administrative and corporate information 121 114 GOLD FIELDS Integrated Annual Report 2025 State of the art remote monitoring centre in Santiago, Chile Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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Application of King IV The Board is committed to the principles and recommended practices of King IV and, to this end, ensured material compliance during 2025. The table below provides an overview of Gold Fields' compliance with the principles. Leadership, ethics and corporate citizenship Leadership Principle 1: The governing body should lead ethically and effectively. • Chairperson's report (p9 – 10) • Doing business ethically (p11) • How good governance creates value (p12) • SET Committee (p25) • Material matters (p56 – 60) • Reflections from our SET and SHSD Committee Chairpersons (SR, p19) Organisational ethics Principle 2: The governing body should govern the ethics of the organisation in a way that supports the establishment of an ethical culture. • How good governance creates value (p12) • SET Committee – Supporting value creation in 2025 (p25) • Material matters – Upholding sound corporate governance principles (p60) Responsible corporate citizenship Principle 3: The governing body should ensure that the organisation is and is seen to be a responsible corporate citizen. • How good governance creates value (p12) • Key Board focus areas for 2025 – Safe, reliable and cost-effective operations (p18) • SHSD Committee – Supporting value creation in 2025 (p24) • SET Committee – Mandate and Supporting value creation in 2025 (p25) Strategy performance and reporting Strategy and performance Principle 4: The governing body should appreciate that the organisation's core purposes, its risks and opportunities, strategy and business model, performance and sustainable development are all inseparable elements of the value creation process. • Doing business ethically (p11) • How good governance creates value (p12) • Board committees – Supporting value creation in 2025 (p19 – 27) • About this report – Our Value creation context (p4) • 2025 Integrated Annual Report at https://www.goldfields.com/integrated-annual-reports.php Reporting Principle 5: The governing body should ensure that reports issued by the organisation enable stakeholders to make informed assessments of the organisation's performance, and short, medium and long-term prospects. • Key Board focus areas for 2025 (p18) • Full suite of Gold Fields reports at https://www.goldfields.com/integrated-annual-reports.php Primary role and responsibilities of the governing body Principle 6: The governing body should serve as the focal point and custodian of corporate governance in the organisation. • Governance Framework (p13) • Governance structure (p16) Principles Section in reporting suite covering the recommendation 115 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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Application of King IV continued Principles Section in reporting suite covering the recommendation Strategy performance and reporting continued Composition of the governing body Principle 7: The governing body should comprise the appropriate balance of knowledge, skills, experience, diversity and independence for it to discharge its governance role and responsibilities objectively and effectively. • N&G Committee – Supporting value creation in 2025 (p21) • Board of Directors (p14 – 15) • Board skills (p15) • Board composition (p15) Committees of the governing body Principle 8: The governing body should ensure that its arrangements for delegation within its own structures promote independent judgement, and assist with balance of power and the effective discharge of its duties. • Governance structure (p16) • Board committees (p19 – 27) • Board appointment and succession (p28) Evaluations of the performance of the governing body Principle 9: The governing body should ensure that the evaluation of its own performance and that of its committees, its Chairperson and its individual members support continued improvement in its performance and effectiveness. • Board committees (p19 – 27) • N&G Committee – Mandate and supporting value creation in 2025 (p21) • Board appointment and succession (p28) • Board evaluation (p28) Appointment and delegation to management Principle 10: The governing body should ensure that the appointment of, and delegation to, management contribute to role clarity and the effective exercise of authority and responsibilities. • Governance Framework (p13) • Executive Committee (p29) Governance functional areas Risk governance Principle 11: The governing body should govern risk in a way that supports the organisation in setting and achieving its strategic objectives. • Doing business ethically (p11) • How good governance creates value – Robust strategy (p12) • Board committees (p19 – 27) • Risks and opportunities – Board oversight (p44 – 54) • Unpacking our strategy (p61 – 64) Technology and information governance Principle 12: The governing body should govern technology and information in a way that supports the organisation setting and achieving its strategic objectives. • Audit Committee Report in our 2025 Annual Financial Report at https://www.goldfields.com/financial-reports.php 116 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025117.jpg](gfi-20251231_g118.jpg)

Application of King IV continued Principles Section in reporting suite covering the recommendation Governance functional areas continued Compliance governance Principle 13: The governing body should govern compliance with applicable laws and adopted, non-binding rules, codes and standards in a way that supports the organisation being ethical and a good corporate citizen. • Doing business ethically – Legal and compliance (p11) • How good governance creates value – Regulatory compliance (p12) • SHSD Committee – Mandate and supporting value creation in 2025 (p24) • SET Committee – Mandate and supporting value creation in 2025 (p25) • Reflections from our SET and SHSD Committee Chairpersons (SR, p19) Principle 14: The governing body should ensure that the organisation remunerates fairly, responsibly and transparently so as to promote the achievement of strategic objectives and positive outcomes in the short, medium and long term. • How good governance creates value – Fair remuneration (p12) • Message from our Remuneration Committee Chairperson (p83 – 85) • Remuneration Policy (p86 – 98) • Remuneration Implementation Report (p99 – 113) Assurance Principle 15: The governing body should ensure that assurance services and functions enable an effective control environment, and that these support the integrity of information for internal decision-making and of the organisation's external reports. • Doing business ethically (p11) • Audit Committee Report in our 2025 Annual Financial Report at https://www.goldfields.com/financial-reports.php Stakeholders Principle 16: In the execution of its governance roles and responsibilities, the governing body should adopt a stakeholder inclusive approach that balances the needs, interests and expectations of material stakeholders in the best interests of the organisation over time. • Chairperson's report (p9 – 10) • How good governance creates value – Inclusive stakeholder engagement (p12) • Message from our Remuneration Committee Chairperson (p83 – 85) • SET Committee – Supporting value creation in 2025 (p25) • Reflections from our SET and SHSD Committee Chairpersons (SR, p19) 117 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025118.jpg](gfi-20251231_g119.jpg)

Application of section 5.7 of the JSE Listings Requirements 5.7(a) Adopt and apply the King Code through the King Code application and disclosure regime. The Board has applied the King Code recommendations as part of its Reporting Framework. 5.7(b) A brief CV and capacity of each director must be included in the PLS. Brief CVs of our directors are listed on p14 of the Integrated Annual Report and p1 – 4 of the Notice of AGM. 5.7 (c) Directors and senior management must collectively have the appropriate expertise and experience for the governance and management of the company. Expertise and experience of the directors and senior management are listed on p15. 5.7(d) Issuers must have a CEO and a Chairman and these positions must not be held by the same person. Gold Fields' CEO position and Chairperson positions are not held by the same person, with the Chairperson being an independent NED. The Chairman must either be an independent non-executive director or the issuer must appoint a lead independent director as defined in King Code. The Board has both a Chairperson who is an independent director and a Lead Independent Director, who performs the role and functions of the Chairperson in the absences of the Chairperson and any other circumstances when required. 5.7 (e) Issuers must have an executive financial director. Gold Fields has a full-time financial director, since the appointment of Alex Dall on 1 March 2025. 5.7 (f) The appointment of a company secretary and the Board must satisfy themselves as to the competence, qualifications and experience of the company secretary, annually. The Company Secretary is appointed in accordance with the Companies Act and the King Code recommendations. The Board considered the Company Secretary's competence, qualifications and experience at its meeting held in November 2025 and is satisfied that she is competent and has the appropriate qualifications and experience to serve as the Company Secretary. The Company Secretary maintains an arm's-length relationship with the Board and serves as a key liaison with stakeholders. 5.7 (g) Issuers must appoint an Audit Committee in compliance with the Companies Act and King Code. The Board appointed an Audit Committee that is chaired by an independent NED. Audit Committee members are all independent NEDs. Issuers must appoint a Remuneration Committee in compliance with the Companies Act and King Code. Gold Fields' appointed Remuneration Committee comprises of only independent NEDs and has an independent Chairperson that is not the Chairperson of the Board. Issuers must appoint a Social and Ethics Committee in compliance with the Companies Act and King Code. Gold Fields' appointed Social and Ethics Committee which comprises of independent NEDs as majority and the CEO as a member of the Committee. The Chairperson is an independent NED. A brief description of the above committees' mandates, the number of meetings held, and any other relevant information must be disclosed in the annual report. Each Committee provides a brief description in the Governance Report of its mandate, number of meetings held in the year focus areas for the year and any other relevant information. 5.7(h) The Audit Committee must: – On an annual basis, consider and satisfy itself of the appropriateness of the competence, expertise and experience of the Financial Director. The Audit Committee considers and satisfies itself of the appropriateness of the expertise and experience of Gold Fields' Financial Director on an annual basis and reports the findings to the Board. – Issuer to ensure appropriate financial reporting procedures, including consideration of all entities included in the consolidated group IFRS financial statements and access to all financial information. The Audit Committee ensures that the Issuer has appropriate financial reporting procedures which includes consideration of all entities and has access to all financial information by way of the committee's workplan, financial reports and performance, and annual financial statements. – Consider relevant information provided by the audit firm and audit partner when assessing suitability of appointment or re-appointment of auditor. The Audit Committee holds a quality review of the external auditor meeting, to consider the audit quality and regulatory inspection report and any other information provided. – The appointment or re-appointment of the auditor is presented and included as a resolution at the annual general meeting of the issuer and the Board to confirm the Audit Committee has executed its responsibilities. Gold Fields has included the re-appointment of the auditor in its notice of AGM and will be tabled at the Annual general meeting for shareholder approval, and the Board has confirmed in the annual report that the Audit Committee has executed its responsibilities. 5.7 (i) The Board must have a policy evidencing clear balance of power and authority detailing the procedures for the appointment to the Board. The Board Charter ensures that there is clear balance of power and authority with no directors is subject to unfettered powers of decision making within the Board and majority of the directors being non-executive directors. 5.7 (j) Issuer to have a policy on the promotion of broader diversity at Board level. The Nominations and Governance Committee ensures adequate diversity in race, gender, culture, skills and experience. The Board adopted a diversity policy which includes the Board's diversity targets. 5.7 (k) The remuneration policy and the implementation report must be tabled every year for separate non-binding advisory votes at the annual general meeting. Gold Fields will table the remuneration policy and implementation report at its annual general meeting as contained in the annual general meeting notice and the measures and engagements to be taken should Gold Fields receive dissenting votes by 25% or more. Requirement Principle Gold Fields' approach and compliance 118 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025119.jpg](gfi-20251231_g120.jpg)

Glossary Abbreviations AGM Annual General Meeting AIC All-in costs AO Asset optimisation AISC All-in sustaining costs ASM Artisanal and small-scale mining B-BBEE Broad-Based Black Economic Empowerment Board Board of directors CAS Collision avoidance system CEO Chief Executive Officer CFO Chief Financial Officer Company/Group/Gold Fields Gold Fields Limited COO Chief Operating Officer EBITDA Earnings before interest, taxes, depreciation, and amortisation EIA Environmental Impact Assessment ESG Environmental, social and governance EVP Executive Vice President FCF Free cash-flow FID Final investment decision GHG Greenhouse gas GISTM Global Industry Standard on Tailings Management GRP Guaranteed remuneration package GRI Global Reporting Initiative HAART Highly Active Anti-Retroviral Therapy IAR Integrated Annual Report IBA Impact and benefit agreement ICMM International Council on Mining and Metals ICT Information communication and technology IFRS International Financial Reporting Standards JSE Johannesburg Stock Exchange LID Lead Independent Director LOM Life-of-mine LTI Long-Term Incentive 119 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025120.jpg](gfi-20251231_g121.jpg)

Glossary continued LTI Lost time injuries LTIFR Lost time injury frequency rate M&A Mergers and acquisitions MSR Minimum Shareholding Requirement NED Non-executive directors N&G Committee Nomination and Governance Committee NYSE New York Stock Exchange RCF Revolving Credit Facility ROIC Return on Invested Capital SED Socio-economic development SET Committee Safety, Ethics and Transformation Committee SHSD Committee Safety, Health and Sustainable Development Committee S&I Committee Strategy and Investment Committee SME Small and medium-sized enterprises SOX Sarbanes-Oxley Act SR Sustainability Report STI Short-Term Incentive TCFD Task Force on Climate-related Financial Disclosures TFR Total fixed remuneration TRIFR Total recordable injury frequency rate TSF Tailings storage facility TSR Total Shareholder Return UN United Nations VCT Voluntary counselling and testing VWAP Volume weighted average price WGC World Gold Council 120 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025121.jpg](gfi-20251231_g122.jpg)

Administration and corporate information Gold Fields Limited Incorporated in the Republic of South Africa Registration number 1968/004880/06 JSE, NYSE, DIFX Share code: GFI Issuer code: GOGOF ISIN: ZAE000018123 Company Secretary Anré Weststrate Mobile: +27 83 635 5961 Email: anre.weststrate@goldfields.com Registered Office Johannesburg Gold Fields Limited 150 Helen Road Sandown Sandton 2196 Postnet Suite 252 Private Bag X30500 Houghton 2041 Tel: +27 11 562 9700 Office of the United Kingdom Secretaries London St James's Corporate Services Limited Second Floor 107 Cheapside London EC2V 6DN United Kingdom Tel: +44 (0) 20 3869 0706 Email: general@corpserv.co.uk American depository receipts transfer agent Shareholder correspondence should be mailed to: BNY Mellon PO Box 43006 Providence RI 02940-3078 Overnight correspondence should be sent to: BNY Mellon 150 Royall Street, Suite 101 Canton, MA 02021 Tel: 866 247 3871 Domestic Tel: 201 680 6825 Foreign Email: shrrelations@cpushareownerservices.com Sponsor J.P. Morgan Equities South Africa Proprietary Limited 1 Fricker Road Illovo, Johannesburg 2196 South Africa Investor and media enquiries Jongisa Magagula Mobile: +27 82 562 5288 Email: jongisa.magagula@goldfields.com Email: investor.relations@goldfields.com Kershnee Govender Mobile: +27 83 564 4090 Email: kershnee.govender@goldfields.com Email: media@goldfields.com Transfer secretaries South Africa Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank Johannesburg 2196 Private Bag X9000 Saxonwold 2132 Tel: +27 11 370 5000 Fax: +27 11 688 5248 United Kingdom MUFG Corporate Markets (formerly Link Group) Central Square 29 Wellington Street Leeds, LSI 4 DL United Kingdom Tel: +44(0) 371 664 0300 Email: shareholderenquiries@cm.mpms.mufg.com Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 and 17:30, Monday to Friday excluding public holidays in England and Wales. Listings JSE/NYSE/GFI Directors: YGH Suleman (Chairperson), MJ Fraser\* (CEO), AT Dall (CFO)\*, A Andani#, ZBM Bassa, MC Bitar@, TP Goodlace, SL McCrae&, JE McGill^, JF MacKenzie, MI Rawlinson†, PG Sibiya, CAT Smit South African unless otherwise stated. ˆAustralian, †British, &Canadian, @Chilean, #Ghanaian, \*Executive director www.goldfields.com 121 GOLD FIELDS Integrated Annual Report 2025 Who we are Governance and leadership How we create value The value we created Our Remuneration Report Appendices Application of King IV Application of section 5.7 of the JSE Listings Requirements Glossary Administrative and corporate information

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![Form 20-F wrapper_GFL Integrated Annual Report_2025122.jpg](gfi-20251231_g123.jpg)

Creating enduring value beyond mining

![GFI 20F & AR 2025 Front Cover.jpg](gfi-20251231_g124.jpg)

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| **AFR-1** | Gold Fields |

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Gold Fields Limited

Annual Financial Report

*Creating enduring value beyond mining*

![GFI 20F & AR 2025 Contents.jpg](gfi-20251231_g125.jpg)

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|:---|:---|
| **AFR-2** | Gold Fields |

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| | | | |
|:---|:---|:---|:---|
| Contents |  |  |  |
| Annual Financial Report |  |  |  |
| Statement of responsibility by the Board of Directors | **[3](#i6b81d095b2cd49deb3b67dd83468882d_37)** | Consolidated statement of comprehensive income | **[70](#i6b81d095b2cd49deb3b67dd83468882d_64)** |
| Company Secretary's Certificate | **[4](#i6b81d095b2cd49deb3b67dd83468882d_40)** | Consolidated statement of financial position | **[71](#i6b81d095b2cd49deb3b67dd83468882d_67)** |
| Chief Executive Officer and Chief Financial Officer Responsibility Statement | **[5](#i6b81d095b2cd49deb3b67dd83468882d_43)** | Consolidated statement of changes in equity | **72** |
| Audit Committee report | **[6](#i6b81d095b2cd49deb3b67dd83468882d_46)** | Consolidated statement of cash-flows | **[73](#i6b81d095b2cd49deb3b67dd83468882d_73)** |
| Director's report | **[10](#i6b81d095b2cd49deb3b67dd83468882d_49)** | Notes to the consolidated financial statements | **[74](#i6b81d095b2cd49deb3b67dd83468882d_76)** |
| Management's discussion and analysis of the financial statements | **[15](#i6b81d095b2cd49deb3b67dd83468882d_52)** | Operating and financial information by mine (unaudited) | **[133](#i6b81d095b2cd49deb3b67dd83468882d_211)** |
| Report of Independent Registered Public Accounting Firm | **[47](#i6b81d095b2cd49deb3b67dd83468882d_55)** | Shareholders' information (unaudited) | **[140](#i6b81d095b2cd49deb3b67dd83468882d_214)** |
| Accounting policies | **[50](#i6b81d095b2cd49deb3b67dd83468882d_58)** | Glossary of terms  | **[142](#i6b81d095b2cd49deb3b67dd83468882d_217)** |
| Consolidated income statement | **[69](#i6b81d095b2cd49deb3b67dd83468882d_61)** | Administration and corporate information  | **[145](#i6b81d095b2cd49deb3b67dd83468882d_220)** |

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Notice of Annual General

Meeting

Annual Financial Report

Mineral Resources and Mineral

Reserves Supplement

Integrated Annual Report

Details the resolutions to be tabled

to shareholders at our 2025 Annual

General Meeting (AGM).

Contains the Directors' Report,

Audit Committee Report and Annual

Financial Statements, fulfilling our

statutory financial reporting

requirements.

Provides detailed technical and

operational information relating to

our operations.

Details how Gold Fields creates,

preserves and erodes value over

time, and serves as our primary

report to capital providers. This

report also includes valuable

information for other stakeholders.

Our 2025 <br>reporting suite<br>

Sustainability Report

ESG databook

Form 20-F

Tax Report

Provides an overview of how Gold

Fields delivers positive social and

environmental impact.

Includes key data, as well as cross

references to the GRI, ICMM

Principles, United Nations (UN)

Global Compact Principles, UN

SDGs and the Value Reporting

Foundation.

Comprises our annual report on

Form 20-F filed with the United

States (US) Securities and

Exchange Commission (SEC) as a

foreign private issuer trading on

the New York Stock Exchange

(NYSE).

Defines our tax principles and the

Group's approach to tax, and

includes our country-by-country

report.

**About this cover**

The audited financial statements for the year ended 31 December 2025 were prepared by the corporate

accounting staff of Gold Fields headed by Tzvet Ilarionova, the Group Financial Controller. This process was

supervised by Alex Dall, the Group's Chief Financial Officer (CFO).

**Note**

Gold Fields is a globally diversified gold producer

with nine mines in Australia, South Africa, Ghana, Peru and Chile and one project in Canada. We have total attributable annual gold-equivalent

production of 2.438Moz, proved and probable gold Mineral Reserves of 48.3Moz, measured and indicated gold Mineral Resources of 34.2Moz

(excluding Mineral Reserves) and inferred Gold Mineral Resources of 12.8Moz (excluding Mineral Reserves). Our shares

are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the

New York Stock Exchange (NYSE).

**Send us your feedback**

We value your feedback on our reporting suite. To support our efforts to report on the issues our

stakeholders care about, please provide any feedback and questions to **investors@goldfields.com** or

s**ustainability@goldfields.com**.

You can also visit **www.goldfields.com** and download the feedback form.

**View our online** 

**report here**

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-3** | Gold Fields |

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Statement of responsibility by the Board of Directors

The directors are responsible for the preparation, integrity and fair presentation of the Annual Financial Statements ("AFS") of Gold Fields

Limited ("Gold Fields") and its subsidiaries (together referred to as the Group or the Company), comprising the Consolidated Statement of

Financial Position at 31 December 2025, the Consolidated Income Statement and Consolidated Statement of Comprehensive Income,

Changes in Equity and Cash-Flows for the year then ended, the accounting policies and the notes to the Consolidated Financial

Statements, as well as the Directors' Report. These financial statements presented on pages 15 to 132 were prepared in accordance with

the IFRS® Accounting Standards and the requirements of the South African Companies Act No 71 of 2008, as amended ("Companies Act"),

the JSE Limited Listings Requirements and include amounts based on judgements and estimates made by management.

The directors consider that, in the preparation of the financial statements, the most appropriate accounting policies have been used,

consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS Accounting Standards they

consider to be applicable have been followed. The directors are satisfied that the information contained in the AFS fairly presents the

results of operations and cash-flows for the year and the financial position of the Group at year-end. The directors are responsible for the

accuracy of the other information included in the Annual Financial Report ("AFR") and its consistency with the financial statements.

The directors are responsible for ensuring accounting records are kept. The accounting records should disclose with reasonable accuracy

the financial position of the Group to enable the directors to ensure the financial statements comply with the relevant legislation.

The directors are also responsible for such internal controls as they deem necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective

system of risk management.

The directors are also responsible for the controls over and the security of the website and, where applicable, for establishing and

controlling the process for electronically distributing annual reports and other financial information to shareholders and to the Companies

and Intellectual Property Commission ("CIPC").

The auditors are responsible for reporting on whether the Consolidated Financial Statements are fairly presented in accordance with the

applicable financial reporting framework.

The going concern basis has been adopted in preparing the financial statements. The directors have no reason to believe that the Group,

or any company within the Group, will not be a going concern in the foreseeable future, based on forecasts and available cash resources.

These financial statements support the viability of the Group.

Gold Fields has adopted a Code of Conduct, which is available on the Gold Fields website and which is adhered to by the Group.

The Group's external auditors, PricewaterhouseCoopers Inc (PwC), audited the financial statements, and their report is presented on

pages 47 to 49.

**Approval of consolidated annual financial statements** 

Gold Fields' consolidated AFS, as identified in the first paragraph, were approved by the Board of Directors ("Board") on 30 March 2026

and are signed on its behalf by:

![Mike Fraser.jpg](gfi-20251231_g127.jpg)

![ADall.jpg](gfi-20251231_g128.jpg)

**Mike FraserAlex Dall** 

*Chief Executive OfficerChief Financial Officer* 

*Authorised directorAuthorised director*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-4** | Gold Fields |

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Company Secretary's Certificate

In terms of section 88(2)(e) of the Companies Act, I certify that the Company has lodged with the CIPC all such returns required to be

lodged by a public company in terms of the Companies Act, and that all such returns are true, correct and up to date.

![Andre weststrate.jpg](gfi-20251231_g129.jpg)

**Anré Weststrate**

*Company Secretary* 

30 March 2026

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-5** | Gold Fields |

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Chief Executive Officer and Chief Financial Officer

Responsibility Statement

In terms of section 5.9 of the JSE Listings Requirements, the directors, whose names are stated below, hereby confirm that:

a.The AFS set out on pages 50 to 132 fairly present in all material respects the financial position, financial performance and cash-flows of

the issuer in terms of IFRS® Accounting Standards;

b.To the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the AFS false or

misleading;

c.Internal financial controls have been put in place to ensure material information relating to the issuer and its consolidated subsidiaries

have been provided to effectively prepare the financial statements of the issuer;

d.The internal financial controls are adequate and effective and can be relied upon in compiling the AFS, having fulfilled our role and

function as executive directors with primary responsibility for implementation and execution of controls;

e.Where we are not satisfied, we have disclosed to the Audit Committee and the auditors any deficiencies in design and operational

effectiveness of the internal financial controls, and have remediated the deficiencies/taken steps to remedy the deficiencies; and

f.We are not aware of any fraud involving directors.

![Mike Fraser.jpg](gfi-20251231_g127.jpg)

![ADall.jpg](gfi-20251231_g128.jpg)

**Mike FraserAlex Dall**

*Chief Executive OfficerChief Financial Officer*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-6** | Gold Fields |

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Audit Committee Report

**for the year ended 31 December 2025**

**Introduction**

We are pleased to present the Audit Committee (the "Committee") report for the year ended 31 December 2025.

**Composition and meetings**

The members of the Gold Fields' Audit Committee were appointed by our shareholders at the AGM on 28 May 2025. At the AGM, Ms PG

Sibiya (Chairperson) was re-elected member of the Audit Committee while Mr CAT Smit and Ms ZBM Bassa were re-elected as members

of the Committee. On 1 December 2025, Mr MI Rawlinson, a newly appointed Non-executive Director of the Gold Fields Board, also joined

the Audit Committee.

Details of the number of meetings held during the year, as well as the attendance thereof by Committee members, are on page 17 of the

Integrated Annual Report ("IAR"). The Gold Fields' Board continues to believe that, as a collective, the Committee members have the

necessary skills and expertise to carry out their duties effectively and with due care.

**Responsibilities**

The Committee has certain reporting responsibilities to both the shareholders and the Board and is accountable to them. Its duties, as set

out in the Committee Terms of Reference, are reviewed annually and incorporate the Committee's statutory obligations as set out in the

Companies Act, King IV, and paragraph 5.7(h) of the JSE Listings Requirements (South Africa), as well as the New York Stock Exchange

Standards related to Listed Company Audit Committees and the Securities and Exchange Act 1934 (USA). A work plan is approved every

year, encompassing all these duties, and progress is continuously monitored to ensure these obligations are fulfilled by the Committee.

Among other things, the Committee monitors and reviews:

• The preparation of the Annual Financial Statements ("AFS") in the Annual Financial Report ("AFR"), ensuring fair presentation and

compliance with IFRS Accounting Standards and the Companies Act, and recommending same to the Board for approval;

• The integrity of the Integrated Annual Report ("IAR") and Form 20-F by ensuring its content is reliable and includes all relevant

operational, financial and other non-financial information, risks and other relevant factors;

• Together with the Board, quarterly, interim and other shareholder-specific financial information;

• Filing of the Form 20-F with the US SEC;

• Accounting policies of the Group and proposed revisions, and significant and unusual transactions, estimates and accounting

judgements;

• The effectiveness of the internal control environment;

• The effectiveness and independence of both the internal and external audit functions;

• The effectiveness of the Company's Sarbanes-Oxley Act ("SOX") controls;

• The effectiveness of the Group's financial risk management;

• Recommendation of financial restatements to the Remuneration Committee in line with the Group's incentive-based Remuneration

Clawback Policy (none in 2025);

• The recommendation and appointment of Gold Fields' external auditors, and approves their remuneration, reviews the scope of their

audit, their reports and findings, and pre-approves non-audit services and fees in line with Company policy;

• JSE attestation and the evaluation of the performance of the CFO;

• The adequacy and effectiveness of the Group's enterprise-wide risk management policies, processes and mitigating strategies;

• The governance of information communication technology ("ICT") and the effectiveness of the Group's information systems;

• The cash/debt position of the Group to determine whether the going concern basis of reporting is appropriate;

• The combined assurance model, and provides independent oversight of the effectiveness of the Group's assurance functions and

services, with particular focus on combined assurance arrangements;

• Compliance with applicable legislation, regulations and applicable rules, codes and standards;

• Compliance with the Company's Code of Conduct;

• Compliance with policies and procedures relating to Anti-Money Laundering ("AML"), Combating of Financing of Terrorism ("CFT") and

Anti-Bribery and Corruption ("ABC");

• Approval of hedging activities as and when mandated by the Board (none in 2025);

• Approval of accounting treatment of material acquisitions (Gold Road in 2025);

• Approval of Salares Norte achieving commercial levels of production and accounting treatment implications;

• Reviewed and reduced scope of Treasury activities; and

• Consideration of ad-hoc matters relating to regulatory requirements.

**Key audit matters**

The Committee considered the appropriateness of key audit matters reported in the external auditor's report and considered the

significant areas requiring the use of management estimates and assumptions. These are detailed in note 1 to the accounting policies.

Management presented position papers to the Committee for approval detailing the accounting treatment and related accounting

implications for significant transactions, which included estimates and assumptions used, the external sources and experts consulted, and

the basis on which they were applied in the calculations.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-7** | Gold Fields |

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| | |
|:---|:---|
| Key audit matter | How the Committee addressed the matter |
| Accounting for the acquisition of Gold Road | Reviewed the accounting for the acquisition of Gold Road and the related <br>purchase price allocation thereof.<br>|
| Impairment assessment of property, plant and equipment | Reviewed the assessment for impairment triggers performed by <br>management, as well as indicators for reversal of previously recorded <br>impairment losses at 31 December 2025. Where cash generating units <br>(CGU) had previously been impaired, management considered whether the <br>impairment losses no longer exist or might have decreased. The committee <br>reviewed and approved the reversal of the South Deep CGU impairment. <br>Management considered general and specific factors for the Tarkwa and <br>Peru CGU and concluded that although overall the gold price had improved <br>from the time that the impairment losses had been recognised, taking into <br>consideration the specific circumstances of each asset (including those that <br>led to the original impairment losses), the impairment losses had not <br>reversed.<br>|
| Contingent liabilities | Reviewed management's assessment and disclosure in note 39 relating to <br>contingent liabilities.<br>|

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Key focus areas in 2025

**External audit** 

The Committee is responsible for recommending the appointment or reappointment of a firm of external auditors to the Board which, in

turn, recommends the appointment to shareholders. Upon this recommendation, the Committee is responsible for determining whether

the designated appointee firm and audit partner have the necessary independence, experience, qualifications and skills, and that the

audit fee is appropriate.

An external audit fee of R82.3 million (US$4.6 million) for 2025 was approved, as well as R11.0 million (US$0.6 million) for other fees.

The Committee reviewed the annual external audit strategy plan and budget at its meeting on 14 August 2025, including the scope,

materiality levels and significant risk areas, and established that the approach would appropriately support the management of

organisational risks, as well as applicable regulatory changes and requirements. The audit plan forms the basis of providing the

Committee with the necessary assurances on risk management, including the effectiveness of the internal control and IT governance

environment. The plan was approved by the Committee.

PwC had direct access to the Committee throughout the year and met with the Chairperson of the Committee before each meeting and,

when required, on an ad hoc basis. PwC reported to the Committee at each quarterly meeting, as well as at the year-end meeting. In

addition, the Committee regularly met with PwC separately without the management team present in closed session meetings. The

Committee is satisfied that PwC is independent of the Group.

During the year, the Committee reviewed the quality and suitability of the external auditor's work focusing on internal quality control

procedures, and in particular external reviews performed by audit Regulators on the firm and the lead engagement partner. The Audit

Committee reviewed reports from PwC relating to quality assessment reviews undertaken internally and by the Independent Regulatory

Board for Auditors ("IRBA") and the Public Company Accounting Oversight Board ("PCAOB"), including remediation plans to address

findings, as necessary. There are no significant matters to report to the shareholders. The Committee concluded the work of the external

auditor was satisfactory.

**Internal audit** 

Gold Fields Internal Audit ("GFIA") is an independent department within the Company, headed by a Vice President Internal Audit ("VP IA")

who is appointed by the Committee. The VP IA reports directly to the Committee and has direct access to the Chairperson and members

of the Committee, as well as the Board Chairperson. The Committee Chairperson meets with the VP IA once per quarter and on an ad hoc

basis, as required. The VP IA also meets with the Committee, without management in closed session meetings, at least annually and

whenever deemed necessary by either the VP IA or the Committee.

The Committee is satisfied that the resources available to GFIA, along with the skills and experience of the department, will allow the team

to fulfil its mandate.

The Committee determines the purpose, authority and responsibility of GFIA in an Internal Audit Charter, which is reviewed and approved

annually. The Committee assesses the performance of GFIA every year. GFIA operates in accordance with the International Standards for

the Professional Practice of Internal Auditing as prescribed by the Institute of Internal Auditors. The internal audit activities carried out

during the year were identified through a combination of the Gold Fields risk management framework, which includes the combined

assurance framework, and the risk-based methodologies adopted by GFIA. The Committee approves the annual internal audit assurance

plan presented by GFIA and monitors progress against the plan reported to the Committee each quarter. GFIA ensured that its framework

is aligned with the Committee of Sponsoring Organizations of the Treadway Commission's ("COSO") 2013 internal control framework.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-8** | Gold Fields |

---

Audit Committee Report *continued*

**for the year ended 31 December 2025**

The Group's internal control systems are designed to provide reasonable assurance on the maintenance of proper accounting records

and the reliability of financial information. It also covers operational areas, compliance with the Gold Fields Code of Conduct and

sustainability records. These systems are monitored by GFIA, and its findings and recommendations are reported to the Committee and

senior management.

GFIA reports identify deficiencies to the Committee every quarter, together with recommended remedial actions, which are then followed

up on to ensure the necessary action has been taken.

GFIA provided the Committee with a written assurance statement on the adequacy and effectiveness of governance, risk management

and controls. No significant events occurred, nor have any been brought to GFIA's attention, to believe that governance, risk management

and the control environment are inadequate or ineffective.

An external quality assessment review was performed on the performance and effectiveness of GFIA. The report and findings were

reviewed by the Committee and recommendations' progress was monitored.

**Information communication and technology governance** 

The ICT strategy, aligned with the Group's strategy, empowers the Group to operate in a safe, reliable and cost-effective way. It provides

the digital foundation and technologies necessary to drive modernisation and innovation across our operations. ICT manages the full

lifecycle of our technology assets while ensuring robust governance, risk management and cybersecurity compliance across all

jurisdictions. The Audit Committee considered and reviewed the quarterly ICT reports.

Given the nature of cybersecurity and the rising global cyber risk, cybersecurity is a key component of the Group's ICT governance and

risk agenda. Group ICT continues to implement mitigating controls and remedial solutions relating to cybersecurity vulnerabilities, as and

when identified.

An ICT assessment was completed with some recommended areas of improvement. The Committee reviewed the findings of the review

and monitored progress.

**Chief Financial Officer** 

The Committee evaluated the skills, expertise and performance of the CFO, Mr AT Dall, who acted as Interim CFO after the retirement of

Mr PA Schmidt in April 2024 and was appointed permanent CFO on 1 March 2025. The Committee continues to be satisfied that Mr AT

Dall has the appropriate expertise to carry out his duties as CFO of the Company and the Group and is supported by highly qualified and

competent senior staff. This conclusion is supported by input from both internal and external auditors.

**Going concern** 

After having duly considered the Group's solvency and liquidity position, the Board has a reasonable belief that the Group will continue as

a going concern for the foreseeable future.

**Group compliance governance** 

The Committee is also responsible for monitoring compliance governance for the Group – a key focus area for the Board and

management as a whole.

The Group has a detailed, systematic and risk-based framework in place. The framework is applied to identify all laws, regulations and

adopted, rules, codes and standards applicable to Gold Fields in all jurisdictions in which the Group operates. Updates on regulatory

changes are identified on a monthly basis and internally assessed for application and impact. The assessment of potential and/or actual

risk exposure of non-compliance regarding the identified applicable instruments per jurisdiction, includes potential exposure to financial

loss, as well as operational and reputational risks, and the adequacy of recorded controls. Mitigating controls designed to manage the

risks are identified, documented and maintained proactively. GFIA carries out a review of the effectiveness (in terms of design and

operating effectiveness) of the controls and reports on the level of compliance.

All active suppliers and contractors are screened based on an array of predefined risk criteria, including adverse media exposure. A

screening risk calculator is applied to those assessed entities, based on the outcome of the screening due diligence. Eliminatory or

mitigating measures are identified and implemented as required.

Apart from screening due diligence, the Committee also oversees the engagement with, and commitments made, to external

stakeholders.

The Committee also ensures that the Gold Fields' Code of Conduct is effective, promotes ethical decision making and is implemented

diligently throughout the Group.

The Committee is also responsible for ensuring all calls to the Gold Fields hotline – administered by an independent external party – are

proactively dealt with. The Chairperson of the Committee, together with GFIA, are custodians of the reporting and investigation procedure

and, where appropriate, will make use of external advisors and experts to investigate reporting matters. The number and nature of these

calls are reported at the quarterly Committee meetings. The details of the investigations, including details on any action taken, are also

reported to the SET Committee.

The Group's Risk Committee deals with Group operational and strategic risks, as well as the requisite reporting as required annually.

While there is ongoing interaction between the Risk and Audit Committees, the management of strategic risk remains a key focus of the

Committee, management and GFIA. Gold Fields' Group risk disclosures are on pages 44 to 55 of the IAR.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-9** | Gold Fields |

---

**Combined assurance**

The Committee oversaw the development of the Combined Assurance Model with the Risk Committee, received quarterly feedback on

the combined assurance process and focused on enhancing the Group's combined assurance model and ensuring alignment with the

new requirements of King IV.

The combined assurance model provides an effective basis for the Committee to conclude that the following objectives were met:

• Enabling an effective control environment;

• Supporting the integrity of information used for internal decision making; and

• Supporting the integrity of external reports.

**Internal control statement** 

As part of its US listing, Gold Fields has to comply with the requirement of the Sarbanes-Oxley Act of 2002 (US), which requires

management to establish and maintain adequate internal control over financial reporting using a recognised internal controls framework.

Management is accountable to the Board for the design, implementation, monitoring and integration of internal financial controls for the

day-to-day running of the Group, focusing on the efficiency and effectiveness of operations, safeguarding the Group's assets, legal and

regulatory compliance, business sustainability and reliable reporting, including financial reporting.

The Committee believes that Gold Fields' internal controls are effective, and that the financial records can be relied upon as a reasonable

basis for the preparation of the AFS.

**Annual financial report and other reports** 

The Committee considered and discussed the Annual Financial Report ("AFR"), the Governance and Remuneration Report ("GRR") and the

IAR with both management and the external auditors.

During this process, the Committee:

• Reviewed the AFS included in the AFR for consistency, fair presentation and compliance with IFRS Accounting Standards;

• Evaluated significant estimates and judgements and reporting decisions;

• Reviewed the documentation supporting the going concern basis of accounting and concluded that it is appropriate;

• Evaluated the material factors and risks that could impact the AFR and IAR;

• Ensured that all comments and recommendations made in the JSE Proactive Monitoring reports were appropriately considered and

addressed in the preparation of the AFR;

• Examined and reviewed the interim and quarterly financial information;

• Evaluated the completeness of the financial and sustainability disclosures;

• Evaluated subsequent events and their impact on the financial statements up to the date of this report;

• Considered the external auditor's report;

• Discussed the treatment of significant and unusual transactions with management and the external auditors; and

• Reviewed and discussed the sustainability information disclosed in the IAR and based on these discussions, is satisfied that the

information is reliable.

The Committee considers that the AFR, GRR and the IAR comply with the statutory requirements of the various regulations governing

disclosure and reporting in all material respects, and that the AFS comply in all material respects with the Companies Act and IFRS

Accounting Standards.

The Committee recommended to the Board that the AFS included in the AFR be adopted and approved.

**Looking ahead to 2026**

The Committee will continue its focus on:

• Ensuring effective functioning of the Group's financial systems and processes and financial control environment;

• Audit quality and independence;

• Evaluating significant estimates and judgements and reporting decisions;

• Future changes to accounting standards, legislation and other regulations impacting reporting;

• Monitoring and implementing further improvements to the integrated combined assurance model;

• Integration of Windfall in the Group's reporting and SOX environment;

• Reviewing the one SAP roll out and S/4HANA implementation road map.

![Philisiwe Sibiya.jpg](gfi-20251231_g130.jpg)

**Philisiwe Sibiya**

*Chairperson: Audit Committee* 

30 March 2026

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-10** | Gold Fields |

---

Directors' report

The directors have pleasure in submitting their report and the AFS of the Group for the year ended 31 December 2025.

**Review of operations** 

The activities of the various Gold Fields operations are detailed in our 2025 IAR.

**Financial results** 

The information on the financial position of the Group for the period ended 31 December 2025 is set out on pages 50 to 132 of this AFR.

The income statement for the Group shows a profit attributable to owners of the parent from continuing operations of US$3,567m for the

year ended 31 December 2025, compared with a profit attributable to owners of the parent from continuing operations of US$1,245m for

the year ended 31 December 2024.

**Compliance with financial reporting standards** 

The Group's AFS were prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards

Board ("IASB"), the South African Institute of Chartered Accountants ("SAICA") Financial Reporting Guides as issued by the Accounting

Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings

Requirements and the Companies Act.

**Listings** 

The abbreviated name under which the Company is listed on the JSE is GFIELDS, and the short code is GFI. The Company also has a

secondary listing on the NYSE.

As at 31 December 2025, the Company had in issue, through The Bank of New York Mellon (BNY Mellon) on the NYSE, 173,202,526

(31 December 2024: 180,901,758) American Depository Receipts (ADRs). Each ADR is equal to one ordinary share.

**Directorate** 

Composition of the Board

The Board currently consists of two executive directors and eleven NEDs.

Rotation of directors

Directors being elected in terms of the Company's MoI and the Companies Act 71 of 2008 are Mr JF Mackenzie and Mr MI Rawlinson. The

Directors retiring in terms of the Company's MoI are Mr TP Goodlace and Ms PG Sibiya, all of whom are eligible and offer themselves for

re-election. The Company confirms that the requisite fit and proper assessment, as contemplated in the JSE Listings Requirements, has

been conducted in respect of each of these directors. In February 2026, Gold Fields announced that Mr Yunus Suleman will retire as

Chairperson and director of the Board and succeeded by Mr John MacKenzie (subject to his appointment), an independent non-executive

director of the Board, at the Company's AGM in May 2026.

The boards of Gold Fields' various subsidiaries comprise of some of the executive officers and one or both of the executive directors,

where appropriate, as well as NEDs of the Group from time to time.

Directors' and officers' disclosure of interests in contracts

During the year under review, no contracts were entered into in which directors or officers of the Company had an interest and which

significantly affected the business of the Group.

For the year ended 31 December 2025, the directors' beneficial interest in the issued share capital and listed share capital of the

Company (see adjacent table) was approximately 0.01%. No one director individually exceeded 1% of the issued share capital or voting

control of the Company.

Related-party information is disclosed in note 44 of the AFR.

Save as disclosed on the Stock Exchange News Services on 2 March 2026, there are no changes in the directors' interests occurring

between the end of the financial year and the date of approval of the AFR.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-11** | Gold Fields |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share ownership of directors and executive officers** | **Share ownership of directors and executive officers** | **Share ownership of directors and executive officers** | **Share ownership of directors and executive officers** | **Share ownership of directors and executive officers** |
|  | **Beneficial** | **Beneficial** | **Beneficial** | **Beneficial** |
|  | **Direct**<sup>1</sup> | **Direct**<sup>1</sup> | **Indirect**<sup>2</sup> | **Indirect**<sup>2</sup> |
|  | **31-Dec-25** | 31-Dec-24 | **31-Dec-25** | 31-Dec-24 |
| **Current directors** |  |  |  |  |
| Y Suleman | **—** |  | **—** |  |
| A Andani | **—** |  | **—** |  |
| T Goodlace | **—** |  | **—** |  |
| P Sibiya | **—** |  | **—** |  |
| J McGill | **—** |  | **—** |  |
| C Smit | **—** |  | **—** |  |
| Z Bassa | **—** |  | **—** |  |
| S McCrae | **—** |  | **—** |  |
| C Bitar | **—** |  | **—** |  |
| J MacKenzie<sup>3</sup> | **—** |  | **—** |  |
| M Rawlinson<sup>4</sup> | **—** |  | **—** |  |
| M Fraser | **—** |  | **—** |  |
| A Dall | **—** |  | **—** |  |
| **Former directors**<sup>5</sup> |  |  |  |  |
| S Reid<sup>6</sup> | **1000** | 1000 | **—** |  |
| P Bacchus<sup>7</sup> | **—** |  | **—** |  |
| **Current prescribed officers** |  |  |  |  |
| B Mokoatle<sup>8</sup> | **27511** | 20373 | **—** |  |
| K Carter | **21144** | 8220 | **—** | 12924 |
| J Magagula | **—** |  | **—** |  |
| F Swanepoel | **—** |  | **—** |  |
| C Gratias | **20000** | 20000 | **—** |  |
| M Steyn | **—** |  | **—** |  |
| G Lotz | **—** |  | **—** |  |
| J Sander<sup>9</sup> | **—** |  | **—** |  |
| **Former prescribed officers**<sup>5</sup> |  |  |  |  |
| M Preece<sup>10</sup> | **—** | 395240 | **—** |  |
| L Rivera<sup>11</sup> | **—** | 58665 | **—** |  |
| Total | **69655** | 503498 | **—** | 12924 |

---

<sup>1</sup>*Direct ownership – Shares held in individual's own name or account, including personal investment shares. Grossed up for tax for minimum shareholding requirement purposes.*

<sup>2</sup>*Indirect ownership – Shares held for the individual through another person or vehicle, such as a trust or nominee. Not grossed up for tax.*

<sup>3</sup>*Mr MacKenzie was appointed as NED to the Board from 1 August 2025 and does not hold any Gold Fields Limited ordinary shares or American Depositary Rights.*

<sup>4</sup>*Mr Rawlinson was appointed as NED to the Board from 1 August 2025 and does not hold any Gold Fields Limited ordinary shares or American Depositary Rights.*

<sup>5</sup> *The following former directors and prescribed officers exited during 2024 and had no direct and indirect shareholding at 31 December 2024:*

*• P Schmidt – former CFO, exited on 30 June 2024;*

*• N Chohan – former EVP: Sustainability, exited on 31 August 2024;*

*• S Mathews – former EVP: Australia, exited on 31 March 2024;*

*• R Bardien – former EVP: People, exited on 31 January 2024; and*

*• J Mortoti – former EVP: West Africa, exited on 30 June 2024.*

<sup>6</sup>*S Reid retired on 29 May 2025.* 

<sup>7</sup>*P Bacchus retired on 29 May 2025.*

<sup>8</sup>*Mr Mokoatle retained 7,138 ordinary shares from his vesting settlement during 2025 increasing his direct beneficial holding from 20,373 GFI ordinary shares at 31 December 2024* 

*to 27,511 GFI ordinary shares at 31 December 2025.*

<sup>9</sup>*Mr Sander stepped into the Acting Chief Technical Officer role from 1 September 2025 and does not hold any Gold Fields Limited ordinary shares or American Depositary Rights.*

<sup>10</sup>*Mr Preece retired on 31 August 2025.*

<sup>11</sup>*Mr Rivera separated from the Company on 31 March 2025 through mutual agreement.* 

**Financial affairs** 

Dividend Policy

During 2025, the Company implemented a new dividend policy. The new policy, which took effect with the final 2025 dividend declaration,

targets a base dividend of 35% of free cash flow before discretionary growth investments, with a minimum annual dividend of US$0.50 per

share (paid semi-annually at US$0.25 per share). In addition, the Company communicated the intention to provide additional returns to

shareholders of up to US$500 million over the next 24 months based on current cash flow projections, in the form of special dividends and/

or share buybacks. The additional shareholder returns are subject to maintaining an adjusted net debt to adjusted EBITDA ratio of below

1.0 times. All payouts are subject to the applicable legal, regulatory and Board approval requirements.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-12** | Gold Fields |

---

Directors' report *continued*

The Company's previous dividend policy was to declare an interim and final dividend of 30% – 45% of normalised earnings.

On 19 February 2026, the Company declared a final cash dividend number 103 of 1850 South African cents per ordinary share

(2024: 700 South African cents) to shareholders reflected in the register of the Company on 10 March 2026. This dividend was paid on

16 March 2026. The dividend resulted in a total dividend of 2550 South African cents per share for the year ended 31 December 2024

(2024: 1000 South African cents), with the final dividend being accounted for in 2026.

In addition to the base dividend, on 19 February 2026, Gold Fields declared an additional return of US$353.0 million. This comprised

US$253.0 million in special dividends (450 South African cents per ordinary share) and US$100 million in share buy-backs.

Borrowing powers

In terms of the provisions of section 19(1) of the Companies Act, read together with clause 4 of the Company's MoI, the borrowing powers

of the Company are unlimited. As at 31 December 2025, the Company's borrowings totalled US$2,738 million, compared with total

borrowings of US$2,496 million at 31 December 2024.

Capital expenditure

Capital expenditure (capex) for the year ended 31 December 2025 amounted to US$1,399 million compared with US$1,183 million for the

year ended 2024. Estimated capex for 2026 is US$1,900 million to US$2,100 million and is intended to be funded from internal sources

and, to the extent necessary, borrowings.

**Significant announcements in 2025**

Alex Dall appointed as Gold Fields CFO

**7 February 2025**

The Board of Gold Fields announced the appointment of AT Dall as its CFO and executive director with effect from 1 March 2025.

Retirement of two directors of the Board and changes to the Board Committees

**20 February 2025**

The Board of Gold Fields announced that SP Reid and PJ Bacchus will retire as Non-Executive Directors and Members of the Board on

28 May 2025. As a consequence of the retirement of these two directors, the allocation of Non-Executive Directors to the Board

Committees was changed, effective 28 May 2025.

Gold Fields enters into binding agreement to acquire Gold Road Resources Limited

**5 May 2025**

The Board of Gold Fields announced that Gruyere Holdings Pty Ltd (a wholly-owned subsidiary of the Company) ("Gruyere") has entered

into a binding Scheme Implementation Deed (the "Scheme") to acquire 100% of the issued and outstanding share capital of Gold Road

Resources Limited ("Gold Road") by way of an Australian scheme of arrangement. Refer note 18.3 for further details.

Gold Fields concludes US$750 million 7-year notes offering

**13 May 2025**

The Board of Gold Fields announced that it has successfully concluded the raising of US$750 million 7-year notes with a coupon of 5.854%

(the "Notes"). The Notes were issued by Windfall Mining Group Inc. and guaranteed by Gold Fields and Gold Fields Holdings Company Limited.

The Company intends to use the net proceeds from the Notes offering for general corporate purposes, including to repay amounts outstanding

under the US$750 million multi-currency bridge facilities that were used to fund the acquisition of Osisko Mining Inc in October 2024.

Gold Fields appoints two new directors to the Board

**11 June 2025**

The Board of Gold Fields announced the appointments of J. MacKenzie and M. Rawlinson as Non-Executive Directors to the Board with

effect from 1 August 2025.

Gold Road acquisition conditions precedent met and successful execution of Northern Star share sale

**26 September 2025**

The Gold Fields Board announced that Gold Road has received the requisite majority of votes from its shareholders in favour of the proposed

acquisition of 100% of the issued and outstanding share capital of Gold Road by Gruyere. The Supreme Court of Western Australia has also

subsequently made orders approving the Scheme and these orders have been lodged with the Australian Securities and Investments

Commission. Consequently, all conditions precedent have now been met and the Scheme became effective as 26 September 2025.

The Board of Gold Fields also announced the successful monetisation of the underlying shares acquired by Gruyere in Northern Star under

the Scheme. Gold Fields, via Gruyere, entered into a Share Forward Transaction ("Equity Forward") with J.P. Morgan Securities plc

("J.P. Morgan Securities"), pursuant to which Gruyere has agreed to sell the shares in Northern Star which it will acquire as part of the

Transaction. In connection with the Equity Forward, J.P. Morgan Securities has sold Northern Star shares by way of a block trade at a price of

A$22.05 per Northern Star share, for total proceeds of A$1.1bn under the Equity Forward. Upon receipt by Gruyere these proceeds will be

utilised to repay a portion of the acquisition financing bridge facility that will be drawn upon to fund the Transaction.

Gold Fields hosted a capital markets day

**12 November 2025**

The Gold Fields Board announced that the Company will be hosting its inaugural Capital Markets Day on 12 November 2025. The event

will provide shareholders with a comprehensive update on Gold Fields' strategic initiatives aimed at enhancing both the quality and value

of its portfolio.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-13** | Gold Fields |

---

**Ghana matters**

In March 2025, the Gold Fields' application to extend the Damang main mining lease for a further 21 years was rejected by the

Government of Ghana, with agreement reached that the Government of Ghana would grant a one-year mining lease extension, expiring

18 April 2026, during which time Gold Fields would work with a Government appointed Transition Team to prepare the mine for transfer of

ownership to the Government of Ghana.

As part of the commitment to sustain ongoing operations at Damang, mining activities were restarted in May 2025 and the mine has been

safely operated since then. Gold Fields has continued to invest in the mine, including completing and providing the Government of Ghana

with a detailed feasibility study in December 2025, setting Damang up for an extended life of mine.

Over the past year, Gold Fields has worked with the Government of Ghana and the Government Transition Team to prepare the mine for

transfer of ownership. The shared focus of both Gold Fields and the Transition Team throughout this process has been to ensure that

Damang is well-positioned for continued sustainable operations following the transition, supporting ongoing employment, host community

development, and broader economic contributions in Ghana.

The final step in the transition process is the transfer of ownership of the Damang mine to the Government of Ghana, in line with Ghana's

mining laws and the terms of the agreement reached with Government. Decisions regarding the future ownership of the mine rest solely

with the Government of Ghana.

At Tarkwa, five of Gold Fields' six mining leases and its existing development agreement are due to expire in April 2027. Consistent with

the agreement reached with the Government of Ghana in April 2025 in respect of the Damang mining lease, Gold Fields submitted, in

November 2025, an application for the renewal of the Tarkwa mining leases, together with supporting technical reports, in accordance

with applicable law.

At the same time, the Government of Ghana indicated that it intended to progress material amendments to the Minerals and Mining Act

(Act 703), which governs the grant and renewal of mining leases. The proposed amendments include the introduction of a maximum term

of 10 years for mining lease renewals and the abolition of development agreements. These amendments, however, have not yet been

implemented and continue to be under discussion/ consideration by Government.

The existing development agreement between Gold Fields and the Government of Ghana is of importance to Gold Fields, as it provides a

range of fiscal concessions for the Tarkwa mine and includes key stabilising provisions in relation to taxes, royalties and other matters.

Gold Fields is seeking to progress its ongoing discussions with the Government of Ghana regarding the proposed renewal of the Tarkwa

mining leases, however, no agreement has been reached with Government yet. If the Tarkwa mining leases are not renewed by the

Government of Ghana, Gold Fields would be required to cease mining operations at Tarkwa entirely.

To the extent that the Tarkwa mining leases are renewed on terms that are less favourable than those currently in place (including as a

result of the abolition of development agreements and any changes to the applicable fiscal regime), Gold Fields' costs at Tarkwa could

increase materially, including through higher taxes and royalties and the loss of other fiscal concessions.

In particular, the Government of Ghana has announced the replacement of the existing flat 5% gold royalty rate with a sliding scale rate

(depending on the prevailing gold price) of 5% to 12%, effective March 2026.

Engineers and Planners ("E&P") have purported to commence dispute resolution processes under the terms of our Mining Agreements at

the Tarkwa and Damang mines. Gold Fields' assessment is that it has a clear and sufficient basis to challenge E&P's claims through the

dispute resolution mechanisms provided in the Agreements. The ultimate outcome of the process cannot presently be determined and,

accordingly, no adjustment for any effects on the Group that may result from the process, if any, has been made in the consolidated

financial statements.

**Going concern** 

Gold Fields' AFS were prepared using appropriate accounting policies, supported by reasonable judgements and estimates. The directors

have reasonable belief that the Company and Group have adequate resources to continue as a going concern for the foreseeable future.

**Dematerialisation of the shares** 

Shareholders are reminded that, as a result of the clearing and settlement of trades through Strate, the Company's share certificates are

no longer good for delivery for trading. Dematerialisation of the Company's share certificates is a prerequisite when dealing in the

Company's shares.

**Property** 

The register of property and mineral rights is available for inspection at the registered office of the Company during normal business hours.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-14** | Gold Fields |

---

Directors' report *continued*

**Environmental obligations** 

The Company's total gross closure liability for environmental rehabilitation costs amounted to US$847 million at 31 December 2025

compared withUS$641 million at 31 December 2024. The regional gross closure liabilities are as follows:

• Australia: US$338 million

• South Africa: US$54 million

• Ghana: US$149 million

• Chile: US$63 million

• Peru: US$220 million

• Canada: US$23 million

The funding methods used by each region to make provision for the mine closure cost estimates are:

• Australia – self-funding, using existing cash resources

• South Africa – contributions into environmental trust funds and guarantees

• Ghana – reclamation security agreement bonds underwritten by banks and restricted cash

• Chile – bank guarantees

• Peru - bank guarantees and cash resources

• Canada - bank guarantees

**Contingent liabilities and litigation** 

A material Group Litigation Report is presented at each Audit Committee meeting for discussion and consideration on whether the matter

remains contingent or whether a provision has to be recognised. Details of Gold Fields' contingent liabilities and litigation matters can be

found in note 39 of the AFR.

**Administration** 

Ms A Weststrate held the position of Company Secretary for the period under review.

Computershare Investor Services Proprietary Limited (Computershare) is the Company's South African transfer secretary and Link Asset

Services is the registrar of the Company in the UK.

**Auditors** 

The Audit Committee has recommended to the Board that PwC be re-appointed as the external auditors of the Company, until the

conclusion of the next AGM, in accordance with section 90(1) of the Companies Act.

**Subsidiary Companies** 

Details of major subsidiary companies in which the Company has a direct or indirect interest are set out in note 46 of the AFR.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-15** | Gold Fields |

---

Management's discussion and analysis of the financial statements

The following Management's Discussion and Analysis of the Financial Statements should be read together with the Gold Fields

consolidated financial statements, including the notes accompanying these financial statements.

A Management's Discussion and Analysis comparing the Financial Statements for the years ended 31 December 2024 and 2023 may be

found in the Management's Discussion and Analysis of the Financial Statements of the Gold Fields Limited 2024 Form 20-F, filed with the

SEC on 27 March 2025, which is available free of charge on the SEC's website at www.sec.gov and our website at www.goldfields.com.

**Overview** 

Gold Fields is a significant producer of gold and a major holder of gold reserves and resources in South Africa, Ghana, Australia, Peru and

Chile. In Peru, Gold Fields also produces copper. In Chile, Gold Fields produces silver and gold. Gold Fields is primarily involved in

underground and surface gold, silver and copper and related activities, including exploration, extraction, processing and smelting.

In 2025, the South African, Ghanaian, Peruvian, Australian and Chilean operations produced on a managed basis 12%, 23%, 7%, 42% and

16% of its total gold production, respectively.

Gold Fields owns 100% of the St Ives, Agnew, Granny Smith and Gruyere gold mines in Australia, 100% of the Salares Norte mine in Chile,

100% of the Windfall Project in Canada, 99.5% of the Cerro Corona mine in Peru and 90.0% of the Tarkwa and Damang mines in Ghana.

Gold Fields' economic interest in the South Deep mine in South Africa is 93.1%.

Salares Norte

Salares Norte (100% owned) had a successful ramp-up in 2025 with a particularly strong second half. The mine achieved commercial

levels of production on 31 August 2025 and reached steady state operations in Q4 2025, resulting in production of 397koz eq for the year

ended 31 December 2025, which is above the guidance range (325koz eq – 375koz eq). Salares Norte delivered US$808 million in free

cash flow for the year which was the highest in the Group.

Gold Road

In October 2025, Gold Fields completed the acquisition of Gold Road Resources and paid US$1.42 billion (A$2.19 billion), net of cash

received, the special dividend paid by Gold Road upon transaction close and the disposal of the Northern Star Resources shares that

were acquired as part of the transaction.

Full ownership of Gruyere, together with the surrounding land package, enables Gold Fields to optimise the life-of-mine plan for the asset.

The incremental expansion of the processing facility, together with consolidation of Gruyere, Golden Highway and the Yamarna land

packages is expected to allow the asset to ramp-up to c.400koz on a sustainable basis over an extended period.

During 2026, Gold Fields will advance studies to optimise the value of the Gruyere deposit, including an open-pit cutback versus

underground trade-off study.

Ghana matters

During 2025, Gold Fields worked closely with the Government of Ghana to develop a transition plan for the Damang mine. In April 2026, the

12-month lease extension comes to an end, at which point Gold Fields will transfer ownership of the mine to the Government of Ghana.

At Tarkwa, five of Gold Fields' six mining leases and its existing Development Agreement ("DA") are due to expire in April 2027.

Consistent with the agreement reached with the Government of Ghana in April 2025 in respect of the Damang mining lease,

Gold Fields submitted in November 2025, an application for the renewal of the Tarkwa mining leases, together with supporting technical

reports, in accordance with applicable law. Negotiations on the Tarkwa lease renewals are taking place in an environment where the

Government of Ghana is reviewing mining legislation and fiscal dispensation for mining in the country.

In December 2025, the Government of Ghana tabled a Legislative Instrument ("LI") in Parliament to effect new regulations which introduce

new royalty rates in Ghana for gold and other minerals (except Lithium). The LI was approved effective 10 March 2026 with a royalty range

of 5% to 12% on a sliding scale, depending on global gold prices. As a measure of relief, The Government of Ghana has agreed to reduce

the Growth and Sustainability Levy on the mining sector back to 1% from 3% previously applicable. Gold Fields has a Development

Agreement (DA), which provides a range of fiscal concessions and includes key stabilising provisions in relation to taxes, royalties and

other matters. However, the DA protects Tarkwa from these royalty changes until April 2027.

Gold Fields is seeking to progress its ongoing discussions with representatives of the Government of Ghana regarding the proposed

extension of the Tarkwa mining leases and related fiscal terms, including the extension of the DA. However, no agreement has been

reached and there is no assurance that an agreement will be concluded and the terms of any renewal are uncertain.

Reserves

As of 31 December 2025, Gold Fields reported attributable proved and probable gold, silver and copper reserves of approximately

48 million ounces (2024: 44 million ounces) of gold, 193 million pounds (2024: 271 million pounds) of copper and 43 million ounces

(2024: 46 million ounces) of silver.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-16** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Non-IFRS financial measures** 

The Annual Financial Report ("AFR") contains certain non-IFRS financial measures in respect of the Group's financial performance, the

statement of financial position and cash flows presented in order to provide users with relevant information and measures used by the

Group to assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under relevant

accounting standards. They are presented for illustrative purposes only and due to their nature may not fairly present Gold Fields'

financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be comparable to similarly

titled measures used by other companies. The following table sets out the non-IFRS financial measures disclosed throughout the AFR and

where they are reconciled to IFRS® Accounting Standards:

![](gfi-20251231_g131.gif)

---

| | | |
|:---|:---|:---|
| All-in sustaining costs ("AISC") | Intended to provide transparency into the costs <br>associated with producing and selling an ounce <br>of gold. | **page 16** |
| All-in sustaining costs (gross of by-product <br>revenue) ("AISC gross of by-product revenue")<br>| Intended to provide transparency into the costs <br>associated with producing and selling an ounce <br>of gold. | **page 16** |
| All-in costs ("AIC") | Intended to provide transparency into the costs <br>associated with producing and selling an ounce <br>of gold (including growth capital). | **page 16** |
| All-in costs (gross of by-product revenue) ("AIC <br>gross of by-product revenue")<br>| Intended to provide transparency into the costs <br>associated with producing and selling an ounce <br>of gold (including growth capital). | **page 16** |
| Adjusted EBITDA | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Net debt | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Net debt (excluding lease liabilities) | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Net debt to adjusted EBITDA ratio | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Net finance charges | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Adjusted EBITDA to net finance charges ratio | Used in the ratio to monitor the capital of the <br>Group. | **page 41 and**<br>**page 123** |
| Adjusted free cash flow | Used to measure the cash generated by the core <br>business.<br>| **page 40**  |
| Adjusted free cash flow from operations | Used to measure the cash generated by the core <br>business.<br>| **page 40** |
| Sustaining and non-sustaining capital expenditure | Used in the determination of AISC and AIC. | **page 16** |
| Normalised profit attributable to owners of the <br>parent and normalised profit per share <br>attributable to owners of the parent<br>| Forms the basis of the dividend pay-out policy. | **page 34** |

---

![](gfi-20251231_g132.gif)

 **Non-IFRS measure**

![](gfi-20251231_g133.gif)

**Purpose of measure**

![](gfi-20251231_g134.gif)

**Reference to where** 

**reconciled to IFRS** 

**Accounting Standards**

**All-in sustaining and all-in costs** 

The World Gold Council worked closely with its member companies to develop definitions for AISC and AIC. The World Gold Council is

not a regulatory industry organisation and does not have the authority to develop accounting standards or disclosure requirements.

AISC and AIC are non-IFRS financial measures. These non-IFRS financial measures are intended to provide further transparency into the

costs associated with producing and selling an ounce of gold. These metrics are helpful to investors, governments, local communities and

other stakeholders in understanding the economics of gold mining. The AISC incorporates costs related to sustaining current production.

The AIC include additional costs which relate to the growth of the Group. AISC, as defined by the World Gold Council, are operating costs

plus all costs not already included therein relating to sustaining current production, including sustaining capital expenditure. The value of

by-product revenues such as silver and copper is deducted from operating costs as it effectively reduces the cost of gold production.

AIC starts with AISC and adds additional costs which relate to the growth of the Group, including non-sustaining capital expenditure and

exploration, evaluation and feasibility costs not associated with current operations.

AISC and AIC are reported on a per ounce of gold basis, net of by-product revenues (as per the World Gold Council definition) as well as

on a per ounce of gold equivalent basis, gross of by-product revenues.

An investor should not consider AISC and AIC or operating costs in isolation or as alternatives to operating costs, cash flows from operating

activities or any other measure of financial performance presented in accordance with IFRS Accounting Standards. AISC and AIC as

presented in this Annual Financial Report may not be comparable to other similarly titled measures of performance of other companies.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-17** | Gold Fields |

---

The tables below and on the following pages set out a reconciliation of Gold Fields' cost of sales before gold inventory change and

amortisation and depreciation, as calculated in accordance with IFRS® Accounting Standards (refer to the consolidated financial

statements), to its AISC and AIC net of by-product revenues per ounce of gold sold for 2025 and 2024. The following tables also set out

AISC and AIC gross of by-product revenue on a gold equivalent ounce basis for 2025 and 2024.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  |  |  | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** |
|  |  |  |  | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** |  |  |  |
| *Figures in millions unless otherwise* <br>*stated*<br>| **South**<br>**Deep**<br>| **Tarkwa** | **Damang** | **St Ives** | **Agnew** | **Granny**<br>**Smith**<br>| **Gruyere**<sup>7</sup> | **Cerro**<br>**Corona**<br>| **Salares** <br>**Norte**<sup>8</sup><br>| **Corporate**<br>**and**<br>**projects**<br>| **Group** |
| **Cost of sales before gold inventory** <br>**change and amortisation and** <br>**depreciation**<br>| **(402.4)** | **(490.5)** | **(187.4)** | **(440.7)** | **(253.4)** | **(243.9)** | **(181.3)** | **(241.3)** | **(258.5)** | **—** | **(2699.5)** |
| Gold inventory change (cash)<sup>6</sup> | **2.5** | **(98.4)** | **(23.5)** | **9.8** | **(0.3)** | **3.6** | **(2.0)** | **43.2** | **25.2** | **—** | **(39.9)** |
| Royalties | **(25.2)** | **(82.1)** | **(16.7)** | **(32.0)** | **(20.7)** | **(22.9)** | **(16.3)** | **(15.9)** | **—** | **—** | **(231.9)** |
| Community/social responsibility costs<sup>6</sup> | **(4.6)** | **(11.3)** | **(1.1)** | **—** | **—** | **—** | **—** | **(8.9)** | **—** | **—** | **(25.9)** |
| Non-cash<br>remuneration (share-based payments)<sup>6</sup><br>| **(2.0)** | **(2.5)** | **—** | **(1.9)** | **(1.4)** | **(1.6)** | **(1.0)** | **(2.1)** | **(1.4)** | **(10.7)** | **(24.5)** |
| Cash remuneration (long-term <br>employee benefits)<sup>6</sup><br>| **(9.8)** | **(6.2)** | **(0.8)** | **(4.5)** | **(2.7)** | **(4.4)** | **(1.6)** | **(5.3)** | **(2.5)** | **(5.5)** | **(43.2)** |
| Other<sup>5,6</sup> | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(38.2)** | **(38.2)** |
| By-product<br>revenue<sup>1,6</sup><br>| **1.3** | **2.4** | **0.2** | **1.6** | **0.7** | **0.2** | **1.5** | **228.1** | **108.6** | **—** | **344.8** |
| Rehabilitation, amortisation and <br>interest<sup>6</sup><br>| **(0.1)** | **(7.3)** | **(5.9)** | **(4.3)** | **(2.6)** | **(3.1)** | **(2.6)** | **(27.0)** | **(3.9)** | **—** | **(56.8)** |
| Sustaining capital<br>expenditure<sup>2,6</sup><br>| **(128.2)** | **(248.7)** | **3.7** | **(125.9)** | **(45.1)** | **(112.6)** | **(157.4)** | **(10.7)** | **(200.6)** | **(3.0)** | **(1028.5)** |
| Lease payments<sup>6</sup> | **—** | **(27.0)** | **(6.9)** | **(18.9)** | **(24.1)** | **(16.8)** | **(14.8)** | **(1.9)** | **(6.4)** | **(2.3)** | **(118.9)** |
| Exploration, feasibility and evaluation <br>costs<sup>6</sup><br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(2.4)** | **—** | **—** | **(2.4)** |
| **All-in sustaining costs**<sup>3</sup> | **(568.5)** | **(971.5)** | **(238.4)** | **(616.9)** | **(349.5)** | **(401.5)** | **(375.4)** | **(44.2)** | **(339.4)** | **(59.8)** | **(3965.0)** |
| Non-cash remuneration (share-based <br>payments)<sup>6</sup><br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(0.9)** | **(0.9)** |
| Other<sup>6</sup> | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(1.9)** | **(1.9)** |
| Lease payments<sup>6</sup> | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(10.2)** | **(10.2)** |
| Exploration, feasibility and evaluation <br>costs<sup>4,6</sup><br>| **—** | **—** | **—** | **(26.0)** | **(19.6)** | **(5.9)** | **—** | **(8.2)** | **(20.1)** | **(215.6)** | **(295.4)** |
| Non-sustaining capital expenditure<sup>3,6</sup> | **—** | **—** | **—** | **(155.5)** | **(40.7)** | **(9.5)** | **—** | **(34.8)** | **(92.6)** | **(36.9)** | **(370.0)** |
| **All-in costs**<sup>3</sup> | **(568.5)** | **(971.5)** | **(238.4)** | **(798.4)** | **(409.8)** | **(416.9)** | **(375.4)** | **(87.2)** | **(452.1)** | **(325.3)** | **(4643.4)** |
| Gold only ounces sold ('000oz) | **308.8** | **474.2** | **96.9** | **369.6** | **243.7** | **266.5** | **184.9** | **101.5** | **363.6** | **—** | **2409.6** |
| All-in sustaining costs | **(568.5)** | **(971.5)** | **(238.4)** | **(616.9)** | **(349.5)** | **(401.5)** | **(375.4)** | **(44.2)** | **(339.4)** | **(59.8)** | **(3965.0)** |
| **All-in sustaining costs net of by-**<br>**product revenue per ounce of gold** <br>**sold (US$/oz)**<br>| **1841** | **2049** | **2461** | **1669** | **1434** | **1506** | **2030** | **436** | **933** | **—** | **1645** |
| All-in costs | **(568.5)** | **(971.5)** | **(238.4)** | **(798.4)** | **(409.8)** | **(416.9)** | **(375.4)** | **(87.2)** | **(452.1)** | **(325.3)** | **(4643.4)** |
| **All-in costs net of by-product revenue** <br>**per ounce of gold sold (US$/oz)**<br>| **1841** | **2049** | **2461** | **2160** | **1682** | **1564** | **2030** | **860** | **1244** | **—** | **1927** |

---

<sup>1</sup>*By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.* 

<sup>2</sup>*Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, deferred stripping costs of* 

*open-pit operations, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital* 

*expenditure of US$1,398.5 million per note 45 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth* 

*capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. The corporate* 

*and projects non-sustaining capital expenditure of US$36.9 million relates to the Windfall Project capital.*

<sup>3</sup>*This total may not reflect the sum of the line items due to rounding.* 

<sup>4</sup>*Includes exploration, feasibility and evaluation for the Windfall Project.* 

<sup>5</sup>*Other includes offshore structure costs and management fees.* 

<sup>6</sup>*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025.*

<sup>7</sup>*Results are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward.*

<sup>8</sup>*Salares Norte reached commercial levels of production on 31 August 2025.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-18** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  |  |  | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** |
|  |  |  |  | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** | **For the year ended 31 December 2025** |  |  |  |
| *Figures in millions unless otherwise* <br>*stated*<br>| **South**<br>**Deep**<br>| **Tarkwa** | **Damang** | **St Ives** | **Agnew** | **Granny**<br>**Smith**<br>| **Gruyere**<sup>4</sup> | **Cerro**<br>**Corona**<br>| **Salares** <br>**Norte**<sup>5</sup><br>| **Corporate**<br>**and** <br>**projects**<br>| **Group** |
| All-in sustaining costs (per table above) | **(568.5)** | **(971.5)** | **(238.4)** | **(616.9)** | **(349.5)** | **(401.5)** | **(375.4)** | **(44.2)** | **(339.4)** | **(59.8)** | **(3965.0)** |
| Add back by-product<br>revenue<sup>1,3</sup><br>| **(1.3)** | **(2.4)** | **(0.2)** | **(1.6)** | **(0.7)** | **(0.2)** | **(1.5)** | **(228.1)** | **(108.6)** | **—** | **(344.8)** |
| **All-in sustaining costs gross of by-**<br>**product revenue**<sup>2</sup><br>| **(569.8)** | **(973.9)** | **(238.6)** | **(618.5)** | **(350.2)** | **(401.7)** | **(376.9)** | **(272.3)** | **(448.0)** | **(59.8)** | **(4309.8)** |
| All-in costs (per table above) | **(568.5)** | **(971.5)** | **(238.4)** | **(798.4)** | **(409.8)** | **(416.9)** | **(375.4)** | **(87.2)** | **(452.1)** | **(325.3)** | **(4643.4)** |
| Add back by-product<br>revenue<sup>1,3</sup><br>| **(1.3)** | **(2.4)** | **(0.2)** | **(1.6)** | **(0.7)** | **(0.2)** | **(1.5)** | **(228.1)** | **(108.6)** | **—** | **(344.8)** |
| **All-in costs gross of by-product** <br>**revenue**<sup>2</sup><br>| **(569.8)** | **(973.9)** | **(238.6)** | **(800.0)** | **(410.5)** | **(417.1)** | **(376.9)** | **(315.3)** | **(560.8)** | **(325.3)** | **(4988.2)** |
| Gold equivalent ounces sold | **308.8** | **474.2** | **96.9** | **369.6** | **243.7** | **266.5** | **184.9** | **166.8** | **391.8** | **—** | **2503.2** |
| **All-in sustaining costs gross of by-**<br>**product revenue (US$/equivalent oz)**<br>| **1845** | **2054** | **2464** | **1673** | **1437** | **1507** | **2038** | **1632** | **1144** | **—** | **1722** |
| **All-in costs gross of by-product** <br>**revenue (US$/equivalent oz)**<br>| **1845** | **2054** | **2464** | **2164** | **1684** | **1565** | **2038** | **1890** | **1431** | **—** | **1993** |

---

<sup>1</sup>*By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.* 

<sup>2</sup>*This total may not reflect the sum of the line items due to rounding.* 

<sup>3</sup>*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025.*

<sup>4</sup>*Results are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward.*

<sup>5</sup>*Salares Norte reached commercial levels of production on 31 August 2025.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-19** | Gold Fields |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  |  |  | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** | **AISC and AIC, net of by-product revenue per ounce of gold** |
|  |  |  |  | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** |  |  |  |
| *Figures in millions unless otherwise* <br>*stated*<br>| **South**<br>**Deep**<br>| **Tarkwa** | **Damang** | **St Ives** | **Agnew** | **Granny**<br>**Smith**<br>| **Gruyere**<br>**50%**<br>| **Cerro**<br>**Corona**<br>| **Salares** <br>**Norte**<br>| **Corporate**<br>**and**<br>**projects**<br>| **Group** |
| **Cost of sales before gold inventory** <br>**change and amortisation and** <br>**depreciation**<br>| (356.4) | (519.7) | (132.8) | (358.3) | (222.9) | (235.0) | (107.4) | (226.7) | (43.0) |  | (2202.3) |
| Gold inventory change (cash)<sup>6</sup> | (2.4) | (41.3) | (105.3) | (24.7) | (1.5) | 0.1 | (16.9) | 38.1 | 24.7 |  | (129.2) |
| Inventory write-off<sup>6</sup> |  |  |  |  |  |  |  | (3.1) |  |  | (3.1) |
| Royalties | (3.2) | (62.5) | (15.5) | (20.2) | (13.9) | (16.6) | (8.7) | (7.1) |  |  | (147.7) |
| Community/social responsibility costs<sup>6</sup> | (4.0) | (9.2) | (0.7) |  |  |  |  | (7.1) |  |  | (21.0) |
| Non-cash<br>remuneration (share-based payments)<sup>6</sup><br>| (0.1) | (0.4) |  | (0.5) | (0.3) | (0.4) | (0.3) | (1.2) | (0.1) | (1.2) | (4.4) |
| Cash remuneration (long-term <br>employee benefits)<sup>6</sup><br>| (3.7) | (3.5) | 0.5 | (2.7) | (1.3) | (2.7) | (0.9) | (2.2) | (0.2) | 2.1 | (14.5) |
| Other<sup>5,6</sup> |  |  |  |  |  |  |  |  |  | (29.7) | (29.7) |
| By-product<br>revenue<sup>1,6</sup><br>| 0.7 | 1.5 | 0.2 | 1.0 | 0.6 | 0.2 | 0.8 | 192.7 | 3.7 |  | 201.5 |
| Rehabilitation, amortisation and <br>interest<sup>6</sup><br>|  | (5.7) | (5.9) | (4.5) | (2.0) | (3.2) | (2.0) | (19.8) | (2.4) |  | (45.4) |
| Sustaining capital<br>expenditure<sup>3,6</sup><br>| (111.6) | (206.5) | (4.7) | (168.6) | (45.4) | (56.1) | (85.1) | (26.8) | (142.2) | (2.3) | (849.4) |
| Lease payments<sup>6</sup> |  | (28.4) | (7.4) | (18.7) | (21.6) | (18.0) | (12.4) | (2.2) | (3.9) | (2.7) | (115.4) |
| Exploration, feasibility and evaluation <br>costs<sup>6</sup><br>|  | (3.0) |  |  |  |  |  |  |  |  | (3.0) |
| **All-in sustaining costs**<sup>3</sup> | (480.7) | (878.7) | (271.5) | (597.3) | (308.4) | (331.6) | (232.8) | (65.4) | (163.4) | (33.8) | (3363.6) |
| Lease payments<sup>6</sup> |  |  |  |  |  |  |  |  |  | (6.3) | (6.3) |
| Exploration, feasibility and evaluation <br>costs<sup>4,6</sup><br>|  |  |  | (19.6) | (11.0) | (3.1) | (1.9) | (6.9) | (16.1) | (81.0) | (139.6) |
| Non-sustaining capital expenditure<sup>3,6</sup> |  |  |  | (29.3) | (27.0) | (24.3) |  | (6.9) | (246.4) | (24.4) | (358.2) |
| **All-in costs**<sup>3</sup> | (480.7) | (878.7) | (271.5) | (646.2) | (346.3) | (358.9) | (234.7) | (79.2) | (425.9) | (145.5) | (3867.7) |
| Gold only ounces sold ('000oz) | 267.9 | 539.6 | 135.6 | 339.7 | 234.4 | 282.6 | 143.8 | 87.5 | 34.2 |  | 2065.4 |
| All-in sustaining costs | (480.7) | (878.7) | (271.5) | (597.3) | (308.4) | (331.6) | (232.8) | (65.4) | (163.4) | (33.8) | (3363.6) |
| **All-in sustaining costs net of by-**<br>**product revenue per ounce of gold** <br>**sold (US$/oz)**<br>| 1794 | 1629 | 2002 | 1759 | 1316 | 1173 | 1619 | 747 | 4776 |  | 1629 |
| All-in costs | (480.7) | (878.7) | (271.5) | (646.2) | (346.3) | (358.9) | (234.7) | (79.2) | (425.9) | (145.5) | (3867.7) |
| **All-in costs net of by-product revenue** <br>**per ounce of gold sold (US$/oz)**<br>| 1794 | 1629 | 2002 | 1903 | 1477 | 1270 | 1632 | 905 | 12452 |  | 1873 |

---

<sup>1</sup>*By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.* 

<sup>2</sup>*Sustaining capital expenditure represents the majority of capital expenditures at existing operations, including underground mine development costs, deferred stripping costs of* 

*open-pit operations, ongoing replacement of mine equipment and other capital facilities and other capital expenditures at existing operations and is calculated as total capital* 

*expenditure of US$1,183.4 million per note 45 to the consolidated financial statements, less non-sustaining capital expenditures. Non-sustaining capital expenditures (or growth* 

*capital) represent capital expenditures for major growth projects as well as enhancement capital for significant infrastructure improvements at existing operations. The corporate* 

*and projects non-sustaining capital expenditure of US$24.4 million relates to the Windfall Project capital.*

<sup>3</sup>*This total may not reflect the sum of the line items due to rounding.* 

<sup>4</sup>*Includes exploration, feasibility and evaluation and share of equity-accounted losses of Far Southeast Gold Resources Incorporated ("FSE") up to the date of disposal.* 

<sup>5</sup>*Other includes offshore structure costs and management fees.* 

<sup>6</sup>*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2024.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-20** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  |  |  | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** | **AISC and AIC, gross of by-product revenue per ounce of gold** |
|  |  |  |  | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** | **For the year ended 31 December 2024** |  |  |  |
| *Figures in millions unless otherwise* <br>*stated*<br>| **South**<br>**Deep**<br>| **Tarkwa** | **Damang** | **St Ives** | **Agnew** | **Granny**<br>**Smith**<br>| **Gruyere**<br>**50%**<br>| **Cerro**<br>**Corona**<br>| **Salares** <br>**Norte**<br>| **Corporate**<br>**and** <br>**projects**<br>| **Group** |
| All-in sustaining costs (per table above) | (480.7) | (878.7) | (271.5) | (597.3) | (308.4) | (331.6) | (232.8) | (65.4) | (163.4) | (33.8) | (3363.6) |
| Add back by-product<br>revenue<sup>1,3</sup><br>| (0.7) | (1.5) | (0.2) | (1.0) | (0.6) | (0.2) | (0.8) | (192.7) | (3.7) |  | (201.5) |
| **All-in sustaining costs gross of by-**<br>**product revenue**<sup>2</sup><br>| (481.5) | (880.2) | (271.7) | (598.4) | (308.9) | (331.8) | (233.6) | (258.1) | (167.1) | (33.8) | (3565.1) |
| All-in costs (per table above) | (480.7) | (878.7) | (271.5) | (646.2) | (346.3) | (358.9) | (234.7) | (79.2) | (425.9) | (145.5) | (3867.7) |
| Add back by-product<br>revenue<sup>1,3</sup><br>| (0.7) | (1.5) | (0.2) | (1.0) | (0.6) | (0.2) | (0.8) | (192.7) | (3.7) |  | (201.5) |
| **All-in costs gross of by-product** <br>**revenue**<sup>2</sup><br>| (481.5) | (880.2) | (271.7) | (647.3) | (346.9) | (359.1) | (235.5) | (271.9) | (429.7) | (145.5) | (4069.2) |
| Gold equivalent ounces sold | 267.9 | 539.6 | 135.6 | 339.7 | 234.4 | 282.6 | 143.8 | 171.6 | 35.6 |  | 2150.9 |
| **All-in sustaining costs gross of by-**<br>**product revenue (US$/equivalent oz)**<br>| 1797 | 1631 | 2003 | 1762 | 1318 | 1174 | 1624 | 1504 | 4690 |  | 1658 |
| **All-in costs gross of by-product** <br>**revenue (US$/equivalent oz)**<br>| 1797 | 1631 | 2003 | 1906 | 1480 | 1271 | 1638 | 1585 | 12058 |  | 1892 |

---

<sup>1</sup>*By-product revenue at Cerro Corona relates to copper. For all the other operations, by-product revenue relates to silver.* 

<sup>2</sup>*This total may not reflect the sum of the line items due to rounding.* 

<sup>3</sup>*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2024.*

**AISC and AIC** 

AISC net of by-product revenues increased by 1% from US$1,629 per ounce of gold in 2024 to US$1,645 per ounce of gold in 2025,

mainly due to higher cost of sales before amortisation and depreciation, higher royalties, higher share-based payments and long-term

incentives and higher sustaining capital expenditure. These increases were partially offset by higher gold sales and higher by-product

credits to cost. AIC net of by-product revenues increased by 3% from US$1,873 per ounce of gold in 2024 to US$1,927 per ounce of gold

in 2025, mainly due to the reasons mentioned above as well as higher non-sustaining capital expenditure and higher exploration costs.

AISC gross of by-product revenues increased by 4% from US$1,658 per ounce of gold in 2024 to US$1,722 per ounce of gold in 2025,

due to the same reasons as above. AIC gross of by-product revenues increased by 5% from US$1,892 per ounce of gold in 2024 to

US$1,993 per ounce of gold in 2025, due to the same reasons as above.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-21** | Gold Fields |

---

**Royalties** 

South Africa

The Royalty Act was promulgated on 24 November 2008 and came into operation on 1 March 2010. The Royalty Act imposes a royalty on

refined and unrefined minerals payable to the South African government.

The royalty in respect of refined minerals (which include gold and platinum) is calculated by dividing earnings before interest and taxes

("EBIT"), as defined by the Royalty Act, by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%.

EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest expense and foreign exchange losses)

before assessed losses but after capital expenditure. A maximum royalty of 5% is levied on refined minerals.

For Gold Fields, this means that currently it pays a royalty based on the refined minerals royalty calculation as applied to its gross

revenue. The rate of royalty tax payable for 2025 and 2024 was 2.4% and 0.5% of revenue, respectively.

Ghana

Minerals are owned by the Republic of Ghana and held in trust by the President. Under the terms of the March 2016 Development

Agreement ("DA") entered into with the government of Ghana, Tarkwa and Damang have been subject to a sliding scale for royalty rates,

linked to the prevailing gold price from 1 January 2017. The royalty sliding scale is as follows:

---

| | | |
|:---|:---|:---|
| **Average gold price** | **Average gold price** |  |
| **Low value** | **High value** | **Royalty rate** |
| **US$0.00** | **US$1,299.99** | **3.0%** |
| **US$1,300.00** | **US$1,449.99** | **3.5%** |
| **US$1,450.00** | **US$2,299.99** | **4.0%** |
| **US$2,300.00** | **Unlimited** | **5.0%** |

---

The average rate of royalty tax payable for 2025 and 2024 based on the above sliding scale was 5% and 4% to 5% on revenue,

respectively. Tarkwa's initial tax stability period under the DA is valid until 17 April 2027.

Damang's mining lease and DA expired on 18 April 2025, however following negotiations with the Government of Ghana, a one year

extension, which was ratified by Parliament was granted to 18 April 2026.

In December 2025, the Government of Ghana tabled a Legislative Instrument ("LI") in Parliament to effect new regulations which introduce

new royalty rates in Ghana for gold and other minerals (except Lithium). The LI was approved effective 10 March 2026 with a royalty range

of 5% to 12% on a sliding scale, depending on global gold prices. As a measure of relief, The Government of Ghana has agreed to reduce

the Growth and Sustainability Levy on the mining sector back to 1% from 3% previously applicable.

By virtue of their respective DAs, Tarkwa and Damang continue to apply the existing royalty sliding scale with a top rate of 5% while these

are still in force.

Australia

Royalties are payable to the state based on the amount of gold produced from a mining tenement. Royalties are payable quarterly at a

fixed rate of 2.5% of the royalty value of gold sold. The royalty value of gold is the amount of gold produced during the month multiplied

by the average gold spot price for the month.

Peru

Royalties and Special Mining Tax are both calculated with reference to the operating margin and ranges from 1% (for operating margins

less than 10%) to 12% (for operating margins of more than 80%), or 1% of revenue, the highest of both amounts. Cerro Corona's effective

royalty and Special Mining Tax rate for 2025 and 2024 was 4.8% and 4.0% of operating profit, respectively.

Chile

Chile levies a royalty (referred to as the special mining income tax) on all medium to large scale mining operations in Chile. Gold Fields

anticipates that its Chilean subsidiary will be treated as a large scale mineral producer. This is because it will produce annual gold

equivalent ounces in excess of 50,000 metric tonnes of fine copper. The applicable mining tax percentage is calculated on a sliding scale

with reference to the mining operational profit margin. The tax rate is from 5% (for operating margins equal to or less than 35%) to 14% (for

operating margins of 85% or more). The mining tax payable is calculated at the applicable tax rate on the net operating income of the

Chilean subsidiary. The mining tax is a deductible expense in the calculation of the Chilean corporate tax. Chile's effective special mining

income tax rate for 2025 and 2024 was 7.66% and 4.76% of the mining operational profit margin, respectively.

Canada

Mining royalties in Canada are imposed by provinces on mining operations within their jurisdictions. Gold Fields Windfall Project is located

in the Quebec province in Canada. Quebec levies a mining tax on annual profit using progressive tax rates calculated with reference to

the operating margin in specific bands being 16% (for operating margins up to 35%) then 22% (for operating margins between 35% and

50%) and 28% (for operating margins exceeding 50%). In any event, Quebec imposes a minimum mining tax based on the mine-mouth

output value, less certain deductible allowances. The rate for the minimum tax are 1% for the first C$80 million and 4% for the remainder.

The mining tax is a deductible expense in the calculation of Quebec and Canadian Federal income taxes.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-22** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Income and mining taxes** 

Gold Fields tax strategy and policy

Gold Fields global tax strategy's primary purpose is to set out the Group's framework for meeting its tax obligations from an operational,

governance and tax risk management perspective. This is to ensure that we operate in a transparent, responsible and sustainable

manner, acknowledging the differing interests of all our stakeholders.

The Group does not engage in aggressive tax planning and seeks to maintain professional real-time relationships with the relevant tax

authorities. In material or complex matters the Group would generally seek advance tax rulings or alternatively obtain external counsel 's

opinion.

The Group does not embark on intra-group gold sales and only sells its gold (or gold-equivalent product) directly to independent third

parties at arm's-length prices – generally at the prevailing gold spot price. Active business income is therefore fully declared and taxed in

the source country where the relevant mining operation is located, with the revenue accruing to the host country.

The Group oversees its tax affairs through multiple levels of management. The Board oversees the approval, monitoring and compliance

with our Tax Strategy through the Audit Committee. Our Chief Financial Officer has ultimate responsibility for setting the Group's Tax

Strategy. In contrast the day-to-day operational responsibility for executing this policy resides with the Vice President Global Tax. The

Vice President Global Tax and Chief Financial Officer reports tax matters to the Board's Audit Committee quarterly. The Group's Tax

Strategy is reviewed and formally approved by the Audit Committee biennially. We review this strategy, along with our processes and

controls, biennially to ensure we consider changes in the internal and external environment.

This includes compliance with Transfer Pricing ("TP") legislation and associated TP documentation requirements. Our Group TP standards

are fully compliant with OECD guidelines and are regularly updated and benchmarked by independent experts. Uncertain tax positions

are properly evaluated and reported in terms of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 23 *Uncertainty* 

*over Income Tax Treatments.*

The Group has invested and allocated appropriate resources in the group tax department to ensure we comply with our global tax

obligations. The Group has a global team of tax professionals; located in all of its operating jurisdictions, charged with managing their

respective jurisdictions tax affairs in line with Group's Code of Conduct, global tax strategy and internal policies.

South Africa

Generally, South Africa imposes tax on the worldwide income (including capital gains) of all of Gold Fields' South African incorporated and

tax resident entities. Certain classes of passive income such as interest and royalties, and certain capital gains, derived by Controlled

Foreign Companies ("CFC") could be subject to South African tax on a notional imputation basis. CFCs generally constitute a foreign

company in which Gold Fields owns or controls more than 50% of the shareholding.

Gold Fields pays taxes on its taxable income generated by its mining and non-mining tax entities. Under South African law, gold mining

companies and non-gold mining companies are taxed at different rates. Companies in the Group not carrying on direct gold mining

operations are taxed at a statutory rate of 27%.

At the same time, Companies are entitled to set off any balance of assessed losses to the extent that the set-off amount does not exceed

the higher of R1 million and 80% of the taxable income for that year.

Gold Fields Operations Limited ("GFO"), and GFI Joint Venture Holdings Proprietary Limited ("GFIJVH"), jointly own the South Deep mine

and constitute gold mining companies for South African taxation purposes. These companies are subject to the gold tax formula on their

mining income.

The gold tax formula is Y = 33 – 165/X. In the formula above, Y is the tax rate to be determined and X is the ratio of taxable income

to the total income (expressed as a percentage). The effective mining tax rate for GFO and GFIJVH has been calculated at 29% at

31 December 2025 and 2024.

Ghana

Ghanaian resident entities are subject to tax on a worldwide income basis however, general source based tax principles are applied. Where

income has a source in Ghana, it accrues in or is derived from Ghana. Mining companies in Ghana are taxed at a corporate income tax rate of

35%. Under the terms of the Development Agreement ("DA") entered into with the government of Ghana, Tarkwa and Damang are liable to a

32.5% corporate income tax rate during the tax stability period per the DA.

Dividends paid by Tarkwa and Damang are generally subject to an 8% withholding tax rate, which is reduced to 5% per the applicable

Double Tax Agreement.

Tarkwa and Damang deduct 20% on a straight-line basis for capital allowances on depreciable assets (i.e. over five years). Under the DA, the

deferred stripping costs are fully deductible in the year such costs are incurred. Any capital allowances which are not utilised in a particular

year are added to operating losses (if any), thereby increasing operating losses and then carried forward for five years. Any operating losses

carried forward are extinguished if not utilised within five years on a first in, first out basis.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-23** | Gold Fields |

---

Australia

Generally, Australia imposes tax on the worldwide income (including capital gains) of all of Gold Fields' Australian incorporated and tax

resident entities. The current income tax rate for companies with turnover of A$50 million or more is 30%. Exploration expenditure is

deductible in full as incurred. The Australian Uniform Capital Allowance regime allows tax deductions for the decline in value of

depreciable assets and certain other capital expenditures over the effective lives of the assets acquired or constructed.

Gold Fields Australia and its eligible related Australian sister companies, together with all wholly owned Australian subsidiaries, have

elected to be treated as a tax consolidated group for income taxation purposes. As a tax consolidated group, a single income tax return is

lodged for the Group based on the consolidated results of all companies within the Group.

Withholding tax is payable on dividends, interest and royalties paid by Australian residents to non-residents. In the case of dividend

payments to non-residents, withholding tax at a rate of 30% will apply. However, where the recipient of the dividend is a resident of a

country with which Australia has concluded a double taxation agreement, the rate of withholding tax is generally limited to between 0%

and 15%, depending on the applicable agreement and shareholding percentage. Where dividends are paid out of profits that have been

subject to Australian corporate tax there is no withholding tax, regardless of whether a double taxation agreement is in place.

Peru

Peruvian taxes for resident individuals and domiciled corporations are based on their worldwide income, and for non-resident individuals

and non-domiciled corporations are based on their Peruvian income source. The general income tax rate applicable to domiciled

corporations is 29.5% on taxable income and to non-resident corporations is 30%. The income tax applied to interest paid to non-

residents is 4.99%. The dividends tax rate (to residents and non-residents) is 5%. Capital gains are also taxed as ordinary income for

domiciled corporations.

Chile

Gold Fields Chilean subsidiary will be subject to the 27% corporate tax rate and dividends paid by the Chilean subsidiary to the parent

company is subject to a 35% withholding tax rate. The 27% corporate tax paid offsets as a credit against the withholding tax levied, so that

the effective dividend withholding tax rate will approximate 8%.

Payments made by Chilean companies to non-resident entities are subject to withholding tax. The rate is between 4% to 35% depending

on the type of payment. Interest paid to qualifying Foreign Financial Institutions is reduced from 35% to a 4% of withholding tax.

Canada

Canadian Corporations are subject to both federal and provincial taxes. At federal level, corporations are taxed on their worldwide

income on active business income at a flat rate of 15%. Gold Fields Windfall Project is located in the Quebec province which imposes its

own provincial income tax at a rate of 11.5%.

Organisation for Economic Co-operation and Development ("OECD") Pillar Two model rules

The Group is within the scope of the OECD Pillar Two model rules.

Six of the jurisdictions in which the Group operates, including South Africa, Australia, Canada, Isle of Man, Netherlands and Gibraltar have

enacted or substantively enacted Pillar Two legislation to implement the global minimum top-up tax at 31 December 2025. This legislation

is effective from as early as 1 January 2024 for many of these jurisdictions.

The Group determined that the global minimum top-up tax, which it is required to pay under Pillar Two legislation, is an income tax in the

scope of IAS 12. The Group applies a temporary mandatory relief from deferred taxation accounting for the impacts of the top-up tax and

accounts for it as a current taxation when it is incurred, as provided in the amendments to IAS 12 issued in May 2023.

Under the legislation, the Group may be liable to pay top-up tax for the difference between its Global Anti-Base Erosion ("GloBE") effective

tax rate per jurisdiction and the 15% minimum rate.

The Group has performed an impact assessment of its potential exposure in relation to the Pillar Two legislation. Based on the outcome

of the impact assessment, the Group does not anticipate being subject to material top-up tax exposure in any of the jurisdictions in

which it operates.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-24** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Significant accounting judgements and estimates** 

Gold Fields' significant accounting policies are fully described in note 1 to the accounting policies to its consolidated financial statements

included in this Annual Financial Report. Some of Gold Fields' accounting policies require the application of significant judgements and

estimates by management that can affect the amounts reported in the consolidated financial statements. By their nature, these

judgements are subject to a degree of uncertainty and are based on Gold Fields' historical experience, terms of existing contracts,

management's view on trends in the gold mining industry, information from outside sources and other assumptions that Gold Fields

considers to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or

conditions.

**Results for the period – years ended 31 December 2025 and 31 December 2024** 

Profit attributable to owners of the parent for the Group increased by 187% from US$1,245 million (or US$1.39 per share) in 2024 to

US$3,567 million (or US$3.99 per share) in 2025. The reasons for this increase are discussed on the following pages.

Exchange rates

Gold Fields' Australian and South African revenues and costs are very sensitive to the Australian Dollar/US Dollar exchange rate and the

Rand/US Dollar exchange rate, because revenues are generated using a gold price denominated in US Dollar, while the costs of the

Australian and South African operations are incurred principally in Australian Dollar and Rand, respectively. Depreciation of the Australian

Dollar and the Rand against the US Dollar reduces Gold Fields' average costs when they are translated into US Dollar, thereby increasing

the operating margin of the Australian and South African operations. Conversely, appreciation of the Australian Dollar and Rand results in

Australian and South African operating costs being translated into US Dollar at a lower Australian Dollar/US Dollar exchange rate and

Rand/US Dollar exchange rate, resulting in higher costs in US Dollar terms and in lower operating margins.

The impact on profitability of any change in the value of the Australian Dollar and Rand against the US Dollar can be substantial.

Furthermore, the exchange rates obtained when converting US Dollar to Australian Dollar and Rand are set by foreign exchange

markets, over which Gold Fields has no control. In 2024, the Rand strengthened by 2% against the US Dollar, from an average of R18.33

per US$1.00 in 2024 to R17.88 per US$1.00 in 2025. The Australian Dollar strengthened by 3% from an average of A$1.00 per US$0.66 in

2024 to A$1.00 per US$0.64 in 2025.

The Windfall Project costs are mainly denominated in Canadian Dollar. Depreciation or appreciation of the Canadian Dollar against the US

dollar will reduce or increase their costs when translating into US dollars. The Canadian Dollar weakened by 1% from C$1.00 per US$0.73

in 2024 to C$1.00 per US$0.72 in 2025.

With respect to its operations in Ghana, Peru and Chile, a substantial portion of Gold Fields' operating costs (including wages) are either

directly incurred in US Dollar or are translated to US Dollar. Accordingly, fluctuations in the Ghanaian Cedi, Peruvian Nuevo Soles and

Chilean Peso do not materially impact operating results for the Ghana, Peru and Chilean operations.

Inflation

Gold Fields' operations have been, and may continue to be, directly affected by inflationary pressures and volatile commodity costs.

Inflation rates in the countries in which Gold Fields operates generally decreased in 2025 compared with 2024, although trends were not

uniform across all countries. Global inflation is expected to continue affecting Gold Fields' operations. Prolonged periods of inflation may

impact Gold Fields' profitability by negatively impacting its fixed costs and expenses, including raw materials, transportation and labour

costs. If these increased costs are not offset by an increase in gold prices or improved efficiencies, they could have a material adverse

effect on Gold Fields' business, operating results and financial condition. Furthermore, if cost increases outpace increases in gold price,

this would have an impact on Gold Fields' profitability.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-25** | Gold Fields |

---

Revenue

Revenue increased by 68% from US$5,202 million in 2024 to US$8,751 million in 2025. The increase in revenue of US$3,549 million was

mainly due to a 45% higher gold price and 16% higher gold-equivalent ounces sold.

Substantially all of Gold Fields' revenues are derived from the sale of gold, silver and copper. As a result, Gold Fields' revenues are

directly related to the prices of gold, silver and copper. Historically, the prices of gold, silver and copper have fluctuated widely. The gold,

silver and copper prices are affected by numerous factors over which Gold Fields does not have control. The volatility of gold, silver

and copper prices is illustrated in the following tables, which show the annual high, low and average of the London afternoon fixing price

of gold and silver and the London Metal Exchange ("LME") cash settlement price for copper in US Dollar for the past 5 calendar years:

---

| | | | |
|:---|:---|:---|:---|
|  | **Price per ounce**<sup>1</sup> | **Price per ounce**<sup>1</sup> | **Price per ounce**<sup>1</sup> |
|  | High | Low | Average |
| **Gold** | **(US$/oz)** | **(US$/oz)** | **(US$/oz)** |
| 2021 | 1943 | 1684 | 1799 |
| 2022 | 2039 | 1629 | 1800 |
| 2023 | 2078 | 1811 | 1941 |
| 2024 | 2778 | 1985 | 2388 |
| **2025** | **4449** | **2633** | **3439** |

---

*Source: Iress*

<sup>1</sup>*Rounded to the nearest US Dollar.*

On 24 March 2026, the London afternoon fixing price of gold was US$4,414/oz.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price per ounce**<sup>1</sup> | **Price per ounce**<sup>1</sup> | **Price per ounce**<sup>1</sup> |
|  | High | Low | Average |
| **Silver** | **(US$/oz)** | **(US$/oz)** | **(US$/oz)** |
| 2024 | 35 | 22 | 28 |
| **2025** | **75** | **29** | **40** |

---

*Source: Bloomberg (2024: LBMA)*

<sup>1</sup>*Rounded to the nearest US Dollar.*

On 24 March 2026, the London afternoon fixing price of silver was US$70/oz.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price per tonne**<sup>1</sup> | **Price per tonne**<sup>1</sup> | **Price per tonne**<sup>1</sup> |
|  | High | Low | Average |
| **Copper** | **(US$/t)** | **(US$/t)** | **(US$/t)** |
| 2021 | 10725 | 7756 | 9318 |
| 2022 | 10730 | 7000 | 8798 |
| 2023 | 9346 | 7813 | 8477 |
| 2024 | 10857 | 8092 | 9145 |
| **2025** | **12512** | **8539** | **9943** |

---

*Source: Iress*

<sup>1</sup>*Rounded to the nearest US Dollar.*

On 24 March 2026, the LME cash settlement price for copper was US$12,009/t.

Gold Fields sells the gold it produces at market prices to obtain the maximum benefit from prevailing gold prices. As a general rule,

Gold Fields does not enter into hedging arrangements such as forward sales or derivatives which establish a price in advance for the

sale of its future gold production. However, hedges can be undertaken in one or more of the following circumstances:

• to protect cash flows at times of significant capital expenditures;

• for specific debt servicing requirements; and

• to safeguard the viability of higher cost operations.

Significant changes in the prices of gold, silver and copper over a sustained period of time may lead Gold Fields to increase or decrease

its production in the near term, which could have a material impact on Gold Fields' revenues.

Sales of copper concentrate are "provisionally priced" – that is, the selling price is subject to final adjustment at the end of a period

normally ranging from 30 to 90 days after delivery to the customer, based on market prices at the relevant quotation points stipulated in

the contract. Revenue on provisionally priced copper concentrate sales is recorded on the date of shipment, net of refining and treatment

charges, using the forward LME price to the estimated final pricing date, adjusted for the specific terms of the agreements. Variations

between the price used to recognise revenue and the actual final price received can be caused by changes in prevailing copper and gold

prices. Changes in the fair value as a result of changes in forward metal prices are classified as provisional price adjustments and included

as a component of revenue.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-26** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

Gold Fields' realised gold, silver and copper prices

The following table sets out the average, the high and the low London afternoon fixing price per ounce of gold and Gold Fields' average

US Dollar realised gold price during the past two years.

---

| | | |
|:---|:---|:---|
| **Realised gold price**<sup>1</sup> | **2025** | 2024 |
| Average | **3439** | 2388 |
| High | **4449** | 2778 |
| Low | **2633** | 1985 |
| **Gold Fields' average realised gold price**<sup>2</sup> | **3496** | 2418 |

---

<sup>1</sup>*Prices stated per ounce.*

<sup>2</sup>*Gold Fields' average realised gold price may differ from the average gold price due to the timing of its sales of gold within each year.* 

The following table sets out the average, the high and the low London afternoon fixing price per ounce of silver and Gold Fields' average

US Dollar realised silver price during the past two years.

---

| | | |
|:---|:---|:---|
| **Realised silver price**<sup>1</sup> | **2025** | 2024 |
| Average | **40** | 28 |
| High | **75** | 35 |
| Low | **29** | 22 |
| **Gold Fields' average realised silver price**<sup>2</sup> | **48** | 30 |

---

<sup>1</sup>*Prices stated per ounce.*

<sup>2</sup>*Gold Fields' average realised silver price may differ from the average gold price due to the timing of its sales of gold within each year.* 

The following table sets out the average, the high and the low LME cash settlement price per tonne for copper and Gold Fields' average

US Dollar realised copper price during the past two years.

---

| | | |
|:---|:---|:---|
| **Realised copper price**<sup>1</sup>  | **2025** | 2024 |
| Average | **9943** | 9145 |
| High | **12512** | 10857 |
| Low | **8539** | 8092 |
| **Gold Fields' average realised copper price**<sup>2</sup>  | **9939** | 9144 |

---

<sup>1</sup>*Prices stated per tonne.*

<sup>2</sup>*Gold Fields' average realised copper price may differ from the average copper price due to the timing of its sales of copper within each year.*

The average US Dollar gold price achieved by the Group increased by 45% from US$2,418 per equivalent ounce in 2024 to US$3,496 per

equivalent ounce in 2025.

The following table sets out revenue, gold sold and gold produced for each operation and the Group for 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Revenue**<br>**US$ million**<br>| **Gold sold**<br>**'000oz**<br>| **Gold**<br>**produced**<br>**'000oz**<br>| Revenue<br>US$ million<br>| Gold sold<br>'000oz<br>| Gold<br>produced<br>'000oz<br>|
| South Deep | **1065.9** | **308.8** | **308.8** | 646.4 | 267.9 | 267.3 |
| Tarkwa | **1642.6** | **474.2** | **474.5** | 1301.9 | 539.6 | 537.2 |
| Damang | **333.1** | **96.9** | **97.5** | 323.5 | 135.6 | 134.6 |
| Cerro Corona | **596.7** | **166.8** | **167.6** | 410.8 | 171.6 | 172.5 |
| Salares Norte<sup>1</sup> | **1421.4** | **391.8** | **396.5** | 93.6 | 35.6 | 45.3 |
| St Ives | **1278.4** | **369.6** | **369.6** | 825.0 | 339.7 | 331.2 |
| Agnew | **836.5** | **243.7** | **245.3** | 562.1 | 234.4 | 229.5 |
| Granny Smith | **914.2** | **266.5** | **261.7** | 688.8 | 282.6 | 287.4 |
| Gruyere<sup>2</sup> | **662.6** | **184.9** | **186.1** | 348.9 | 143.8 | 143.6 |
|  | **8751.3** | **2503.2** | **2507.5** | 5201.6 | 2150.9 | 2148.6 |

---

<sup>1</sup>*Salares Norte reached commercial levels of production on 31 August 2025.*

<sup>2</sup>*Results are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-27** | Gold Fields |

---

Gold sales fluctuations have been explained below. In all cases, gold sold is driven by gold produced.

Gold sales increased by 16% from 2,150,900 equivalent ounces in 2024 to 2,503,200 equivalent ounces in 2025.

At South Deep, gold sales increased by 15% from 8,334 kilograms (267,900 ounces) in 2024 to 9,605 kilograms (308,800 ounces) in

2025. This increase was primarily driven by improved grades due to the mining footprint and enhanced plant recovery.

At Tarkwa, gold sales decreased by 12% from 539,600 ounces in 2024 to 474,200 ounces in 2025 mainly due to lower yield. Yield

decreased due to lower feed grade as a result of feeding more lower-grade materials from stockpiles. Damang's gold sales decreased by

29% from 135,600 ounces in 2024 to 96,900 ounces in 2025 due to lower yield resulting from lower grade of ore processed.

At Peru, copper sales increased by 1% from 22,167 tonnes in 2024 to 22,442 tonnes in 2025 mainly due to higher recovery, while gold

sales increased by 16% from 87,519 ounces in 2024 to 101,470 ounces in 2025 due to higher gold grade and recovery. Gold equivalent

sales decreased by 3% from 171,600 ounces in 2024 to 166,800 ounces in 2025 due to a lower Cu/Au price factor as a result of a higher

increase in gold price in relation to the copper price, which had a negative impact on equivalent production in 2025.

On 31 August 2025, Salares Norte achieved commercial levels of production. Gold and silver sales for 2025 were 363,573 ounces gold

and 2,268,179 ounces silver, respectively. Gold equivalent sales increased from 35,600 ounces in 2024 to 391,800 ounces in 2025 driven

by the ramp-up of the processing plant.

At St Ives, gold sales increased by 9% from 339,700 ounces in 2024 to 369,600 ounces in 2025 due to an 8% increase in tonnes milled

and a 3% increase in yield. At Agnew, gold sales increased by 4% from 234,400 ounces in 2024 to 243,700 ounces in 2025 due to

improved plant throughput and feed grade from available stockpiled material. At Granny Smith, gold sales decreased by 6% from

282,600 ounces in 2024 to 266,500 ounces in 2025 in accordance with the business plan. At Gruyere, gold sales increased by 29%

from 143,800 ounces in 2024 to 184,900 ounces in 2025 due to an increase in tonnes milled partially offset by a reduction in yield. In

2024, Gruyere production was impacted by a wet weather event during March and April. In 2025, Gruyere operations continued to ramp-

up, with the Gruyere open pit achieving a 37% increase in tonnes mined compared to the prior year. Gruyere's results are reported on a

50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward.

Cost of sales

Cost of sales, which comprises cost of sales, gold inventory change and amortisation and depreciation, increased by 29% from

US$2,844 million in 2024 to US$3,681 million in 2025. The reasons for this increase are described below.

**Cost of sales before amortisation and depreciation**

Cost of sales before amortisation and depreciation increased by 25% from US$2,216 million in 2024 to US$2,760 million in 2025 mainly

due to the increase in production as well as inflationary increases affecting all the regions and a US$14 million gold inventory debit to cost

in 2024 compared to US$61 million in 2025.

At South Deep, cost of sales before amortisation and depreciation increased by 8% from R6,565 million (US$358 million) in 2024 to

R7,123 million (US$398 million) in 2025 mainly due to inflationary increases and increased volumes mined.

At Tarkwa, cost of sales before amortisation and depreciation increased by 20% from US$507 million in 2024 to US$607 million in 2025

mainly due to a gold inventory credit to costs in 2024 of US$13 million as a result of a build-up of stockpiles compared to a gold inventory

charge to costs in 2025 of US$117 million as a result of draw-down of stockpiles. At Damang, cost of sales before amortisation and

depreciation decreased by 11% from US$238 million in 2024 to US$211 million in 2025 mainly due to lower tonnes mined.

At Cerro Corona, cost of sales before amortisation and depreciation increased by 2% from US$191 million in 2024 to US$194 million

in 2025.

At Salares Norte, cost of sales before amortisation and depreciation was US$196 million in 2025. In 2024, cost of sales before

amortisation and depreciation was a net positive of US$18 million due to gold inventory credit to costs being higher than the cost of sales

before gold inventory change and amortisation and depreciation as a result of a build of stockpiles in line with the ramp-up of the project

after achieving first gold In March 2024. Salares Norte reached commercial levels of production on 31 August 2025 and achieved steady

state operations in Q4 2025.

At St Ives, cost of sales before amortisation and depreciation increased by 16% from A$569 million (US$375 million) in 2024 to

A$662 million (US$426 million) in 2025 mainly due to increased employee and contractor costs. At Agnew, cost of sales before

depreciation increased by 18% from $333 million (US$220 million) in 2024 to A$394 million (US$254 million) in 2025 mainly due

increased commodity input prices and employee and contractor costs. At Granny Smith, cost of sales before amortisation and

depreciation increased by 5% from A$352 million (US$232 million) in 2024 to A$370 million (US$239 million) in 2025 mainly due to

inflationary increases. At Gruyere, cost of sales before amortisation and depreciation increased by 113% from A$172 million (US$113 million)

in 2024 to A$366 million (US$236 million) in 2025 mainly due to higher mining unit costs as a result of higher contractor mining rates and

additional processing plant maintenance costs. Gruyere's results are reported on a 50% basis up to the acquisition of Gold Road on

26 September 2025 and on a 100% basis from that date forward.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-28** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Amortisation and depreciation**

Amortisation and depreciation is calculated on the units-of-production method and is based on current gold production as a percentage

of total expected gold production over the lives of the different mines based on proved and probable reserves.

The amortisation in 2025 was based on the reserves as at 31 December 2024. The life-of-mine information is based on the operations

reserve life of mine models. In basic terms, amortisation is calculated using the life-of-mine for each operation, which is based on: (1) the

proved and probable reserves for the operation at the start of the relevant year; and (2) the amount of gold produced/mined by the

operation during the year.

---

| | | |
|:---|:---|:---|
|  | **Amortisation**<br>**for the year ended** | **Amortisation**<br>**for the year ended** |
|  | **31 December**<br>**2025**<br>**US$ million**<br>| 31 December<br>2024<br>US$ million<br>|
| South Deep | **78** | 62 |
| Tarkwa | **137** | 135 |
| Damang | **27** | 32 |
| Cerro Corona | **60** | 59 |
| Salares Norte<sup>1</sup> | **159** | 45 |
| St Ives | **138** | 63 |
| Agnew | **72** | 72 |
| Granny Smith | **71** | 70 |
| Gruyere<sup>2</sup> | **135** | 75 |
| Corporate and other | **44** | 16 |
| **Total amortisation and depreciation** | **920** | 627 |

---

<sup>1</sup>*Salares Norte reached commercial levels of production on 31 August 2025.*

<sup>2</sup>*Results are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward.*

Amortisation and depreciation increased by 47% from US$627 million in 2024 to US$920 million in 2025, mainly due to higher

production.

At South Deep, amortisation and depreciation increased by 24% from R1,130 million (US$62 million) in 2024 to R1,401 million

(US$78 million) in 2025 mainly due to an increase in infrastructure and fleet capital expenditure, as well as an increase in gold production.

At Tarkwa, amortisation and depreciation increased by 1% from US$135 million in 2024 to US$137 million in 2025. At Damang,

amortisation and depreciation decreased by 16% from US$32 million in 2024 to US$27 million in 2025 mainly due to the completion

of mining in 2023 resulting in the rehandling and treatment of stockpiles in 2024 and 2025.

At Cerro Corona, amortisation and depreciation increased by 2% from US$59 million in 2024 to US$60 million in 2025 mainly due to

higher capital expenditure.

At Salares Norte, amortisation and depreciation increased from US$45 million in 2024 to US$159 million in 2025. Salares Norte Salares

Norte reached commercial levels of production on 31 August 2025 and amortisation on the processing plant commenced from that date.

Salares Norte reached steady state operations in Q4 2025.

At St Ives, amortisation and depreciation increased by 124% from A$96 million (US$63 million) in 2024 to A$215 million (US$138 million) in

2025 mainly due to higher ounces mined. In addition, Swiftsure and Invincible South open pits were fully amortised in 2025 with both

open pits having relatively short mine lives combined with high development costs. At Agnew, amortisation and depreciation increased by

3% from A$108 million (US$72 million) in 2024 to A$111 million (US$72 million) in 2025 mainly due to higher capital project expenditure,

partially offset by lower ounces mined. At Granny Smith, amortisation and depreciation increased by 4% from A$106 million

(US$70 million) in 2024 to A$110 million (US$71 million) in 2025 due to higher capital development and project expenditure, partially offset

by lower ounces mined. At Gruyere, amortisation and depreciation increased by 84% from A$114 million (US$75 million) in 2024 to

A$210 million (US$135 million) in 2025 mainly due to the Gold Road acquisition and inclusion of the 100% cost base from the December

quarter (previously 50%).

Investment income

Income from investments increased by 83% from US$29 million in 2024 to US$53 million in 2025.

The investment income in 2025 of US$53 million comprised US$5 million interest on monies invested in the South African and Ghanaian

rehabilitation trust funds, US$41 million interest on other cash and cash equivalent balances and US$7 million unwinding of discount rate

and net change in fair value of the Asanko deferred and contingent considerations.

The investment income in 2024 of US$29 million comprised US$4 million interest on monies invested in the South African and Ghanaian

rehabilitation trust funds, US$18 million interest on other cash and cash equivalent balances and US$7 million unwinding of discount rate

and net change in fair value of the Asanko deferred and contingent considerations.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-29** | Gold Fields |

---

Interest on other cash balances increased by 128% from US$18 million in 2024 to US$41 million in 2025 mainly due to higher average

cash balances in 2025.

The US$7 million unwinding of discount rate and net change in fair value of the Asanko deferred and contingent considerations in 2024

and 2025 relates to the considerations receivable in terms of the disposal of Asanko Gold.

Finance expense

Finance expense increased by 142% from US$50 million in 2024 to US$121 million in 2025.

The finance expense of US$121 million in 2025 comprised US$29 million relating to the accretion of the environmental rehabilitation

liability, US$1 million relating to the unwinding of the silicosis provision, US$26 million lease interest and US$134 million on various

Group borrowings, partially offset by borrowing costs capitalised of US$69 million.

The finance expense of US$50 million in 2024 comprised US$25 million relating to the accretion of the environmental rehabilitation

liability, US$1 million relating to the unwinding of the silicosis provision, US$25 million lease interest and US$106 million on various

Group borrowings, partially offset by borrowing costs capitalised of US$106 million.

The environmental rehabilitation liability accretion expense increased by 16% from US$25 million in 2024 to US$29 million in 2025 due

to higher gross cost estimates at the end of 2024.

The unwinding of the silicosis provision remained flat at US$1 million.

The interest expense on lease liability increased by 4% from US$25 million in 2024 to US$26 million in 2025 due to additional leases

entered into.

Interest on Group borrowings increased by 26% from US$106 million in 2024 to US$134 million in 2025 due to higher average borrowings

in 2025.

Below is an analysis of the components making up the interest on the various Group borrowings, stated on a comparative basis:

---

| | | |
|:---|:---|:---|
|  | United States Dollar | United States Dollar |
| Figures in millions unless otherwise stated | 2025 | 2024 |
| Interest on borrowings to fund capital expenditure and operating costs at the <br>South African operation<br>| 1 | 1 |
| Interest on US$500 million 5-year notes issue |  | 10 |
| Interest on US$500 million 10-year notes issue | 31 | 31 |
| Interest on US$750 million 7-year notes issue | 28 |  |
| Interest on US$100 million revolving senior secured credit facility | 1 | 1 |
| Interest on US$150 million revolving senior secured credit facility |  | 3 |
| Interest on US$85 million revolving senior secured credit facility |  | 4 |
| Interest on A$500 million syndicated revolving credit facility | 4 | 6 |
| Interest on US$750 million multi-currency bridge facilities | 12 | 14 |
| Interest on US$1,200 million term loan and revolving credit facility  | 52 | 36 |
| Interest on A$1,250 million multi-currency term loan facility | 5 |  |
|  | 134 | 106 |

---

Interest on borrowings at the South African operation remained flat at US$1m. The Rand facilities are fully undrawn and the expense

relates to commitment fees.

Interest on the US$500 million 5-year notes issue was US$10 million in 2024. The US$500 million 5-year notes matured and were repaid

on 25 May 2024.

The US$500 million 10-year notes issue remained flat at US$31 million.

On 13 May 2025, Gold Fields successfully concluded the raising of US$750 million 7-year notes. Interest on the US$750 million 7-year

notes was US$28 million in 2025.

Interest on the US$100 million term revolving senior secured credit facility remained flat at US$1 million. The facility is fully undrawn and

the expense relates to commitment fees.

Interest on the US$150 million revolving senior secured facility was US$3 million in 2024. The US$150 million revolving senior secured

facility was refinanced with the US$85 million revolving senior secured facility during 2024 and cancelled.

Interest on the US$85 million revolving senior secured facility was US$4 million in 2024. The US$85 million revolving senior credit facility

was cancelled on 9 July 2025.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-30** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

Interest on the A$500 million syndicated revolving credit facility decreased by 33% from US$6 million in 2024 to US$4 million in 2025.

The decrease was due to repayments in 2025.

Interest on the US$750 million multi-currency bridge facilities decreased by 14% from US$14 million in 2024 to US$12 million in 2025.

The facilities were entered into on 18 October 2024 and used to finance the Osisko acquisition. The facilities had a maturity date of

17 October 2025 and were fully repaid and cancelled in May 2025.

Interest on the US$1,200 million term loan and revolving credit facility increased by 44% from US$36 million in 2024 to US$52 million

in 2025. The increase was due to additional drawdowns in 2025.

Interest on the A$1,250 million multi-currency term loan facility was US$5 million in 2025. The facility was entered into on

2 December 2025 and used to finance the Gold Road acquisition.

Capitalised interest decreased by 35% from US$106 million in 2024 to US$69 million in 2025 due to the cessation of interest

capitalisation at Salares Norte from 31 August 2025 due to the mine having reached commercial levels of production. An average interest

capitalisation rate of 4.3% (2024: 7.0%) was applied. The interest was capitalised in terms of IAS 23 *Borrowing Costs*. IAS 23 requires

capitalisation of borrowing costs whenever general or specific borrowings are used to finance qualifying projects.

Gain on financial instruments, net

Gain on financial instruments net was US$58 million in 2025.

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Royalties - fair value gain | **78** |  |
| Northern Star shares - fair value gain | **53** |  |
| Northern Star shares - fair value loss on forward sales | **(73)** |  |
| **Total gain on financial instruments, net** | **58** |  |

---

On 12 December 2025, Gold Fields entered into agreements to sell a portfolio of royalty assets for a total cash consideration of

US$115 million and its right to the Asanko deferred and contingent considerations for US$30 million and US$22 million, respectively.

Certain assets within the royalty portfolio, having a combined a value of US$78 million, were subject to a third-party right of first refusal

("ROFR"). Completion of the overall transaction was conditional upon the purchaser acquiring these royalties. At 31 December 2025,

the US$78 million royalties were presented as assets held for sale as the sale was considered highly probable in the sense that they

will be purchased either by the purchaser or the third party. A fair value gain of US$78 million was recognised in profit or loss.

On 26 September 2025, Gold Fields entered into a forward share transaction ("forward sale") pursuant to which it agreed to sell the

Northern Star shares acquired as part of the acquisition of Gold Road. The investment in Northern Star was presented as an asset held for

sale until 14 October 2025, the settlement date of the forward sale. A fair value gain of US$53 million (A$83 million) was recognised in

profit or loss.

On 14 October 2025, Gold Fields sold the 49,258,234 Northern Star shares by way of the forward sale at a price of A$22.05 per Northern

Star share for a total consideration of US$707 million (A$1,086 million). A fair value loss of US$73 million (A$113 million) was recognised in

profit or loss.

Foreign exchange gain/(loss)

The foreign exchange loss of US$7 million in 2024 compared to a gain of US$7 million in 2025. These gains or losses on foreign

exchange related to the conversion of offshore cash holdings into their functional currencies.

Share-based payments

Gold Fields recognises the cost of share options granted (share-based payments) in terms of IFRS 2 *Share-based Payment*.

The Group grants share options and restricted shares to Executive Directors, as well as senior and middle management. Gold Fields has

adopted appropriate valuation models to fair value share-based payments. The value of the equity-settled instruments is determined at

the grant date of the options and depending on the rules of the plan expensed on a straight-line basis over a three-year vesting period,

adjusted for forfeitures as appropriate.

Share-based payments increased from US$4 million in 2024 to US$25 million in 2025 mainly due to higher vesting percentages, as well

as a higher number of awards granted in 2025 as a result of a change in the employee share scheme with shares granted to a broader

group of employees and not only executives and certain officers. The corresponding entry for the share-based payment expense was the

share-based payment reserve within shareholders' equity.

Long-term incentive plan expense

Gold Fields recognises the long-term incentive plan expense in terms of IAS 19 *Employee Benefits*.

The Group granted cash awards to senior and middle management, conditional on the achievement of specified performance conditions

relating to total shareholder return and free cash flow margin. The conditions were assessed over the performance cycle which runs over

three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original

award was made. The last award under this plan was made in 2024.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-31** | Gold Fields |

---

The performance conditions of LTIP are approved annually by the Remuneration Committee. The expected timing of the cash outflows in

respect of each grant is at the end of three years after the original award was made.

The LTIP expense increased by 187% from US$15 million in 2024 to US$43 million in 2025 mainly due to the current marked-to-market

valuation of the plan reflecting improved forecast performance.

Exploration expense

The exploration expense increased by 204% from US$98 million in 2024 to US$298 million in 2025 mainly due to higher spend at the

Windfall Project in Canada, which is still in the pre-feasibility phase.

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Australia | **68** | 44 |
| Chile | **20** | 16 |
| Peru | **11** | 7 |
| Ghana | **—** | 3 |
| Canada | **186** | 28 |
| Other | **13** |  |
| **Total exploration expense** | **298** | 98 |

---

Reversal of impairment of assets, net of impairment

Impairment of assets of US$4 million in 2024 compared to a reversal of impairment of assets, net of impairment amounting to US$281

million in 2025.

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Salares Norte redundant assets (2024: Peru) | **(4)** | (4) |
| South Deep cash-generating unit - reversal of impairment | **285** |  |
| **Reversal of impairment of assets, net of impairment** | **281** | (4) |

---

For the year ended 31 December 2018, the Group recognised an impairment of US$410 million (R5,507 million) in respect of property,

plant and equipment relating to the South Deep CGU. At 31 December 2025, the Group reversed an impairment of US$285 million

(R4,722 million) in respect of property, plant and equipment relating to the South Deep CGU as a result of significantly higher gold prices

and the stabilisation of the ramp-up at the South Deep mine during 2025. The impairment reversal was limited to what the carrying

amounts of the CGU would have been at 31 December 2025 had the assets not been impaired. Refer note 8 for further details.

Other costs, net

Other costs, net increased by 65% from US$82 million in 2024 to US$135 million in 2025.

The costs in 2025 were mainly made up of:

• Social contributions of US$26 million;

• Offshore structure costs of US$17 million; and

• Rehabilitation expense of US$44 million as a result of changes in estimates relating to the provision for environmental rehabilitation

costs recognised in profit or loss.

The costs in 2024 were mainly made up of:

• Social contributions of US$21 million;

• Offshore structure costs of US$18 million; and

• Gruyere rainfall event related costs of US$12 million.

Restructuring costs

Restructuring costs increased by 43% from US$7 million in 2024 to US$10 million in 2025. The cost in 2024 and 2025 related mainly to

the separation packages at Ghana.

Ghana expected credit loss

Ghana expected credit loss ("ECL") was US$66 million in 2025.

The ECL of US$66 million in 2025 comprised US$46 million raised against a contractor loan receivable at Tarkwa and US$20 million

raised against a Tarkwa receivable. The amounts advanced were provided to ensure the sustainability of the operation and delivery of the

mine plan. Gold Fields has communicated to the contractor that this amount remains payable and has reserved all rights in this regard.

Profit on disposal of asset held for sale - Asanko Gold

Asanko Gold was disposed of during 2024. The transaction was subject to a number of conditions and was concluded on 4 March 2024

with the receipt of US$65 million cash and 28.5 million Galiano shares, resulting in the recognition of a profit on disposal amounting to

US$6m in 2024.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-32** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

Profit on disposal of asset held for sale - Rusoro

On 9 January 2024, Gold Fields announced that it entered into a share purchase agreement with Fulcrum Global Markets LLC, a

Delaware limited liability company, to sell its 140,000,001 common shares in the capital of Rusoro for an aggregate initial cash purchase

price of US$62 million and certain additional contingent consideration upon the occurrence of specified events described below.

The US$62 million was received by Gold Fields on 22 January 2024, resulting in the recognition of a profit on disposal of Rusoro

amounting to US$62 million in 2024.

Gain on remeasurement of 50% previously held interest in Gruyere

Gain on remeasurement of 50% previously held interest in Gruyere was US$808 million (A$1,235 million) in 2025.

On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint operation

with Gold Road Resources Limited ("Gold Road").

On 5 May 2025, Gold Fields entered into an agreement to acquire 100% of the issued and outstanding share capital of Gold Road. This

represents a direct acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the Gruyere Gold Project

(the "second Transaction").

When a joint operation is acquired through stages that results in control of an entity that is a business, the transaction is treated as a

business combination achieved in stages. On acquisition date the previously held 50% interest in the Gruyere Gold Project was

remeasured to its fair value and the resulting gain was recognised in profit or loss.

Transaction costs on acquisition of Gold Road

Transaction costs of US$51 million (A$80 million) relating to the Gold Road acquisition were recognised in profit or loss in 2025.

Share of results of equity-accounted investees, net of taxation

The share of results of equity-accounted investees, net of taxation decreased by 96% from a loss of US$54 million in 2024 to a loss of

US$2 million in 2025.

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Far South East Resources Incorporated ("FSE") | **—** | (2) |
| Windfall Project | **—** | (48) |
| Lunnon Metals Limited ("Lunnon")  | **(2)** | (4) |
| **Share of result of equity-accounted investees, net of taxation**  | **(2)** | (54) |

---

FSE's share of loss of equity-accounted investees, net of taxation was US$2 million in 2024. Gold Fields disposed of FSE for US$1 million

in 2024.

On 2 May 2023, Gold Fields, through a 100% held Canadian subsidiary, acquired a 50% interest in the Windfall Project in Québec,

Canada, which is in the feasibility stage, from Osisko Mining Incorporated (the "Partnership"). Gold Fields and Osisko had joint control

over the Windfall Project, the transaction was structured as a separate vehicle and the Group had a residual interest in the net assets of

the Windfall Project. Accordingly, the Group classified its interest in the Windfall Project as a joint venture.

On 12 August 2024, Gold Fields entered into an agreement with Osisko to acquire 100% of its issued share capital. This represents a

direct acquisition of Osisko as well as an indirect acquisition of the remaining 50% interest in the Windfall Project (the "second

Transaction"). The acquisition date was 25 October 2024, the date on which all conditions precedent were met and the consideration was

paid in full by Gold Fields. On 25 October 2024, the initial 50% interest in the Windfall Project was derecognised as a joint venture and

recognised as an asset acquisition together with the additional 50% interest held by Osisko, in terms of the second Transaction.

Windfall's share of loss of equity-accounted investees, net of taxation was US$48 million in 2024. Windfall's share of equity accounting

loss for 2024 was based on results to 25 October 2024.

Lunnon's share of losses of equity-accounted investees decreased by 50% from US$4 million in 2024 to US$2 million in 2025.

Gold Fields holds 30.5% (2024: 30.5%) of Lunnon at 31 December 2025.

Silicosis settlement costs

Silicosis settlement costs were US$1 million in 2025.

A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class

action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis

while working for one or more of the mining companies listed in the application (refer to notes 29.2 and 39 of the consolidated financial

statements for further details).

Profit on disposal of assets

Profit on disposal of assets remained flat at US$1 million. The profit in 2024 and 2025 related mainly to the sale of redundant assets at

various operations.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-33** | Gold Fields |

---

Royalties

Royalties increased by 57% from US$148 million in 2024 to US$232 million in 2025 in line with the increases in revenue.

Mining and income tax

The mining and income tax charge increased by 137% from US$697 million in 2024 to US$1,649 million in 2025.

The table below indicates Gold Fields' effective tax rate in 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Income and mining tax charge (US$ million) | **(1649)** | (697) |
| Effective tax rate (%) | **31** | 35 |

---

In 2025, the effective tax rate of 31.0% was lower than the maximum South African mining statutory tax rate of 33% mainly due to the tax

effect of the following:

• US$131 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;

• US$267 million non-taxable gain on remeasurement of 50% previously held interest in Gruyere;

• US$18 million non-taxable fair value gain on Northern Star shares; and

• US$8 million deferred tax movement on Peruvian Nueva Sol devaluation against US dollar;

The above were offset by the following tax effected charges:

• US$8 million non-deductible share-based payments;

• US$4 million non-deductible exploration expense;

• US$21 million non-deductible interest paid;

• US1 million of non-deductible share of results of equity-accounted investees, net of taxation;

• US$24 million non-deductible fair value loss on forward sale of Northern Star shares;

• US$12 million non-deductible transaction costs on acquisition of Gold Road;

• US$38 million dividend withholding tax;

• US$42 million of net non-deductible expenditure and non-taxable income;

• US$20 million of various Peruvian non-deductible expenses;

• US$88 million deferred tax assets not recognised at Windfall; and

• USS$1 million prior year adjustments.

In 2024, the effective tax rate of 35.0% was higher than the maximum South African mining statutory tax rate of 33% mainly due to the tax

effect of the following:

• US$57 million adjustment to reflect the actual realised company tax rates in South Africa and offshore;

• US$2 million non-taxable profit on disposal of Asanko Gold; and

• US$21 million non-taxable profit on disposal of Rusoro.

The above were offset by the following tax effected charges:

• US$2 million non-deductible share-based payments;

• US$26 million non-deductible interest paid;

• US18 million of non-deductible share of results of equity-accounted investees, net of taxation;

• US$23 million dividend withholding tax;

• US$29 million of net non-deductible expenditure and non-taxable income;

• US$11 million of various Peruvian non-deductible expenses;

• US$17 million deferred tax assets not recognised at Windfall; and

• USS$8 million prior year adjustments.

Profit for the year

As a result of the factors discussed above, the profit increased by 182% from US$1,291 million in 2024 to US$3,645 million in 2025.

Profit attributable to owners of the parent

Profit attributable to owners of the parent increased by 187% from US$1,245 million in 2024 to US$3,567 million in 2025.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests increased by 70% from US$46 million in 2024 to US$78 million in 2025.

The non-controlling interest at the end of 2025 and 2024 consists of Gold Fields Ghana Limited (Tarkwa) and Abosso Goldfields Limited (Damang)

at 10% each, Gold Fields La Cima S.A. (Cerro Corona) at 0.47% and Newshelf 899 (Proprietary) Limited (South Deep) at 6.90% (2024: 3.57%).

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-34** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

The amount making up the non-controlling interest is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | 2024 | **2025** | 2024 |
|  | **Non-controlling** <br>**interest** <br>**Effective**<sup>1</sup><br>| Non-controlling <br>interest <br>Effective<sup>1</sup><br>| **US$ million** | US$ million |
| Gold Fields Ghana – Tarkwa | **10.0%** | 10.0% | **46** | 38 |
| Abosso Goldfields – Damang | **10.0%** | 10.0% | **3** | 2 |
| Gold Fields La Cima – Cerro Corona | **0.47%** | 0.47% | **1** |  |
| Newshelf 899 – South Deep<sup>2</sup> | **6.90%** | 3.57% | **28** | 6 |
|  |  |  | **78** | 46 |

---

<sup>1</sup>*Average for the year*

<sup>2</sup>*On 6 December 2025, per the South Deep BEE transaction an economic interest of 6.90% In Newshelf 899 (Proprietary) Limited vested to the BEE non-controlling interest holders.*

Basic earnings per share

As a result of the above, Gold Fields earnings per share increased by 187% from US$1.39 per share in 2024 to US$3.99 per share in 2025.

Dividend policy

During 2025, the Company implemented a new dividend policy. The new policy, which took effect with the final 2025 dividend declaration,

targets a base dividend of 35% of free cash flow before discretionary growth investments, with a minimum annual dividend of US$0.50 per share

(paid semi-annually at US$0.25 per share). The Company's previous dividend policy was to declare an interim and final dividend of 30% – 45%

of normalised earnings. All payouts are subject to the applicable legal, regulatory and Board approval requirements.

Normalised profit attributable to owners of the parent

Normalised profit attributable to owners of the parent is considered an important measure by Gold Fields of the profit realised by the Group in the

ordinary course of operations. In addition, it formed the basis of the previous dividend policy. Normalised profit attributable to owners of the parent

is defined as profit attributable to owners of the parent excluding gains and losses on foreign exchange, financial instruments, non-recurring net

realisable value adjustment to stockpiles and non-recurring items after taxation and non-controlling interest effect.

Normalised profit attributable to owners of the parent increased by 119% from US$1,227 million or US$1.37 per share in 2024 to US$2,684

million or US$3.00 per share in 2025.

Normalised profit attributable to owners of the parent reconciliation for the Group is calculated as follows:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Profit for the year attributable to owners of the parent  | **3567** | 1245 |
| *Adjusted for the following:* |  |  |
| Non-recurring items<sup>1</sup> | **(941)** | (16) |
| Tax effect of non-recurring items\* | **64** | (10) |
| Non-controlling interest effect of non-recurring items\* | **3** |  |
| Loss on foreign exchange | **(7)** | 7 |
| Tax effect on foreign exchange\* | **(2)** |  |
| Cerro Corona net realisable value adjustment to stockpiles | **—** | 3 |
| Tax effect on Cerro Corona net realisable value adjustment to stockpiles\* | **—** | (1) |
| South Deep deferred tax change\* | **—** | (1) |
| **Normalised profit attributable to owners of the parent**  | **2684** | 1227 |

---

<sup>1</sup>*Non-recurring items are considered unusual and not expected during regular business operations and comprise the following:*

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Profit on the sale of assets | **(1)** | (1) |
| Gain on financial instruments, net | **(58)** |  |
| Gain on remeasurement of 50% previously held interest in Gruyere | **(808)** |  |
| Transaction costs on acquisition of Gold Road | **51** |  |
| Profit on disposal of Rusoro | **—** | (62) |
| Profit on disposal of Asanko Gold | **—** | (6) |
| Reversal of Impairment of assets, net of impairment of assets | **(281)** | 4 |
| Restructuring costs | **10** | 7 |
| Rehabilitation adjustments | **44** | (1) |
| Gruyere rainfall event | **(6)** | 12 |
| Ghana expected credit losses | **66** |  |
| Other non-recurring items\* | **42** | 31 |
| **Total non-recurring items** | **(941)** | (16) |

---

*\*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025 and 2024.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-35** | Gold Fields |

---

**Liquidity and capital resources – years ended 31 December 2025 and 31 December 2024** 

Cash flows from operating activities

Cash inflows from operating activities increased by 135% from US$1,607 million in 2024 to US$3,772 million in 2025. The items

comprising these are discussed below.

The increase in inflow of US$2,165 million was due to the following movements:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| Increase in cash generated by operations mainly due to higher revenue as a result of the higher gold price | **2732** |
| Increase in interest received | **24** |
| Increase in release of working capital  | **173** |
| Increase in interest paid due to higher average borrowings | **(30)** |
| Increase in royalties paid mainly due to higher revenue as a result of the higher gold price | **(87)** |
| Increase in taxes paid mainly due to higher revenue as a result of the higher gold price | **(264)** |
| Increase in dividends paid | **(383)** |
|  | **2165** |

---

Cash flows from investing activities

Cash outflows from investing activities increased by 7% from US$2,591 million in 2024 to US$2,766 million in 2025.

The increase in outflow of US$175 million was due to the following movements:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| Increase in additions to property, plant and equipment | **(215)** |
| Increase in capital expenditure – working capital | **(19)** |
| Decrease in proceeds on disposal of property, plant and equipment | **(1)** |
| Increase in purchase of investments | **(35)** |
| Windfall Project capital contributions - 2024 | **65** |
| Purchase of Osisko - 2024 | **1453** |
| Purchase of Gold Road - 2025 | **(2124)** |
| Increase in proceeds on disposal of investments | **825** |
| Proceeds on disposal of Rusoro - 2024 | **(62)** |
| Proceeds on disposal of Asanko Gold - 2024 | **(65)** |
| Decrease in contributions to environmental trust funds | **3** |
|  | **(175)** |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-36** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Additions to property, plant and equipment** 

Capital expenditure increased by 18% from US$1,183 million in 2024 to US$1,399 million in 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| *Figures in million unless otherwise stated* | **Sustaining**<br>**capital\***<br>| **Non-sustaining**<br>**capital\***<br>| **Total**<br>**capital**<br>| Sustaining<br>capital\*<br>| Non-sustaining<br>capital\*<br>| Total<br>capital<br>|
| South Deep | **128** | **—** | **128** | 112 |  | 112 |
| Tarkwa | **249** | **—** | **249** | 207 |  | 207 |
| Damang | **(4)** | **—** | **(4)** | 5 |  | 5 |
| Cerro Corona | **11** | **35** | **46** | 27 | 7 | 34 |
| Salares Norte | **200** | **93** | **293** | 142 | 247 | 389 |
| St Ives | **125** | **156** | **281** | 169 | 29 | 198 |
| Agnew | **45** | **41** | **86** | 45 | 27 | 72 |
| Granny Smith | **112** | **10** | **122** | 56 | 24 | 80 |
| Gruyere<sup>1</sup> | **157** | **—** | **157** | 85 |  | 85 |
| Other | **6** | **35** | **41** | 1 |  | 1 |
| **Total** | **1029** | **370** | **1399** | 849 | 334 | 1183 |

---

<sup>1</sup>*On 26 September 2025, Gold Fields acquired 100% of the issued and outstanding share capital of Gold Road. This represents a direct acquisition of Gold Road, as well as an* 

*indirect acquisition of the remaining 50% interest in the Gruyere Gold Project. The capital expenditure for 2025 represents 100% of Gruyere from acquisition date compared to 50%* 

*for the 12 months in 2024.*

*\*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the years ended 31 December 2025 and 2024.*

Sustaining capital expenditure at South Deep increased by 12% from R2,046 million (US$112 million) in 2024 to R2,292 million (US$128

million) in 2025, mainly due to an increase in equipment purchases, winder upgrades, electrical upgrades and water reticulation

upgrades.

Sustaining capital expenditure at Tarkwa increased by 20% from US$207 million in 2024 to US$249 million in 2025. The increase in

capital expenditure was mainly due to an increase in capital waste tonnes mined and infrastructure relocation project expenditure (US$22

million).

Sustaining capital expenditure at Damang decreased by 179% from US$5 million in 2024 to negative US$4 million in 2025 due to

capital cost reclassified as operational cost in 2025 and other capital reversals.

Total capital expenditure at Cerro Corona increased by 35% from US$34 million in 2024 to US$46 million in 2025. The increase in total

capital expenditure is due to the construction of the in-pit tailing facility.

Total capital expenditure at Salares Norte decreased by 25% from US$389 million in 2024 to US$293 million in 2025. Sustaining capital

expenditure increased in 2025 mainly due to the ramp-up expenditure up to achieving commercial levels of production at the end of

August 2025. Non-sustaining capital expenditure decreased in 2025 due to the completion of the project stage capital expenditure.

Total capital expenditure at St Ives increased by 46% from A$300 million (US$198 million) in 2024 to A$437 million (US$281 million) in

2025. The increased capital mainly relates to A$177 million (US$114 million) spent on the Renewables Power Project (2024: A$49 million

(US$32 million).

Total capital expenditure at Agnew increased by 21% from A$110 million (US$72 million) in 2024 to A$133 million (US$86 million) in 2025

driven by increased non-sustaining expenditure in 2025 associated with bringing the Barren Lands underground mine to full production

in December 2025 and ongoing development of the lower Kath orebody at the Waroonga complex.

Total capital expenditure at Granny Smith increased by 55% from A$122 million (US$80 million) in 2024 to A$190 million (US$122 million)

in 2025 due to increased underground development and expenditure on the new mine fresh air intake system to support the Z135 and

Z150 extraction levels

Total capital expenditure at Gruyere increased by 89% from A$129 million (US$85 million) in 2024 to A$244 million (US$157 million) in

2025 reflecting the 2025 focus on pre-stripping of Stages 5 and 6 of the Gruyere open pit. Following the acquisition of Gold Road

on 26 September 2025, capital expenditure has been recognised at 100% of the Gruyere cost profile.

**Proceeds on disposal of property, plant and equipment** 

Proceeds on the disposal of property, plant and equipment decreased by 33% from US$3 million in 2024 to US$2 million in 2025. In both

2025 and 2024, the proceeds related mainly to the disposal of various redundant assets at the mines.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-37** | Gold Fields |

---

**Purchase of investments** 

Investment purchases increased by 60% from US$58 million in 2024 to US$93 million in 2025.

Purchase of investments of US$93 million in 2025 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| Founders Metals Inc. | **36** |
| Onyx Gold Corp | **5** |
| Investment in bonds  | **49** |
| Other | **3** |
|  | **93** |

---

Purchase of investments of US$58 million in 2024 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| Tesoro Gold Limited | 2 |
| Torq Resources Inc. | 1 |
| Investment in bonds  | 52 |
| Other | 3 |
|  | 58 |

---

**Windfall Project capital contributions**

Gold Fields capital contribution in terms of the obligation under the Windfall joint venture was US$65 million (C$89 million) in 2024. Refer

below for derecognition of the Windfall joint venture as part of the Osisko asset acquisition.

**Purchase of Osisko** 

On 12 August 2024, Gold Fields entered into an agreement with Osisko to acquire 100% of its issued share capital. This represented a

direct acquisition of Osisko as well as an indirect acquisition of the remaining 50% interest in the Windfall Project. The acquisition date

was 25 October 2024, the date on which all conditions precedent were met and the consideration was paid in full by Gold Fields.

On 25 October 2024, the initial 50% interest in the Windfall Project was derecognised as a joint venture and recognised as an asset

acquisition together with the additional 50% interest held by Osisko, in terms of the Osisko asset acquisition.

The agreed upon consideration for this transaction was US$1,483 million (C$2,061 million) for 420.53 million shares at the purchase price

of C$4.90 per share.

As part of the Osisko acquisition, Gold Fields acquired cash of US$31 million (C$43 million).

**Purchase of Gold Road** 

On 26 September 2025, Gold Fields acquired 100% of the issued and outstanding share capital of Gold Road. This represented a direct

acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the Gruyere Gold Project. The purchase of

Gold Road comprised US$2,169 million (A$3,349 million) cash consideration paid on 10 October 2025 and US$315 million (A$478 million)

special dividend paid to Gold Road shareholders on 3 October 2025, partially offset by US$360 million (A$550 million) Gold Road take-on

cash and cash equivalents at 26 September 2025.

**Proceeds on disposal of investments** 

Proceeds on the disposal of investments increased from US$57 million in 2024 to US$882 million in 2025.

The proceeds on disposal in 2025 and 2024 comprised:

---

| | | |
|:---|:---|:---|
| *Figures in US$ millions unless otherwise stated* | **2025** | 2024 |
| Northern Star shares | **707** |  |
| Galiano Gold Inc. shares | **106** |  |
| O3 Mining Inc. shares | **21** |  |
| FSE | **—** | 1 |
| Insurance cell captives - maturing of bonds | **46** | 56 |
| Other | **2** |  |
|  | **882** | 57 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-38** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Proceeds on disposal of Rusoro** 

On 9 January 2024, Gold Fields announced that it entered into a share purchase agreement with Fulcrum Global Markets LLC, a

Delaware limited liability company, to sell its 140,000,001 common shares in the capital of Rusoro for an aggregate initial cash purchase

price of US$62 million.

The US$62 million was received by Gold Fields on 22 January 2024.

**Proceeds on disposal of Asanko Gold**

Asanko Gold was disposed of during 2024. The transaction was subject to a number of conditions and was concluded on 4 March 2024

with the receipt of US$65 million cash and 28.5 million Galiano shares.

**Contributions to environmental trust funds** 

The contributions to environmental trust fund decreased by 23% from US$13 million in 2024 to US$10 million in 2025.

The contributions to environmental trust funds of US$10 million in 2025 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| South Deep mine environmental trust fund | **1** |
| Tarkwa mine environmental trust fund | **8** |
| Damang mine environmental trust fund | **1** |
|  | **10** |

---

The contributions to environmental trust funds of US$13 million in 2024 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| South Deep mine environmental trust fund | 1 |
| Tarkwa mine environmental trust fund | 10 |
| Damang mine environmental trust fund | 2 |
|  | 13 |

---

Cash flows from financing activities

Cash flows from financing activities was an inflow of US$1,213 million in 2024 compared to an outflow of US$173 million in 2025. The

items comprising these numbers are discussed below.

The movement of US$1,386 million was due to the following:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| Increase in loans raised | **1795** |
| Increase in loans repaid | **(3134)** |
| Purchase of treasury shares - 2025 | **(36)** |
| Increase in payment of lease liability | **(11)** |
|  | **(1386)** |

---

**Loans raised** 

Loans raised increased by 78% from US$2,291 million in 2024 to US$4,086 million in 2025.

The US$4,086 million loans raised in 2025 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| US$750 million 7-year notes issue<sup>1</sup> | **742** |
| US$1,200 million term loan and revolving credit facilities  | **234** |
| US$2,300 million multi-currency bridge facility<sup>2</sup> | **2276** |
| A$1,250 million multi-currency term loan facility<sup>3</sup> | **834** |
|  | **4086** |

---

<sup>1</sup>*On 13 May 2025, Gold Fields successfully concluded the raising of US$750 million 7-year notes. The net proceeds from the 7-year notes was used to repay in full the outstanding* 

*loans under the US$750 million multi-currency bridge facilities.*

<sup>2</sup>*On 15 July 2025, Gruyere entered into a US$2,300 million multi-currency syndicated bridge facility. The facility was used to finance the acquisition of Gold Road. On 12 January* 

*2026, the facility was repaid in full and cancelled, utilising available cash resources together with proceeds from the A$1,250 million multi-currency term loan facility.*

<sup>3</sup>*On 2 December 2025, Gruyere entered into an A$1,250 million multi-currency syndicated term loan facility. The proceeds were used to partially repay the US$2,300 million multi-*

*currency bridge facility.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-39** | Gold Fields |

---

The US$2,291 million loans raised in 2024 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| US$85 million revolving senior secured credit facility | 84 |
| A$500 million syndicated revolving credit facility | 263 |
| US$1,200 million term loan and revolving credit facilities  | 1202 |
| US$750 million multi-currency bridge facilities<sup>1</sup> | 742 |
|  | 2291 |

---

<sup>1</sup>*On 18 October 2024, Orogen and Windfall entered into a US$500 million multi-currency bridge facility and a US$250 million multi-currency parallel bridge facility (collectively called* 

*the "US$750 million multi-currency bridge facilities"). The facility was mainly used to finance of the Osisko asset acquisition.*

**Loans repaid** 

Loans repaid increased by 318% from US$986 million in 2024 to US$4,120 million in 2025.

The US$4,120 million loans repaid in 2025 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| US$85 million revolving senior secured credit facility<sup>1</sup> | **34** |
| A$500 million syndicated revolving credit facility  | **214** |
| US$1,200 million term loan and revolving credit facilities  | **802** |
| US$750 million multi-currency bridge facilities<sup>2</sup> | **753** |
| US$2,300 million multi-currency bridge facility<sup>3</sup> | **2120** |
| Gold Road take-on loan<sup>4</sup> | **197** |
|  | **4120** |

---

<sup>1</sup>*The US$85 million revolving senior credit facility was settled and cancelled on 9 July 2025.*

<sup>2</sup>*The facilities had a maturity date of 17 October 2025 and were fully repaid and cancelled in May 2025.*

<sup>3</sup>*On 12 January 2026, the facility was repaid in full and cancelled, utilising available cash resources together with proceeds from the A$1,250 million multi-currency term loan facility.*

<sup>4</sup>*The Gold Road take-on loan of US$197 million (A$301 million) was fully repaid in October 2025.*

The US$986 million loans repaid in 2024 comprised:

---

| | |
|:---|:---|
| *Figures in millions unless otherwise stated* | **United States**<br>**Dollar**<br>|
| US$500 million 5-year notes issue<sup>1</sup> | 500 |
| US$150 million revolving senior secured credit facility<sup>2</sup> | 84 |
| US$85 million revolving senior secured credit facility<sup>2</sup> | 50 |
| A$500 million syndicated revolving credit facility  | 39 |
| US$1,200 million term loan and revolving credit facilities  | 313 |
|  | 986 |

---

<sup>1</sup>*On 15 May 2024, US$500 million 5-year notes issue matured and was repaid.*

<sup>2</sup>*On 10 May 2024, the US$150 million revolving senior secured credit facility was refinanced with the US$85 million revolving senior credit facility and cancelled.* 

**Purchase of treasury shares** 

Treasury shares amounting to US$36 million were purchased by the Group and a portion was issued to participants upon vesting of

employee share options in 2025.

**Payment of lease liabilities** 

Payment of lease liabilities increased by 12% from US$92 million in 2024 to US$103 million in 2025. The increase related mainly to

additional lease liabilities during 2025.

Net cash generated/(utilised)

As a result of the above, net cash generated increased by 264% from $229 million in 2024 to US$833 million in 2025.

Cash and cash equivalents increased by 107% from US$860 million at 31 December 2024 to US$1,779 million at 31 December 2025.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-40** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

Adjusted free cash flow

This is a measure that management uses to measure the cash generated by the core business. In addition, it forms the basis of the new

dividend policy. Adjusted free cash flow is defined as net cash from operations adjusted for the South Deep BEE dividend, additions to

property, plant and equipment, capital expenditure – working capital, proceeds on disposal of property, plant and equipment,

contributions to environmental trust funds and payment of principal lease liabilities per the statement of cash flows.

The cash inflow increased from US$605 million in 2024 to US$2,970 million in 2025 due to the higher gold price received.

Below is a table reconciling the adjusted free cash flow to the statement of cash flows.

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Net cash from operations | **4534** | 1986 |
| South Deep BEE dividend | **(1)** | (1) |
| Additions to property, plant and equipment | **(1399)** | (1183) |
| Capital expenditure – working capital | **(23)** | (6) |
| Proceeds on disposal of property, plant and equipment | **2** | 3 |
| Contributions to environmental trust funds | **(10)** | (13) |
| Payment of principal lease liabilities | **(103)** | (92) |
| Windfall Project capital contributions | **—** | (65) |
| Contributions for rehabilitation purposes at Australia\* | **(30)** | (24) |
| **Adjusted free cash flow** | **2970** | 605 |

---

*\*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025 and 2024.*

Below is a table reconciling adjusted free cash flow to adjusted free cash flow from operations:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Adjusted free cash flow | **2970** | 605 |
| Salares Norte net cash (generated)/utilised<sup>1,\*</sup> | **(261)** | 354 |
| Interest paid by corporate entities<sup>2,\*</sup> | **64** | 91 |
| Windfall net cash utilised<sup>\*</sup> | **261** |  |
| Gold Road transaction costs | **51** |  |
| Loss on Northern Star shares, net\* | **19** |  |
| Windfall Project capital contributions | **—** | 65 |
| Other corporate costs\* | **67** | 34 |
| **Adjusted free cash flow from operations**<sup>\*</sup> | **3171** | 1149 |
| – St Ives | **529** | 150 |
| – Agnew | **432** | 217 |
| – Granny Smith | **548** | 300 |
| – Gruyere | **295** | 123 |
| – Gold Fields Australia - taxation for Australian operations<sup>3</sup> | **(443)** | (238) |
| – South Deep | **511** | 168 |
| – Tarkwa | **474** | 225 |
| – Damang | **94** | 138 |
| – Cerro Corona | **184** | 66 |
| – Salares Norte | **547** |  |
| **Adjusted free cash flow from operations**<sup>\*</sup> | **3171** | 1149 |

---

<sup>1</sup>*Prior to commercial levels of production being achieved, Salares Norte was a project for purposes of the adjusted free cash flow calculation.*

<sup>2</sup>*Does not agree to interest paid per the cash flow of US$160 million (2024: US$130 million) due to interest paid by the mines reflected under adjusted free cash flow from* 

*operations.*

<sup>3</sup>*The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the taxation and tax paid is* 

*reflected under Gold Fields Australia.*

*\*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025 and 2024.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-41** | Gold Fields |

---

**Statement of financial position** 

Borrowings

Total borrowings increased by 10% from US$2,496 million at 31 December 2024 to US$2,738 million at 31 December 2025. Net debt

is defined as total borrowing plus lease liabilities less cash and cash equivalents. Net debt decreased by 31% from US$2,086 million at

31 December 2024 to US$1,442 million at 31 December 2025 mainly due to the increase in cash and cash equivalents as a result of the

higher sales and gold price. Net debt (excluding lease liabilities) decreased by 41% from US$1,635 million at 31 December 2024 to

US$959 million at 31 December 2025 for the same reasons discussed above.

The Group monitors capital using the ratio of net debt to adjusted EBITDA. The definition of adjusted EBITDA and net debt is defined in

the Group's facilities agreements. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and

depreciation and certain other non-operating costs. The bank covenants on external borrowings require a net debt to adjusted EBITDA

ratio of 3.5 or below and EBITDA to net finance charges of 4.0 or above and the ratios are measured based on amounts in United States

Dollar. Net debt to adjusted EBITDA at 31 December 2025 was 0.26x (2024: 0.73x). Net finance charges to adjusted EBITDA at

31 December 2025 was 41.3x (2024: 22.4x). Refer to note 43 of the consolidated financial statements for further details including the

reconciliation of profit for the year to adjusted EBITDA.

Provisions

Total provisions increased by 25% from US$481 million in 2024 to US$601 million in 2025 and included the following:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Provision for environmental rehabilitation costs | **595** | 475 |
| Silicosis settlement costs | **6** | 5 |
| Other provisions | **—** | 1 |
| **Total provisions** | **601** | 481 |
| Current portion of provision<sup>1</sup>  | **(108)** | (79) |
| **Non-current portion of provisions** | **493** | 402 |

---

<sup>1</sup>*Current portion of provision comprises US$105 million (2024: US$78 million) of the current portion of the environmental rehabilitation costs and US$3 million (2024: US$1 million) of* 

*the current portion of the silicosis settlement costs.* 

**Provision for environmental rehabilitation costs** 

The amount provided for environmental rehabilitation costs increased by 25% from US$475 million at 31 December 2024 to

US$595 million at 31 December 2025. The increase is due to the increase in the gross base cases mainly at the Australian operations.

This provision represents the present value of closure, rehabilitation and other environmental obligations at 31 December 2025. This

provision is updated annually to take account of inflation, the time value of money, any new environmental obligations incurred or

rehabilitation performed during the year. Refer to note 29.1 of the consolidated financial statements for inputs used in the determination of

the provision.

The South African and Ghanaian operations contribute to a dedicated environmental trust fund and a dedicated bank account,

respectively, to provide financing for final closure and rehabilitation costs. The amount invested in the fund is shown as a non-current

asset in the financial statements and increased by 13% from US$125 million at 31 December 2024 to US$141 million at 31 December 2025.

The increase is mainly as a result of contributions amounting to US$10 million and interest income of US$5 million. The South African and

Ghanaian operations are required to contribute annually to the trust fund over the remaining lives of the mines, to ensure that sufficient

funds are available to discharge commitments for future rehabilitation costs.

At 31 December 2025, Australia and Peru had set aside US$119 million (2024: US$80 million) and US$20 million (2024: US$20 million),

respectively, for future rehabilitation costs. These comprised secured cash deposits and are included in cash and cash equivalents.

The contributions in Australia and Peru are pro-active and not legally required by local legislation.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-42** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Silicosis settlement costs provision** 

The Tshiamiso Trust has been established to carry out the terms of the settlement agreement reached between six gold mining

companies (including Gold Fields) and claimant attorneys in the Silicosis and Tuberculosis class action. The Tshiamiso Trust is responsible

for ensuring that all eligible current and former mineworkers across southern Africa with Silicosis or work-related Tuberculosis (or their

dependents where the mineworker has passed away) are compensated pursuant to the Silicosis and Tuberculosis Class Action

Settlement Agreement.

Gold Fields has provided for the estimated cost of the above settlement based on actuarial assessments and the provisions of the

Silicosis and Tuberculosis Settlement Agreement. At 31 December 2025, the provision for Gold Fields' share of the settlement of the

class action claims and related costs amounted to US$6 million (R95 million) (2024: US$5 million (R92 million)) of which US$3 million

(R50 million) (2024: US$1 million (R16 million)) was classified as current and US$3 million (R45 million) (2024: US$4 million (R76 million))

as non-current. The nominal value of this provision is US$7 million (R107 million) (2024: US$6 million (R119 million)).

The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per

claimant, benefit take-up rates and disease progression rates. A discount rate of 7.34% (2024: 9.02%) was used, based on government

bonds with similar terms to the anticipated settlements.

The ultimate outcome of this matter however remains uncertain, with the number of eligible workers successfully submitting claims and

receiving compensation being uncertain. The provision is consequently subject to adjustment in the future. Refer to notes 29.2 and 39 of

the consolidated financial statements for further details.

**Other long-term provisions** 

Other long-term provisions decreased from US$1 million in 2024 to US$nil in 2025.

Credit facilities

At 31 December 2025, the Group had unutilised committed banking facilities available under the following facilities, details of which are

discussed in note 28:

• US$716 million available under the US$1,200 million revolving credit facility;

• US$100 million available under the US$100 million revolving credit facility;

• A$500 million (US$334 million) under the A$500 million syndicated revolving credit facility;

• R500 million (US$30 million) available under the R500 million Nedbank revolving credit facility;

• R500 million (US$30 million) available under the new R500 million Absa Bank revolving credit facility;

• R1,000 million (US$60 million) available under the R1,000 million Rand Merchant Bank revolving credit facility; and

• R500 million (US$30 million) available under the R500 million Standard Bank revolving credit facility.

Substantial contractual arrangements for uncommitted borrowing facilities are maintained with several banking counterparties to meet the

Group's normal contingency funding requirements.

As of the date of this report, the Group was not in default under the terms of any of its outstanding credit facilities.

Working capital

Following its going concern assessment performed, which takes into account the 2026 operational plan, net debt position and

unutilised loan facilities, management believes that Gold Fields' working capital resources, by way of internal sources and banking

facilities, are sufficient to fund Gold Fields' currently foreseeable future business requirements.

Off-balance sheet items

At 31 December 2025, Gold Fields had no material off-balance sheet items except as disclosed under guarantees and capital

commitments.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-43** | Gold Fields |

---

**Contractual obligations, commitments and guarantees at 31 December 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| *Figures in millions unless otherwise stated* | **Total** | **Within** <br>**one year**<br>| **Between** <br>**one and** <br>**five years**<br>| **After**<br>**five years**<br>|
| **Borrowings** |  |  |  |  |
| *US$500 million 10-year notes issue* |  |  |  |  |
| Capital<sup>1</sup>  | **500** | **—** | **500** | **—** |
| Interest | **103** | **31** | **73** | **—** |
| *US$750 million 7-year notes issue* |  |  |  |  |
| Capital<sup>1</sup>  | **750** | **—** | **—** | **750** |
| Interest | **280** | **44** | **176** | **60** |
| *US$1,200 million revolving senior secured credit facility* |  |  |  |  |
| Capital | **484** | **—** | **484** | **—** |
| Interest | **84** | **20** | **64** | **—** |
| *US$2,300 million multi-currency bridge facility* |  |  |  |  |
| Capital | **179** | **179** | **—** | **—** |
| Interest | **5** | **5** | **—** | **—** |
| *A$1,250 million multi-currency bridge facility* |  |  |  |  |
| Capital | **834** | **—** | **834** | **—** |
| Interest | **212** | **43** | **169** | **—** |
| **Other obligations** |  |  |  |  |
| Finance lease liability | **588** | **130** | **284** | **174** |
| Environmental obligations<sup>2</sup>  | **847** | **107** | **186** | **555** |
| Trade and other payables | **748** | **748** | **—** | **—** |
| South Deep dividend | **2** | **—** | **2** | **—** |
| **Total contractual obligations** | **5615** | **1306** | **2770** | **1539** |

---

<sup>1</sup>*The capital amounts of the US$500 10-year notes issue and the US$750 million 7-year notes issue in the table above represent the principal amounts to be repaid and differ from* 

*the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception.*

<sup>2</sup>*Gold Fields makes full provision for all environmental obligations based on the net present value of the estimated cost of restoring the environmental disturbance that has occurred* 

*up to the reporting date. Management believes that the provisions made for environmental obligations are adequate to cover the expected volume of such obligations.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **Amounts of commitments expiring by period** | **Amounts of commitments expiring by period** | **Amounts of commitments expiring by period** | **Amounts of commitments expiring by period** |
| *Figures in millions unless otherwise stated* | **Total** | **Within** <br>**one year**<br>| **Between**<br>**one and** <br>**five years**<br>| **After** <br>**five years**<br>|
| **Commitments** |  |  |  |  |
| Capital expenditure – contracted for | **221** | **221** |  |  |
| **Total commitments** | **221** | **221** |  |  |

---

Guarantees

Guarantees consist of numerous obligations. Guarantees consisting of US$230 million committed to guarantee Gold Fields'

environmental and other obligations with respect to its South African, Peruvian, Chilean, Ghanaian and Australian operations are fully

provided for under the provision for environmental rehabilitation and certain lease liabilities and are not included in the amount above.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-44** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

**Information communication and technology ("ICT")**

The ICT function supports Gold Fields' business resilience as it provides the digital infrastructure that enables the Group to operate

efficiently, while keeping it protected from cybersecurity breaches and related risks.

The ICT strategy, aligned with the Group's strategy, empowers the Group to operate in a safe, reliable and cost-effective way. It provides

the digital foundation and technologies necessary to drive modernisation and innovation across our operations. ICT manages the full

lifecycle of our technology assets while ensuring robust governance, risk management and cybersecurity compliance across all our

jurisdictions. Guided by the ICT Management Committee and overseen by the Audit Committee, we are committed to securing

Gold Fields' digital future and achieving our strategic goals.

---

| | |
|:---|:---|
| **Key projects in 2025** | **Outcomes** |
| **Digital infrastructure** | **Digital infrastructure** |
| Executed Gold Fields' cloud-first strategy by migrating key systems <br>to a secure, resilient cloud infrastructure.<br>| Enabling the seamless flow of data across the Group, while <br>ensuring that the necessary safeguards are in place.<br>|
| **AI and data analytics** |  |
| Completed several data analytics initiatives. <br>We continue adopting data lake technology and robot process <br>automation. <br>| Creating solutions across the mining value chain. Leveraging <br>advanced analytics to uncover insights and inform strategic <br>decision-making and operational improvements. <br>|
| **Cybersecurity** |  |
| Strengthened security posture by implementing key initiatives in <br>identity and access management, third-party threat management <br>and cyberthreat detection.<br>| Protecting information assets within Gold Fields' technology <br>landscape.<br>|
| **People management platform** |  |
| Optimised the digital people platforms and extending employee <br>experience to the entire workforce.<br>| Delivering on the future of work and enhancing employee <br>experience. <br>|
| **Information technology and operational technology** |  |
| Established unified architecture and standards to facilitate the <br>convergence of data.<br>| Advancing our goal of becoming an insights-driven Company. |
| **Digital value** |  |
| Managed digital value integration while maintaining custodianship <br>of architecture and data governance.<br>| Ensuring ongoing value realisation from digital investments. |
| **ICT operating model** |  |
| Repositioned and enhanced the ICT function to effectively deliver <br>on the digital strategy.<br>| Shifted ICT focus to strategic imperatives by partnering for capacity <br>and identifying deployment opportunities.<br>|

---

Cybersecurity

Our commitment to protecting the Group's digital assets is underpinned by a comprehensive ICT Governance Framework that integrates

rigorous security policies with industry-leading standards, including, NIST and the CIS Critical Security Controls, which ensure all

components of our digital environment remain well-governed and resilient.

We maintain a proactive defence posture through continuous risk assessments of the adoption of cutting-edge technologies.

By integrating automated controls, we achieve a unified view of our cyber ecosystem, enabling the rapid identification of threats and

vulnerabilities. This technical defence is bolstered by our dedicated Security Operations Centre, which provides 24-hour monitoring and

incident response.

Recognising that our digital footprint extends beyond our internal network, we employ a robust third-party risk assessment capability.

This allows us to continuously monitor our digital attack surface and manage risks associated with external service providers.

To ensure business continuity, our incidence response and recovery strategies are integrated into our broader ICT business continuity

plans, minimising potential disruptions. We regularly review the effectiveness of these measures through cybersecurity simulations

throughout the year.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-45** | Gold Fields |

---

Cultivating a security-conscious culture is equally important. We provide ongoing training and awareness programmes for employees

at all levels to mitigate the risk of human error. We ensure strict adherence to evolving global regulations, including the South African

Protection of Personal Information Act No 4 of 2013 and the European General Data Protection Regulation, enhancing our procedures

as legislation changes.

![](gfi-20251231_g135.gif)

In 2025, there were no cybersecurity incidents that affected Gold Fields, including its strategy, results of operations, or financial <br>position.<br>

Future focus areas

• Continuing to strengthen the cybersecurity defences by adopting adaptive countermeasures to mitigate evolving risks, including

AI-enabling threats and third-party supply chain vulnerabilities;

• Advancing the responsible deployment of AI, automation and machine learning across the mining value chain to enhance predictive

maintenance, operational decision-making and efficiency across business workflows;

• Consolidating five legacy systems into a single SAP S/4HANA platform, standardising global transactional processes and embedding

automation to reduce complexity and lower the cost of ownership;

• Integrating information and operational technology, supported by cloud infrastructure modernisation, to enable real-time, integrated

data flows across all jurisdictions in alignment with the Group's cloud-first strategy; and

• Undertaking the overhaul of the Group's Governance, Risk and Compliance Framework to unify information and operational technology

standards, including a strategic suspension of ISO 27001 to build a more fit-for-purpose compliance model.

Governance

The Gold Fields Board of Directors and its committees are focused on ICT and particularly cybersecurity, governance and risk

management. Accordingly, governance is a critical component forming a part of the management of ICT at Gold Fields.

The Gold Fields Audit Committee mandates that the Gold Fields ICT Charter is updated and approved annually and that it articulates the

ICT and cybersecurity governance mechanisms adopted within the Group. This Charter is compliant with the King IV Code of Corporate

Governance and provides assurance to the Board that the ICT function is being managed efficiently and effectively and that ICT risks are

adequately mitigated. The ICT governance structure which is outlined in the Charter, mandates certain responsibilities and delegations of

authority applicable to ICT.

An ICT Management Committee is established to define and deliver on the ICT digital strategy as approved by the Executive Committee

and the Audit Committee. The ICT management committee, headed by the Vice President: Information Communication & Technology

("VP: ICT"), responds to the direction provided by the Audit Committee and seeks approval of the goals being targeted in the long-term.

The Chief Information Security Officer has over 18 years of cybersecurity experience and holds a Bachelor's degree in Cyber Forensics,

Information Security & Management and a Masters in Information Security, and Cyber Security Certification from MIT and Harvard. This

management committee is made up of ICT leadership from the mining assets, convenes monthly to assess the performance of ICT as well

as ICT's progress in achieving the defined ICT goals and digital strategy. The management committee reports to the CFO and Audit

Committee on governance, risk, cybersecurity and other strategic matters on a quarterly basis.

**Internal control over financial reporting** 

Gold Fields' management is responsible for establishing and maintaining adequate internal control over financial reporting. The Securities

Exchange Act of 1934 defines internal control over financial reporting in Rule 13a-15(f) and 15d-15(f) as a process designed by, or under

the supervision of, the Company's principal executive and principal financial officers, and effected by the Company's Board of Directors,

management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with IFRS Accounting Standards, as issued by the IASB.

It includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the

assets of the Company;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with IFRS Accounting Standards, as issued by the IASB, and that receipts and expenditures of the Company are being made only in

accordance with authorisations of management and Directors of the Company; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the

Company's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections

of any evaluation of effectiveness into future periods are subject to risk that controls may become inadequate because of changes in

conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Gold Fields' management assessed the effectiveness of its internal control over financial reporting as of 31 December 2025. In making

this assessment, Gold Fields' management used the criteria established in Internal Control-Integrated Framework (2013) issued by the

Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based upon its assessment, Gold Fields' management

concluded that, as of 31 December 2025, its internal control over financial reporting is effective based upon those criteria.

Gold Fields completed the Windfall Mining Inc./Groupe Minier Windfall Inc. ("Windfall Mining") acquisition on 25 October 2024. Windfall

Mining has been fully integrated into the assessment of Internal Control over Financial Reporting ("ICFR") as of 31 December 2025.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-46** | Gold Fields |

---

Management's discussion and analysis of the financial statements *continued*

Gold Fields acquired the remaining 50% equity interest in the Gruyere mine from Gold Road Resources Limited ("Gold Road") following

the Group's acquisition of all the issued and outstanding share capital of Gold Road, resulting in Gold Road becoming a wholly owned

subsidiary of Gold Fields, effective 26 September 2025. Prior to the transaction, the Gruyere mine was included in management's

assessment of ICFR in prior periods based on Gold Fields' level of control over the relevant financial reporting processes.

Following the change in ownership, the scope of ICFR for the Gruyere mine was expanded to reflect 100% ownership and full

consolidation. Management is assessing Gold Road's control environment and integrating the controls into Gold Fields' existing control

environment.

Except as described above, there were no changes to Gold Fields' ICFR during the period covered by this report that have materially

affected, or are reasonably likely to materially affect, Gold Fields' internal control over financial reporting.

**Outlook and guidance for 2026**

Gold Fields primary focus for 2026 remains ensuring safe, reliable and cost-effective delivery against our production plans and guidance

for the year, which will provide the platform for continued progress of our strategic priorities.

Attributable gold-equivalent production for 2026 is expected to be between 2.400Moz and 2.600Moz (compared to 2.438Moz delivered

in 2025). AISC is expected to be between US$1,800/oz and US$2,000/oz and AIC is expected to be between US$2,075/oz and

US$2,300/oz.

The exchange rates used for the 2026 guidance are: R/US$16.00, US$/A$0.70 and C$/US$0.73. The metal price assumptions for the

calculation of royalties and copper and silver by-products are: gold price US$5,000/oz (A$7,100/oz, R2,450,000kg); copper price

US$9,000/t and silver price US$65/oz.

2026 is another year in which capital expenditure levels will remain elevated, given the capital budgeted for Windfall, as well as sustaining

capital expenditure across the portfolio required to maintain the production base of the Group. Total capital expenditure for the Group for

the year is expected to be US$1,900 million - US$2,100 million in 2026. Sustaining capital expenditure is expected to be US$1,300 million

and US$1,400 million, while non-sustaining capital expenditure is expected to be US$240 million - US$340 million, excluding the Windfall

Project capital of US$361 million (C$495 million).

Guidance for 2026 remains unchanged from that provided at our Capital Markets Day in November 2025 for production. However, we

have seen increases in AISC and AIC, driven primarily by the strengthening of exchange rates in Australia and South Africa as well as the

impact of higher gold price on royalty payments. In comparison to the rates disclosed above, the exchange rates used at our Capital

Markets Day were R/US$18.50, US$/A$0.67 and C$/US$0.71. The metal price assumptions for the Capital Markets Day were: gold price

US$3,872/oz and silver price US$44/oz. The Capital Markets Day also excluded non-core assets (Cerro Corona and Damang).

![ADall.jpg](gfi-20251231_g128.jpg)

**Alex Dall** 

*Chief Financial Officer* 

30 March 2026

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-47** | Gold Fields |

---

Report of Independent Registered Public Accounting Firm

**To the Board of Directors and Shareholders of Gold Fields Limited** 

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of Gold Fields Limited and its subsidiaries (the "Company")

as of 31 December 2025 and 31 December 2024, and the related consolidated income statements, consolidated statements of

comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for each of the three years

in the period ended 31 December 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We

also have audited the Company's internal control over financial reporting as of 31 December 2025, based on criteria established in Internal

Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the

Company as of 31 December 2025 and 31 December 2024, and the results of its operations and its cash flows for each of the three years in

the period ended 31 December 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards

Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of 31

December 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission (COSO).

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over

financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report

on Internal Control over Financial Reporting appearing under Item 15b. Our responsibility is to express opinions on the Company's

consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be

independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to

obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or

fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the

consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an

understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the

design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other

procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting** 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally

accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations

of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of

unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree of compliance with the policies or procedures may deteriorate.

**Critical Audit Matters** 

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that

were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to

the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of

critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by

communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to

which they relate.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-48** | Gold Fields |

---

Report of Independent Registered Public Accounting Firm *continued*

**Accounting for the acquisition of Gold Road Resources Limited ("Gold Road")** 

As described in Note 18.3 to the consolidated financial statements, in 2016, the Company purchased 50% of the Gruyere Gold Project and

entered into a 50:50 unincorporated joint operation with Gold Road for the development and operation of the Gruyere Gold Project in

Western Australia. On 5 May 2025, the Company entered into an agreement to acquire 100% of the issued and outstanding share capital of

Gold Road. This represents a direct acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the Gruyere

Gold Project (the "second Transaction"). On 26 September 2025 (the effective date of the Gold Road acquisition), the previously held 50%

interest in the Gruyere Gold Project was remeasured to its fair value and the resulting gain was recognized in profit or loss. The fair value of

the previously held 50% interest was included as part of the total cost of the acquisition, and the transaction was accounted for as a business

combination together with the additional 50% interest acquired. Total purchase consideration, inclusive of the fair value of the previously held

interest, amounted to USD$3,7 billion. Management used a discounted cash flow model to determine the fair value of the Company's

previously held 50% interest. Management applied significant judgement in estimating the life-of-mine, gold price, discount rates, foreign

currency exchange rates, resource valuations, estimates of costs to produce reserves and future capital expenditure.

The principal considerations for our determination that performing procedures relating to the acquisition of Gold Road is a critical audit matter

are: (i) the complexity and judgement applied by management in correctly accounting for the transaction from a technical accounting

perspective in respect of the determination of the acquisition date; (ii) significant judgment exercised by management in determining the fair

values of assets and liabilities acquired, including estimations related to life-of-mine, gold price, discount rates, resource valuations, estimates

of costs to produce reserves and future capital expenditure ; and (iii) the high degree of auditor judgment, subjectivity, and effort, including

the involvement of professionals with specialized skills and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in forming our overall opinion on the consolidated

financial statements. These procedures included, among others: (i) inspecting the relevant agreements pertaining to the acquisition and

evaluating management's accounting treatment with reference to the terms set out in those agreements; (ii) testing the design,

implementation and operating effectiveness of the relevant internal controls over management's process used to account for the acquisition

of Gold Road, including controls over the preparation, review and approval of the valuation of the acquisition and significant assumptions

used in the calculations; (iii) obtaining and inspecting valuations prepared by management's external valuers for the fair value of the assets

and liabilities acquired, evaluating the appropriateness of management's process to estimate the valuation and evaluating the objectivity,

competence, and capabilities of those valuers; (iv) using our corporate finance and financial modelling expertise to review and reperform the

fair value calculations of the assets acquired and liabilities assumed using independently developed key assumptions to assess the

reasonableness of management's valuations and testing the completeness and accuracy of the data used within the valuation such as the

life-of-mine, estimates of costs to produce reserves and future capital expenditure; (v) benchmarking key assumptions to external market and

third-party data such as the gold price, discount rates and resource valuations; and (vi) evaluating the disclosures in the consolidated

financial statements, including those related to significant judgments and estimates.

**Reversal of impairment of property, plant and equipment** 

As described in Note 1 of the accounting policies (Basis of Preparation – Significant accounting judgements and estimates), Note 4.10 of the

accounting policies (Impairment) and Note 8 (Reversal of impairment of assets, net of impairment) to the consolidated financial statements,

the Company reviews and tests the carrying value of property, plant and equipment for impairment or reversal of impairment annually or

when events or changes in circumstances indicate that the recoverable amount of a cash-generating unit ("CGU") may differ from its carrying

value, or when indicators support a potential reversal of a previously recognized impairment loss. For the year ended 31 December 2025,

indicators of impairment reversal were identified for the South Deep, Tarkwa, and Cerro Corona CGUs. The Company recognized a reversal

of impairment of US$285.1 million (before tax) for the South Deep CGU. The recoverable amount of the South Deep CGU was determined

using a discounted cash flow model applying the fair value less costs of disposal ("FVLCOD") approach based on life of mine plans. The

reversal was primarily due to higher gold prices and the stabilisation of the production ramp-up at South Deep during 2025. No impairment

reversal was recognized for the Tarkwa CGU due to uncertainties relating to the renewal of the mining leases, proposed abolition of

development agreements, and an expected increase in the gold royalty regime. Similarly, no impairment reversal was recognized for the

Cerro Corona CGU due to uncertainty relating to anticipated grade and recovery outcomes from processing existing stockpiles as the

operation transitions to the cessation of mining activities in 2026. Management's estimates of fair value were based on significant judgement

and assumptions with respect to reserves and production estimates, together with economic factors such as commodity prices, discount

rates, foreign currency exchange rates, inflation rates, resource valuations, estimates of costs to produce reserves, future capital expenditure

and stockpile grade and recoveries.

The principal considerations for our determination that performing procedures relating to the reversal of impairment of property, plant and

equipment is a critical audit matter are: (i) significant judgments made by management in determining the recoverable amounts of the CGUs,

specifically with reference to significant assumptions relating to commodity prices, inflation rates and discount rates; and (ii) the high degree

of auditor judgment, subjectivity, and effort in evaluating management's future cash flows and significant assumptions, including the

involvement of professionals with specialized skills and knowledge to assist in performing these procedures.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-49** | Gold Fields |

---

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the

consolidated financial statements. These procedures included: (i) reviewing management's assessment of potential impairment reversals

across the Company's CGUs; (ii) testing the design, implementation, and operating effectiveness of internal controls relating to

management's impairment reversal assessment, including controls over the identification of CGUs, reversal of impairment trigger

assessments, and the preparation, review, and approval of impairment reversal calculations and the accounting thereof; (iii) assessing the

work of management's internal and external specialists regarding reserves and resources, including evaluating their objectivity, competence,

and experience; (iv) using our corporate finance and financial modelling expertise to evaluate management's discounted cash flow models

for the CGUs identified for impairment reversal testing; (v) testing the completeness, accuracy and relevance of the underlying data used

within the models; (vi) evaluating the reasonableness of the cash flow forecast (cost to produce reserves and future capital expenditure) used

in the life-of-mine plans by comparing the cashflow forecasts to current and historical operational results and comparing forecasted

production to the Reserves and Resources signed off by the Group's Competent Person; (vii) assessing the appropriateness of the model

used by management in their impairment reversal assessment against industry norms and acceptable valuation methodology and approved

long-term business plans; (viii) benchmarking key assumptions such as commodity prices, and inflation rates against independent third-party

data; (ix) independently calculating a range of discount rates using relevant third-party sources and data and considering country and

asset-specific risks; (x) assessing appropriateness of management's assumptions by performing sensitivity/scenario analyses; (xi)

recalculating the maximum reversal limit for each CGU where previous impairments had been recognised in accordance with IFRS

Accounting Standards; (xii) performing research and inquiries regarding the Ghana mining sector to evaluate uncertainties affecting the

Tarkwa CGU; and (xiii) evaluating the disclosures included in the consolidated financial statements.

**/s/ PricewaterhouseCoopers Inc.** 

Johannesburg, South Africa

30 March 2026

We have served as the Company's auditor since 2019.

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| | |
|:---|:---|
| **AFR-50** | Gold Fields |

---

Accounting policies

The material accounting policies applied in the preparation of these financial statements (referred to as the "consolidated financial

statements" or "financial statements") are set out below. These policies have been consistently applied to all the years presented, except

for the adoption of new and revised standards and interpretations or unless otherwise indicated.

Gold Fields Limited (the "Company" or "Gold Fields") is a company domiciled in South Africa. The registration number of the Company is

1968/4880/6. The address of the Company is 150 Helen Road, Sandton, Johannesburg. The consolidated financial statements of the

Company as at 31 December 2025 and 2024 and for each of the years in the three-year periods ended 31 December 2025, 2024 and

2023 comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities") as well as the

Group's share of the assets, liabilities, income and expenses of its joint operations and the Group's interest in associates and its joint

ventures. The Group is primarily involved in gold mining.

**1. Basis of preparation** 

The financial statements of the Group have been prepared in accordance with IFRS® Accounting Standards as issued by the

International Accounting Standards Board ("IASB").

As required by the United States Securities and Exchange Commission, the financial statements include the consolidated

statements of financial position as at 31 December 2025 and 2024 and the consolidated income statements and statements of

comprehensive income, changes in equity and cash flows for the years ended 31 December 2025, 2024 and 2023 and the

related notes.

The consolidated financial statements were authorised for issue by the Board of Directors on 30 March 2026.

Standards, interpretations and amendments to published standards effective for the year ended 31 December 2025 or

early adopted by the Group

During the financial year, the following new and revised accounting standards, amendments to standards and new interpretations

were adopted by the Group:

---

| | | | |
|:---|:---|:---|:---|
| Standard(s)<br>Amendment(s)<br>Interpretation(s)<br>| Nature of the <br>change<br>| Salient features of the changes | Impact on <br>financial position <br>or performance<br>|
| **IAS 21** *The Effect of* <br>*Changes in Foreign* <br>*Exchange Rates*<br>| Amendment | •The amendment to IAS 21 provides guidance on when a <br>currency is exchangeable and how to determine the <br>exchange rate when it is not; and<br>•The amendment did not have an impact on the Group, due to <br>the fact that the Group does not have currencies that are not <br>exchangeable.<br>| No impact |

---

Standards, interpretations and amendments to published standards that are not yet effective

Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group's

accounting periods beginning on 1 January 2026 or later periods but have not been early adopted by the Group.

These standards, amendments and interpretations that are relevant to the Group are:

---

| | | | |
|:---|:---|:---|:---|
| Standard(s)<br>Amendment(s) <br>Interpretation(s)<br>| Nature of the <br>change<br>| Salient features of the changes | Effective date\* |
| **IFRS 9** *Financial* <br>*Instruments and* <br>**IFRS 7** *Financial* <br>*Instruments:* <br>*Disclosures*<br>| Amendments | •The amendments provide the following guidance: <br>–Clarify the requirements for the timing of recognition and <br>derecognition of financial assets and liabilities, with an <br>exception for financial liabilities settled through an <br>electronic cash transfer system;<br>–Clarify and add guidance for assessing whether a financial <br>asset meets the solely payments of principal and interest <br>criterion;<br>–Additional disclosures for instruments with contractual <br>terms that can change cash flows (instruments linked to the <br>achievement of environmental, social and governance <br>("ESG") targets); and<br>–Additional disclosures for equity instruments designated at <br>fair value through other comprehensive income.<br>•The Group is currently in the process of assessing the impact <br>of these amendments.<br>| 1 January 2026 |

---

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| | |
|:---|:---|
| **AFR-51** | Gold Fields |

---

Standards, interpretations and amendments to published standards that are not yet effective continued

---

| | | | |
|:---|:---|:---|:---|
| Standard(s)<br>Amendment(s) <br>Interpretation(s)<br>| Nature of the <br>change<br>| Salient features of the changes | Effective date\* |
| *Annual* <br>*Improvements*<br>| Amendments | •The following improvements were finalised and are limited to <br>changes that either clarify the wording in an Accounting <br>Standard or correct relatively minor unintended <br>consequences, oversights or conflicts between the <br>requirements in the Accounting Standards: <br>–IFRS 1 *First-time Adoption of International Financial* <br>*Reporting Standards;*<br>–IFRS 7 *Financial Instruments: Disclosures;*<br>–IFRS 9 *Financial Instruments*; <br>–IFRS 10 *Consolidated Financial Statements*; and<br>–IAS 7 *Statement of Cash Flows*.<br>•The amendments will not have an impact on the Group.<br>| 1 January 2026 |
| **IFRS 18** <br>*Presentation and* <br>*Disclosure in* <br>*Financial* <br>*Statements*<br>| New Standard | •IFRS 18 replaces IAS1 *Presentation of Financial Statements;*<br>*•*The following major updates are introduced by the new <br>standard:<br>–Classification of all income and expenses in the Income <br>Statement into three defined categories: operating, <br>investing and financing;<br>–Requires companies to present specific subtotals in the <br>Income Statement; <br>–Introduces new requirements for disclosure of <br>management-defined performance measures in the <br>financial statements; and<br>–Enhanced principles on the aggregation and <br>disaggregation of financial statement items.<br>•The Group is currently in the process of assessing the impact <br>of this new accounting standard.<br>| 1 January 2027 |
| **IFRS 19** *Subsidiaries* <br>*without Public* <br>*Accountability*<br>| New Standard | •IFRS 19 is a voluntary accounting standard with the objective <br>to provide reduced disclosure requirements for eligible <br>subsidiaries.<br>•The new standard will not have an impact on the Group's <br>consolidated financial statements.<br>| 1 January 2027 |
| **IAS 21** *Effects of* <br>*Changes in Foreign* <br>*Exchange Rates*<br>| Amendments | •The amendments specify the translation procedures for an <br>entity whose presentation currency is that of a <br>hyperinflationary economy.<br>•The amendments will not have an impact on the Group.<br>| 1 January 2027 |

---

*\*Effective date refers to annual period beginning on or after said date.*

Significant accounting judgements and estimates

Use of estimates: The preparation of the financial statements in accordance with IFRS Accounting Standards requires the

Group's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses

during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions

and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial

techniques. Actual results could differ from those estimates.

The more significant areas requiring the use of management estimates and assumptions relate to the following:

• Mineral reserves and resources estimates (this forms the basis of future cash flow estimates used for impairment assessments

and units-of-production depreciation and amortisation calculations);

• Carrying value of property, plant and equipment;

• Business combinations and asset acquisitions;

• Commencement of commercial levels of production;

• Estimates of recoverable gold and other materials in heap leach and stockpiles, gold in process and product inventories

including write-downs of inventory to net realisable value;

• Provision for environmental rehabilitation costs;

• Income taxes;

• Share-based payments; and

• Contingencies.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-52** | Gold Fields |

---

Accounting policie*s continued*

Estimates and judgements are continually evaluated and are based on historical experience, discount rates and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets

and liabilities within the financial year are discussed below.

**Mineral Reserves and Resources estimates** 

Mineral Reserves are estimates of the amount of product, inclusive of diluting materials and allowances for losses, which can be

economically and legally extracted from the Group's properties, as determined by life-of-mine schedules or pre-feasibility studies.

Mineral Resources are estimates, based on specific geological evidence and knowledge, including sampling, of the amount of

product in situ, for which there is a reasonable prospect for eventual legal and economic extraction.

In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical

and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs,

capital expenditure, transport costs, commodity demand, commodity prices and exchange rates.

Estimating the quantity and grade of the mineral reserves and resources is based on exploration and sampling information

gathered through appropriate techniques (primarily diamond drilling, reverse circulation drilling, air-core and sonic drilling),

surface three-dimensional reflection seismics, ore body faces modelling, structural modelling, geological mapping, detailed ore

zone wireframes and geostatistical estimation. This process may require complex and difficult geological judgements and

calculations to interpret the data.

The Group is required to determine and report on the Mineral Reserves and Resources in accordance with the South African

Mineral Resource Committee ("SAMREC") code and the United States Security and Exchange Commission Rule SK 1300 on an

annual basis. The Mineral Reserves and Resources were approved by the Competent Person.

Estimates of Mineral Reserves and Resources may change from year to year due to the change in economic, regulatory,

infrastructural or social assumptions used to estimate ore reserves and resources, and due to additional geological data

becoming available.

Changes in reported proved and probable reserves may affect the Group's financial results and position in a number of ways,

including the following:

• The recoverable amount used in the impairment calculations may be affected due to changes in estimated cash flows or timing

thereof (refer to note 8);

• Amortisation and depreciation charges to profit or loss may change as these are calculated on the units-of-production method,

or where the useful economic lives of assets change (refer to note 2);

• Provision for environmental rehabilitation costs may change where changes in ore reserves affect expectations about the

timing or cost of these activities (refer to note 29.1); and

• The carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits

(refer to note 27).

Changes in reported measured and indicated resources may affect the Group's financial results and position in a number of ways,

including the following:

• The recoverable amount used in the impairment calculations may be affected due to changes in estimated market value of

resources exclusive of reserves (refer to note 8); and

• Amortisation and depreciation charges for the mineral rights asset at the Australian operations may change as a result of the

change in the portion of mineral rights asset being transferred from the non-depreciable component to the depreciable

component (refer to note 2).

**Carrying value of property, plant and equipment**

All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from

proved and probable mineral reserves.

Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life

based on proved and probable mineral reserves.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future

is different from current forecast production based on proved and probable mineral reserves. This would generally result from the

extent that there are significant changes in any of the factors or assumptions used in estimating mineral reserves. These factors

could include:

• Changes in proved and probable mineral reserves;

• Unforeseen operational issues at mine sites;

• Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign currency exchange rates;

and

• Changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those

lives are limited to the life of the mine.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-53** | Gold Fields |

---

**1. Basis of preparation** continued

The Group reviews and tests the carrying value of long-lived assets when events or changes in circumstances suggest that the

carrying amount may not be recoverable by comparing the recoverable amounts to these carrying values. Assets are grouped at

the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are

indications that impairment or reversal of impairment may have occurred, estimates are prepared of recoverable amounts of each

group of assets. The recoverable amounts of cash-generating units ("CGU") and individual assets have been determined based

on the higher of value in use and fair value less cost of disposal ("FVLCOD") calculations. Expected future cash flows used to

determine the value in use or FVLCOD of property, plant and equipment are inherently uncertain and could materially change

over time. They are significantly affected by a number of factors including reserves and production estimates, together with

economic factors such as the gold, silver and copper prices, discount rates, foreign currency exchange rates, inflation rates,

resource valuations (determined based on comparable market transactions), estimates of costs to produce reserves, future capital

expenditure and stockpile grade and recoveries (Peru).

The Group used FVLCOD to determine the recoverable amount of each CGU.

Significant assumptions used in the Group's impairment assessments (FVLCOD calculations) include:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| US$ Gold price per ounce – year 1 | **US$4,060** | US$2,590 | US$1,910 |
| US$ Gold price per ounce – year 2 | **US$3,960** | US$2,550 | US$1,875 |
| US$ Gold price per ounce – year 3 | **US$3,810** | US$2,470 | US$1,800 |
| US$ Gold price per ounce – year 4 | **US$3,580** | US$2,400 | US$1,760 |
| US$ Gold price per ounce – year 5 onwards | **US$3,130** | US$2,160 | US$1,720 |
| Rand Gold price per kilogram – year 1 | **R2,190,530** | R1,465,000 | R1,110,000 |
| Rand Gold price per kilogram – year 2 | **R2,189,480** | R1,420,000 | R1,060,000 |
| Rand Gold price per kilogram – year 3 | **R2,177,520** | R1,410,000 | R1,030,000 |
| Rand Gold price per kilogram – year 4  | **R2,070,810** | R1,370,000 | R1,020,000 |
| Rand Gold price per kilogram – year 5 onwards | **R1,826,740** | R1,233,000 | R990,000 |
| A$ Gold price per ounce – year 1 | **A$6,050** | A$4,020 | A$2,830 |
| A$ Gold price per ounce – year 2 | **A$5,790** | A$3,810 | A$2,690 |
| A$ Gold price per ounce – year 3 | **A$5,455** | A$3,670 | A$2,570 |
| A$ Gold price per ounce – year 4 | **A$5,095** | A$3,510 | A$2,500 |
| A$ Gold price per ounce – year 5 onwards | **A$4,435** | A$3,120 | A$2,430 |
| US$ Copper price per tonne – year 1 | **US$11,100** | US$9,600 | US$8,500 |
| US$ Copper price per tonne – year 2 | **US$11,070** | US$10,050 | US$8,700 |
| US$ Copper price per tonne – year 3 | **US$10,800** | US$10,260 | US$8,900 |
| US$ Copper price per tonne – year 4  | **US$11,320** | US$10,600 | US$8,600 |
| US$ Copper price per tonne – year 5 onwards | **US$9,930** | US$9,260 | US$8,400 |
| US$ Silver price per tonne – year 1 | **US$49** | US$32 | US$23 |
| US$ Silver price per tonne – year 2 | **US$48** | US$32 | US$23 |
| US$ Silver price per tonne – year 3 | **US$44** | US$30 | US$23 |
| US$ Silver price per tonne – year 4 | **US$42** | US$30 | US$22 |
| US$ Silver price per tonne – year 5 onwards | **US$38** | US$28 | US$22 |
| Resource value per ounce (used to calculate the value beyond proved <br>and probable reserves)<br>|  |  |  |
| •Ghana (with infrastructure) | **—** | US$70 | US$79 |
| •Chile (without infrastructure) | **—** | US$36 | US$40 |
| Discount rates |  |  |  |
| •South Africa – nominal | **14.3%** | 15.9% | 16.8% |
| •Ghana – real | **16.4%** | 12.9% | 13.5% |
| •Peru – real | **7.8%** | 8.3% | 7.7% |
| •Australia – real | **7.1%** | 6.7% | 6.2% |
| •Chile – real | **7.4%** | 8.7% | 8.9% |
| Inflation rate – South Africa<sup>1</sup> | **3.1%** | 4.6% | 4.5% |

---

<sup>1</sup>*Due to the availability of unredeemed capital for tax purposes over several years into the life of the South Deep mine, nominal cash flows are used for South Africa.* 

*In order to determine nominal cash flows in South Africa, costs are inflated by the current South African inflation rate. Cash flows for all other operations are in real terms* 

*and as a result are not inflated.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-54** | Gold Fields |

---

Accounting policie*s continued*

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Life-of-mine |  |  |  |
| •South Deep<sup>1</sup> | **83 years** | 85 years | 73 years |
| •Tarkwa<sup>2</sup> | **17 years** | 11 years | 12 years |
| •Damang<sup>3</sup> | **0 years** | 1 year | 2 years |
| •Cerro Corona | **5 years** | 6 years | 7 years |
| •St Ives | **10 years** | 9 years | 8 years |
| •Agnew | **5 years** | 5 years | 5 years |
| •Granny Smith | **10 years** | 10 years | 11 years |
| •Gruyere | **9 years** | 8 years | 9 years |
| •Salares Norte | **11 years** | 11 years | 10 years |
| Long-term exchange rates |  |  |  |
| US$/ZAR – year 1 | **16.78** | 17.59 | 18.08 |
| US$/ZAR – year 2  | **17.20** | 17.32 | 17.58 |
| US$/ZAR – year 3 | **17.78** | 17.76 | 17.80 |
| US$/ZAR – year 4 | **17.99** | 17.76 | 18.03 |
| US$/ZAR – year 5 onwards | **18.15** | 17.76 | 17.90 |
| A$/US$ – year 1 | **0.67** | 0.64 | 0.67 |
| A$/US$ – year 2 | **0.68** | 0.67 | 0.70 |
| A$/US$ – year 3 | **0.70** | 0.67 | 0.70 |
| A$/US$ – year 4  | **0.70** | 0.68 | 0.70 |
| A$/US$ – year 5 onwards | **0.71** | 0.69 | 0.71 |

---

<sup>1</sup>*In line with the 2024 ramp-up plan limiting production to 11tpa of gold, resulting in an increase of the life-of mine.*

<sup>2</sup>*In November 2025, Gold Fields published an out-of-cycle Mineral Resources and Mineral Reserves declaration for Tarkwa. In this declaration, managed Mineral Reserves* 

*increased to 7.4 million ounces from 4.3 million ounces in the 2024 declaration and managed Mineral Resources (inclusive of Reserves) increased to 11.2 million ounces,* 

*from 8.9 million ounces. The approximately 70% increase in attributable Reserves was driven by a higher Reserve gold price of known Mineral Resources, together with* 

*the removal of key operational constraints. The updated declaration is based on the assumption that the mining lease will be renewed. Refer note 8 for further details.*

<sup>3</sup>*During 2025, Gold Fields worked closely with the Government of Ghana to develop a transition plan for the Damang mine. Damang will qualify as an abandoned asset* 

*and will be classified as a discontinued operation from mid-April 2026, when the 12-month lease extension comes to an end, at which point Gold Fields will transfer* 

*ownership of the mine to the Government of Ghana.*

Management performed an assessment for impairment triggers, as well as indicators for reversal of previously recorded

impairment losses at 31 December 2025. Where CGUs had previously been impaired, management considered whether the

impairment losses no longer exist or might have decreased.

At 31 December 2025, the Group reversed an impairment of US$285.1 million (R4,721.9 million) in respect of property, plant and

equipment relating to the South Deep CGU as a result of significantly higher gold prices and the stabilisation of the ramp-up at the

South Deep mine during 2025. The impairment reversal was limited to what the carrying amounts of the CGU would have been at

31 December 2025 had the assets not been impaired. There were no reversals of impairment in 2024 or 2023.

Management considered general and specific factors for the Tarkwa and Cerro Corona CGU and concluded that although overall

the gold price had improved from the time that the impairment losses had been recognised, taking into consideration the specific

circumstances of each asset (including those that led to the original impairment losses), the impairment losses had not reversed.

Management resolved it to be appropriate for no reversal of previously recognised impairment losses to be recorded for the

Tarkwa and Peru CGU at 31 December 2025.

***Cerro Corona***

Cerro Corona stopped mining in 2025 and the site will process only stockpiles for the remainder of its life-of-mine. There is

uncertainty about whether declared stockpile grade and recovery will meet expectations, which can only be confirmed during

processing.

Due to this uncertainty, management has run a number of sensitivity analyses to assess potential reductions in the actual grade

achieved between 2.5% and 10.0% and lower recoveries achieved between 1% to 4% from processing the long-term low-grade

stockpiles. The different scenarios resulted in a range of outcomes reasonably supporting the conclusion in terms of IAS 36

Impairment of Assets that the underlying reasons for the original impairment have not been removed nor has the service potential

of the asset increased. As a result, management concluded that no impairment reversal should be recorded.

***Tarkwa***

At Tarkwa, five of Gold Fields' six mining leases and its existing Development Agreement ("DA") are due to expire in April 2027.

Consistent with the agreement reached with the Government of Ghana in April 2025 in respect of the Damang mining lease, Gold

Fields submitted in November 2025, an application for the renewal of the Tarkwa mining leases, together with supporting

technical reports, in accordance with applicable law. Negotiations on the Tarkwa lease renewals are taking place in an

environment where the Government of Ghana is reviewing mining legislation and fiscal dispensation for mining in the country.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-55** | Gold Fields |

---

**1. Basis of preparation *continued***

In December 2025, the Government of Ghana tabled a Legislative Instrument ("LI") in Parliament to effect new regulations which

introduce new royalty rates in Ghana for gold and other minerals (except Lithium). The LI was approved effective 10 March 2026

with a royalty range of 5% to 12% on a sliding scale, depending on global gold prices. As a measure of relief, The Government of

Ghana has agreed to reduce the Growth and Sustainability Levy on the mining sector back to 1% from 3% previously applicable.

Gold Fields has a Development Agreement (DA), which provides a range of fiscal concessions and includes key stabilising

provisions in relation to taxes, royalties and other matters. However, the DA protects Tarkwa from these royalty changes until

April 2027.

Gold Fields is seeking to progress its ongoing discussions with representatives of the Government of Ghana regarding the

proposed extension of the Tarkwa mining leases and related fiscal terms, including the extension of the DA. However, no

agreement has been reached yet and there is no assurance that an agreement will be concluded and the terms of any renewal

are uncertain.

Due to this uncertainty, management has run a number of sensitivity analyses to assess potential outcomes of the negotiations

with the Government of Ghana, including changes to royalty rates, discount rates, shorter lease periods and a scenario where the

mining lease is not renewed. The different scenarios resulted in a range of outcomes reasonably supporting the conclusion in

terms of IAS 36 Impairment of Assets that the underlying reasons for the original impairment have not been removed nor has the

service potential of the asset increased. As a result, management concluded that no impairment or reversal of impairment should

be recorded.

The FVLCOD calculations are sensitive to the gold and copper price assumptions and an increase or decrease in the gold or

copper price could materially change the FVLCOD. Should there be a significant decrease in the gold or copper price, the Group

would take actions to assess the implications on the life-of-mine plans, including the determination of reserves and resources and

the appropriate cost structure for the CGUs. Refer to notes 8 and 17 for further details.

The carrying amount of property, plant and equipment at 31 December 2025 was US$11,336.8 million (2024: US$7,298.4 million).

**Business combinations and asset acquisitions**

The acquisition method of accounting is used to account for business combinations by the Group. If a transaction does not meet

the definition of a business under IFRS Accounting Standards, the transaction is recorded as an asset acquisition.

***Acquisition of Osisko Mining Incorporated***

On 2 May 2023, Gold Fields acquired a 50% interest in the Windfall Project from Osisko. On 25 October 2024, Gold Fields

acquired 100% of the issued share capital of Osisko. This represents a direct acquisition of Osisko as well as an indirect

acquisition of the remaining 50% interest in the Windfall Project. Refer note 18.2 for further details.

The only significant asset acquired in Osisko is the additional 50% interest in the Windfall Project. As part of the acquisition,

Gold Fields did not acquire sufficient infrastructure or processes, including an organised workforce, which could develop the

acquired inputs into an operating mine. Accordingly, the transaction was accounted for as an asset acquisition. The Group

elected to recognise the previously held 50% interest in the Windfall Project at its carrying value as part of the total cost of the

asset acquisition.

For asset acquisitions, the total consideration paid at acquisition date is allocated based on relative fair values to the identifiable

assets acquired and liabilities assumed. Expected future cash flows have been used to determine the fair value at acquisition

date and are inherently uncertain. They are significantly affected by a number of factors including reserves, production start date

estimates, together with economic factors such as the gold price, discount rates, foreign currency exchange rates, resource

valuations (determined based on comparable market transactions), estimates of costs to produce reserves and future capital

expenditure.

The key assumptions used for measurement of the fair values of Osisko's assets acquired and liabilities assumed were as follows:

---

| | |
|:---|:---|
|  | **25 October 2024** |
| C$ Gold price per ounce – year 1  | C$3,067 |
| C$ Gold price per ounce – year 2 | C$3,004 |
| C$ Gold price per ounce – year 3 onwards | C$2,760 |
| Discount rates – real | 7.9% |
| Life-of-mine | 15 years |
| Resource value per ounce (used to calculate the value beyond proved and probable reserves) | US$37 |
| Long-term exchange rates |  |
| C$/US$ – years 1 and 2 | 0.75 |
| C$/US$ – year 3 onwards | 0.76 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-56** | Gold Fields |

---

Accounting policies *continued*

***Acquisition of Gold Road***

On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint

operation with Gold Road Resources Limited ("Gold Road").

On 5 May 2025, Gold Fields entered into an agreement to acquire 100% of the issued and outstanding share capital of Gold

Road. This represents a direct acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the

Gruyere Gold Project. Refer note 18.3 for further details.

When a joint operation is acquired through stages that results in control of an entity that is a business, the transaction is treated as

a business combination achieved in stages. Expected future cash flows have been used to determine the fair value at acquisition

date and are inherently uncertain. They are significantly affected by a number of factors including reserves, together with

economic factors such as the gold price, discount rates, foreign currency exchange rates, resource valuations (determined based

on comparable market transactions), estimates of costs to produce reserves and future capital expenditure.

The key assumptions used for measurement of the fair values of assets acquired and liabilities assumed and the previously held

50% interest were as follows:

---

| | |
|:---|:---|
|  | **26 September 2025** |
| A$ Gold price per ounce – year 1  | **A$4,619** |
| A$ Gold price per ounce – year 2 | **A$4,960** |
| A$ Gold price per ounce – year 3 | **A$4,494** |
| A$ Gold price per ounce – year 4 | **A$4,117** |
| A$ Gold price per ounce – year 5 onwards | **A$3,675** |
| Discount rates – real | **6.8%** |
| Life-of-mine | **9 years** |
| Resource value per ounce (used to calculate the value beyond proved and probable reserves) | **US$106.7** |
| Long-term exchange rates |  |
| A$/US$ – years 1  | **0.70** |
| A$/US$ – years 2 | **0.67** |
| A$/US$ – years 3 | **0.70** |
| A$/US$ – year 4 onwards | **0.72** |

---

**Commencement of commercial levels of production** 

The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage.

The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The

Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and

moves into the production stage. Some of the criteria would include, but are not limited to the following:

• The level of capital expenditure compared to the construction cost estimates;

• Ability to produce metal in saleable form (within specifications); and

• Ability to sustain commercial levels of production of metal based on plant throughput and recoveries.

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases

and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or

improvements, underground mine development, deferred stripping activities or ore reserve development.

Gold may be produced while bringing a mine to the condition necessary for it to be capable of operating as intended by

management. The Group recognises the proceeds from selling gold as revenue and the associated production cost as cost of

sales in profit or loss. The Group measures the cost of gold produced applying the measurement requirements of IAS 2 at

normalised production levels using the life-of-mine planned production. Production costs in excess of normal production up to

reaching commercial levels of production are capitalised as property, plant and equipment.

Salares Norte reached commercial levels of production on 31 August 2025.

**Stockpiles, gold in process and product inventories**

Costs that are incurred in or benefit the productive process are accumulated as stockpiles, gold in process, ore on leach pads

and product inventories. Net realisable value tests are performed on a monthly basis for short-term stockpiles, gold in process

and product inventories and represent the estimated future sales price of the product based on prevailing spot metals prices at

the reporting date, less estimated costs to complete production and bring the product to sale.

Net realisable value tests are performed annually for long-term stockpiles and represent the estimated future sales price of the

product based on long-term metal prices at the reporting date, less estimated costs to complete production and bring the product

to sale on a discounted basis. Refer pages 53 to 54 for long-term gold prices and below for the discount rates:

---

| | | |
|:---|:---|:---|
| **Discount rates** | **2025** | 2024 |
| Ghana | **6.6%** | 7.1% |
| Peru | **5.8%** | 6.5% |
| Chile | **5.9%** | 7.2% |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-57** | Gold Fields |

---

**1. Basis of preparation *continued***

**Stockpiles, gold in process and product inventories continued**

Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained

gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile

tonnages are verified by periodic surveys.

Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually

recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor the recoverability

levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on

actual results over time.

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in

write downs to net realisable value are accounted for on a prospective basis.

The carrying amount of total gold in process and stockpiles (non-current and current) at 31 December 2025 was US$845.2 million

(2024: US$791.0 million). Refer to notes 2 and 23 for further details.

**Provision for environmental rehabilitation costs** 

The Group's mining and exploration activities are subject to various laws and regulations governing the protection of the

environment. The Group recognises management's best estimate for the provision of environmental rehabilitation costs in the

period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally,

future changes to environmental laws and regulations, life-of-mine estimates, inflation rates and discount rates could affect the

carrying amount of this provision.

Refer to note 29.1 for details of key assumptions used to estimate the provision.

The carrying amounts of the provision for environmental rehabilitation costs at 31 December 2025 was US$594.5 million

(2024: US$475.5 million) of which US$105.3 million (2024: US$78.4 million) was classified as current and US$489.2 million

(2024: US$397.1 million) as non-current.

**Income taxes** 

The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the liability for

income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax

determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues

based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the

amounts that were initially recorded, such differences will impact income tax and deferred tax in the period in which such

determination is made. Refer note 11 for further details.

The Group recognises the future tax benefits related to deferred income tax assets to the extent that it is probable that the

deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax

assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future

taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction.

To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the

net deferred tax assets recorded at the reporting date could be impacted.

Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to

obtain tax deductions in future periods.

Carrying values at 31 December 2025:

• Deferred taxation liability: US$1,401.7 million (2024: US$503.8 million);

• Deferred taxation asset: US$38.2 million (2024: US$154.9 million);

• Taxation payable: US$311.5 million (2024: US$112.4 million); and

• Taxation receivable: US$73.4 million (2024: US$75.8 million).

Refer to notes 27 and 35 for further details and note 11 for details of unrecognised deferred tax assets.

**Share-based payments** 

The Group issues equity-settled share-based payments to Executive Directors, certain officers and employees. The fair value of

these instruments is measured at grant date, using the Monte Carlo simulation valuation models, which require assumptions

regarding the estimated term of the option, share price volatility and expected dividend yield. While Gold Fields' management

believes that these assumptions are appropriate, the use of different assumptions could have an impact on the fair value of the

option granted and the related recognition of the share-based payments expense in the consolidated income statement. Gold

Fields' options have characteristics significantly different from those of traded options and therefore fair values may also differ.

Refer to note 6 for further details.

The income statement charge for the year ended 31 December 2025 was US$25.4 million (2024: US$4.4 million and 2023:

US$9.1 million).

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-58** | Gold Fields |

---

Accounting policie*s continued*

**Contingencies** 

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of

such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events.

Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and

losses resulting from other events and developments.

When a loss is considered probable and reasonably estimable, a liability is recorded based on the best estimate of the ultimate

loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the

loss or a range of losses may not always be practicable based on the information available at the time and the potential effect of

future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for

such matters to be resolved over many years, during which time relevant developments and new information is continuously

evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of

possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.

Refer to note 39 for details on contingent liabilities.

**2. Consolidation** 

2.1Business combinations

The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred

for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by

the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration

arrangement. Acquisition-related costs are expensed as incurred, other than those associated with the issue of debt or equity

securities. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured

initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling

interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net identifiable

assets. Subsequently, the carrying amount of non-controlling interest is the amount of the interest at initial recognition plus the

non-controlling interest's share of the subsequent changes in equity.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date

fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as

goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in profit

or loss.

If a transaction does not meet the definition of a business under IFRS Accounting Standards, the transaction is recorded as an

asset acquisition. Accordingly, the total consideration paid at acquisition date is allocated based on relative fair values to the

identifiable assets acquired and liabilities assumed. Acquisition-related costs are included in the consideration paid and

capitalised. Any contingent consideration payable that is dependent on the purchaser's future activity is not included in the

consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognised in

profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities

assumed are recognised upon the acquisition of assets.

When an equity-accounted investment is acquired in stages and results in control of an entity that is not a business, the previously

held interest is recognised at its carrying amount as part of the total cost of acquisition.

2.2Subsidiaries

Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable

returns from its involvement with the entity and has the ability to affect those returns through its power over the relevant activities

of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date on which

control ceases.

Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by

the Group.

2.3Transactions with non-controlling interests

The Group treats transactions with non-controlling interests that do not result in loss of control as transactions with equity owners

of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share

acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling

interests are also recorded in equity.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-59** | Gold Fields |

---

**2. Consolidation *continued***

2.4Equity-accounted investees

The Group's interests in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and

operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net

assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are recognised initially at cost, which

includes transaction costs and an estimate of any contingent and other considerations. Subsequent to initial recognition and until

the date on which significant influence or joint control ceases, the consolidated financial statements include the Group's share of

the profit or loss and other comprehensive income of equity-accounted investees, as well as changes in the contingent and other

considerations.

Results of associates and joint ventures are equity-accounted using the results of their most recent financial information. Any

losses from associates or joint ventures are brought to account in the consolidated financial statements until the interest in such

associates or joint ventures is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed

to providing financial support to such associates or joint ventures.

The carrying value of an investment in associate and joint ventures represents the cost of the investment, including goodwill

where relevant, a share of the post-acquisition retained earnings and losses, any other movements in reserves, any accumulated

impairment losses, changes in value of the contingent and other considerations and other adjustments to align with Gold Fields

accounting policies. The Group applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net

investment in the associate or joint venture but to which the equity method is not applied. The carrying value is assessed annually

for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the

higher of value in use or fair value less cost of disposal. If an impairment/reversal of impairment has occurred, it is recognised in

profit or loss in the period in which the impairment/reversal of impairment arose.

2.5Joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of

assets and obligations for the liabilities of the arrangement. The Group accounts for activities under joint operations by

recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the

revenue from the sale or use of its share of the joint operations' output.

**3. Foreign currencies** 

3.1Functional and presentation currency

Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic

environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in

US Dollar, which is the Group's presentation currency. The functional currency of the parent company is South African Rand.

3.2Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the

transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of

monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.

3.3Foreign operations

The results and financial position of all the Group entities (none of which has the functional currency of a hyperinflationary

economy) that have a functional currency different from the presentation currency are translated into the presentation currency as

follows:

Assets and liabilities are translated at the exchange rate ruling at the reporting date (ZAR/US$: 16.56; US$/A$: 0.67; US$/C$:

0.73 (2024: ZAR/US$: 18.84; US$/A$: 0.62; US$/C$: 0.70 and 2023: ZAR/US$: 18.30; US$/A$: 0.68; US$/C$: 0.75)). Equity items

are translated at historical rates. The income and expenses are translated at the average exchange rate for the year (ZAR/US$:

17.88; US$/A$: 0.64; US$/C$: 0.72 (2024: ZAR/US$: 18.33; US$/A$: 0.66; US$/C$: 0.73 and 2023: ZAR/US$: 18.45; US$/A$: 0.66;

US$/C$: 0.74)), unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which

case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are

accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the

underlying operation.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations (i.e. the reporting

entity's interest in the net assets of that operation), and of borrowings and other currency instruments designated as hedges of

such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that

were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the

Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is

re-attributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining

significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the

foreign operation and are translated at each reporting date at the closing rate.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-60** | Gold Fields |

---

Accounting policie*s continued*

**4. Property, plant and equipment** 

4.1Mine development and infrastructure

Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less

accumulated depreciation and accumulated impairment losses.

Expenditure incurred to evaluate and develop new orebodies, to define mineralisation in existing orebodies and to establish or

expand productive capacity, is capitalised until commercial levels of production are achieved, at which time the costs are

amortised as set out below.

Development of orebodies includes the development of shaft systems and waste rock removal that allows access to reserves that

are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met.

4.2Borrowing costs

Borrowing costs incurred in respect of assets requiring a substantial period of time to prepare for their intended future use are

capitalised to the date that the assets are substantially completed.

Borrowing costs capitalised are included in finance expense and adjusted for in cash generated from operating activities in the

statement of cash flows.

4.3Mineral and surface rights

Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there

is little likelihood of a mineral right being exploited, or the recoverable amount of mineral rights has diminished below cost, an

impairment loss is recognised in profit or loss in the year that such determination is made.

4.4Land

Land is shown at cost less accumulated impairment losses and is not depreciated.

4.5Other assets

Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include

the assets of the mining operations not included in mine development and infrastructure, capitalised borrowing costs, mineral and

surface rights and land and all the assets of the non-mining operations.

4.6Amortisation and depreciation of mining assets

Amortisation and depreciation is determined to give a fair and systematic charge to profit or loss taking into account the nature

of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:

• Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised

over the life of the mine using the units-of-production method, based on estimated proved and probable ore reserves;

• Stripping activity assets are amortised on a units-of-production method, based on the estimated proved and probable ore

reserves of the ore body to which the assets relate; and

• The mineral rights asset at the Australian operations are divided at the respective operations into a depreciable and a

non-depreciable component. The mineral rights asset is initially capitalised to the mineral rights asset as a non-depreciable

component.

Subsequently, and on an annual basis, as part of the preparation of the updated reserve and resource statement and preparation

of the updated life-of-mine plan, a portion of resources will typically be converted to reserves as a result of ongoing resource

definition drilling, resultant geological model updates and subsequent mine planning. Based on this conversion of resources to

reserves a portion of the historic cost is allocated from the non-depreciable component of the mineral rights asset to the

depreciable component of the mineral rights asset. Therefore, the category of non-depreciable mineral rights asset is expected

to reduce and will eventually be fully allocated within the depreciable component of the mineral rights asset.

Each operation typically comprises a number of mines and the depreciable component of the mineral rights asset is therefore

allocated on a mine-by-mine basis at the operation and is transferred at this point to mine development and infrastructure and is

then amortised over the estimated proved and probable ore reserves of the respective mine on the units-of-production method.

The remaining non-depreciable component of the mineral rights asset is not amortised but, in combination with the depreciable

component of the mineral rights asset and other assets included in the CGU, is evaluated for impairment when events and

changes in circumstances indicate that the carrying amount may not be recoverable.

Proved and probable ore reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in

future from known mineral deposits.

Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over

the lesser of their estimated useful lives or life-of-mine.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-61** | Gold Fields |

---

**4. Property, plant and equipment *continued***

4.7Depreciation of non-mining assets

Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their

residual values. The assets' useful lives, depreciation methods and residual values are reassessed at each reporting date and

adjusted if appropriate.

4.8Depreciation of right-of-use assets

The right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use asset, using the

straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the

underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will

exercise a purchase option. In that case the right-of-use assets are depreciated over the useful life of the underlying asset.

In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements

of the lease liability.

4.9Mining exploration

Expenditure on advances solely for exploration activities is charged against profit or loss until the viability of the mining venture

has been proven. Expenditure incurred on exploration "farm-in" projects is written off until an ownership interest has vested.

Exploration expenditure to define mineralisation at existing ore bodies is considered mine development costs and is capitalised

until commercial levels of production are achieved.

Exploration activities at certain of the Group's non-South African operations are broken down into defined areas within the mining

lease boundaries. These areas are generally defined by structural and geological continuity. Exploration costs in these areas are

capitalised to the extent that specific exploration programmes on existing ore bodies have yielded targets and/or results that

warrant further exploration in future years.

4.10Impairment

Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed annually or whenever events or

changes in circumstances indicate that such carrying values may not be recoverable. To determine whether a long-term asset or

CGU may be impaired, the higher of "value in use" (defined as: "the present value of future cash flows expected to be derived

from an asset or CGU") or "fair value less costs of disposal" (defined as "the price that would be received to sell an asset or paid

to transfer a liability in an orderly transaction between market participants at the measurement date") is compared to the carrying

value of the asset/CGU. Impairment losses are recognised in profit or loss.

Previously recognised impairment losses are reversed when estimates change as a result of events occurring after the

impairment was recognised. Impairment losses are reversed only to the extent that long-term assets or CGUs carrying amounts

do not exceed the carrying amounts that would have been determined had no impairment been recognised. Reversals of

previously recognised impairment losses are recognised in profit or loss.

A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely

independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual

operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts/pits of a mine

are impaired if the shaft/pit is closed/depleted.

Exploration targets in respect of which costs have been capitalised at certain of the Group's international operations are

evaluated on an annual basis to ensure that these targets continue to support capitalisation of the underlying costs. Those that

do not are impaired.

When any infrastructure is closed down during the year, any carrying value attributable to that infrastructure is impaired.

4.11Gain or loss on disposal of property, plant and equipment

Any gain or loss on disposal of property, plant and equipment (calculated as the net proceeds from disposal less the carrying

amount of the item) is recognised in profit or loss.

4.12Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the

contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially

measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the

commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset

or to restore the underlying asset or the site on which it is located, less any lease incentives received. Subsequent to initial

recognition, the right-of-use asset is accounted for in accordance with the accounting policy applicable to that asset.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,

discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental

borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and

makes certain adjustments to reflect the terms of the lease and type of the asset leased.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-62** | Gold Fields |

---

Accounting policie*s continued*

**4. Property, plant and equipment *continued***

4.12Leases **continued**

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. It is

re-measured when there is a change in future lease payments:

• If there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee;

• If the Group changes its assessment of whether it will exercise a purchase, extension or termination option;

• If there is a revised in-substance fixed lease payment; and

• If there is a change in future lease payments resulting from a change in an index or a rate used to determine these payments.

When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use

asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term

leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the

lease term. Low-value assets relate mainly to cellphones, computer equipment and photocopiers.

4.13Deferred stripping

Production stripping costs in a surface mine are capitalised to property, plant and equipment if, and only if, all of the following

criteria are met:

• It is probable that the future economic benefit associated with the stripping activity will flow to the entity;

• The entity can identify the component of the ore body for which access has been improved; and

• The costs relating to the stripping activity associated with that component can be measured reliably.

If the above criteria are not met, the stripping costs are recognised directly in profit or loss.

The Group initially measures the stripping activity asset at cost, this being the accumulation of costs directly incurred to

perform the stripping activity that improves access to the identified component of ore.

After initial recognition, the stripping activity asset is carried at cost less accumulated amortisation and accumulated

impairment losses.

**5. Taxation** 

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to

the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is measured on taxable income at the applicable statutory rate substantively enacted at the reporting date.

Interest and penalties are accounted for in current tax.

The Group determined that the global minimum top-up tax, which is required to be paid under the Pillar Two legislation, is an

income tax in the scope of IAS 12. The Group applied a temporary mandatory relief from accounting for deferred taxation of the

impacts of the top-up tax and accounts for it as a current tax when it is incurred.

Deferred taxation is provided on temporary differences existing at each reporting date between the tax values of assets and

liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated tax rates which in

turn are used in the determination of deferred taxation.

Deferred taxation is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is

not a business combination and that affects neither accounting nor taxable profit or loss and taxable temporary differences arising

on the initial recognition of goodwill.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the

end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future

periods when the carrying amount of the asset is recovered or the liability is settled.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for

taxable temporary differences arising on investments in subsidiaries and equity-accounted investees except where the reversal

of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future.

Deferred tax assets relating to the carry forward of unutilised tax losses and/or deductible temporary differences are recognised

to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or deductible

temporary differences can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is

no longer probable.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-63** | Gold Fields |

---

**5. Taxation *continued***

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and

they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to

settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

When assessing uncertain tax positions, the Group considers whether it is probable that the relevant authority will accept each

tax treatment, or group of tax treatments, that the Group used or plans to use in its income tax filing.

No provision is made for any potential taxation liability on the distribution of retained earnings by Group companies if it is

probable that the related taxable temporary differences will not reverse in the foreseeable future.

**6. Inventories** 

Inventories are valued at the lower of cost and net realisable value. Gold on hand represents production on hand after the

smelting process.

Cost is determined on the following basis:

• Gold on hand and gold in process is valued using weighted average cost. Cost includes production, amortisation and related

administration costs;

• Heap leach and stockpile inventories are valued using weighted average cost. Cost includes production, amortisation and

direct administration costs. The cost of materials on the heap leach and stockpiles, from which metals are expected to be

recovered in a period longer than 12 months is classified as non-current assets; and

• Consumable stores are valued at weighted average cost, after appropriate provision for redundant and slow-moving items.

Net realisable value is determined with reference to relevant market prices or the estimated future sales price of the product if it

is expected to be realised in the long term.

**7. Financial instruments** 

7.1Non-derivative financial instruments

**Recognition and initial measurement** 

Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially

recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset or financial liability

is initially measured at fair value plus, for an item not at fair value through profit or loss ("FVTPL"), transaction costs that are

directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at

the transaction price.

**Classification and subsequent measurement** 

***Financial assets – Classification policy***

On initial recognition, an equity instrument is either classified as fair value through other comprehensive income ("FVOCI") if an

irrevocable election is made or FVTPL.

On initial recognition, a debt instrument is classified as:

• Amortised cost;

• FVOCI; or

• FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

• It is held with a business model whose objective is to collect contractual cash flows; and

• Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal

amount outstanding.

A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

• It is held with a business model whose objective is achieved by both collecting contractual cash flows and selling financial

assets; and

• Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal

amount outstanding.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This

includes all derivative financial assets.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-64** | Gold Fields |

---

Accounting policie*s continued*

**7. Financial instruments *continued***

Non-derivative financial instruments *continued*

***Financial assets – Measurement policy***

---

| | |
|:---|:---|
| Financial asset category | Description |
| Financial assets at<br>amortised cost<br>| These assets are subsequently measured at amortised cost using the effective interest <br>method. The amortised cost is reduced by impairment losses. Interest income, foreign <br>exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss <br>on derecognition is recognised in profit or loss.<br>|
| Equity investments<br>at FVOCI<br>| These assets are subsequently measured at fair value. Dividends are recognised as income <br>in profit or loss unless the dividend clearly represents a recovery of part of the cost of the <br>investment. Other net gains and losses are recognised in OCI and are never reclassified to <br>profit or loss.<br>|
| Financial assets<br>at FVTPL<br>| These assets are subsequently measured at fair value. Net gains and losses, including any <br>interest or dividend income, are recognised in profit or loss.<br>|

---

***Financial assets – Classification of financial assets*** 

The following information is considered by the Group in determining the classification of financial assets:

• The Group's business model for managing financial assets; and

• The contractual cash flow characteristics of the financial assets.

The business model assessment of the financial assets is based on the Group's strategy and rationale for holding the financial

assets on a portfolio level. When considering the strategy, the following is considered:

• Whether the financial assets are held to collect contractual cash flows;

• Whether the financial assets are held for sale; and

• Whether the financial assets are held for both collecting contractual cash flows and to be sold.

***Financial assets – Assessment of contractual cash flows***

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual

terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the

timing or amount of contractual cash flows such that it would not meet this condition.

***Financial liabilities – Classification, subsequent measurement and gains and losses***

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is

classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are

measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial

liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign

exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

**Impairment** 

The Group recognises loss allowances for expected credit losses ("ECLs") on financial assets measured at amortised cost. When

determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating

ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort.

This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed

credit assessment and including forward-looking information. The maximum period considered when estimating ECLs is the

maximum contractual period over which the Group is exposed to credit risk.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls

(i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group

expects to receive). At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit

impaired. A financial asset is "credit impaired" when one or more events that have a detrimental impact on the estimated future

cash flows of the financial asset have occurred.

**Derecognition of financial instruments** 

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it

transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of

ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and

rewards of ownership and it does not retain control of the financial asset.

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group

also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially

different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a

financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash

assets transferred or liabilities assumed) is recognised in profit or loss.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-65** | Gold Fields |

---

**7. Financial instruments *continued***

**7.1.1Investments**

Investments comprise listed and unlisted equity instruments and listed bonds. Equity instruments are designated at FVOCI and

are accounted for at fair value, with unrealised gains and losses subsequent to initial recognition recognised in other

comprehensive income and included in other reserves. Profit or loss realised when investments are sold or impaired are never

reclassified to profit or loss. Listed bonds are measured at amortised cost which is deemed to be fair value as they have a short-

term maturity.

Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase or

sell the asset. Cost of purchase includes transaction costs. The fair value of listed investments is based on quoted bid prices.

**7.1.2Cash and cash equivalents**

Cash comprises cash on hand and demand deposits and cash equivalents are short-term, highly liquid investments readily

convertible to known amounts of cash and subject to insignificant risk of changes in value and are measured at amortised cost

which is deemed to be fair value as they have a short-term maturity.

Bank overdrafts, to the extent applicable, are included within current liabilities in the statement of financial position and within

cash and cash equivalents in the statement of cash flows.

**7.1.3Trade receivables**

Trade receivables are carried at amortised cost less ECLs using the Group's business model for managing its financial assets,

except for trade receivables from provisional copper and gold concentrate sales. The trade receivables from provisional copper

and gold concentrate sales are carried at fair value through profit or loss and are marked-to-market at the end of each period until

final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component

of revenue.

**7.1.4Environmental trust funds**

The environmental trust funds comprise mainly term deposits which are recognised at amortised cost less ECLs using the Group's

business model for managing its financial assets.

**7.1.5Trade payables**

Trade payables are recognised at amortised cost using the effective interest method.

**7.1.6Borrowings**

Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured

at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at

least 12 months after the reporting date.

Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method.

Finance expense comprises interest on borrowings and environmental rehabilitation costs offset by interest capitalised on

qualifying assets.

Cash flows from interest paid are classified under operating activities in the statement of cash flows.

7.2Derivative financial instruments

The Group may from time to time establish currency and/or interest rate and/or commodity financial instruments to protect

underlying cash flows.

Derivative financial instruments are initially recognised at fair value and subsequently re-measured to their fair value with changes

therein recognised in profit or loss.

**8. Provisions** 

Provisions are recognised when the Group has a present legal or constructive obligation resulting from past events and it is

probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable

estimate can be made of the amount of the obligation.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| | |
|:---|:---|
| **AFR-66** | Gold Fields |

---

Accounting policie*s continued*

**9. Provision for environmental rehabilitation costs** 

Long-term provisions for environmental rehabilitation costs are based on the Group's environmental management plans, in

compliance with applicable environmental and regulatory requirements.

Rehabilitation work can include facility decommissioning and dismantling, removal or treatment of waste materials, site and land

rehabilitation, including compliance with and monitoring of environmental regulations, security and other site-related costs

required to perform the rehabilitation work and operation of equipment designed to reduce or eliminate environmental effects.

Full provision is made based on the net present value of the estimated cost of restoring the environmental disturbance that has

occurred up to the reporting date. The unwinding of the obligation is accounted for in profit or loss.

The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or

other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at

closure.

Changes in estimates are capitalised or reversed against the relevant asset, except where a reduction in the provision is greater

than the remaining net book value of the related asset, in which case the value is reduced to nil and the remaining adjustment is

recognised in profit or loss. In the case of closed sites, changes in estimates and assumptions are recognised in profit or loss.

Estimates are discounted at the pre-tax risk-free rate in the jurisdiction of the obligation.

Increases due to additional environmental disturbances are capitalised and amortised over the remaining lives of the mines.

These increases are accounted for on a net present value basis.

For the South African and Ghanaian operations, annual contributions are made to a dedicated rehabilitation trust fund and

dedicated bank account, respectively, to fund the estimated cost of rehabilitation during and at the end of the life-of-mine. The

amounts contributed to this trust fund/bank account are included under non-current assets. Interest earned on monies paid to

rehabilitation trust fund/bank account is accrued on a time proportion basis and is recorded as interest income.

In respect of the South African, Ghanaian, Peruvian, Chilean and Canadian operations, bank and other guarantees are provided

for funding of the environmental rehabilitation obligations. Refer to financial instruments accounting policy 7.1.4 Environmental

trust fund and note 38 of the consolidated financial statements.

**10. Employee benefits** 

10.1Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected

to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the

employee and the obligation can be estimated reliably.

10.2Pension and provident funds

The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution

retirement plans. The retirement plans are funded by payments from employees and Group companies.

Contributions to defined contribution funds are recognised as an employee benefit expense in profit or loss in the periods during

which related services are rendered by employees.

10.3Share-based payments

The Group operates an equity-settled compensation plan. The fair value of the equity-settled instruments is measured by

reference to the fair value of the equity instrument granted which in turn is determined using Monte Carlo simulation models on

the date of grant.

Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and

conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is

estimated using appropriate valuation models and appropriate assumptions at grant date. Non-market vesting conditions (service

period prior to vesting) are not taken into account when estimating the fair value of the equity-settled instruments at grant date.

Market conditions are taken into account in determining the fair value at grant date.

The fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on

the Group's estimate of the number of instruments that will eventually vest, with a corresponding increase in equity. Vesting

assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations.

Where the terms of an equity-settled award are modified, the originally determined expense is recognised as if the terms had not

been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based

payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-67** | Gold Fields |

---

**10. Employee benefits *continued***

10.4Long-term incentive plan

The Group operates a long-term incentive plan.

The Group's net obligation in respect of the long-term incentive plan is the amount of future benefit that employees have earned

in return for their services in the current and prior periods. That benefit is estimated using appropriate assumptions and is

discounted to determine its present value at each reporting date. Re-measurements are recognised in profit or loss in the period

in which they arise.

10.5Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever

an employee accepts voluntary redundancy in exchange for these benefits. Termination benefits are expensed at the earlier of

the date the Group can no longer withdraw the offer of those benefits or the date the Group recognises costs for a restructuring.

Benefits falling due more than 12 months after the reporting date are discounted to present value.

**11. Stated capital** 

11.1Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a

deduction from equity, net of any tax effects.

11.2Repurchase and reissue of share capital

When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable

costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and

are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an

increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium.

**12. Revenue from contracts with customers** 

The Group recognises revenue when control over its gold, copper and silver is transferred to the customer. The price is

determined by market forces (commodity price and exchange rates). Revenue is measured based on the consideration specified

in a contract with the customer.

Customers obtain control of gold, copper and silver on the settlement date. In Peru, customers obtain control of copper and gold

concentrate on the shipment date. Copper and gold concentrate revenue is calculated, net of refining and treatment charges, on

a best estimate basis on shipment date, using forward metal prices to the estimated final pricing date, adjusted for the specific

terms of the agreements. Variations between the price recorded at the shipment date and the actual final price received are

caused by changes in prevailing copper and gold prices. Changes in the fair value as a result of changes in the forward metal

prices are classified as provisional price adjustments and included as a component of revenue.

**13. Investment income** 

Investment income comprises interest income on funds invested and dividend income from listed and unlisted investments.

Investment income is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of

investment income can be reliably measured. Investment income is stated at the fair value of the consideration received or

receivable.

13.1Dividend income

Dividends are recognised in profit or loss when the right to receive payment is established.

13.2Interest income

Interest income is recognised in profit or loss using the effective interest rate method. The effective interest rate is the rate that

exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross

carrying amount of the financial asset or amortised cost of the financial liability.

Cash flows from dividends and interest received are classified under operating activities in the statement of cash flows.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-68** | Gold Fields |

---

Accounting policie*s continued*

**14. Dividends declared** 

Dividends and the related taxation thereon are recognised only when such dividends are declared.

Dividend withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid, except dividends

paid to South African resident companies, South African retirement funds and other prescribed exempt taxpayers. The Group

withholds dividend tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised

as part of the Group's tax charge but rather as part of the dividend paid recognised directly in equity.

Cash flows from dividends paid are classified under operating activities in the statement of cash flows.

**15. Earnings per share** 

The Group presents basic and diluted earnings per share. Basic earnings per share is calculated based on the profit attributable

to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the period. Diluted earnings

per share is determined by adjusting the profit attributable to ordinary shareholders, if applicable, and the weighted average

number of ordinary shares in issue for ordinary shares that may be issued in the future.

**16. Assets held for sale** 

Assets (or disposal groups) comprising assets and liabilities, are classified as held for sale if it is highly probable they will be

recovered primarily through sale rather than through continuing use. These assets may be a component of an entity, a disposal

group or an individual non-current asset.

Assets held for sale are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale

or distribution, property, plant and equipment is no longer amortised or depreciated.

**17. Discontinued operations** 

Classification as a discontinued operation occurs on disposal or when the operation meets the criteria to be classified as

held-for-sale (refer accounting policy 16), if earlier. When an operation is classified as a discontinued operation, the comparative

income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows are

re-presented as if the operation had been discontinued from the start of the comparative period.

In cases where an asset is abandoned, such asset is classified as a discontinued operation from the date it ceases to be used.

**18. Segmental reporting** 

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating

decision-maker ("CODM") and is based on individual mining operations. The CODM, who is responsible for allocating resources

and assessing performance of the operating segments, has been identified as the Executive Committee that makes strategic

decisions. The Group's segmental profit measure is profit for the year.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-69** | Gold Fields |

---

Consolidated income statement

**for the year ended 31 December 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | Notes | **2025** | 2024 | 2023 |
| **Continuing operations**  |  |  |  |  |
| Revenue | 1 | **8751.3** | 5201.6 | 4500.7 |
| Cost of sales | 2 | **(3680.8)** | (2843.7) | (2747.0) |
| Investment income | 3 | **53.3** | 28.7 | 24.9 |
| Finance expense | 4 | **(120.7)** | (50.4) | (62.9) |
| Gain on financial instruments, net | 5 | **58.1** |  |  |
| Foreign exchange gain/(loss) |  | **6.6** | (6.6) | (5.6) |
| Share-based payments | 6 | **(25.4)** | (4.4) | (9.1) |
| Long-term incentive plan | 30 | **(43.2)** | (14.5) | (55.8) |
| Exploration expense | 7 | **(297.8)** | (98.4) | (76.2) |
| Reversal of impairment of assets, net of impairment | 8 | **281.3** | (3.5) | (156.4) |
| Other costs, net | 9 | **(134.8)** | (82.1) | (48.8) |
| Restructuring costs | 9 | **(10.3)** | (6.6) | (7.8) |
| Ghana expected credit loss  | 14.1 | **(66.0)** |  | (33.2) |
| Profit on disposal of asset held for sale - Asanko Gold | 15 | **—** | 5.6 |  |
| Profit on disposal of assets held for sale - Rusoro | 16 (c) | **—** | 62.3 |  |
| Gain on remeasurement of 50% previously held interest in <br>Gruyere<br>| 18.3 | **808.2** |  |  |
| Transaction costs on acquisition of Gold Road | 18.3 | **(51.4)** |  |  |
| Share of results of equity accounted investees, net of tax | 19 | **(2.3)** | (53.6) | (32.6) |
| Silicosis settlement costs | 29.2 | **(0.7)** | 0.3 | 4.1 |
| Profit on disposal of assets |  | **1.1** | 0.6 | 32.4 |
| **Profit before royalties and taxation** | 9 | **5526.5** | 2135.3 | 1326.7 |
| Royalties | 10 | **(231.9)** | (147.7) | (116.4) |
| **Profit before taxation** |  | **5294.6** | 1987.6 | 1210.3 |
| Mining and income taxation | 11 | **(1649.2)** | (697.1) | (465.1) |
| **Profit from continuing operations** |  | **3645.4** | 1290.5 | 745.2 |
| **Discontinued operation**  |  |  |  |  |
| Loss from discontinued operation | 15 | **—** |  | (18.9) |
| **Profit for the year** |  | **3645.4** | 1290.5 | 726.3 |
| **Profit/(loss) attributable to:** |  |  |  |  |
| *Owners of the parent*  |  | **3567.4** | 1245.0 | 703.3 |
| – Continuing operations |  | **3567.4** | 1245.0 | 722.2 |
| – Discontinued operation |  | **—** |  | (18.9) |
| *Non-controlling interests*  |  |  |  |  |
| – Continuing operations |  | **78.0** | 45.5 | 23.0 |
|  |  | **3645.4** | 1290.5 | 726.3 |
| **Earnings/(loss) per share attributable to owners of the parent:** | **Earnings/(loss) per share attributable to owners of the parent:** |  |  |  |
| *Basic earnings per share – cents* | 12.1 | **399** | 139 | 79 |
| Basic earnings per share from continuing operations – cents  | 12.2 | **399** | 139 | 81 |
| Basic loss per share from discontinued operation – cents  | 12.3 | **—** |  | (2) |
| *Diluted earnings per share – cents* | 12.4 | **394** | 138 | 77 |
| Diluted earnings per share from continuing operations – cents  | 12.5 | **394** | 138 | 79 |
| Diluted loss per share from discontinued operation – cents | 12.6 | **—** |  | (2) |

---

*The accompanying notes form an integral part of these financial statements.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-70** | Gold Fields |

---

Consolidated statement of comprehensive income

**for the year ended 31 December 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| **Profit for the year** | **3645.4** | 1290.5 | 726.3 |
| **Other comprehensive income, net of tax** | **432.2** | (169.3) | (77.1) |
| *Items that will not be reclassified to profit or loss* | **82.5** | (12.4) | 37.9 |
| Equity investments from continuing operations at FVOCI – Net change in <br>fair value<br>| **78.0** | (13.3) | (1.2) |
| Equity investments from discontinued operation at FVOCI – Net change in <br>fair value<br>| **—** | 7.8 | 39.4 |
| Taxation on above items | **4.5** | (6.9) | (0.3) |
| *Items that may be reclassified subsequently to profit or loss* | **349.7** | (156.9) | (115.0) |
| Foreign currency translation adjustments | **349.7** | (156.9) | (115.0) |
| **Total comprehensive income for the year** | **4077.6** | 1121.2 | 649.2 |
| **Attributable to:** |  |  |  |
| – Owners of the parent | **3990.2** | 1071.8 | 628.0 |
| – Non-controlling interests | **87.4** | 49.4 | 21.2 |
|  | **4077.6** | 1121.2 | 649.2 |

---

*The accompanying notes form an integral part of these financial statements.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-71** | Gold Fields |

---

Consolidated statement of financial position

**at 31 December 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | Notes | **2025** | 2024 |
| **ASSETS** |  |  |  |
| **Non-current assets** |  | **12176.8** | 8195.1 |
| Property, plant and equipment | 17 | **11336.8** | 7298.4 |
| Equity accounted investees | 19 | **2.8** | 12.6 |
| Investments | 21 | **189.6** | 139.9 |
| Environmental trust funds | 22 | **140.9** | 125.2 |
| Inventories | 23 | **373.4** | 349.8 |
| Deferred taxation | 27 | **38.2** | 154.9 |
| Taxation receivable | 35 | **73.1** | 69.7 |
| Asanko deferred and contingent considerations | 15 | **22.0** | 44.6 |
| **Current assets** |  | **2970.9** | 1926.7 |
| Inventories | 23 | **782.6** | 699.3 |
| Trade and other receivables | 24 | **380.7** | 337.8 |
| Cash and cash equivalents | 25 | **1779.2** | 860.2 |
| Taxation receivable | 35 | **0.3** | 6.1 |
| Current portion of Asanko deferred and contingent considerations | 15 | **28.1** | 23.3 |
| **Assets held for sale** | 16 | **77.5** | 21.1 |
| **Total assets** |  | **15225.2** | 10142.9 |
| **EQUITY AND LIABILITIES** |  |  |  |
| Equity attributable to owners of the parent |  | **8432.6** | 5201.4 |
| Stated capital | 26 | **3844.8** | 3871.5 |
| Other reserves |  | **(2089.5)** | (2528.1) |
| Retained earnings |  | **6677.3** | 3858.0 |
| Non-controlling interests |  | **239.8** | 165.5 |
| **Total equity** |  | **8672.4** | 5366.9 |
| **Non-current liabilities** |  | **4852.9** | 3065.6 |
| Deferred taxation | 27 | **1401.7** | 503.8 |
| Borrowings | 28 | **2559.5** | 1776.5 |
| Provisions | 29 | **492.2** | 402.0 |
| Long-term incentive plan | 30 | **20.4** | 20.0 |
| Lease liabilities | 37 | **379.1** | 363.3 |
| **Current liabilities** |  | **1699.9** | 1710.4 |
| Trade and other payables | 31 | **908.1** | 651.1 |
| Royalties payable | 34 | **45.3** | 30.7 |
| Taxation payable | 35 | **311.5** | 112.4 |
| Current portion of borrowings | 28 | **178.7** | 719.1 |
| Current portion of provisions | 29 | **108.3** | 79.2 |
| Current portion of long-term incentive plan | 30 | **44.1** | 31.0 |
| Current portion of lease liabilities | 37 | **103.9** | 86.9 |
| **Total liabilities** |  | **6552.8** | 4776.0 |
| **Total equity and liabilities** |  | **15225.2** | 10142.9 |

---

*The accompanying notes form an integral part of these financial statements.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-72** | Gold Fields |

---

Consolidated statement of changes in equity

**for the year ended 31 December 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | Stated <br>capital<br>| Accumulated other<br>comprehensive<br>income¹<br>| Other <br>reserves²<br>| Retained <br>earnings<br>| Equity <br>attributable to <br>owners of the <br>parent<br>| Non-<br>controlling <br>interests<br>| Total equity |
| **Balance at 1 January 2023** | 3871.5 | (2568.2) | 275.1 | 2629.2 | 4207.6 | 131.9 | 4339.5 |
| *Total comprehensive income for the* <br>*year*<br>|  | (75.3) |  | 703.3 | 628.0 | 21.2 | 649.2 |
| Profit for the year from continuing <br>operations<br>|  |  |  | 722.2 | 722.2 | 23.0 | 745.2 |
| Loss for the year from discontinued <br>operation<br>|  |  |  | (18.9) | (18.9) |  | (18.9) |
| Other comprehensive income from <br>continuing operations<br>|  | (114.7) |  |  | (114.7) | (1.8) | (116.5) |
| Other comprehensive income from <br>discontinued operation<br>|  | 39.4 |  |  | 39.4 |  | 39.4 |
| *Transactions with owners of the* <br>*Company*<br>|  |  |  |  |  |  |  |
| Dividends declared<sup>3</sup> |  |  |  | (368.6) | (368.6) | (9.4) | (378.0) |
| Share-based payments |  |  | 9.1 |  | 9.1 |  | 9.1 |
| **Balance at 31 December 2023** | 3871.5 | (2643.5) | 284.2 | 2963.9 | 4476.1 | 143.7 | 4619.8 |
| *Total comprehensive income for the* <br>*year*<br>|  | (173.2) |  | 1245.0 | 1071.8 | 49.4 | 1121.2 |
| Profit for the year from continuing <br>operations<br>|  |  |  | 1245.0 | 1245.0 | 45.5 | 1290.5 |
| Other comprehensive income from <br>continuing operations<br>|  | (181.0) |  |  | (181.0) | 3.9 | (177.1) |
| Other comprehensive income from <br>discontinued operation<br>|  | 7.8 |  |  | 7.8 |  | 7.8 |
| *Transactions with owners of the* <br>*Company*<br>|  |  |  |  |  |  |  |
| Dividends declared<sup>3</sup> |  |  |  | (350.9) | (350.9) | (27.6) | (378.5) |
| Share-based payments |  |  | 4.4 |  | 4.4 |  | 4.4 |
| **Balance at 31 December 2024** | 3871.5 | (2816.7) | 288.6 | 3858.0 | 5201.4 | 165.5 | 5366.9 |
| *Total comprehensive income for the* <br>*year*<br>| **—** | **422.8** | **—** | **3567.4** | **3990.2** | **87.4** | **4077.6** |
| Profit for the year from continuing <br>operations<br>| **—** | **—** | **—** | **3567.4** | **3567.4** | **78.0** | **3645.4** |
| Other comprehensive income from <br>continuing operations<br>| **—** | **422.8** | **—** | **—** | **422.8** | **9.4** | **432.2** |
| *Transactions with owners of the* <br>*Company*<br>|  |  |  |  |  |  |  |
| Dividends declared<sup>3</sup> | **—** | **—** | **—** | **(707.1)** | **(707.1)** | **(54.1)** | **(761.2)** |
| Acquisition of treasury shares<sup>4</sup> | **(36.3)** | **—** | **—** | **—** | **(36.3)** | **—** | **(36.3)** |
| Issue of treasury shares to employees<sup>4</sup> | **9.6** | **—** | **(9.6)** | **—** | **—** | **—** | **—** |
| Share-based payments | **—** | **—** | **25.4** | **—** | **25.4** | **—** | **25.4** |
| *Transaction with non-controlling interest* <br>*holders*<sup>5</sup><br>| **—** | **—** | **—** | **(41.0)** | **(41.0)** | **41.0** | **—** |
| **Balance at 31 December 2025** | **3844.8** | **(2393.9)** | **304.4** | **6677.3** | **8432.6** | **239.8** | **8672.4** |

---

*The accompanying notes form an integral part of these financial statements.* 

<sup>1</sup>*Accumulated other comprehensive income mainly comprises foreign currency translation.*

<sup>2</sup>*Other reserves include mainly share-based payments. The aggregate of accumulated other comprehensive income and other reserves in the consolidated statement of changes in* 

*equity is disclosed in the Consolidated statement of financial position as other reserves.*

<sup>3</sup>*Refer to note 13 for dividends paid to owners of the parent.*

<sup>4</sup>*Treasury shares were purchased by the Group and a portion was issued to participants upon vesting of employee share options in 2025.*

<sup>5</sup>*On 6 December 2025, per the South Deep BEE transaction an economic interest of 6.90% in Newshelf 899 (Proprietary) Limited vested to the BEE non-controlling interest holders.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-73** | Gold Fields |

---

Consolidated statement of cash flows

**for the year ended 31 December 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | Notes | **2025** | 2024 | 2023 |
| **Cash flows from operating activities** |  | **3772.2** | 1607.0 | 1192.8 |
| Cash generated by operations | 32 | **5478.8** | 2747.3 | 2392.6 |
| Interest received | 3 | **41.2** | 17.4 | 23.4 |
| Change in working capital | 33 | **187.4** | 13.9 | (199.1) |
| *Cash generated by operating activities* |  | **5707.4** | 2778.6 | 2216.9 |
| Silicosis payment | 29.2 | **(1.2)** | (0.4) | (1.3) |
| Interest paid | 4 | **(159.9)** | (130.4) | (104.8) |
| Royalties paid | 34 | **(222.5)** | (136.1) | (113.4) |
| Taxation paid | 35 | **(789.7)** | (525.5) | (421.8) |
| *Net cash from operations* |  | **4534.1** | 1986.2 | 1575.6 |
| *Dividends paid* |  | **(761.9)** | (379.2) | (382.8) |
| – Owners of the parent |  | **(707.1)** | (350.9) | (368.6) |
| – Non-controlling interest holders |  | **(54.1)** | (27.6) | (13.5) |
| – South Deep BEE dividend |  | **(0.7)** | (0.7) | (0.7) |
| **Cash flows from investing activities** |  | **(2765.8)** | (2590.6) | (1369.7) |
| Additions to property, plant and equipment | 17 | **(1398.5)** | (1183.4) | (1054.7) |
| Capital expenditure – working capital |  | **(23.8)** | (5.2) | 35.5 |
| Proceeds on disposal of property, plant and equipment |  | **2.2** | 2.7 | 2.0 |
| Purchase of investments |  | **(93.4)** | (57.6) | (30.6) |
| Purchase of equity-accounted investee – Windfall Project | 18.1 | **—** |  | (247.1) |
| Windfall Project capital contributions | 18.1 | **—** | (65.3) | (69.1) |
| Purchase of Osisko<sup>1</sup> | 18.2 | **—** | (1452.5) |  |
| Purchase of Gold Road<sup>2</sup> | 18.3 | **(2124.2)** |  |  |
| Proceeds on disposal of investments<sup>3</sup> |  | **882.0** | 56.6 | 5.0 |
| Proceeds on disposal of Rusoro | 16 (c) | **—** | 62.3 |  |
| Proceeds on disposal of Asanko Gold | 15 | **—** | 65.0 |  |
| Contributions to environmental trust funds | 22 | **(10.1)** | (13.2) | (10.7) |
| **Cash flows from financing activities** |  | **(173.3)** | 1212.6 | 82.4 |
| Loans raised | 28 | **4085.8** | 2291.1 | 804.8 |
| Loans repaid | 28 | **(4119.6)** | (986.3) | (650.9) |
| Purchase of treasury shares | 26 | **(36.3)** |  |  |
| Payment of principal lease liabilities | 37 | **(103.2)** | (92.2) | (71.5) |
| **Net cash generated/(utilised)** |  | **833.1** | 229.0 | (94.5) |
| Effect of exchange rate fluctuation on cash held |  | **85.9** | (17.5) | (26.2) |
| Cash and cash equivalents at beginning of the year |  | **860.2** | 648.7 | 769.4 |
| **Cash and cash equivalents at end of the year** | 25 | **1779.2** | 860.2 | 648.7 |

---

*The accompanying notes form an integral part of these financial statements.*

<sup>1</sup>*The purchase of Osisko comprises US$1,483.2 million cash consideration paid, partially offset by US$30.7 million Osisko take-on cash and cash equivalents.*

<sup>2</sup>*The purchase of Gold Road comprises US$2,169.1 million (A$3,348.8 million) fixed and variable cash considerations paid on 10 October 2025, US$315.3 million (A$477.5 million)* 

*special dividend paid on 3 October 2025, partially offset by US$360.2 million (A$550.3 million) Gold Road take-on cash and cash equivalents at 26 September 2025.* 

<sup>3</sup>*Proceeds on disposal of investments in 2025 comprise mainly US$707.4 million (A$1,086.1 million) for Northern Star and US$106.4 million for Galiano Gold Inc.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-74** | Gold Fields |

---

Notes to the consolidated financial statements

**for the year ended 31 December 2025**

**1. Revenue** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Revenue from contracts with customers<sup>1</sup> | **8751.3** | 5201.6 | 4500.7 |
| – Gold<sup>2</sup> | **8406.5** | 5008.9 | 4293.1 |
| – Copper<sup>3</sup> | **228.1** | 192.7 | 207.6 |
| – Silver<sup>4</sup> | **116.7** |  |  |

---

<sup>1</sup>*The Group generates revenue primarily from the sale of gold and silver bullion and copper concentrate to refineries and banks. The disaggregation of revenue from* 

*contracts with customers by primary geographical market and product is described in the segment note (note 45).*

<sup>2</sup>*All regions.*

<sup>3</sup> *Only Peru region (Cerro Corona).*

<sup>4</sup> *Mainly Salares Norte.*

**2. Cost of sales** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Salaries and wages | **(503.6)** | (405.4) | (399.7) |
| Consumable stores | **(445.9)** | (392.2) | (400.8) |
| Utilities | **(186.7)** | (168.4) | (150.0) |
| Mine and other contractors | **(996.7)** | (851.5) | (715.9) |
| Other | **(566.2)** | (384.8) | (376.0) |
| **Cost of sales before gold inventory change and amortisation and** <br>**depreciation**<br>| **(2699.1)** | (2202.3) | (2042.4) |
| Gold inventory change<sup>1</sup> | **(61.3)** | (14.0) | 90.7 |
| **Cost of sales before amortisation and depreciation** | **(2760.4)** | (2216.3) | (1951.7) |
| Amortisation and depreciation | **(920.4)** | (627.4) | (795.3) |
| **Total cost of sales** | **(3680.8)** | (2843.7) | (2747.0) |

---

<sup>1</sup>*Included in the gold inventory change is a net realisable value adjustment to stockpiles of US$nil (2024: US$3.0 million at Cerro Corona and 2023: US$33.8 million at* 

*Damang).*

**3. Investment income** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Dividends received | **—** | 0.1 | 0.3 |
| Unwinding of discount rate/net change in fair value of Asanko deferred <br>and contingent considerations<br>| **7.2** | 6.8 |  |
| Interest received – environmental trust funds | **4.9** | 4.4 | 1.2 |
| Interest received – cash balances | **41.2** | 17.4 | 23.4 |
| **Total investment income** | **53.3** | 28.7 | 24.9 |

---

**4. Finance expense** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Interest expense – environmental rehabilitation | **(29.1)** | (24.8) | (21.8) |
| Unwinding of discount rate on silicosis settlement costs | **(0.6)** | (0.6) | (0.9) |
| Interest expense – lease liability | **(25.9)** | (24.8) | (22.7) |
| Interest expense – borrowings | **(134.2)** | (105.8) | (82.4) |
| Borrowing costs capitalised<sup>1</sup> | **69.1** | 105.6 | 64.9 |
| **Total finance expense** | **(120.7)** | (50.4) | (62.9) |

---

<sup>1</sup>*Borrowing costs of US$69.1 million (2024: US$105.6 million and 2023: US$64.9 million) arising on Group general borrowing were capitalised during the year until* 

*31 August 2025 and related to the Salares Norte project, which reached commercial levels of production at that date.*

<sup>2</sup>*Interest paid per the statement of cash flows amounts to US$159.9 million (2024: US$130.4 million and 2023: US$104.8 million) and comprises interest expense - lease* 

*liability of US$25.9 million (2024: US$24.8 million and 2023: US$22.7 million), interest expense - borrowings of US$134.2 million (2024: US$105.8 million and 2023:* 

*US$82.4 million), partially offset by non-cash interest of US$0.2 million (2024: US$0.2 million and 2023: US$0.3 million).*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-75** | Gold Fields |

---

**5. Gain on financial instruments, net** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Royalties - fair value gain<sup>1</sup> | **77.5** |  |  |
| Northern Star shares - fair value gain<sup>2</sup> | **53.6** |  |  |
| Northern Star shares - fair value loss on forward sales<sup>2</sup> | **(73.0)** |  |  |
| **Total gain on financial instruments, net** | **58.1** |  |  |

---

<sup>1</sup>*During 2025, a fair value gain of US$77.5 million was recognised in profit or loss relating to royalties. Refer note 16 (b) for further details.*

<sup>2</sup>*On 26 September 2025, Gold Fields entered into a forward share transaction ("forward sale") pursuant to which it agreed to sell the Northern Star shares acquired as* 

*part of the acquisition of Gold Road (refer note 18.3 for further details). The investment in Northern Star was presented as an asset held for sale until 14 October 2025,* 

*the settlement date of the forward sale. A fair value gain of US$53.6 million (A$83.2 million) was recognised in profit or loss.*

 *On 14 October 2025, Gold Fields sold the 49,258,234 Northern Star shares by way of a forward sale at a price of A$22.05 per Northern Star share for a total* 

 *consideration of US$707.4 million (A$1,086.1 million). A fair value loss of US$73.0 million (A$113.3 million) was recognised in profit or loss.*

**6. Share-based payments** 

The Group grants equity-settled instruments comprising share awards and restricted shares to Executive Directors, as well as senior

and middle management. During the year ended 31 December 2025, the Gold Fields Limited 2025 share incentive plan and the

Gold Fields Limited 2012 share plan were in place. Allocations under these plans were made during 2023, 2024 and 2025.

Gold Fields Limited 2025 share plan

At the Annual General Meeting on 28 May 2025, shareholders approved the adoption of the Gold Fields Limited 2025 share

incentive plan to replace the Gold Fields Limited 2012 share plan and the long-term incentive scheme ("LTIP"). The plan provides

for performance shares ("PS"), retention shares ("RS"), restricted shares ("RSS") and deferred shares ("MS"). This plan is in place to

attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with

those of the Company's shareholders. Currently, the last vesting date will be in February 2028.

The expense is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Share-based payments | **(25.4)** | (4.4) | (9.1) |
| **Total included in profit or loss for the year** | **(25.4)** | (4.4) | (9.1) |

---

The following table summarises the movement of share awards under the Gold Fields Limited share plans during the years ended

31 December 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
|  | **Performance** <br>**(PS) and** <br>**Restricted (RS)** <br>**Shares** <br>| Performance <br>Shares (PS)<br>| Performance <br>Shares (PS)<br>|
| **Outstanding at beginning of the year** | **1529304** | 2347489 | 2986790 |
| Movement during the year: |  |  |  |
| Granted | **3205497** | 886257 | 790833 |
| Exercised and released | **-519832** | -1005541 | -1322084 |
| Forfeited | **-408805** | -698901 | -108050 |
| **Outstanding at end of the year** | **3806164** | 1529304 | 2347489 |

---

At 31 December 2025, none of the outstanding awards above had vested.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-76** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**6. Share-based payments** continued

The fair value of equity instruments granted during the year ended 31 December 2025, 2024 and 2023 were valued using the

Monte Carlo simulation model:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| **Monte Carlo simulation** |  |  |  |
| **Performance shares** |  |  |  |
| The inputs to the model for awards granted during the year were as <br>follows:<br>|  |  |  |
| – weighted average historical volatility (based on a statistical analysis of <br>the share price on a weighted moving average basis for the expected <br>term of the option)<br>| **50.3%** | 53.2% | 51.7% |
| – expected term (years) | **3 years** | 3 years | 3 years |
| – dividend yield<sup>1</sup> | **n/a** | n/a | n/a |
| – average three-year risk free interest rate (based on US interest rates) | **4.1%** | 3.2% | 1.8% |
| – weighted average fair value (United States dollars) | **15.2** | 14.1 | 9.8 |

---

<sup>1</sup>*There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method.*

The weighted average share price for the year ended 31 December 2025 on the Johannesburg Stock Exchange was

R504.59 (US$28.22) (2024: R278.95 (US$15.22) and 2023: R246.56 (US$13.33)).

The compensation costs related to awards not yet recognised under the above plans at 31 December 2025, 2024 and 2023

amount to US$63.0 million, US$7.0 million and US$11.1 million, respectively, and are to be recognised over 3 years.

Under the Gold Fields Limited 2012 share plan, the Directors were authorised to issue and allot all or any of such shares required

for the plans, but in aggregate all plans may not exceed 41,076,635 of the total issued ordinary stated capital of the Company.

The number of shares available for utilisation for purposes of the share plan amounted to 6,265,652 (2024: 6,265,652).

Although the Directors retain the authority to issue and allot shares under the 2012 Share Plan, the Company has settled and

intends to continue settling, vested awards by purchasing ordinary shares on the open market, thereby eliminating dilution to

existing shareholders. No new shares have been issued under the plans since the 2024 vesting.

The Gold Fields Limited 2025 share plan does not provide for the issue of new shares. Awards under this plan are settled through

the procurement of ordinary shares in the open market, which are held as treasury shares prior to transfer to participants.

An individual participant may also not be awarded an aggregate of shares from all or any such plans exceeding 4,107,663 of the

Company's total issued ordinary stated capital. The unexercised options and shares under all plans represented 0.4% of the total

issued stated capital at 31 December 2025.

**7. Exploration expense** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Australia | **(67.5)** | (44.1) | (33.4) |
| Ghana | **—** | (3.0) | (9.0) |
| Peru | **(10.5)** | (7.0) | (3.9) |
| Chile | **(20.1)** | (16.1) | (29.3) |
| Canada<sup>1</sup> | **(187.1)** | (27.9) |  |
| Other | **(12.6)** | (0.3) | (0.6) |
| **Total exploration expense** | **(297.8)** | (98.4) | (76.2) |

---

<sup>1</sup>*Relates to the Windfall Project.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-77** | Gold Fields |

---

**8. Reversal of impairment of assets, net of impairment** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| **Property, plant and equipment** | **281.3** | (3.5) | (156.4) |
| Cerro Corona cash-generating unit<sup>1</sup> | **—** |  | (156.2) |
| South Deep cash-generating unit - reversal of impairment<sup>2</sup> | **285.1** |  |  |
| Impairment of property, plant and equipment – other<sup>3</sup> | **(3.8)** | (3.5) | (0.2) |
| **Reversal of impairment of assets, net of impairment** | **281.3** | (3.5) | (156.4) |

---

<sup>1</sup>*For the year ended 31 December 2023, the Group recognised an impairment of US$156.2 million in respect of the Cerro Corona cash-generating unit ("CGU").* 

*The recoverable amount was based on its fair value less cost of disposal ("FVLCOD") calculated using a combination of the market (resource value) and the income* 

*approach (level 3 of the fair value hierarchy). The impairment in 2023 was mainly due to the increased costs and capital expenditure as a result of a change in the* 

*life-of-mine plan to accommodate the unloading of the east wall and continued cost pressures, as well as the derecognition of the resource as a result of the* 

*life-of-mine sterilising the resource through the deposition of in-pit tailings from 2026 onwards. Refer accounting policies pages 53 to 54 for the assumptions used.*

<sup>2</sup>*For the year ended 31 December 2018, the Group recognised an impairment of US$409.8 million (R5,507.0 million) in respect of property, plant and equipment relating to* 

*the South Deep CGU. At 31 December 2025, the Group reversed an impairment of US$285.1 million (R4,721.9 million) in respect of property, plant and equipment relating* 

*to the South Deep CGU as a result of significantly higher gold prices and the stabilisation of the ramp-up at the South Deep mine during 2025. The impairment reversal* 

*was limited to what the carrying amounts of the CGU would have been at 31 December 2025 had the assets not been impaired. The recoverable amount was based on* 

*its FVLCOD calculated using a combination of the market (resource value) and the income approach (level 3 of the fair value hierarchy). The recoverable amount is* 

*significantly higher than the carrying value and a reasonable possible change in the assumptions would not change the conclusion to reverse the impairment or the* 

*quantum of the reversal. The recoverable amount at 31 December 2025 was US$4,163.2 million (R68,941.8 million). Refer accounting policies pages 53 to 54 for the* 

*assumptions used based on the 2025 life-of-mine plan.*

<sup>3</sup>*The US$3.8 million in 2025 comprises US$3.8 million (2024: US$nil and 2023: US$nil) impairment of redundant assets at Salares Norte, US$nil (2024: US$3.5 million and 2023:* 

*US$0.1 million) impairment of redundant assets at Cerro Corona and US$nil (2024: US$nil and 2023: US$0.1 million) impairment of redundant assets at Agnew.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-78** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**9. Included in profit before royalties and taxation are the following:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Social contributions<sup>1</sup> | **(25.9)** | (21.0) | (19.4) |
| Rehabilitation (expense)/income<sup>1</sup> | **(43.6)** | 1.2 | (4.0) |
| Offshore structure costs<sup>1</sup> | **(17.3)** | (18.0) | (18.6) |
| Restructuring costs<sup>2</sup> | **(10.3)** | (6.6) | (7.8) |
| Audit fee | **(4.6)** | (4.2) | (3.5) |
| Non-audit services fee | **(0.6)** | (0.4) | (0.4) |
| Gruyere rainfall event<sup>1</sup> | **6.0** | (12.0) |  |

---

<sup>1</sup>*Included under "Other costs, net" in the consolidated income statement.*

<sup>2</sup>*The restructuring costs in 2025 comprise mainly separation packages at Tarkwa amounting to US$8.7 million (2024: US$3.6 million and 2023: US$1.6 million), Damang of* 

*US$1.6 million (2024: US$0.4 million and US$5.5 million) and Australia of US$nil million (2024: US$1.8 million and 2023: US$0.7 million).*

**10. Royalties** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| South Africa | **(25.3)** | (3.2) | (3.1) |
| Peru | **(15.9)** | (7.1) | (7.0) |
| Ghana | **(98.8)** | (77.9) | (54.6) |
| Australia | **(91.9)** | (59.5) | (51.7) |
| **Total royalties** | **(231.9)** | (147.7) | (116.4) |
| **Royalty rates** |  |  |  |
| South Africa (effective rate)<sup>1</sup> | **2.4%** | 0.5% | 0.5% |
| Australia<sup>2</sup> | **2.5%** | 2.5% | 2.5% |
| Ghana<sup>3</sup> | **5.0%** | 4.0% – 5.0% | 4.1% |
| Peru<sup>4</sup> | **4.8%** | 4.0% | 4.1% |

---

<sup>1</sup>*The Mineral and Petroleum Resource Royalty Act 2008 ("Royalty Act") was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act* 

*imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the* 

*Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the state. The* 

*royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes ("EBIT") by* 

*the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no* 

*deduction for interest expense and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on* 

*refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2025 was 2.4% of mining revenue (2024: 0.5% and 2023: 0.5%) equalling the* 

*minimum charge per the formula.*

<sup>2</sup>*The Australian operations are subject to a 2.5% (2024: 2.5% and 2023: 2.5%) gold royalty on revenue as the mineral rights are owned by the state.*

<sup>3</sup>*Minerals are owned by the Republic of Ghana and held in trust by the President. Gold Fields signed a Development Agreement ("DA") with the government of Ghana for* 

*both the Tarkwa and Damang mines. This agreement states that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold* 

*price. The sliding scale is as follows:*

---

| | | |
|:---|:---|:---|
| **Average gold price** | **Average gold price** |  |
| **Low value** | **High value** | **Royalty rate** |
| US$0.00 | US$1,299.99 | **3.0%** |
| US$1,300.00 | US$1,449.99 | **3.5%** |
| US$1,450.00 | US$2,299.99 | **4.0%** |
| US$2,300.00 | Unlimited | **5.0%** |

---

<sup>4</sup>*The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-79** | Gold Fields |

---

**11. Mining and income taxation** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| The components of mining and income tax are the following: |  |  |  |
| **South African taxation** |  |  |  |
| – company and capital gains taxation | **(4.8)** | (4.1) | (6.0) |
| – withholding tax | **(23.6)** | (13.1) | (5.9) |
| – prior year adjustment – current taxation | **0.3** | 0.2 | 4.8 |
| – non-mining taxation | **(0.6)** |  |  |
| – deferred taxation | **(241.3)** | (63.0) | (84.6) |
| – prior year adjustment – deferred taxation | **—** | 3.7 |  |
| **Foreign taxation** |  |  |  |
| – current taxation | **(942.1)** | (514.6) | (443.0) |
| – withholding tax | **(8.3)** | (6.3) | (5.4) |
| – prior year adjustment – current taxation<sup>1</sup> | **(1.1)** | (12.3) | (2.8) |
| – deferred taxation | **(427.7)** | (87.6) | 77.8 |
| **Total mining and income taxation** | **(1649.2)** | (697.1) | (465.1) |
| Major items causing the Group's income taxation to differ from the maximum <br>South African statutory mining tax rate of 33.0% (2024: 33.0% and 2023: 33.0%) were:<br>|  |  |  |
| Taxation on profit before taxation at maximum South African statutory mining tax rate | **(1747.2)** | (655.9) | (399.4) |
| Rate adjustment to reflect the actual realised company tax rates in South Africa <br>and offshore<sup>2</sup><br>| **130.6** | 56.5 | 41.4 |
| Non-deductible share-based payments | **(8.4)** | (1.5) | (3.0) |
| Non-deductible exploration expense | **(4.2)** | (0.1) | (0.2) |
| Non-deductible interest paid | **(21.1)** | (25.5) | (21.8) |
| Share of results of equity accounted investees, net of taxation | **(0.8)** | (17.7) | (10.8) |
| Non-taxable profit on disposal of asset held for sale - Asanko Gold | **—** | 1.8 |  |
| Non-taxable profit on disposal of assets held for sale - Rusoro | **—** | 20.6 |  |
| Non-taxable capital gains portion of Yamana break fee and transaction costs | **—** |  | 5.8 |
| Non-taxable gain on remeasurement of 50% previously held interest in Gruyere | **266.7** |  |  |
| Non-taxable fair value gain on Northern Star shares  | **17.7** |  |  |
| Non-deductible fair value loss on forward sales of Northern Star shares | **(24.1)** |  |  |
| Non-deductible transaction costs on acquisition of Gold Road | **(12.2)** |  |  |
| Withholding tax | **(38.3)** | (22.9) | (13.1) |
| Net non-deductible expenditure and non-taxable income | **(41.9)** | (28.6) | (17.6) |
| Deferred taxation movement on Peruvian Nuevo Sol devaluation against US dollar<sup>3</sup> | **7.6** | 0.6 | 2.5 |
| Various Peruvian non-deductible expenses | **(19.8)** | (11.0) | (6.1) |
| Deferred tax assets (not recognised)/utilised at Cerro Corona, net | **(12.8)** | 15.3 | (5.1) |
| Deferred tax assets (not recognised)/utilised at Damang and Tarkwa | **(27.2)** | 3.9 | (30.3) |
| Deferred tax utilised on disposal of Northern Star shares | **(25.9)** |  |  |
| Deferred tax assets not recognised at Windfall<sup>4</sup> | **(87.7)** | (17.2) |  |
| Prior year adjustments | **(0.9)** | (8.0) | (3.3) |
| Deferred tax charge on change of tax rate at South Deep | **—** | 0.9 |  |
| Other | **0.7** | (8.4) | (4.1) |
| **Total mining and income taxation** | **(1649.2)** | (697.1) | (465.1) |

---

<sup>1</sup>*The US$12.3 million in 2024 relates mainly to additional transfer pricing charges at Tarkwa.* 

<sup>2</sup>*Due to different tax rates in various jurisdictions, primarily South Africa, Ghana, Australia, Chile and Peru.*

<sup>3</sup>*The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol.*

<sup>4</sup>*Deferred tax assets at Windfall of US$87.7 million (2024: US$17.2 million) were not recognised during the year ended 31 December 2025 to the extent that there is* 

*insufficient future taxable income available. The Windfall Project is still in the feasibility phase and a final investment decision is expected to the made in 2026.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-80** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**11. Mining and income taxation** continued

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **2025** | 2024 | 2023 |
| **South Africa – current tax rates** |  |  |  |
| Mining tax<sup>1</sup> | **Y = 33 – 165/X** | Y = 33 – 165/X | Y = 33 – 165/X |
| Non-mining tax<sup>2</sup> | **27.0%** | 27.0% | 27.0% |
| Company tax rate | **27.0%** | 27.0% | 27.0% |
| **International operations – current tax rates** |  |  |  |
| Australia | **30.0%** | 30.0% | 30.0% |
| Ghana | **32.5%** | 32.5% | 32.5% |
| Peru | **29.5%** | 29.5% | 29.5% |
| Chile | **27.0%** | 27.0% | 27.0% |

---

<sup>1</sup>*South African mining tax on mining income is determined according to a formula which takes into account the profit and revenue from mining operations. South African* 

*mining taxable income is determined after the deduction of all mining capital expenditure, with the proviso that this cannot result in an assessed loss. Capital* 

*expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is* 

*ignored for the purpose of calculating South African mining taxation. The effective mining tax rate used for deferred tax purposes for Gold Fields Operations Limited* 

*("GFO") and GFI Joint Venture Holdings (Proprietary) Limited ("GFIJVH"), owners of the South Deep mine, has been calculated at 29% (2024: 29% and 2023: 28%). In the* 

*formula above, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue* 

*expressed as a percentage.*

<sup>2</sup>*Non-mining income of South African mining operations consists primarily of interest income.* 

Deferred tax is provided at the expected future rate for mining operations arising from temporary differences between the

carrying values and tax values of assets and liabilities. In South Africa the tax rate which has been used for deferred tax purposes

for mining assets is Y = 33 – 165/X and for non-mining assets is 27%.

At 31 December 2025, the Group had the following estimated amounts available for set-off against future income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Gross** <br>**unredeemed** <br>**capital** <br>**expenditure**<br>| **Gross tax** <br>**losses**<br>| **Gross tax** <br>**losses not** <br>**recognised**<br>| Gross <br>unredeemed <br>capital <br>expenditure<br>| Gross tax <br>losses<br>| Gross tax <br>losses not <br>recognised<br>|
|  | **R'million** | **R'million** | **R'million** | R'million | R'million | R'million |
| **South Africa**<sup>1</sup> |  |  |  |  |  |  |
| Gold Fields Operations Limited | **1865.0** | **552.9** | **—** | 6230.7 | 626.8 |  |
| GFI Joint Venture Holdings (Pty) Ltd | **4251.1** | **500.7** | **—** | 8980.1 | 578.1 |  |
| Gold Fields Group Services (Pty) Ltd | **—** | **134.3** | **—** |  |  |  |
| Gold Fields Holdings Company Ltd | **—** | **—** | **—** |  | 54.0 | 54.0 |
|  | **6116.1** | **1187.9** | **—** | 15210.8 | 1258.9 | 54.0 |
|  | **US$ million** | **US$ million** | **US$ million** | US$ million | US$ million | US$ million |
| **South Africa**<sup>1</sup> |  |  |  |  |  |  |
| Gold Fields Operations Limited | **112.6** | **33.4** | **—** | 330.7 | 33.3 |  |
| GFI Joint Venture Holdings (Pty) Ltd | **256.7** | **30.2** | **—** | 476.7 | 30.7 |  |
| Gold Fields Group Services (Pty) Ltd | **—** | **8.1** | **—** |  |  |  |
| Gold Fields Holdings Company Ltd | **—** | **—** | **—** |  | 2.9 | 2.9 |
|  | **369.3** | **71.7** | **—** | 807.4 | 66.8 | 2.9 |

---

<sup>1</sup>*These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate* 

*for a period of longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only* 

*be utilised by the tax entities in which the deductions have been generated. South African tax losses and unredeemed capital expenditure have no expiration date.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-81** | Gold Fields |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Gross** <br>**unredeemed** <br>**capital** <br>**expenditure**<br>| **Gross tax** <br>**losses**<br>| **Gross tax** <br>**losses not** <br>**recognised**<br>| Gross <br>unredeemed <br>capital <br>expenditure<br>| Gross tax <br>losses<br>| Gross tax <br>losses not <br>recognised<br>|
|  | **US$ million** | **US$ million** | **US$ million** | US$ million | US$ million | US$ million |
| **International operations** |  |  |  |  |  |  |
| Exploration entities<sup>1</sup> | **—** | **188.0** | **188.0** |  | 186.6 | 186.6 |
| Minera Gold Fields Salares Norte<sup>2</sup> | **344.4** | **—** | **—** | 507.3 | 366.7 |  |
| Windfall Mining Group Inc.<sup>3,4</sup> | **—** | **684.3** | **684.3** |  | 390.5 | 390.5 |
| Abosso Goldfields Limited<sup>5,6</sup> | **—** | **4.2** | **4.2** |  | 27.6 | 27.6 |
| Gold Fields Ghana Limited<sup>5,7</sup> | **—** | **6.8** | **6.8** |  | 26.7 | 26.7 |
| Gold Fields Australia (Pty) Ltd (tax <br>consolidated group)<sup>8</sup><br>| **—** | **119.4** | **119.4** |  |  |  |
|  | **344.4** | **1002.7** | **1002.7** | 507.3 | 998.1 | 631.4 |

---

<sup>1</sup>*The total tax losses of US$188.0 million (2024: US$186.6 million) comprise US$1.9 million (2024: US$1.1 million) tax losses that expire between* 

*one and two years, US$0.1 million (2024: US$0.9 million) tax losses that expire between two and five years, US$nil (2024: US$nil) tax losses* 

*that expire between five and 10 years, US$0.2 million (2024: US$158.0 million) tax losses that expire after 10 years and US$185.8 million* 

*(2024: US$26.6 million) tax losses that have no expiry date.*

<sup>2</sup>*These deductions are available to be utilised against income generated by the relevant tax entity against income tax (US$198.9 million) and the* 

*Chilean special mining tax (US$145.5 million), respectively, and do not expire. Salares Norte achieved commercial levels of production in August* 

*2025 and reached steady state operations in Q4 2025, resulting in the utilisation of the carried forward tax losses in 2025.*

<sup>3</sup>*The increase in tax losses arose from pre-existing losses acquired as part of the Osisko asset acquisition on 25 October 2024 and additional* 

*project spending post-closing. The Windfall Project is still in the feasibility phase and a final investment decision is expected to be made in 2026,* 

*therefore the deferred tax asset relating to the tax losses were not recognised at 31 December 2024 and 2025. The total tax losses of* 

*US$684.3 million (2024: US$390.5 million) comprise US$8.8 million (2024: US$nil) tax losses that expire between one and two years,* 

*US$17.3 million (2024: US$5.0 million) tax losses that expire between two and five years, US$26.3 million (2024: US$29.4 million) tax losses*

 *that expire between five and 10 years, US$479.6 million (2024: US$284.2 million) tax losses that expire after 10 years and US$152.3 million* 

*(2024 US$71.9 million) tax losses that have no expiry date.* 

<sup>4</sup>*Unredeemed capital expenditure at 31 December 2025 of US$245.1 million (2024: $212.2 million) relates to the assets acquired as part of the* 

*Osisko asset acquisition on 25 October 2024 and additional capital expenditure post-closing. The Windfall Project is still in the feasibility phase* 

*and a final investment decision is expected to be made in 2026, therefore the deferred tax asset relating to the unredeemed capital expenditure* 

*was not recognised at 31 December 2024 and 2025. These deductions are available to be utilised against income generated by the relevant* 

*tax entity and do not expire.*

<sup>5</sup>*Tax losses may be carried forward for five years. These losses expire on a first-in-first-out basis. Tax losses of US$nil (2024: US$32.6 million) expire* 

*between one and two years and tax losses of US$11.0 million (2024: US$21.7 million) expire between two and five years.*

<sup>6</sup>*At 31 December 2025, tax losses at Damang of US$4.2 million (2024: US$27.6 million) comprise deferred tax assets not recognised relating to* 

*financial instruments losses.*

<sup>7</sup>*At 31 December 2025, deferred tax assets at Tarkwa of US$6.8 million (2024: US$26.7 million) not recognised relating to losses on financial* 

*instruments.*

<sup>8</sup>*The capital loss arose on the disposal of the 49,258,234 Northern Star shares acquired as part of the acquisition of Gold Road. Refer notes 5* 

*and 18.3 for further details. The loss is available to be utilised against future capital gains generated in the Australian tax consolidated group.*

Organisation for Economic Co-operation and Development ("OECD") Pillar Two model rules

The Group is within the scope of the OECD Pillar Two model rules.

Six of the jurisdictions in which the Group operates, including South Africa, Australia, Canada, Isle of Man, Netherlands and

Gibraltar have enacted or substantively enacted Pillar Two legislation to implement the global minimum top-up tax at 31

December 2025. This legislation is effective from as early as 1 January 2024 for many of these jurisdictions.

The Group determined that the global minimum top-up tax, which it is required to pay under Pillar Two legislation, is an income

tax in the scope of IAS 12. The Group applies a temporary mandatory relief from deferred taxation accounting for the impacts of

the top-up tax and accounts for it as a current taxation when it is incurred, as provided in the amendments to IAS 12 issued in

May 2023.

Under the legislation, the Group may be liable to pay top-up tax for the difference between its Global Anti-Base Erosion ("GloBE")

effective tax rate per jurisdiction and the 15% minimum rate.

The Group has performed an impact assessment of its potential exposure in relation to the Pillar Two legislation. Based on the

outcome of the impact assessment, the Group does not anticipate being subject to material top-up tax exposure in any of the

jurisdictions in which it operates.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-82** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**12. Earnings per share** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.1 | Basic earnings per share – cents | **399** | 139 | 79 |
|  | Basic earnings per share is calculated by dividing the profit attributable to <br>owners of the parent of US$3,567.4 million (2024: US$1,245.0 million and <br>2023: US$703.3 million) by the weighted average number of ordinary <br>shares in issue during the year of 894,972,803 (2024: 894,881,526 and <br>2023: 893,318,864).<br>|  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.2 | Basic earnings per share from continuing operations – cents | **399** | 139 | 81 |
|  | Basic earnings per share from continuing operations is calculated by <br>dividing the profit attributable to owners of the parent from continuing <br>operations of US$3,567.4 million (2024: US$1,245.0 million and 2023: <br>US$722.2 million) by the weighted average number of ordinary shares in <br>issue during the year of 894,972,803 (2024: 894,881,526 and 2023: <br>893,318,864).<br>|  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.3 | Basic loss per share from discontinued operation – cents | **—** |  | (2) |
|  | Basic loss per share from discontinued operation is calculated by dividing <br>the loss attributable to owners of the parent from discontinued operation <br>of US$nil (2024: loss of US$nil and 2023: loss of US$18.9 million) by the <br>weighted average number of ordinary shares in issue during the year of <br>894,972,803 (2024: 894,881,526 and 2023: 893,318,864).<br>|  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.4 | Diluted earnings per share – cents | **394** | 138 | 77 |
|  | Diluted earnings per share is calculated by dividing the diluted profit <br>attributable to owners of the parent of US$3,538.0 million (2024: <br>US$1,234.4 million and 2023: US$692.2 million) by the diluted weighted <br>average number of ordinary shares in issue during the year of <br>897,339,333 (2024: 895,503,589 and 2023: 895,037,887).<br>|  |  |  |
|  | Net profit attributable to owners of the parent has been adjusted by the <br>following to arrive at the diluted profit attributable to owners of the <br>parent:<br>|  |  |  |
|  | Profit attributable to owners of the parent  | **3567.4** | 1245.0 | 703.3 |
|  | South Deep minority interest at 10% | **(29.4)** | (10.6) | (11.1) |
|  | **Diluted profit attributable to owners of the parent**  | **3538.0** | 1234.4 | 692.2 |
|  | The weighted average number of shares has been adjusted by <br>the following to arrive at the diluted number of ordinary shares:<br>|  |  |  |
|  | Weighted average number of ordinary shares | **894972803** | 894881526 | 893318864 |
|  | Potentially dilutive share options in issue | **2366530** | 622063 | 1719023 |
|  | **Diluted weighted average number of ordinary shares** | **897339333** | 895503589 | 895037887 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-83** | Gold Fields |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.5 | Diluted earnings per share from continuing operations – cents | **394** | 138 | 79 |
|  | Diluted earnings per share from continuing operations is calculated by <br>dividing the diluted profit attributable to owners of the parent from <br>continuing operations of US$3,538.0 million (2024: US$1,234.4 million and <br>2023: US$711.1 million) by the diluted weighted average number of ordinary <br>shares in issue during the year of 897,339,333 (2024: 895,503,589 and <br>2023: 895,037,887).<br>|  |  |  |
|  | Net profit attributable to owners of the parent from continuing operations <br>has been adjusted by the following to arrive at the diluted profit <br>attributable to owners of the parent from continuing operations:<br>|  |  |  |
|  | Profit attributable to owners of the parent from continuing operations | **3567.4** | 1245.0 | 722.2 |
|  | South Deep minority interest at 10% | **(29.4)** | (10.6) | (11.1) |
|  | **Diluted profit attributable to owners of the parent from continuing** <br>**operations**<br>| **3538.0** | 1234.4 | 711.1 |
|  | The weighted average number of shares has been adjusted by <br>the following to arrive at the diluted number of ordinary shares:<br>|  |  |  |
|  | Weighted average number of ordinary shares | **894972803** | 894881526 | 893318864 |
|  | Potentially dilutive share options in issue | **2366530** | 622063 | 1719023 |
|  | **Diluted weighted average number of ordinary shares** | **897339333** | 895503589 | 895037887 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 12.6 | Diluted loss per share from discontinued operation – cents | **—** |  | (2) |
|  | Diluted loss per share from discontinued operation is calculated by <br>dividing the loss attributable to owners of the parent from discontinued <br>operation of US$nil (2024: loss of US$nil and 2023: loss of US$18.9 <br>million) by the weighted average number of ordinary shares in issue <br>during the year of 897,339,333 (2024: 895,503,589 and 2023: <br>895,037,887).<br>|  |  |  |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-84** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**13. Dividends declared** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| 2024 final dividend of 700 SA cents per share (2023: 420 SA cents and <br>2022: 445 SA cents) declared on 20 February 2025.<br>| **346.1** | 198.5 | 214.7 |
| 2025 interim dividend of 700 SA cents was declared during 2025 (2024: <br>300 SA cents and 2023: 325 SA cents).<br>| **361.0** | 152.4 | 153.9 |
| A final dividend in respect of the financial year ended 31 December 2025 <br>of 1,850 SA cents per share was approved by the Board of Directors on 18 <br>February 2026. This dividend payable is not recognised in these financial <br>statements.<br>|  |  |  |
| A special dividend in respect of the financial year ended 31 December <br>2025 of 450 SA cents per share was approved by the Board of Directors <br>on 18 February 2026. This dividend payable is not recognised in these <br>financial statements. Refer note 40 for further details.<br>|  |  |  |
| Dividends are subject to Dividend Withholding Tax. |  |  |  |
| **Total dividends** | **707.1** | 350.9 | 368.6 |
| **Dividends per share – cents** | **79** | 39 | 41 |

---

**14.1Ghana expected credit loss** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Tarkwa expected credit loss – loan advanced to contractor<sup>1</sup> | **(46.0)** |  | (25.4) |
| Damang expected credit loss – receivable<sup>2</sup> | **—** |  | (7.8) |
| Tarkwa expected credit loss – receivable<sup>3</sup> | **(20.0)** |  |  |
| **Total expected credit loss** | **(66.0)** |  | (33.2) |

---

<sup>1</sup>*An expected credit loss of US$46.0 million (2024: US$nil and 2023: US$25.4 million) was raised against a loan advanced to a contractor at Ghana during 2025. The* 

*loan was provided to ensure the sustainability of the operation and delivery of the mine plan. Gold Fields has communicated to the contractor that this amount remains* 

*payable and has reserved all rights in this regard. Refer note 42 for further details.*

<sup>2</sup>*An expected credit loss of US$nil (2024: US$nil and 2023: US$7.8 million) was raised against a receivable at 31 December 2025. The receivable of US$7.8 million in* 

*2023 related to a payment advanced to a contractor at Damang.*

<sup>3</sup>*An expected credit loss of US$20.0 million (2024: US$nil and 2023: US$nil) was raised against a receivable advanced to a contractor at Tarkwa during 2025. The* 

*amount advanced was provided to ensure the sustainability of the operation and delivery of the mine plan.*

**14.2Loan advanced – contractor** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Loan advanced during the year | **46.0** |  |
| Expected credit loss<sup>1</sup> | **(46.0)** |  |
| **Total loan advanced to contractor** | **—** |  |

---

<sup>1</sup>*The total expected credit loss recognised in the income statement for 2025 amounted to US$46.0 million. Refer note 14.1.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-85** | Gold Fields |

---

**15. Discontinued operation** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollars** | **United States Dollars** | **United States Dollars** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| **Asanko Gold** |  |  |  |
| – Asanko Gold – earnings | **—** |  | 28.0 |
| – Asanko Gold – impairment<sup>1</sup> | **—** |  | (46.9) |
| **Loss from discontinued operation** | **—** |  | (18.9) |

---

<sup>1</sup>*As a result of the sale transaction discussed below, the investment in Asanko was classified as an asset held for sale at 31 December 2023 and was required to be* 

*measured at the lower of carrying value or fair value less costs to sell. Management determined the fair value less costs to sell based on the consideration to be* 

*received per the sale agreement. The assumptions used in the determination of the fair values of the deferred and contingent considerations were as follows:* 

*•The share consideration was calculated as 28.5 million Galiano shares at a share price of US$0.92 at 31 December 2023;*

*•US$25 million and US$30 million deferred consideration discounted using a rate of 7.9%; and*

*•US$30 million contingent consideration discounted using a rate of 15.1%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The fair value was allocated first to the Asanko redeemable preference shares based on the fair value of the preference shares using the expected redemption period.* 

*The residual amount after deducting the fair value of the preference shares from the total fair value of the consideration was allocated to the Asanko Gold equity-*

*accounted investee, which resulted in an impairment of US$46.9 million for the year ended 31 December 2023.*

On 21 December 2023, Gold Fields announced the divestment of its 45% shareholding in Asanko Gold (both the preference

shares and equity-accounted investee) to the joint venture partner Galiano Gold for a total consideration of US$170 million.

Gold Fields will also receive a 1% net smelter royalty on future production from the Nkran deposit, the main deposit at the mine.

The Asanko mine was owned 45% each by Gold Fields and Galiano Gold, with Galiano managing the mine. The Government of

Ghana holds the remaining 10%.

The transaction would be settled by Galiano to Gold Fields through a combination of upfront, deferred and contingent

consideration as follows:

• US$85 million which was settled with US$65 million in cash and US$20 million in Galiano shares on completion of the

transaction;

• US$25 million which was paid on 31 December 2025;

• US$30 million to be paid on 31 December 2026; and

• US$30 million plus a 1% net smelter royalty ("contingent consideration") to be paid once more than 100,000 ounces of gold is

produced from the Nkran deposit. The royalty is capped at a volume of 447,000 ounces of gold production from the deposit.

The share of results of equity investee of Asanko Gold for the year ended 31 December 2023 was presented as a discontinued

operation in the consolidated financial statements.

The transaction was subject to a number of conditions and was concluded on 4 March 2024 with the receipt of US$65.0 million in

cash and 28.5 million in Galiano shares, resulting in the recognition of a profit on disposal amounting to US$5.6 million in 2024.

The Asanko deferred and contingent considerations were recognised as follows:

---

| | | |
|:---|:---|:---|
|  | **United States** <br>**Dollars**<br>| **United States** <br>**Dollars**<br>|
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| – Present value/Fair value at beginning of the year (2024: 4 March 2024) | **67.9** | 61.1 |
| – Net change in fair value/unwinding of discount rate | **7.2** | 6.8 |
| – Settlement of US$25 million deferred consideration on 31 December 2025 | **(25.0)** |  |
| **Asanko deferred and contingent considerations**  | **50.1** | 67.9 |
| Current portion of Asanko deferred and contingent considerations | **(28.1)** | (23.3) |
| **Non-current portion of Asanko deferred and contingent considerations** | **22.0** | 44.6 |

---

The total consideration receivable of US$50.1 million (2024: US$67.9 million) comprise US$22.0 million (2024: US$18.4 million)

contingent consideration valued at fair value and US$28.1 million (2024: US$49.5 million) deferred consideration carried at

amortised cost. During 2025, a net change in fair value of US$3.6 million (2024: US$3.3 million) was recognised for the

contingent consideration and an unwinding of the discount rate of US$3.6 million (2024: US$3.5 million) was recognised for the

deferred consideration.

The key inputs used in the fair value of the contingent consideration at 31 December 2025 were the discount rate of 10.9% (2024:

13.0%) and the contractually agreed period. The key inputs used in the valuation of the deferred consideration at 31 December

2025 were the discount rate of 6.6% (2024: 7.1%) and the contractually agreed period.

On 12 December 2025, Gold Fields entered into agreements to sell a portfolio of royalty assets for a total cash consideration of

US$115.0 million and its right to the Asanko deferred and contingent considerations for US$30.0 million and US$22.0 million,

respectively. Refer note 40 for further details.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-86** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**16Assets held for sale** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollars** | **United States Dollars** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| (a) O3 Mining Inc. ("O3 Mining") | **—** | 21.1 |
| (b) Royalties | **77.5** |  |
| **Assets held for sale** | **77.5** | 21.1 |

---

(a) O3 Mining

On 12 December 2024, Agnico Eagle Mines Limited ("Agnico Eagle") and O3 Mining Inc. ("O3 Mining") announced that they

entered into a definitive support agreement, pursuant to which Agnico Eagle agreed to offer to acquire, directly or indirectly,

all of the outstanding common shares of O3 Mining at US$1.67 per common share.

At 31 December 2024, the investment in O3 Mining was presented as an asset held for sale as Gold Fields entered into the

lock-up agreement with Agnico Eagle before 31 December 2024.

On 24 January 2025, Agnico Eagle acquired 110,424,431 common shares of O3 Mining, which included the Gold Fields owned

shares, representing approximately 94.1% of the outstanding common shares. Gold Fields received US$21.3 million for the

disposal of its O3 Mining shares.

(b) Sale of royalty portfolio

On 12 December 2025, Gold Fields entered into agreements to sell a portfolio of royalty assets for a total cash consideration of

US$115.0 million and its right to the Asanko deferred and contingent considerations for US$30.0 million and US$22.0 million,

respectively.

Certain assets within the royalty portfolio, having a combined a value of US$77.5 million, were subject to a third-party right of first

refusal ("ROFR"). Completion of the overall transaction was conditional upon the purchaser acquiring these royalties.

At 31 December 2025, the US$77.5 million royalties were presented as assets held for sale as the sale was considered highly

probable in the sense that they will be purchased either by the purchaser or the third party. A fair value gain of US$77.5 million

was recognised in profit or loss.

At that date, the outcome of the ROFR was unknown and no evidence existed that the sale of the remaining royalty portfolio

amounting to US$37.5 million or the deferred and contingent considerations were highly probably and therefore they were not

recognised as held for sale. Refer note 40.

(c) Rusoro

On 9 January 2024, Gold Fields announced that it entered into a share purchase agreement (the "Agreement") with Fulcrum

Global Markets LLC, a Delaware limited liability company ("Fulcrum"), to sell its 140,000,001 common shares ("Common Shares")

in the capital of Rusoro for an aggregate initial cash purchase price of US$62.3 million and certain additional contingent

consideration upon the occurrence of specified events described below (the "Transaction").

Under the Agreement, Gold Fields will be entitled to receive from Fulcrum the following additional contingent consideration for

the Common Shares to be purchased by Fulcrum (the "Purchased Shares"):

• A top-up amount in cash calculated in accordance with the Agreement in the event that, within 18 months following closing of

the Transaction, Fulcrum or any of its affiliates acquires, directly or indirectly, in one or more transactions, additional Common

Shares which collectively result in their aggregate holdings exceeding 50% of the issued and outstanding Common Shares; and

• An amount in cash equal to 15% of the value of any gross proceeds paid at any time to Fulcrum or any of its affiliates by Rusoro

or third parties in respect of the Purchased Shares (including in connection with any disposition of the Purchased Shares, or as

a dividend, distribution, return of capital, share repurchase or similar amount), to the extent that the gross amount of such

cumulative proceeds exceeds US$210 million.

The investment in Rusoro was presented as an asset held for sale at 31 December 2023 as Fulcrum was in advanced discussions

with Gold Fields at 31 December 2023 to purchase the Rusoro shares from Gold Fields.

The US$62.3 million was received by Gold Fields on 22 January 2024, resulting in the recognition of a profit on disposal of

Rusoro amounting to US$62.3 million in 2024.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-87** | Gold Fields |

---

**17. Property, plant and equipment** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** |  | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** |
| Right-of-use <br>assets relating <br>to mine <br>development, <br>infrastructure <br>and other <br>assets<br>| Mine <br>development, <br>infrastructure <br>and other <br>assets<br>| Land, mineral <br>rights and <br>rehabilitation <br>assets<br>| Total |  | **Total** | **Right-of-use** <br>**assets relating** <br>**to mine** <br>**development,** <br>**infrastructure** <br>**and other** <br>**assets**<br>| **Mine** <br>**development,** <br>**infrastructure** <br>**and other** <br>**assets**<br>| **Land, mineral** <br>**rights and** <br>**rehabilitation** <br>**assets**<br>|
|  |  |  |  | **Cost** |  |  |  |  |
| 651.9 | 12638.0 | 480.0 | 13769.9 | Balance at beginning of <br>the year<br>| **16279.2** | **777.0** | **13729.3** | **1772.9** |
| (4.7) | 5.8 | (1.1) |  | Reclassifications | **—** | **—** | **3.4** | **(3.4)** |
|  | 1179.4 | 4.0 | 1183.4 | Additions | **1398.5** | **8.2** | **1384.1** | **6.2** |
| 109.0 | 268.7 | 1329.1 | 1706.8 | Osisko asset acquisition<sup>1</sup> | **—** | **—** | **—** | **—** |
|  |  |  |  | Derecognition of Gruyere <br>previously held interest - <br>50%<sup>2</sup><br>| **(927.6)** | **(112.7)** | **(795.5)** | **(19.4)** |
|  |  |  |  | Gold Road acquisition <br>through business <br>combination - 100%<sup>2</sup><br>| **3220.6** | **135.8** | **643.5** | **2441.3** |
|  | 13.7 |  | 13.7 | Other Salares Norte non-<br>cash costs capitalised<br>| **8.0** | **—** | **8.0** | **—** |
| 71.7 |  |  | 71.7 | Right-of-use assets <br>capitalised during the year <br>(refer note 37)<br>| **36.5** | **36.5** | **—** | **—** |
| 8.5 |  |  | 8.5 | Remeasurements of right-of-<br>use assets capitalised (refer <br>note 37)<sup>3</sup><br>| **16.7** | **16.7** | **—** | **—** |
|  | 105.6 |  | 105.6 | General borrowing costs <br>capitalised<sup>4</sup><br>| **69.1** | **—** | **69.1** | **—** |
|  | (6.9) |  | (6.9) | Disposals | **(9.5)** | **—** | **(9.5)** | **—** |
| (21.8) | (67.8) |  | (89.6) | Scrapping of assets | **(34.3)** | **(13.5)** | **(20.8)** | **—** |
|  |  | 20.6 | 20.6 | Changes in estimates of <br>rehabilitation assets (refer <br>note 29.1)<br>| **29.4** | **—** | **—** | **29.4** |
| (37.6) | (407.2) | (59.7) | (504.5) | Translation adjustment | **785.9** | **41.9** | **600.9** | **143.1** |
| 777.0 | 13729.3 | 1772.9 | 16279.2 | **Balance at end of the year** | **20872.5** | **889.9** | **15612.5** | **4370.1** |
|  |  |  |  | **Accumulated depreciation** <br>**and impairment**<br>|  |  |  |  |
| 279.8 | 8241.6 | 174.1 | 8695.5 | Balance at beginning of the <br>year<br>| **8980.8** | **336.3** | **8457.6** | **186.9** |
| (2.1) | 2.1 |  |  | Reclassifications | **—** | **—** | **—** | **—** |
| 88.7 | 519.3 | 19.4 | 627.4 | Charge for the year | **920.4** | **95.5** | **758.7** | **66.2** |
|  |  |  |  | Derecognition of Gruyere <br>previously held interest - <br>50%<sup>2</sup><br>| **(399.9)** | **(47.9)** | **(344.8)** | **(7.2)** |
| 3.3 | 5.2 |  | 8.5 | Salares Norte depreciation <br>capitalised<br>| **6.1** | **3.0** | **3.1** | **—** |
|  | 3.5 |  | 3.5 | (Reversal of impairment)/<br>impairment<br>| **(281.3)** | **—** | **(281.3)** | **—** |
|  | (4.8) |  | (4.8) | Disposals | **(8.4)** | **—** | **(8.4)** | **—** |
| (21.8) | (67.8) |  | (89.6) | Scrapping of assets | **(34.3)** | **(13.5)** | **(20.8)** | **—** |
| (11.6) | (241.5) | (6.6) | (259.7) | Translation adjustment | **352.3** | **12.5** | **337.8** | **2.0** |
| 336.3 | 8457.6 | 186.9 | 8980.8 | **Balance at end of the year** | **9535.7** | **385.9** | **8901.9** | **247.9** |
| 440.7 | 5271.7 | 1586.0 | 7298.4 | **Carrying value at end of** <br>**the year**<br>| **11336.8** | **504.0** | **6710.6** | **4122.2** |

---

<sup>1</sup>*Refer to note 18.2 for details of the Osisko asset acquisition.*

<sup>2</sup>*Refer to notes 18.3 and 19 for details of the Gold Road acquisition.*

<sup>3</sup>*The re-measurements in 2025 relate mainly to leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index* 

*("CPI"). (2024: Leases at the Group's Australian operations that have variable payments linked to the Australian CPI).*

<sup>4</sup>*General borrowing costs of US$69.1 million (2024: US$105.6 million) arising on Group general borrowings relating to the Salares Norte project and were capitalised* 

*during the year up to 31 August 2025, the date Salares Norte reached commercial levels of production. An average interest capitalisation rate of 4.3% (2024: 7.0%) was* 

*applied.*![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-88** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**18. Acquisitions**

**18.1Acquisition of Windfall Project** 

Background

On 2 May 2023, Gold Fields, through a 100% held Canadian subsidiary, acquired a 50% interest in the Windfall Project (the

"Partnership") in Québec, Canada, which is in the feasibility stage, from Osisko Mining Incorporated.

• Under the Partnership structure, each of Osisko Mining Incorporated ("Osisko") and Gold Fields, respectively, held an effective

50% partnership interest in the Windfall Project and the Exploration Properties; and

• The management company (responsible for the operation) would be governed by a Board of Directors comprising three

directors nominated by Gold Fields and three directors nominated by Osisko. Decisions over the relevant activities of the

Partnership required unanimous consent of both the parties.

On 12 August 2024, Gold Fields entered into an agreement with Osisko to acquire 100% of its issued share capital. This

represents a direct acquisition of Osisko as well as an indirect acquisition of the remaining 50% interest in the Windfall Project

(the "second Transaction"). The acquisition date was 25 October 2024, the date on which all conditions precedent were met and

the consideration was paid in full by Gold Fields. Refer note 18.2.

Recognition and measurement

Gold Fields and Osisko previously had joint control over the Windfall Project, the initial transaction was structured as a separate

vehicle and the Group had a residual interest in the net assets of the Windfall Project. Accordingly, the Group classified its interest

in the Windfall Project as a joint venture.

When an equity-accounted investment is acquired in stages and results in control of an entity that is not a business, the previously

held interest is recognised at its carrying amount as part of the total cost of acquisition. On 25 October 2024, the initial 50%

interest in the Windfall Project was derecognised as a joint venture and recognised at its carrying value as an asset acquisition

together with the additional 50% interest held by Osisko, in terms of the second Transaction. Refer note 18.2.

Consideration

The following summarises the consideration and the cost of the Windfall joint venture:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **United States** <br>**Dollar**<br>| **Canadian** <br>**Dollar**<br>| United States <br>Dollar<br>| Canadian <br>Dollar<br>|
| *Figures in millions unless otherwise stated* | *Figures in millions unless otherwise stated* | **25 Oct 2024** | **25 Oct 2024** | 31 Dec 2023 | 31 Dec 2023 |
| **Carrying value at 1 January** | **Carrying value at 1 January** | **538.6** | **713.6** |  |  |
| **Initial recognition** | **Initial recognition** |  |  |  |  |
| *Cash considerations* | *Cash considerations* |  |  |  |  |
|  | Purchase of equity-accounted investee | **—** | **—** | 247.1 | 333.8 |
| (a) | C$300.0 million cash payment | **—** | **—** | 221.5 | 300.0 |
| (b) | Pre-closing paid amounts |  |  |  |  |
|  | – C$16.9 million | **—** | **—** | 12.8 | 16.9 |
|  | – C$16.9 million | **—** | **—** | 12.8 | 16.9 |
| *Contingent and exploration considerations* | *Contingent and exploration considerations* |  |  |  |  |
| (c) | C$300.0 million contingent consideration | **—** | **—** | 190.8 | 258.4 |
| (d) | C$75.0 million exploration consideration | **—** | **—** | 39.1 | 52.9 |
| **Subsequent measurement** | **Subsequent measurement** |  |  |  |  |
| *Cash considerations* | *Cash considerations* |  |  |  |  |
| (e) | Capital contributions | **65.3** | **89.0** | 69.1 | 93.0 |
| *Contingent and exploration considerations* | *Contingent and exploration considerations* |  |  |  |  |
| (c) | C$300.0 million contingent consideration – net <br>change in fair value<sup>1</sup><br>| **8.0** | **10.9** | 7.3 | 9.9 |
| (d) | C$75.0 million exploration consideration – unwinding <br>of discount rate<sup>1</sup><br>| **4.8** | **6.6** | 2.9 | 3.9 |
| Share of loss | Share of loss | **(47.5)** | **(64.9)** | (28.4) | (38.3) |
| Derecognition of 50% exploration consideration<sup>2</sup> | Derecognition of 50% exploration consideration<sup>2</sup> | **(22.8)** | **(31.7)** |  |  |
| Derecognition of Windfall Project joint venture<sup>2</sup> | Derecognition of Windfall Project joint venture<sup>2</sup> | **(519.3)** | **(723.5)** |  |  |
| Translation adjustment | Translation adjustment | **(27.1)** | **—** | 10.7 |  |
| **Carrying value at the end of the year** | **Carrying value at the end of the year** | **—** | **—** | 538.6 | 713.6 |

---

<sup>1</sup>*The movements were recognised as part of the equity investment.*

<sup>2</sup>*Derecognised at 25 October 2024, the acquisition date of the transaction.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-89** | Gold Fields |

---

**18.1Acquisition of Windfall Project *continued***

Consideration *continued* 

**(a)C$300 million cash payment**

The US$221.5 million (C$300 million) cash payment represented the initial consideration paid on 2 May 2023 for the 50%

interest in the joint venture.

**(b)Pre-closing paid amounts**

Osisko acquired certain assets for the benefit of the Windfall Project during the term sheet negotiation stage. Gold Fields

agreed to refund Osisko 50% of the costs spent on these items in two equal payments of US$12.8 million (C$16.9 million) on

31 July 2023 and US$12.8 million (C$16.9 million) on 31 December 2023, respectively.

**(c)C$300 million contingent consideration**

The C$300.0 million contingent consideration was payable on issuance of an Environmental Impact Assessment ("EIA")

permit to the Partnership authorising the construction and operation of the Windfall Project. In terms of the second

Transaction, the C$300.0 million contingent consideration is no longer payable.

The fair value of the contingent consideration was determined using a Monte Carlo valuation model that considers various

scenarios and possibilities around the potential outcome of the EIA permit approval process and the timing of when the

contingent consideration will be paid.

---

| | | |
|:---|:---|:---|
|  | **25 Oct 2024** | 31 Dec 2023 |
| *Key assumptions of the contingent consideration:* |  |  |
| – Fair value factor calculated using the Monte-Carlo valuation model using the <br>following inputs:<br>| **0.931** | 0.894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Probability | **98%** | 98% |
| – Discount rate | **5.7%** | 7.0% |

---

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| **Canadian** <br>**Dollar**<br>|
| *Using the above inputs and valuation technique, the fair value of the contingent* <br>*consideration amounted to:*<br>|  |  |
| Fair value at 2 May 2023 | 190.8 | 258.4 |
| Net change in fair value | 7.3 | 9.9 |
| Translation | 4.4 |  |
| **Fair value at 31 December 2023** | **202.5** | **268.3** |
| Net change in fair value | **8.0** | **10.9** |
| Derecognition on 25 October 2024 | **(200.4)** | **(279.2)** |
| Translation | **(10.1)** | **—** |
| **Fair value at 25 October 2024** | **—** | **—** |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-90** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**18.1Acquisition of Windfall Project *continued***

Consideration *continued* 

**(d)C$75 million exploration consideration**

As part of the acquisition of the Windfall Project, Gold Fields acquired a 50% interest in certain developmental exploration

projects and targets for a C$75.0 million funding commitment by Gold Fields over 5 years commencing 2025. The

C$75.0 million funding commitment represented 100% of the initial exploration funding. The C$75.0 million would be

scheduled over the period of the exploration agreement and discounted using a market related discount rate. In terms of the

second Transaction, the C$75.0 million exploration consideration is no longer payable.

---

| | | |
|:---|:---|:---|
|  | **25 Oct 2024** | 31 Dec 2023 |
| *Key assumptions of the exploration consideration:* |  |  |
| – Term | **5.1 years** | 6.3 years |
| – Discount rate | **5.7%** | 7.0% |

---

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| **Canadian** <br>**Dollar**<br>|
| Using the above inputs, the value of the exploration consideration amounted to: |  |  |
| Present value at 2 May 2023 | 39.1 | 52.9 |
| Unwinding of discount rate | 2.9 | 3.9 |
| Translation | 0.9 |  |
| **Carrying value at 31 December 2023** | **42.9** | **56.8** |
| Unwinding of discount rate | **4.8** | **6.6** |
| Derecognition on 25 October 2024 | **(45.5)** | **(63.4)** |
| Translation | **(2.2)** | **—** |
| **Carrying value at 25 October 2024** | **—** | **—** |

---

**(e)Capital considerations**

The project required funding from the Partnerships in the feasibility and development stage of the project. During 2024 Gold

Fields paid cash calls amounting to US$65.3 million (C$89.0 million) (2023: US$69.1 million (C$93.0 million)) to the Windfall

Project which has been capitalised to the cost of the investment.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-91** | Gold Fields |

---

**18.2Acquisition of Osisko Mining Incorporated**

Background

On 2 May 2023, Gold Fields acquired a 50% interest in the Windfall Project from Osisko. Refer note 18.1 for further details.

On 12 August 2024, Gold Fields entered into an agreement with Osisko to acquire 100% of its issued share capital. This

represents a direct acquisition of Osisko as well as an indirect acquisition of the remaining 50% interest in the Windfall Project.

The acquisition date was 25 October 2024, the date on which all conditions precedent were met and the consideration was paid

in full by Gold Fields.

Recognition and measurement

The only significant asset acquired in Osisko is the additional 50% interest in the Windfall Project. As part of the acquisition,

Gold Fields did not acquire sufficient infrastructure or processes, including an organised workforce, which could develop the

acquired inputs into an operating mine. Accordingly, the transaction was accounted for as an asset acquisition. The previously

held 50% interest in the Windfall Project was recognised at its carrying value as part of the total cost of the asset acquisition.

Consideration

The following summarises the total purchase consideration of the transaction:

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| Canadian <br>Dollar<br>|
| (a) Cash consideration | **1483.2** | **2060.6** |
| (b) Carrying value of previously held Windfall Project joint venture | **519.3** | **723.5** |
| (c) Transaction costs | **8.5** | **11.9** |
| (d) C$300.0 million contingent consideration - fair value | **(200.4)** | **(279.2)** |
| (e) C$75.0 million exploration consideration - 50% apportionment | **(22.8)** | **(31.7)** |
| (f) C$110.3 million pre-existing payable | **(79.2)** | **(110.3)** |
| **Total purchase consideration** | **1708.6** | **2374.8** |

---

**(a)Cash consideration**

The US$1,483.2 million (C$2,060.6 million) cash represents the initial consideration paid on 25 October 2024 for

420.53 million shares at the purchase price of C$4.90 per Osisko share in an all-cash transaction.

**(b)Carrying value of previously held Windfall Project joint venture**

The US$519.3 million (C$723.5 million) represents the derecognition of the carrying value of the previously held Windfall

Project as a joint venture at 25 October 2024 and recognised as an asset acquisition along with the additional 50% interest

held by Osisko. Refer to note 18.1 for further details.

**(c)Transaction costs**

Transaction costs of US$8.5 million (C$11.9 million) relating to the asset acquisition were capitalised on 25 October 2024.

**(d)C$300.0 million contingent consideration - fair value**

The fair value of the C$300.0 million contingent consideration at 25 October 2024 was US$200.4 million (C$279.2 million). In

terms of the transaction the consideration is no longer payable and has been eliminated. Refer to note 18.1 (c) for the key

inputs used in valuation of the fair value at 25 October 2024.

**(e)C$75.0 million exploration consideration – 50% apportionment**

The C$75.0 million exploration consideration represented 100% of the initial exploration funding. Refer to note 18.1 (d) for

further details. 50% of the remaining exploration consideration payable by Gold Fields has been purchased back as a result of

the transaction and reduces the purchase consideration by US$22.8 million (C$31.7 million).

**(f)C$110.3 million pre-existing payable**

On acquisition, a pre-existing payable of C$110.3 million (US$79.2 million) between Osisko and Gold Fields was extinguished.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-92** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**18.2Acquisition of Osisko Mining Incorporated *continued***

Assets acquired and liabilities assumed

The purchase consideration at 25 October 2024 was allocated based on the relative fair values of the assets acquired and

liabilities assumed as follows:

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| Canadian <br>Dollar<br>|
| **ASSETS** |  |  |
| **Non-current assets** | **1743.5** | 2423.3 |
| Listed investment | **28.7** | 40.0 |
| Equity accounted investee | **8.0** | 11.2 |
| Property, plant and equipment<sup>1</sup> | **1706.8** | 2372.1 |
| **Current assets** | **44.0** | 61.4 |
| Cash and cash equivalents | **30.7** | 42.8 |
| Trade and other receivables | **9.7** | 13.5 |
| Inventories | **2.2** | 3.1 |
| Other | **1.4** | 2.0 |
| **Total assets** | **1787.5** | 2484.7 |
| **LIABILITIES** |  |  |
| **Non-current liabilities** | **49.7** | 69.2 |
| Lease liabilities | **43.0** | 59.9 |
| Environmental rehabilitation costs | **6.7** | 9.3 |
| **Current liabilities** | **29.2** | 40.7 |
| Trade and other payables | **21.4** | 29.8 |
| Current portion of lease liabilities | **7.8** | 10.9 |
| **Total liabilities** | **78.9** | 109.9 |
| **Net assets** | **1708.6** | 2374.8 |

---

<sup>1</sup>*The following key assumptions were used in the valuation of the mineral rights amounting to US$1,329.1 million (C$1,845.8 million) included in property, plant and* 

*equipment:*

*• Gold price: Long-term gold price of US$2,100 per ounce;*

*• Discount rate: Real weighted average cost of capital ("WACC") of 7.9%;*

*• Exchange rate: Long term C$/US$ exchange rate of 0.761; and*

*• Resource multiple: US$37 per resource ounce.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-93** | Gold Fields |

---

**18.3Acquisition of Gold Road**

Background

On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint

operation with Gold Road Resources Limited ("Gold Road") for the development and operation of the Gruyere Gold Project in

Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and Attila/Alaric.

On 5 May 2025, Gold Fields entered into an agreement to acquire 100% of the issued and outstanding share capital of Gold

Road. This represents a direct acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the

Gruyere Gold Project (the "second Transaction"). The acquisition date was 26 September 2025, the date on which all conditions

precedent were met and control of Gold Road was obtained.

Recognition and measurement

Gold Fields and Gold Road previously had joint control over the Gruyere Gold Project. Accordingly, the Group classified its

interest in the project as a joint operation.

When a joint operation is acquired through stages that results in control of an entity that is a business, the transaction is treated as

a business combination achieved in stages. On 26 September 2025, the previously held 50% interest in the Gruyere Gold Project

was remeasured to its fair value and the resulting gain was recognised in profit or loss. The fair value of the previously held 50%

interest was included as part of the total cost of the operation and recognised as a business combination together with the

additional 50% interest held by Gold Road, in terms of the second Transaction.

Consideration

The following summarises the consideration for the business combination at 26 September 2025:

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| Australian <br>Dollar<br>|
| (a) Fixed cash consideration | **1490.3** | 2276.5 |
| (b) Variable cash consideration | **702.0** | 1072.3 |
| (c) Fair value of previously held interest in joint operation | **1197.9** | 1829.8 |
| (d) Add: Special dividend | **312.6** | 477.5 |
| **Total purchase consideration** | **3702.8** | 5656.1 |

---

**(a)Fixed cash consideration**

The US$1,490.3 million (A$2,276.5 million) cash represents the fixed cash consideration of US$1,802.9 million

(A$2,754.0 million) paid for 1,092,838,545 Gold Road shares at a purchase price of A$2.52 per share, less the US$312.6

million (A$477.5 million) special dividend of A$0.43694 per Gold Road share. The special dividend was declared by the Gold

Road Board on 16 September 2025 and was payable to Gold Road shareholders. The final fixed consideration portion

amounted to A$2.08306 per Gold Road share.

**(b)Variable cash consideration**

The US$702.0 million (A$1,072.3 million) cash represents the variable cash consideration paid for 1,092,838,545 shares at the

purchase price of A$0.98117 per Gold Road share in an all-cash transaction. This reflects the shareholders proportionate value

of Gold Road's shareholdings in Northern Star Resources Ltd ("Northern Star"). The purchase price of A$0.98117 was

determined by the weighted average price of Northern Star shares during the five trading days up to and including 25

September 2025.

**(c)Previously held interest in joint operation** 

The US$1,197.9 million (A$1,829.8 million) represents the fair value of the previously held 50% interest in joint operation

derecognised at 26 September 2025 and recognised as a business combination together with the additional 50% interest

held by Gold Road. The fair value of the previously held 50% interest was based on its fair value less cost of disposal

"FVLCOD") calculated using a combination of the market (resource value) and the income approach. Refer the next page for

assumptions used in the valuation.

The table below summarises the gain on remeasurement at acquisition date:

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| Australian <br>Dollar<br>|
| Fair value of 50% previously held interest in joint operation | **1197.9** | 1829.8 |
| Less: Carrying value of 50% previously held interest in joint operation | **(389.7)** | (595.3) |
| Gain on remeasurement of 50% previously held interest in joint operation | **808.2** | 1234.5 |

---

**(d)Special dividend**

The US$312.6 million (A$477.5 million) cash represents a special dividend of A$0.43694 per Gold Road share payable to

Gold Road shareholders as part of the contractual requirements of the second Transaction. The special dividend was funded

by Gold Road's existing cash balances.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-94** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**18.3Acquisition of Gold Road *continued***

Transaction costs

Transaction costs of US$51.4 million (A$79.8 million) relating to the second Transaction were recognised in profit or loss for the

year ended 31 December 2025.

Assets acquired and liabilities assumed

The fair values of assets acquired and liabilities assumed at 26 September 2025 are as follows:

---

| | | |
|:---|:---|:---|
| *Figures in millions unless otherwise stated* | **United States** <br>**Dollar**<br>| Australian <br>Dollar<br>|
| **ASSETS** |  |  |
| **Non-current assets** | **3987.8** | 6091.5 |
| Investments | **742.1** | 1133.6 |
| Property, plant and equipment | **643.5** | 983.0 |
| Right-of-use assets | **135.8** | 207.4 |
| Inventories | **25.1** | 38.4 |
| Mining rights<sup>1</sup> | **2441.3** | 3729.1 |
| **Current assets** | **557.7** | 851.9 |
| Cash and cash equivalents | **386.5** | 590.4 |
| Trade and other receivables | **27.2** | 41.5 |
| Inventories | **144.0** | 220.0 |
| **Total assets** | **4545.5** | 6943.4 |
| **Non-current liabilities** | **534.1** | 815.9 |
| Lease liabilities | **113.0** | 172.6 |
| Environmental rehabilitation costs | **47.5** | 72.6 |
| Deferred taxation | **371.8** | 568.0 |
| Long-term incentive plan | **1.8** | 2.7 |
| **Current liabilities** | **308.6** | 471.4 |
| Borrowings | **197.1** | 301.1 |
| Trade and other payables | **73.8** | 112.7 |
| Current portion of environmental rehabilitation costs | **0.8** | 1.2 |
| Current portion of lease liabilities | **22.8** | 34.8 |
| Royalties and taxation payable | **14.1** | 21.6 |
| **Total liabilities** | **842.7** | 1287.3 |
| **Net assets** | **3702.8** | 5656.1 |

---

<sup>1</sup>*The following key assumptions were used in the valuation of mining rights and the previously held 50% interest:*

*•Gold price: Long-term gold price of US$2,646 (A$3,675) per ounce;* 

*•Discount rate: Real weighted average cost of capital ("WACC") of 6.8%;*

*•Exchange rate: Long-term A$/US$ exchange rate of 0.72; and*

*•Resource multiple: U$106.7 per resource ounce.*

Revenue and profit after taxation of the acquiree (Gold Road) from 26 September 2025 to 31 December 2025 amounted to

US$151.3 million and US$49.0 million, respectively.

Revenue and profit after taxation of the combined entity for the year ended 31 December 2025 amounted to US$9,111.0 million

and US$3,747.6 million, respectively. The combined entity includes the Gold Fields Group, Gold Road and Gold Road acquisition

PPA adjustments and the figures were presented as if the acquisition was completed at the beginning of the year.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-95** | Gold Fields |

---

**19. Equity accounted investees** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
|  | **Investment in joint ventures** | **—** |  |  |
| (a) | Far Southeast Gold Resources Incorporated ("FSE") | **—** |  |  |
| (b) | Windfall Project | **—** |  |  |
|  | **Investment in associates** | **2.8** | 12.6 |  |
| (c) | Other associates | **2.8** | 12.6 |  |
|  | **Total equity accounted investees** | **2.8** | 12.6 |  |
|  | Share of results of equity accounted investees, net of taxation <br>recognised in the consolidated income statement are made up <br>as follows:<br>|  |  |  |
| (a) | Far Southeast Gold Resources Incorporated ("FSE") | **—** | (1.5) | (1.3) |
|  | Asanko Gold – earnings<sup>1</sup> | **—** |  | 28.0 |
|  | Asanko Gold – impairment<sup>1</sup> | **—** |  | (46.9) |
| (b) | Windfall Project | **—** | (47.5) | (28.4) |
| (c) | Other associates | **(2.3)** | (4.6) | (2.9) |
|  | **Share of results of equity investees, net of taxation** | **(2.3)** | (53.6) | (51.5) |
|  | Asanko Gold – recognised as a discontinued operation<sup>1</sup> | **—** |  | 18.9 |
|  | **Total share of results of equity investees, net of taxation** | **(2.3)** | (53.6) | (32.6) |

---

<sup>1</sup>*Gold Fields and Asanko had joint control over the Asanko joint venture entities. The Asanko operation was structured as a separate vehicle and the Group had a* 

*residual interest in the net assets of Asanko. Accordingly, the Group had classified its interest in Asanko as a joint venture. On 21 December 2023, Gold Fields* 

*announced the divestment of its 45% shareholding in Asanko Gold and the investment was presented as held for sale at 31 December 2023. The share of results* 

*of equity investee of Asanko Gold for the year ended 31 December 2023 was presented as a discontinued operation. Refer note 15 for further details.* 

*Asanko had a 31 December year-end and was equity accounted since 31 July 2018 up to the date it was classified as held for sale.*

(a)FSE

Gold Fields interest in FSE, an unlisted entity incorporated in the Philippines, was nil% (2024: nil% and 2023: 40%) at

31 December 2025. Lepanto Consolidated Mining Company owned the remaining 60% shareholding in FSE during 2024

and 2023.

During 2024, Gold Fields disposed of FSE for US$1.0 million.

FSE had a 31 December year-end and had been equity accounted since 1 April 2012. FSE's equity accounting was based on

results to the date of disposal.

Investment in joint venture consists of:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Unlisted shares at cost | **—** | 230.0 |
| Equity contribution | **—** | 100.6 |
| Impairment – prior years | **—** | (230.0) |
| Share of accumulated losses brought forward | **—** | (99.1) |
| Share of loss after taxation<sup>1</sup> | **—** | (1.5) |
| **Total investment in joint venture**<sup>2</sup> | **—** |  |

---

<sup>1</sup>*Gold Fields' share of loss after taxation represented exploration and other costs, including work completed on a scoping study, which was fully funded by Gold* 

*Fields as part of their equity contribution.*

<sup>2</sup>*FSE had no revenues or significant assets or liabilities. Assets included in FSE represented the rights to explore and eventually mine the FSE project.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-96** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**19. Equity accounted investees *continued***

(b)Windfall Project

On 2 May 2023, Gold Fields, through a 100% held Canadian subsidiary, acquired a 50% interest in the Windfall Project in

Québec, Canada, which is in the feasibility stage, from Osisko Mining Incorporated (the "Partnership").

On 12 August 2024, Gold Fields entered into an agreement with Osisko to acquire 100% of its issued share capital.

This represents a direct acquisition of Osisko as well as an indirect acquisition of the remaining 50% interest in the Windfall

Project (the "second Transaction"). The acquisition date was 25 October 2024, the date on which all conditions precedent

were met and the consideration was paid in full by Gold Fields. Refer note 18.2.

Gold Fields and Osisko previously had joint control over the Windfall Project, the initial transaction was structured as a

separate vehicle and the Group had a residual interest in the net assets of the Windfall Project. Accordingly, the Group

classified its interest in the Windfall Project as a joint venture.

On 25 October 2024, the initial 50% interest in the Windfall Project was derecognised as a joint venture and recognised as

an asset acquisition together with the additional 50% interest held by Osisko, in terms of the second Transaction. Refer

note 18.2.

The Partnership had a 31 December year-end and was equity accounted since 2 May 2023. The Partnership's equity

accounting was based on results to 25 October 2024.

The following table summarises the financial information and the carrying amount of the Group's interest in the Partnership:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **Canadian Dollar** | **Canadian Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | **2025** | 2024 |
| **Opening balance 1 January** | **—** | 538.6 | **—** | 713.6 |
| **Cash considerations** |  |  |  |  |
| C$93.0 million cash calls | **—** | 65.3 | **—** | 89.0 |
| **Contingent and exploration considerations** |  |  |  |  |
| C$300.0 million contingent consideration |  |  |  |  |
| – Net change in fair value | **—** | 8.0 | **—** | 10.9 |
| C$75.0 million exploration consideration |  |  |  |  |
| – Unwinding of discount rate | **—** | 4.8 | **—** | 6.6 |
| **Share of loss**<sup>1</sup> | **—** | (47.5) | **—** | (64.9) |
| **Derecognition of Windfall Project joint venture**<sup>2</sup> | **—** | (519.3) | **—** | (723.5) |
| **Derecognition of 50% exploration consideration**<sup>2</sup> | **—** | (22.8) | **—** | (31.7) |
| **Translation adjustment** | **—** | (27.1) | **—** |  |
| **Carrying value at 31 December** | **—** |  | **—** |  |

---

<sup>1</sup>*The Windfall Project share of loss for 2024 related mainly to exploration expenses.*

<sup>2</sup>*Derecognised at 25 October 2024, the acquisition date of the transaction.*

(c)Other

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **Investment in associates - other** | **2.8** | 12.6 |
| Lunnon Metals Limited ("Lunnon")<sup>1</sup> | **2.8** | 4.8 |
| Vior Mining Exploration Company Inc. ("Vior")<sup>2</sup> | **—** | 7.8 |

---

<sup>1</sup>*During 2025, Gold Fields recognised a share of loss for the year of US$2.3 million (2024: US$4.7 million). Gold Fields' interest in Lunnon was 30.5% (2024: 30.5%)* 

*at 31 December 2025.*

<sup>2</sup>*Vior was acquired as part of the Osisko acquisition during 2024. On 27 February 2025, Gold Fields shareholding was diluted to below 20%. An assessment was* 

*performed and the Group concluded it no longer had significant influence and Vior was reclassified to listed investments.*

*Gold Fields recognised a share of profit of US$nil (2024: US$0.1 million) up to the date of classification to listed investments. Gold Fields' interest in Vior was* 

*19.96% (2024: 20.7%) at 31 December 2025.*![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-97** | Gold Fields |

---

**20. Interest in joint operation** 

On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint

operation with Gold Road Resources Limited ("Gold Road") for the development and operation of the Gruyere Gold Project in

Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and

Attila/Alaric.

On 5 May 2025, Gold Fields entered into an agreement to acquire 100% of the issued and outstanding share capital of Gold

Road. This represents a direct acquisition of Gold Road, as well as an indirect acquisition of the remaining 50% interest in the

Gruyere Gold Project (the "second Transaction"). The acquisition date was 26 September 2025, the date on which all conditions

precedent were met and control of Gold Road was obtained.

Gold Fields and Gold Road previously had joint control over the Gruyere Gold Project. Accordingly, the Group classified its

interest in the project as a joint operation.

When a joint operation is acquired through stages that results in control of an entity that is a business, the transaction is treated as

a business combination achieved in stages. On 26 September 2025, the previously held 50% interest in the Gruyere Gold Project

was remeasured to its fair value and the resulting gain was recognised in profit or loss. The fair value of the previously held 50%

interest was included as part of the total cost of the operation and recognised as a business combination together with the

additional 50% interest held by Gold Road, in terms of the second Transaction. Refer note 18.3 for further details.

Below is a summary of Gold Fields' share of the joint operation and included inter-company transactions and balances up to the

date of recognition as a business combination:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **26 September 2025** | **26 September 2025** | 31 December 2024 | 31 December 2024 |
| *Figures in millions unless otherwise stated* | **US$** | **A$** | US$ | A$ |
| **Statement of financial position** |  |  |  |  |
| **Non-current assets** | **527.7** | **806.2** | 473.5 | 764.0 |
| Property, plant and equipment | **527.7** | **806.2** | 473.5 | 764.0 |
| **Current assets** | **75.0** | **114.5** | 68.2 | 110.1 |
| Cash and cash equivalents | **26.3** | **40.2** | 20.6 | 33.3 |
| Inventories | **40.8** | **62.3** | 38.5 | 62.1 |
| Other receivables | **7.9** | **12.0** | 9.1 | 14.7 |
| **Total assets** | **602.7** | **920.7** | 541.7 | 874.1 |
| **Total equity** |  |  |  |  |
| Retained earnings | **381.2** | **582.3** | 244.8 | 395.1 |
| **Non-current liabilities** | **161.7** | **247.0** | 150.6 | 243.0 |
| Deferred taxation | **73.5** | **112.3** | 63.0 | 101.6 |
| Lease liabilities | **64.2** | **98.0** | 65.0 | 104.9 |
| Environmental rehabilitation costs | **22.7** | **34.7** | 20.9 | 33.7 |
| Long-term incentive plan | **1.3** | **2.0** | 1.7 | 2.8 |
| **Current liabilities** | **59.8** | **91.4** | 146.2 | 236.0 |
| Related entity loans payable | **8.5** | **13.0** | 105.7 | 170.5 |
| Trade and other payables | **42.5** | **64.9** | 32.3 | 52.1 |
| Current portion of lease liabilities | **8.8** | **13.5** | 8.3 | 13.4 |
| **Total equity and liabilities** | **602.7** | **920.7** | 541.7 | 874.1 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-98** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**21. Investments** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **Listed** |  |  |
| At fair value through OCI<sup>1</sup> | **142.4** | 114.5 |
| **Other**<sup>2</sup> | **47.2** | 46.5 |
| **Investments** | **189.6** | 161.0 |
| O3 Mining - recognised as an asset held for sale<sup>3</sup> | **—** | (21.1) |
| **Total investments** | **189.6** | 139.9 |

---

<sup>1</sup>*The listed investments comprise mainly investments in Founders Metals Inc. of US$39.1 million (2024: US$nil), Galiano Gold Inc. of US$nil (2024: US$62.8 million), Tesoro* 

*Gold Limited shares of US$20.1 million (2024: US$4.1 million), Mineral Resources Limited of US$23.8 million (2024: US$13.9 million), O3 Mining of US$nil (2024: US$21.1* 

*million), Yandal Resources Limited of US$9.1 million (2024: US$nil), Onyx Gold Corporation of US$9.3 million (2024: US$0.4 million) and Vior of US$7.3 million (2024:* 

*US$nil). Refer note 46 for further details of listed investments.* 

<sup>2</sup>*Other comprises listed bonds of US$40.0 million (2024: US$37.2 million) and other non-listed investments and warrants of US$7.2 million (2024: US$9.3 million).*

<sup>3</sup>*Refer note 16 for further details regarding the recognition of O3 Mining as an asset held for sale.*

**22. Environmental trust funds** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Balance at beginning of the year | **125.2** | 109.6 |
| Contributions | **10.1** | 13.2 |
| Interest earned | **4.9** | 4.4 |
| Translation adjustment | **0.7** | (2.0) |
| **Balance at end of the year**<sup>1</sup> | **140.9** | 125.2 |

---

<sup>1</sup>*The trust funds consist of term deposits amounting to US$28.3 million (2024: US$22.2 million) in South Africa, as well as secured cash deposits amounting to* 

*US$112.6 million (2024: US$103.0 million) in Ghana.*

*These funds are intended to fund environmental rehabilitation obligations of the Group's mines and are not available for general purposes of the Group. All income earned* 

*in these funds is re-invested or spent to meet these obligations. The obligations which these funds are intended to fund are included in environmental rehabilitation costs* 

*under non-current provisions (refer to note 29.1). Refer to note 38 for details on environmental obligation guarantees.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-99** | Gold Fields |

---

**23. Inventories** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Gold-in-process and stockpiles | **845.2** | 791.0 |
| Consumable stores | **310.8** | 258.1 |
| **Total inventories** | **1156.0** | 1049.1 |
| Heap leach and stockpiles inventories included in non-current assets<sup>1</sup> | **(373.4)** | (349.8) |
| **Total current inventories**<sup>2,3</sup> | **782.6** | 699.3 |

---

<sup>1</sup>*Relates to heap leach and stockpiles inventories which will not be processed within the next 12 months.*

<sup>2</sup>*The cost of consumable stores consumed during the year and included in cost of sales amounted to US$445.9 million (2024: US$392.2 million).* 

<sup>3</sup>*During 2025, a net realisable value adjustment to stockpiles of US$nil (2024: US$3.0 million at Cerro Corona) was processed.*

**24. Trade and other receivables** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Trade receivables – gold sales | **101.9** | 123.3 |
| Trade receivables – copper concentrate | **31.0** | 16.5 |
| Trade receivables – other | **11.2** | 12.9 |
| Payroll receivables | **10.8** | 5.8 |
| Prepayments | **81.6** | 50.8 |
| Value Added Tax and import duties | **123.2** | 106.9 |
| Diesel rebate | **3.3** | 1.8 |
| Other | **17.7** | 19.8 |
| **Trade and other receivables** | **380.7** | 337.8 |

---

**25. Cash and cash equivalents** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Cash at bank and on hand | **1779.2** | 860.2 |
| **Total cash and cash equivalents**<sup>1</sup> | **1779.2** | 860.2 |

---

<sup>1</sup>*Cash and cash equivalents include secured cash deposits of US$119.0 million (2024: US$80.1 million) in Australia and US$20.0 million (2024: US$20.0 million) in Peru,* 

*set aside for future rehabilitation costs. The contributions in Australia and Peru are pro-active and not legally required by local legislation.*![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-100** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**26. Stated capital** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Balance at beginning of the year | **3871.5** | 3871.5 |
| Acquisition of treasury shares<sup>1</sup> | **(36.3)** |  |
| Issue of treasury shares to employees<sup>1</sup> | **9.6** |  |
| **Balance at end of the year** | **3844.8** | 3871.5 |
|  | **Number of shares** <br>**in issue**<br>| Number of shares <br>in issue<br>|
| In issue at 1 January | **895024247** | 893540813 |
| Exercise of employee share options | **—** | 1483434 |
| Acquisition of treasury shares<sup>1</sup> | **(1089671)** |  |
| Issue of treasury shares to employees<sup>1</sup> | **483964** |  |
| **In issue, net of treasury shares at 31 December**<sup>2</sup> | **894418540** | 895024247 |
| **Authorised**<sup>2</sup> | **2000000000** | 2000000000 |

---

<sup>1</sup>*Treasury shares amounting to 1,089,671 were purchased by the Group at an average price paid of US$33.52 and a portion was issued to participants upon vesting of* 

*employee share options in 2025.*

<sup>2</sup>*Share capital comprises no par value shares.*

Authorised and issued

Holders of shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general

meetings of the Company.

In terms of the general authority granted by shareholders at the AGM on 28 May 2025, the authorised but unissued ordinary

stated capital of the Company representing not more than 5% of the issued stated capital of the Company from time to time at

that date, after setting aside so many ordinary shares as may be required to be allotted and issued pursuant to the share incentive

schemes. This authority expires at the next Annual General Meeting where shareholders will be asked to place under the control

of the Directors the authorised but unissued ordinary stated capital of the Company representing not more than 5% of the issued

stated capital of the Company from time to time.

In terms of the JSE Listings Requirements, shareholders may, subject to certain conditions, authorise the Directors to issue the

shares held under their control for cash, other than by means of a rights offer, to shareholders. In order that the Directors of the

Company may be placed in a position to take advantage of favourable circumstances which may arise for the issue of such shares

for cash, without restriction, for the benefit of the Company, shareholders will be asked to consider a special resolution to this

effect at the forthcoming AGM.

Repurchase of shares

During 2025, the Company exercised the general authority granted at the AGM held on 28 May 2025 to buy back shares from its

issued ordinary stated capital. Treasury shares totalling 1,089,671 were bought during 2025 and 483,964 were issued to

participants upon vesting of the employee share options.

In addition, the Company will implement a share buy-back programme during the 2026 financial year, subject to prevailing market

conditions and applicable regulatory requirements. Refer note 40 for further details.

Currently, the number of ordinary shares that may be bought back in any one financial year may not exceed 5% of the issued

ordinary share capital as of 28 May 2025. At the next AGM, shareholders will be asked to renew the general authority for the

acquisition by the Company, or a subsidiary of the Company, of its own shares.

Beneficial shareholding

The following beneficial shareholders hold 5% or more of the Company's listed ordinary shares at 31 December 2025:

---

| | | |
|:---|:---|:---|
|  | **Number of shares** | **% of issued** <br>**ordinary shares**<br>|
| Public Investment Corporation (Government Employees Pension Fund)<sup>1</sup> | **180381384** | **20.15%** |

---

<sup>1</sup>*The only transactions between Gold Fields and Public Investment Corporation related to dividends paid.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-101** | Gold Fields |

---

**27. Deferred taxation** 

The detailed components of the net deferred taxation liability which results from the differences between the carrying amounts of

assets and liabilities recognised for financial reporting and taxation purposes in different accounting periods are:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **Liabilities** |  |  |
| – Mining assets | **1568.1** | 814.6 |
| – Right-of-use assets | **108.3** | 110.5 |
| – Investment in environmental trust funds | **7.2** | 5.6 |
| – Inventories | **45.0** | 22.8 |
| – Other | **93.8** | 61.9 |
| **Liabilities** | **1822.4** | 1015.4 |
| **Assets** |  |  |
| – Provisions | **(145.1)** | (103.5) |
| – Tax losses<sup>1</sup> | **(20.6)** | (117.6) |
| – Unredeemed capital expenditure<sup>1</sup> | **(172.0)** | (321.4) |
| – Lease liabilities | **(121.2)** | (124.0) |
| **Assets** | **(458.9)** | (666.5) |
| **Net deferred taxation liabilities** | **1363.5** | 348.9 |
| Included in the statement of financial position as follows: |  |  |
| Deferred taxation assets | **(38.2)** | (154.9) |
| Deferred taxation liabilities | **1401.7** | 503.8 |
| **Net deferred taxation liabilities** | **1363.5** | 348.9 |
| Balance at beginning of the year | **348.9** | 217.1 |
| Derecognition of Gruyere previously held interest - 50%<sup>2</sup> | **(73.5)** |  |
| Gold Road acquisition through business combination - 100%<sup>2</sup> | **371.8** |  |
| Recognised in profit or loss | **669.0** | 146.9 |
| Recognised in OCI | **(4.5)** | 6.9 |
| Translation adjustment | **51.8** | (22.0) |
| **Balance at end of the year** | **1363.5** | 348.9 |

---

<sup>1</sup>*Tax losses and unredeemed capital expenditure have been recognised, as disclosed in note 11, to the extent that the tax paying entities will have taxable profits in the* 

*foreseeable future (per the life-of-mine models of the respective operations) in order to utilise the unused tax losses and unredeemed capital expenditure before they* 

*expire. This was particularly assessed with reference to the South Deep and Damang life-of-mine models.*

<sup>2</sup>*Refer to notes 18.3 and 20 for details of the Gold Road acquisition.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-102** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**28. Borrowings** 

The terms and conditions of outstanding loans are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **United States** <br>**Dollar** | **United States** <br>**Dollar** |  |  |  |  |
| **Facility**<br>*Figures in millions unless otherwise stated*<br>| Notes | **2025** | 2024 | Borrower | Nominal Interest <br>rate<br>| Commitment <br>fee<br>| Maturity date |
| US$500 million 5-year notes issue (the 5-year notes)<sup>1</sup> | (a) | **—** |  | Orogen | 5.125% |  | 15 May 2024 |
| US$500 million 10-year notes issue (the 10-year notes)<sup>1</sup> | (b) | **498.3** | 497.9 | Orogen | 6.125% |  | 15 May 2029 |
| US$750 million 7-year notes issue (the 7-year notes)<sup>2</sup> | (c) | **743.2** |  | Windfall | 5.854% |  | 13 May 2032 |
| US$150 million revolving senior secured credit facility<sup>3</sup> | (d) | **—** |  | La Cima | SOFR plus 1.40%  | 0.50% | 15 April 2024 |
| US$85 million revolving senior secured credit facility<sup>3</sup> | (e) | **—** | 33.5 | La Cima | SOFR plus 2.15%  | 0.50% | 28 April 2026 |
| US$100 million revolving credit facility<sup>4</sup> |  | **—** |  | Ghana | SOFR plus 2.75% | 0.90% | 13 April 2026 |
| A$500 million syndicated revolving credit facility<sup>5</sup> | (f) | **—** | 210.6 | Gruyere | BBSY plus 1.775% | 0.70% | 26 September 2028 |
| US$1,200 million multi-currency revolving credit <br>facility<sup>6</sup><br>| (g) | **483.9** | 1034.5 | Orogen/Windfall | SOFR/CORRA <br>plus 1.69%<br>| 0.54% | Refer footnote 6 |
| US$750 million multi-currency bridge facilities<sup>7</sup> | (h) | **—** | 719.1 | Orogen/Windfall | SOFR/CORRA plus <br>0.75% to 1.60%<br>| 0.15% | 17 October 2025 |
| US$2,300 million multi-currency bridge facility<sup>8</sup> | (i) | **178.7** |  | Gruyere | BBSY plus 1.15% | 0.10% – 0.20% | 14 July 2026 |
| A$1,250 million multi-currency term loan facility<sup>9</sup> | (j) | **834.1** |  | Gruyere | BBSY plus 1.55% |  | 1 December 2030 |
| R500 million Nedbank revolving credit facility<sup>10,14</sup> |  | **—** |  | GFIJVH/GFO | JIBAR plus 2.00% | 0.60% | 8 May 2028 |
| R1,000 million Rand Merchant Bank revolving credit <br>facility<sup>11,14</sup><br>|  | **—** |  | GFIJVH/GFO | JIBAR plus 1.90% | 0.53% | 19 April 2028 |
| R500 million Absa Bank revolving credit facility<sup>12,14</sup> |  | **—** |  | GFIJVH/GFO | JIBAR plus 1.90% | 0.57% | 5 May 2028 |
| R500 million Standard Bank revolving credit facility<sup>13,14</sup> |  | **—** |  | GFIJVH/GFO | JIBAR plus 1.95% | 0.59% | 8 May 2028 |
| **Total borrowings** |  | **2738.2** | 2495.6 |  |  |  |  |
| **Current borrowings** |  | **(178.7)** | (719.1) |  |  |  |  |
| **Non-current borrowings** |  | **2559.5** | 1776.5 |  |  |  |  |

---

<sup>1</sup>*On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, raising a total of US$1 billion at an average coupon of 5.625%. On 15 May 2024, the* 

*US$500 million 5-year notes matured and were repaid.*

*The balance of the 10-year notes is net of unamortised transaction costs amounting to US$1.7 million (2024: US$2.1 million).*

*The 10-year notes are unconditionally and irrevocably guaranteed by Gold Fields Limited ("Gold Fields"), Gold Fields Ghana Holdings (BVI) Limited ("GF Ghana") and Gold Fields* 

*Holdings Company (BVI) Limited ("GF Holdings") (collectively "the Guarantors"), on a joint and several basis.*

<sup>2</sup>*On 13 May 2025, Gold Fields successfully concluded the raising of US$750 million 7-year notes at a coupon of 5.854%.* 

*The balance of the 7-year notes is net of unamortised transaction costs amounting to US$6.8 million,*

*The 7-year notes are unconditionally and irrevocably guaranteed by Gold Fields and GF Holdings (collectively "the Guarantors"), on a joint and several basis.*

*The net proceeds from the 7-year notes were used to repay in full the outstanding loans under the US$750 million multi-currency bridge facilities.*

<sup>3</sup>*On 10 May 2024, the US$150 million revolving senior secured credit facility was refinanced with the US$85 million revolving senior secured credit facility and cancelled.* 

*The US$85 million revolving senior credit facility was cancelled on 9 July 2025.*

<sup>4</sup>*On 27 September 2021, Gold Fields Ghana Limited ("GF Ghana Limited") and Abosso Goldfields Limited ("Abosso") entered into a US$100 million revolving credit facility.* 

*Borrowings under the facility are guaranteed by GF Ghana Limited and Abosso. This facility is non-recourse to the rest of the Group.* 

*During April 2025, the maturity date of the facility was extended to 13 April 2026.*

<sup>5</sup>*On 26 September 2023, Gruyere Holdings Proprietary Limited entered into a A$500 million syndicated revolving credit facility.* 

*The A$500 million syndicated revolving credit facility has a A$100 million accordion option (at the discretion of the lenders) and is a sustainability linked facility. The facility is* 

*linked to the achievement of three of Gold Fields' key ESG priorities namely gender diversity, decarbonisation and water stewardship. The achievement of the ESG metrics could* 

*impact the interest rate by up to a 0.05% decrease in rate to a 0.05% increase in rate.*

*Borrowings under the facility are guaranteed by Gold Fields, GF Holdings, Orogen and Gruyere.*

<sup>6</sup>*On 25 May 2023, Gold Fields Orogen Holding (BVI) Limited ("Orogen") entered into a US$1,200 million revolving credit facility.*

*The US$1,200 million revolving credit facility is a sustainability linked facility which is linked to the achievement of three of Gold Fields' key ESG priorities namely gender diversity,* 

*decarbonisation and water stewardship. The achievement of the ESG metrics could impact the interest rate by up to a 0.05% decrease in rate to a 0.05% increase in rate.*

*The key terms of the new facility are:*

*•A principal loan amounting to US$1,200 million, with a US$400.0 million accordion option, subject to lender consent;*

*•Maturity of five years, with an option to extend the tenor through two one-year extensions;*

*•A competitive margin, subject to rating margin achievements and sustainability margin adjustments. The rating margin achievements and sustainability margin adjustments* 

*could impact the interest rates.*

*During October 2023, the facility was amended to include Gold Fields Windfall Holding Inc ("Windfall") as a borrower.* 

*During 2025, the facility was extended by one year, the maturity dates are as follows:*

*•US$83.3 million matures on 25 May 2028;*

*•US$50.0 million matures on 25 May 2029; and*

*•US$1,066.7 million matures on 25 May 2030.*

*Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen and Windfall.*

<sup>7</sup>*On 18 October 2024, Orogen and Windfall entered into a US$500 million multi-currency bridge facility and a US$250 million multi-currency parallel bridge facility (collectively* 

*called the "US$750 million multi-currency bridge facilities"). The facility was used to finance the Osisko asset acquisition.*

*The facilities had a maturity date of 17 October 2025 and was fully repaid and cancelled in May 2025.*

*Borrowings under the facilities were guaranteed by Gold Fields, GF Holdings, Orogen and Windfall.*

<sup>8</sup>*On 15 July 2025, Gruyere entered into a US$2,300 million multi-currency syndicated bridge facility. The facility was used to finance the acquisition of Gold Road.*

*On 12 January 2026, the facility was repaid in full and cancelled, utilising available cash resources together with proceeds from the A$1,250 million multi-currency term loan facility.*

<sup>9</sup>*On 2 December 2025, Gruyere entered into an A$1,250 million multi-currency syndicated term loan facility. The proceeds were used to partially repay the US$2,300 million multi-*

*currency bridge facility.*

*Borrowings under the facility are guaranteed by Gold Fields, GF Holdings, Windfall and Gruyere.* 

<sup>10</sup>*On 8 May 2023, GFIJVH and GFO entered into a R500 million Nedbank revolving credit facility. Borrowings under the facility are guaranteed by Gold Fields, GF Holdings,* 

*Orogen, GFO and GFIJVH.*

<sup>11</sup>*On 19 April 2023, GFIJVH and GFO entered into a R1,000 million Rand Merchant Bank revolving credit facility. Borrowings under the new facility are guaranteed by Gold Fields,* 

*GF Holdings, Orogen, GFO and GFIJVH.*

<sup>12</sup>*On 5 May 2023, GFIJVH and GFO entered into a R500 million Absa Bank revolving credit facility. Borrowings under the new facility are guaranteed by Gold Fields, GF Holdings,* 

*Orogen, GFO and GFIJVH.*

<sup>13</sup>*On 8 May 2023, GFIJVH and GFO entered into a R500 million Standard Bank revolving credit facility. Borrowings under the facility are guaranteed by Gold Fields, GF Holdings,* 

*Orogen, GFO and GFIJVH.*

<sup>14</sup>*On 20 August 2025, the R2,500 million ZAR revolving credit facilities were amended to incorporate ZARONIA rate-switch provisions in preparation for the planned cessation of* 

*JIBAR as a benchmark on 31 December 2026*

<sup>15</sup>*The Group has access to uncommitted loan facilities from some of the major banks. These facilities have no fixed terms, are short-term in nature and interest rates are market* 

*related. Borrowings under these facilities are guaranteed by Gold Fields.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-103** | Gold Fields |

---

**28. Borrowings *continued***

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **(a)** | **US$500 million 5-year notes issue** |  |  |
|  | Balance at beginning of the year | **—** | 499.6 |
|  | Unwinding of transaction costs | **—** | 0.4 |
|  | Repayments | **—** | (500.0) |
|  | Balance at end of the year | **—** |  |
| **(b)** | **US$500 million 10-year notes issue** |  |  |
|  | Balance at beginning of the year | **497.9** | 497.5 |
|  | Unwinding of transaction costs | **0.4** | 0.4 |
|  | Balance at end of the year | **498.3** | 497.9 |
| **(c)** | **US$750 million 7-year notes issue** |  |  |
|  | Loans advanced | **742.4** |  |
|  | Unwinding of transaction costs | **0.8** |  |
|  | Balance at end of the year | **743.2** |  |
| **(d)** | **US$150 million revolving senior secured credit facility**  |  |  |
|  | Balance at beginning of the year | **—** | 83.5 |
|  | Repayments | **—** | (83.5) |
|  | Balance at end of the year | **—** |  |
| **(e)** | **US$85 million revolving senior secured credit facility**  |  |  |
|  | Balance at beginning of the year | **33.5** |  |
|  | Loans advanced | **—** | 83.5 |
|  | Repayments | **(33.5)** | (50.0) |
|  | Balance at end of the year | **—** | 33.5 |
| **(f)** | **A$500 million syndicated revolving credit facility** |  |  |
|  | Balance at beginning of the year | **210.6** |  |
|  | Loans advanced | **—** | 263.1 |
|  | Repayments | **(214.4)** | (39.1) |
|  | Translation adjustment | **3.8** | (13.4) |
|  | Balance at end of the year | **—** | 210.6 |
| **(g)** | **US$1,200 million revolving credit facility** |  |  |
|  | Balance at beginning of the year | **1034.5** | 155.9 |
|  | Loans advanced<sup>1</sup> | **233.6** | 1202.2 |
|  | Repayments<sup>2</sup> | **(801.6)** | (313.7) |
|  | Translation adjustment | **17.4** | (9.9) |
|  | Balance at end of the year | **483.9** | 1034.5 |
| **(h)** | **US$750 million multi-currency bridge facilities** |  |  |
|  | Balance at beginning of the year | **719.1** |  |
|  | Loans advanced<sup>3</sup> | **—** | 742.3 |
|  | Repayments<sup>4</sup> | **(752.6)** |  |
|  | Translation adjustment | **33.5** | (23.2) |
|  | Balance at end of the year | **—** | 719.1 |

---

<sup>1</sup>*The US$233.6 million (2024: US$1,202.2 million) includes Canadian dollar drawdowns by Windfall amounting to US$205.0 million (C$287.1 million) (2024:* 

*US$389.3 million (C$541.5 million)) in 2025.*

<sup>2</sup>*The US$801.6 million (2024: US$313.7 million) includes Canadian dollar repayments by Windfall amounting to US$78.1 million (C$107.6 million) (2024:* 

*US$118.1 million (C$162.5 million)) in 2025.*

<sup>3</sup>*The US$742.3 million (C$1,034.3 million) relates to Canadian dollar drawdowns by Windfall in 2024.*

<sup>4</sup>*The US$752.6 million (C$1,034.3 million) relates to Canadian dollar repayments by Windfall in 2025.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-104** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**28. Borrowings *continued***

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **(i)** | **US$2,300 million multi-currency bridge facility** |  |  |
|  | Loans advanced<sup>1</sup> | **2275.7** |  |
|  | Repayments<sup>2</sup> | **(2120.4)** |  |
|  | Translation adjustment | **23.4** |  |
|  | Balance at end of the year | **178.7** |  |
| **(j)** | **A$1,250 million multi-currency term loan facility** |  |  |
|  | Loans advanced<sup>3</sup> | **834.1** |  |
|  | Balance at end of the year | **834.1** |  |
|  | **Total borrowings**<sup>4</sup> | **2738.2** | 2495.6 |
|  | The exposure of the Group's borrowings to interest rate changes and the contractual <br>repricing dates at the reporting dates are as follows:<br>|  |  |
|  | Variable rate with exposure to repricing (six months or less) | **1496.7** | 1997.7 |
|  | Fixed rate with no exposure to repricing | **1241.5** | 497.9 |
|  |  | **2738.2** | 2495.6 |
|  | The carrying amounts of the Group's borrowings are denominated in the following <br>currencies:<br>|  |  |
|  | US Dollar | **1295.3** | 1280.4 |
|  | Canadian Dollar | **430.1** | 1004.6 |
|  | Australian Dollar | **1012.8** | 210.6 |
|  |  | **2738.2** | 2495.6 |
|  | The Group has the following undrawn borrowing facilities: |  |  |
|  | Committed | **1300.7** | 549.0 |
|  | Uncommitted | **40.0** | 72.3 |
|  |  | **1340.7** | 621.3 |
|  | All of the above undrawn committed facilities have floating rates. The uncommitted <br>facilities have no expiry dates and are open ended. Undrawn committed facilities have <br>the following expiry dates:<br>|  |  |
|  | – within one year | **100.0** | 100.0 |
|  | – later than one year and not later than two years | **—** | 51.5 |
|  | – later than two years and not later than three years | **534.3** |  |
|  | – later than three years and not later than five years | **666.4** | 397.5 |
|  |  | **1300.7** | 549.0 |

---

<sup>1</sup>*The US$2,275.7 million (A$3,477.8 million) relates to Australian dollar drawdowns by Gruyere in 2025.*

<sup>2</sup>*The US$2,120.4 million (A$3,210.0 million) relates to Australian dollar repayments by Gruyere in 2025.*

<sup>3</sup>*The US$834.1 million (A$1,250.0 million) relates to Australian dollar drawdowns by Gruyere in 2025.*

<sup>4</sup>*Loans repaid of US$4,119.6 million in 2025 per the cash flow statement includes a repayment of US$197.1 million (A$301.1 million) relating to the loan acquired as* 

*part of the Gold Road acquisition. Refer note 18.3 for further details.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-105** | Gold Fields |

---

**29. Provisions** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 |
| 29.1 | Environmental rehabilitation costs | **594.5** | 475.5 |
| 29.2 | Silicosis settlement costs | **5.7** | 4.9 |
|  | Other | **0.3** | 0.8 |
|  | **Total provisions** | **600.5** | 481.2 |
|  | Current portion of provisions | **(108.3)** | (79.2) |
|  | **Non-current portion of provisions** | **492.2** | 402.0 |
| 29.1 | Environmental rehabilitation costs |  |  |
|  | Balance at beginning of the year | **475.5** | 452.9 |
|  | Changes in estimates – capitalised<sup>1</sup> | **29.4** | 20.6 |
|  | Changes in estimates – recognised in profit or loss<sup>1</sup> | **43.6** | (1.2) |
|  | Osisko asset acquisition<sup>2</sup> | **—** | 6.7 |
|  | Derecognition of Gruyere previously held interest - 50%<sup>3</sup> | **(22.7)** |  |
|  | Gold Road acquisition through business combination - 100%<sup>3</sup> | **48.3** |  |
|  | Interest expense | **29.1** | 24.8 |
|  | Payments | **(21.9)** | (9.4) |
|  | Translation adjustment | **13.2** | (18.9) |
|  | **Balance at end of the year**<sup>4</sup> | **594.5** | 475.5 |
|  | Current portion of environmental rehabilitation costs | **(105.3)** | (78.4) |
|  | **Non-current portion of environmental rehabilitation costs** | **489.2** | 397.1 |
|  | The provision is calculated using the following gross closure cost estimates: |  |  |
|  | South Africa | **54.5** | 43.4 |
|  | Ghana | **149.1** | 119.3 |
|  | Australia | **337.7** | 228.8 |
|  | Peru | **220.2** | 193.7 |
|  | Chile | **62.7** | 48.4 |
|  | Canada | **22.7** | 7.8 |
|  | **Total gross closure cost estimates** | **846.9** | 641.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The provision is calculated using** <br>**the following assumptions:**<br>| **Inflation rate** <br>**Year 1** <br>| **Inflation rate** <br>**Year 2**<br>| **Inflation rate** <br>**Year 3**<br>| **Inflation rate** <br>**Year 4** <br>**onwards**<br>| **Discount rate** |
| **2025** |  |  |  |  |  |
| South Africa | **3.6%** | **3.2%** | **3.1%** | **3.1%** | **9.0%** |
| Ghana | **2.6%** | **2.3%** | **2.3%** | **2.3%** | **8.2% - 9.4%** |
| Australia | **3.0%** | **2.5%** | **2.5%** | **2.5%** | **4.8% – 5.1%** |
| Peru | **2.6%** | **2.3%** | **2.3%** | **2.3%** | **4.7%** |
| Chile | **2.6%** | **2.3%** | **2.3%** | **2.3%** | **4.8%** |
| Canada | **2.1%** | **2.0%** | **2.0%** | **2.0%** | **3.4%** |
| **2024** |  |  |  |  |  |
| South Africa | 4.3% | 4.6% | 4.6% | 4.6% | 11.1% |
| Ghana | 2.2% | 2.3% | 2.3% | 2.3% | 10.9% – 11.3% |
| Australia | 3.0% | 2.8% | 2.6% | 2.5% | 4.3% – 4.6% |
| Peru | 2.2% | 2.3% | 2.3% | 2.3% | 5.6% |
| Chile | 2.2% | 2.3% | 2.3% | 2.3% | 5.2% |
| Canada | 2.0% | 2.0% | 2.0% | 2.0% | 3.1% |

---

<sup>1</sup>*Changes in estimates are defined as changes in reserves and corresponding changes in life of mine as well as changes in laws and regulations governing* 

*environmental matters, closure cost estimates and discount rates.* 

<sup>2</sup>*Refer to note 18.2 for details of the Osisko asset acquisition.*

<sup>3</sup>*Refer to notes 18.3 and 19 for details of the Gold Road acquisition.*

<sup>4</sup>*South African, Ghanaian, Australian, Peruvian, Chilean and Canadian mining companies are required by law to undertake rehabilitation as part of their ongoing* 

*operations. These environmental rehabilitation costs are funded as follows:*

*•Ghana – reclamation bonds underwritten by banks and restricted cash (refer to note 22);*

*•South Africa – contributions into environmental trust funds (refer to note 22) and guarantees (refer to note 38);*

*•Australia – cash (refer note 25);* 

*•Peru – bank guarantees (refer note 38) and cash (refer to note 25);* 

*•Canada – bank guarantees (refer note 38); and*

*•Chile – bank guarantees (refer note 38).*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-106** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**29. Provisions *continued***

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
|  | *Figures in millions unless otherwise stated* | **2025** | 2024 |
| 29.2 | Silicosis settlement costs<sup>1</sup> |  |  |
|  | Balance at the beginning of the year | **4.9** | 5.1 |
|  | Changes in estimates | **0.7** | (0.3) |
|  | Unwinding of provision recognised as finance expense | **0.6** | 0.6 |
|  | Payment | **(1.2)** | (0.4) |
|  | Translation | **0.7** | (0.1) |
|  | **Balance at end of the year** | **5.7** | 4.9 |
|  | Current portion of silicosis settlement costs | **(3.0)** | (0.8) |
|  | **Non-current portion of silicosis settlement costs** | **2.7** | 4.1 |

---

<sup>1</sup>*The principal health risks associated with Gold Fields' mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain* 

*hazardous chemicals. The most significant occupational diseases affecting Gold Fields' workforce include lung diseases (such as silicosis, tuberculosis, a combination of* 

*the two and chronic obstructive airways disease ("COAD") as well as noise induced hearing loss ("NIHL")).*

*A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or* 

*former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in* 

*the application.*

*The Tshiamiso Trust has been established to carry out the terms of the settlement agreement reached between six gold mining companies (including Gold Fields) and* 

*claimant attorneys in the Silicosis and Tuberculosis class action. The Tshiamiso Trust is responsible for ensuring that all eligible current and former mineworkers across* 

*southern Africa with Silicosis or work-related Tuberculosis (or their dependents where the mineworker has passed away) are compensated pursuant to the Silicosis and* 

*Tuberculosis Class Action Settlement Agreement. Gold Fields provided an amount of US$5.7 million (R94.6 million) (2024: US$4.9 million (R92.0 million)) for this* 

*obligation in the statement of financial position at 31 December 2025. The nominal amount of this provision is US$6.5 million (R107.4 million). Gold Fields believes that* 

*this remains a reasonable estimate of its share of the settlement of the class action claims and related costs.*

*The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up rates and* 

*disease progression rates. A discount rate of 7.34% (2024: 9.02%) was used, based on government bonds with similar terms to the anticipated settlements. Refer to note* 

*39 for further details.*

**30. Long-term incentive plan** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Opening balance | **51.0** | 78.9 |
| Charge to income statement | **43.2** | 14.5 |
| Derecognition of Gruyere previously held interest - 50%<sup>1</sup> | **(1.3)** |  |
| Gold Road acquisition through business combination - 100%<sup>1</sup> | **1.8** |  |
| Payments | **(33.2)** | (38.2) |
| Translation adjustment | **3.0** | (4.2) |
| **Balance at end of the year**<sup>2,3</sup> | **64.5** | 51.0 |
| Current portion of long-term incentive plan | **(44.1)** | (31.0) |
| **Non-current portion of long-term incentive plan** | **20.4** | 20.0 |

---

<sup>1</sup>*Refer to notes 18.3 and 19 for details of the Gold Road acquisition.*

<sup>2</sup>*Senior and middle management were granted awards under the LTIP during 2023 and 2024. At the Annual General Meeting on 28 May 2025, shareholders approved* 

*the adoption of the Gold Fields Limited 2025 share incentive plan to replace the LTIP. The performance conditions of the LTIP were approved annually by the* 

*Remuneration Committee. Performance conditions were based on the same conditions as the share-based payments plan. The expected timing of the cash outflows in* 

*respect of each grant is at the end of three years after the original award was made.* 

<sup>3</sup>*The value of instruments granted during the years ended 31 December 2024 and 2023 were valued using the Monte Carlo simulation model:*

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| The inputs to the model for instruments granted during the year were as follows: |  |  |
| – weighted average historical volatility (based on a statistical analysis of the share price on a <br>weighted moving average basis for the expected term of the option)<br>| **52.6%** | 51.0% |
| – expected term (years) | **3 years** | 3 years |
| – dividend yield\* | **n/a** | n/a |
| – average three-year risk free interest rate (based on US interest rates) | **3.9%** | 2.6% |
| – weighted average fair value (United States dollars) | **14.1** | 9.8 |

---

*\*There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-107** | Gold Fields |

---

**31. Trade and other payables** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Trade payables | **225.0** | 151.7 |
| Accruals and other payables | **512.3** | 387.5 |
| Payroll payables | **87.3** | 44.8 |
| Leave pay accrual | **73.2** | 60.7 |
| Interest payable on loans | **10.3** | 6.4 |
| **Trade and other payables** | **908.1** | 651.1 |

---

**32. Cash generated by operations** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Profit from continuing operations | **3645.4** | 1290.5 | 745.2 |
| Adjusted for non-cash items: |  |  |  |
| – Mining and income taxation | **1649.2** | 697.1 | 465.1 |
| – Royalties | **231.9** | 147.7 | 116.4 |
| – Amortisation and depreciation | **920.4** | 627.4 | 795.3 |
| – Interest expense – environmental rehabilitation | **29.1** | 24.8 | 21.8 |
| – Non-cash rehabilitation (income)/expense | **43.6** | (1.2) | 4.0 |
| – Interest received – environmental trust funds | **(4.9)** | (4.4) | (1.2) |
| – Reversal of impairment of assets, net of impairment | **(281.3)** | 3.5 | 156.4 |
| – Profit on disposal of assets | **(1.1)** | (0.6) | (32.4) |
| – Profit on disposal of assets held for sale - Rusoro | **—** | (62.3) |  |
| – Profit on disposal of asset held for sale - Asanko Gold | **—** | (5.6) |  |
| – Gain on financial instruments, net | **(58.1)** |  |  |
| – Gain on remeasurement of 50% previously held interest in Gruyere | **(808.2)** |  |  |
| – Unwinding of discount rate/net change in fair value of Asanko deferred <br>and contingent considerations<br>| **(7.2)** | (6.8) |  |
| – Silicosis settlement costs | **0.7** | (0.3) | (4.1) |
| – Share-based payments | **25.4** | 4.4 | 9.1 |
| – Long-term incentive plan expense | **43.2** | 14.5 | 55.8 |
| – Borrowing costs capitalised | **(69.1)** | (105.6) | (64.9) |
| – Share of results of equity-accounted investees, net of taxation | **2.3** | 52.1 | 31.3 |
| – Ghana expected credit loss | **66.0** |  | 33.2 |
| – Net realisable value adjustment to Cerro Corona stockpiles during <br>2024 (2023: Damang)<br>| **—** | 3.0 | 33.8 |
| – Other non-cash items | **(12.3)** | 3.5 | (7.1) |
| Adjusted for cash items: |  |  |  |
| – Interest expense | **160.1** | 130.6 | 105.1 |
| – Interest received | **(41.2)** | (17.4) | (23.4) |
| – Payment of long-term incentive plan | **(33.2)** | (38.2) | (32.0) |
| – Environmental rehabilitation payments | **(21.9)** | (9.4) | (14.8) |
| **Total cash generated by operations** | **5478.8** | 2747.3 | 2392.6 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-108** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**33. Change in working capital** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Inventories | **42.6** | 15.3 | (153.1) |
| Trade and other receivables | **(61.6)** | (96.8) | (61.4) |
| Trade and other payables | **206.4** | 95.4 | 15.4 |
| **Total change in working capital** | **187.4** | 13.9 | (199.1) |

---

**34. Royalties paid** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Amount owing at beginning of the year | **(30.7)** | (21.0) | (17.9) |
| Royalties | **(231.9)** | (147.7) | (116.4) |
| Derecognition of Gruyere previously held interest - 50%<sup>1</sup> | **3.4** |  |  |
| Gold Road acquisition through business combination - 100%<sup>1</sup> | **(6.7)** |  |  |
| Amount owing at end of the year | **45.3** | 30.7 | 21.0 |
| Translation | **(1.9)** | 1.9 | (0.1) |
| **Total royalties paid** | **(222.5)** | (136.1) | (113.4) |

---

<sup>1</sup>*Refer to notes 18.3 and 20 for details of the Gold Road acquisition.*

**35. Taxation paid** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Amount (payable)/receivable at beginning of the year | **(36.6)** | (13.6) | 22.4 |
| Current taxation recognised in profit or loss | **(980.2)** | (550.2) | (458.3) |
| Derecognition of Gruyere previously held interest - 50%<sup>1</sup> | **7.2** |  |  |
| Gold Road acquisition through business combination - 100%<sup>1</sup> | **(7.4)** |  |  |
| Amount payable, net of receivable at end of the year<sup>2</sup> | **238.1** | 36.6 | 13.6 |
| Translation | **(10.8)** | 1.7 | 0.5 |
| **Total taxation paid** | **(789.7)** | (525.5) | (421.8) |

---

<sup>1</sup>*Refer to notes 18.3 and 20 for details of the Gold Road acquisition.*

<sup>2</sup>*Amount payable, net of receivable comprises as follows:*

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| Non-current taxation receivable\* | **(73.1)** | (69.7) | (75.7) |
| Current taxation receivable | **(0.3)** | (6.1) | (6.4) |
| Taxation payable | **311.5** | 112.4 | 95.7 |
| **Taxation payable, net of receivable at the end of the year** | **238.1** | 36.6 | 13.6 |

---

*\*The non-current taxation receivable of US$73.1 million (CAD100.3 million) (2024: US$69.7 million (CAD100.3 million) and 2023: US$75.7 million (CAD100.3 million)) at* 

*31 December 2025 relates to the withholding tax deducted and paid to the Canadian tax authority in 2022 on the Yamana break fee which had been classified as non-current* 

*in 2023. Gold Fields continues to believe that it will recover the withholding tax from the Canadian tax authority.*

**36. Retirement benefits** 

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 | 2023 |
| All employees are members of various defined contribution retirement <br>schemes.<br>|  |  |  |
| Contributions to the various retirement schemes are fully expensed <br>during the period in which they are incurred.<br>|  |  |  |
| Retirement benefit costs | **39.6** | 36.2 | 33.8 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-109** | Gold Fields |

---

**37. Lease liabilities** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Balance at the beginning of the year<sup>1</sup> | **450.2** | 436.4 |
| Additions during the year<sup>2</sup> | **36.5** | 71.7 |
| Remeasurements of leases during the year<sup>3</sup> | **16.7** | 8.5 |
| Osisko asset acquisition<sup>4</sup> | **—** | 50.8 |
| Derecognition of Gruyere previously held interest - 50%<sup>5</sup> | **(73.0)** |  |
| Gold Road acquisition through business combination - 100%<sup>5</sup> | **135.8** |  |
| Interest expense | **25.9** | 24.8 |
| Repayments of principal amount | **(103.2)** | (92.2) |
| Repayments of interest expense | **(25.9)** | (24.8) |
| Translation adjustment | **20.0** | (25.0) |
| Balance at the end of the year | **483.0** | 450.2 |
| Current portion of lease liability | **(103.9)** | (86.9) |
| Non-current portion of lease liability | **379.1** | 363.3 |
| Lease liabilities are payable as follows: |  |  |
| **Future minimum lease payments** |  |  |
| – within one year | **130.4** | 111.3 |
| – later than one and not later than five years | **284.4** | 271.2 |
| – later than five years | **173.6** | 178.4 |
| **Total** | **588.4** | 560.9 |
| **Interest** |  |  |
| – within one year | **26.5** | 24.4 |
| – later than one and not later than five years | **60.6** | 62.1 |
| – later than five years | **18.3** | 24.2 |
| **Total** | **105.4** | 110.7 |
| **Present value of minimum lease payments** |  |  |
| – within one year | **103.9** | 86.9 |
| – later than one and not later than five years | **223.8** | 209.1 |
| – later than five years | **155.3** | 154.2 |
| **Total** | **483.0** | 450.2 |

---

<sup>1</sup>*Leases entered into related mainly to power purchase agreements, rental of gas pipelines, ore haulage and site services, mining equipment hire, transportation* 

*contracts, property rentals and other equipment rentals.*

<sup>2</sup>*The additions in 2025 relate mainly to additional assets in terms of mining contracts and power purchase agreements in Australia and Canada (2024: additional assets* 

*in terms of mining contracts and power purchase agreements in Australia and Salares).*

<sup>3</sup>*The remeasurements in 2025 relate mainly to leases at the Group's Australian operations that have variable payments linked to the Australian consumer price index* 

*("CPI") (2024: Leases at the Group's Australian operations that have variable payments linked to the Australian CPI).*

<sup>4</sup>*Refer to note 18.2 for details of the Osisko asset acquisition.*

<sup>5</sup>*Refer to notes 18.3 and 20 for details of the Gold Road acquisition.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-110** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**38. Commitments** 

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| **Capital expenditure** |  |  |
| Contracted for<sup>1</sup> | **221.3** | 360.9 |

---

<sup>1</sup>*Contracted for capital expenditure of US$221.3 million (2024: US$360.9 million) includes US$86.0 million (2024: US$117.1 million) for Salares Norte and US$nil (2024:* 

*US$$129.3 million) for the St Ives renewable project.*

Lease contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| **Lease contracts**<sup>1</sup><br>*Figures in millions unless otherwise stated*<br>| **Undiscounted**<br>**lease**<br>**liabilities**<sup>2</sup><br>| **Non-lease**<br>**elements**<sup>3</sup><br>| **Fully variable**<br>**lease**<br>**payments**<sup>4</sup><br>| **Total** |
| **2025** |  |  |  |  |
| – within one year | **130.4** | **387.0** | **579.2** | **1096.6** |
| – later than one and not later than five years | **284.4** | **526.2** | **1948.7** | **2759.3** |
| – later than five years | **173.6** | **480.8** | **8214.7** | **8869.1** |
|  | **588.4** | **1394.0** | **10742.6** | **12725.0** |
| **2024** |  |  |  |  |
| – within one year | 111.3 | 209.5 | 483.6 | 804.4 |
| – later than one and not later than five years | 271.2 | 340.7 | 1703.9 | 2315.8 |
| – later than five years | 178.4 | 131.3 | 468.3 | 778.0 |
|  | 560.9 | 681.5 | 2655.8 | 3898.2 |

---

<sup>1</sup>*No leases were entered into during 2025 for which the use of the assets has not yet commenced at year-end.*

<sup>2</sup>*The undiscounted lease liabilities relate to the gross cash flows used to determine the lease liabilities in terms of IFRS 16 Leases and will not agree to the leases* 

*recognised in note 37.*

<sup>3</sup>*The non-lease elements are the amounts in the lease contracts relating mainly to contractor mining and power purchase agreements that are not accounted for as part* 

*of the lease liabilities.*

<sup>4</sup>*These are the total commitments per lease contracts relating mainly to contractor mining and power purchase agreements where the payments have been determined* 

*to be fully variable, as a result no lease liability has been recorded. Included in these amounts are payment for non-lease elements of the arrangement.*

Guarantees

The Group provides environmental obligation guarantees and other guarantees with respect to its South African, Peruvian,

Chilean, Ghanaian, Australian and Canadian operations. These guarantees amounted to US$230.4 million at 31 December 2025

(2024: US$233.6 million) (refer note 29.1).

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-111** | Gold Fields |

---

**39. Contingent liabilities** 

Randgold and Exploration summons

On 21 August 2008, Gold Fields Operations Limited ("GFO") formerly known as Western Areas Limited, a subsidiary of Gold

Fields, received a summons from Randgold and Exploration Company Limited ("R&E") and African Strategic Investment (Holdings)

Limited (collectively the "Plaintiffs"). The summons claims that during the period that GFO was under the control of Brett Kebble,

Roger Kebble and others, who were directors at the company, GFO assisted in the unlawful disposal of shares owned by R&E in

Randgold Resources Limited ("Resources") and Afrikander Lease Limited, now Uranium One.

The claims have been computed in various ways. The highest value of the claims, when last calculated by the Plaintiffs during May

2017, equated to R43.7 billion (US$2.6 billion). The Plaintiffs are currently undergoing a process to amend their claims. Arising

from, inter alia, objections raised by Gold Fields in such process, the Plaintiffs have formally indicated that they intend to abandon

significant portions of their claims (such abandonment equating to in excess of R31.0 billion (US$1.9 billion) of the highest value of

their claims). The value of the revised claims will be crystallised once the amendment process has run its course.

GFO has joined certain third parties to the action in order to enable it to claim compensation against such third parties in the

event that the plaintiffs are successful in one or more of their claims. In addition, notices in terms of section 2(2)(b) of the

Apportionment of Damages Act, 1956 were served on various parties by GFO, in order to enable it to make a claim for a

contribution against such parties in terms of the Apportionment of Damages Act, should the plaintiffs be successful in one or more

of its claims.

GFO's assessment is that it has sustainable defences to these claims and, accordingly, GFO's attorneys have been instructed to

vigorously defend the claims.

The ultimate outcome of the claims cannot presently be determined and, accordingly, no adjustment for any effects on the Group

that may result from these claims, if any, has been made in the consolidated financial statements.

Silicosis and Tuberculosis

Class Action Settlement

The Tshiamiso Trust has been established to carry out the terms of the settlement agreement reached between six gold mining

companies (including Gold Fields) and claimant attorneys in the Silicosis and Tuberculosis class action. The Tshiamiso Trust is

responsible for ensuring that all eligible current and former mineworkers across southern Africa with Silicosis or work-related

Tuberculosis (or their dependents where the mine worker has passed away) are compensated pursuant to the Silicosis and

Tuberculosis Class Action Settlement Agreement.

Financial provision raised

Gold Fields has provided for the estimated cost of the above settlement based on actuarial assessments and the provisions of the

Silicosis and Tuberculosis Settlement Agreement. At 31 December 2025, the provision for Gold Fields' share of the settlement of the class

action claims and related costs amounted to US$5.7 million (R94.6 million) (2024: US$4.9 million (R92.0 million)). The nominal value of this

provision is US$6.5 million (R107.4 million).

The ultimate outcome of this matter however remains uncertain, with the number of eligible workers successfully submitting

claims and receiving compensation being uncertain. The provision is consequently subject to adjustment in the future.

Acid mine drainage

Acid mine drainage ("AMD") or acid rock drainage ("ARD"), collectively called acid drainage ("AD") is formed when certain

sulphide minerals in rocks are exposed to oxidising conditions (such as the presence of oxygen, combined with water). AD can

occur under natural conditions or as a result of the sulphide minerals that are encountered and exposed to oxidation during

mining or during storage in waste rock dumps, ore stockpiles or tailings storage facilities. The acidic water that forms usually

contains iron and other metals if they are contained in the host rock.

Gold Fields has identified incidences of AD, and the risk of potential short-term and long-term AD issues, specifically at its Cerro

Corona, South Deep and St Ives mines.

Gold Fields commissioned technical studies at Cerro Corona to investigate technical solutions, to better inform appropriate short-

and long-term mitigation strategies for AD management and to work towards a reasonable cost estimate of potential issues. While

progress has been made in addressing potential long-term AD risks, Gold Fields is not able to generate a reliable estimate of the

total potential impact on the Group. Cerro Corona continues to investigate technical solutions to better inform appropriate short

and long-term mitigation strategies for AD management and to work towards a reasonable cost estimate of these potential issues.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-112** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**39. Contingent liabilities *continued***

Acid mine drainage *continued*

South Deep has concluded technical studies which have indicated that, subject to the implementation of targeted mitigation

measures and no regional hydrogeological changes, AD generation will be mitigated and/or contained, thus resulting in no

potential residual environmental risk. South Deep continues to implement required mitigation measures to prevent AD. Due to the

inherent uncertainty on the outcome of the cessation of dewatering of Cooke 4 (Ezulwini) over which South Deep does not have

control, together with the application made by Rand Uranium (a subsidiary of Sibanye Stillwater) for the closure of Cooke 3, 2 and

1 shafts, which would result in the re-watering of these shafts, along with other possible hydrogeological influences unrelated to

South Deep in the future, the post closure water liability continues to be a contingent liability.

St Ives has undertaken material characterisation at the Cave Rocks project since 2006. Physical, chemical and geochemical

assessments continue to be undertaken to assess both cover material properties and propensity for AD.

No adjustment for any effects on the Group that may result from AD, if any, has been made in the consolidated financial

statements other than through the Group's normal environmental rehabilitation costs provision (refer note 29.1).

Mining contractor in Ghana

In March 2026, Gold Fields received letters from its contractor Engineers and Planners ("E&P"), commencing dispute resolution

processes under the terms of the Tarkwa and Damang mining agreements, according to which E&P claims US$474.9 million and

US$264.7 million in respect of Tarkwa and Damang, respectively.

The Company has replied to each of the E&P letters confirming that it disagrees with E&P's position. Based on the opinion of its

legal advisors, the Company believes that neither prospective claim has merit and intends to vigorously defend its position.

Moreover, the Company has significant cumulative contractual set-off rights at Tarkwa and Damang, including with respect to

outstanding loans and advances due.

Management has determined there is no present obligation, an adverse outcome is unlikely and the ultimate financial impact, if

any, cannot be reliably estimated. Thus, no provision or adjustment has been made in the consolidated financial statements.

**40. Events after the reporting date** 

Final dividend

On 19 February 2026, Gold Fields declared a final dividend of 1,850 SA cents per share.

Special dividend and share buy-back

In addition to the base dividend, on 19 February 2026, Gold Fields declared an additional return of US$353.0 million. This will

comprise US$253.0 million in special dividends (450 SA cents per share) and US$100 million in share buy-backs.

Sale of royalty portfolio and Asanko deferred and contingent considerations

On 12 December 2025, Gold Fields entered into agreements to sell a portfolio of royalty assets for a total cash consideration of

US$115.0 million and its right to the Asanko deferred and contingent considerations for US$30.0 million and US$22.0 million,

respectively.

Certain assets within the royalty portfolio, having a combined value of US$77.5 million, were subject to a third-party right of first

refusal ("ROFR"). Completion of the overall transaction was conditional upon the purchaser acquiring these royalties.

At 31 December 2025, the US$77.5 million royalties were presented as assets held for sale as the sale was considered highly

probable in the sense that they will be purchased either by the purchaser or the third party.

At that date, the outcome of the ROFR was unknown and no evidence existed that the sale of the remaining royalty portfolio

amounting to US$37.5 million or the deferred and contingent considerations were highly probably and therefore they were not

recognised as held for sale.

The third party was given until 13 January 2026 to exercise its ROFR, which they declined. As a result, the sale of the remaining

royalty portfolio and the Asanko deferred and contingent considerations become unconditional. On this date, a fair value gain of

US$37.5 million was recognised through profit or loss.

The transaction is expected to conclude in Q2 2026.

Mining contractor in Ghana

In March 2026, Gold Fields received letters from its contractor Engineers and Planners ("E&P"), commencing dispute resolution

processes under the terms of the Tarkwa and Damang mining agreements, according to which E&P claims US$474.9 million and

US$264.7 million in respect of Tarkwa and Damang, respectively.

The Company has replied to each of the E&P letters confirming that it disagrees with E&P's position. Based on the opinion of its

legal advisors, the Company believes that neither prospective claim has merit and intends to vigorously defend its position.

Moreover, the Company has significant cumulative contractual set-off rights at Tarkwa and Damang, including with respect to

outstanding loans and advances due. Refer note 39 for further details.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-113** | Gold Fields |

---

**41. Financial instruments** 

Accounting classifications and fair values

The following tables show the carrying amounts and fair values of financial assets and financial liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying** <br>**amount**<br>| **Fair value** |
| *Figures in millions unless otherwise stated* | **Fair value** <br>**through** <br>**profit or loss**<br>| **Fair value** <br>**through OCI**<br>| **Financial** <br>**assets** <br>**measured at** <br>**amortised** <br>**cost**<br>| **Total** | **Total** |
| **2025** |  |  |  |  |  |
| **Financial assets measured at fair value** |  |  |  |  |  |
| – Trade receivables from provisional copper sales | **31.0** | **—** | **—** | **31.0** | **31.0** |
| – Investments | **—** | **142.4** | **—** | **142.4** | **142.4** |
| – Asanko contingent consideration | **22.0** | **—** | **—** | **22.0** | **22.0** |
| – Royalties - assets held for sale | **77.5** | **—** | **—** | **77.5** | **77.5** |
| **Total** | **130.5** | **142.4** | **—** | **272.9** | **272.9** |
| **Financial assets not measured at fair value** |  |  |  |  |  |
| – Environmental trust funds | **—** | **—** | **140.9** | **140.9** | **140.9** |
| – Trade and other receivables | **—** | **—** | **130.8** | **130.8** | **130.8** |
| – Cash and cash equivalents | **—** | **—** | **1779.2** | **1779.2** | **1779.2** |
| – Other investment  | **—** | **—** | **47.2** | **47.2** | **47.2** |
| – Asanko deferred consideration | **—** | **—** | **28.1** | **28.1** | **28.1** |
| **Total** | **—** | **—** | **2126.2** | **2126.2** | **2126.2** |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |
| – Borrowings | **—** | **—** | **—** | **2738.2** | **2806.3** |
| – Trade and other payables | **—** | **—** | **—** | **747.6** | **747.6** |
| – Lease liabilities | **—** | **—** | **—** | **483.0** | **483.0** |
| **Total** | **—** | **—** | **—** | **3968.8** | **4036.9** |
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | Carrying amount | Carrying amount | Carrying amount | Carrying <br>amount<br>| Fair value |
| *Figures in millions unless otherwise stated* | Fair value <br>through <br>profit or loss<br>| Fair value <br>through OCI<br>| Financial <br>assets <br>measured at <br>amortised <br>cost<br>| Total | Total |
| **2024** |  |  |  |  |  |
| **Financial assets measured at fair value** |  |  |  |  |  |
| – Trade receivables from provisional copper sales | 16.5 |  |  | 16.5 | 16.5 |
| – Investments |  | 114.5 |  | 114.5 | 114.5 |
| – Asanko contingent consideration | 18.4 |  |  | 18.4 | 18.4 |
| **Total** | 34.9 | 114.5 |  | 149.4 | 149.4 |
| **Financial assets not measured at fair value** |  |  |  |  |  |
| – Environmental trust funds |  |  | 125.2 | 125.2 | 125.2 |
| – Trade and other receivables |  |  | 156.0 | 156.0 | 156.0 |
| – Cash and cash equivalents |  |  | 860.2 | 860.2 | 860.2 |
| – Other investment  |  |  | 46.5 | 46.5 | 46.5 |
| – Asanko deferred consideration |  |  | 49.5 | 49.5 | 49.5 |
| **Total** |  |  | 1237.4 | 1237.4 | 1237.4 |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |
| – Borrowings |  |  |  | 2495.6 | 2502.1 |
| – Trade and other payables |  |  |  | 545.6 | 545.6 |
| – Lease liabilities |  |  |  | 450.2 | 450.2 |
| **Total** |  |  |  | 3491.4 | 3497.9 |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-114** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**41. Financial instruments *continued***

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Trade and other receivables, trade and other payables and cash and cash equivalents

The carrying amounts approximate fair values due to the short maturity of these instruments.

Investments

The fair value of publicly traded instruments (listed investments) is based on quoted market values.

Asanko deferred and contingent considerations

The contingent consideration is measure at fair value and the deferred consideration is measured at amortised cost. The values of

the considerations are based on the expected cash flows of the consideration receivable. Refer note 15 for the key inputs used in

the valuation.

Royalties - asset held for sale

The royalties are measured at fair value. The fair value is based on the expected cash flows of the consideration receivable in

terms of the contract. Refer note 16 (b) for further details.

Environmental trust funds

The trust funds consist of term deposits in South Africa as well as secured cash deposits in Ghana. The environmental trust funds

are measured at amortised cost which approximates fair value based on the nature of the fund's underlying investments.

Other investments

Comprise mainly listed bonds and unlisted investments and warrants that are measured at amortised cost which approximates fair

value. The fair value of the bonds is determined using quoted market prices in active markets.

Borrowings

The 10-year notes and seven-year notes (2024: the five-year notes and the 10-year notes) are issued at a fixed interest rate. The

fair values of these notes are based on listed market prices. The fair value of the remaining borrowings approximates their

carrying amount, determined using the discounted cash flow method using market related interest rates.

Fair value hierarchy

The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date:

**Level 1** 

Unadjusted quoted prices in active markets for identical assets or liabilities;

**Level 2** 

Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly

(derived from prices); and

**Level 3** 

Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the

change has occurred. There were no transfers during the years ended 31 December 2025 and 2024.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-115** | Gold Fields |

---

**41. Financial instruments *continued***

The following table sets out the Group's financial assets and financial liabilities by level within the fair value hierarchy at the

reporting date:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
|  | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| *Figures in millions unless otherwise stated* | **Total** | **Level 1** | **Level 2** | **Level 3** | Total | Level 1 | Level 2 | Level 3 |
| **Financial assets measured at** <br>**fair value**<br>|  |  |  |  |  |  |  |  |
| Trade receivables from provisional copper <br>sales<br>| **31.0** | **—** | **31.0** | **—** | 16.5 |  | 16.5 |  |
| Investments – listed | **142.4** | **142.4** | **—** | **—** | 114.5 | 114.5 |  |  |
| Asanko contingent consideration  | **22.0** | **—** | **—** | **22.0** | 18.4 |  |  | 18.4 |
| Royalties - asset held for sale | **77.5** | **—** | **—** | **77.5** |  |  |  |  |
| **Financial assets not measured at fair** <br>**value**<br>|  |  |  |  |  |  |  |  |
| Environmental trust funds | **140.9** | **—** | **140.9** | **—** | 125.2 |  | 125.2 |  |
| Other investment  | **47.2** | **47.2** | **—** | **—** | 46.5 | 46.5 |  |  |
| Asanko deferred consideration | **28.1** | **—** | **28.1** | **—** | 49.5 |  | 49.5 |  |
| **Financial liabilities not measured** <br>**at fair value**<br>|  |  |  |  |  |  |  |  |
| Borrowings | **2806.3** | **1309.6** | **—** | **1496.7** | 2502.1 | 504.4 |  | 1997.7 |

---

Trade receivables from provisional copper sales

Valued using quoted market prices based on the forward London Metal Exchange ("LME") and, as such, is classified within level 2

of the fair value hierarchy.

Listed investments

Comprise equity investments in listed entities and are therefore valued using quoted market prices in active markets.

Royalties - asset held for sales

The royalties are measured at fair value. The fair value is based on the expected cash flows of the consideration receivable in

terms of the contract. Refer note 16 (b) for further details.

Asanko deferred and contingent considerations

The contingent consideration is measured at fair value and the deferred consideration is measured at amortised cost. The values

of the considerations are based on the expected cash flows of the consideration receivable. Refer note 15 for the key inputs used

in the valuations.

Environmental trust funds

The trust funds consist of term deposits in South Africa as well as secured cash deposits in Ghana. The environmental trust funds

are measured at amortised cost which approximates fair value based on the nature of the fund's underlying investments.

Other investments

Comprise listed bonds and unlisted investments and warrants that are measured at amortised cost which approximates fair value.

The fair value of the bonds is determined using quoted market prices in active markets.

Borrowings

The 10-year notes and 7-year notes (2024: the 5-year notes and the 10-year notes) are issued at a fixed interest rate. The fair

values of these notes are based on listed market prices and are classified within level 1 of the fair value hierarchy. The fair value of

the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method and market

related interest rates and are classified within level 3 of the fair value hierarchy.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-116** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**42. Risk management activities** 

In the normal course of its operations, the Group is exposed to commodity price, currency, interest rate, liquidity, equity price and

credit risk. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate

control and monitoring of these risks.

Controlling and managing risk in the Group

Gold Fields has policies in areas such as counterparty exposure, hedging practices and prudential limits which have been

approved by the Gold Fields' Board of Directors. Management of financial risk is centralised at Gold Fields' treasury department

("Treasury"), which acts as the interface between Gold Fields' operations and counterparty banks. Treasury manages financial risk

in accordance with the policies and procedures established by the Gold Fields' Board of Directors and Executive Committee.

Treasury activities are guided by the Treasury Framework as well as domestic and international financial market regulations.

The financial risk management objectives of the Group are defined as follows:

---

| | |
|:---|:---|
| Risk management objectives | Description |
| Credit risk |  |
| **Counterparty exposure** | The objective is to only deal with approved counterparts that are of a sound <br>financial standing. The Group is limited to a maximum investment of 2.5% of the <br>financial institutions' equity, which is dependent on the institutions' national credit <br>rating. The credit rating used is Fitch Ratings' short-term credit rating for financial <br>institutions.<br>|
| **Investment risk management** | The objective is to achieve optimal returns on surplus funds. |
| Liquidity risk |  |
| **Liquidity risk management** | The objective is to ensure that the Group is able to meet its short-term commitments <br>through the effective and efficient usage of credit facilities and cash resources.<br>|
| **Funding risk management** | The objective is to meet funding requirements timeously and at competitive rates by <br>adopting reliable liquidity management procedures.<br>|
| Market risk |  |
| **Currency risk management** | The objective is to manage the adverse effect of the currency fluctuations on the <br>Group's results.<br>|
| **Interest rate risk management** | The objective is to identify opportunities to prudently manage interest rate <br>exposures.<br>|
| **Commodity price risk management** | The Group's policy is to remain unhedged to the gold price. However, hedges are <br>sometimes undertaken as follows:<br>•to protect cash flows at times of significant expenditure;<br>•for specific debt servicing requirements; and<br>•to safeguard the viability of higher cost operations.<br>|
| Other risks |  |
| **Operational risk management** | The objective is to implement controls to adequately mitigate the risk of error and/or <br>fraud to an acceptable level.<br>|
| **Banking relations management** | The objective is to maintain relationships with credible financial institutions and <br>ensure that all contracts and agreements related to risk management activities are <br>coordinated and consistent throughout the Group and that they comply where <br>necessary with all relevant regulatory and statutory requirements.<br>|

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-117** | Gold Fields |

---

**42. Risk management activities *continued***

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its

contractual obligations, and arises principally from the Group's receivables from customers, cash and cash equivalents as well as

environmental trust funds.

The Group has reduced its credit exposure by dealing with a number of counterparties. The Group approves these counterparties

according to its risk management policy and ensures that they are of good credit quality.

The combined maximum credit risk exposure of the Group is as follows:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Trade and other receivables<sup>1</sup> | **161.8** | 172.5 |
| Asanko deferred and contingent considerations | **50.1** | 67.9 |
| Other investments | **47.2** | 46.5 |
| Cash and cash equivalents | **1779.2** | 860.2 |
| Environmental trust funds | **140.9** | 125.2 |
| Royalties - assets held for sale | **77.5** |  |

---

<sup>1</sup>*Trade and other receivables above exclude VAT, prepayments, payroll receivables and diesel rebates amounting to US$218.9 million (2024: US$165.3 million).* 

**Expected credit loss assessment for customers** 

The Group determines each exposure to credit risk based on data that is determined to be predictive of the risk of loss and past

experienced credit judgement.

**Trade and other receivables** 

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group also

considers other factors that might impact on the credit risk of its customer base including default risk and the country in which the

customer operates.

Impairment of trade receivables, carried at amortised cost, has been determined using the simplified expected credit loss ("ECL")

approach and reflects the short term maturities of the exposures. Gold and silver revenue is recognised at the same time as

receipt of the cash, except in certain cases where the cash is received one or two days after revenue recognition. In Peru, for the

sale of copper concentrate, 90% of the cash is received when the revenue is recognised and the remaining 10% cash is received

at the end of the quotational period.

Receivables due from the Ghana contractor were assessed using the simplified approach using the lifetime ECL. The ECL was

based on the Group's understanding of the financial position of the counterparty, including the consideration of their credit risk

grade. Refer note 13.1 for details.

**Concentration risk** 

At 31 December 2025, the exposure to credit risk for trade receivables by geographic region was as follows:

---

| | | |
|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **2025** | 2024 |
| Ghana | **49.7** | 38.4 |
| Australia | **—** | 83.4 |
| Chile | **52.2** | 1.5 |
| Peru | **31.0** | 16.5 |
| **Total trade receivables** | **132.9** | 139.8 |

---

**Asanko deferred and contingent considerations**

The deferred consideration was assessed at stage 1 in 2025. The ECL was assessed to be immaterial based on the Group's

understanding of the financial position of the counterparty, including the consideration of their credit risk grade. The contingent

consideration is measured at fair value. Refer note 15 for further details.

**Other investments**

Other investments are mainly held with reputable banks and financial institutions. The Group considers that its other investments

have low credit risk based on the external credit ratings of the counterparties.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-118** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**42. Risk management activities *continued***

**Cash and cash equivalents** 

The Group held cash and cash equivalents of US$1,779.2 million (2024: US$860.2 million).

The cash and cash equivalents are held with reputable banks and financial institutions. The loss allowance for cash and cash

equivalents is measured at an amount equal to the 12-month ECL. The Group considers that its cash and cash equivalents have

low credit risk based on the external credit ratings of the counterparties.

**Environmental trust funds** 

The Group held environmental trust funds of US$140.9 million (2024: US$125.2 million).

The environmental trust funds are held with reputable banks and financial institutions. The loss allowance for environmental trust

funds is measured at an amount equal to the 12-month ECL. The Group considers that its environmental trust funds have low

credit risk based on the external credit ratings of the counterparties with which the funds are deposited.

Concentration of credit risk on cash and cash equivalents and environmental trust funds is considered minimal due to the Group's

investment risk management and counterparty exposure risk management policies.

**Royalties - assets held for sale** 

The asset held for sale relating to royalties is measured at fair value, which approximates the contractual offer received. Refer

notes 16 (b) and 40 for further details.

Liquidity risk

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital

and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns while

ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group's normal and

contingency funding requirements.

The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including

interest payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **Within one year** | **Between one** <br>**and five years**<br>| **After five years** | **Total** |
| **2025** |  |  |  |  |
| Trade and other payables | **747.6** | **—** | **—** | **747.6** |
| Borrowings<sup>1</sup> |  |  |  |  |
| – US$ borrowings<sup>2</sup> |  |  |  |  |
| – Capital<sup>3,4</sup> | **—** | **553.8** | **750.0** | **1303.8** |
| – Interest | **77.4** | **253.5** | **60.2** | **391.1** |
| – C$ borrowings<sup>5</sup> |  |  |  |  |
| – Capital<sup>6</sup> | **—** | **430.1** | **—** | **430.1** |
| – Interest | **17.2** | **58.4** | **—** | **75.6** |
| – A$ borrowings<sup>7</sup> |  |  |  |  |
| – Capital<sup>8</sup> | **178.7** | **834.1** | **—** | **1012.8** |
| – Interest | **47.6** | **168.8** | **—** | **216.4** |
| Environmental rehabilitation costs<sup>9</sup> | **106.6** | **185.6** | **554.7** | **846.9** |
| Lease liabilities | **130.4** | **284.4** | **173.6** | **588.4** |
| South Deep dividend | **0.4** | **1.6** | **—** | **2.0** |
| **Total** | **1305.9** | **2770.3** | **1538.5** | **5614.7** |

---

<sup>1</sup>*Spot Rates: R16.56 = US$1.00, C$0.73 = US$1.00 and A$0.67 = US$1.00..*

<sup>2</sup>*US$ borrowings – Spot SOFR (one month fix) rate adjusted by specific facility agreement: 3.676% (one month fix).*

<sup>3</sup>*The capital amounts of the US$500 million 10-year notes issue and US$750 million 7-year notes issue in the table above represent the principal amounts to be repaid* 

*and differ from the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception.* 

<sup>4</sup>*The US$553.8 million comprises the US$500 million 10-year notes issue which matures on 15 May 2029 and US$53.8 million relating to the US$1,200 million multi-*

*currency revolving credit facility which matures in tranches in 2028 and 2029.*

<sup>5</sup>*C$ borrowings – Spot CORRA (one month fix) rate adjusted by specific facility agreement: 2.300%.*

<sup>6</sup>*The US$430.1 million relates to a portion of the US$1,200 million multi-currency revolving credit facility which matures in 2030.*

<sup>7</sup>*A$ borrowings – Spot BBSY (one month fix) rate adjusted by specific facility agreement: 3.600%.*

<sup>8</sup>*The US$834.1 million relates to the A$1,250 million multi-currency term loan facility which matures in 2030.*

<sup>9</sup>*Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows* 

*as it represents a future cash outflow (refer to note 29.1). In South Africa and Ghana, US$140.9 million of the environmental rehabilitation costs are funded through the* 

*environmental trust funds.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-119** | Gold Fields |

---

**42. Risk management activities *continued***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | **Within one year** | **Between** <br>**one and** <br>**five years**<br>| **After five years** | **Total** |
| **2024** |  |  |  |  |
| Trade and other payables | 545.6 |  |  | 545.6 |
| Borrowings<sup>1</sup> |  |  |  |  |
| – US$ borrowings<sup>2</sup> |  |  |  |  |
| – Capital<sup>3</sup> |  | 1282.5 |  | 1282.5 |
| – Interest | 76.9 | 250.9 |  | 327.8 |
| – C$ borrowings<sup>4</sup> |  |  |  |  |
| – Capital | 719.1 | 285.5 |  | 1004.6 |
| – Interest | 42.1 | 46.0 |  | 88.1 |
| – A$ borrowings<sup>5</sup> |  |  |  |  |
| – Capital |  | 210.6 |  | 210.6 |
| – Interest | 12.7 | 34.9 |  | 47.6 |
| Environmental rehabilitation costs<sup>4</sup> | 80.7 | 179.6 | 381.1 | 641.4 |
| Lease liabilities | 111.3 | 271.2 | 178.4 | 560.9 |
| South Deep dividend | 0.7 | 1.4 | 0.4 | 2.5 |
| **Total** | 1589.1 | 2562.6 | 559.9 | 4711.6 |

---

<sup>1</sup>*Spot Rates: 2024: R18.84 = US$1.00, C$0.70 = US$1.00 and A$0.62 = US$1.00.*

<sup>2</sup>*US$ borrowings – Spot SOFR (one month fix) rate adjusted by specific facility agreement: 4.332% (one month fix).*

<sup>3</sup>*The capital amounts of the US$500 million five-year notes issue and the US$500 million 10-year notes issue in the table above represent the principal amounts to be* 

*repaid and differ from the carrying values presented in the statement of financial position due to the unwinding of transaction costs capitalised at inception.* 

<sup>4</sup>*C$ borrowings – Spot CORRA (one month fix) rate adjusted by specific facility agreement: 3.279%.*

<sup>5</sup>*A$ borrowings – Spot BBSY (one month fix) rate adjusted by specific facility agreement: 4.273%.*

<sup>6</sup>*Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows* 

*as it represents a future cash outflow (refer to note 29.1). In South Africa and Ghana, US$125.2 million of the environmental rehabilitation costs are funded through the* 

*environmental trust funds.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-120** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**42. Risk management activities *continued***

Market risk

Gold Fields is exposed to market risks, including foreign currency, commodity price, equity securities price and interest rate risk

associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures,

Gold Fields may enter into derivative financial instruments to manage some of these exposures.

Outstanding hedges

At 31 December 2025 and 2024, there were no outstanding hedges.

Foreign currency sensitivity

**General and policy** 

In the ordinary course of business, Gold Fields enters into transactions, such as gold sales, denominated in foreign currencies,

primarily US Dollars. In addition, Gold Fields has investments and indebtedness in US Dollars, South African Rands, Australian

Dollars and Canadian Dollars.

Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.

Gold Fields' revenues and costs are very sensitive to the Australian Dollar/US Dollar and South African Rand/US Dollar exchange

rates because revenues are generated using a gold price denominated in US Dollars, while costs of the Australian and South

African operations are incurred principally in Australian Dollar and South African Rand, respectively. Depreciation of the Australian

Dollar and/or South African Rand against the US Dollar reduces Gold Fields' average costs when they are translated into

US Dollars, thereby increasing the operating margin of the Australian and/or South African operations. Conversely, appreciation

of the Australian Dollar and/or South African Rand results in Australian and/or South African operating costs increasing when

translated into US Dollars, resulting in lower operating margins. The impact on profitability of changes in the value of the

Australian Dollar and South African Rand against the US Dollar could be substantial.

The Windfall Projects costs are mainly denominated in Canadian Dollar. Depreciation or appreciation of the Canadian Dollar

against the US dollar will reduce or increase their costs when translating into US dollars.

Although this exposes Gold Fields to transaction and translation exposure from fluctuations in foreign currency exchange rates,

Gold Fields does not generally hedge its foreign currency exposure, although it may do so in specific circumstances, such as

financing projects or acquisitions. Also, Gold Fields on occasion undertakes currency hedging to take advantage of favourable

short-term fluctuations in exchange rates when management believes exchange rates are at unsustainable levels.

Currency risk only exists on account of financial instruments being denominated in a currency that is not the functional currency

and being of a monetary nature. The Group had no significant exposure to currency risk relating to financial instruments at

31 December 2025 and 31 December 2024. Differences resulting from the translation of financial statements into the Group's

presentation currency are not taken into account.

Commodity price hedging policy

**Gold, copper and silver**

The market prices of gold and to a lesser extent copper and silver have a significant effect on the results of operations of

Gold Fields, the ability of Gold Fields to pay dividends and undertake capital expenditures, and the market price of Gold Fields'

ordinary shares. Gold, copper and silver prices have historically fluctuated widely and are affected by numerous industry factors

over which Gold Fields does not have any control. The aggregate effect of these factors on the gold, copper and silver prices, all

of which are beyond the control of Gold Fields, is impossible for Gold Fields to predict.

**Oil** 

The market price of oil has a significant effect on the results of the offshore operations of Gold Fields. The offshore operations

consume large quantities of diesel in the running of their mining fleets. Oil prices have historically fluctuated widely and are

affected by numerous factors over which Gold Fields does not have any control.

Commodity price hedging experience

The Group's policy is to remain unhedged to the gold, silver and copper price. However, hedges are sometimes undertaken as

follows:

• to protect cash flows at times of significant expenditure;

• for specific debt servicing requirements; and

• to safeguard the viability of higher cost operations.

To the extent that it enters into commodity hedging arrangements, Gold Fields seeks to use different counterparty banks

consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related parties of,

Gold Fields.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-121** | Gold Fields |

---

**42. Risk management activities *continued***

IFRS 7 sensitivity analysis

IFRS 7 requires sensitivity analysis that shows the effects of reasonably possible changes of relevant risk variables on profit or

loss or shareholders' equity. The Group is exposed to commodity price, currency, interest rate and equity price risks. The effects

are determined by relating the reasonably possible change in the risk variable to the balance of financial instruments at reporting

date.

The amounts generated from the sensitivity analysis are estimates of market risks assuming certain adverse or favourable market

conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be

considered a projection of likely future events and gains/losses.

Equity securities price risk

The Group is exposed to equity securities price risk because of investments held by the Group which are designated at fair value

through OCI. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio.

Diversification of the portfolio is done in accordance with limits set by the Group.

The Group's equity investments are publicly traded and are listed on one of the following exchanges:

• JSE Limited;

• Toronto Stock Exchange; and

• Australian Stock Exchange.

The following table summarises the impact of increases/decreases of the equity prices of listed investments at fair value through

OCI on the Group's shareholders' equity. The analysis is based on the assumption that the share prices quoted on the exchange

have increased/decreased with all other variables held constant and the Group's investments moved according to the historical

correlation with the index.

---

| | | | |
|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| **Sensitivity to equity security price** | **(Decrease)/increase in equity price** | **(Decrease)/increase in equity price** | **(Decrease)/increase in equity price** |
| *Figures in millions unless otherwise stated* | **(10.0%)** | **(5.0%)** | **10.0%** |
| **2025** |  |  |  |
| (Decrease)/increase in OCI<sup>1</sup> | **(14.2)** | **(7.1)** | **14.2** |
| **2024** |  |  |  |
| (Decrease)/increase in OCI<sup>1</sup> | (11.5) | (5.7) | 11.5 |

---

<sup>1</sup>*Spot rate: R16.56 = US$1.00 (2024: R18.84 = US$1.00)*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-122** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**42. Risk management activities *continued***

Interest rate sensitivity

**General** 

As Gold Fields has no significant interest-bearing assets, the Group's income and operating cash flows are substantially

independent of changes in market interest rates. Gold Fields' interest rate risk arises from borrowings.

As of 31 December 2025, Gold Fields' borrowings amounted to US$2,738.2 million (2024: US$2,495.6 million). Gold Fields

generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific

circumstances.

**CDOR/CORRA developments** 

During 2024, Gold Fields either replaced or transitioned all the loan facilities using the Canadian Dollar Offered Rate ("CDOR") to

the Canadian Overnight Repo Rate Average ("CORRA"). This did not have a material impact on the Group's finance cost.

**JIBAR/ZARONIA developments** 

During 2025, the Group's R2,500 million ZAR revolving credit facilities were amended to incorporate the South African Rand

Overnight Index Average ("ZARONIA") rate-switch provisions in preparation for the planned cessation of the Johannesburg

Interbank Average Rate ("JIBAR") as a benchmark on 31 December 2026. This did not have a material impact on the Group's

finance cost.

**Interest rate sensitivity analysis** 

The portion of Gold Fields' interest-bearing borrowings at year-end that is exposed to interest rate fluctuations in the SOFR rate is

US$53.8 million (2024: SOFR/LIBOR rate US$782.5 million), CORRA rate is US$430.1 million (C$590.2 million) (2024: CORRA rate

US$1,004.6 million (C$1,444.9 million)) and BBSY rate is US$1,012.8 million (A$1,517.8 million) (2024: US$210.6 million (A$340.0

million). These borrowings are normally rolled for periods between one and three months and are therefore exposed to the rate

changes in this period. The remainder of the borrowings bear interest at a fixed rate.

The table below summarises the effect of a change in finance expense on the Group's profit or loss had SOFR, the Bank Bill Swap

Rate ("BBSY") and CORRA differed as indicated. The analysis is based on the assumption that the applicable interest rate

increased/decreased with all other variables held constant and is calculated on the weighted average borrowings for the year. All

financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity

analysis.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** | **United States Dollar** |
| **Sensitivity to interest rates** | **Change in interest expense for a nominal change in interest rates** | **Change in interest expense for a nominal change in interest rates** | **Change in interest expense for a nominal change in interest rates** | **Change in interest expense for a nominal change in interest rates** | **Change in interest expense for a nominal change in interest rates** |
| *Figures in millions unless otherwise stated* | **(1.5%)** | **(1.0%)** | **(0.5%)** | **1.0%** | **1.5%** |
| **2025** |  |  |  |  |  |
| Sensitivity to SOFR interest rates | **(9.0)** | **(6.0)** | **(3.0)** | **6.0** | **9.0** |
| Sensitivity to CORRA interest rates<sup>1</sup> | **(11.1)** | **(7.4)** | **(3.7)** | **7.4** | **11.1** |
| Sensitivity to BBSY interest rates<sup>1</sup> | **(2.6)** | **(1.7)** | **(0.9)** | **1.7** | **2.6** |
| **Change in finance expense** | **(22.7)** | **(15.1)** | **(7.6)** | **15.1** | **22.7** |
| **2024** |  |  |  |  |  |
| Sensitivity to SOFR interest rates | (6.3) | (4.2) | (2.1) | 4.2 | 6.3 |
| Sensitivity to CORRA interest rates<sup>1</sup> | (1.9) | (1.3) | (0.6) | 1.3 | 1.9 |
| Sensitivity to BBSY interest rates<sup>1</sup> | (0.3) | (0.2) | (0.1) | 0.2 | 0.3 |
| **Change in finance expense** | (8.5) | (5.7) | (2.8) | 5.7 | 8.5 |

---

<sup>1</sup>*Average rates: A$0.64= US$1.00 (2024: A$0.66 = US$1.00) and C$0.72 = US$1.00 (2024: C$0.73 = US$1.00).*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-123** | Gold Fields |

---

**43. Capital management** 

The primary objective of managing the Group's capital is to ensure that there is sufficient capital available to support the funding

requirements of the Group, including capital expenditure, in a way that:

• optimises the cost of capital

• maximises shareholders' returns, and

• ensures that the Group remains in a sound financial position.

There were no changes to the Group's overall capital management approach during the current year. The Group actively

manages its capital structure in response to maturing borrowings and funding requirements. This may include raising equity,

accessing bank or capital markets debt or utilising hybrid instruments, as appropriate. Market opportunities are also monitored

closely to ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt to adjusted EBITDA. The definition of adjusted EBITDA and net debt is

defined in the Group's facilities agreements. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest,

taxation, amortisation and depreciation and certain other non-operating costs. Net debt is defined as total borrowing plus lease

liabilities less cash and cash equivalents. The bank covenants on external borrowings require a net debt to adjusted EBITDA ratio

of 3.5 or below and adjusted EBITDA to net finance charges ratio of 4 or above and the ratios are measured based on amounts in

United States Dollar. The bank covenants compliance is assessed bi-annually at 30 June and 31 December. At the date of this

report, the Group was not in default under the terms of any of its outstanding credit facilities.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **United States Dollar** | **United States Dollar** |
| *Figures in millions unless otherwise stated* | Notes | **2025** | 2024 |
| Total borrowings | 28 | **2738.2** | 2495.6 |
| *Add:* Lease liability | 37 | **483.0** | 450.2 |
| *Less:* Cash and cash equivalents | 25 | **1779.2** | 860.2 |
| Net debt |  | **1442.0** | 2085.6 |
| Adjusted EBITDA |  | **5637.4** | 2847.4 |
| Net finance charges |  | **136.5** | 127.3 |
| Net debt to adjusted EBITDA ratio |  | **0.26** | 0.73 |
| Adjusted EBITDA to net finance charges ratio |  | **41.3** | 22.4 |
| **Reconciliation of profit for the year to adjusted EBITDA:** |  |  |  |
| **Profit for the year from continuing operations** |  | **3645.4** | 1290.5 |
| Mining and income taxation | 11 | **1649.2** | 697.1 |
| Royalties | 10 | **231.9** | 147.7 |
| Finance expense | 4 | **120.7** | 50.4 |
| Investment income | 3 | **(53.3)** | (28.7) |
| Foreign exchange (gain)/loss |  | **(6.6)** | 6.6 |
| Amortisation and depreciation | 2 | **920.4** | 627.4 |
| Share-based payments | 6 | **25.4** | 4.4 |
| Long-term incentive plan | 30 | **43.2** | 14.5 |
| Restructuring costs | 9 | **10.3** | 6.6 |
| Silicosis settlement costs | 29.2 | **0.7** | (0.3) |
| Reversal of impairment of assets, net of impairment | 8 | **(281.3)** | 3.5 |
| Profit on disposal of assets |  | **(1.1)** | (0.6) |
| Share of results of equity accounted investees, net of taxation | 19 | **2.3** | 53.6 |
| Gain on financial instruments, net | 5 | **(58.1)** |  |
| Gain on remeasurement of 50% previously held interest in Gruyere | 18.3 | **(808.2)** |  |
| Transaction costs on acquisition of Gold Road | 18.3 | **51.4** |  |
| Profit on disposal of asset held for sale - Asanko Gold | 15 | **—** | (5.6) |
| Profit on disposal of assets held for sale - Rusoro | 16 (c) | **—** | (62.3) |
| Gruyere rainfall event | 9 | **(6.0)** | 12.0 |
| Rehabilitation expense/(income) | 9 | **43.6** | (1.2) |
| Ghana expected credit loss | 14.1 | **66.0** |  |
| Other<sup>1</sup> |  | **41.5** | 31.8 |
| **Adjusted EBITDA** |  | **5637.4** | 2847.4 |

---

<sup>1</sup>*Based on information underlying the audited consolidated annual financial statements of Gold Fields Limited for the year ended 31 December 2025 and 2024.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-124** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**44. Related parties** 

(a)Subsidiaries, associates and joint ventures

The subsidiaries, associates and joint ventures of the Company are disclosed in note 46.

All transactions and balances with these related parties have been eliminated in accordance with and to the extent

required by IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IAS 28 Investments in Associates

and Joint Ventures.

(b)Key management remuneration

Key management personnel include Executive Directors and prescribed officers ("Executive Committee"). The total key

management remuneration amounted to US$17.3 million (2024: US$13.2 million) for 2025.

The details of key management personnel, including remuneration and participation in the Gold Fields Limited share

scheme and LTIP are disclosed in note 44 (c).

(c)Directors' and prescribed officers' remuneration

None of the Directors and officers of Gold Fields or, to the knowledge of Gold Fields, their families, had any interest,

direct or indirect, in any transaction during the last three fiscal periods or in any proposed transaction which has affected

or will materially affect Gold Fields or its investment interests or subsidiaries.

None of the Directors or officers of Gold Fields or any associate of such Director or officer is currently or has been at any

time during the past three fiscal periods indebted to Gold Fields.

At 31 December 2025, the Executive Committee and Non-executive Directors' beneficial interest in the issued and listed

stated capital of the Company was nil% (2024: 0.1% and 2023: 0.1%). No one Director's interest individually exceeds 1% of

the issued stated capital or voting control of the Company.

**Non-executive Directors ("NEDs")** 

NEDs' fees reflect their services as Directors and services on various subcommittees on which they serve.

NEDs do not participate in any of the short- or long-term incentive plans and there are no arrangements in place for

compensation to be awarded in the case of loss of office.

The Remuneration Committee seeks to align NEDs' fees to the median of an appropriate peer group and reviews fee

structures for NEDs on an annual basis. Approval is sought from shareholders at the Annual General Meeting after

recommendation by the Board.

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-125** | Gold Fields |

---

**44. Related parties *continued***

The following table summarises the remuneration for NEDs for the years ended 31 December 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Directors**<br>**Fees**<br>**US$'000**<br>| **Board fees**<br>**Committee**<br>**Fees**<br>**US$'000**<br>| **Total**<br>**US$'000**<br>|
| **Current directors** |  |  |  |
| Y Suleman<sup>1</sup> | **258.0** | **—** | **258.0** |
| J McGill<sup>2</sup> | **138.2** | **29.6** | **167.8** |
| T Goodlace | **93.6** | **60.8** | **154.4** |
| A Andani<sup>3</sup> | **93.6** | **68.0** | **161.6** |
| P Sibiya<sup>4</sup> | **93.6** | **76.0** | **169.6** |
| C Bitar<sup>5</sup> | **93.6** | **57.8** | **151.4** |
| C Smit<sup>6</sup> | **93.6** | **62.0** | **155.6** |
| Z Bassa<sup>7</sup> | **93.6** | **62.1** | **155.7** |
| S McCrae | **93.6** | **53.3** | **146.9** |
| J MacKenzie<sup>8</sup> | **39.6** | **4.5** | **44.1** |
| M Rawlinson<sup>9</sup> | **39.6** | **4.9** | **44.5** |
| **Exited directors** |  |  |  |
| S Reid<sup>10</sup> | **67.1** | **—** | **67.1** |
| P Bacchus<sup>11</sup> | **37.4** | **34.3** | **71.7** |
| **Total - 2025** | **1235.1** | **513.3** | **1748.4** |
| Y Suleman | 232.0 |  | 232.0 |
| J McGill | 91.4 | 72.3 | 163.7 |
| T Goodlace | 81.2 | 52.6 | 133.8 |
| A Andani<sup>3</sup> | 91.4 | 81.0 | 172.4 |
| P Sibiya | 81.2 | 63.3 | 144.5 |
| C Bitar | 91.4 | 52.0 | 143.4 |
| C Smit | 81.2 | 52.9 | 134.1 |
| Z Bassa | 37.7 | 10.3 | 48.0 |
| S McCrae | 37.7 | 4.3 | 42.0 |
| S Reid<sup>10</sup> | 151.0 |  | 151.0 |
| P Bacchus | 91.4 | 90.6 | 182.0 |
| **Total - 2024** | 1067.6 | 479.3 | 1546.9 |

---

<sup>1</sup>*Y Suleman receives an all-inclusive fee as Chairperson of the Board.*

<sup>2</sup>*J McGill elected as the Lead Independent Director and Chair of the Remuneration Committee effective 29 May 2025. Retired as Chair and member of the Social and* 

*Ethics Committee. Receives an all-inclusive fee from 29 May 2025.*

<sup>3</sup>*A Andani's term on the Audit Committee concluded on 29 May 2025. In addition to the fees disclosed above, A Andani received subsidiary board fees in 2025 for* 

*serving on the Gold Fields Ghana Limited and Abosso Goldfields Limited board amounting to US$86,630 (2024: US$81,460). The fees for these subsidiary boards are* 

*not determined by Gold Fields.* 

<sup>4</sup>*PG Sibiya retired from the Social and Ethics Committee effective 29 May 2025.*

<sup>5</sup>*M Bitar elected as Chair of the Social and Ethics Committee effective 29 May 2025.*

<sup>6</sup>*C Smit elected as Chair of the Strategy and Investment Committee and member of the SET Committee and retired from the Technical Committee, all effective 29 May* 

*2025.* <sup>7</sup>*Z Bassa elected as Chair of the Risk Committee effective 29 May 2025.*

<sup>8</sup>*J MacKenzie appointed as Non-Executive Director to the Board with effective from 1 August 2025. Appointed to the Nomination and Governance Committee, Safety,* 

*Health and Sustainable Development Committee, Strategy and Investment Committee and Technical Committee effective 1 December 2025.*

<sup>9</sup>*M Rawlinson appointed as Non-Executive Director to the Board with effective from 1 August 2025. Appointed to the Audit Committee, Remuneration Committee, Strategy* 

*and Investment Committee, and Technical Committee effective 1 December 2025.*

<sup>10</sup>*S Reid retired as Director, Lead Independent Director and Chair of the Remuneration Committee effective 29 May 2025. Resigned as Non-Executive Director of the* 

*Managing Board of the Gold Fields Netherlands Services B.V and Gold Fields Orogen Holding (BVI) Limited effective 31 March 2025. In addition to the fees disclosed* 

*above, S Reid received subsidiary board fees until resignation effective 31 March 2025 amounting to US$9,360 (2024: US$34,400).*

<sup>11</sup>*P Bacchus retired as Director and Chair of the Risk Committee and the Strategy and Investment Committee effective 29 May 2025.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-126** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**44. Related parties *continued***

Executive Committee

The following table summarises the remuneration for Executive Directors and prescribed officers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Salary**<sup>1</sup><br>**US$'000**<br>| **Pension fund**<br>**contribution**<br>**US$'000**<br>| **Cash**<br>**incentive**<sup>2</sup><br>**US$'000**<br>| **Other**<sup>3</sup><br>**US$'000**<br>| **Share-based**<br>**payment**<br>**expense**<sup>4</sup><br>**US$'000**<br>| **Total**<br>**US$'000**<br>|
| **2025** |  |  |  |  |  |  |
| **Executive directors** |  |  |  |  |  |  |
| M Fraser | **1113.1** | **28.8** | **1600.1** | **0.2** | **1085.2** | **3827.4** |
| A Dall<sup>5</sup> | **404.7** | **21.8** | **478.4** | **8.3** | **264.4** | **1177.6** |
|  | **1517.8** | **50.6** | **2078.5** | **8.5** | **1349.6** | **5005.0** |
| **Prescribed officers** |  |  |  |  |  |  |
| K Carter | **513.5** | **26.6** | **517.4** | **1.0** | **650.4** | **1708.9** |
| J Magagula | **317.2** | **55.7** | **417.3** | **—** | **375.6** | **1165.8** |
| M Steyn<sup>6</sup> | **525.7** | **26.6** | **642.9** | **115.4** | **304.6** | **1615.2** |
| C Gratias | **478.7** | **18.3** | **608.6** | **0.2** | **326.4** | **1432.2** |
| G Lotz<sup>7</sup> | **54.1** | **9.6** | **163.5** | **12.7** | **206.2** | **446.1** |
| F Swanepoel<sup>8</sup> | **575.3** | **26.6** | **649.0** | **39.1** | **423.9** | **1713.9** |
| J Sander<sup>9</sup> | **110.7** | **18.7** | **259.2** | **22.3** | **117.3** | **528.2** |
| M Preece<sup>10</sup> | **452.2** | **22.1** | **530.1** | **276.6** | **381.2** | **1662.2** |
| L Rivera<sup>11</sup> | **379.7** | **154.2** | **—** | **1262.9** | **221.6** | **2018.4** |
|  | **3407.1** | **358.4** | **3788.0** | **1730.2** | **3007.2** | **12290.9** |
| **Total - 2025** | **4924.9** | **409.0** | **5866.5** | **1738.7** | **4356.8** | **17295.9** |

---

<sup>1</sup>*The total US$ amounts paid for 2025 and included in salary were as follows: M Fraser US$324,480, C Gratias US$161,200 and A Dall US$150,000.*

<sup>2</sup>*The annual bonuses for the year ended 31 December 2025 were paid in February/March 2026.*

<sup>3</sup>*Other payments include business related reimbursements, leave encashment, long-service awards, acting allowances, retention bonuses, termination payments where* 

*applicable and any legislated payments.*

<sup>4</sup>*The share-based payment expense is calculated in terms of IFRS Accounting Standards and is not the cash amounts paid.* 

<sup>5</sup>*A Dall assumed the interim CFO role on 1 May 2024 and was appointed permanent CFO on 1 March 2025. The amount disclosed under "Other" reflects the acting* 

*allowance paid in January and February 2025, calculated at 20% of total fixed remuneration during the acting period.*

<sup>6</sup>*In addition to a local inflationary increase of 3.7% in 2025, M Steyn's base salary increased from A$642,940 to A$771,528 following her appointment as EVP: People and* 

*Sustainability and assumption of a dual executive portfolio, effective 1 April 2025.*

*M Steyn was appointed as EVP Sustainability effective 1 June 2024. Other payments include a second instalment amounting to A$178,571 relating to the total 2024 sign-*

*on payment of A$1.2 million payable over three annual instalments.*

<sup>7</sup> *G Lotz received an acting allowance of 20% of total fixed remuneration up to 31 March 2025 while serving as Acting EVP: People, which is reflected under "Other".*

<sup>8</sup>*In addition to a local inflationary increase of 3.7% in 2025, F Swanepoel's base salary increased from A$782,653 to A$900,051 following his appointment as Chief* 

*Operating Officer, effective 1 September 2025.*

*During 2025, F Swanepoel assumed responsibility for the South America asset portfolio in addition to his executive duties, requiring frequent travel between Australia* 

*and South America. The Board approved an exertion allowance of A$60,607, which is reflected under "Other".*

<sup>9</sup>*J Sander assumed the role of Acting Chief Technical Officer on 1 September 2025 and received an acting allowance as part of the 2025 reporting year, which is* 

*reflected under "Other".*

<sup>10</sup>*M Preece retired on 31 August 2025. His 2025 STI and LTI vesting were prorated to the retirement date. Payments for accrued annual leave are included under "Other".*

<sup>11</sup>*L Rivera separated from the Company on 31 March 2025 through mutual agreement. Payments included under "Other" comprise accrued annual leave and statutory* 

*severance in accordance with Peruvian legislation. No STI was payable under the Group's policy. LTI vesting was prorated to the termination date.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-127** | Gold Fields |

---

**44. Related parties *continued***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Salary<sup>1</sup><br>US$'000<br>| Pension fund<br>contribution<br>US$'000<br>| Cash<br>incentive<sup>2</sup><br>US$'000<br>| Other<sup>3</sup><br>US$'000<br>| Share-based<br>payment<br>expense<sup>4</sup><br>US$'000<br>| Total<br>US$'000<br>|
| **2024** |  |  |  |  |  |  |
| **Executive directors** |  |  |  |  |  |  |
| M Fraser<sup>5</sup> | 943.1 | 26.8 | 335.4 |  | 401.9 | 1707.2 |
| P Schmidt<sup>6</sup> | 311.5 | 25.4 | 113.2 | 23.4 | (180.8) | 292.7 |
|  | 1254.6 | 52.2 | 448.6 | 23.4 | 221.1 | 1999.9 |
| **Prescribed officers** |  |  |  |  |  |  |
| A Dall<sup>7</sup> | 117.1 | 17.5 | 61.4 | 28.7 |  | 224.7 |
| M Preece<sup>8</sup> | 628.1 | 30.7 | 202.3 | 0.9 | 561.2 | 1423.2 |
| B Mokoatle | 297.5 | 80.5 | 112.3 | 0.5 | 166.6 | 657.4 |
| L Rivera<sup>9</sup> | 839.6 | 202.4 |  | 520.5 | 415.6 | 1978.1 |
| N Chohan<sup>10</sup> | 218.2 | 33.6 | 77.6 | 64.2 | (35.0) | 358.6 |
| S Mathews<sup>11</sup> | 104.2 | 6.0 | 46.2 | 30.0 | (241.5) | (55.1) |
| R Bardien<sup>12</sup> | 23.2 | 3.2 |  | 388.9 | (211.4) | 203.9 |
| J Mortoti<sup>13</sup> | 360.7 | 55.9 |  | 1113.7 | (152.0) | 1378.3 |
| K Carter | 497.9 | 26.2 | 139.1 | 8.3 | 277.5 | 949.0 |
| J Magagula | 293.0 | 50.7 | 105.5 |  | 224.2 | 673.4 |
| M Steyn<sup>14</sup> | 305.1 | 15.6 | 72.6 | 442.6 | 89.8 | 925.7 |
| C Gratias<sup>15</sup> | 134.3 | 6.5 | 47.2 | 598.0 |  | 786.0 |
| G Lotz<sup>16</sup> | 205.0 | 36.1 | 73.0 | 58.0 | 53.6 | 425.7 |
| J Ricciardone<sup>17</sup> | 221.8 | 17.2 | 102.0 | 31.0 |  | 372.0 |
| F Swanepoel | 535.1 | 26.2 | 151.1 | 42.0 | 185.1 | 939.5 |
|  | 4780.8 | 608.3 | 1190.3 | 3327.3 | 1333.7 | 11240.4 |
| **Total - 2024** | 6035.4 | 660.5 | 1638.9 | 3350.7 | 1554.8 | 13240.3 |

---

<sup>1</sup>*The total US$ amounts paid for 2024 and included in salary were as follows: M Frazer $312,000, C Gratias $46,746 and P Schmidt US$74,067..*

<sup>2</sup>*The annual bonuses for the year ended 31 December 2024 were paid in February/March 2025.*

<sup>3</sup>*Other payments include business related reimbursements, leave encashment, long-service awards, acting allowances, sign-on bonuses, termination payments where* 

*applicable and any legislated payments.*

<sup>4</sup>*The share-based payment expense is calculated in terms of IFRS Accounting Standards and is not the cash amounts paid.* 

<sup>5</sup>*M Fraser was appointed as Chief Executive Officer effective 1 January 2024.*

<sup>6</sup>*P Schmidt retired at 30 June 2024. His cash incentive and share-based payment expense are pro-rated up to the date of retirement.*

<sup>7</sup>*A Dall stepped into the interim CFO position on 1 May 2024 and received an acting allowance of 20% of total fixed remuneration for the 2024 reporting period reflected* 

*under "Other".*

<sup>8</sup>*M Preece was appointed as Chief Operating Officer effective 15 March 2024.* 

<sup>9</sup>*Other payments for 2025 include advance payment of portion of estimated Peru Utilidades.*

<sup>10</sup>*N Chohan retired at 31 August 2024. His cash incentive and share-based payment expense are pro-rated up to the date of retirement.*

<sup>11</sup>*S Mathews retired at 31 March 2024. His cash incentive and share-based payment expense are pro-rated up to the date of retirement.*

<sup>12</sup>*R Bardien exited at 31 January 2024 through mutual separation. Other payments include accrued annual leave, payment in lieu of six months notice and pro-rated bonus* 

*for the 2023 financial year.*

<sup>13</sup>*J Mortoti exited at 30 June 2024 due to redundancy. Other payments include accrued annual leave, payment in lieu of six months notice and a redundancy payment in* 

*line with Ghana legislation.*

<sup>14</sup>*M Steyn was appointed as EVP Sustainability effective 1 June 2024. Other payments include a sign-on payment of A$1.2 million paid over three annual instalments.*

<sup>15</sup>*C Gratias was appointed as EVP Strategy and Corporate Development effective 1 August 2024. Other payments include a relocation and sign-on payment of* 

*R7.4 million, as well as reimbursements for personal expenditure associated with relocation and immigration requirements. Upon appointment, he acquired and* 

*committed 20,000 Gold Fields American Depository Receipts and met his required MSR target of 100% of annual salary.* 

<sup>16</sup> *G Lotz stepped into the Acting EVP People and Organisational Effectiveness position on 13 October 2023. He received an acting allowance of 20% of total fixed* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*remuneration for a portion of the 2023 reporting year and the 2024 reporting period which is reflected under "Other".*

<sup>17</sup> *J Ricciardone stepped into the Acting EVP Strategy, Planning and Corporate Development position on 1 April 2023. He received an acting allowance of 15% of total fixed* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*remuneration for a portion of the 2023 reporting year and the 2024 reporting period which is reflected under "Other".*

![GFI 20F & AR 2025 page grid horizontal.jpg](gfi-20251231_g136.jpg)

---

| | |
|:---|:---|
| **AFR-128** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**45. Segmental report** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **South Africa** | **Ghana** | **Ghana** | **Peru** | **Chile** | **Australia** | **Australia** | **Australia** | **Australia** |  |  |  |
| *Figures in millions unless otherwise stated* | **South Deep**<sup>1</sup> | **Tarkwa** | **Damang** | **Cerro Corona** | **Salares Norte**<sup>2</sup> | **St Ives** | **Agnew** | **Granny Smith** | **Gruyere** | **Total Australia** | **Corporate**<sup>3</sup> | **Group** |
| **INCOME STATEMENT for the year ended 31 December 2025** | **INCOME STATEMENT for the year ended 31 December 2025** | **INCOME STATEMENT for the year ended 31 December 2025** | **INCOME STATEMENT for the year ended 31 December 2025** |  |  |  |  |  |  |  |  |  |
| Revenue<sup>6</sup> | 1065.9 | 1642.6 | 333.1 | 596.7 | 1421.4 | 1278.4 | 836.5 | 914.2 | 662.6 | 3691.7 |  | **8751.3** |
| Cost of sales | (476.7) | (744.4) | (237.6) | (253.2) | (354.2) | (564.8) | (325.7) | (309.7) | (371.0) | (1571.2) | (43.8) | **(3680.8)** |
| Cost of sales before gold inventory change <br>and amortisation and depreciation<br>| (402.4) | (490.5) | (187.4) | (241.3) | (258.5) | (440.7) | (253.4) | (243.9) | (181.3) | (1119.3) |  | **(2699.1)** |
| - Salaries and wages | (132.2) | (62.5) | (19.8) | (58.1) | (37.2) | (57.2) | (44.4) | (73.9) | (18.4) | (193.9) |  | **(503.6)** |
| - Consumable stores | (116.5) | (101.4) | (37.3) | (29.4) | (33.6) | (44.8) | (23.1) | (32.9) | (26.9) | (127.7) |  | **(445.9)** |
| - Utilities | (52.1) | (25.2) | (15.4) | (14.4) | (2.3) | (29.1) | (8.4) | (18.8) | (20.8) | (77.1) |  | **(186.7)** |
| - Mine and other contractors | (55.0) | (254.0) | (98.4) | (107.7) | (88.9) | (208.1) | (102.8) | (36.4) | (45.3) | (392.6) |  | **(996.7)** |
| - Other | (46.6) | (47.5) | (16.5) | (31.6) | (96.5) | (101.4) | (74.8) | (81.9) | (69.9) | (328.0) |  | **(566.2)** |
| Gold inventory change | 4.1 | (116.7) | (23.5) | 47.7 | 62.8 | 14.3 | (0.8) | 5.3 | (54.5) | (35.7) |  | **(61.3)** |
| Amortisation and depreciation | (78.4) | (137.2) | (26.7) | (59.6) | (158.5) | (138.4) | (71.5) | (71.1) | (135.2) | (416.2) | (43.8) | **(920.4)** |
| Other (costs)/income<sup>4</sup> | (5.1) | (14.7) | (25.5) | (4.2) | 4.3 | (1.6) | (23.8) | (13.3) | (6.3) | (45.0) | (40.3) | **(130.5)** |
| Investment income | 10.6 | 5.8 | 0.7 |  | 5.0 | 1.7 | 0.9 | 0.8 | 1.3 | 4.7 | 26.5 | **53.3** |
| Finance expense | (1.1) | (14.7) | (4.0) | (9.7) | (23.3) | (6.0) | (5.5) | (3.6) | (9.6) | (24.7) | (43.2) | **(120.7)** |
| Gain on financial instrument, net |  |  |  | 77.5 |  |  |  |  |  |  | (19.4) | **58.1** |
| Share-based payments | (3.2) | (2.5) |  | (2.1) | (1.4) | (1.9) | (1.4) | (1.6) | (1.0) | (5.9) | (10.3) | **(25.4)** |
| Long-term incentive plan | (7.2) | (5.5) | (0.1) | (5.3) | (2.5) | (3.5) | (1.9) | (3.5) | (1.0) | (9.9) | (12.7) | **(43.2)** |
| Exploration expense |  |  |  | (10.5) | (20.1) | (26.0) | (19.6) | (5.9) |  | (51.5) | (215.7) | **(297.8)** |
| Reversal of impairment of assets, net <br>Impairment<br>| 158.1 |  |  |  | (3.8) |  |  |  |  |  | 127.0 | **281.3** |
| Restructuring costs |  | (8.7) | (1.6) |  |  |  |  |  |  |  |  | **(10.3)** |
| Ghana expected credit loss |  | (66.0) |  |  |  |  |  |  |  |  |  | **(66.0)** |
| Gain on remeasurement of 50% previously <br>held interest in Gruyere<br>|  |  |  |  |  |  |  |  | 808.2 | 808.2 |  | **808.2** |
| Transaction costs on acquisition of Gold <br>Road<br>|  |  |  |  |  |  |  |  |  |  | (51.4) | **(51.4)** |
| Silicosis settlement costs |  |  |  |  |  |  |  |  |  |  | (0.7) | **(0.7)** |
| Profit/(loss) on disposal of assets | 1.1 |  |  | (0.2) |  |  |  | 0.2 |  | 0.2 |  | **1.1** |
| Royalties<sup>5</sup> | (25.2) | (82.1) | (16.7) | (15.9) |  |  |  |  |  | (92.0) |  | **(231.9)** |
| Mining and income tax<sup>5</sup> | (210.3) | (254.1) | (21.4) | (134.6) | (344.3) |  |  |  |  | (571.6) | (112.9) | **(1649.2)** |
| Current taxation | (0.5) | (217.3) | (24.7) | (94.8) | (63.2) |  |  |  |  | (548.0) | (31.7) | **(980.2)** |
| Deferred taxation | (209.8) | (36.8) | 3.3 | (39.8) | (281.1) |  |  |  |  | (23.6) | (81.2) | **(669.0)** |
| **Profit/(loss) for the year** | 506.8 | 455.6 | 26.9 | 238.6 | 681.1 |  |  |  |  | 2133.0 | (396.9) | **3645.5** |
| **Profit/(loss) attributable to:** |  |  |  |  |  |  |  |  |  |  |  |  |
| – Owners of the parent | 478.2 | 410.0 | 24.2 | 237.5 | 681.1 |  |  |  |  | 2133.0 | (396.9) | **3567.5** |
| – Non-controlling interest holders | 28.6 | 45.6 | 2.7 | 1.1 |  |  |  |  |  |  |  | **78.0** |
| **STATEMENT OF FINANCIAL POSITION at 31 December 2025** | **STATEMENT OF FINANCIAL POSITION at 31 December 2025** | **STATEMENT OF FINANCIAL POSITION at 31 December 2025** |  |  |  |  |  |  |  |  |  |  |
| Total assets (excluding deferred taxation) | 1391.8 | 1737.1 | 166.8 | 787.2 | 2393.0 | 1570.0 | 843.9 | 1267.4 | 3514.9 | 7196.2 | 1514.9 | **15187.0** |
| Total liabilities (excluding deferred taxation) | 118.7 | 323.2 | 116.5 | 351.8 | 893.7 | 227.8 | 173.0 | 130.7 | 265.7 | 797.2 | 2550.0 | **5151.1** |
| Net deferred taxation (assets)/liabilities | 320.5 | 226.8 | (10.1) | (19.8) | 195.4 |  |  |  |  | 586.9 | 63.8 | **1363.5** |
| **Capital expenditure**<sup>7</sup> | 128.2 | 248.7 | (3.7) | 45.6 | 293.2 | 281.4 | 85.8 | 122.1 | 157.4 | 646.7 | 39.8 | **1398.5** |

---

*The above is a geographical analysis presented by location of assets. The Group's operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside* 

*South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South* 

*Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere, in Peru, the Cerro Corona mine and in Chile, Salares Norte. During 2025, Gold Fields acquired 100% of the share capital of Gold Road* 

*and the transaction was accounted for as a business combination (Refer note 18.3). The Group has exploration interests which are included in the "Corporate" segment. Refer to accounting policies on segment reporting on page 68.*

*Figures may not add as they are rounded independently.*

<sup>1</sup>*The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep.* 

*South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.*

<sup>2</sup>*Salares Norte reached commercial levels of production on 31 August 2025.*

<sup>3</sup>*"Corporate" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests. This does not* 

*represent a separate segment as it does not generate revenue. Included in "Corporate" is the adjustment made in respect of the purchase price allocation of South Deep.*

<sup>4</sup>*Other costs "Corporate and other" comprise share of losses of equity-accounted investees, net of taxation of US$2.3 million, Gruyere rainfall event reversal of costs of US$6.0 million and the balance of US$44.0 million expenses which* 

*consists mainly of corporate related costs.*

<sup>5</sup>*The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.*

<sup>6</sup>*Includes revenue from the sale of copper and silver amounting to US$228.1 million and US$116.7 million, respectively.*

<sup>7</sup>*Capital expenditure for the year ended 31 December 2025.*

![GFI 20F & AR 2025 page grid horizontal.jpg](gfi-20251231_g136.jpg)

---

| | |
|:---|:---|
| **AFR-129** | Gold Fields |

---

**45. Segmental report *continued***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | South Africa | Ghana | Ghana | Peru | Chile | Australia | Australia | Australia | Australia |  |  | Group  |
| *Figures in millions unless otherwise stated* | South Deep<sup>1</sup> | Tarkwa | Damang | Cerro Corona | Salares Norte | St Ives | Agnew | Granny Smith | Gruyere | Total Australia | Corporate<sup>2,3</sup> | Group  |
| **INCOME STATEMENT for the year ended 31 December 2024** | **INCOME STATEMENT for the year ended 31 December 2024** | **INCOME STATEMENT for the year ended 31 December 2024** | **INCOME STATEMENT for the year ended 31 December 2024** |  |  |  |  |  |  |  |  |  |
| Revenue<sup>6</sup> | 646.4 | 1301.9 | 323.5 | 410.8 | 93.6 | 825.0 | 562.1 | 688.8 | 348.9 | 2424.8 |  | **5201.6** |
| Cost of sales | (419.7) | (641.4) | (269.9) | (250.6) | (26.8) | (438.1) | (291.2) | (302.2) | (188.3) | (1219.8) | (15.5) | **(2843.7)** |
| Cost of sales before gold inventory change and <br>amortisation and depreciation<br>| (356.4) | (519.7) | (132.8) | (226.7) | (43.1) | (358.3) | (222.9) | (235.0) | (107.4) | (923.6) | **—** | **(2202.3)** |
| - Salaries and wages | (112.3) | (54.6) | (19.9) | (47.1) | (4.1) | (40.4) | (43.8) | (71.7) | (11.5) | (167.4) |  | **(405.4)** |
| - Consumable stores | (112.9) | (93.7) | (41.0) | (30.8) | (9.2) | (32.8) | (21.4) | (32.4) | (17.9) | (104.5) |  | **(392.2)** |
| - Utilities | (41.5) | (23.8) | (20.9) | (13.9) |  | (29.1) | (6.4) | (19.8) | (13.1) | (68.4) |  | **(168.4)** |
| - Mine and other contractors | (49.3) | (308.8) | (32.6) | (107.9) | (20.4) | (171.9) | (96.5) | (40.2) | (24.0) | (332.6) |  | **(851.5)** |
| - Other | (40.4) | (38.8) | (18.4) | (27.0) | (9.4) | (84.1) | (54.8) | (70.9) | (40.9) | (250.7) |  | **(384.8)** |
| Gold inventory change | (1.7) | 13.1 | (105.3) | 35.5 | 60.9 | (16.7) | 3.2 | 3.0 | (6.0) | (16.5) |  | **(14.0)** |
| Amortisation and depreciation | (61.6) | (134.8) | (31.8) | (59.4) | (44.6) | (63.1) | (71.5) | (70.2) | (74.9) | (279.7) | (15.5) | **(627.4)** |
| Other (costs)/income<sup>4</sup> | (3.9) | (8.9) | (2.1) | (7.6) | (2.8) | (25.0) | (1.2) | 1.6 | (1.1) | (25.7) | (91.3) | **(142.3)** |
| Investment income | 5.1 | 2.8 | 0.3 |  | 1.3 | 1.4 | 0.7 | 0.6 | 1.0 | 3.7 | 15.5 | **28.7** |
| Finance expense | (1.0) | (14.6) | (4.2) | (15.1) | (1.8) | (6.3) | (5.7) | (4.1) | (9.8) | (25.9) | 12.2 | **(50.4)** |
| Share-based payments | (0.1) | (0.4) |  | (1.2) |  | (0.5) | (0.3) | (0.4) | (0.3) | (1.5) | (1.2) | **(4.4)** |
| Long-term incentive plan | (2.9) | (2.8) | 1.0 | (2.2) | (0.2) | (2.2) | (0.9) | (2.2) | (0.7) | (6.0) | (1.4) | **(14.5)** |
| Exploration expense |  | (3.0) |  | (6.9) | (16.1) | (19.6) | (11.0) | (3.1) | (1.9) | (35.6) | (36.8) | **(98.4)** |
| Restructuring costs | (0.1) | (3.6) | (0.4) |  |  |  |  |  |  |  | (2.5) | **(6.6)** |
| Silicosis settlement costs |  |  |  |  |  |  |  |  |  |  | 0.3 | **0.3** |
| Impairment of investments and assets |  |  |  | (3.5) |  |  |  |  |  |  | **—** | **(3.5)** |
| Profit on disposal of Rusoro |  |  |  |  |  |  |  |  |  |  | 62.3 | **62.3** |
| Profit on disposal of Asanko Gold |  |  |  |  |  |  |  |  |  |  | 5.6 | **5.6** |
| Profit/(loss) on disposal of assets | 0.6 | 0.2 |  |  |  | 0.2 |  | (0.1) | (0.3) | (0.2) |  | **0.6** |
| Royalties<sup>5</sup> | (3.2) | (62.5) | (15.5) | (7.1) |  |  |  |  |  | (59.4) |  | **(147.7)** |
| Mining and income tax<sup>5</sup> | (57.6) | (198.7) | (9.3) | (35.0) | (20.4) |  |  |  |  | (318.0) | (58.1) | **(697.1)** |
| Current taxation | (0.2) | (170.1) | (16.2) | (53.0) |  |  |  |  |  | (286.2) | (24.5) | **(550.2)** |
| Deferred taxation | (57.4) | (28.6) | 6.9 | 18.0 | (20.4) |  |  |  |  | (31.8) | (33.6) | **(146.9)** |
| **Profit/(loss) for the year** | 163.6 | 369.0 | 23.4 | 81.6 | 26.8 |  |  |  |  | 736.4 | (110.9) | **1290.5** |
| **Profit/(loss) attributable to:** |  |  |  |  |  |  |  |  |  |  |  | **—** |
| – Owners of the parent | 157.7 | 332.1 | 21.1 | 81.2 | 26.8 |  |  |  |  | 736.4 | (110.9) | **1245.0** |
| – Non-controlling interest holders | 5.9 | 36.9 | 2.3 | 0.4 |  |  |  |  |  |  |  | **45.5** |
| **STATEMENT OF FINANCIAL POSITION at 31 December 2024** | **STATEMENT OF FINANCIAL POSITION at 31 December 2024** | **STATEMENT OF FINANCIAL POSITION at 31 December 2024** |  |  |  |  |  |  |  |  |  |  |
| Total assets (excluding deferred taxation) | 948.5 | 1643.5 | 229.2 | 549.8 | 2010.7 | 1053.1 | 470.5 | 797.4 | 541.4 | 2862.4 | 1743.9 | **9988.0** |
| Total liabilities (excluding deferred taxation) | 501.5 | 314.4 | 87.6 | 287.0 | 1620.0 | 190.2 | 139.3 | 119.4 | 233.7 | 682.6 | 779.1 | **4272.2** |
| Net deferred taxation (assets)/liabilities | 85.9 | 190.0 | (6.9) | (59.5) | (85.7) |  |  |  |  | 208.5 | 16.6 | **348.9** |
| Capital expenditure<sup>7</sup> | 111.6 | 206.5 | 4.7 | 33.7 | 388.7 | 198.0 | 72.4 | 80.4 | 85.1 | 435.9 | 2.3 | **1183.4** |

---

*The above is a geographical analysis presented by location of assets. The Group's operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside* 

*South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South* 

*Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere, in Peru, the Cerro Corona mine and in Chile, Salares Norte. During 2024, Gold Fields acquired 100% of the share capital of Osisko* 

*and the transaction was accounted for as an asset acquisition (Refer note 18.2). The Group has exploration interests which are included in the "Corporate and other" segment. Refer to accounting policies on segment reporting on page 68.*

*Figures may not add as they are rounded independently*.

<sup>1</sup>*The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep.* 

*South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.*

<sup>2</sup>*"Corporate" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests. This does not represent a separate* 

*segment as it does not generate revenue. Included in "Corporate and other" is the adjustment made in respect of the purchase price allocation of South Deep.*

<sup>3</sup>*The Osisko asset acquisition is included in the "Corporate and other segment".*

<sup>4</sup>*Other costs "Corporate" comprise share of losses of equity-accounted investees, net of taxation of US$53.6 million, Gruyere rainfall event costs of $12.0 million and the balance of US$25.7 million consists mainly of corporate related costs.*

<sup>5</sup>*The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.*

<sup>6</sup>*Includes revenue from the sale of copper amounting to US$192.7 million.*

<sup>7</sup>*Capital expenditure for the year ended 31 December 2024.*

![GFI 20F & AR 2025 page grid horizontal.jpg](gfi-20251231_g136.jpg)

---

| | |
|:---|:---|
| **AFR-130** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**45. Segmental report *continued***

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | South Africa | Ghana | Ghana | Peru | Chile | Australia | Australia | Australia | Australia |  |  |  | Ghana | Group <br>(continuing <br>and <br>discontinued <br>operations) |
| *Figures in millions unless otherwise stated* | South Deep<sup>1</sup> | Tarkwa | Damang | Cerro Corona | Salares Norte | St Ives | Agnew | Granny Smith | Gruyere | Total <br>Australia<br>| Corporate<sup>2</sup> | Continuing <br>operations<br>| Asanko – <br>discontinued <br>operations<sup>3</sup><br>| Group <br>(continuing <br>and <br>discontinued <br>operations) |
| **INCOME STATEMENT for the year ended 31 December 2023** | **INCOME STATEMENT for the year ended 31 December 2023** | **INCOME STATEMENT for the year ended 31 December 2023** | **INCOME STATEMENT for the year ended 31 December 2023** |  |  |  |  |  |  |  |  |  |  |  |
| Revenue<sup>6</sup> | 622.8 | 1068.9 | 297.0 | 451.4 |  | 717.0 | 473.6 | 556.2 | 313.9 | 2060.7 |  | **4500.7** | 115.4 | **4616.1** |
| Cost of sales | (384.2) | (603.0) | (303.5) | (291.6) | (1.3) | (398.9) | (268.4) | (292.4) | (190.0) | (1149.8) | (14.0) | **(2747.0)** | (68.9) | **(2815.9)** |
| Cost of sales before gold inventory <br>change and amortisation and depreciation<br>| (315.2) | (455.1) | (178.0) | (227.1) | (12.2) | (322.6) | (200.3) | (223.9) | (108.3) | (855.2) |  | **(2042.4)** | (60.5) | **(2102.9)** |
| - Salaries and wages | (102.2) | (59.3) | (23.8) | (46.3) | (0.6) | (48.0) | (37.3) | (70.5) | (11.7) | (167.5) |  | **(399.7)** | (9.9) | **(409.6)** |
| - Consumable stores | (102.0) | (109.6) | (46.4) | (35.1) | (0.1) | (35.0) | (21.5) | (35.1) | (16.0) | (107.6) |  | **(400.8)** | (26.3) | **(427.1)** |
| - Utilities | (36.4) | (21.2) | (17.4) | (14.1) | (0.1) | (22.8) | (4.2) | (19.1) | (14.7) | (60.8) |  | **(150.0)** | (6.5) | **(156.5)** |
| - Mine and other contractors | (41.6) | (226.3) | (70.0) | (69.8) | (11.4) | (145.9) | (91.0) | (32.7) | (27.1) | (296.8) |  | **(715.9)** | (16.8) | **(732.7)** |
| - Other | (33.0) | (38.7) | (20.4) | (61.8) |  | (70.9) | (46.3) | (66.5) | (38.8) | (222.5) |  | **(376.0)** | (1.0) | **(376.9)** |
| Gold inventory change | (13.8) | 52.9 | (45.0) | 46.2 | 57.1 | (3.5) | 5.0 | (0.4) | (7.8) | (6.7) |  | **90.7** | (3.7) | **87.0** |
| Amortisation and depreciation | (55.2) | (200.8) | (80.5) | (110.7) | (46.2) | (72.8) | (73.1) | (68.1) | (73.9) | (287.9) | (14.0) | **(795.3)** | (4.7) | **(800.0)** |
| Other costs<sup>4</sup> | (3.1) | (16.6) | (4.6) | (11.3) | (3.5) | (6.0) | (3.2) | (0.1) |  | (9.3) | (38.6) | **(87.0)** | (6.0) | **(93.0)** |
| Investment income | 8.4 | 2.6 | 0.2 |  | 0.9 | 1.3 | 0.5 | 0.4 | 0.7 | 2.9 | 9.9 | **24.9** |  | **24.9** |
| Finance expense | (1.5) | (14.8) | (5.0) | (11.8) | (2.1) | (4.4) | (5.3) | (3.2) | (12.7) | (25.6) | (2.1) | **(62.9)** |  | **(62.9)** |
| Share-based payments | (0.3) | (0.8) | (0.1) | (1.3) | (0.1) | (0.3) | (0.2) | (0.3) | (0.1) | (0.9) | (5.6) | **(9.1)** |  | **(9.1)** |
| Long-term incentive plan | (4.9) | (6.6) | (2.2) | (7.4) | (0.3) | (6.3) | (3.9) | (5.1) | (1.9) | (17.2) | (17.2) | **(55.8)** |  | **(55.8)** |
| Exploration expense |  | (6.0) | (3.0) | (3.9) | (29.3) | (16.6) | (9.8) | (3.7) | (1.9) | (32.0) | (2.0) | **(76.2)** |  | **(76.2)** |
| Restructuring costs |  | (1.6) | (5.5) |  |  | (0.7) |  |  |  | (0.7) |  | **(7.8)** |  | **(7.8)** |
| Silicosis settlement costs |  |  |  |  |  |  |  |  |  |  | 4.1 | **4.1** |  | **4.1** |
| Ghana expected credit loss |  | (25.4) | (7.8) |  |  |  |  |  |  |  |  | **(33.2)** |  | **(33.2)** |
| Impairment of investments and assets |  |  |  | (156.4) |  |  |  |  |  |  |  | **(156.4)** |  | **(156.4)** |
| Profit/(loss) on disposal of assets | 0.3 |  |  | (0.1) |  | 31.9 | 0.1 | 0.1 | 0.1 | 32.2 |  | **32.4** |  | **32.4** |
| Royalties<sup>5</sup> | (3.1) | (42.8) | (11.9) | (7.0) |  |  |  |  |  | (51.7) |  | **(116.4)** | (6.6) | **(123.0)** |
| Mining and income tax<sup>5</sup> | (68.6) | (129.5) | (7.3) | (2.2) | 10.1 |  |  |  |  | (243.8) | (23.8) | **(465.1)** |  | **(465.1)** |
| Current taxation | (0.5) | (129.4) | (21.4) | (63.3) |  |  |  |  |  | (230.3) | (13.4) | **(458.3)** |  | **(458.3)** |
| Deferred taxation | (68.1) | (0.1) | 14.1 | 61.1 | 10.1 |  |  |  |  | (13.5) | (10.4) | **(6.8)** |  | **(6.8)** |
| **Profit/(loss) for the year** | 165.8 | 224.4 | (53.7) | (41.6) | (25.6) |  |  |  |  | 564.8 | (89.3) | **745.2** | 34.0 | **779.1** |
| **Profit/(loss) attributable to:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| – Owners of the parent | 159.6 | 202.0 | (48.3) | (41.4) | (25.6) |  |  |  |  | 564.8 | (89.3) | **722.2** | 34.0 | **756.1** |
| – Non-controlling interest holders | 6.2 | 22.4 | (5.4) | (0.2) |  |  |  |  |  |  |  | **23.0** |  | **23.0** |
| **STATEMENT OF FINANCIAL POSITION at 31 December 2023** | **STATEMENT OF FINANCIAL POSITION at 31 December 2023** | **STATEMENT OF FINANCIAL POSITION at 31 December 2023** | **STATEMENT OF FINANCIAL POSITION at 31 December 2023** |  |  |  |  |  |  |  |  |  |  |  |
| Total assets (excluding deferred taxation) | 919.4 | 1475.4 | 331.4 | 519.3 | 1435.7 | 926.5 | 841.1 | 608.5 | 367.7 | 2743.8 | 475.8 | **7900.8** | 153.3 | **8054.1** |
| taxation) | 680.8 | 364.4 | 98.9 | 320.4 | 1347.2 | 213.7 | 153.7 | 128.0 | 138.9 | 634.3 | (228.8) | **3217.2** |  | **3217.2** |
| Net deferred taxation (assets)/liabilities | 30.9 | 161.4 |  | (41.5) | (106.1) |  |  |  |  | 194.8 | (22.4) | **217.1** |  | **217.1** |
| **Capital expenditure**<sup>7</sup> | 93.1 | 216.3 | 4.9 | 44.4 | 398.1 | 97.3 | 70.4 | 76.3 | 51.7 | 295.7 | 2.2 | **1054.7** | 24.8 | **1079.5** |

---

*The above is a geographical analysis presented by location of assets. The Group's operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside* 

*South Africa. The segment results have been prepared and presented based on management's reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South* 

*Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere, in Peru, the Cerro Corona mine and in Chile, Salares Norte. Asanko Gold was presented as a discontinued operation as a result of* 

*the sale transaction (Refer notes 15). The Group also exploration interests which are included in the "Corporate and other" segment. Refer to accounting policies on segment reporting on page 68.*

*Figures may not add as they are rounded independently.*

<sup>1</sup>*The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep.* 

*South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 28%.*

<sup>2</sup>*"Corporate" represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group's exploration interests. This does not represent a separate* 

*segment as it does not generate revenue. Included in "Corporate and other" is the adjustment made in respect of the purchase price allocation of South Deep.*

<sup>3</sup>*For the purpose of the review of the segment by the CODM, Asanko's income statement was proportionately consolidated as a discontinued operation. The proportionately consolidated income of US$34.0 million above was reconciled to* 

*Asanko's equity-accounted loss of US$18.9 million by deducting the purchase price allocation fair value adjustment amounting to US$6.0 million and impairment amounting to US$46.9 million. The profit for the year from continuing* 

*operations of US$745.2 million reconciled to the total profit for the year of US$726.3 million by deducting the loss from discontinued operation of US$18.9 million. The Equity Accounted Joint Venture was carried at US$153.3 million.*

<sup>4</sup>*Other costs "Corporate" comprise share of losses of equity-accounted investees, net of taxation of US$32.6 million and the balance of US$6.0 million consists mainly of corporate-related costs.*

<sup>5</sup>*The Australian operations are entitled to transfer and off-set profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.*

<sup>6</sup>*Includes revenue from the sale of copper amounting to US$207.6 million.*

<sup>7</sup>*Capital expenditure for the year ended 31 December 2023.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-131** | Gold Fields |

---

**46. Major Group investments – direct and indirect** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Shares held** | **Shares held** | **Group beneficial interest** | **Group beneficial interest** |
|  | Notes | **2025** | 2024 | **2025** | 2024 |
| **Subsidiaries** |  |  |  |  |  |
| ***Unlisted*** |  |  |  |  |  |
| Abosso Goldfields Ltd<sup>8</sup> |  |  |  |  |  |
| – Class "A" shares | 1 | **49734000** | 49734000 | **90.0%** | 90.0% |
| – Class "B" shares | 1 | **4266000** | 4266000 | **90.0%** | 90.0% |
| Agnew Gold Mining Company Pty Ltd | 2 | **54924757** | 54924757 | **100.0%** | 100.0% |
| GFI Joint Venture Holdings (Pty) Ltd | 3 | **311668564** | 311668564 | **100.0%** | 100.0% |
| GFL Mining Services Ltd | 3 | **235676387** | 235676387 | **100.0%** | 100.0% |
| Gold Fields Ghana Ltd<sup>9</sup> | 1 | **900** | 900 | **90.0%** | 90.0% |
| Gold Fields Group Services (Pty) Ltd | 3 | **1** | 1 | **100.0%** | 100.0% |
| Gold Fields Holdings Company Ltd | 5 | **4330** | 4330 | **100.0%** | 100.0% |
| Gold Fields La Cima S.A.<sup>10</sup> | 4 | **1426050205** | 1426050205 | **99.5%** | 99.5% |
| Gold Fields Operations Ltd | 3 | **156279947** | 156279947 | **100.0%** | 100.0% |
| Gold Fields Orogen Holding (BVI) Ltd | 5 | **2334** | 2334 | **100.0%** | 100.0% |
| Gruyere Mining Company Pty Ltd | 2 | **1** | 1 | **100.0%** | 100.0% |
| GSM Mining Company Pty Ltd | 2 | **1** | 1 | **100.0%** | 100.0% |
| Minera Gold Fields Salares Norte SpA | 6 | **338276530** | 338276530 | **100.0%** | 100.0% |
| Newshelf 899 (Pty) Ltd | 3 |  |  |  |  |
| – Class "A" shares<sup>11</sup> |  | **90000000** | 90000000 | **100.0%** | 100.0% |
| – Class "B" shares<sup>12,13</sup> |  | **—** |  | **—%** | —% |
| St Ives Gold Mining Company Pty Ltd | 2 | **281051329** | 281051329 | **100.0%** | 100.0% |
| Windfall Mining Group Inc. | 7 | **1637292255** | 1317173539 | **100.0%** | 100.0% |

---

<sup>1</sup>*Incorporated in Ghana.*

<sup>2</sup>*Incorporated in Australia.*

<sup>3</sup>*Incorporated in the Republic of South Africa.*

<sup>4</sup>*Incorporated in Peru.*

<sup>5</sup>*Incorporated in the British Virgin Islands.*

<sup>6</sup>*Incorporated in Chile.*

<sup>7</sup>*Incorporated in Canada.*

<sup>8</sup>*Abosso Goldfields Ltd ("Abosso") owns the Damang operation in Ghana. The accumulated non-controlling interest of Abosso at 31 December 2025 amounts to* 

*US$6.0 million (2024: US$14.8 million). A dividend of US$11.5 million was paid to non-controlling interest holders during 2025 (2024: US$8.4 million). Refer to the* 

*segment reporting, note 45, for summarised financial information of Damang.*

<sup>9</sup>*Gold Fields Ghana Ltd ("GFG") owns the Tarkwa operation in Ghana. The accumulated non-controlling interest of GFG at 31 December 2025 amounts to US$118.7 million* 

*(2024: US$113.9 million). A dividend of US$41.0 million was paid to non-controlling interest holders during 2025 (2024: US$18.0 million). Refer to the segment reporting,* 

*note 45, for summarised financial information of Tarkwa.*

<sup>10</sup>*Gold Fields La Cima S.A. ("La Cima") owns the Cerro Corona operation in Peru. The accumulated non-controlling interest of La Cima at 31 December 2025 amounts to* 

*US$2.1 million (2024: US$1.5 million). A dividend of US$0.5 million was paid to non-controlling interest holders during 2025 (2024: US$nil). Refer to the segment* 

*reporting, note 45, for financial information of Cerro Corona.*

<sup>11</sup>*The South Deep Joint Venture ("SDJV") owns and operates the South Deep Gold Mine. The SDJV is an unincorporated joint venture between Gold Fields Operations* 

*Limited ("GFO") and GFI Joint Venture Holdings Proprietary Limited ("GFIJVH"). GFO and GFIJVH are wholly owned subsidiaries of Newshelf 899 Proprietary Limited* 

*("Newshelf"). The share capital of Newshelf comprises of:*

*90,000,000 "A" shares, representing 90% of Newshelf's equity. Gold Fields Limited is the holder of the "A" shares; and*

*10,000,000 "B" shares, representing 10% of Newshelf's equity. South Deep's BEE shareholders are the holders of the "B" shares.*

*The accumulated non-controlling interest of Newshelf at 31 December 2025 amounts to US$112.9 million (2024: US$32.8 million). Refer to the segment reporting, note* 

*45, for financial information of the South Deep mine.*

<sup>12</sup>*The "B" shares entitle the BEE shareholders to a cumulative preferential dividend of R20.0 million per annum for the first 10 years (expired in December 2020),* 

*R13.3 million per annum for the next five years and R6.7 million for the five years thereafter. After 20 years, this preferential dividend will cease. The "B" shares' rights to* 

*participate in the profits of Newshelf over and above the cumulative preferred dividend were initially suspended. The suspension will be lifted over a 20 years period on* 

*a phased-in basis as follows:*

*•after 10 years, in respect of one-third of the "B" shares;*

*•after 15 years, in respect of another one-third of the "B" shares; and*

*•after 20 years, in respect of the remaining one-third of the "B" shares.*

*After 20 years, all of the "B" shares will substantially have the same rights as the "A" shares. The BEE shareholders must retain ownership of the "B" shares for 30 years.*

<sup>13</sup>*On 6 December 2025, per the South Deep BEE transaction an economic interest of 6.90% In Newshelf 899 (Proprietary) Limited vested to the BEE non-controlling* 

*interest holders.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-132** | Gold Fields |

---

Notes to the consolidated financial statements *continued*

**for the year ended 31 December 2025**

**46. Major Group investments – direct and indirect *continued***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares held** | **Shares held** | **Group beneficial interest** | **Group beneficial interest** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Other**<sup>1</sup> |  |  |  |  |
| ***Listed associates*** |  |  |  |  |
| Lunnon Metals Limited | **67327550** | 67327550 | **30.2%** | 30.5% |
| Vior Mining Exploration Company Inc.<sup>2</sup> | **—** | 52076544 | **—%** | 20.7% |
| ***Listed equity investments*** |  |  |  |  |
| Amarc Resources Limited | **6000000** | 5000000 | **2.7%** | 2.3% |
| Chakana Copper Corp<sup>3</sup> | **4586169** | 45861699 | **10.3%** | 17.2% |
| Founders Metals Inc.<sup>3</sup> | **12048193** |  | **10.5%** | —% |
| Galiano Gold Inc. (formerly Asanko Gold Inc.)<sup>3</sup> | **—** | 50471657 | **—%** | 19.6% |
| Generation Mining Limited | **8594000** | 8594000.00 | **3.2%** | 3.6% |
| Great Southern Mining Limited | **46108597** | 46108597.00 | **4.6%** | 4.7% |
| Hamelin Gold Limited<sup>3</sup> | **35132500** | 23500000 | **17.7%** | 14.9% |
| Killi Resources Limited<sup>3</sup> | **15346797** | 15346797.00 | **10.9%** | 10.9% |
| Lefroy Exploration Limited<sup>3</sup> | **21613910** | 21613910 | **8.7%** | 8.8% |
| Mineral Resource Limited | **655031** | 655031 | **0.3%** | 0.3% |
| Onyx Gold Corp<sup>3</sup> | **8431579** | 2631579 | **9.9%** | 5.3% |
| O3 Mining Inc.<sup>3</sup> | **—** | 18291854 | **—%** | 15.6% |
| Osisko Metals Inc. | **10992200** | 10992200 | **1.6%** | 3.6% |
| Queen's Road Capital Investments Limited | **—** | 1968500 | **—%** | 4.0% |
| Torq Resources Inc.<sup>3</sup> | **20678260** | 20678260 | **11.1%** | 14.9% |
| Tesoro Gold Limited<sup>3</sup> | **23017782** | 272350072 | **12.9%** | 17.5% |
| Vior Mining Exploration Company Inc.<sup>2,3</sup> | **82971574** |  | **19.9%** | —% |
| Yandal Resources Limited<sup>3</sup> | **56514384** |  | **14.9%** | —% |

---

<sup>1</sup>*Only major investments are listed individually.*

<sup>2</sup>*On 27 February 2025, Gold Fields shareholding was diluted to below 20%. An assessment was performed and the Group concluded it no longer had significant* 

*influence and Vior was reclassified to listed investments on the date of dilution.*

<sup>3</sup>*An assessment has been performed and the Group does not have significant influence.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-133** | Gold Fields |

---

Operating and financial information by mine (unaudited)

**for the year ended 31 December 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **South Deep - total managed** | **South Deep - total managed** | **South Deep - total managed** | **South Deep - total managed** | **South Deep - total managed** | **South Deep - total managed** | **South Deep - total managed** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Net earnings (before** <br>**minorities)** | **Net earnings (before** <br>**minorities)** |
|  | **Tonnes** <br>**Milled**<br>| **Yield\***<br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\***<br>**US$/oz**<br>| **SA Rand**<br>**million**<br>| **US$** <br>**million**<br>|
| **Year to 30 June** |  |  |  |  |  |  |  |
| 2007<sup>#</sup>  | 1104000 | 4.6 | 5076 | 163 | 595 | (46.8) | (6.5) |
| 2008 | 1367000 | 5.3 | 7220 | 232 | 727 | (143.1) | (19.7) |
| 2009 | 1241000 | 4.4 | 5434 | 175 | 717 | (10.9) | (1.2) |
| 2010 | 1681000 | 4.9 | 8236 | 265 | 811 | (81.0) | (10.7) |
| Six months to December 2010 | 1101000 | 4.1 | 4547 | 146 | 939 | (96.5) | (13.5) |
| **Year to 31 December** |  |  |  |  |  |  |  |
| 2011 | 2440000 | 3.5 | 8491 | 273 | 1073 | 146.4 | 20.3 |
| 2012 | 2106000 | 4.0 | 8411 | 270 | 1105 | 122.1 | 14.9 |
| 2013 | 2347000 | 4.0 | 9397 | 302 | 1045 | (206.9) | (21.6) |
| 2014 | 1323000 | 4.7 | 6236 | 200 | 1732 | (897.7) | (83.0) |
| 2015 | 1496000 | 4.1 | 6160 | 198 | 1559 | (700.5) | (55.2) |
| 2016 | 2248000 | 4.0 | 9032 | 290 | 1234 | 191.1 | 13.0 |
| 2017 | 2081000 | 4.2 | 8748 | 281 | 1400 | (337.6) | (25.3) |
| 2018 | 1320000 | 3.7 | 4885 | 157 | 2012 | (3009.2) | (224.7) |
| 2019 | 1666000 | 4.1 | 6907 | 222 | 1259 | 104.4 | 7.2 |
| 2020 | 2258000 | 3.1 | 7056 | 227 | 1260 | 578.6 | 35.3 |
| 2021 | 2922000 | 3.1 | 9101 | 293 | 1379 | 1693.4 | 114.5 |
| 2022 | 2984600 | 3.4 | 10200 | 328 | 1356 | 2401.8 | 146.7 |
| 2023 | 3008000 | 3.3 | 10021 | 322 | 1349 | 3058.3 | 165.8 |
| 2024 | 3001000 | 2.8 | 8313 | 267 | 1794 | 2999.5 | 163.6 |
| 2025 | 3001000 | 3.2 | 9605 | 309 | 1841 | 8915.1 | 506.8 |
| **Total** | **40695600** | **3.8** | **153076** | **4920** |  |  |  |

---

<sup>#</sup>*For the seven months ended 30 June 2007, since acquisition control.*

*\*Combined surface and underground yield*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-134** | Gold Fields |

---

Operating and financial information by mine (unaudited) *continued*

**for the year ended 31 December 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tarkwa mine – total managed** | **Tarkwa mine – total managed** | **Tarkwa mine – total managed** | **Tarkwa mine – total managed** | **Tarkwa mine – total managed** | **Tarkwa mine – total managed** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Net** <br>**earnings** <br>**(before** <br>**minorities)**<br>|
|  | **Tonnes** <br>**treated**<br>| **Yield**<br>**g/tonne**<br>| **Kilograms** | **'000**<br>**ounces**<br>| **All-in**<br>**costs\*\***<br>**US$/oz**<br>| **US$** <br>**million**<br>|
| **Year to 30 June** |  |  |  |  |  |  |
| 1994 – 2005 | 91612600 | 1.2 | 108546 | 3490 | n/a | 210.9 |
| 2006 | 21487000 | 1.0 | 22060 | 709 | 292 | 97.8 |
| 2007 | 22639000 | 1.0 | 21684 | 697 | 333 | 116.9 |
| 2008 | 22035000 | 0.9 | 20095 | 646 | 430 | 147.8 |
| 2009 | 21273000 | 0.9 | 19048 | 612 | 521 | 100.0 |
| 2010 | 22716000 | 1.0 | 22415 | 721 | 536 | 187.9 |
| Six months to December 2010 | 11496000 | 1.0 | 11261 | 362 | 562 | 135.6 |
| **Year to 31 December** |  |  |  |  |  |  |
| 2011 | 23138000 | 1.0 | 22312 | 717 | 556 | 401.4 |
| 2012 | 22910000 | 1.0 | 22358 | 719 | 673 | 263.7 |
| 2013 | 19275000 | 1.0 | 19664 | 632 | 816 | (16.2) |
| 2014 | 13553000 | 1.3 | 17363 | 558 | 1068 | 83.7 |
| 2015 | 13520000 | 1.3 | 18229 | 586 | 970 | 87.5 |
| 2016 | 13608000 | 1.3 | 17669 | 568 | 959 | 116.9 |
| 2017 | 13527000 | 1.3 | 17617 | 566 | 940 | 85.4 |
| 2018 | 13791000 | 1.2 | 16330 | 525 | 951 | 40.1 |
| 2019 | 13749000 | 1.2 | 16146 | 519 | 958 | 101.3 |
| 2020 | 14234000 | 1.1 | 16370 | 526 | 1017 | 173.5 |
| 2021 | 13877000 | 1.2 | 16227 | 522 | 1155 | 259.8 |
| 2022 | 14016000 | 1.2 | 16535 | 532 | 1248 | (32.8) |
| 2023 | 14102000 | 1.2 | 17138 | 551 | 1293 | 224.4 |
| 2024 | 14926000 | 1.1 | 16703 | 537 | 1629 | 369.0 |
| 2025 | 15007000 | 1.0 | 14759 | 475 | 2049 | 455.6 |
| **Total** | **446491600** | **1.1** | **490529** | **15770** |  |  |

---

*Surface operation from F1999.*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-135** | Gold Fields |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Damang mine – total managed** | **Damang mine – total managed** | **Damang mine – total managed** | **Damang mine – total managed** | **Damang mine – total managed** | **Damang mine – total managed** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Net earnings** <br>**(before** <br>**minorities)**<br>|
|  | **Tonnes** <br>**treated**<br>| **Yield**<br>**g/tonne**<br>| **Kilograms** | **'000**<br>**ounces**<br>| **All-in costs\*\***<br>**US$/oz**<br>| **US$** <br>**million**<br>|
| **Year to 30 June** |  |  |  |  |  |  |
| 2002<sup>#</sup> – 2005 | 17279000 | 1.8 | 30994 | 996 | n/a | 76.1 |
| 2006 | 5328000 | 1.4 | 7312 | 235 | 341 | 27.2 |
| 2007 | 5269000 | 1.1 | 5843 | 188 | 473 | 16.0 |
| 2008 | 4516000 | 1.3 | 6041 | 194 | 551 | 25.9 |
| 2009 | 4991000 | 1.2 | 6233 | 200 | 660 | 9.0 |
| 2010 | 5028000 | 1.3 | 6451 | 207 | 660 | 45.9 |
| Six months to December 2010 | 2491000 | 1.5 | 3637 | 117 | 636 | 39.4 |
| **Year to 31 December** |  |  |  |  |  |  |
| 2011 | 4942000 | 1.4 | 6772 | 218 | 701 | 100.5 |
| 2012 | 4416000 | 1.2 | 5174 | 166 | 918 | 36.3 |
| 2013 | 3837000 | 1.2 | 4760 | 153 | 1060 | (118.3) |
| 2014 | 4044000 | 1.4 | 5527 | 178 | 1175 | 3.4 |
| 2015 | 4295000 | 1.2 | 5220 | 168 | 1326 | (89.3) |
| 2016 | 4268000 | 1.1 | 4594 | 148 | 1254 | (4.5) |
| 2017 | 4590000 | 1.0 | 4467 | 144 | 1827 | 20.4 |
| 2018 | 4205000 | 1.3 | 5630 | 181 | 1506 | (8.3) |
| 2019 | 4645000 | 1.4 | 6482 | 208 | 1147 | 25.5 |
| 2020 | 4798000 | 1.4 | 6936 | 223 | 1035 | 45.2 |
| 2021 | 4720000 | 1.7 | 7913 | 254 | 852 | 98.7 |
| 2022 | 4784000 | 1.5 | 7154 | 230 | 1083 | 85.7 |
| 2023 | 4821000 | 1.0 | 4747 | 153 | 1679 | (53.7) |
| 2024 | 4959000 | 0.8 | 4199 | 135 | 2002 | 23.0 |
| 2025 | 4762000 | 0.6 | 3033 | 98 | 2461 | 26.9 |
| **Total** | **112988000** | **1.3** | **149119** | **4794** |  |  |

---

<sup>#</sup>*F2002 – For the five months ended 30 June, since acquisition.*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asanko mine**<sup>#</sup> **– 45%** | **Asanko mine**<sup>#</sup> **– 45%** | **Asanko mine**<sup>#</sup> **– 45%** | **Asanko mine**<sup>#</sup> **– 45%** | **Asanko mine**<sup>#</sup> **– 45%** | **Asanko mine**<sup>#</sup> **– 45%** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Net** <br>**earnings** <br>**(before** <br>**minorities)**<br>|
|  | **Tonnes** <br>**treated**<br>| **Yield**<br>**g/tonne**<br>| **Kilograms** | **'000**<br>**ounces**<br>| **All-in costs\*\***<br>**US$/oz**<br>| **US$** <br>**million**<br>|
| **Year to 31 December** |  |  |  |  |  |  |
| 2018 | 944000 | 1.5 | 1400 | 45 | 1175 | (1.1) |
| 2019 | 2474000 | 1.4 | 3513 | 113 | 1214 | 4.3 |
| 2020 | 2674000 | 1.3 | 3499 | 113 | 1316 | 59.4 |
| 2021 | 2670000 | 1.1 | 2942 | 95 | 1559 | 27.0 |
| 2022 | 2623050 | 0.9 | 2384 | 77 | 1435 | 18.8 |
| 2023 | 2737000 | 0.7 | 1876 | 60 | 1672 | 34.0 |
| **Total** | **14122050** | **1.1** | **15614** | **503** |  |  |

---

<sup>#</sup>*Asanko was an equity accounted joint venture and was equity accounted since 31 July 2018. On 21 December 2023, Gold Fields announced the divestment of its 45% shareholding* 

*in Asanko Gold to the joint venture partner Galiano Gold. The investment in Asanko Gold was presented as an asset held for sale at 31 December 2023. The transaction was* 

*subject to a number of conditions and was concluded on 4 March 2024. For the purpose of the review of the Group results up to the date of classification as an asset held for sale* 

*by the Chief Operating Decision Maker ("CODM"), in terms of IFRS 8 Operating Segments, Asanko was proportionately consolidated. As a result, the operating and financial* 

*information by mine included analysis of Asanko's results.*

*\*\*All-in costs per the new World Gold Council Standard issued on 27 June 2013.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-136** | Gold Fields |

---

Operating and financial information by mine (unaudited) *continued*

**for the year ended 31 December 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **St Ives mine** | **St Ives mine** | **St Ives mine** | **St Ives mine** | **St Ives mine** | **St Ives mine** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** |
|  | **Tonnes** <br>**treated**<br>| **Yield**<br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\***<br>**US$/oz**<br>| **All-in**<br>**costs\*\*** <br>**A$/oz**<br>|
| **Year to 30 June** |  |  |  |  |  |  |
| 2002<sup>#</sup> – 2005 | 21960000 | 2.7 | 59838 | 1924 | 254 | 379 |
| 2006 | 6690000 | 2.3 | 15440 | 496 | 339 | 453 |
| 2007 | 6759000 | 2.2 | 15146 | 487 | 424 | 540 |
| 2008 | 7233000 | 1.8 | 12992 | 418 | 582 | 649 |
| 2009 | 7262000 | 1.8 | 13322 | 428 | 596 | 805 |
| 2010 | 6819000 | 1.9 | 13097 | 421 | 710 | 806 |
| Six months to December 2010 | 3284000 | 2.3 | 7557 | 243 | 710 | 757 |
| **Year to 31 December** |  |  |  |  |  |  |
| 2011 | 6745000 | 2.1 | 14449 | 465 | 901 | 873 |
| 2012 | 7038000 | 2.0 | 13992 | 450 | 931 | 899 |
| 2013 | 4763000 | 2.6 | 12525 | 403 | 833 | 861 |
| 2014 | 4553000 | 2.5 | 11246 | 362 | 1164 | 1289 |
| 2015 | 3867000 | 3.0 | 11566 | 372 | 969 | 1287 |
| 2016 | 4046000 | 2.8 | 11290 | 363 | 949 | 1273 |
| 2017 | 4198000 | 2.7 | 11319 | 364 | 916 | 1198 |
| 2018 | 4251000 | 2.7 | 11415 | 367 | 902 | 1207 |
| 2019 | 4466000 | 2.6 | 11527 | 371 | 963 | 1385 |
| 2020 | 4817000 | 2.5 | 11972 | 385 | 873 | 1266 |
| 2021 | 4088000 | 3.0 | 12224 | 393 | 1040 | 1385 |
| 2022 | 3857000 | 3.0 | 11717 | 377 | 1104 | 1594 |
| 2023 | 4086000 | 2.8 | 11565 | 372 | 1301 | 1958 |
| 2024 | 4191000 | 2.5 | 10295 | 331 | 1903 | 2885 |
| **2025** | 4545000 | 2.5 | **11496** | **370** | 2160 | 3352 |
| **Total** | **129518000** | **2.4** | **315990** | **10162** |  |  |

---

<sup>#</sup>*F2002 – For the seven months ended 30 June, since acquisition.*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-137** | Gold Fields |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Agnew mine** | **Agnew mine** | **Agnew mine** | **Agnew mine** | **Agnew mine** | **Agnew mine** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** |
|  | **Tonnes** <br>**treated**<br>| **Yield** <br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\*** <br>**US$/oz**<br>| **All-in**<br>**costs\*\*** <br>**A$/oz**<br>|
| **Year to 30 June** |  |  |  |  |  |  |
| 2002<sup>#</sup> – 2005 | 4299000 | 4.6 | 19911 | 640 | 236 | 357 |
| 2006 | 1323000 | 5.2 | 6916 | 222 | 266 | 355 |
| 2007 | 1323000 | 5.0 | 6605 | 212 | 295 | 377 |
| 2008 | 1315000 | 4.8 | 6336 | 204 | 445 | 496 |
| 2009 | 1066000 | 5.6 | 5974 | 192 | 401 | 541 |
| 2010 | 883000 | 5.8 | 5140 | 165 | 539 | 611 |
| Six months to December 2010 | 417000 | 5.9 | 2477 | 80 | 621 | 662 |
| **Year to 31 December** |  |  |  |  |  |  |
| 2011 | 935000 | 6.5 | 6035 | 194 | 696 | 675 |
| 2012 | 943000 | 5.8 | 5494 | 177 | 827 | 799 |
| 2013 | 974000 | 6.9 | 6705 | 216 | 625 | 646 |
| 2014 | 1246000 | 6.8 | 8419 | 271 | 990 | 1096 |
| 2015 | 1218000 | 6.0 | 7360 | 237 | 959 | 1276 |
| 2016 | 1176000 | 6.1 | 7134 | 229 | 971 | 1301 |
| 2017 | 1235000 | 6.1 | 7502 | 241 | 977 | 1276 |
| 2018 | 1178000 | 6.3 | 7434 | 239 | 1026 | 1374 |
| 2019 | 1231000 | 5.5 | 6824 | 219 | 1152 | 1656 |
| 2020 | 1357000 | 5.3 | 7257 | 233 | 1053 | 1528 |
| 2021 | 1254000 | 5.5 | 6936 | 223 | 1308 | 1741 |
| 2022 | 1198000 | 6.2 | 7440 | 239 | 1298 | 1875 |
| 2023 | 1342000 | 5.7 | 7617 | 245 | 1288 | 1939 |
| 2024 | 1158000 | 6.2 | 7154 | 230 | 1477 | 2240 |
| 2025 | 1199000 | 6.4 | 7630 | 245 | 1682 | 2609 |
| **Total** | **28270000** | **5.7** | **160300** | **5153** |  |  |

---

<sup>#</sup>*For the seven months ended 30 June, since acquisition.*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Granny Smith mine** | **Granny Smith mine** | **Granny Smith mine** | **Granny Smith mine** | **Granny Smith mine** | **Granny Smith mine** |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** |
|  | **Tonnes** <br>**treated**<br>| **Yield** <br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\*** <br>**US$/oz**<br>| **All-in**<br>**costs\*\*** <br>**A$/oz**<br>|
| **Year to 31 December** |  |  |  |  |  |  |
| 2013 from October | 330000 | 5.9 | 1935 | 62 | 786 | 812 |
| 2014 | 1472000 | 6.7 | 9804 | 315 | 809 | 896 |
| 2015 | 1451000 | 6.5 | 9365 | 301 | 764 | 1017 |
| 2016 | 1446000 | 6.1 | 8827 | 284 | 834 | 1119 |
| 2017 | 1726000 | 5.2 | 9030 | 290 | 896 | 1171 |
| 2018 | 1778000 | 4.9 | 8709 | 280 | 925 | 1239 |
| 2019 | 1753000 | 4.9 | 8547 | 275 | 922 | 1325 |
| 2020 | 1719000 | 4.9 | 8386 | 270 | 1010 | 1465 |
| 2021 | 1662000 | 5.2 | 8684 | 279 | 1161 | 1545 |
| 2022 | 1583000 | 5.7 | 8955 | 288 | 1171 | 1691 |
| 2023 | 1765000 | 5.0 | 8830 | 284 | 1196 | 1800 |
| 2024 | 1571000 | 5.7 | 8927 | 287 | 1270 | 1925 |
| 2025 | 1342000 | 6.1 | 8140 | 262 | 1564 | 2427 |
| **Total** | **19598000** | **5.5** | **108139** | **3477** |  |  |

---

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-138** | Gold Fields |

---

Operating and financial information by mine (unaudited) *continued*

**for the year ended 31 December 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gruyere mine**<sup>#,1</sup> | **Gruyere mine**<sup>#,1</sup> | **Gruyere mine**<sup>#,1</sup> | **Gruyere mine**<sup>#,1</sup> | **Gruyere mine**<sup>#,1</sup> | **Gruyere mine**<sup>#,1</sup> |
|  | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** | **Gold produced** |
|  | **Tonnes** <br>**treated**<br>| **Yield** <br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\*** <br>**US$/oz**<br>| **All-in**<br>**costs\*\*** <br>**A$/oz**<br>|
| **Year to 31 December** |  |  |  |  |  |  |
| 2019<sup>1</sup> | 1639000 | 0.9 | 1541 | 50 | 2900 | 4170 |
| 2020<sup>1</sup> | 4054000 | 1.0 | 4016 | 129 | 931 | 1350 |
| 2021<sup>1</sup> | 4219000 | 0.9 | 3835 | 123 | 1158 | 1541 |
| 2022<sup>1</sup> | 4432500 | 1.1 | 4893 | 157 | 991 | 1431 |
| 2023<sup>1</sup> | 4693000 | 1.1 | 5008 | 161 | 1190 | 1792 |
| 2024<sup>1</sup> | 4375000 | 1.0 | 4479 | 144 | 1632 | 2474 |
| 2025<sup>1</sup> | 6122000 | 1.0 | 5788 | 186 | 2030 | 3150 |
| **Total** | **29534500** | **1.0** | **29560** | **950** |  |  |

---

<sup>#</sup>*The Gruyere project was successfully completed during 2019, with first gold produced in June 2019. Commercial levels of production were achieved at the end of September 2019.*

*\*\*All-in costs: per the World Gold Council Standard issued on 27 June 2013.* 

<sup>1</sup>*Results are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis from that date forward. Refer note 18.3 for further details.*

---

| | | |
|:---|:---|:---|
|  | **Australia**<sup>1</sup> | **Australia**<sup>1</sup> |
|  | **Net earnings** | **Net earnings** |
|  | **US$ million** | **A$ million** |
| **Year to 30 June** |  |  |
| 2002<sup>#</sup> – 2005 | 181.2 | 296.2 |
| 2006 | 39.3 | 52.6 |
| 2007 | 41.5 | 52.8 |
| 2008 | 36.8 | 41.2 |
| 2009 | 69.8 | 94.3 |
| 2010 | 81.0 | 89.9 |
| Six months to December 2010 | 60.9 | 64.9 |
| **Year to 31 December** |  |  |
| 2011 | 189.6 | 183.8 |
| 2012 | 88.9 | 85.8 |
| 2013 | (138.9) | (143.6) |
| 2014 | 94.5 | 104.7 |
| 2015 | 175.5 | 233.3 |
| 2016 | 219.5 | 294.4 |
| 2017 | 204.3 | 266.8 |
| 2018 | 190.2 | 254.5 |
| 2019 | 159.3 | 229.0 |
| 2020 | 381.2 | 553.4 |
| 2021 | 475.8 | 633.2 |
| 2022 | 506.1 | 730.5 |
| 2023 | 564.8 | 851.5 |
| 2024 | 736.4 | 1117.6 |
| 2025 | 2133.0 | 3292.0 |
| **Total** | **6490.7** | **9378.8** |

---

<sup>#</sup>*F2002 – For the seven months ended 30 June 2002, since acquisition.*

<sup>1</sup>*Results for the Gruyere mine included in the Australia region earnings are reported on a 50% basis up to the acquisition of Gold Road on 26 September 2025 and on a 100% basis* 

*from that date forward. Refer note 18.3 for further details.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-139** | Gold Fields |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cerro Corona mine – total managed** | **Cerro Corona mine – total managed** | **Cerro Corona mine – total managed** | **Cerro Corona mine – total managed** | **Cerro Corona mine – total managed** | **Cerro Corona mine – total managed** |
|  | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** |
|  | **Tonnes** <br>**treated**<br>| **Yield** <br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs\*\***<br>**US$/eq oz**<br>| **Net**<br>**earnings**<br>**(before**<br>**minorities)**<br>**US$ million**<br>|
| **Year to 30 June** |  |  |  |  |  |  |
| 2009<sup>#</sup> | 4547000 | 1.5 | 6822 | 219 | 369 | 25.4 |
| 2010 | 6141000 | 2.0 | 12243 | 394 | 348 | 90.8 |
| Six months to December 2010 | 3102000 | 2.0 | 6206 | 200 | 395 | 93.3 |
| **Year to 31 December** |  |  |  |  |  |  |
| 2011 | 6593000 | 1.8 | 11915 | 383 | 437 | 208.5 |
| 2012 | 6513000 | 1.6 | 10641 | 342 | 492 | 217.6 |
| 2013 | 6571000 | 1.5 | 9851 | 317 | 491 | 80.5 |
| 2014 | 6797000 | 1.5 | 10156 | 327 | 702 | 66.5 |
| 2015 | 6710000 | 1.4 | 9196 | 296 | 777 | (93.4) |
| 2016 | 6977000 | 1.2 | 8405 | 270 | 762 | (73.1) |
| 2017 | 6796000 | 1.4 | 9540 | 307 | 673 | 97.4 |
| 2018 | 6644000 | 1.5 | 9767 | 314 | 699 | 42.6 |
| 2019 | 6718000 | 1.4 | 9104 | 293 | 810 | 83.1 |
| 2020 | 6796000 | 0.9 | 6442 | 207 | 1119 | 53.9 |
| 2021 | 6817000 | 1.1 | 7723 | 248 | 1040 | 54.8 |
| 2022 | 6721000 | 1.2 | 8103 | 261 | 998 | 27.9 |
| 2023 | 6485000 | 1.1 | 7440 | 239 | 1146 | (41.6) |
| 2024 | 6310000 | 0.9 | 5381 | 173 | 1585 | 81.6 |
| 2025 | 6330000 | 0.8 | 5213 | 168 | 1890 | 238.6 |
| **Total** | **113568000** | **1.4** | **154148** | **4958** |  |  |

---

<sup>#</sup>*Transition from project to operation from September 2008.*

*\*Cerro Corona is a gold and copper mine. As such, gold produced and all-in costs are based on gold equivalent ounces.*

*\*\*All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Salares Norte**<sup>#</sup> | **Salares Norte**<sup>#</sup> | **Salares Norte**<sup>#</sup> | **Salares Norte**<sup>#</sup> | **Salares Norte**<sup>#</sup> | **Salares Norte**<sup>#</sup> |
|  | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** | **Gold produced\*** |
|  | **Tonnes** <br>**treated**<br>| **Yield** <br>**g/tonne**<br>| **Kilograms** | **'000** <br>**ounces**<br>| **All-in**<br>**costs***\*\**<br>**US$/eq oz**<br>| **Net**<br>**earnings**<br>**US$ million**<br>|
| **Year to 31 December** |  |  |  |  |  |  |
| 2024 | 156000 | 9.1 | 1400 | 45 | 12058 | 26.8 |
| 2025 | 1284000 | 9.6 | 12333 | 397 | 1431 | 681.1 |
| **Total** | **1440000** | **9.6** | **13733** | **442** |  |  |

---

*\*Salares Norte is a gold and silver mine. As such, gold produced and all-in costs are based on gold equivalent ounces.*

<sup>#</sup>*Salares Norte achieved commercial levels of production on 31 August 2025 and reached steady state operations in Q4 2025.*

*\*\*All-in costs: per the World Gold Council Standard issued on 27 June 2013.*![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-140** | Gold Fields |

---

Shareholders' information (unaudited)

Register date: 31 December 2025

Issued Share Capital: 895,024,247 shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of** <br>**shareholders**<br>| **%** | **Number** <br>**of shares**<br>| **%** |
| **Shareholder spread**  |  |  |  |  |
| 1 – 1000 shares | 22083 | 87.5% | 2615132 | 0.3% |
| 1001 – 10 000 shares | 1578 | 6.3% | 5070538 | 0.6% |
| 10 001 – 100 000 shares | 996 | 3.9% | 36981299 | 4.1% |
| 100 001 – 1 000 000 shares | 468 | 1.9% | 141337471 | 15.8% |
| Over 1 000 000 shares | 108 | 0.4% | 709019807 | 79.2% |
| **Total**<sup>1</sup> | **25233** | **100.0%** | **895024247** | **100.0%** |
| **Distribution of shareholders**  |  |  |  |  |
| American Depositary Receipts | 1 | —% | 173202526 | 19.4% |
| Banks | 243 | 1.0% | 118126461 | 13.2% |
| Brokers | 60 | 0.2% | 84777193 | 9.5% |
| Close Corporations | 101 | 0.4% | 80210 | —% |
| Control Account | 1 | —% | 813900 | 0.1% |
| Endowment Funds | 104 | 0.4% | 1532662 | 0.2% |
| Individuals | 21373 | 84.7% | 7194679 | 0.8% |
| Insurance Companies | 93 | 0.4% | 21035425 | 2.4% |
| Investment Companies | 9 | —% | 2460346 | 0.3% |
| Medical Aid Schemes | 39 | 0.2% | 1583023 | 0.2% |
| Mutual Funds | 1150 | 4.6% | 245897235 | 27.5% |
| Nominees and Trusts | 800 | 3.2% | 6153580 | 0.7% |
| Other Corporations | 32 | 0.1% | 457613 | 0.1% |
| Other | 2 | —% | 25943 | —% |
| Pension Funds | 752 | 3.0% | 222109510 | 24.8% |
| Private Companies | 465 | 1.8% | 2976766 | 0.3% |
| Public Companies | 6 | —% | 1589023 | 0.2% |
| Share Trust | 2 | —% | 5008152 | 0.6% |
| **Total**<sup>1</sup> | **25233** | **100.0%** | **895024247** | **100.0%** |
| **Public/Non-public Shareholders**  |  |  |  |  |
| **Non-public Shareholders** | **4** | **—%** | **5034095** | **0.6%** |
| Share Trust | 2 | —% | 5008152 | 0.6% |
| Own Holdings | 2 | —% | 25943 | —% |
| **Public Shareholders** | **25229** | **100.0%** | **889990152** | **99.4%** |
| **Total**<sup>1</sup> | **25233** | **100.0%** | **895024247** | **100.0%** |

---

<sup>1</sup>*Treasury shares were purchased by the Group and a portion was issued to participants upon vesting of employee share options in 2025. Refer note 26 for further details.*

<sup>2</sup>*A breakdown of the directors' and prescribed officers' shareholding is provided on page 11 of this report.*

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
|:---|:---|
| **AFR-141** | Gold Fields |

---

---

| | | |
|:---|:---|:---|
| **Beneficial shareholders holding of 3% or more** | **Number of** <br>**shares**<br>| **%** |
| Public Investment Corporation (Government Employees Pension Fund) | 180381384 | 20.2% |
| VanEck Vectors Gold Miners ETF | 27966686 | 3.1% |
| **Total** | **208348070** | **23.3%** |
| **Fund managers holding of 3% or more** | **Number of** <br>**shares**<br>| **%** |
| Public Investment Corporation | 150818159 | 16.9% |
| BlackRock Inc | 60097464 | 6.7% |
| VanEck Global | 35114994 | 3.9% |
| The Vanguard Group, Inc | 39778712 | 4.4% |
| M&G Investments | 28873099 | 3.2% |
| Ninety One | 36899346 | 4.1% |
| **Total** | **351581774** | **39.2%** |
| **Foreign custodian holding of 3% or more** | **Number of** <br>**shares**<br>| **%** |
| State Street Bank And Trust | 75020567 | 8.4% |
| JPMorgan Chase Bank, National Association | 72361071 | 8.1% |
| Citibank NA London | 53357433 | 6.0% |
| **Total** | **200739071** | **22.5%** |

---

![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

---

| | |
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Glossary of terms

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|:---|:---|
| AISC | All-in sustaining costs. AISC comprises on-site mining costs (on a sales basis); on-site general and <br>administrative costs; royalties and production taxes; realised gains/losses on hedges due to operating <br>costs; community costs related to current operations; permitting costs related to current operations; <br>third-party smelting, refining and transport costs; non-cash remuneration (site-based); stock-piles/<br>product inventory write-down; operational stripping costs; by-product credits; corporate general and <br>administrative costs (including share-based remuneration); reclamation and remediation – accretion <br>and amortisation (operating sites); exploration and study costs (sustaining); and capital exploration <br>(sustaining)<br>|
| AIC | All-in costs. AIC is AISC plus community costs not related to current operations; community costs not <br>related to current operations; reclamation and remediation costs not related to current operations; <br>exploration and study costs (non-sustaining); capital exploration (non-sustaining); capitalised stripping <br>& underground mine development (non-sustaining); and capital expenditure (non-sustaining)<br>|
| BEE | Black Economic Empowerment. BEE seeks to ensure that black persons within South Africa gain <br>a significant degree of control in the economy through the possession of equity stakes and the holding <br>of management positions within an institution<br>|
| Capital expenditure <br>(or capex)<br>| Specific project or ongoing expenditure for replacement or additional equipment, materials or <br>infrastructure<br>|
| Concentrate | A metal-rich product resulting from a mineral enrichment process such as gravity concentration or <br>flotation, in which most of the desired mineral has been separated from the waste material in the ore<br>|
| Cut-off grade | The lowest grade of mineralised ore, which determines whether or not it is economic to mine and send <br>to the processing plant<br>|
| Decline | An excavation from surface or subsurface, in the form of a tunnel, which is developed downwards |
| Depletion | The decrease in quantity of ore, in a deposit or property resulting from extraction or mining |
| Development | Is any tunnelling operation that is developed for either exploration, exploitation or both |
| Dilution | Waste or material below the cut-off grade that contaminates the ore during the course of mining <br>operations and thereby reduces the average grade mined<br>|
| Fatality rate | Number of deaths normally expressed as a ratio per million man-hours worked |
| Feasibility study | A comprehensive design and costing study of the selected option for the development of a mineral <br>project in which appropriate assessments have been made of realistically assumed geological, mining, <br>metallurgical, economic, marketing, legal, environmental, social, governmental, engineering, <br>operational and all other modifying factors, which are considered in sufficient detail to demonstrate at <br>the time of reporting that extraction is reasonably justified (economically mineable) and the factors <br>reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, <br>or finance, the development of the project. The overall confidence of the study should be stated<br>|
| Gold equivalent | A quantity of metal (such as copper) converted to an amount of gold in ounces, based on accepted <br>gold and other metal prices, i.e. the accepted total value of the metal based on its weight and value <br>thereof divided by the accepted value of one troy ounce of gold<br>|
| Grade | The quantity of gold or other metal contained within a unit weight of one metric tonne, generally <br>expressed in grams per metric tonne ("g/t") or percent metal per metric tonne (%)<br>|
| Hedging | Taking a buy or sell position in futures market opposite to a position held in the cash/spot market to <br>minimise the risk of financial loss from an adverse price change<br>|
| Indicated Mineral <br>Resources<br>| That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and <br>mineral content can be estimated with a reasonable level of confidence. It is based on exploration, <br>sampling and testing information gathered through appropriate techniques from locations such as <br>outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced <br>to confirm geological and/or grade continuity but are spaced closely enough for continuity to be <br>assumed<br>|
| Inferred Mineral <br>Resource<br>| That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a <br>low level of confidence. It is inferred from geological evidence and assumed but not verified geological <br>and/or grade continuity. It is based on information gathered through appropriate techniques from <br>locations such as outcrops, trenches, pits, workings and drill-holes which may be limited or of uncertain <br>quality and reliability<br>|
| Measured Mineral<br>Resource<br>| That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and <br>mineral content can be estimated with a high level of confidence. It is based on detailed and reliable <br>exploration, sampling and testing information gathered through appropriate techniques from locations <br>such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to <br>confirm geological and grade continuity<br>|

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![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-143** | Gold Fields |

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| Mineral Reserve | A ''Mineral Reserve'' is the economically mineable material derived from a Measured or Indicated <br>Mineral Resource or both. It includes diluting and contaminating materials and allows for losses that <br>are expected to occur when the material is mined. Appropriate assessments to a minimum of a <br>pre-feasibility study for a project and a life-of-mine plan for an operation must have been completed, <br>including consideration of, and modification by, realistically assumed mining, metallurgical, <br>economic, marketing, legal, environmental, social and governmental factors (the modifying factors). <br>Such modifying factors must be disclosed<br>|
| Mineral Resource | A 'Mineral Resource' is a concentration or occurrence of material of economic interest in or on the <br>earth's crust in such form, quality and quantity that there are reasonable and realistic prospects for <br>eventual economic extraction. The location, quantity, grade, continuity and other geological <br>characteristics of a Mineral Resource are known, or estimated from specific geological evidence, <br>sampling and knowledge interpreted from an appropriately constrained and portrayed geological <br>model. Mineral Resources are subdivided, and must be so reported, in order of increasing <br>confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories<br>|
| Pre-Feasibility Study | A preliminary design and costing study of the short-listed preferred mining and processing option(s) <br>for the development of a mineral project in which appropriate assessments have been made of <br>realistically assumed geological, mining, metallurgical, economic, marketing, legal, environmental, <br>social, governmental, engineering, operational and all other modifying factors, which are considered <br>in sufficient detail to demonstrate at the time of reporting that extraction is reasonably justified <br>(economically mineable) and the determined assumptions and parameters reasonably serve as the <br>basis for potential declaration of Mineral Reserves<br>|
| Probable Mineral Reserve | The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It <br>is estimated with a lower level of confidence than a Proved Mineral Reserve. It is inclusive of diluting <br>materials and allows for losses that may occur when the material is mined. Appropriate <br>assessments, to a minimum of a Pre-feasibility Study (PFS) for a project, have typically been carried <br>out, including consideration of and modification by realistically assumed mining, metallurgical, <br>economic, marketing, legal, environmental, social and governmental factors. These assessments <br>demonstrate at the time of reporting that extraction is reasonably justified<br>|
| Project capital | Capital expenditure that is associated with specific projects |
| Proved Mineral Reserve | The economically mineable material derived from a Measured Mineral Resource. It is estimated with <br>a high level of confidence. It is inclusive of diluting materials and allows for losses that may occur <br>when the material is mined. Appropriate assessments, to a minimum of a Pre-Feasibility Study (PFS) <br>for a project, have been typically carried out, including consideration of and modification by <br>realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and <br>governmental factors. These assessments demonstrate at the time of reporting that extraction is <br>reasonably justified<br>|

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| **AFR-144** | Gold Fields |

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Glossary of terms *continued*

![](gfi-20251231_g139.gif)

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| | |
|:---|:---|
| PFS | Pre-Feasibility Study |
| SEC | United States Securities Exchange Commission |
| TB | Tuberculosis |
| TEC | Total employees costed |
| g | gram |
| g/t | grams per metric tonne – gold or silver grade |
| kg | kilogram |
| koz | thousand ounces |
| kt | thousand metric tonnes |
| Moz | million ounces |
| oz | fine troy ounce equalling 31.10348 grams |
| R | South African Rand |
| R/kg | South African Rand per kilogram |
| Rm | million South African Rand |
| R/t | South African Rand per metric tonne |
| t | metric tonne |
| US$ | United States Dollar |
| US$m | million United States Dollar |
| US$/oz | United States Dollar per ounce |
| A$ | Australian Dollar |
| A$m | million Australian States Dollar |
| A$/oz | Australian Dollar per ounce |
| C$ | Canadian Dollar |
| C$m | million Canadian Dollar |

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![GFI 20F & AR 2025 page grid.jpg](gfi-20251231_g126.jpg)

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| **AFR-145** | Gold Fields |

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Administration and corporate information

**Corporate Secretary** 

**Anré Weststrate**

Mobile: +27 83 635 5961

Email: anré.weststrate@goldfields.com

**Registered Office** 

**Johannesburg**

Gold Fields Limited

150 Helen Road

Sandown

Sandton

2196

Postnet Suite 252

Private Bag X30500

Houghton

2041

Tel: +27 11 562 9700

**Office of the United Kingdom Secretaries**

**London**

St James's Corporate Services Limited

Second Floor

107 Cheapside

London

EC2V 6DN

United Kingdom

Tel: +44 (0) 20 3869 0706

Email: general@corpserv.co.uk

**American depository receipts transfer agent**

**Shareholder correspondence should be mailed to:**

BNY Mellon

PO Box 43006

Providence, RI

02940 – 3078

**Overnight correspondence should be sent to:**

BNY Mellon

150 Royall Street, Suite 101

Canton, MA 02021

Tel: 888 247 3871 Domestic

Tel: 201 680 6825 Foreign

Email: shrrelations@cpushareownerservices.com

**Sponsor**

J.P. Morgan Equities South Africa Proprietary Limited

1 Fricker Road

Illovo, Johannesburg 2196

South Africa

**Gold Fields Limited**

Incorporated in the Republic of South Africa

Registration number 1968/004880/06

Share code: GFI

Issuer code: GOGOF

ISIN: ZAE 000018123

**Investor and media enquiries**

**Jongisa Magagula**

Mobile: +27 82 562 5288

Email: jongisa.magagula@goldfields.com

Email: investor.relations@goldfields.com

**Kershnee Govender**

Mobile: +27 83 564 4090

Email: kershnee.govender@goldfields.com

Email: media@goldfields.com

**Transfer secretaries**

**South Africa**

Computershare Investor Services (Proprietary) Limited

Rosebank Towers

15 Biermann Avenue

Rosebank

Johannesburg

2196

Private Bag X9000

Saxonwold

2132

Tel: +27 11 370 5000

Fax: +27 11 688 5248

**United Kingdom**

MUFG Corporate Markets (formerly Link Group)

Central Square

29 Wellington Road

Leeds, LSI 4 DL

United Kingdom

Tel: +44 (0) 371 664 0300

Email: shareholderenquiries@cm.mpms.mufg.com

Calls are charged at the standard geographic rate and will vary by

provider. Lines outside the United Kingdom will be charged at the

applicable international rate. Business is open between 09:00 – 17:30,

Monday to Friday excluding public holidays in England and Wales.

**Listings**

JSE/NYSE/GFI

**Directors**

YGH Suleman (Chairperson), MJ Fraser\* (Chief Executive Officer)

AT Dall\* (Chief Financial Officer), A Andani<sup>#</sup>, ZBM Bassa, MC Bitar<sup>@</sup>,

TP Goodlace, SL McCrae<sup>&</sup>, JE McGill^, JF MacKenzie,

MI Rawlinson<sup>T</sup>, PG Sibiya, CAT Smit

*South African unless otherwise stated. ^Australian, †British,* <sup>&</sup>*Canadian,* <sup>@</sup>*Chilean,* 

<sup>#</sup>*Ghanaian, \*Executive director*

**www.goldfields.com**

![Bastion 15mm imprint black.jpg](gfi-20251231_g140.jpg)

![Gold Fields 20F Back Cover.jpg](gfi-20251231_g141.jpg)

![Form 20-F wrapper_GFL Sustainability Report_2025001.jpg](gfi-20251231_g142.jpg)

1 GOLD FIELDS Sustainability Report 2025 Creating enduring value beyond mining 2025 Gold Fields Limited Sustainability Report

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![Form 20-F wrapper_GFL Sustainability Report_2025002.jpg](gfi-20251231_g143.jpg)

2 GOLD FIELDS Sustainability Report 2025 Contents Who we are About this report 3 About Gold Fields 5 Our global operations 6 Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons 19 Delivering positive social impact 20 Protecting our people and fostering respect 21 Delivering positive impact for society 31 Delivering positive environmental impact 40 Mitigating climate change 41 Preserving natural resources 55 Preventing serious environmental harm 60 Human rights 64 Our approach and impact Foreword from our Chief Executive Officer 8 Our purpose-driven approach to sustainability 10 How we govern sustainability 12 Our sustainability-related material matters 13 Our sustainability-related risks and opportunities 14 Appendices Group and operational carbon and environmental performance 68 TCFD index 71 Disclaimer and forward-looking statements 73 Glossary 74 Administration and corporate information 76 Send us your feedback We value your feedback on our reporting suite. We aim to report on the issues our stakeholders care about. Pease provide any feedback and questions to investors@goldfields.com or sustainability@goldfields.com. You can also visit www.goldfields.com and download the feedback form. Gold Fields' reporting suite can be accessed on our website. About our cover Our 2025 Sustainability Report cover photo shows an overview of existing facilities at the Windfall Project in Canada. Quick navigation icons This is an interactive report. Navigation tools are on the top of each page. Navigation icons Further reading available within this report Further information available online Integrated Annual Report Details how Gold Fields creates, preserves and erodes value over time, and serves as our primary report to capital providers. This report also includes valuable information for other stakeholders. Notice of Annual General Meeting Details the resolutions to be tabled to shareholders at our 2025 Annual General Meeting. Annual Financial Report Contains the Directors' Report, Audit Committee Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements. Mineral Resources and Mineral Reserves Supplement Provides detailed technical and operational information relating to our operations. Tax Transparency Report Defines our tax principles and the Group's approach to tax, and includes our country-by-country report. Sustainability Report Provides an overview of how Gold Fields delivers positive social and environmental impact through responsible mining practices. ESG databook Includes key data, as well as cross references to the GRI, ICMM Principles, UN Global Compact Principles, UN Sustainable Development Goals and the Value Reporting Foundation. Form 20-F Comprises our annual report on Form 20-F filed with the United States Securities and Exchange Commission as a foreign private issuer trading on the New York Stock Exchange. linkedin.com/ company/gold-fields business.facebook.com/ GoldFieldsLTD @GoldFields_LTD instagram.com/ goldfields_ltd/ Who we are Our approach and impact Delivering positive social and environmental impact Appendices

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![Form 20-F wrapper_GFL Sustainability Report_2025003.jpg](gfi-20251231_g144.jpg)

About this report This Sustainability Report provides a detailed view of Gold Fields Limited's (Gold Fields, the Group or the Company) social and environmental performance for the year ended 31 December 2025. It sets out how we make a positive impact through responsible mining practices and our relationships with employees, suppliers, host communities and other stakeholders, and how we manage our social and environmental impacts. Reporting scope and boundary This report forms part of Gold Fields' integrated reporting suite and should be read alongside the Integrated Annual Report (IAR) and supporting information on our website, including our ESG databook. This report includes financial and non-financial data relating to our nine mines in Australia, South Africa, Ghana, Chile and Peru. Non- financial data for Salares Norte is included from 1 September to 31 December 2025, following the achievement of full commercial production, in accordance with our sustainability performance reporting guidance. Except where noted, this report excludes data relating to our Windfall project in Canada. While not yet part of operational reporting, Windfall's development remains a key element in Gold Fields' future production and portfolio quality. Where relevant, selected data for Windfall is disclosed separately to support transparency. In line with our reporting approach, performance metrics are disaggregated between producing and non-producing assets to maintain comparability. Socio-economic development spend includes spend by the South Deep trusts and the Gold Fields Ghana Foundation. The report also includes any material events after year- end and up to the date of Board approval on 24 March 2026. Reporting landscape Alignment with global standards We are dedicated to transparent reporting, providing stakeholders with the information needed to assess our performance and understand the challenges and risks we face. To support this commitment, we consider the following global frameworks, standards and principles: • JSE Listings Requirements and NYSE Listings Requirements • King IV Report on Corporate Governance for South Africa, 2016 (King IV)1 • International Council on Mining and Metals (ICMM) Sustainable Development Framework and Mining Principles • World Gold Council Responsible Gold Mining Principles • Global Reporting Initiative (GRI) Universal Standards • United Nations (UN) Guiding Principles on Business and Human Rights • The 10 principles of the UN Global Compact • Voluntary Principles on Security and Human Rights • CDP • Extraction Industries Transparency Initiative (EITI) • Global Industry Standard on Tailings Management (GISTM) • International Cyanide Management Code • Task Force on Climate-related Financial Disclosures (TCFD) • Taskforce on Nature-related Financial Disclosures (TNFD) 1 Copyright and trademarks are owned by the Institute of Directors South Africa NPC and all of its rights are reserved Our ESG databook provides detailed disclosures on our performance against several global standards, including the ICMM Social and Economic Reporting Framework during the year. Materiality The content of this report is guided by the material themes and material matters that could significantly impact the Group's ability to create value in the short, medium and long term. We conduct an annual materiality assessment to identify and confirm these matters. Our key stakeholder relationships We are committed to building strong shareholder relationships to create shared value. Our people Host communities Suppliers Capital providers Governments Board approval We are committed to accurate, transparent reporting to support stakeholder decision-making. This report was prepared under senior management leadership, with oversight from the Executive Committee and Board of Directors (Board). The Board approved our 2025 Sustainability Report on 24 March 2026. Yunus Suleman Chairperson 3 GOLD FIELDS Sustainability Report 2025 AA-rating Sustainability Yearbook member (2024: AA-rating) (2024: Tied 8th miner and Sustainability Yearbook member) Overall ESG risk rating: 23.2 \| ESG risk rating category: Medium) C+ (2024: Overall ESG risk rating: 26.2 \| ESG risk rating category: Medium) (2024: B-) Our sustainability indices Refer to our ESG databook for more information. Refer to p13 for more information on our sustainability-related material themes and matters. Our IAR provides a detailed view of our stakeholder relationships from p38 to 43. Who we are About this report About Gold Fields Our global operations Our approach and impact Delivering positive social and environmental impact Appendices

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![Form 20-F wrapper_GFL Sustainability Report_2025004.jpg](gfi-20251231_g145.jpg)

Who we are In this chapter About this report 3 About Gold Fields 5 Our global operations 6 4 GOLD FIELDS Sustainability Report 2025 South Deep employees at our Metallurgy Plant Who we are About this report About Gold Fields Our global operations Our approach and impact Delivering positive social and environmental impact Appendices

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![Form 20-F wrapper_GFL Sustainability Report_2025005.jpg](gfi-20251231_g146.jpg)

About Gold Fields 5 GOLD FIELDS Sustainability Report 2025 For more information on our strategic pillars, refer to p61 – 64 of our IAR. What we do The why Our purpose The what Our strategy The how Our culture of care and accountability Operate Operate in a safe, reliable and cost-effective way Impact Have a positive impact on our communities and the environment\* Grow Grow the quality of our portfolio Our 2035 strategic aspirations • Safety and wellbeing Eliminate serious injuries and fatalities; enhance lives • People, culture and capability Inclusive, values-driven teams growing capabilities • Social and environmental performance Trusted sustainability leadership • Safe, reliable, cost-effective operations Operational excellence • Asset quality Grow portfolio through value optimisation • Results Deliver shared social and financial success The Gold Fields Way is the mechanism through which we activate and embed this culture. It is made up of: Our culture levers: • Leadership and mindsets: How we lead, what we believe and how we act • Operating model: How we are structured and organised to deliver results • Operating practices and systems: The shared standards, routines and processes that support execution Our values Creating enduring value beyond mining Who we are About this report About Gold Fields Our global operations Our approach and impact Delivering positive social and environmental impact Appendices\*Through responsible mining practices Safety – If we cannot guarantee safe operations, we will not mine Respect – Treat everyone with dignity, care and fairness Collaboration – Work as a global team to succeed together Responsibility – Own our actions and their impact

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![Form 20-F wrapper_GFL Sustainability Report_2025006.jpg](gfi-20251231_g147.jpg)

Our global operations 6 GOLD FIELDS Sustainability Report 2025 Peru Located high in the Andes mountains, Cerro Corona is the only mine in our portfolio with copper as a by-product. Cerro Corona Open pit with gold-copper flotation plant with five-year LOM. The operation is expected to process stockpiles from 2026. Exploration interests: Chakana Copper South Africa As one of the deepest, bulk- mechanised mines in the world South Deep, is one of our four multi-decade assets, with substantial resources. South Deep Underground operation with 83-year LOM.7 Australia Our mines in Australia account for almost half of the Group's production. Gold Fields has a strong track record of success in transforming these assets and extending the lives of our mines, with a strong pipeline of projects to ensure Mineral Reserves replacement. Canada The Windfall project is among the largest undeveloped gold deposits in Canada. Windfall Underground gold project.4 Permitting approvals are progressing, along with the impact benefit agreement and advancing project studies to final investment decision. Exploration interests: Vior, Onyx Gold, Bonterra (Phoenix JV) Life-of-mine (LOM) is as of 31 December 2025, reported under the SAMREC Code and the United States Securities and Exchange Commission's S-K regulation, and only includes Mineral Reserves 1 Cash-flow from operating activities less net capital expenditure, contributions to environmental trust funds and payments of lease liabilities 2 Measured and Indicated Mineral Resources, including operations exiting the portfolio (Damang). Attributable Proved and Probable gold Mineral Reserves 3 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 4 LOM to be determined after feasibility studies 5 Depends on the renewal of Tarkwa's mining leases 6 2025 ESG target performance data includes Salares Norte from 1 September to 31 December 2025, following the achievement of full commercial production, in accordance with our sustainability performance reporting guidance 7 Based on a maximum Reserve scheduled production of 11 tonnes of gold per year Ghana Tarkwa Tarkwa is one of Africa's largest open-pit gold mine, with a 17-year LOM.5 Damang The asset will be transitioned out of our portfolio in April 2026. Nine mines across Australia, South Africa, Ghana, Chile and Peru One project in Canada Attributable gold- equivalent production 2,438koz All-in costs US$1,927/oz Adjusted free cash-flow1 US$2,970m Work-related fatalities3 0 Serious injuries3 6 Mineral Resources2 47.0Moz Mineral Reserves2 48.3Moz Total workforce 23,235 Total dividend declared R25.50 Through deliberate transformation over time, Gold Fields has a high-quality, geographically diverse portfolio. Stakeholder value created US$5.8bn Chile Our newest mine, Salares Norte, is among the lowest-cost mines globally. The mine achieved commercial production on 31 August 2025 and reached steady state operations in Q4 2025. Salares Norte6 Open-pit gold-silver mine with 11-year LOM Exploration interests: Torq Resources, Tesoro Gold Contribution to Group attributable production l Australia 44% l South Africa 12% l Ghana 21% l Peru 7% l Chile 16% St Ives Two underground and one open-pit active operations, with 10-year LOM. Agnew Three active underground operations with a five-year LOM. Gruyere One active open-pit operation and a nine-year LOM. Granny Smith: One active underground operation with 10-year LOM. Exploration interests: Great Southern Mining, Killi Resources, Gold Copper Resources, Hamelin Gold, Gold Road Resources- acquired tenements. Who we are About this report About Gold Fields Our global operations Our approach and impact Delivering positive social and environmental impact Appendices

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![Form 20-F wrapper_GFL Sustainability Report_2025007.jpg](gfi-20251231_g148.jpg)

Our approach and impact In this chapter Foreword from our Chief Executive Officer 8 Our purpose-driven approach to sustainability 10 How we govern sustainability 12 Our sustainability-related material matters 13 Our sustainability-related risks and opportunities 14 7 GOLD FIELDS Sustainability Report 2025 Community programmes at Cerro Corona support the dairy plant initiative. Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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![Form 20-F wrapper_GFL Sustainability Report_2025008.jpg](gfi-20251231_g149.jpg)

Foreword from our Chief Executive Officer Sustainability is integral to how we run our business and how we create enduring value beyond mining. Our purpose-driven strategy recognises that long-term success depends on keeping our people safe and creating positive social and environmental impact for our stakeholders, while effectively balancing these priorities with business objectives. Strong sustainability performance supports our ability to maintain our social licence to operate, advance projects and secure approvals that underpin reserve replacement, and drive operational discipline and efficiency across our portfolio. This Sustainability Report brings together our performance and progress across the full scope of pillar 2 of our strategy, which centres on delivering positive social and environmental impact, and includes how we deliver safe outcomes related to pillar 1 of our strategy. Reflecting on 2025 The year was characterised by a strong focus on safety, accountability and integration. Leadership attention was directed towards working to ensure that everyone who works at Gold Fields goes home safe and well each day, while also strengthening how social and environmental considerations are embedded into business decision-making. These priorities shaped the year and reflect the reality that our long-term success is inseparable from the wellbeing of our people, the resilience of our host communities and the health of the natural environment. We remain unequivocal in our commitment to fatality- and serious- injury-free operations. We suffered no work-related fatalities during the year and recorded six serious injuries in 2025, as well as one at Windfall, reinforcing that risk remains present and that we must continue our dedicated focus on improvement. We strengthened the foundations that support safe and responsible performance, driven by our multi-year safety improvement plan. We reinforced leadership behaviours and expectations, sharpened our approach to critical risk management, and continued to mature our health and safety systems. During the year, we implemented our Occupational Health Framework to help prevent workplace exposure, reduce illness and support the long-term wellbeing. We recognise that psychological safety is intrinsically linked to our delivery. We implemented all of the EB&Co recommendations, exceeding our 2025 target. Ensuring sustained changes, we formalised our culture of care and accountability across our operations through the Gold Fields Way and are pleased with the positive employee engagement measured through our employee perception survey. Progress across social priorities translated commitments into tangible outcomes, starting with increasing the diversity of our teams, with 27% female employee representation, and how we impacted the communities in which we operate as we continued to create substantial national value through employment, procurement and services. In 2025, we distributed US$ bn in value (2024: US$4.21bn) and spent US$3.36bn on in-country procurement, representing 97% of total procurement (2024: US$2.8bn). These outcomes strengthen trust and reinforce our licence to operate. Environmental priorities advanced with discipline and focus. We improved energy security, reliability and cost resilience, with renewable energy accounting for 18% of Group electricity consumption in 2025 (2024: 18%). We progressed construction of the St Ives hybrid renewable project, comprising a 42MW wind farm and a 35MW solar plant, which is approximately 80% complete and on track for commissioning in mid-2026. We recorded zero significant environmental incidents during the year. Total water recycled and reused reached 74%, exceeding our annual target of 73%, while total freshwater withdrawal1 of 9.72GL improved on both 2024 levels and our 2025 target. We achieved meaningful conformance with the Global Industry Standard on Tailings (GISTM), consistent with our International Council on Mining and Metals (ICMM) commitment and our multi-year programme across all global assets. Strengthening organisational capability remained a priority in 2025, which included publishing our Group standards across health and safety and environment and social performance, and stood up both first and second-line risk control and assurance across these areas. 8 GOLD FIELDS Sustainability Report 2025 "Our midpoint review confirmed that disciplined commitments drive real performance, while also highlighting the need for greater integration, stronger capability and a more explicit focus on impact. As a result, we have set integrated 2035 sustainability commitments that align closely with our business strategy and support long-term access to resources and growth." Mike Fraser Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices 1 Freshwater withdrawal refers to water with less than 5,000 mg/L Total Dissolved Solids and a pH range of 4 – 10

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![Form 20-F wrapper_GFL Sustainability Report_2025009.jpg](gfi-20251231_g150.jpg)

Foreword from our Chief Executive Officer continued Our midpoint review The year marked the midpoint of our 2030 ESG target period. This milestone provided an important opportunity to reflect on progress achieved since the establishment of our targets in 2021, to test underlying assumptions and strengthen our approach for the decade ahead. Since 2021, the sustainability landscape has evolved materially. Early momentum around ESG commitments has given way to heightened scrutiny, stronger expectations for measurable outcomes and increased focus on credibility and integration with business strategy. At the same time, climate transition planning, mandatory disclosure regimes and social performance expectations have intensified across jurisdictions. Against this backdrop, our midpoint review assessed progress to date and the continued relevance of our targets in an evolving portfolio and changing operating and regulatory environment. We considered progress against each 2030 ESG target, and tested the validity of key assumptions – including technology readiness and deployment timelines, portfolio evolution and growth and alignment with our business aspirations to 2035. The review surfaced several important insights that shape our pathway to 2035. Targets remain a powerful driver of performance, but must evolve as portfolios grow and operating contexts change. Absolute targets alone are insufficient in areas such as water and decarbonisation for a growing portfolio. Social performance, human rights, nature, water and climate risks are deeply interconnected and must be managed as a system. Most importantly, organisational capability – including leadership maturity, systems, standards and second-line assurance – has emerged as a critical enabler of sustained performance. Our culture forms a central part of this capability, including clear targets to foster safe, inclusive, diverse and respectful workplaces that extend beyond employees to encompass business partners. The midpoint review confirmed that disciplined commitments drive real performance, while also highlighting the need to move beyond activity-based approaches towards more integrated, impact-focused and business-relevant outcomes. The outcome is a refined and more integrated set of strategic sustainability commitments through to 2035. These sustainability commitments build on our 2030 trajectory and strengthen alignment with our purpose, strategy and long-term value creation priorities, while reinforcing business resilience, competitiveness and access to growth opportunities. Our sustainability-linked loans Our sustainability performance is also reflected in our financing arrangements. Sustainability-linked loans link financing costs to sustainability performance, with pricing typically adjusting based on progress against agreed targets. For Gold Fields, environmental and diversity metrics are embedded in a US$1.2bn revolving credit facility and A$500m Australian syndicated credit facility (collectively the sustainability-linked credit facilities), reinforcing accountability and aligning access to capital with delivery against priority sustainability outcomes. The table below provides an overview of our progress against these: Description of key performance indicators as set out in the sustainability-linked credit facilities 2025 target 2025 performance Cumulative annual carbon abatement of absolute Scope 1 and 2 carbon emissions through renewable projects since inception and validation of the Group's 2030 net Scope 1 and 2 carbon emissions reduction targets by 31 December 2024 100kt CO2e 87kt CO2e Water recycled or reused 75% 74% Percentage of women representation among employees 25% 27% Appreciation Our sustainability-related progress during the year reflects the collective effort of many people across the Group. I would like to thank our people, including our business partners, for their commitment to working safely and responsibly every day, and for the role they play in living the Gold Fields Way and embedding our values across our operations. I also acknowledge our host communities and suppliers for their ongoing engagement and collaboration, and our other stakeholders for the trust they place in Gold Fields. As we look ahead, sustainability will remain intrinsic to how we lead, how we operate and how we create enduring value. Guided by our purpose and strategy, we will continue to prioritise safety and deliver positive social and environmental outcomes in a manner that supports long-term success for all those connected to our business. Mike Fraser Chief Executive Officer (CEO) 9 GOLD FIELDS Sustainability Report 2025 Read more about our midpoint review and 2035 commitments from p10 – 12 Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our purpose-driven approach to sustainability We take an integrated, Group-wide approach to managing people and sustainability, aligned with our business strategy, portfolio growth and long-term aspirations. Sustainability is embedded as a core business discipline, directly linked to our purpose and strategic priorities, and integral to delivering safe, responsible and resilient performance over the long term. This approach recognises and manages the impacts of our mining activities on our people, host communities and the environment across the full value chain. Sustainability principles are systematically integrated into decision-making, operations and capital allocation to mitigate harm, drive positive social and environmental outcomes, and strengthen resilience, performance and access to future resources. Our approach to sustainability is inseparable from our people's safety and wellbeing. Over the past few years, we have advanced our internal transformation by embedding a culture of care and accountability through the Gold Fields Way, which has strengthened how we lead, organise and support our teams, helping us create workplaces where people can thrive. We focus on developing capable and inclusive teams, ensuring consistent standards across our global operations and embedding a culture grounded in care, accountability and respect. Following our midpoint review, and in response to evolving strategic aspirations and stakeholder expectations, we strengthened this integrated approach to people and sustainability. This report reflects that shift, bringing together social and environmental narratives to show how sustainability is governed, managed and delivered in practice, underpinned by responsible, transparent and ethically governed mining, supported by credible disclosure and assurance. 10 GOLD FIELDS Sustainability Report 2025 In 2021, we set 2030 ESG targets to drive pillar 2 of our strategy: In 2024, we set 2035 strategic aspirations to guide longer-term business strategy across all three pillars of our strategy: In 2025, we: Safety, health, wellbeing and environment • Zero fatalities • Zero serious injuries • Zero serious environmental incidents Gender diversity • 30% female representation Stakeholder value creation • 30% of total value created benefits host communities • Six legacy programmes benefiting host communities Decarbonisation • Net-zero emissions by 2050 • 50% absolute emissions and 30% net emissions reductions from 2016 baseline (Scope 1 and 2) • 10% net emission reduction from 2022 baseline (Scope 3) Tailings management • Conformance to the Global Industry Standard on Tailings Management (GISTM) by 2025 • Reduce number of active upstream-raised tailings storage facilities (TSFs) from five to three Water stewardship • 80% of total water use recycled/reused • 45% reduction in freshwater use from 2018 baseline Guided by our 2035 strategic aspirations Safety and wellbeing People, culture and capability Social and environmental performance Safe, reliable and cost-effective operations Asset quality Results Operationalised by the Gold Fields Way Leadership and mindsets Operating model Operating practices and systems Supported by our values Undertook a midpoint review to assess progress against our 2030 ESG targets, their continued relevance and alignment with our 2035 strategic aspirations Set 2035 sustainability commitments, building on our previously set 2030 targets: – Deliver positive social impact by protecting our people, fostering respect and delivering positive impact for society – Deliver positive environmental impact by mitigating climate change1, preserving natural resources and preventing serious environmental harm Read more about our midpoint review in the foreword from our CEO from p8. Read more on the following pages. 1 Our progress against our emissions reduction targets will depend on a wide range of factors, some of which will be beyond our control. These include market, policy and technological developments, and the progress of our customers and suppliers towards decarbonisation of their own operations, products and services. We will keep performance and approach under review, taking into account all relevant business considerations Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our purpose-driven approach to sustainability continued How we deliver positive social and environmental impact By 2035, Gold Fields aspires to trusted sustainability leadership – consistently delivering safe, reliable operations and positive social and environmental impact through responsible mining practices, while enabling resilient growth and long-term value creation. Delivering positive social impact Our 2035 social commitments: Protect our people (p21 – 27) Foster respect (p28 – 30) Deliver positive impact for society (p31 – 39) Why does this matter? Protecting our people is imperative. Doing so saves lives, builds a culture of care and ensures long-term organisational resilience and trust. Fostering respect through diversity and inclusion creates a safer, stronger and more resilient workplace that drives innovation, performance and trust. Delivering positive impact for society strengthens trust, supports sustainable development and ensures our operations contribute to shared prosperity beyond the mine. How these commitments are anchored • Achieve zero fatalities and serious injuries or illnesses • Include health and psychosocial impacts in our definition of serious injury • Embed a culture of care and accountability to ensure safe, respectful and inclusive workplaces • Foster a culture of care and accountability underpinned by our value of respect • Maintain employee gender diversity targets of 30%, and include business partners to achieve workforce gender representation targets of 25% • Respect the rights of our people by creating and measuring inclusive, diverse and culturally safe environments • Sustain 30% annual national value creation to host communities through employment, procurement and social investment • Deliver one legacy programme per country within five years of operation • Measure and report positive impact, focusing on stakeholder outcomes and shared prosperity What has changed and why? Our 2035 social commitments build on the 2030 ESG targets, with no change to the core areas of focus. What has changed is the emphasis on how social performance is delivered and sustained. Compared to the 2030 ESG targets, the 2035 social commitments: • Work towards more intentional inclusion of wellbeing and psychosocial safety, and developing and implementing formal business processes to support this • Place greater emphasis on culture, accountability and speaking up as enablers of zero harm, rather than zero harm as a standalone end-state • Extend expectations for social performance beyond employees to include business partners • Shift measurement from inputs and programme delivery to stakeholder outcomes and shared prosperity • Strengthen focus on host community value that endures beyond the LOM, rather than time-bound legacy programmes Delivering positive environmental impact Our 2035 environmental commitments: Mitigate climate change (p41 –54) Preserve natural resources (p55– 59) Prevent serious environmental harm (p60 – 63) Why does this matter? Addressing climate change is essential to safeguarding our future, meeting global expectations and ensuring we remain resilient and competitive in a low-carbon economy. Preserving natural resources is vital to sustaining ecosystems, securing long-term operational viability and ensuring responsible stewardship for future generations. Preventing harm is fundamental to protecting people, communities and the environment, ensuring safe operations and upholding our responsibility as a trusted and sustainable business. How these commitments are anchored • Reduce Scope 1 and 2 emissions intensity by 30% from the 2016 baseline, supporting supply security and portfolio changes, and aligning financial, risk and technology strategies • Maintain net-zero Scope 1 and 2 emissions by 2050 commitment • Reduce Scope 3 emissions by 10% from a 2022 baseline • Mitigate the impact of climate change with climate adaptation actions inclusive of partnerships with host communities • Maintain 80% freshwater reuse/recycling annually in freshwater catchments • Transition from 2030 absolute freshwater reduction target to catchment and asset-specific context-based water targets • Measure and disclose nature-related impacts and risks and implement projects to enhance habitat in our priority landscapes • Prevent negative impact through zero catastrophic or serious environmental incidents • Mitigate harm to ecosystems and communities as the foundation for achieving positive outcomes • Maintain trust and high level of conformance to GISTM to prevent catastrophic failures and achieve positive environmental outcomes through multi-criteria analysis and alternative technologies What has changed and why? Our 2035 environmental commitments reflect a more targeted and context-driven approach, informed by the midpoint review and operational experience. Compared to the 2030 ESG targets, the 2035 environmental commitments: • Enhance the credibility and clarity of our decarbonisation approach by confirming that our net-zero commitment applies to Scope 1 and 2 emissions and recognising the operational co-benefits already realised, including improved energy security, reliability and cost resilience • Shift from an absolute emissions reduction target to a 2035 emissions intensity target, reflecting growth, portfolio changes and slower sector-wide technology deployment while reinforcing efficiency and real-world impact • Retain the commitment to prevent serious and catastrophic environmental incidents, recognising sustained performance to date and the need to address increases in moderate incidents with escalation potential • Shift from uniform water targets to more context-based, asset-specific water stewardship commitments, particularly in saline and hypersaline environments • Introduce explicit commitments to develop and implement asset-specific water targets where basin-level conditions differ materially, strengthening relevance and effectiveness 11 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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How we govern sustainability Our sustainability governance framework underpins our ability to create long-term value for stakeholders. It integrates ethical leadership, sound risk management and responsible environmental stewardship. Oversight of sustainability, including safety, health, social, environmental and climate-related matters, is embedded across our Board, executive and operational structures. This ensures cohesive governance from strategic direction to on-the-ground implementation and reinforces our commitment to creating enduring value for all stakeholders. We strive to deliver our commitments through strong governance, robust risk management, responsible sourcing and transparent disclosure. Our approach is built on continuous improvement and accountability at every level. We seek to embed effective risk management systems and processes across our operations, supported by clear first and second-line assurance roles to strengthen accountability and consistency in environmental performance. We are transparent in our approach, disclosing sustainability performance through integrated reporting aligned to global standards, ensuring stakeholders have a clear view of our progress. Management is accountable for embedding sustainability principles into planning, decision-making and performance evaluation, reinforcing our commitment to deliver on our purpose. For more detail on our governance approach, Board committees focus areas and remuneration practices, please refer to our Governance Report in our 2025 IAR. Our sustainability governance structure at a glance Board oversight The Board has overall accountability for sustainability and sustainability governance, approves strategy, policies and targets, and oversees performance and material risks Two-way governance flow Ensuring sustainability and climate resilience remain embedded in all decision- making processes Delegated oversight through Board committees: Social, Ethics and Transformation (SET) Committee Safety, Health and Sustainable Development (SHSD) Committee Risk Committee Technical Committee Remuneration Committee Strategy and Investment Committee Audit Committee Executive leadership and management Executive Committee Translates Board direction into strategy and execution, oversees integration of sustainability into business plans and risk management, and monitors performance against objectives and key performance indicators Specialist Group functions Support delivery of sustainability priorities across the Group, including safety, climate, respectful workplace, stakeholder engagement, water stewardship, mine closure and tailings Operational management Operational Leadership teams Responsible for implementing Group standards and first line risk control implementation and monitoring Operational teams and communities of practice Deliver sustainability programmes, manage risks and controls, and report operational performance Key Social and stakeholder governance Climate change and environment governance 12 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our sustainability-related material matters Gold Fields' sustainability-related material matters reflect the issues that most significantly shape our impact on people, communities and the environment, and influence our ability to create value over the short, medium and long term. These matters are identified through a GRI-aligned materiality assessment informed by our strategy, operating context and stakeholder expectations. This page presents all of Gold Fields' 2025 material themes and matters, with full detail, including our materiality approach, provided on p56 of our IAR. Matters relating to business resilience and governance are covered in the IAR. Key Type of impact Inward impact Outward impact Time horizons Short term Long term Our 2025 material themes and matters in perspective Material matters and themes Type of impact Time horizon Main disclosure Protecting the health, safety and wellbeing of our employees and business partners Physical safety and health SR Protecting our people and fostering respect (p21 –30) Psychological safety and respectful workplaces SR Protecting our people and fostering respect (p21 –30) Managing our employees and business partners Attract, retain and develop talent and skills, including remuneration and reward IAR Our Remuneration Report (p82 –113) SR Protecting our people and fostering respect (p21 –30) Labour practices and relations Our people management approach Business partner integration SR Responsible sourcing (p23) Diversity, equity and inclusion SR Protecting our people and fostering respect (p21 –30) Creating positive impact for host communities Community engagement and relations SR Delivering positive impact for society (p31 –39) Host community employment and procurement SR Delivering positive impact for society (p31 –39) Socio-economic development SR Delivering positive impact for society (p31 –39) Respecting the rights of our stakeholders Human rights SR Human rights (p64 – 66) Indigenous Peoples, culture and heritage SR Delivering positive impact for society (p31 – 39) Artisanal and small-scale mining (ASM) SR Human rights (p64 – 66) Committing to sound environmental practices Nature and biodiversity management SR Preserving natural resources (p55 – 59) Tailings management and emergency preparedness SR Preventing serious environmental harm (p60 – 63) Climate adaptation and resilience SR Mitigating climate impacts (p41 – 54) Water stewardship SR Preserving natural resources (p55 – 59) Energy and carbon management SR Mitigating climate impacts (p41 – 54) Ensuring business resilience Geopolitical context and licence to operate IAR Our operating environment (p34 – 37) IAR Our stakeholders (p38 – 43) SR Delivering positive impact for society (p31 – 39) Sustainable returns for shareholders IAR How we create value (p30 – 70) IAR The value we created (p71 – 81) Life expansion and exploration IAR Performance of our operations (p75 – 79) MRMR Supplement Modernisation, innovation and technology IAR Technology and cybersecurity (p68) Responsible and resilient supply chain SR Responsible sourcing (p23) Integrated mine closure planning SR Preventing serious environmental harm (p60 – 63) Cybersecurity IAR Technology and cybersecurity (p68) Upholding sound corporate governance principles Ethics and compliance IAR Governance and leadership (p8 – 29) Board and leadership effectiveness and succession IAR Our Board of Directors (p14 – 15) 13 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our sustainability-related risks and opportunities Effectively managing risks and opportunities is fundamental to the success of any business, particularly mining companies with complex risk profiles. The processes of identifying, assessing, and mitigating risks is at the core of achieving our business strategy and sustainability goals. Risk status Risk trend No action Stable On watch Decreasing Action required Increasing 14 GOLD FIELDS Sustainability Report 2025 Management of safety and health risks are inherent to the nature of the business. Failure to manage these risks will result in unacceptable incidents leading to injury, illness and fatality. Threats Response and mitigating actions Opportunities • The organisation faces safety and health risks arising from uncontrolled safety and health hazards that could result in serious injury, long-term health impacts or fatality • Workplace culture and behaviours further influence safety outcomes, particularly in relation to sustained mental health and psychological wellbeing. • Major incidents without adequate identification, assessment, or implementation of effective controls presents a material threat to employee safety and wellness and overall operational integrity. • Reviewing and strengthening safety systems, processes and programmes regularly to ensure they remain effective and responsive to evolving operational risks. • Evaluating the health and maturity of the organisational safety culture to reinforce care and accountability at every level • Executing the safety improvement plan in alignment with the Group's strategic objectives • Leveraging opportunities to strengthen safety performance and operational resilience • Collaborating with industry forums, peers and partners to promote shared learning and exchange leading risk management practices • Adopting safe work practices to safeguard employees while improving operational effectiveness and efficiency • Utilising technology and innovation to eliminate hazards at the source, supporting a proactive and sustainable approach to safety and health management Strategic pillar: Operate Safety and wellbeing of our people Group risks are assessed and managed through our Risk Management Framework, which is detailed along with all top risks in our IAR. Board oversight: SHSD Committee Risk status and trend: Countries affected 2025 risk exposure and trend summary The trend and risk exposure has remained on watch throughout 2025. The Group's safety performance improved materially during 2025 with the achievement of zero fatalities, however seven serious injuries occurred during the year1 reinforcing that safety performance is not yet stable and predictable. The Group has made good progress with the implementation of the Safety Improvement Plan (SIP) which will continue into 2026. 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our sustainability-related risks and opportunities continued 15 GOLD FIELDS Sustainability Report 2025 Attracting and retaining talent Proactively attracting and retaining a diverse and skilled talent pool to enable Gold Fields to build a capable workforce aligned with operational and strategic needs that ensure we do not compromise Gold Fields' ability to deliver safe, reliable and cost-effective operations. • Outsourcing critical skills to business partners and third parties, which may reduce internal capability and knowledge retention. • Negative perceptions of the mining industry that hinder the ability to attract and retain top talent • Navigating strategic tension between host community employment and fulfilling critical skills and capability globally • Variations in remuneration frameworks and talent attraction and retention strategies across jurisdictions must remain aligned to Gold Fields' brand positioning across different countries • Exposure to countries with volatile or constrained talent market conditions like high competition for skilled labour, rising compensation expectations or geographic talent shortages may impact workforce stability and the reliability of outsourced core functions • Appointing, promoting and rotating high-potential talent are key to maintaining leadership continuity, capability development and organisational resilience • Embedding our new operating model, which standardises ways of working and provides agility and growth opportunities that can leverage the experience of our people across the Group • Strengthening the skills and capabilities of our employees to maintain a respectful workplace, using global standards and processes to streamline talent onboarding and integration • Strengthening our People Strategy by revising our global talent approach to integrate functional talent needs • Implemented a revised talent process under the new operating model, which provides data aligned with key risk indicators to support informed decision-making and proactive workforce management • Promoting inclusively through diversity and gender representation and the implementation of the EB&Co recommendations • Simplifying the learning landscape and integrating learning moments into our day-to-day operations • Introducing a new performance process based on continuous performance management and feedback • Improving succession and development planning to build leadership depth and organisational resilience • Integrating culture, engagement, diversity, equity, inclusion and belonging actions into learning offerings • Leveraging artificial intelligence (AI) to support recruitment and people management activities • Adapting to modern workforce dynamics and organisational design Board oversight: SET and Remuneration Committees Risk status and trend: Countries affected Strategic pillar: Deliver Threats Response and mitigating actions Opportunities 2025 risk exposure and trend summary The risk exposure and trend has remained on watch throughout 2025. The Group has made progress in 2025 with Exco appointments in key positions and progress with succession planning and talent management. Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our sustainability-related risks and opportunities continued 16 GOLD FIELDS Sustainability Report 2025 2025 risk exposure and trend summary The overall risk exposure and trend has increased in 2025 due to increased stakeholder expectations and changes to stakeholder relationships in certain jurisdictions. Furthermore, the Group is exposed to the risk of delays in meeting key permit schedules and approval for its Windfall operation which include the conclusion of an impact benefit agreement with the Cree First Nation of Waswanipi, Environmental Impact Assessment (EIA) and secondary permits. Strategic pillar: Board oversight: Board, SET and SHSD Committees Risk status and trend: Countries affected Licence to operate and societal expectations • Increasing climate-related risk to our operations and communities • Increasing political instability and regulatory oversight • Changing socio-economic conditions • Increasing pressure and expectations over integrated sustainability and financial disclosures • Increasing stakeholder expectations of performance and disclosure • Mining in fragile ecosystems and Indigenous Peoples' lands • Increasing anti-mining sentiment and stakeholder activism • Identified Group environmental and social critical risks and designed risk bowties and critical control performance standards for each critical risk • All assets conducted self-assessments against these controls and, where relevant, initiated implementation of control improvement plans • Using diverse financial instruments to deliver existing commitments • Partnering and collaborating with increasingly diverse stakeholders • Pursuing leading nature- and biodiversity-positive investments and adopting integrated environmental, social, and economic approaches to address complex challenges • Collaborating with business partners to improve sustainability outcomes • Driving more inclusive, resilient and impactful initiatives by leveraging evolving ways of working and incorporating local knowledge and community-led monitoring into environmental and social programmes Our ability to obtain and consistently meet legal, ethical and societal norms enhances stakeholder trust and regulatory approval and prevents operational disruption Impact Threats Response and mitigating actions Opportunities Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Our sustainability-related risks and opportunities continued 17 GOLD FIELDS Sustainability Report 2025 TSF failure Strategic pillar: Catastrophic TSF failure Response and mitigation actions • Continuing to fully comply with the Group's TSF Management Policy and Management Standard as well as international guidelines, including ANCOLD, SANS, CDA and the GISTM • Attaining a high level of conformance with the GISTM for all consequence- type facilities across all assets by August 2025 • Strengthening our combined assurance approach through annual Independent Geotechnical and Tailings Review Board reviews at Cerro Corona (Peru), Tarkwa (Ghana) and our four Australian assets Board oversight Board and SHSD Committee Risk status and trend: Operate Strategic pillar: Board oversight Board and SHSD Committee Risk status and trend: Flooding Major incident causing loss of life and property damage Response and mitigation actions • Implementing probable precipitation and flood modelling in the design of our operations to ensure appropriate mitigation measures are in place • Including flooding and associated risks within the ICMM Critical Control Management programme, with control measures audited internally and verified by independent parties • Completing a flood study across all our operations and using the outcomes to define, design and implement risk mitigation priorities Strategic pillar: Board oversight: SHSD Committee Risk status and trend: Countries affected Climate adaptation measures impacting communities, the environment and/or operational delivery Failure to identify and mitigate climate-related events that may impact our operations or ability to execute on strategy, leading to operational disruptions and lost revenue. This risk impacts our ability to deliver predictable operating results and to meet societal expectations, leading to a loss of licence to operate. ImpactOperate • Climate-related events that disrupt production and operational continuity • Climate-induced supply chain disruptions • Challenges related to energy, flooding and water security impacts operational reliability and cost management • Environmental and social impacts, including host community water conflict • Government and community expectations of support for climate adaptation place heightened accountability and compliance obligations on the organisation • Adhere to a comprehensive Decarbonisation Strategy with clear carbon-reduction goals for 2030 • Adherence to recognised industry standards, including the GISTM • Review and update climate change vulnerability risks to boost operational resilience • Roll-out renewable energy and implement mitigation efforts such as flood management, extreme temperature response plans and insurance cover • Developing climate-resilient infrastructure • Adopting climate-resilient technologies through pilot studies, staged implementation and cross-functional collaboration • Co-developing flood, drought, fire and extreme heat contingency plans with our host communities and government • Enhancing supply chain resilience, particularly in advance of extreme weather seasons to secure critical inputs and to maintain stable operational performance, supporting long-term sustainability and value creation Sustainability-related catastrophic risks Threats Response and mitigating actions Opportunities 2025 risk exposure and trend summary The overall risk exposure and trend has remained on watch through 2025. The Group continues to face heightened risks associated with climate change including extreme weather events such as wildfires and flooding, and evolving or emerging regulatory requirements within its operating jurisdictions. Impact Who we are Our approach and impact Foreword from our CEO Our purpose- driven approach to sustainability How we govern sustainability Our sustainability- related material matters Our sustainability- related risks and opportunities Delivering positive social and environmental impact Appendices

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Delivering positive social and environmental impact In this chapter Reflections from our SET and SHSD Committee Chairpersons 19 Delivering positive social impact 20 Protecting our people and fostering respect 21 Delivering positive impact for society 31 Delivering positive environmental impact 40 Mitigating climate change 41 Preserving natural resources 55 Preventing serious environmental harm 60 Human rights 64 18 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices The ongoing construction of the Samahu–Pepesa road in Ghana is a transformative infrastructure project spanning more than 14 km.

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Reflections from our SET and SHSD Committee Chairpersons On behalf of the SET and SHSD Committees, we provide this reflection on the Board's oversight of Gold Fields' social, ethical, safety, health and sustainability matters during the year. As outlined in the section on how we govern sustainability, the Board has established governance structures to support effective oversight of sustainability-related risks, impacts and opportunities. Within this framework, the SET and SHSD Committees applied independent judgement and constructive challenges, focusing on areas where effective governance is critical to protecting people, managing risk and supporting long-term value creation. A primary area of focus during the year was safety, health and critical risk management. The SHSD Committee monitored the development and implementation of safety standards and procedures across the Group, reviewed health and safety strategies and performance, and scrutinised serious incidents and near misses to ensure that lessons learned are embedded. Particular attention was given to the effectiveness of leadership capability and the management of material risks, including tailings, fire, explosion and geotechnical risks. Independent safety reviews and investigations were considered, and the Committee monitored progress towards conformance with GISTM. The Committee also oversaw the Group's safety improvement plan and management actions to strengthen leading indicators, leadership capability and business partner safety, reinforcing accountability for safety performance across operations. The committees also oversaw the management of environmental and social risks, with a focus on system maturity and consistency of application. This included oversight of environmental risk management, cyanide stewardship in line with the International Cyanide Management Code, and the integration of environmental and social risk controls into operational decision-making, supported by ISO-aligned management systems. The committees monitored the development of a new Sustainability Policy, which was approved in early 2026 and strengthens the Group's governance framework and articulation of its commitments. Ethical conduct, compliance and stakeholder trust remained central to SET Committee oversight. The Committee reviewed reports on ethics, conduct and compliance-related matters, including the management of fraud, theft and corruption risks, and monitored adherence to the Code of Conduct. Matters relating to Speak Up mechanisms and the implementation of recommendations from independent reviews, including the workforce engagement survey facilitated during the year, were considered to ensure that issues are identified, addressed and resolved appropriately. The Committee also monitored the implementation of the Group's respectful workplace initiatives and culture of care and accountability, which included the launch of a workforce engagement survey. SET Committee oversight also extended to social performance and stakeholder value creation, including host community programmes, local procurement and employment, and the management of stakeholder-related risks and grievances. Particular attention was given to matters relating to ASM and community investment. This included direct engagement with Indigenous stakeholders, including attendance at the signing of the Native Title agreement with the Tjiwarl People, as well as oversight of the trusts and foundations established to support long-term community development. The midpoint review of the Group's 2030 ESG targets was a key area of joint committee focus. The review confirmed that disciplined commitments support performance, while also highlighting the need for greater integration, stronger capability and a clearer focus on impact. In response, the committees supported the refinement of a more integrated set of strategic sustainability commitments through to 2035, building on the 2030 trajectory and strengthening alignment with the Group's strategy and long-term value creation priorities. Looking ahead, the committees will continue to prioritise oversight of safety and wellbeing, climate and environmental resilience, ethical conduct and the social dimensions of mining. Independent oversight, rigorous challenge and disciplined governance will remain central to our role in supporting responsible performance and sustaining stakeholder confidence. We are satisfied that the governance arrangements in place provide a sound foundation for managing sustainability-related matters and supporting long-term value creation. Cristina Bitar Chairperson of the SET Committee Terence Goodlace Chairperson of the SHSD Committee 19 GOLD FIELDS Sustainability Report 2025 Cristina BitarTerence Goodlace "The Board has established governance structures to support effective oversight of sustainability-related risks, impacts and opportunities. Within this framework, the SET and SHSD Committees applied independent judgement and constructive challenges, focusing on areas where effective governance is critical to protecting people, managing risk and supporting long-term value creation." For more detail on the SHSD and SET Committees' mandates and focus areas, refer to our IAR. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive social impact Our 2035 social commitments: Protect our people Foster respect Deliver positive impact for society Why does this matter? Protecting our people is imperative. Doing so saves lives, builds a culture of care and ensures long-term organisational resilience and trust. Fostering respect through diversity and inclusion creates a safer, stronger and more resilient workplace that drives innovation, performance and trust. Delivering positive impact for society strengthens trust, supports sustainable development and ensures our operations contribute to shared prosperity beyond the mine. How these commitments are anchored • Achieve zero fatalities and serious injuries or illnesses • Include health and psychosocial impacts in our definition of serious injury • Embed a culture of care and accountability to ensure safe, respectful and inclusive workplaces • Foster a culture of care and accountability underpinned by our value of respect • Maintain employee gender diversity targets of 30%, and include business partners to achieve workforce gender representation targets of 25% • Respect the rights of our people by creating and measuring inclusive, diverse and culturally safe environments • Sustain 30% annual national value creation to host communities through employment, procurement and social investment • Deliver one legacy programme per country within five years of operation • Measure and report positive impact, focusing on stakeholder outcomes and shared prosperity 20 GOLD FIELDS Sustainability Report 2025 Delivering positive social impact Creating positive social impact is integral to Gold Fields' long-term value creation and licence to operate. It underpins safe, respectful and productive workplaces, strengthens relationships with host communities and builds trust with stakeholders across the value chain. Our 2025 midpoint review reaffirmed that social and environmental performance are deeply interconnected and that credible outcomes depend on an integrated, enterprise-wide approach embedded in strategy, leadership, meaningful engagements and responsible investment decisions. We protect our people by creating safe, healthy, inclusive and respectful workplaces, supported by strong leadership, clear standards and a culture of care and accountability. We prioritise physical and psychological wellbeing, and work to prevent fatalities, serious injuries and harm. Our social impact agenda focuses on building long-term social, economic and environmental resilience. This includes prioritising host community procurement, job creation and targeted socio- economic development (SED), while minimising adverse impacts. This approach is grounded in respect for stakeholder rights, ensuring that human rights, inclusion and ethical conduct are built into how we operate and support consistent operational and strategic delivery. This subchapter details: • How we protect our people and foster respect (p21) • How we deliver positive impact for society (p31) Related material themes: • Protecting the health, safety and wellbeing of our employees and business partners • Managing our employees and business partners • Creating positive impact for host communities • Respecting the rights of our stakeholders Primary school outreach programme in Australia Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect Gold Fields employs permanent employees and contractors, collectively referred to as "our people" or "our workforce". We refer to contractors and the suppliers who manage them as "business partners". Our approach to protecting our people and fostering respect is built on the foundations of our refreshed operating model and the Gold Fields Way. These changes strengthen how we lead, organise and support our teams, helping us create workplaces where people can thrive. We focus on developing capable and inclusive teams, ensuring consistent standards across our global operations and embedding a culture grounded in care and accountability. Building on this foundation, we prioritise the physical and psychological wellbeing of everyone who works with us. Over the past two years, we have undertaken significant transformation journeys – including an independent safety diagnostic by dss+ that informed our safety improvement plan and the implementation of recommendations from the EB&Co respectful workplace review. Together, these shifts have advanced our ambition of zero fatalities and serious injuries, strengthened leadership capability and deepened our commitment to ensuring respectful and psychologically safe workplaces. Guided by our purpose, and with oversight from the SET and SHSD Committees, our approach to protecting our people and fostering respect integrates safety, health, wellbeing, human rights and inclusion as the pillars of operational excellence. This section details: Our workforce at a glance (p22) How we keep our people physically safe and healthy through our safety improvement plan and other initiatives (p24) How we keep our people psychologically safe through respectful, diverse and inclusive workplaces (p28) Related material matters Physical safety and health Psychological safety and respectful workplaces Attract, retain and develop talent and skills, including remuneration and reward Labour practices and relations Business partner integration Diversity, equity and inclusion Our people are critical to our success The Gold Fields Way is the mechanism through which we activate and embed our culture. It brings together all our people- related initiatives under three focus areas. Leadership and mindsets Operating model Operating practices and systems • Redefine and embed our refreshed values • Strengthen leadership capability through our leadership programmes • Advance the respectful workplace agenda, including the implementation of EB&Co recommendations • Build safety leadership maturity across all levels • Assess operating model effectiveness and map critical processes • Clarify roles and evolve our job architecture • Review asset operating models to ensure alignment and accountability • Enhance decision-making through strengthened governance and approvals pathways • Standardise processes and technical standards to ensure quality • Refresh our policy governance framework • Strengthen the risk management framework, including key safety, environment and social risks • Implement the safety improvement plan to drive consistent safety performance • Roll-out the Business Partner Framework to improve functional support and integration How we performed in 2025 2025 performance 2024 performance Looking towards 2035 Protect our people • Zero fatalities1 • Six serious injuries1 • Two fatalities • Three serious injuries • Achieve zero fatalities and serious injuries or illnesses • Include health and psychosocial impacts in our definition of serious injury • Embed a culture of care and accountability to ensure safe, respectful and inclusive workplaces • Maintain employee gender diversity targets of 30%, and include business partners to achieve workforce gender representation targets of 25% • Respect the rights of our people by creating and measuring inclusive, diverse and culturally safe environments Foster respect • 27% female employee representation • All EB&Co recommendations implemented • 25% female employee representation • Majority of the 21 EB&Co recommendations implemented 21 GOLD FIELDS Sustainability Report 2025 Read more about our approach to safety, health and wellbeing on our website. Key priorities 1 While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Our workforce at a glance With a global workforce of 23,235 people, including 16,607 business partners, we recognise the critical role each individual plays in our success. Our workforce broadly reflects the demographic profiles of the countries in which we operate, supporting inclusive participation and local economic development. Host community employment remains a cornerstone of our strategy, with 44% of our workforce drawn from communities near our operations (2024: 52%), impacted by a labour shortage, mostly in our Australian operations. This reflects our commitment to creating positive impact and strengthening the socio-economic fabric of the regions where we operate. Changes to the Group's organisational structure has provided greater clarity and accountability by enabling our assets to focus on their core mandate – safe, reliable, cost effective operations – while functions are positioned to both support this objective and drive continuous improvement and the achievement of strategic priorities. In 2025, we built on this foundation by developing the Operating Model Playbook, which will translate these structural principles into practical guidance for how functions work together across the Group, enabling more consistent, agile and aligned ways of working as our portfolio evolves. 52% 44% 2024 2025 0 5,000 10,000 15,000 20,000 25,000 0% 25% 50% 75% 100% n Employees n Business partners — % employed from host communities\* \* Employees only Key people metrics (end-December) Category 2025 2024 Total workforce 23,235 22,890 Minimum wage ratio1 2.25 2.00 Female employees (%) 27 25 Ratio of basic salary women to men 0.99 0.95 Employee wages and benefits (US$m) 607 498 Average training spend per employee (US$) 2,110 1,930 Employee turnover (%) 9 14 1 Entry-level employee wages compared with local minimum wage. This ratio excludes Ghana, as the mines only employ management-level employees with contractor mining in use at both of our mines 22 GOLD FIELDS Sustainability Report 2025 Read more about our approach to people management and attracting, retaining and enhancing talent and skills on our website. Talent and leadership development We know that developing talent and leadership is central to our long- term success. We are committed to equipping our people with the skills, confidence and opportunities they need to thrive in a rapidly changing industry. Our approach combines structured leadership programmes and inclusive practices to create a workforce that is diverse, capable and aligned with our values. Strengthening leadership capability We have implemented structured programmes to build leadership effectiveness across all levels. The Inspire programme focuses on senior management, with 56% of senior leaders enrolled, while the Ignite programme targets middle management, achieving 66% enrolment. To further strengthen frontline leadership, we piloted a Supervisory Development Programme to ensure supervisors have the skills needed to lead with confidence and accountability Advancing gender representation Female participation in the global leadership development programmes has remained steady, slightly decreasing over time from 34% in 2021 to 30% in 2025. Women now hold 28% of leadership roles, in line with our target of 28%. These achievements reflect our commitment to creating pathways for women to progress and succeed in leadership positions across the Group. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Organised labour We remain committed to protecting our employees' rights to freedom of association and collective bargaining, requiring our business partners to uphold these same standards. We manage organised labour through strategic union negotiations, diversity and inclusion initiatives, and risk mitigation measures. We address challenges like illegal mining, labour instability and regulatory changes while striving to maintain workplace stability and employee engagement. Country Union membership Context Australia Not collectable Legislation does not permit the Group to collect data on union representation for employees or business partners. However, most of our employees are covered by enterprise agreements valid until June 2026, while senior employees hold individual contracts. South Africa 78% employees Approximately 78% of the workforce are union members, belonging to the National Union of Mineworkers. South Deep faces challenges related to organised labour, including the potential introduction of rival unions led by previously dismissed branch leaders. Wage negotiations for a new three-year agreement are set to commence in 2026. Ghana 53% employees ±46% business partners 53% of Damang employees became unionised in 2025 due to the intended transition of the mine. Tarkwa employees are not unionised; however, nearly half of our contracted workforce is affiliated with a union. Chile 67% employees 0% business partners Chile's mining industry has the highest rate of unionisation, and we have secured a 36-month wage agreement with unions. Peru 22% employees 0% business partners Mining operations at Cerro Corona ceased in October 2025, followed by stockpile processing until 2030. We are actively managing the social transition to mitigate risks and ensure a responsible transition. The mine secured a wage agreement in September 2025, covering the period 2025 to 2028. Canada n/a n/a 23 GOLD FIELDS Sustainability Report 2025 Our reputation as an employer of choice Gold Fields continues to be acknowledged for creating workplaces where people can build meaningful, long-term careers. Recent recognition across the Group reflects our commitment to quality employment, inclusion and professional growth. • In Chile, we received a CORPROA award at Forede 2025 for leadership in diversity and inclusion • In Peru, we earned the Perumin Seal for Excellence in Gender Equality at the 37th Mining Convention and ranked third in FirstJob's Best Companies for Young Professionals under 35 for the third consecutive year Responsible sourcing We are committed to respecting internationally recognised human rights in line with the UN Guiding Principles on Business and Human Rights and to conducting our sourcing activities in accordance with our Code of Conduct. Our responsible sourcing approach is grounded in ethical business practices that extend beyond our own operations to include our business partners and broader supply chain. Through a risk-based framework, we seek to identify, prevent and mitigate actual and potential adverse human rights impacts associated with our operations and supply chain, including modern slavery, forced labour, child labour and unsafe working conditions. We embed human rights due diligence across procurement and supplier management processes through defined supplier risk assessments, monitoring and engagement. In doing so, we seek to ensure responsible supply chain stewardship that generates sustainable value by procuring from ethical and responsible suppliers and working collaboratively to enhance responsible and efficient resource use. We also promote inclusive procurement practices that support meaningful participation by host communities. A key initiative strengthening this approach is the development of a risk-based Business Partner Framework, which enhances alignment with our values and objectives by embedding cultural and ethical alignment, robust management practices, effective risk management, clear accountability and systems that enable consistent and collaborative business partner management. Looking ahead to 2026, our focus is the phased roll-out of the Business Partner Framework across all assets, prioritising high-risk business partners to strengthen due diligence, improve visibility of human rights risks and embed consistent, values-aligned responsible sourcing practices across our supply chain. This is reinforced through our global supply chain transformation, which will drive consistency across assets via integrated systems and recognised third-party due diligence platforms, enhancing effectiveness, transparency and accountability in responsible sourcing. For more detail on our human rights approach, refer to p64. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Keeping our people physically safe and healthy Our ambition is clear: a future with zero fatalities and serious injuries. Achieving this requires more than physical protection – it demands leadership and a culture of care and accountability. We are evolving from compliance to commitment, deepening our leadership capability, strengthening our risk and safety systems, and embedding wellbeing as a core business priority. This year marked a significant milestone: more than one year without a work-related fatality. There remains work to be done, with six serious injuries reported. We will continue to deliver our safety improvement plan, focusing on embedding our leadership and culture, building capability at supervisory level and implementing our Group standards to ensure a simple consistent approach to managing safety and health risk. The total recordable injury frequency rate (TRIFR) of 2.31 remained below 2024 levels and in line with the Group's threshold target. The severity of lost time injuries (LTIs), as measured by days of work lost per million hours, improved to 18.42 days in 2025 (2024: 19 days), while the LTI duration rate declined to 25 days (2024: 29 days). Our total injury exposure, as measured by the TRIFR, was 2.31 recordable injuries per million hours worked, compared to 2.62 in 2024. The number of near misses reported during the year was 1,806 (2024: 1,915), reflecting ongoing efforts to strengthen proactive safety reporting and learning across operations. While Windfall is not yet a producing asset, its key safety data and performance indicators are included in our internal management target, reporting and decision making practices. We recorded one serious injury (seven injuries in total for the Group) and no fatalities at Windfall during 2026. Group safety performance (employees and business partners) 20255 2024 Fatalities 0 2 Serious injuries1 6 3 LTIs2 25 29 Total lost time injury frequency rate (LTIFR) 0.52 0.66 Employee LTIFR 0.84 0.78 Business partner LTIFR 0.41 0.61 Total TRIFR3 2.31 2.62 Employee TRIFR 2.44 3.29 Business partner TRIFR 2.26 2.39 Severity rate4 18.42 19 1 Since 2019, we have applied Gold Fields' definition to classify serious injuries, whereby a serious injury incurs 14 days or more of work lost and results in one of a range of injuries detailed at www.goldfields.com/safety.php. From 2026 onwards, we will evolve our definition to strengthen the integrity of our safety performance metrics and ensure alignment with industry practice so that only life-altering, high-severity incidents are included in this category 2 LTI is a work-related injury resulting in an employee or business partner being unable to attend work and perform any of their duties for one or more days after the injury 3 TRIFR = (fatalities + LTIs + restricted work injuries + medically treated injuries) x 1,000,000/number of hours worked 4 Severity rate = days lost to LTIs/hours worked x 1,000,000 5 Excluding Windfall (see note on Windfall above table) 24 GOLD FIELDS Sustainability Report 2025 Lagging indicators continue to show encouraging improvement, but sustaining this progress will depend on strengthening the leading indicators that shape everyday behaviour. Improvements in attitudes to safety and a 63% increase in safety engagement show the shift is beginning, and deepening these will be critical to meeting our 2035 aspirations. Serious potential incidents 131 97 89 133 88 2021 2022 2023 2024 2025 0 100 200 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Our safety improvement plan We initiated our safety improvement plan in 2024 following an independent review of our safety leadership, processes and systems by dss+. The review confirmed that, while our governance structures and management systems are strong, aspects of our operating environment required targeted improvement. These included a continued reliance on compliance- driven behaviours, uneven safety standards across assets, variable frontline capability and risk management processes that were not consistently preventing material unwanted events. In response, we developed a multi-year plan that sets out a deliberate shift towards more impactful leadership routines, clearer and more workable standards and a frontline that is actively engaged in identifying, anticipating and addressing risks. Strengthening data- informed decision-making and embedding assurance processes that promote continuous improvement are also core components of the plan. The safety improvement plan focuses on building capability across all leadership levels, improving our safety and risk systems and deepening collaboration with business partners. It outlines immediate actions to contain high risks, the reinforcement of foundational safety practices and longer-term measures that will sustain performance over time. The plan reflects our broader commitment to ensuring the safety, health and wellbeing of our people. With clearer expectations, sharper routines and a more proactive approach to risk, we are well positioned to continue strengthening our safety culture and achieving our 2035 strategic aspirations. Leadership and culture Risk resilience Leadership remains our greatest lever for change. Through the Visible Felt Leadership (VFL) Standard, leaders are expected to be active and present in the field – not only to assess risks but to listen and build trust. We are integrating safety leadership expectations into broader leadership development, enabling leaders to hold quality conversations, set clear risk expectations and encourage transparent reporting. Our Courageous Safety Leadership approach empowers everyone to speak up and stop unsafe work, and continues to strengthen shared responsibility for safety. Since its launch, over 34,000 training sessions were attended, including 6,100 in 2025, reinforcing our commitment from the boardroom to the frontline. Advancing the plan in 2025 • 61% of senior leaders, including business partners, achieved VFL competency, demonstrating stronger field engagement; focus now shifts to asset leadership teams to embed VFL through key performance indicators and routines • Planned to cascade VFL to middle managers, with roll-out scheduled for 2026 • Risk containment coaching exceeded targets, with over 800 operational leaders coached in-field across the Group • 21% improvement in employee values, attitudes and beliefs around safety as measured by our 2025 employee perception survey We are revisiting our processes and systems to ensure we effectively reduce risks by simplifying systems, improving controls and holding each other accountable to eliminate serious injuries and fatalities. Advancing the plan in 2025 • Strengthened operational risk management through Group-level bowtie analyses (a risk assessment tool) for nine critical risks, with gap assessments and associated Control Improvement Plans completed • Built frontline risk capability through formal risk containment training for 281 leaders across all operations, delivered by an independent expert and reinforced through coaching • Developed new Group standards for risk, safety and incident reporting, with implementation planned for 2026 • Advanced plans to embed consistent risk routines at asset-level, with defined 2026 actions to strengthen risk profiling and operational risk capability Building capabilities Business partner management Building capability within the Group is key to sustaining performance and ensuring our people feel safe enough to report and mitigate risks. In doing this, we aim to ensure that leaders at all levels have the capability to actively guide the organisation in reducing risks, that teams understand the risks in the workplace and how to respond to them, and that competent safety and health professionals are actively supporting the organisation in reducing and overseeing risk reduction. Advancing the plan in 2025 • Fully established the Group Safety function, with all critical roles filled and the appropriate skills and experience in place • Initiated a Supervisory Development Programme • Safety and People functions aligning to deliver an integrated learning experience for supervisors Business partners make up 71% of our total workforce and play a critical role in helping us run our business and achieving our safety aspirations. We started developing a comprehensive framework that aligns and integrates the operations of our business partners with our values and standards. Advancing the plan in 2025 • Developed a Group-wide Business Partner Management Framework, setting minimum standards for business partner safety, competency and reporting, supported by clear governance and aligned to our broader supply chain sustainability strategy • Completed pilot change impact assessments at selected assets to test framework effectiveness 25 GOLD FIELDS Sustainability Report 2025 Our safety improvement plan Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Modernisation to improve health and safety Technology remains central to modernising operations and enhancing health and safety across Gold Fields. Industry guidance from the ICMM and the Earth Moving Equipment Safety Round Table Group on vehicle interaction and collision avoidance systems (CAS) informed our approach as we strengthened controls across our mines. In 2025, we implemented operational and reactive measures, working closely with technology suppliers to improve reliability and effectiveness. Fatigue management systems in open-pit operations enhanced reporting and operator discipline, particularly in Ghana, where we piloted an ICMM-led vehicle interaction programme. CAS deployment advanced across regions, with a new Group standard requiring level eight systems on all open-pit mobile equipment from 2026 and level nine on long-life pits by 2027. We continued to progress with underground deployment at South Deep during 2025, while Australian operations prepared to pilot level eight technology. We also advanced initiatives to lower diesel emissions through low and zero-emission vehicles under the ICMM's Innovation for Cleaner, Safer Vehicles programme. To further remove people from high-risk zones, the Group expanded teleremote operations, introducing longhole stope drilling at South Deep and load- haul-dump systems in our Australian underground mines. We continue to modernise our operations to reduce exposure to health and safety risks. At South Deep, technology improvements in mobile equipment and remote operations contributed to safer, more efficient mining. Across other assets, automation, CAS and digital tools for monitoring and reporting were advanced as part of our broader modernisation journey. Geotechnical risk management The mining industry continues to face significant geotechnical challenges driven by ageing mines and the trend towards deeper pits and more complex underground deposits. These conditions increase exposure to geotechnical instability, seismic activity and hydrogeological impacts. To manage these risks, our Group geotechnical team conducts ongoing annual reviews of all incidents to identify trends and prevent recurrence. We apply industry best practices in seismological monitoring and dynamic ground support, complemented by geotechnical risk management measures such as improved support standards, backfilling and pillar stabilisation. Pre-conditioning was undertaken in all destress areas at South Deep, while seismic analysis and monitoring systems remain in place to detect activity early. Geotechnical Review Boards at South Deep for all major projects, the Australian underground operations (when necessary) and for all pit cutbacks at our other assets in Australia, Ghana, Chile and Peru provide oversight on mine design, extraction sequencing and ground support implementation to ensure alignment with best practice. In 2025, we recorded 22 incidents in open pits (2024: 43) and 28 incidents in underground mines (2024: 32). Seismically induced ground support failures accounted for 75% of underground incidents, static falls-of-ground for 10%, and backfill issues for the remainder. South Deep experienced seven damaging seismic events, while our Western Australian underground mines recorded 15 (Granny Smith (8), Agnew (2) and St Ives(15)). Assets continued to implement controls to mitigate potential slope stability, tailings and underground hazards, and each site conducted quarterly geotechnical reviews to identify emerging issues and ensure alignment with Group standards. Case study 26 GOLD FIELDS Sustainability Report 2025 The Integrated Remote Monitoring Centre in Santiago supports the Salares Norte operations. Transforming safety control through remote monitoring at Salares Norte In 2025, we strengthened our safety and operational control environment with the launch of our first 24/7 Integrated Remote Monitoring Center (CIMR) in Santiago. Located more than 1,000 kilometres from Salares Norte, the CIMR provides continuous oversight of plant and mining activities at 4,500 metres above sea level, improving the visibility of critical processes in a challenging operating environment. The centre supports real-time monitoring and decision-making, enabling quicker responses to emerging risks and more consistent application of safety standards. Key functions include accessing live process- plant data for analysis, providing technical guidance to optimise operations and piloting a dispatch system to manage the mine's truck fleet. By centralising these capabilities, the CIMR enhances situational awareness and supports safer, more stable operations. The initiative marks an important step in Gold Fields' shift toward connected, data-driven safety management and reflects the Group's broader investment in innovation and operational excellence. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Occupational diseases Our teams operate in environments where certain workplace conditions may pose risks to their health. Common exposures include elevated noise levels, airborne contaminants like fumes and dust, diesel particulate matter and factors contributing to musculoskeletal strain. Because our operations vary widely, the controls implemented at each site are specifically designed to address the nature and severity of the risks present, with the aim of keeping exposure as low as reasonably practicable. We apply the same rigour to managing occupational health risks as we do to physical safety. Risk assessments underpin the development of our control strategies and guide the frequency and depth of our monitoring activities. Our approach is deliberately proactive: we track actual exposure levels and establish action thresholds to ensure we remain well within recognised occupational exposure limits. To further strengthen our control environment, we finalised a Group Occupational Health Standard during the year. Developed with input from occupational health experts across the business, the standard establishes a common approach to managing occupational health at our operations. It sets performance requirements covering leadership accountability, communication and consultation, risk management, monitoring programmes, fitness for work, communicable diseases, incident management, document control, assurance and review. The standard also aligns our assets to a common set of exposure limits for our most material health risks and requires the adoption of a critical control management approach. Accordingly, critical control frameworks have been developed for occupational exposures, ascending to high altitude and thermal stress across both hot and cold operating environments. Our focus for 2026 will be on ensuring operational alignment with the new standard. We recorded 24 occupational disease cases in 2025, including eight cases of cardio-respiratory Tuberculosis, two cases of silicosis at South Deep and four of noise-induced hearing loss, three at South Deep and one in Australia. Exposure to respirable silica dust and diesel particulate matter has declined during the year, supported by improved ventilation systems and enhanced engineering controls. Diesel particulate matter exposure, in particular, reduced from 7.3% in 2024 to 5.6 in 2025%. Number of occupational diseases recorded 9 17 10 8 3 4 8 6 8 2 2 2023 2024 2025 0 10 20 30 n Musculoskeletal disorders n Noise-induced hearing loss n Cardio-respiratory Tuberculosis n Silicosis Silicosis and Tuberculosis We maintained stringent dust control and health surveillance programmes, particularly at South Deep. Sampling exposures above silica limits reduced from 6.8% in 2024 to 5.9% in 2025, while TB prevention and treatment programmes continued to deliver stable results. Noise-induced hearing loss We continued to monitor and manage occupational noise exposure through engineering controls, routine audiometry and education programmes. HIV/Aids and malaria HIV/Aids and malaria management programmes remained integral to health strategies in Africa and South America respectively. Voluntary testing, counselling and access to antiretroviral therapy were maintained across operations, while proactive malaria control measures, including vector management and awareness campaigns, helped limit cases in West Africa and South America. 27 GOLD FIELDS Sustainability Report 2025 Regional Emergency Response exercise at Agnew Gold Mine in Australia. Simulation of a response team member deploying a visual inspection of the AGR cyanide ISO pods for any leaks or damage in full body HAZMAT splash suit. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Keeping our people psychologically safe through diverse, inclusive and respectful workplaces Ensuring every person returns home safe and well each day requires more than physical protection; it depends on psychosocial health, emotional wellbeing and a culture where dignity and respect are non- negotiable. Inclusive practices strengthen safety, creating environments where harmful behaviours are rejected and every individual feels empowered to contribute and speak up. Diversity, in turn, can fuel performance and resilience, which is why we continue to use gender representation as a lead indicator of workforce diversity across the Group. Our vision is to build a culture grounded in care and accountability, supported by leaders who model inclusive behaviour, structures that reinforce collaboration and systems that protect our people from harm. Our culture journey 2021 to 2024 2025 Towards 2035 Independent review of our culture and optimising our approach Taking stock and developing systems Entrench systems and foster respect • Set a target of 30% female representation by 2030 • Engaged EB&Co to conduct a review of our culture • Launched the Gold Fields Way • Published the EB&Co report findings and committed to adopting all 21 recommendations • Reviewed progress against EB&Co's recommendations • Implemented our new operating model • Invested in building leadership capabilities in line with our culture aspirations • Reviewed our culture journey, progress and roadmap • As a result of our midpoint review, committed to embed wellbeing and psychosocial safety through formal processes; prioritise a culture of care and accountability and speaking up to enable zero harm; and extend social performance expectations to business partners • Ran a Group-wide culture and engagement survey • Embedded EB&Co's recommendations into our broader safety and culture workstreams • Facilitated extensive Harmful Behaviour and Bystander to Upstander training sessions • Developed a Business Partner Management Framework • Developed a Psychosocial Risk Management Framework • Roll-out the Group's Business Partner Framework • Maintain employee diversity targets of 30% and include business partners to achieve workforce gender targets of 25% by 2035 • Respect and protect the rights of our people by fostering a respectful workplace and measuring the degree to which we have a diverse and culturally safe work environment • Build capability to identify and manage psychosocial hazards at all levels in the business • Encourage early reporting of concerns through our Speak Up platform 28 GOLD FIELDS Sustainability Report 2025 Workers join Chile's Minister of Mining during the Salares Norte inauguration. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Championing diversity and inclusivity Our 2035 commitment is to achieve 30% female employee representation. While we have made steady progress, our midpoint review confirmed that the current pace of improvement – averaging around 0.5 percentage points per year – is beginning to plateau. Achieving our 2035 commitment will require a shift from incremental gains to more targeted, systemic interventions. The review identified three insights that will be critical to accelerating progress: Retention is now the strongest lever for representation Inclusion must extend to business partners to drive Group-wide change Each asset must contribute to progress – one asset cannot compensate for another Recruitment alone is not enough to close the gap to our 2035 commitment as female talent grows. Retaining and advancing women already in the organisation is now the most significant driver of progress. Focused retention, development and progression strategies will be essential to regain momentum. With business partners comprising over 70% of our workforce, achieving a fully inclusive workplace requires us to extend our commitment towards gender representation across our business partner base. Without this broader shift in approach and culture, progress at scale will not be possible. Group-level representation targets cannot be achieved through disproportionate performance at a single asset. Every asset needs to advance on its own trajectory. This ensures cultural consistency, portfolio resilience and progress that is both authentic and sustainable. % of our employees who are women 2022 2023 2024 2025 10 20 30 40 — Group — Australia — South Africa — Ghana — Peru — Chile 29 GOLD FIELDS Sustainability Report 2025 Strengthening our diverse and respectful workplaces in Ghana Our Ghanaian assets advanced several initiatives to build a safer, more supportive environment for our people during the year. The women's development programme was launched to equip women with practical skills, industry insight and resilience to help them thrive in the mining sector. The region also designed Bystander to Upstander training, aimed at empowering employees to recognise, address and prevent bullying, with roll-out planned for early 2026. Supporting racial and gender transformation at South Deep Legislation in South Africa requires strong Historically Disadvantaged South African (HDSA) representation, reinforced through Social and Labour Plans (SLPs). South Deep is tracking well, with HDSAs representing 79% of employees and 68% of management, demonstrating continued progress in advancing workplace equity. The mine maintains a Level 4 B- BBEE contributor status, reinforcing its commitment to inclusive growth and economic participation. Read more about South Deep's diversity and inclusivity initiatives in its SLP online. Read more about our approach to diversity, equity, inclusion and belonging on our website. Graduates celebrate the completion of the apprenticeship programme at Tarkwa. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Protecting our people and fostering respect continued Creating respectful, psychologically safe workplaces Gold Fields' commitment to diversity and inclusion rests on creating workplaces where people feel respected, protected and able to speak up without fear. The findings of the EB&Co review, released in 2023, were clear: while many aspects of our culture were moving in the right direction, too many employees have encountered behaviours that undermine psychological safety and, ultimately, our ability to build a truly diverse and inclusive workforce. In response, the Board and management committed to implementing all recommendations, establishing a Respectful Workplace Framework and deepening awareness of diversity, equity, inclusion and belonging across the business. Over the past year, we have focused on translating these commitments into action as part of our broader culture journey, recognising that a safe, respectful culture is essential to unlocking the full value of our people and delivering on our strategic ambitions. During the year, we focused on strengthening the systems, controls and leadership practices that underpin a respectful and psychologically safe workplace. This included improving how we prevent, report and respond to harmful behaviour, and ensuring leaders are equipped to set the tone for a culture of respect. We have developed our Group Psychosocial Framework to identify and manage psychosocial risks. The framework draws on expertise from across the business, spanning multiple disciplines, and has been informed through engagements with senior leaders. It applies established risk management processes to prioritise risks and manage commonly defined psychosocial hazards related to work design, interpersonal factors and the work environment. To support long-term sustainability, the framework's requirements are being integrated into Group standards and procedures, primarily within our health and safety and risk protocols. Consistent with our occupational health approach, a critical control management methodology has been adopted, with a critical control framework developed for sexual violence. Other areas of progress in 2025 included: • Rolling out the Respectful Workplace toolkit to leaders, with clearer reporting protocols and investigation tools for psychosocial harm • Finalising the design, execution and verification criteria for the sexual violence bowtie critical controls, and aligning these with control owners across the Group • Incorporating recommendations from an independent review of the sexual violence control environment at our Australian assets • Introducing multiple reporting avenues to make it easier for employees to raise concerns • Developing an ICAM-based investigation process tailored to psychosocial incidents Together, these steps have strengthened prevention, accountability and support across our operations. Case study Thusano Trust: employee ownership in action In 2025, Gold Fields reached a major milestone with the vesting of the Thusano Trust, our employee ownership initiative established in 2010 in line with Mining Charter requirements. Structured over a 15-year vesting period, the Trust was designed to enable qualifying employees to participate meaningfully in long-term value creation. The initiative benefits 46,007 past and current employees, making it one of the most substantive employee ownership outcomes in South Africa's mining sector. Following vesting, the share trade process was completed in January 2026, with shares sold across Gold Fields and Sibanye-Stillwater to a combined value of approximately R11.1bn. Delivered with a strong focus on governance and beneficiary protection, the Trust included extensive verification and tracing processes, multilingual communication, and dedicated support for deceased estates and vulnerable beneficiaries. The vesting of the Thusano Trust demonstrates how sustained delivery can contribute to inclusive growth, household resilience and social stability at national scale. Outcomes of our 2025 workforce engagement survey In 2025, we conducted a Group-wide workforce engagement survey to measure our people's sentiment across the three focus areas of the Gold Fields Way: leadership and mindsets, operating practices and systems and operating model. Reported exposure to harmful behaviours declined significantly, from 50% in 2022 to 10% in 2025, indicating progress in reinforcing respectful workplace standards, but continued focus still required. While overall engagement remains strong, the survey confirms that employee experience is not uniform. Targeted action plans are being implemented to address process simplification, leadership capability and workload management, ensuring our culture supports safe and sustainable delivery of our strategy.70% 2,502 of our employees of our business partners engaged in the survey Overall engagement levels were above benchmark averages, with strong pride in working for Gold Fields evident across the Group. However, our people highlighted that complex systems and processes are increasing the effort required to deliver, contributing to workload pressure in parts of the business. In a high-change environment, respondents also called for clearer decision-making and more consistent communication. Engagement levels varied by grade and function. Senior leaders reported higher engagement than middle management and supervisory levels, where pressures are more acute. Strengthening supervisory capability is therefore a key focus for 2026. Encouragingly, our graduate and intern cohorts reported a highly positive experience. 30 GOLD FIELDS Sustainability Report 2025 Employee net promoter score – Gold Fields vs benchmarks (eNPS) 31 22 20 17 Gold Fields overall Senior leaders 0 5 10 15 20 25 30 35 — Global cross-industry average (2025) — Resources and utilities sector average (2025) Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society Host communities are vital stakeholders whose support underpins our licence to operate and ability to create lasting value. We strive to honour our sustainability commitments and earn trust through purpose-driven social impact and nature-positive performance that enhances lives. These communities include individuals living near our operations who may be affected by exploration, construction, operations or divestment. Each site identifies its host communities to secure legal and social licences. Around 800,000 people live in approximately 60 communities surrounding our nine mines. We aim to continually improve our social performance. While we provide financial and other assistance where appropriate, our most sustainable benefit is enabling long-term social, economic and environmental resilience. To achieve this, we prioritise host community procurement, job creation and SED investment, while minimising adverse impacts. We also address challenges such as illegal mining, mine closure risks and socio-economic pressures to maintain our licence to operate while creating lasting value for host communities. How we performed in 2025 Our comprehensive approach to host community value creation is based on our host community value creation strategy, which aims to empower host communities and strengthen their resilience. Strong, resilient communities help to strengthen our business. 2025 performance 2024 performance Looking towards 2035 Host community procurement 30% of national value benefited host communities (see below) 35% of national value benefited host communities (see alongside) • Sustain 30% annual national value creation to host communities through employment, procurement and social investment • Deliver one legacy programme per country within five years of operation • Measure and report positive impact, focusing on stakeholder outcomes and shared prosperity Host community employment SED investment Legacy programmes Three legacy programmes under implementation Three legacy programmes under implementation We also apply a community engagement and relations standard and provide guidelines on managing material social impacts and risks, including the rights of Indigenous Peoples and ASM. This section details Measuring and reviewing the value we create for host communities (p32) Host community procurement (p33) Host community employment (p34) SED investment (p35) Group legacy programmes (p36) Managing host community impact and risks (p37) Related material matters Community engagement and relations Host community employment and procurement Socio-economic development Human rights Indigenous Peoples, culture and heritage Artisanal and small-scale mining (ASM) 31 GOLD FIELDS Sustainability Report 2025 US$1.4bn (30% of national value distribution of US$5.8bn) Procurement spend US$1.26m Employee wages US$156m SED investment US$21.28m Host community value created 1,010 12,307 host community supplier companies host community jobs in the mine value chain, comprising: 2,690 827 7,611 1,179 employees suppliers1 business partners non-mining jobs 1 In Ghana Read more about our approach to community engagement and relations and host community value creation on our website. Number of suppliers and jobs in host communities in 2025 Types of benefit to host communities Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Measuring and reviewing the value we create for host communities We use a structured, data-driven approach to track the value we create in host communities. This framework measures the percentage of procurement directed to host community suppliers, the proportion of employees hired from host communities, our SED investment and the progress of our legacy programmes. Together, these metrics help us assess whether our contributions align with our long-term social and environmental goals. We plan to embed a new Social and Human Rights Standard in 2026. This will include refining our approach to managing social and human rights risk, incorporating updated procedures for human rights due diligence, grievance management and social incident reporting. Our midpoint review in 2025 showed that our strategy is delivering consistent progress and remains aligned with stakeholder expectations. We have achieved significant value creation since launching our strategy and have clear opportunities to deepen positive host community impact as we work towards our 2035 sustainability commitments. The review confirmed that our focus on host community procurement, employment and SED investment is maturing well, and that our legacy programmes are positioned to deliver meaningful long-term benefits. The chart below shows total host community value creation since 2022, illustrating both the scale of our investment and the proportion of value distributed to host communities each year. Our host community value creation strategy is now well established and delivers consistent performance. The programme has matured steadily since 2020, positioning us to demonstrate measurable impact by 2030. We have strengthened our social investment foundations, advanced host community procurement and employment, and begun shaping legacy initiatives that aim to extend value creation beyond the life of our mines. At the same time, we recognise that we are not yet where we want to be. Measuring impact remains an emerging capability, and maturity still varies across assets. We are deepening capacity, strengthening Group-wide governance and embedding consistent systems to support more rigorous, outcome-based reporting. We are also integrating Indigenous Peoples and human rights considerations more systematically across our business. Read more about our approach to human rights from p64. Together, these steps are intended to help us shift from strong performance to clear, demonstrable impact, leaving host communities more resilient and better positioned for long-term prosperity. 32 GOLD FIELDS Sustainability Report 2025 747 941 1,120 1,261 144 129 137 152 21 17 17 21 27 33 35 30 30% 2022 2023 2024 2025 0 800 1,600 20 30 40 n Host community procurement (US$m) n Host community employment (US$m) n SED investment (US$m) — % of total value shared — 30% host community value creation target Host community value creation over time (US$m) (%) Stella Arthur, a certified welder and fabricator at Tarkwa. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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During the year, the World Gold Council (WGC), Engineers without Borders Canada and Mining Shared Value published a case study on South Deep's host community procurement approach and initiatives, using it as an example of how a company can go beyond regulatory requirements to deliver shared value for host communities and the business. Delivering positive impact for society continued Host community procurement Our host community procurement programme is designed to unlock opportunities for host community businesses to become integral partners in our supply chain and procurement processes. In doing this, we strengthen local economies and enhance the resilience and sustainability of our operations. Small and medium-sized enterprises (SMEs) from host communities play a vital role in this ecosystem. They provide essential goods and services, generate employment and contribute to national economic growth. Their success is central to achieving our 2035 commitment to sustain 30% host community value creation per year. To support these businesses, Gold Fields continues to implement preferential payment terms, particularly for SMEs led by minority and disadvantaged groups. These measures improve cash-flow and enable suppliers to grow sustainably. In 2025, total procurement spend was US$3.4bn, with 97% directed to businesses in our operating countries (2024: US$2.8bn/97%). Of this, US$1.2bn (37%) went to host community suppliers and business partners (2024: US$1.12bn/41%), exceeding our annual target of 30% and advancing our 2035 ESG commitment of allocating 30% of value to host communities. Across the Group, we worked with 1,010 active host community suppliers, engaging them on management and strategic support throughout the year. Group local (in-country) and host community procurement1 2025 2024 Local (in-country) procurement (US$m) 3,364 2,765 Local (in-country) procurement (% of total) 97% 97% Host community procurement (US$m) 1,261 1,121 Host community procurement (% of total) 37% 41% 1 Host community data excludes our corporate offices and projects We updated our host community procurement and jobs guidance and provided training to teams across all assets during the year to enhance their capabilities in this area. Our progress in host community procurement demonstrates our commitment to inclusive growth. By meeting procurement targets, investing in skills and planning for the future, we are working towards creating a legacy of enduring value beyond mining. Case study Building resilient economies around South Deep South Deep's host community procurement approach is designed to broaden economic participation, strengthen host community enterprises and help correct the structural inequalities that have shaped South Africa's economy. By prioritising goods and services from host community suppliers, we integrate local small, medium and micro-enterprises into our supply chain and create opportunities for long-term growth beyond the mine's footprint. Through our enterprise and supplier development programmes, we support emerging businesses with technical training, incubation, market access and the commercial stability that comes with multi-year contracting. This has helped host community companies expand into specialised services such as hydrocarbon waste management, underground laboratory testing and hydraulic hose manufacturing – all areas that now employ community members, build scarce skills and stimulate new industries. Several of these businesses now partner with local colleges, provide on-the-job training and create opportunities for women and young people entering the workforce. Our agricultural enterprise projects extend this impact even further. By leasing land to emerging farmers, supporting them with certification and enabling access to formal markets, South Deep is helping diversify the local economy and reduce dependence on mining. These farms have grown significantly in size and output, creating employment, improving local food security and establishing new commercial value chains in cattle, horticulture and fresh produce. Together, these initiatives demonstrate how host community procurement, when paired with targeted development support, can build resilient local economies. By strengthening small businesses, investing in emerging farmers and expanding pathways into the formal economy, we are helping create a more inclusive and self- sustaining economic base that endures well beyond the LOM. 33 GOLD FIELDS Sustainability Report 2025 Read the case study online: What is measured is managed and the "Art of the Possible" Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Host community employment Gold Fields emphasises creating employment opportunities for host community members within our operations and through our supply chain. This commitment goes beyond direct mining roles, where opportunities are limited, to include initiatives that build skills and open doors to sustainable livelihoods. Through targeted training, education and skills development programmes, we aim to strengthen the host community skills base and improve employability. We manage and measure host community employment as part of our host community value creation strategy, recognising that host community participation in the workforce is essential for shared prosperity and long-term resilience. We work closely with communities, governments and civil society to align expectations and create sustainable employment opportunities. Active monitoring and evaluation ensure we implement corrective actions where needed, reinforcing our commitment to inclusive development. By combining employment initiatives with skills development and diversification strategies, we create long-term pathways for prosperity. At the end of 2025, 44% of our workforce (23,235 people) were employed from our host communities (2025: 52%/9,697 people). The decrease in 2025 is due to increased fly-in fly-out appointments in Australia, where operational labour requirements could not be met by host communities. Employment trends have been influenced by skill mismatch and mine closure planning, with Cerro Corona expected to see a gradual employment decline from 29% in 2025 to 28.8% by 2030 as operations continue to transition. Long-term prosperity requires diversification. As such, we actively aim to promote non-mining job creation linked to SED projects, legacy programmes and broader supply chains. During the year, we created 1,179 non-mining jobs (2024: 858). These roles provide lasting benefits for host communities, ensuring economic resilience during and beyond the life of our mines. Due to their inherent nature, many of our SED projects do not necessarily provide long-term solutions but create income and skills development. We are rolling out training programmes – including foundational learning, adult education and technical skills development – to strengthen local labour capacity. Non-mining employment highlights in 2025 include the following: • In Peru, 221 non-mining jobs were created (target: 185), approximately US$2.6m was invested in related salaries and 63 companies were contracted, driven primarily by potable water projects • In South Africa, 536 non-mining jobs were created, 94% of which were agriculture-related • In Ghana, 422 non-mining jobs were created in areas including construction, agriculture and enterprise development Group national and host community workforce employment 2025 2024 Total workforce 23,235 22,890 % of employees – national1 87% 87% Host community workforce 10,301 11,902 % of workforce – host community2 44% 52% 1 Employees only 2 Host community excludes Philippines, Chile, Corporate and Perth offices Case study Supporting sustainable enterprises in Ghana The Gold Fields Ghana Foundation expanded livelihood opportunities beyond mining by establishing a local oil palm seedling nursery to support the Community Oil Palm Production Project and farmers in surrounding communities. The initiative has improved access to certified seedlings, reduced transport costs and strengthened the regional agricultural value chain. In its first year, the nursery produced 24,000 seedlings, created 18 jobs – most of them for women – and generated meaningful revenue for reinvestment. It now supports over 110 farming households and continues to scale, with a further 26,000 seedlings under cultivation. This work contributes to long-term income security, enterprise development and community resilience. 34 GOLD FIELDS Sustainability Report 2025 Oil palm seedlings cultivated at the Tarkwa nursery. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Socio-economic development investment in host communities SED forms a core pillar of our host community value creation strategy, complementing our commitments to host community procurement and employment. Our approach enables long-term socio-economic progress by strengthening foundational services, expanding livelihood opportunities and supporting resilient local economies. Our SED commitments are delivered through structured programmes that address immediate community needs while laying the groundwork for long-term resilience. We prioritise initiatives that have measurable impact, leveraging partnerships, local insights and continuous risk assessments to ensure our investments drive stability, mitigate social risks such as illegal mining and labour instability, and contribute to positive social impact. In 2025, we invested US$21m in SED projects within our host communities, compared to US$16.6m in 2024. These investments are managed through dedicated SED funds and delivered either directly by our operations or through the Gold Fields Ghana Foundation and independent trusts in South Africa. To maximise impact, we continue to work closely with host governments, development agencies and NGOs, ensuring programmes remain collaborative, agile and aligned with community priorities. Group SED spend (US$m)1 17.18 16.61 21.28 2023 2024 2025 0 5 10 15 20 25 Significant projects we support include: • Scholarship support for First Nations psychology students in Australia to address the escalating rates of First Nations child suicide (now the highest in the world) and increase the ratio of First Nations psychologists available for First Nations care • Water stewardship projects in Peru to support sustainable freshwater use and ensure reliable supply for host communities at closure • Apprenticeship and graduate training, skills development and agricultural support for local farmers in Ghana • Education, training and institutional capacity building in South Africa, including: – Adult education initiatives supporting 166 community learners and 10 employees to improve literacy and numeracy – Foundational Learning Competence programmes enhancing basic skills for 10 learners, with the Mathematics and Science programme benefiting a further 100 learners – A bursary programme funding studies for 10 mining-related qualifications supported by a graduate programme enrolling nine students to strengthen employability – Learnerships for 34 participants in engineering and mining disciplines, reinforcing the local skills pipeline Group SED investment by category in 2025 (US$m) 9.30 4.68 0.94 4.28 0.10 1.96 l Infrastructure l Education and training l Health and wellbeing l Economic diversification l Conservation and environment l Charitable giving Case study Strengthening education and wellbeing in Chile's Atacama region We continue to invest in long-term community resilience in the province of Chañaral, with a particular focus on improving access to quality education and supporting children's wellbeing. In 2025, Salares Norte advanced a coordinated set of initiatives designed to lift learning outcomes, expand digital access and promote healthier communities. To strengthen public education, three programmes were rolled out across local schools. The Legado Chile programme was implemented in two technical schools to build stronger pathways into the regional mining workforce. Mathematics in Motion introduced a practical, movement-based approach to the subject for children in four primary schools, helping to develop core logical/mathematical skills. In parallel, the Red de Oro initiative, delivered with colleagues across Gold Fields, brought satellite internet to three highly vulnerable schools, improving digital equity and supporting more effective teaching and learning. We also broadened our support for child wellbeing through sport and basic health services. The Fútbol Más initiative created structured football activities on two community pitches in Diego de Almagro, promoting healthy habits, positive behaviours and social connection. Complementing this, the Ruta Sonrisas programme provided essential dental care for children across the province, reaching over 700 children and offering preventive training in local educational centres. Together, these initiatives reflect a sustained commitment to improving quality of life and expanding opportunities for young people in the Atacama region. 35 GOLD FIELDS Sustainability Report 2025 Read more about SOUTH DEEP's SED initiatives in its SLP, published online. Read more about Gold Fields' foundations and trusts online. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Group legacy programmes Our Group legacy programmes are driven by a long-term approach to community resilience. Through these programmes, we generate value for host communities in a changing mining context while strategically linking host community development priorities with business imperatives. Aligned with our 2035 sustainability commitments, the legacy programmes invest in sustainable development initiatives related to host community priorities such as education, health and economic diversification. By embedding shared value principles and long-term planning, the programmes help ensure enduring community wellbeing while strengthening our licence to operate. We translate this ambition into action through structured programme design, disciplined governance and close collaboration with host governments, civil society organisations, traditional authorities and local partners. Implementation is guided by rigorous planning, including feasibility studies and ongoing monitoring to ensure interventions remain relevant, effective and aligned with community priorities. Strengthened governance frameworks, including the forthcoming Social and Human Rights Standard, provide clear accountability, strengthen human rights risk management and ensure responsible engagement with Indigenous Peoples and communities experiencing socio-economic pressure. This year, we advanced the delivery and governance of our legacy programmes across all operating countries. Implementation of our three active legacy programmes – in Chile, Ghana and Peru – continued, supported by mid-investment reviews to assess progress, validate strategic alignment and ensure each programme remains on track to deliver its intended long-term impacts. Our risk-based approach ensures legacy programmes address not only developmental needs, but also broader social risks associated with mine closure, unemployment, limited economic diversification and community expectations. By integrating social due diligence and ongoing stakeholder engagement into programme delivery, we enhance our ability to create positive impact and sustain trust with communities over the long term. Scoping for future legacy programmes progressed significantly in 2025 with the approval of a programme at South Deep. We are targeting approval for the Australia programme in early 2026, which will position both programmes to commence implementation in 2026. Since 2023, our Group legacy programmes have benefited 13,411 individuals, strengthened 16 local institutions and mobilised around US$2m from partners. Our Group legacy programmes at a glance Active legacy programmes Strengthening local healthcare in Ghana Advancing technical mining skills in Chile Building a resilient dairy value chain in Peru Our legacy programme in Ghana is a health system intervention that increases sustainable access to care, improves clinician capacity and ensures robust medical supply chain. In 2025, the programme delivered essential medical equipment and supplies to 15 health facilities in the Tarkwa-Nsuaem and Prestea Huni-Valley municipalities. We also partnered with the National Health Insurance Scheme to increase community enrolment, fund premiums and support outreach and education on affordable healthcare. • 8,845 community members reached • 2,889 individuals enrolled in the National Health Insurance Scheme • Four established partnerships • US$18m investment Our legacy programme in Chile focuses on strengthening technical mining education to support long-term local employment. In 2025, Gold Fields established a 13-partner roundtable in Atacama to develop a regional roadmap for mining-specific technical training and talent development. • 190 students participating in training • 37 teachers and lecturers receiving support • Training and certification in progress for 28 adults • 13 established partnerships • US$4.2m investment (US$866,000 invested in 2025) Our legacy programme in Peru strengthens local livelihoods by supporting over 481 farmers to develop a resilient dairy value chain. The dairy plant now processes around 6,000 litres of milk a day, with ongoing work to improve livestock care, water use and farmers' commercial capabilities. In 2025, we upgraded the plant and enhanced critical parts of the value chain from animal nutrition and reproduction to production capacity, market access and financial readiness. • 1,422 people trained • 195 micro-reservoirs installed • 76 hectares of pastures planted • Two established partnerships; three in progress • Over US$1m in co-investment mobilised 36 GOLD FIELDS Sustainability Report 2025 Regional workforce development programme in South Africa Programmes near launch One programme in Australia in final stages of scoping and approvals One programme yet to be designed in Canada Programmes in scoping or to be designed Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Managing host community impact and risks Across its global portfolio, Gold Fields navigates a complex social landscape, prioritising constructive engagement with host communities, Indigenous Peoples and ASM stakeholders, alongside responding to evolving community expectations and mine closure considerations. We operate in dynamic social environments where expectations can shift due to economic changes, political transitions and LOM considerations. Key risks include social unrest, community protests and livelihood disruption due to closure. We mitigate these risks through transparent communication, regular engagement and targeted social investment. Addressing artisanal, small-scale and illegal mining ASM and illegal mining remains a significant community and operational risk across several jurisdictions, particularly South Africa, Ghana and Peru. These activities are often driven by socio-economic pressures and can pose material social, environmental and safety challenges. Our response is anchored in proactive engagement, risk mitigation and human rights principles. Operations work closely with host governments, security agencies and community leaders to maintain open communication channels, address grievances and uphold the rule of law. Security measures prioritise prevention and are aligned with the Voluntary Principles on Security and Human Rights. In parallel, the Group supports alternative livelihood initiatives aimed at reducing dependency on artisanal and illegal mining by creating non-mining economic opportunities. During the year, ASM-related incidents and legal actions included: • Illegal mining intrusions in Ghana, with 75 incidents at Damang and 59 at Tarkwa, and ongoing activities near Cerro Corona and Nueva Esperanza (our exploration area) in Peru, as well as vandalism linked to illegal miners affecting South Deep's water infrastructure in South Africa • An incident at South Deep detailed below • De-escalating attempted incursions, including actions in Damang's Kwesi Pit Forest, through a combination of community engagement and strengthened security measures • Securing a favourable court outcome in the Mantraim shaft case in Ghana, with the Tarkwa High Court dismissing the defendant's injunction application and awarding costs to Gold Fields Responsible public security Responsible security management protects our people, upholds human rights and strengthens trust in the communities where we operate. In 2025, no human rights violations by private security or public law enforcement were reported across our operations, and no security-related grievances were raised by host communities. We maintained alignment with the Voluntary Principles on Security and Human Rights (VPSHR) across all regions, delivered refresher training for security providers and site managers, and strengthened collaboration with host Governments, including engagement following armed intrusions at Salares Norte to ensure security responses remained aligned with human rights standards. During December 2025, South Deep detected unauthorised persons, through the use of electronic surveillance, in a restricted surface area, and a response was initiated by the security resources. During subsequent events that continued outside the operation's surface boundary, a firearm was discharged by a contracted security officer and one individual sustained fatal injuries. The incident was the subject of a comprehensive, independent investigation, with measures currently being implemented to improve the security posture at South Deep. 37 GOLD FIELDS Sustainability Report 2025 Refer to the Human rights section from p64 for more detail on our human rights approach. We undertook substantial work this year to enhance our social performance and human rights systems; more information is available in the Human rights section from p64. The Cerro Corona pit operation in Peru. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive impact for society continued Respecting the rights of Indigenous Peoples and First Nations Peoples Gold Fields is committed to respecting the rights, cultures and aspirations of Indigenous Peoples and First Nations communities where we operate, recognising these communities as rights-holders with deep, enduring connections to their lands. We prioritise open engagement, agreement-making, cultural heritage protection and SED to maintain trust and uphold our licence to operate. This approach is aligned with global standards, including the UN Declaration on the Rights of Indigenous Peoples, the ICMM Position Statement on Mining and Indigenous Peoples, and relevant national legislation like Australia's Native Title Act. Strengthening relationships through collaboration and agreements Australia All our Australian mines are located on lands subject to Native Title claims and determinations under the Native Title Act (1993), which recognises the traditional rights and interests of Aboriginal and Torres Strait Islander peoples. A key component of engagement is agreement-making with determined Native Title holders. These agreements support strong relationships through clear communication channels, capacity- building initiatives, cultural learning programmes and leading-practice environmental and cultural heritage management, alongside compensation for current and historical mining activities. Our First Nations engagement approach in Australia is grounded in three strategic pillars: • Building strong, respectful relationships with the Traditional Custodians of the lands on which our operations are located • Empowering First Nations Peoples through meaningful and sustainable education, employment, training and contracting opportunities • Championing the preservation and celebration of First Nations lands, cultures and heritage As part of our First Nations strategy, we seek to progressively negotiate agreements with determined Native Title holders. The table below describes our agreements with determined Native Title holders at our Australian assets: Asset First Nations group Agreement status Nature of agreement Gruyere Yilka People and Sullivan families Formalised in 2016 LOM compensation and benefit agreement (Gruyere and Central Bore deposits) Granny Smith Nyalpa Pirniku People Formalised in 2025 LOM compensation and benefit agreement St Ives Ngadju People Formalised in 2024 LOM compensation and benefit agreement (excludes northwestern tenure) Agnew Tjiwarl People Formalised in 2025 LOM compensation and benefit agreement (excludes southern tenure) In 2025, we advanced several Native Title agreements that formalise long-term partnerships and shared value creation. At Agnew, we finalised a landmark agreement with the Tjiwarl Aboriginal Corporation. The agreement provides financial benefits, including compensation payments and socio-economic opportunities in education, employment, training and contracting. It also incorporates a Cultural Heritage Asset Management Plan that establishes cultural exclusion zones and co-designed protections for heritage sites. Working with the Tjiwarl People to protect culture and grow opportunity Through the Agnew-Tjiwarl Native Title Agreement, Tjiwarl native title holders are directly guiding cultural heritage management, helping protect cultural values and shape land-use decisions. The agreement also supports broader community priorities, from training and employment to strengthening Tjiwarl-owned businesses. This collaborative model is helping build resilience and create benefits that extend across generations. At Granny Smith, the Wangkatja Tjungula Aboriginal Corporation (WTAC), on behalf of the Nyalpa Pirniku Native Title holders, and Gold Fields concluded an agreement with the shared intent to support pathways for younger generations through employment, training and contracting opportunities, while protecting land and waters environmentally and culturally. The agreement is aligned with WTAC's objectives to protect and promote culture, lands and waters and to support education, training and employment for Common Law Holders. The agreement will be celebrated with WTAC members and Gold Fields in 2026. At St Ives, we continued implementing the Native Title Agreement with the Ngadju People that was finalised in 2024. At Gruyere, we re-engaged with the Yilka Talintji Aboriginal Corporation (YTAC) Board in December 2025, marking our first formal engagement following the Gold Road Resources acquisition. This engagement reset leadership relationships and established a renewed platform for collaboration. The relationship with YTAC is open and constructive and continues to strengthen through more regular strategic engagement and connection. We also concluded a review of our Innovate Reconciliation Action Plan (2022 – 2024) and commenced planning for future reconciliation initiatives, reinforcing our commitment to advancing First Nations participation and cultural recognition. 38 GOLD FIELDS Sustainability Report 2025 Community representatives sign an agreement with the Granny Smith mine. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Delivering positive environmental impact Our 2035 environmental commitments: Mitigate climate change Preserve natural resources Prevent serious environmental harm Why does this matter? Addressing climate change is essential to safeguarding our future, meeting global expectations and ensuring we remain resilient and competitive in a low-carbon economy. Preserving natural resources is vital to sustaining ecosystems, securing long- term operational viability and ensuring responsible stewardship for future generations. Preventing harm is fundamental to protecting people, communities and the environment, ensuring safe operations and upholding our responsibility as a trusted and sustainable business. How these commitments are anchored • Reduce Scope 1 and 2 emissions intensity by 30% from the 2016 baseline, supporting supply security and portfolio changes, and aligning financial, risk and technology strategies • Maintain net-zero Scope 1 and 2 emissions by 2050 commitment • Reduce Scope 3 emissions by 10% from a 2022 baseline • Mitigate the impact of climate change with climate adaptation actions inclusive of partnerships with host communities • Maintain 80% freshwater reuse/ recycling annually in freshwater catchments • Transition from 2030 absolute freshwater reduction target to catchment and asset-specific context-based water targets • Measure and disclose nature-related impacts and risks and implement projects to enhance habitat in our priority landscapes • Prevent negative impact through zero catastrophic or serious environmental incidents • Mitigate harm to ecosystems and communities as the foundation for achieving positive outcomes • Maintain trust and high level of conformance to GISTM to prevent catastrophic failures and achieve positive environmental outcomes through multi-criteria analysis and alternative technologies 40 GOLD FIELDS Sustainability Report 2025 Delivering positive environmental impact Having a positive environmental impact is integral to Gold Fields' long-term value creation and licence to operate. It is how we protect the ecosystems and natural resources that underpin reliable production, maintain stakeholder trust and secure access to future resources – particularly in sensitive landscapes and increasingly scrutinised regulatory contexts. Our 2025 midpoint review reinforced that environmental and social issues are interconnected, and that delivering meaningful outcomes requires an integrated, enterprise-wide approach that is embedded in strategy, decision-making and capital allocation. We pursue this positive impact through three reinforcing priorities. Mitigating climate change means materially reducing greenhouse gas (GHG) emissions while strengthening energy security and resilience through renewable energy, energy efficiency and ISO-aligned energy management – recognising the operational and financial co-benefits of decarbonisation. Preserving natural resources focuses on context-based water stewardship and nature-positive outcomes, applying risk assessment and mitigation hierarchies while investing in habitat enhancement in priority landscapes. Preventing serious environmental harm remains foundational, supported by strong tailings governance and ongoing conformance to the GISTM, alongside disciplined controls to avoid catastrophic or serious incidents. This subchapter details: • How we mitigate climate change (p41) • How we preserve natural resources (p55) • How we prevent serious environmental harm (p60) Related material themes: • Committing to sound environmental practices • Ensuring business resilience Rehabilitation work is underway at the AVS site in Tarkwa. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change Gold Fields recognises climate change as an urgent global challenge and a material business risk. Mitigating climate change is integral to our ability to operate responsibly, manage long-term risk and ensure continued value creation. Climate change presents material risks to the Group, with impacts on access to capital and our ability to secure future project approvals. Addressing climate change is therefore an environmental imperative and a strategic business priority that supports operational continuity, cost competitiveness and the resilience of Gold Fields' portfolio over the long term. We are actively shaping our response to climate change in line with our culture of care, accountability and long-term stewardship, while remaining committed to mitigating climate impacts and building a resilient, future-fit portfolio. Guided by this rationale, Gold Fields is developing a Group-wide risk- based climate transition plan, structured in an overarching framework comprising three main categories – decarbonisation, adaptation and resilience. We follow a structured, portfolio-based approach that considers operational realities, technology readiness and capital discipline, while integrating climate considerations into planning, investment decisions and risk management. This section details: Managing climate change risks (p42) Decarbonisation (p49) Related material matters Climate adaptation and resilience Energy and carbon management Our energy and carbon performance Our climate change management journey Midpoint review findings Outcomes A refined path forward • Portfolio evolution and business growth have materially changed the Group's emissions and energy profile, meaning certain absolute targets no longer fully reflect underlying performance or strategic intent • Slower-than-anticipated technology deployment – particularly in electrification and battery technologies – has affected the pace at which some 2030 emissions reduction targets can be achieved Climate and decarbonisation commitments • Introducing an intensity-based Scope 1 and 2 target to: • Manage climate, water, nature, communities and livelihoods as interconnected value drivers • Reflect expected production growth, asset life profiles and the timing of large-scale technology deployment • Remain consistent with internationally recognised 1.5°C-aligned pathways for diversified mining companies • Reaffirming our 10% Scope 3 emissions reduction target from a 2022 baseline, supported by ongoing hotspot analysis and engagement with key suppliers and value chain partners • Developing a decarbonisation roadmap to 2035 to guide delivery, providing a clear framework for sequencing renewable energy, electrification, energy efficiency and emerging technologies across our portfolio • Strengthening our focus on climate adaptation and resilience • Advancing asset and catchment-level actions to manage physical climate risks and support long-term shared value with host communities Climate commitments • We are developing a Group-wide climate transition plan that will bring together our decarbonisation, adaptation and resilience initiatives into a single, risk-based framework. The plan will set out how we: • Mitigate and adapt to physical and transition climate risks across the portfolio • Align capital allocation (including the use of a shadow carbon price) with our revised targets • Collaborate with employees, business partners and host communities to deliver credible, science-aligned climate action Decarbonisation priorities • Renewable energy expansion through on-site generation, hybrid energy systems and power purchase agreements, prioritised where these solutions strengthen energy security and reduce long-term cost exposure • Electrification of material movement and operations, progressively reducing diesel consumption through the adoption of battery-electric and hybrid equipment and conveyance systems, informed by mine design, power infrastructure requirements and technology readiness • Energy efficiency and process optimisation across processing plants, ventilation systems and other major energy users, delivering near-term emissions reductions alongside operational performance gains • Exploration of emerging decarbonisation technologies, including advanced energy storage, next-generation mobile equipment and alternative fuels How we performed in 2025 2025 performance 2024 performance Looking towards 2035 Scope 1 and 2 emissions 1,780kt CO₂e 1,632kt CO₂e • Reduce Scope 1 and 2 emissions intensity by 30% from the 2016 baseline, supporting supply security and portfolio changes, and aligning financial, risk and technology strategies • Maintain net-zero Scope 1 and 2 emissions by 2050 commitment • Reduce Scope 3 emissions by 10% from a 2022 baseline • Mitigate the impact of climate change with climate adaptation actions inclusive of partnerships with host communities Scope 1 and 2 emissions intensity 0kg CO₂e/oz 726kg CO₂e/oz Scope 1 and 2 emission reductions (through initiatives) 266kt CO₂e 256kt CO₂e Scope 3 emissions 912kt CO₂e1 823kt CO₂e 41 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices 1 Excludes offices and projects. Without the Perth office number, the total Scope 3 emissions is 902kt CO2e

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Mitigating climate change continued Managing climate change risks We identify, assess and manage physical climate risks alongside transition risks through our enterprise risk processes and climate scenario analysis. Climate change scenarios Climate scenarios are a strategic tool to hypothetically explore how climate change could impact us in future, with plausible outcomes based on varying climate conditions. Insights from these scenarios inform how we identify and assess climate-related risks and opportunities across short, medium and long-term horizons. They provide the foundation for our physical and transition risk assessments, resilience evaluation, strategic planning and IFRS-aligned disclosures. For the purposes of assessing climate-related hazards and impacts in the short term, baseline climate information has been developed using long-term average data for the period 1991 – 2020, which is considered representative of current and near-term climatic conditions Scenario analysis is required under IFRS S2 and the compulsory Australian climate-related financial disclosures under the Australian Accounting Standards Board (AASB) climate reporting requirements. During 2025, Gold Fields conducted a climate scenario analysis, positioning us to reassess and, where required, adapt our strategy, financial planning and operational priorities to incorporate credible climate-related risks and opportunities. To ensure the analysis provided a complete and decision-useful view, we took this opportunity to expand the scope and boundary. Our analysis covered Gold Fields' entire asset portfolio, rather than focusing only on the Australian operations and Salares Norte that fall within the initial AASB reporting boundary. We applied two warming pathways, in accordance with the Intergovernmental Panel on Climate Change's five core scenarios in its Sixth Assessment Report: • Low warming scenario (+1.5° C), used to evaluate transition risks and opportunities (such as extreme weather, water scarcity and ecosystem degradation) • High warming scenario (+4.4° C), used to assess potential worst case physical risks (including policy and regulatory change, technology shifts, market dynamics and evolving stakeholder expectations) Phase 1 We completed phase 1, covering the Australian assets and Salares Norte, in compliance with the reporting boundary of the AASB climate reporting requirements. Phase 2 This phase covers the remainder of the Group portfolio. We incorporated our findings into preliminary business planning and will continue in line with business requirements, including budgets and capital allocation priorities. 42 GOLD FIELDS Sustainability Report 2025 Read more about our transition and physical risks on p45. Wind and solar renewable energy infrastructure at the Agnew operation. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Climate change scenarios continued 43 GOLD FIELDS Sustainability Report 2025 Scenario 1: Net zero transition I +1.5 ° C temperature alignment 2100 Scenario 2: Hot House I +4.4 ° C Temperature alignment 2100 SSP1 – 1.9 – Global scenario alignment I Focus on transition risks and opportunities SSP5 – 8.5 Global scenario alignment I Focus on physical risks Globally: • Coordinated action, rapid technology and policy shifts • Faster renewables and energy efficiency cut emissions sharply, supporting mining decarbonisation • Gold demand is expected to remain relatively resilient Globally: • Fragmented action and weakened cooperation are assumed, pushing temperatures beyond 4.4°C and constraining investment in enabling infrastructure • Escalating physical risks disrupt mining and supply chains and drive up water, energy, insurance and financing costs, increasing the need for resilience and adaptation Western Australia: • Rapidly rising transition pressure on mining • State at risk of exhausting its 1.5°C-aligned carbon budget within the next decade without swift emissions cuts • Decarbonisation is driven by a shift to renewables and low-emissions technologies, supported by sector roadmaps and stronger, more aligned climate policy, risk assessment and reporting • Rising energy and diesel exposure, alongside tighter climate disclosure expectations and market volatility, amplify cost, compliance and reputational risks for the sector. Western Australia: • Intensifying extreme weather and water scarcity that disrupt mining operations and logistics, increase community pressures and require greater adaptation • Rising energy and diesel exposure, alongside tighter climate disclosure expectations and market volatility, amplify cost, compliance and reputational risks for the sector Chile: • Legal commitment to net-zero by 2050 and a 1.5°C-aligned transition strategy • Accelerated electrification and renewable energy uptake in mining • Tighter emissions, climate risk reporting and stronger oversight of tailings and water management Chile: • Worsening drought and heat that disrupt mining operations and strain infrastructure • Water scarcity becomes the defining constraint, driving costly desalination and reuse, intensifying community pressures, and increasing energy and adaptation costs amid more volatile markets South Africa: • Coal decline and tightened climate regulation, increasing social and compliance pressure on the mining sector • Gold operations will need to decarbonise through renewables and other low-carbon technologies to remain competitive and access climate-aligned finance South Africa: • Intensifying heat, drought and storms that disrupt mining and supply chains, damage infrastructure and raise operating costs • For gold mining, water scarcity, diesel and grid exposure, and rising energy intensity make adaptation and resilience measures essential to protect competitiveness and social licence Peru: • Climate legislation and NDC commitments towards carbon neutrality by 2050, supported by an energy transition strategy focused on renewables and electrification • For gold mining, this increases expectations to decarbonise and build resilience, while creating competitiveness benefits for early movers with credible transition plans Peru: • Intensifying drought and extremes that reduce water availability, disrupt power and transport, and raise costs are assumed – driving greater reliance on desalination and recycling • For gold mining, diesel and grid exposure heighten volatility, making water security, resilient infrastructure and diversified energy sourcing critical to maintain viability and social licence Ghana: • Energy transition guided by a national plan targeting net-zero energy-related emissions by 2060, driven by renewables, electrification and low-carbon fuels, with investment and job-creation potential • For gold mining, this signals rising expectations to shift towards renewable-powered operations and build capability for electrification through partnerships and reskilling Ghana: • Greater rainfall variability, flooding and longer dry seasons that disrupt mining operations and increase pressure on water resources • For gold mining, diesel and grid constraints heighten cost exposure, while water stress can intensify community tensions, making resilient infrastructure, diversified energy and proactive engagement critical to sustain operations and social licence Canada: • Legislated net-zero by 2050 and strengthening policy signals, including carbon pricing, drive expectations for credible transition plans and operational emissions cuts • For gold mining, competitiveness will depend on early adoption of low-carbon power and technologies, supported by reskilling and access to green finance Canada: • Worsening wildfires, floods, storms and permafrost thaw disrupt mining operations, damage infrastructure and increase maintenance, insurance and logistics costs • For gold mining, many remote sites remain exposed to diesel and carbon price risk, making investment in climate-resilient infrastructure, water security and worker protection critical for continuity. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Country-based transition risks The transition to a lower-carbon economy creates climate-related transition risks arising from changing regulation and carbon pricing, shifts in consumer and investor expectations, technology substitution and innovation, and wider societal and stakeholder pressure to decarbonise. Gold Fields used the low-warming, net-zero-aligned scenario (1.5°C) to identify and evaluate how these transition drivers could affect the Group with accelerating policy ambition and market change. The low-warming scenario provides a structured foundation for country-level risk assessment and response planning, supporting compliance and long-term strategic decision-making. This analysis helps to test the resilience of our strategy and business plans against potential outcomes such as: • Higher costs of carbon and compliance • Tightening permitting and disclosure requirements (especially IFRS S1 and S2) • Changing demand and price dynamics • Constraints or opportunities in energy and technology availability • Reputational impacts where expectations for credible transition execution are not met. Our geographical diversity allows us to understand and manage transition risk on a jurisdiction basis. Differences in regulatory trajectories, grid decarbonisation pathways, carbon pricing exposure, infrastructure readiness and stakeholder expectations shape the risks and the opportunities for each asset. 44 GOLD FIELDS Sustainability Report 2025 Read more details about the physical risk assessments, on our website. Biodiversity landscape in the Atacama region near Salares Norte. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Asset-specific climate change assessment and physical risks Following our climate-related risk assessment, we took a progressive approach: 1. Compiled an asset-level long list of physical and transition risks using sector/peer benchmarking 2. Screened baseline exposure using historical and near-term conditions (2025 to 2030) 3. Considered the potential changes in risk exposures over the medium and long term using climate hazard projections 4. Assessed the financial materiality of risk exposures and associated mitigation/adaptation measures 5. Socialised outputs within the relevant Gold Fields functions and consolidated them The below summary details the climate hazard parameters, which are projected to change by around 10% between 2030 and 2050, as informed by the Hot House +4.4 ° C Temperature alignment 2100 (SSP5 – 8.5) scenario. We used these parameters to review previously identified risks and to evaluate and confirm the top climate-related physical risks for our phase 1 assets (Australia and Salares Norte). Australia Gruyere, Granny Smith, St Ives and Agnew Climate classification1 Climate hazard parameters • Gruyere: hot desert climate • Granny Smith: hot semi-arid and hot desert climate • St Ives: hot semi-arid steppe climate • Agnew: hot desert climate with temperatures frequently exceeding 35°C, with low and erratic rainfall Temperature Increase in heatwave days and frequency Increase in mean annual temperature Extreme precipitation Increase in relation to 1 in 500-year rainfall event Risk description Control measures and mitigation actions Extreme precipitation Damage to key transportation routes (road/rail), leading to disruption to supply of materials, increased costs and operational downtime Critical spares kept on site Compromised mine integrity causing water ingress, structural failure, operational disruptions and higher costs Implement flood risk surveys and robust dewatering and drainage controls, supported by trigger action response plans and GISTM conformance Temperature Excessive heat and prolonged heatwaves increase worker fatigue, which reduce productivity and raises absenteeism and operating costs, and heighten the likelihood of operational and transportation incidents Continue maintaining and investing in ventilation and refrigeration infrastructure Drought conditions and water scarcity result in increased operational delays and costs and reduced productivity due to inability to access sufficient water for gold processing and suppression activities Ongoing water efficiency implementation, including recycling processes Wind Excessive wind contributes to degradation of structural integrity of key site infrastructure, leading to catastrophic failure Inclement weather procedures and powerline maintenance regime 1 According to the Köppen-Geiger climate classification, which is a widely used system that categorises the world's climates based on temperature and precipitation patterns. 45 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Asset-specific climate change assessment and physical risks continued Chile Salares Norte Climate classification1 Climate hazard parameters • Tundra climate, with high elevation and scarce or zero precipitation and low temperatures throughout the year Temperature • Projected mean monthly temperature increase • Projected increase in number of heatwave days and frequency • Projected decrease in frost days Extreme precipitation • Projected extreme precipitation increase in relation to 1-in-500 year rainfall event Risk description Control measures and mitigation actions Extreme precipitation Extreme snowfall events disrupt mining operations, increase equipment damage and maintenance costs and heighten the risk of worker injuries and operational delays • Infrastructure is designed for stormwater and snowmelt management • Post-event inspections are conducted to assess drainage performance, verify structural stability and identify any erosion or water-related damage following extreme events • Daily meteorological reports, including a six-day forecast to anticipate adverse weather conditions • Operational Winter Committee (COI) set-up and activates specific protocols in response to alerts of severe winter events • Scheduled road maintenance, weather monitoring, alternative routes, and one to three days of safety stock are in place Excessive rainfall and flooding undermine the structural integrity of key site infrastructure and tailings facilities, leading to catastrophic failure of such facilities Excessive rainfall, storm activity or flooding impact flights and worker commutes, leading to operational disruptions, increased costs and health/safety impacts Excessive rainfall and flooding damages key transportation routes (road/rail), leading to disruption to supply of materials, increased costs and operational downtime Drought Increased degradation of rehabilitation resources and associated rehabilitation performance, impact closure compliance • Monitoring is carried out in the Salar and other points near the operation to control and detect any potential undesirable effects Increased operational costs and disruptions due to inability to access sufficient operational water Water scarcity drives costly desalination and reuse, intensifying community pressures and increasing energy and adaptation costs amid more volatile markets. 1 According to the Köppen-Geiger climate classification, which is a widely used system that categorises the world's climates based on temperature and precipitation patterns. 46 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Asset-specific climate change assessment and physical risks continued The following assets form part of phase 2 and thus the detailed climate-related risk assessment and mitigation work as described above for the phase 1 assets have yet to be conducted. The climate change assessments including identified risks with related mitigation measures as conducted previously remain applicable. South Africa South Deep Climate classification1 Climate hazard parameters • Oceanic subtropical highland climate, with dry and cold winters followed by wet and warm summers • Expected mean annual precipitation increase by 1% over time • Expected mean annual air temperature increase by 1.7°C over time Risk description Control measures and mitigation actions Extreme precipitation Unauthorised discharge into the Leeuspruit river • Design of all water dams meets one-in-50-year rainfall event • Upgrade Return Water Dam and Cascade Dam Droughts Reduced on-site water and increased water demand from public utilities, resulting in increased costs and/or rendering the public utilities unable to supply required volumes of water • Reduced use of public utility water through reverse osmosis plants • Expansion programme for the Scavenger wells • Water conservation demand management programme Increased water stress, electricity supply disruption and increased electricity prices • 50MW Khanyisa solar plant, with ongoing renewable electricity studies Temperature Increased water demand by Thusanang, with community volatility and increased dependence on South Deep • Maintain consistent and transparent engagement with stakeholders 1 According to the Köppen-Geiger climate classification, which is a widely used system that categorises the world's climates based on temperature and precipitation patterns. 47 GOLD FIELDS Sustainability Report 2025 The Khanyisa Solar Plant at South Deep contributes to Gold Fields' commitment to reducing carbon emissions across its global portfolio. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Managing climate change risks continued Asset-specific climate change assessment and physical risks continued Ghana Tarkwa and Damang Climate classification1 Climate hazard parameters • Tropical savanna with West African monsoon • Expected mean annual precipitation increase by 2% over time • Expected mean annual evaporation increase by 6% over time Risk description Control measures and mitigation actions Extreme precipitation Excess volumes of water and pit flooding with associated pumping and additional operational costs • Back-up pumping systems for pit dewatering • Weather/climate monitoring programmes, including early warning systems for enhanced mine planning • Reverse osmosis plant and wetland systems for water treatment Delays in transport of materials, critical equipment and spares • Increased stockpiling of critical spare parts to avoid operational stoppages • Continuous monitoring of side waterways during rainy season Temperature Increased discomfort experienced and risk of heat-related illnesses • Continuous employee health checking and education relating to heat stress, malaria and other climate-impacted health issues • Hybrid solar-powered air-conditioning units in offices Deteriorating water quality Decreased quality of water available for processing purposes • Controlled discharge and land clearance controls • Active and passive water treatment systems, including reverse osmosis, clarifiers, wetlands, pit lakes and ponds • Effective hazardous materials management systems Increased vulnerability Increased vulnerability of host communities due to impacts of climate change, including increased dependency on Gold Fields for service provision and financial support during crises • Increasing resilience of communities through water and sanitation committees, the Partnership for Sustainable Water, Sanitation and Hygiene (WASH) programme in Damang, and Small Town Water Supply Systems for host communities • Continued community malaria treatment programmes • Youth horticulture education and community-based horticulture programmes 1 According to the Köppen-Geiger climate classification, which is a widely used system that categorises the world's climates based on temperature and precipitation patterns Peru Cerro Corona Climate classification1 Climate hazard parameters2 • The site straddles both temperate oceanic climate and tundra and is classified as a cold-summer Mediterranean climate • Expected mean annual precipitation increase by up to 7% over time • Expected mean annual air temperature increase by 1.5°C over time Risk description Control measures and mitigation actions Extreme precipitation Pit flooding due to extreme precipitation • Enhancing pit dewatering system, including additional pumping lines and back-up equipment Water discharge from TSF due to overtopping in case of extreme precipitation • Implementing GISTM, including personnel training and real-time water level monitoring at TSF pond Social demands Social demands related to water quality and quantity • Implementing water projects with the local authorities and communities • Compliance with commitments of water licences 1 According to the Köppen-Geiger climate classification, which is a widely used system that categorises the world's climates based on temperature and precipitation patterns 2 The 2040s represent the first time period, ranging from 2030 to 2059 48 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation Our priorities Our initiatives are prioritised through a rigorous techno-economic framework and assessed alongside other capital investments. We take a portfolio-wide view to direct investment where it delivers the greatest value – strengthening energy security, reducing exposure to rising electricity costs and improving operational efficiency, while also lowering emissions. Our decarbonisation journey is therefore not only about responding to climate change, but about making our operations more resilient, cost-effective and sustainable in the long term. By applying disciplined capital allocation, we focus on solutions – such as renewable energy microgrids – that support reliable power supply and enhance performance, ensuring credible delivery through to 2035 and beyond. 2035 Decarbonisation trajectory Absolute emissions (kt CO2e) Emissions intensity (kg CO2e/oz) 1,693 600 2,293 (344) (90) (33) (420) — (52) (31) 1,322 2016 Baseline Emissions growth 2035 Forecast Renewables Fuel switch Efficiency Renewables Fuel switch Efficiency Diesel replacement 2035 Forecast 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 100 200 300 400 500 600 700 800 900 1,000 49 GOLD FIELDS Sustainability Report 2025 \*Percentage of renewables in energy mix Completed Future Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation continued Case study South Deep – expanding solar capacity for long-term resilience South Deep's Khanyisa 50MW PV solar plant came online in August 2022. It generates about 103GWh/year against the mine's ~494GWh/year electricity demand, reducing South Deep's carbon footprint by around 110,000 tonnes of CO₂ per year and cutting electricity costs by about 24% (R123m/year) In 2025, Gold Fields completed a feasibility study for an additional 25MW of solar, which will be built adjacent to the existing plant – taking Khanyisa from 50MW to 75MW, with construction starting in 2026. The team is also exploring a further ~110MW of solar in later phases, which would ultimately take total installed solar at South Deep to around 190MW, positioning it as the Group's flagship renewable hub and materially increasing the share of renewable electricity and associated emissions reductions once implemented. Case study Windfall – leveraging 100% renewable power Windfall is an underground gold project in Québec, Canada. To decarbonise its power supply, an 85km, 69kV hydroelectric transmission line was built to connect the project to Québec's hydro-dominated grid. The line was built, financed, owned and is operated by Miyuukaa Corporation, a business entity of the Cree First Nation of Waswanipi, and was completed and energised in early 2024, enabling grid power to reach the project. Through power purchase agreements, this connection has allowed Windfall to switch from diesel- generated electricity to hydroelectric (100% renewable) grid power for the site and underground infrastructure, which is expected to significantly reduce power costs and GHG emissions compared with the previous diesel set-up. As Windfall moves towards planned production later in the decade, this structural choice of low- carbon hydro as the primary power source means its future Scope 1 and 2 emissions intensity is expected to be substantially lower than a comparable diesel-powered greenfields project, supporting Gold Fields' overall decarbonisation trajectory. Case study St Ives – building a large-scale hybrid renewables hub At St Ives in Western Australia, Gold Fields is implementing a large hybrid renewable project comprising a 42MW wind farm (seven turbines) and a 35MW solar plant, supported by a new renewable energy hub substation and transmission line. Construction is 80% complete, with commissioning targeted for mid-2026. Once fully operational, the St Ives system is expected to be able to supply approximately 73% of the site's power needs and reduce the mine's carbon emissions by roughly 50% by 2030, relative to a gas-dominated baseline. In addition, a grid-firming power purchase agreement commenced in 2025, combined with the renewables build and new renewable energy hub collector substation. 50 GOLD FIELDS Sustainability Report 2025 Solar power generation at the Khanyisa plant, South Deep. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation continued Reducing emissions from diesel-powered equipment Around one-third of our combined Scope 1 and 2 emissions stems from diesel-powered equipment. Reducing these emissions will have a significant impact on our efforts to decarbonise our operations. Decarbonising our vehicle fleet is a priority, and we are investigating technologies and alternatives to ensure we make progress against our targets. Our approach Our fleet strategy is informed by the ICMM's Innovation for Cleaner, Safer Vehicles initiative, which focuses on reducing GHG emissions, diesel particulate matter and collision risks. Diesel particulate filters are now standard across Australian operations, and South Deep is rolling out diesel particulate filters. and enclosed cabins across its underground fleet, delivering co-benefits for worker health and safety alongside emissions performance. We focus our fleet decarbonisation efforts on operations where mine life, fleet scale and existing renewable energy investments provide the strongest case for adoption, notably our Australian underground mines and South Deep. Despite slower-than-anticipated technology maturation, Gold Fields remains committed to achieving net-zero emissions by 2050. Challenges Opportunities Focus areas Diesel • Diesel-powered equipment – particularly our mining vehicle fleet – accounts for one-third of Gold Fields' combined Scope 1 and 2 emissions • Material movement is a critical lever in achieving our reduction targets • Decarbonising material movement through efficiency and new propulsion technologies New technologies • Emission-reduction technologies have not matured as rapidly as expected • Despite improvements, most options are not ready for large-scale deployment • Using techno-economic evaluation to decide if and when to move beyond pilots • Test pilot projects, using techno-economic evaluation – emissions impact, fuel burn, productivity, reliability, total cost of ownership and technology readiness level (TRL) Electric vehicles • Limitations of battery-electric vehicles, especially in underground environments with steep gradients and high energy demand • Trial numbers provide critical data to inform future scaling decisions • Battery-electric solutions expected to play a growing role as technology maturity improves • In the near term, diesel- electric equipment is viewed as a pragmatic transition option Other opportunities We are evaluating alternative material movement methods, such as a potential railveyor system at Granny Smith and conveyor options at St Ives. Ongoing studies, initiated in 2024, focus on understanding the long- term decarbonisation and cost benefits of shifting away from conventional truck-based haulage where technically and economically feasible. Case study Original equipment manufacturer partnerships and electric vehicle trials Building on our vast experience and collaborations within the mining value chain, we are framing our material movement decarbonisation journey around three key original equipment manufacturer partnerships and associated electric vehicle trials. Caterpillar diesel-electric loaders (Granny Smith and Agnew) We completed pilot studies of Caterpillar diesel- electric loaders at Granny Smith and Agnew, and these units are in full production. Site data confirms an average ~35% reduction in diesel burn compared with equivalent conventional diesel loaders, broadly in line with Caterpillar's original expectations. This outcome validates diesel-electric loaders as a lower-emission, lower-fuel-use option and demonstrates clear potential for operating cost and total cost of ownership benefits over time. Epiroc MT66 E-Drive proof-of-concept truck (Granny Smith) Our partnership with Epiroc has progressed to the mobilisation of the MT66 E-Drive diesel-electric underground haul truck to Granny Smith, with a proof-of-concept pilot scheduled to commence in December 2025. Gold Fields was closely involved in the design process, providing input and agreeing key performance indicators focused on emissions reduction, fuel efficiency, performance, reliability and cost. As this is the first truck of its type produced by Epiroc, the trial is aimed at understanding technology readiness and establishing whether such trucks can ultimately replace parts of our diesel fleet. Outcomes will be reported once sufficient operating data have been gathered. Sandvik battery-electric and diesel-electric trucks and loaders (St Ives) In parallel with the LH518B battery-electric loader trial at St Ives, we plan to introduce a prototype Sandvik 66-tonne diesel-electric underground truck to the same operation for pilot testing with our business partner. This will enable a side-by-side comparison of diesel-electric truck performance with the Epiroc MT66 E-Drive under similar conditions, complementing the battery-electric vehicle loader trial. Together, these Sandvik pilots are designed to test reduced-emission options across both loading and hauling, while continuing to highlight the trade-offs between emissions, productivity, reliability and cost at our required equipment sizes. 51 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation continued Decarbonising our supply chain We rely on our suppliers as collaborators and engage with them to reduce our Scope 3 emissions, as majority of our Scope 3 emissions are generated in our upstream supply chain. Future acquisitions, mine plan changes and revised emissions factors may partially offset our recent gains. We therefore focus on structural, long-term abatement rather than temporary reductions driven by portfolio or market conditions. Focusing on emission hotspots and strategic levers Our priority is to address the purchased goods and service categories that contribute most to our Scope 3 footprint. Our most material upstream contributors remain: • Fuels, oils and electricity • Mining services • Cement • Lime • Explosives Supplier engagement is concentrated on a targeted group of high-impact partners representing approximately 70% of Scope 3 emissions, rather than broad engagement across the full supplier base. • Improving data quality through supplier-specific emissions factors • Embedding Scope 3 considerations into commercial and contracting decisions • Supporting supplier reporting capability • Progressing the transition to lower-carbon products where technically and economically viable • Assessing pathways for post-2030 ambition, including the potential role of high-quality carbon units to address residual emissions. kt CO2e 2022 2023 2024 2025 2030 target 0 200 400 600 800 1,000 n Purchased goods and services n Fuel and energy-related emissions n Investments (Asanko) n Other 52 GOLD FIELDS Sustainability Report 2025 Key areas of progress over time • Ongoing: Improving the quality, frequency and coverage of our Scope 3 reporting • 2023: Restated our baseline in line with GHG Protocol, ICMM and World Gold Council methodologies, which increased the reported baseline due to better activity data, more supplier- specific information and updated emissions factors • 2024 and 2025: Updated spend data and category trends and prepared to integrate new and growing assets • 2025: Our Scope 3 emissions in 2025 were 913kt CO₂e, 7% lower than the 2022 baseline, driven by portfolio changes, supplier decarbonisation and improved data quality. • Looking ahead: Internal analysis indicates that we remain on track to meet – and potentially exceed – our 2030 reduction target of a 10% net reduction Key priorities The Agnew wind farm supports renewable energy generation at the mine. Pathway to 10% Scope 3 reduction by 2030 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation continued Our Scope 1 and 2 emissions Our revised 2035 Scope 1 and 2 targets reflect a realistic approach to technology readiness and infrastructure requirements, supporting a disciplined and credible transition pathway. Energy The majority of our Scope 1 and 2 emissions stems from energy. Decarbonising electricity supply remains the most significant lever for reducing Scope 2 emissions. With the aim to deliver resilience and long-term value, our focus on energy management is as follows: • We will increase the integration of renewable and low-carbon power across the portfolio • Gold Fields will continue to focus on value-adding decarbonisation including the assessment of emissions intensity when growing our portfolio of assets We apply a systematic, ISO 50001-aligned approach to measuring, monitoring and optimising energy use across all assets, supported by site-level targets and robust verification. We assess emissions reduction initiatives through a rigorous techno-economic lens to ensure they strengthen supply security, manage cost and deliver operational value. Scope 1 and 2 emissions performance 90 11 3 12 8 17 7 30 6 30 2 20 1 25 7 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 0 500 1,000 1,500 2,000 0 200 400 600 800 n Scope 1 and 2 emissions n Annual emissions avoided — Emissions intensity Scope 1 and 2 emissions per asset 85 119 75 281 9 213 37.3 47.9 43 138 451 197 91 0.35 0.45 0.58 0.96 1.49 0.86 1.29 0.25 0.23 Agnew Granny smith St Ives Gruyere South Deep Tarkwa Damang Cerro Corona Salares Norte 0 100 200 300 400 500 0 0.5 1 1.5 2 n Scope 1 n Scope 2 l Emissions intensity 53 GOLD FIELDS Sustainability Report 2025 kt CO2e tCO2e/oz Measuring our progress • 308kt CO₂e reduction in Scope 1 and 2 emissions achieved since 2016 • A further 105kt CO₂e reduction forecast from projects already underway • 421kt CO₂e total abatement delivered or secured, representing approximately 25% of our original reduction target • Demonstrated ability to attract skilled talent, sustainability-focused investors and access competitive sources of capital Looking ahead Expansion at assets such as Gruyere, the development of the Agua Amarga deposit at Salares Norte, and increasing ventilation and cooling requirements at our Australian underground assets are expected to contribute an additional ~490kt CO₂e by 2030 under a business-as-usual trajectory. While deployment pathways differ by asset, the overall trend is one of improving emissions intensity, energy resilience and cost stability. kt CO2e tCO2e/oz Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Mitigating climate change continued Decarbonisation continued Our Scope 1 and 2 emissions continued We implemented the following key cost, energy and emission-reduction projects during 2025: Energy efficiency projects and initiatives1 Site Projects and initiatives Carbon saving (kt CO2e) Granny Smith Installed automated control systems for the secondary ventilation network to improve airflow efficiency and reduce power use 2.3 South Deep Temporarily shut down one main ventilation fan during shift changes to reduce electricity consumption 6.2 Optimised underground water pumping systems to reduce energy use 6.3 Damang Improved energy-efficient lighting as well as pump efficiencies at our ball mill 1.2 Tarkwa Conducted electric vehicle trials to assess opportunities to reduce diesel use and emissions 6.7 Shifted a portion of grid electricity consumption to hydro and solar energy sources 5.8 Cerro Corona Replaced open-pit haul trucks with higher-capacity vehicles to reduce trips and fuel consumption 0.3 1 Relative asset energy and carbon savings differ because of the differing energy mixes at our assets Energy performance 13.90 14.10 14.00 14.40 15.70 2021 2022 2023 2024 2025 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 n Energy consumption (PJ) — Energy intensity GJ/oz Energy costs and energy savings 341 424 405 423 456 34 53 28 17 19 2021 2022 2023 2024 2025 0 100 200 300 400 500 n Energy costs n Energy savings Energy and carbon annual comparisons 2025 2024 Energy performance Total energy consumption 15.7PJ 14.4PJ Renewable electricity (percentage of total) 18% 18% Energy intensity 6.52GJ/oz 6.39GJ/oz Energy savings through initiatives 0.20PJ 0.16PJ Energy spend1 US$456m US$423m Amount spent on energy and emissions savings initiatives US$95m US$24m 1 Energy spend includes spend on diesel consumption (haulage and power), electricity generation/consumption (grid, baseload and renewables), fuel for electricity generation (natural gas purchased and delivered) and liquid petroleum gas and natural gas for the processing plants. Lease costs for the self-generation power at Agnew, Granny Smith and Gruyere are also included. Our overall emissions performance 2025 2024 Carbon performance Scope 1 and 2 emissions 1,780kt CO2e 1,632kt CO2e Scope 1 and 2 emission Intensity 0kg CO2e/oz 726kg CO2e/oz Scope 1 and 2 emission reductions (through initiatives) 266kt CO2e 256kt CO2e Scope 3 emissions 912kt CO2e1 823kt CO2e 54 GOLD FIELDS Sustainability Report 2025 PJ GJ/oz US$m Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices 1 Excludes offices and projects. Without the Perth office number, the total Scope 3 emissions is 902kt CO2e

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Preserving natural resources Protecting natural resources is fundamental to Gold Fields' ability to create enduring value and to maintain a resilient, responsible business over the long term. Water stewardship and preserving natural resources are critical focus areas given the Group's operational footprint in water-stressed regions and the essential role that healthy ecosystems play in sustaining economic activity, host communities and biodiversity. We recognise our dependencies and impacts on natural capital, the need to proactively manage environmental risks that could affect operational continuity and host communities, and evolving regulatory and disclosure expectations. We are now positioned to adopt a more integrated, systemic approach to environmental stewardship and social performance that delivers positive social and environmental impact. Our efforts in this area focus on two components: Water stewardship Gold Fields advances water stewardship by reducing freshwater withdrawals and increasing recycling and reuse of water, supported by process improvements. Each asset considers its catchment context and undertakes water stewardship in line with an asset-level water strategy and supporting three-year tactical plan. Water efficiency remains a strategic priority under Pillar 2 of the Group Water Stewardship Strategy, with a continued focus on water recycling and reuse aligned with leading international standards and embedded operational practices. The Group has maintained an average performance of approximately 75% water recycled or reused to date. Nature Nature is becoming increasingly central to our regulatory approvals of new projects and expansions, emerging disclosure expectations and public scrutiny. We are working on implementing the Group Biodiversity Guideline, with established conservation values and progress on no-net-loss principles for new projects. We conducted a gap analysis against the ICMM Nature Position Statement and Nature baseline risk assessments and implemented progressive rehabilitation plans across all assets. This section details: Related material matters Water stewardship (p56) Water stewardship Nature (p59) Nature and biodiversity management Our natural resource preservation journey Midpoint review findings Outcomes A refined path forward Water stewardship • Gold Fields has made strong progress against its initial targets from a 2018 baseline • Absolute reduction targets are no longer fully appropriate given portfolio evolution and the diverse operating contexts across assets • Differences in water quality, hydrology, climatic variability and water stress between catchments mean that a shift towards context- based water targets will more accurately reflect shared water risks, community and Indigenous water access considerations, and long- term resilience • Our Australian assets have high saline and hypersaline environments, and reuse and recycling of freshwater have limited value and cost benefits Water stewardship • Revised Group targets will be complemented by asset-specific water targets, tailored to local climatic and hydrological conditions, water-related risks and catchment contexts • Our approach will incorporate Indigenous water values and cultural connections to catchments, extending beyond purely operational metrics • Ongoing engagement and partnerships with catchment stakeholders will be central to setting these targets and addressing shared water challenges Nature Gold Fields is advancing nature- positive outcomes through: • Structured risk assessment • Disciplined application of mitigation hierarchies • Targeted habitat enhancement in priority landscapes, building on a foundation of avoiding and mitigating harm to ecosystems and communities Water stewardship commitments • Achieve greater efficiency supported by asset-specific stewardship strategies, three-year tactical plans and engagement of our catchment stakeholders Nature commitments • Evaluate our biodiversity risks, impacts and opportunities, and implement projects to enhance habitat in our priority landscapes • Strengthen measurement and disclosure of nature- related impacts and risks • Respond to rising regulatory and market expectations • Pursue opportunities for positive outcomes with business partners, host communities and other stakeholders How we performed in 2025 2025 performance 2024 performance Looking towards 2035 Water stewardship Recycle / reuse of water 74% 74% • Maintain 80% freshwater reuse/recycling annually in freshwater catchments • Transition from 2030 absolute freshwater reduction target to catchment and asset-specific context-based water targets • Measure and disclose nature-related impacts and risks and implement projects to enhance habitat in our priority landscapesFreshwater withdrawal1 9.72GL 11.10GL 55 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices 1 Freshwater withdrawal refers to water with less than 5,000 mg/L Total Dissolved Solids and a pH range of 4 – 10

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Preserving natural resources continued Water stewardship Global water-related risks 56 GOLD FIELDS Sustainability Report 2025 Peru Cerro Corona n Security of supply n Water quality n Social water risk n Regulatory uncertainty Chile Salares Norte n Security of supply n Water quality n Social water risk n Regulatory uncertainty Canada Windfall project n Security of supply n Water quality n Social water risk n Regulatory uncertainty Ghana Damang and Tarkwa n Security of supply n Water quality n Social water risk n Regulatory uncertainty South Africa South Deep n Security of supply n Water quality n Social water risk n Regulatory uncertainty Australia Gruyere, Granny Smith, St Ives and Agnew n Security of supply n Water quality n Social water risk n Regulatory uncertainty Gold Fields Group Mines: 9 Projects: 1 Countries: 6 n Security of supply n Water quality n Social water risk n Regulatory uncertainty Key: n Low n Moderate n High Case study Salares Norte – Filtered tailings Gold Fields commissioned filtered tailings technology at Salares Norte. This approach reduces water demand and risk of catastrophic failure compared to conventional wet TSFs. Tailings are mechanically dewatered to produce a low-moisture "cake" that is stacked and compacted. The facility has a capacity of 24.1Mt with slopes and inclined waste storage facility surfaces and geomembrane covering the base. Salares Norte sets the benchmark for water-efficient, high- containment tailings management in our portfolio. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preserving natural resources continued Water stewardship continued Water is a vital shared resource with significant social, cultural, spiritual, environmental and economic value. Respecting these values and recognising the importance of water to the lives, livelihoods and cultures of our stakeholders, is integral to Gold Fields' approach to responsible water stewardship. As such, the efficient and sustainable stewardship of water is fundamental to our ability to operate responsibly and deliver on our purpose. Water stewardship is context-based and informed by the locations of our assets. We operate in three water-stressed countries, being Australia, South Africa and Chile. Our Australian assets are situated in saline or hypersaline environments, coupled with high evaporation rates. Multiple physical, transitionary (including regulatory) and social risks thus need to be considered. These form a fundamental part of our Water Stewardship Strategy. Water scarcity Across many of our operating countries, water scarcity is increasing as a result of climate change, competing catchment demands and rising regulatory and societal expectations. In this context, improving water efficiency and strengthening water security remain both strategic and operational priorities for the Group. Water Stewardship Strategy and projects Since setting our water stewardship targets in 2021, Gold Fields has systematically improved our water stewardship practices and performance, while addressing our water-related risks and challenges. Our Group 2030 Water Stewardship Strategy guides our stewardship and how we protect this critical natural resource. It is encapsulated by the Integrated Water Stewardship Framework depicted alongside, comprising four strategic pillars and supported by asset-specific stewardship strategies, three-year tactical plans and engagement of our catchment stakeholders. Our water projects support our Group Water Stewardship Strategy, and the bulk of our interventions from a Group perspective focused on water recycling and reuse projects, with significant contributions made by South Deep and Tarkwa. The key projects that support the Group Water Stewardship Strategy across all four strategic pillars include: • Updating our assets' LOM water security plans, which are integrated into their strategic and operational planning • Commissioning of the return water dam at South Deep, with increased storage capacity for water recycling and reuse • Implementing the Sustainable Water, Sanitation and Hygiene programme, in partnership with World Vision Ghana, with 200 households connected to potable water supply 57 GOLD FIELDS Sustainability Report 2025 Read more about our progress by assets against their respective Water Stewardship Strategies and three-year tactical on our website Board and committee leadership Group strategic management: CEO and Executive Committee Group water stewardship policy statement Group and asset, context-specific 2035 commitments and targets Group Water Stewardship Strategy Asset management Asset water stewardship strategies Three-year water tactical plans Water management governance: Group water management guidelines and water reporting guidelines Pillar 1 Climate adaptation and preparedness Pillar 2 Water efficiency Pillar 3 Protecting water quality Pillar 4 Catchment management Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preserving natural resources continued Water stewardship continued 2025 performance and projects 2025 target 2025 2024 Recycling/reuse of water (%)4 73 74 74 Freshwater withdrawal (GL)3 12.06\* 9.72 11.1 Total water withdrawal (GL)1 n/a 17.8 18.1 Total water withdrawal per tonne processed (L/t) n/a 385 403 Freshwater withdrawal per ounce produced (kl/oz) n/a 4.0 4.9 Water consumption (GL)2 n/a 13.0 14.5 Water stewardship and projects spend (US$m) n/a 5.5 72.4 \* A 17% reduction in freshwater withdrawal from the 2018 baseline of 14.50GL 1 Total water withdrawal is the sum of all water from all sources (including surface water, groundwater, rainwater, wastewater from other organisations and municipal water supply) for any use or impact 2 Water consumption is total water withdrawal less discharge 3 Freshwater withdrawal refers to water with less than 5,000 mg/L Total Dissolved Solids and a pH range of 4 – 10 4 Recycled water is water or wastewater that is treated before being reused. Reused water is water or wastewater that is reused without treatment at the same operation Case study South Deep – return water dams We upgraded of the old return water dams at South Deep's South Shaft, Twin Shaft and Doornpoort, commissioned during May 2025. This project contributes significantly to improving our recycling and reuse performance and aims to improve the resilience of water management infrastructure, address climate-related flood risks, and comply with the one-in-50-year flood line design standard, increasing capacity to manage stormwater and prevent uncontrolled discharge into the Leeuspruit catchment. We also upgraded the cascade dams to increase capacity for projected rainfall intensity, ensuring water security and improved climate adaptation. This project resulted in over R19 million 58 GOLD FIELDS Sustainability Report 2025 18.5 18.3 18.3 18.1 17.8 9.22 7.50 7.40 8.06 8.06 2021 2022 2023 2024 2025 0 4 8 12 16 20 24 28 0 2 4 6 8 10 12 14 Freshwater withdrawal Group total water withdrawal and intensity Water recycled/reused 75 75 74 74 74 80 2021 2022 2023 2024 2025 0 10 20 30 40 50 60 70 80 90 100 2030 target – 80% 9.4 8.5 8.8 11.1 9.72 8 2021 2022 2023 2024 2025 0 2 4 6 8 10 12 14 16 2030 target – 8GL GL GL kl/t n Total water withdrawal — Water intensity % Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preserving natural resources continued Nature Our operations rely on natural resources, and sound nature stewardship is crucial for the successful implementation of projects, mine closure and maintaining our licence to operate. A strong, proactive nature response will create opportunities for Gold Fields to strengthen trust, attract and retain talent, and deliver on our purpose in complex and sensitive landscapes. 2025 performance and progress In 2025, we strengthened our nature management by building a more consistent, enterprise-wide approach across the Group. Looking ahead The next step entails finalising and implementing the Gold Fields Nature Guideline, including consistent, site- level biodiversity accounting aligned to an eight-step process: • Defining the area of analysis • Establishing baselines • Selecting metrics • Assessing impacts • Applying the mitigation hierarchy • Designing offsets/enhancements where essential • Monitoring and adaptive management • Transparent disclosure This will be supported by biodiversity metrics to track the extent and condition of ecosystems and the population and extinction risk of species, strengthening our ability to demonstrate progress towards no-net- loss and to develop more context-based targets that better reflect the interconnectedness of nature and society. Case study Protecting biodiversity at Salares Norte: Chinchilla capture and relocation programme Capture and relocation efforts Technological integration Partnering for success Our nature-positive approach is reflected in our ongoing capture and relocation programme aimed at protecting endangered short-tailed chinchillas in areas designated for mining activities. During the 2025/2026 summer campaign at the time of reporting, three adult and two juvenile chinchillas were captured and relocated from operational areas to a designated conservation site in line with the regulatory compliance plan. A female was pregnant at the time of capture and gave birth to three kits in the relocation area. All eight chinchillas were successfully released. Sadly the adult female was later found dead, having been predated by a fox. The three kits are still alive were tracked for more than two months, until it was impossible to distinguish them from other chinchillas that moved to the area. The successful capture and relocation of all the chinchillas in two rockeries made it possible to remove the rockeries. In September 2025, we commenced integrating AI and robotic process automation (RPA) into the project. AI rapidly screens large volumes of camera trap footage, automatically distinguishing chinchillas from other wildlife and empty frames so specialists can focus on verification, ecological interpretation and adaptive management. RPA automates repetitive, high-intensity administrative steps in the reporting workflow. This improves consistency, reduces human error and enhances end-to- end traceability from field evidence to regulator ready submissions. Together, these tools have accelerated reporting turnaround and improved our ability to detect anomalies and respond to potential risks. We are deepening our commitment to transparency by expanding live monitoring feeds for environmental authorities. Through our partnership with the Institute for Ecology and Biodiversity (IEB) – a prestigious group of academics specialising in ecosystem and population ecology – we are advancing scientific understanding of chinchilla behaviour and biology. Furthermore, we continue to collaborate with diverse experts on both in-situ and ex-situ conservation. These alliances generate publicly accessible, scientifically robust datasets that facilitate the testing of no-net-loss accounting methods and support climate vulnerability assessments for Andean small mammal communities. The Gold Fields Chinchilla Rescue, Relocation and Monitoring System, developed along with our technological partner Kabeli, was recognised with the National Prize on Artificial Intelligence Chile PotenciaIA 2025, acknowledging our contribution in applying leading technology to conserve a critically endangered species within a mining context. 59 GOLD FIELDS Sustainability Report 2025 Key areas of progress • Completed nature baseline risk assessments across all assets, with controls in place to manage high-level risks • Completed an ICMM Nature Position Statement gap assessment with responding actions scheduled • Maintaining progressive rehabilitation planning across operations • Managing nature-related risks through asset experience and targeted initiatives such as our Chinchilla project at Salares Norte and bat management at Agnew • Ongoing reporting of core biodiversity-related metrics and baseline datasets required under permitting and approvals applications • Developed the Gold Fields Nature Guideline, which provides a structured framework to align our operations with Gold Fields' vision, values and policies. The Guideline steers responsible context- specific biodiversity management that supports no-net-loss, nature-positive outcomes, aligned with ICMM requirements and international leading practices Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preventing serious environmental harm Gold Fields is committed to delivering a positive environmental impact and operating in a responsible, transparent and ethically governed manner as core components of our purpose. Preventing serious environmental harm and addressing the impacts of climate change are fundamental to maintaining our licence to operate, safeguarding natural capital and ensuring the long-term resilience of our business. We apply an integrated, enterprise-wide approach to environmental stewardship. This approach embeds environmental considerations across strategy, governance, risk management and operational decision- making, and focuses on proactively identifying, managing and mitigating environmental risks across our portfolio. Through this, we aim to continuously improve environmental performance, responsibly steward natural resources and safeguard against catastrophic mining-related impacts, supporting resilient and sustainable outcomes for our host communities and the environments in which we operate. This section details: Delivering positive environmental impacts (below) Tailings management (p61) Integrated mine closure (p62) Related material matters Tailing management and emergency preparedness Integrated mine closure planning Our environmental harm prevention journey Midpoint review findings Outcomes A refined path forward • Tailings stewardship is a core component of Gold Fields' commitment to preventing serious and catastrophic environmental harm • To maintain the trust of our stakeholders and prevent catastrophic mine-related failures, it is imperative to continue strengthening our GISTM conformance • Retain and strengthen the focus on preventing negative impact through zero catastrophic failures or serious environmental incidents • Maintain trust and a high level of conformance with the GISTM through the Gold Fields Tailings Management Standards and alignment with the Global Tailings Management Institute • Tailings management is fundamental to Gold Fields' impact-based environmental strategy, supported by disciplined risk management, continuous improvement and innovation and the use of multi-criteria analysis and technology alternatives • Integrating tailings considerations into climate resilience planning, water stewardship and integrated mine closure, ensuring tailings governance continues to protect people, communities and ecosystems while supporting safe, reliable operations and long-term value creation How we performed in 2025 2025 performance 2024 performance Looking towards 2035 GISTM conformance Meaningful conformance to GISTM achieved for priority TSFs in 2023 and remaining TSFs in 2025 Meaningful conformance to GISTM achieved for priority TSFs in 2023 • Prevent negative impact through zero catastrophic or serious environmental incidents • Mitigate harm to ecosystems and communities as the foundation for achieving positive outcomes • Maintain trust and high level of conformance to GISTM to prevent catastrophic failures and achieve positive environmental outcomes through multi-criteria analysis and alternative technologies Reduce number of active upstream-raised TSFs Four active upstream-raised TSFs Four active upstream-raised TSFs 60 GOLD FIELDS Sustainability Report 2025 Delivering positive environmental impacts We remain focused on preventing environmental harm and strengthening risk management across our operations. No catastrophic or serious environmental incidents (Level 3 – 5) have been recorded since 2018, and this remained the case in 2025. We recorded 32 minor (level 2) environmental incidents) during the year, with the majority related to loss of containment. We continue to focus on reporting maturity in this regard. During the year, a new Group Environmental Standard was rolled out, strengthening governance, clarifying minimum requirements and reinforcing consistent implementation. How we define environmental incidents Level 1 incident: a minor incident or near-miss with no measurable environmental impact and no non-conformance with legal, permit or regulatory requirements Level 2 incident: localised with a small but measurable impact on the environment, but with no long-term effects. Level 3 incident: results in limited non-conformance or non-compliance, with ongoing but limited environmental impact Level 4 and 5 incidents: include major non-conformances or non-compliances, which could result in long-term effects. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preventing serious environmental harm continued Tailings management The safe, responsible and transparent management of tailings is essential to protecting people, host communities and preventing serious environmental harm. Tailings facilities represent one of the Group's most material environmental and safety risks, requiring robust governance, disciplined engineering and proactive risk management across the full LOM. Our approach is grounded in internationally recognised best practice, including the ICMM Mining Principles and the GISTM, and is embedded within our broader climate, water and integrated mine closure strategies. Our life-of-facility approach prioritises physical stability, water stewardship, climate resilience and transparency. To achieve this, we consider conservative design criteria, independent technical assurance, continuous monitoring and emergency preparedness. We continually look at opportunities to reduce tailings volumes, repurpose mine waste and minimise long-term liabilities. Through innovation, technology and disciplined capital allocation, we aim to reduce tailings-related risks while improving environmental performance and long-term value outcomes. GISTM conformance As part of Gold Fields' commitment to prevent harm to people, communities and the natural environment and to prevent catastrophic mining-related events, conformance with the GISTM is a critical mechanism through which this commitment is operationalised. We continue to reinforce trust and relationships with host communities and stakeholders, which are integral to our success. Gold Fields achieved substantial GISTM conformance for priority TSFs during 2023 and the remaining TSFs in 2025 based on delivery of the Gold Fields Tailings Management Standard. The Tarkwa active upstream- raised TSF2 conversion is on track for completion by end 2026. We are working proactively to consider alternatives to upstream-raised TSFs. Portfolio performance As of 5 August 2025, Gold Fields has completed internal GISTM self-assessments across all 36 TSFs in the portfolio. Performance was assessed against all applicable GISTM requirements, including governance, technical integrity, environmental and social considerations, and emergency preparedness Group performance 94.8% of applicable requirement parts were assessed as meeting GISTM criteria, with the remaining 5.2% were assessed as partially meeting the GISTM criteria. This confirms a high level of conformance to international best practice and provides a strong foundation for ongoing risk reduction. Our process • Review outcomes through our tailings governance structures, supported by independent third-party assurance in line with ICMM conformance protocols • Identify and address gaps through structured action plans prioritised according to consequence classification and risk, reinforcing a preventive, risk-based approach We recognise that full conformance is a multi-year journey. We remain focused on strengthening implementation, assurance and transparency across the tailings lifecycle to ensure that tailings facilities are designed, operated and closed to protect downstream communities, employees and the environment. Innovative business improvements and other key initiatives Public Liability Insurance Policy Commingling trial Our high level of conformance to GISTM criteria contributed to us consistently increasing our Public Liability Insurance Policy limits over the 2023, 2024 and 2025 annual renewal periods from US$437.5m to US$600m. This also provided wider coverage with less restrictions and full policy coverage on TSF risks. We contracted a long-term agreement based on a three-year policy term – above the standard one-year term. A commingling trial at Tarkwa is progressing well. Trial pads will be constructed in H1 2026 to test different blends of tailings and waste rock. This approach allows us to investigate feasibility under various operating conditions to reach our ultimate aspiration of improved safety. The trial presents an exciting opportunity to achieve multiple benefits, including improved physical stability, economics and geochemical performance and reduced waste footprint, water consumption and environmental impact, while eliminating flow-failure risks to downstream communities. Case study Gruyere: Cost-saving solution with in-situ rock crushing The progressively raised downstream TSF at Gruyere has caused significant operational and capital cost over the life of the asset. Each downstream raise requires substantial embankment construction, using overburden and waste material from the mine pit. Costs increase as the TSF footprint expands with a key cost driver being the presence of oversized rocks and boulders within the run-of-mine material. which conventionally require crushing and screening to achieve suitable construction material. This approach proved both cost-prohibitive and inefficient at scale, reducing material availability and increasing project costs. In response, the Gruyere tailings team adopted an innovative, fit-for-purpose solution that delivered material cost savings while maintaining construction quality and regulatory compliance. Following detailed assessment and field trials, the team successfully implemented in-situ rock crushing using specialised equipment, eliminating the need for conventional crushing and screening processes. A CAT 992 large-wheel loader fitted with a steel-drummed padfoot compactor enabled effective on- site material conditioning, significantly simplifying construction logistics. Remarkably, this approach delivered an overall project cost saving of approximately 20%, demonstrating a scalable example of operational innovation. 61 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preventing serious environmental harm continued Integrated mine closure Integrated mine closure is a core component of Gold Fields' approach to responsible resource management, long-term value preservation and sustainable development. Effective closure governance enables us to proactively identify and manage environmental, social and financial risks across the life of an asset, rather than deferring these considerations to the end of operations. In line with our social, environmental and climate commitments, we are transitioning beyond a compliance- driven closure mindset towards an integrated, inclusive approach that embeds closure into strategic planning, project development and operational decision-making, with a focus on delivering regenerative social and ecological outcomes. Group Integrated Mine Closure Standard The standard will help us shift away from flexible guidance towards a binding, Group-wide framework that establishes consistent minimum requirements across all operations. Expected finalisation date: Mid-2026 Best practice alignment with: Key features: Implementation: • ICMM guidance • Gold Fields' strategic pillar to create positive social and environmental impact, positioning mine closure as a proactive LOM discipline • Gold Fields' governance hierarchy and international good practice • Integrates environmental rehabilitation, social transition and financial planning to reduce long- term liabilities, strengthen accountability and enable sustainable post-mining land uses • Consolidates previously fragmented guidance into a single governance and management framework, defining clear roles, responsibilities and decision-making authority at Group and asset levels • Covers closure planning across the mining lifecycle, progressive rehabilitation, financial provisioning, stakeholder engagement, social transition, closure success criteria and relinquishment pathways • Once implemented, the standard will be embedded into performance management, audits, enterprise risk management and sustainability reporting, supported by ongoing monitoring, assurance and periodic review A focus on social transition As part of updating Damang's closure plan in preparation for the transfer of the mine to the Government of Ghana, Gold Fields developed a comprehensive social transition plan, supported by detailed liability estimates. Building on more than two decades of socio-economic investment through the Gold Fields Ghana Foundation, the strategy prioritises proactive stakeholder engagement, workforce transition through retaining and the safeguarding of essential services, including health, education and infrastructure. Over the past decade, 177 training programmes have been delivered to OVER 8,500 participants, expanding from technical and safety training to entrepreneurship, vocational development, agriculture and environmental rehabilitation. Complementary community investments continue to strengthen education, youth empowerment, health and livelihoods, fostering community-led development that endures beyond the life of the mine. Underpinned by financial and institutional arrangements that ensure accountability and continuity, Damang's closure strategy is designed to responsibly conclude mining operations, enable a smooth transition to the Government of Ghana and support sustainable futures for surrounding communities. At Cerro Corona, a social transitioning plan is being implemented to prepare for the definitive closure of the asset in 2030. The plan aims to address the potential impact of closure on our stakeholders. It seeks to prevent, mitigate and remedy social and economic effects, and to support a just and responsible transition for affected community members and groups. Closure liability, provisioning and securities Gold Fields reviews mine closure cost estimates annually. As of December 2025, the Group's consolidated environmental liability was US$844 million, a 32% increase (US$203 million) from 2024 (US$641 million). The increase is primarily attributable to: • Full ownership of Gruyere following the Gold Road Resources acquisition • The inclusion of Windfall • Socio-economic transition liabilities at Damang • Property holding provisions for Tarkwa • Growth in landforms • Scope adjustments • Advancing pre-feasibility-level closure designs for Australian TSFs 62 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Preventing serious environmental harm continued Integrated mine closure continued Progressive closure performance We continued to implement progressive rehabilitation plans across all assets in 2025, achieving 83% implementation against a target of 85%. Five of our nine operating assets met or exceeded their annual progressive rehabilitation objectives during the year. The table below sets out the actual percentage of progressive closure completion against 2025 plan and the closure cost estimate (US$m) per mine for 2024 and 2025. Asset 2025 progressive rehabilitation completion against 2025 plan (%) 2025 closure cost estimate (US$m) 2024 closure cost estimate (US$m) Gruyere 88 60 25 Granny Smith 92 74 61 St Ives 59 132 104 Agnew 86 69 39 South Deep 73 54 43 Damang 95 42 27 Tarkwa 91 107 93 Salares Norte n/a 63 48 Cerro Corona 76 220 194 Windfall n/a 23 7 Total 83 844 641 63 GOLD FIELDS Sustainability Report 2025 A view of the far east tailings storage facility at Damang. Changes in asset-level closure cost estimates during 2025 were primarily driven by portfolio changes, the maturation of closure designs, and evolving socio-economic and regulatory requirements across the Group. In Australia, closure provisions increased following the acquisition of Gruyere, while other operations recorded higher estimates as tailings storage facilities progressed to more advanced, pre-feasibility–level closure designs. At Damang, higher provisions reflected an expanded scope of work to support the orderly transition of the mine to the Government of Ghana, including socio-economic transition commitments, tailings facility wall raises and spillway lining, infrastructure demolition, and additional technical studies. Salares Norte experienced growth in closure estimates due to footprint expansion and scope refinements as the project continued to mature. Windfall recorded the largest relative increase, reflecting the development of its inaugural closure cost estimate. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Human rights Human rights considerations are integral to our 2035 sustainability commitments, business conduct, decision-making and stakeholder engagement processes, because our business activities can have potentially adverse impacts on our people and host communities. Guided by our Human Rights Policy Statement, to be replaced with our Sustainability Policy in 2026, which is informed by international standards and embedded in our Code of Conduct, we strive to understand, mitigate and prevent our human rights impacts across our business activities. In 2025, we undertook a comprehensive Group Social Performance and Human Rights Maturity Assessment to evaluate the strength of our systems, processes and on-the-ground practices. Using a maturity matrix developed from leading-practice frameworks, we assessed every asset and our project, resulting in both asset-level insights and a consolidated Group view. The assessment highlighted where we are maturing and where we must strengthen our approach to assessing and preventing impacts, building capability across teams and meeting our 2035 sustainability commitments. The findings informed the development of a new Group Social and Human Rights Standard, set to start roll-out in 2026, and supported a clear short, medium and long-term action roadmap at Group and asset levels. A Group Social Performance and Human Rights Working Group played a central role throughout the year, ensuring collaboration and knowledge sharing across the Group. Due diligence Human rights due diligence is embedded in our risk management processes across the mining lifecycle. We continue to identify, assess and prevent potential and actual impacts relating to our operations, suppliers and business partners. This includes independent human rights impact assessments on high-risk areas, such as TSFs and workplace conditions, informed by ongoing engagement with workers, communities and other stakeholders. Our approach to TSF due diligence is guided by the GISTM, which sets specific requirements for identifying and managing human rights risks associated with TSFs across their lifecycle. In parallel with the maturity assessment undertaken during the year, we developed Group-level risk bowties for our most material social and human rights risks to visualise key risks, their drivers, consequences and controls. This included risks relating to impacting the rights of Indigenous Peoples, potential negative social impacts caused or contributed to by Gold Fields, and breakdowns in trust with local Government or communities. Guided self-assessments at each asset produced risk statuses and improvement plans that we intend to execute in 2026. These bowties, together with our new Social and Human Rights Standard, will strengthen consistency in risk assessment, incident management, stakeholder engagement and grievance handling. Supplier and third-party due diligence continues through our monthly screening process. Where risks cannot be mitigated, we avoid entering into new business relationships. We supported these enhancements with focused capacity building for asset teams responsible for managing these risks, improving capability and ensuring consistent application of due diligence across the Group. Addressing grievances We maintain accessible grievance mechanisms so that our people and host communities can raise concerns safely. During the year, we developed a new social incident reporting procedure to guide the identification, categorisation, escalation and investigation of social and human rights incidents across the Group. This aims to strengthen accountability, improve internal reporting and support more consistent responses to identified impacts. Our confidential hotline continues to provide a secure and trusted channel for raising concerns in line with our Code of Conduct, and will be expanded in 2026 with the launch of our new Speak Up platform. We maintain an accessible grievance mechanism for communities and other external stakeholders, ensuring transparent processes for raising concerns, seeking remedy and strengthening trust through open dialogue. Community members can raise concerns freely, while our operations are obliged to address them within agreed timelines. Where issues cannot be directly resolved, they are escalated to independent remediation. In 2025, we received 89 community grievances (2024: 41), including nine related to jobs and procurement, 67 to environmental issues and 11 to social issues. The increase was mainly driven by localised issues at Cerro Corona and Tarkwa, where host communities raised environmental and social concerns, with 95% resolved within agreed timeframes across the Group. 64 GOLD FIELDS Sustainability Report 2025 Our management approach to human rights, which is a material matter for Gold Fields, can be found online. Peter Onwuegbule, a member of the Agnew exploration team. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Human rights continued Our salient human rights issues Our salient human rights issues reflect where our business activities have the greatest potential to impact people and communities. We have identified 10 key human rights issues that may be adversely affected by our operations; mitigating these is a priority for our teams. The table below links each salient human rights issue to our top Group risk categories and outlines our approach and performance in 2025. Our salient human rights issues and related risks Our approach Read more about our 2025 performance Health and safety Safety and wellbeing of our people The safety and wellbeing of our people and those who work with us is a fundamental human right. We aim to balance effective management systems, strong leadership and empowerment to enable safe choices at work and during commuting. Read more about our approach to safety, health and wellbeing online. Transportation We apply strict standards for selecting, inspecting and maintaining transport providers, and adopt technologies such as GPS tracking and fatigue monitoring to safeguard employees. Where operations are located at high altitude, such as in Chile and Peru, we apply additional controls to manage elevated transport risks. All mines comply with our transportation standards, including critical controls for hazardous materials. Although not classified as occupational incidents, we have experienced tragic road fatalities involving employees and business partners commuting to work. We are addressing these risks through focused education and awareness campaigns on driving hazards and safe commuting practices. Keeping our people physically safe and healthy, p24 – 27 Our safety improvement plan, p25 Human resources Access to talent required to execute strategy Fair treatment, dignity at work and freedom from discrimination are core human rights for our workforce. We aim to uphold fair treatment in the workplace, guided by local legislation and International Labour Organization principles. We oppose human trafficking, slavery, forced labour and child labour, and support freedom of association and collective bargaining. Grievance mechanisms at site-level aim to promote transparency and address workforce concerns. We continue to strive to advance gender diversity, leadership representation and pay parity, ensuring our workplaces accommodate diverse needs. We prioritise respect and the right to a safe, inclusive environment, free from discrimination, harassment and other harmful behaviours. Our workforce at a glance, p22 – 23 Keeping our people psychologically safe through diverse, inclusive and respectful workplaces, p28 – 30 Supply chain Business partner application Human rights risks in our supply chain include forced labour, modern slavery, unsafe working conditions and unfair treatment of workers. We perform monthly due diligence on active suppliers using screening protocols that cover adverse media, international prohibition listings and risk criteria (including corruption, fraud, environmental, human rights, product, supply, financial, among other risks). Our proactive approach involves engaging with appropriate suppliers to address identified human rights risks within our business relationships. We also comply with Australian modern slavery legislation. We are confident that the geographic location of our operations and our rigorous employment practices work to minimise risks of modern slavery, particularly forced labour. Responsible sourcing, p23 Water Licence to operate and societal expectations Access to water is a fundamental human right and a critical input for our operations. We manage water use responsibly to protect surrounding catchments, enabling us to maintain our licence to operate. Water stewardship, p56 – 58 65 GOLD FIELDS Sustainability Report 2025 Read more about our Group risk categories from p44 of our IAR. Refer to p24 for more information on our approach to keep our people safe and healthy. Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Human rights continued Our salient human rights issues and related risks Our approach Read more about our 2025 performance Mine closure Licence to operate and societal expectations Mine closure can have significant social and environmental impacts on host communities, including effects on livelihoods, land use and long-term environmental safety. We integrated mine closure into operational planning to minimise environmental and social impacts, optimise liabilities and, where possible, enhance asset values. Integrated mine closure, p62 – 63 Environmental impacts Licence to operate and societal expectations Failures in tailings management pose severe risks to human safety, livelihoods and the environment, particularly for downstream communities. We are committed to managing tailings responsibly throughout the life of an operation – from initial feasibility through to post-closure – in line with regulatory requirements and our voluntary commitment to the GISTM. Our sites are required to comply with the Group's TSF Management Policy and Tailings Management Standard. The Independent Geotechnical and Tailings Review Board annually reviews the two TSFs in Peru and Ghana that have "extreme" or "very high" GISTM consequence ratings. Independent parties conduct external audits on our active TSFs every three years, and we aim to conduct annual emergency response simulations and training at all our operations. We continue to enhance the resilience of our operations to mitigate the potential impact of extreme weather events, including insurance cover, flood management strategies and extreme temperature response plans. Tailings management, p61 Resettlement Licence to operate and societal expectations Involuntary resettlement can adversely affect people's livelihoods, housing, access to services and cultural ties. We are committed to avoiding the involuntary physical or economic displacement of communities and ensuring any resettlement restores or improves livelihoods and standards of living of displaced people. We take steps to ensure all projects and operations adhere to best practice for any land acquisition, economic compensation and resettlement activities. Our approach aligns with the International Finance Corporation's basic principles for addressing the adverse effects of involuntary resettlement, as well as relevant legislation in the countries where we operate. No resettlement was undertaken in 2025 Security Licence to operate and societal expectations Security arrangements can create human rights risks for our people and communities if not managed responsibly. Our protection services teams work with private and public security providers to effectively and responsibly protect our people and operations. We align our operations with the VPSHR, and all private security contractors receive appropriate training during their induction process, and at least annually thereafter. Our Australian operations do not use public security services, and the security function is fulfilled by suitably qualified Gold Fields employees. Responsible public security, p37 Artisanal and small-scale mining Licence to operate and societal expectations ASM can create human rights, environmental and safety risks for local communities, including unsafe working conditions and exposure to criminal activity. We aim to engage with the ASM mining community respectfully and transparently, with the goal of creating shared value for our stakeholders, securing our operations and maintaining our licence to operate. ASM is a significant source of income for communities in resource-rich developing countries including South Africa, Ghana and Peru, where we operate. ASM is often associated with illegal mining, which presents related social and environmental impacts. Where illegal mining occurs at our operations, we collaborate with Government and its security agencies to uphold the law. Our security workforce is trained to manage illegal mining in line with international security and human rights standards. We also engage with host communities to prevent illegal mining or mitigate its impact. We work with our peers in national and international mining associations to engage governments to advocate for improved ASM sustainability practices and contribute to policy and regulatory development. Addressing artisanal, small-scale and illegal mining, p37 Indigenous Peoples Licence to operate and societal expectations Projects near or on Indigenous Peoples' lands can affect cultural heritage, land rights and self-determination. Indigenous Peoples form part of our host communities in Australia, Chile and Canada. Gold Fields respects the rights, interests, culture, perspectives and connection to land and water of our host communities, including Indigenous Peoples, in our project design, development, operation and closure phases. We recognise free, prior and informed consent as critical to safeguarding Indigenous People's rights. Our culturally appropriate engagements seek to ensure their participation in decisions that affect them. We will conduct, informed, good-faith consultations, provide information early, and incorporate Indigenous perspectives in project co-design with the intent to obtain agreement. Respecting the rights of Indigenous Peoples and First Nations Peoples, p38 – 39 66 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Reflections from our SET and SHSD Committee Chairpersons Delivering positive social impact Protecting our people and fostering respect Delivering positive impact for society Delivering positive environmental impact Mitigating climate change Preserving natural resources Preventing serious environmental harm Human rights Appendices

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Appendices In this chapter Group and operational carbon and environmental performances 68 TCFD index 71 Disclaimer and forward-looking statements 73 Glossary 74 Administration and corporate information 76 67 GOLD FIELDS Sustainability Report 2025 Entrepreneurs and community members connect at the Iziko SMME Hub in Westonaria, one of South Deep's host communities. Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Group and operational carbon and environmental performance Group energy, emissions intensity and water performance Energy Carbon emissions Water Energy consumption (PJ) Energy spend (US$m) Energy intensity (GJ/oz) GHG (Scope 1) emissions (kg CO2e/oz) Water recycled/reused (%) Freshwater withdrawal (GL)2 Operation 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Gruyere 3.1 2.5 81.8 71.6 10.7 8.8 960 804.0 26.6 36.1 0.0 0.0 Granny Smith 1.1 1.1 34.7 35.0 4.4 3.8 450 412.8 20.1 25.6 1.6 1.1 St Ives 1.9 1.8 49.3 47.9 5.2 5.5 580 590.1 56.9 69.3 0.6 0.3 Agnew 1.1 0.9 34.8 31.8 4.3 4.1 350 320.4 43.1 52.1 1.3 0.5 South Deep 2.0 1.9 56.5 46.1 6.3 7.3 1,490 1,614.3 85.7 76.5 1.2 2.1 Damang 0.9 0.7 33.3 32.6 9.3 5.2 1,290 847.6 81.9 81.7 1.6 1.7 Tarkwa 4.1 4.1 121.1 122.8 8.6 7.7 860 782.5 94.5 86.1 0.8 2.4 Cerro Corona 1.1 1.2 34.1 35.3 6.7 6.9 250 277.8 86.2 83.8 2.4 2.9 Salares Norte 0.4 n/a 12.0 n/a 2.0 n/a 230 n/a 54.6 n/a 0.2 n/a Group total1 15.7 14.4 457.7 423.2 6.5 6.4 740 726.5 73.7 74.4 9.7 11.1 1 Excludes corporate offices 2 Freshwater withdrawal refers to water with less than 5,000 mg/L Total Dissolved Solids and a pH range of 4 – 10 Group carbon footprint: Scope 1 and 2 emissions (kt CO2e) Scope 1 emissions Scope 2 emissions Total Scope 1 and 2 emissions Total Scope 1 and 2 emissions Diesel: haulage and other Diesel: power generation All other Scope 1 sources Total Scope 1 emissions Total Scope 1 emissions Total Scope 2 emissions Total Scope 2 emissions Operation 2025 2025 2025 2025 2024 2025 2024 2025 2024 Gruyere 138.2 0.1 143.1 281.4 230.9 0.0 0.0 281.4 230.9 Granny Smith 31.7 0.2 87.0 118.9 118.6 0.0 0.0 118.9 118.6 St Ives 73.0 0.0 1.7 74.7 70.5 138.1 125.2 212.8 195.4 Agnew 32.9 5.3 46.6 84.8 73.5 0.0 0.0 84.8 73.5 South Deep 8.6 0.0 0.3 8.9 9.7 451.6 421.7 460.5 431.4 Damang 28.9 2.6 2.5 34.0 37.2 91.5 76.8 125.5 114.1 Tarkwa 204.3 0.0 8.9 213.2 212.5 196.6 207.8 409.8 420.4 Cerro Corona 41.3 0.0 1.1 42.4 47.9 0.0 0.0 42.4 47.9 Salares Norte 21.1 22.2 0.2 43.5 0.0 0.0 43.5 Group total1 580.0 30.4 291.5 901.8 800.8 877.8 831.6 1,779.6 1,632.4 1 Excludes corporate offices 68 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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69 GOLD FIELDS Sustainability Report 2025

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Group and operational carbon and environmental performance continued Our carbon footprint: Scope 3 emissions (kt CO2e)1 Upstream Downstream Purchased goods and services Fuel and energy- related activities Capital goods Upstream transport- ation and distribution Business travel Waste generated in operations Employee commuting Downstream transport- ation and distribution Processing of sold products End-of-life treatment of sold products Total Total 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2024 Gruyere 86.3 40.7 5.7 1.6 4.6 0.4 0.1 0.0 0.1 0.1 139.5 115.0 Granny Smith 47.5 13.9 7.7 0.7 4.3 0.3 0.1 0.0 0.1 0.1 74.7 73.0 St Ives 105.5 33.1 7.3 3.7 1.8 0.8 0.1 0.0 0.1 0.1 152.5 139.0 Agnew 39.5 12.3 3.0 0.8 4.0 1 . 1.1 0.1 0.0 0.0 0.1 60.9 56.0 South Deep 82.0 27.8 15.7 0.1 0.0 0.8 0.3 0.0 0.1 0.2 127.2 114.0 Damang 19.7 15.4 1.0 0.0 0.0 0 . 0.1 0.2 0.0 0.0 0.0 36.4 31.0 Tarkwa 97.3 68.2 1.7 0.2 0.4 0.4 0.4 0.1 0.1 0.2 168.9 191.0 Cerro Corona 52.6 9.7 1.7 6.8 0.7 0.4 0.2 8.9 14.7 0.0 95.7 95.0 Salares Norte 31.9 9.6 0.6 0.5 1.0 0.5 0.1 0.8 0.4 0.9 46.2 Total 562.3 230.7 44.4 14.5 16.6 4.7 1.4 9.9 15.6 1.8 902.1 814.0 1 Excludes offices and projects. If the Perth office number is included, the Group Scope 3 emissions amount to 912kt CO2e The following categories of Scope 3 emissions are zero: Category Comment Upstream leased assets Not reported, because assumed not to be material Use of sold products This is reported as zero because energy use after refining gold is assumed to be negligible Downstream leased assets Not reported, because assumed not to be material Franchises No franchises, therefore, zero 70 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Task Force on Climate-Related Financial Disclosures Index TCFD recommendation Section in this report covering the recommendation Linkages with other mainstream filings Governance Disclosures on the organisation's governance around climate-related risks and opportunities Describe the Board's oversight of climate-related risks and opportunities Foreword from our CEO, p8 Reflections from our SET and SHSD Committee Chairpersons, p19 Decarbonisation, p49 Water stewardship, p56 Tailings storage facility management, p61 IAR, p24 Describe management's role in assessing and managing climate-related risks and opportunities Mitigating climate change, p41 Managing climate change risks, p49 Water stewardship, p55 – 57 Tailings management, p61 Our sustainability-related risks and opportunities, p17 IAR, p44, 49, 53 and 54 Strategy Disclosures on actual and potential impacts of climate-related risks and opportunities on the organisation's business, strategy and financial planning where such information is material Describe the climate-related risks and opportunities the organisation has identified over the short, medium and long term Managing climate change risks, p42 – 48 Describe the impact of climate-related risks and opportunities on the organisation's business strategy and financial planning Mitigating climate change, p41 Managing climate change risks, p42 – 48 Decarbonisation, p49 – 54 Describe the resilience of the organisation's strategy, taking into consideration different climate-related scenarios, including a 2ºC or lower scenario Climate change scenarios, p42 –43 Mitigating climate change, p41 Managing climate change risks, p42 – 48 Decarbonisation, p49 – 54 Risk management Disclosures how the organisation identifies, assesses and manages climate-related risks Describe the organisation's processes for identifying and assessing climate-related risks Managing climate change risks, p42 Preserving natural resources, p55 Global water-related risks, p56 Nature, p59 Integrated mine closure, p62 Tailings management, p61 IAR, p44, 49, 53 and 54 Describe the organisation's process for managing climate-related risk Managing climate change risks, p42 Preserving natural resources, p55 Global water-related risks, p56 Nature, p59 Integrated mine closure, p62 Tailings management, p61 Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organisation's overall risk management Managing climate change risks, p42 IAR, p44, 49, 53 and 54 71 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Task Force on Climate-Related Financial Disclosures Index continued TCFD recommendation Section in this report covering the recommendation Linkages with other mainstream filings Metrics and targets Disclosures on the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process Mitigating climate change, p41 Decarbonisation, p52 –53 Preserving natural resources, p55 Water stewardship, p58 Nature, p59 Preventing serious environmental harm, p60 Progressive closure performance, p63 Disclose Scope 1, Scope 2 and if appropriate Scope 3 GHG emissions and related risks Our Scope 1 and 2 emissions, p53 – 54 Group and operational carbon and environmental performance, p68 – 69 Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets Mitigating climate change, p41 Preserving natural resources, p55 Preventing serious environmental harm, p60 72 GOLD FIELDS Sustainability Report 2025 A 66-tonne Sandvik diesel-electric underground truck currently in the pilot testing phase at St Ives. Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Disclaimer and forward-looking statements Disclaimer This report also contains data on Gold Fields' Scope 1, 2 and 3 GHG emissions. Data for Scope 1 and 2 emissions relate to Gold Fields' own activities and supplied heat, power and cooling, which are measured using data from its own systems and independently assured, as described in our 2025 Sustainability Report. Scope 3 emissions are indirect emissions other than Scope 2 emissions that result from activities from assets not owned or controlled by Gold Fields. Due to the minimal downstream processing required, gold mining companies' Scope 3 emissions primarily relate to the organisations' upstream supply chain. The processes, methodologies and issues involved in calculating Scope 3 emissions are complex, require the use of a number of key judgements, estimates and assumptions, and are subject to a range of uncertainties and challenges. For example, unlike reporting standards for Scope 1 and 2 emissions, which are often calculated in accordance with statutory legislation, Scope 3 emissions are not currently a statutory requirement for the regions in which Gold Fields operates, which may create challenges related to data availability and quality thereby creating an additional degree of inherent risk and uncertainty. Forward-looking statements and other information contained in this document This report contains forward-looking statements within the meaning of section 27A of the US Securities Act of 1933 (the Securities Act) and section 21E of the US Securities Exchange Act of 1934 (the Exchange Act) with respect to Gold Fields' environmental (including climate change), social and governance targets, commitments, ambitions and the methodologies we use to assess our progress in relation to these. Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "anticipates", "aims", "continues", "expects", "hopes", "may", "will", "would" or "could" or, in each case, their negative or other various or comparable terminology. Forward-looking statements can be made in writing but may also be made verbally by directors, officers and employees of Gold Fields (including during presentations) in connection with this document. Forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. These forward-looking statements, wherever they may occur in this report, are necessary estimates reflecting the best judgement of Gold Fields' senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Consequently, these forward-looking statements should be considered in light of various important factors, including those outlined in this report and other filings with the US SEC, including in our Annual Report on Form 20-F for the year ended 31 December 2025. Expectations in relation to sustainability matters, including what investors and stakeholders view as material, are fast-paced and can differ from those in respect of more traditional, financial reporting. In preparing the sustainability-related information contained in this document, Gold Fields has made a number of key judgments, estimations and assumptions, and the processes and issues involved are complex. Our approach to these, including the assessment of materiality for the purposes of sustainability reporting, may continue to evolve as our, and the industry's, understanding of sustainability-related risks and opportunities continues to develop. Sustainability (including climate change-related) data, models and methodologies are often relatively new, are rapidly evolving and are not of the same standard as those available in the context of other financial information, nor are they subject to the same or equivalent disclosure standards, historical reference points, benchmarks or globally accepted accounting principles. In particular, it is not possible to rely on historical data as a strong indicator of future trajectories, in the case of climate change and its evolution. Outputs of models, processed data and methodologies, which often require a greater number and level of judgements, assumptions and estimates, are also likely to be affected by underlying data quality, which can be hard to assess and we expect industry guidance, market practice and regulations in this field to continue to change. There are also challenges faced in relation to the ability to access data on a timely basis and the lack of consistency and comparability between data that is available. Some of the data, models and methodologies used to prepare the information set out in this report may derive from third parties over which we have no control, and may have been based on different or unknown methodologies. The underlying assumptions, interpretations or methodologies may not have been independently verified and could therefore be inaccurate. This means the sustainability information, including sustainability-related forward-looking statements, discussed in this document carry an additional degree of inherent risk and uncertainty and, as a result, our actual results and developments could differ materially from those expressed or implied by the sustainability information, including any sustainability-related forward-looking statements, in this document. This report also contains data on Gold Fields' Scope 1, 2 and 3 GHG emissions. Data for Scope 1 and 2 emissions relate to Gold Fields' own activities and supplied heat, power and cooling, which are measured using data from Gold Fields' own systems which is independently assured. Scope 3 emissions are indirect emissions other than Scope 2 emissions that result from activities from assets not owned or controlled by Gold Fields. Due to the minimal downstream processing required, gold mining companies' Scope 3 emissions primarily relate to the organisations' upstream supply chain. The processes, methodologies and issues involved in calculating Scope 3 emissions are particularly complex, require the use of a number of key judgements, estimates and assumptions, and are subject to a range of uncertainties and challenges. For example, unlike reporting standards for Scope 1 and 2 emissions, which are often calculated in accordance with statutory legislation in regions in which Gold Fields operates, Scope 3 emissions are not currently a statutory requirement in those regions, which may create challenges related to data availability and quality thereby causing an additional degree of inherent risk and uncertainty in any Scope 3 emissions data included in this report. In light of the ongoing development in sustainability and climate reporting standards and practices, including improvements in data quality, data availability and updates to scenarios and methodologies, and the uncertainty as to the nature of future policy and market response to climate change, including between regions, and the effectiveness of any such response, Gold Fields may re-evaluate its progress toward its sustainability ambitions, commitments and targets in the future (including re-baselining, restating, revising, recalculating or recalibrating performance against targets), update the methodologies it uses or alter its approach to climate analysis and may be required to amend, update and recalculate its sustainability disclosures and assessments in the future, as market practice, data quality and availability develop rapidly. Gold Fields undertakes no obligation to publicly update or release any revisions to the information set out in this report, including any sustainability-related forward-looking statements, to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. Refer to Gold Fields' comprehensive forward-looking statements on www.goldfields.com 73 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Glossary Abbreviations ASM Artisanal and small-scale mining Board Board of directors CAS Collision avoidance systems Company/Group/Gold Fields Gold Fields Limited ESG Environmental, social and governance GHG Greenhouse gas GISTM Global Industry Standard on Tailings Management GRI Global Reporting Initiative IAR Integrated Annual Report ICMM International Council on Mining and Metals LOM Life-of-mine LTI Lost time injuries LTIFR Lost time injury frequency rate RPA Robotic process automation SED Socio-economic development SET Committee Safety, Ethics and Transformation Committee SHSD Committee Safety, Health and Sustainable Development Committee SME Small and medium-sized enterprises TCFD Task Force on Climate-related Financial Disclosures TNFD Taskforce on Nature-related Financial Disclosures TRIFR Total recordable injury frequency rate TSF Tailings storage facility UN United Nations VFL Visible Felt Leadership VPSHR Voluntary Principles on Security and Human Rights 74 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Glossary continued Climate and nature related terms Adaptation Human systems adapt by adjusting to actual or expected climate and its effects to lessen harm or take advantage of beneficial opportunities. Ecological systems adapt by adjusting to the actual climate and its effects, which may be facilitated by human intervention. Adaptation limits The point at which the needs of human or ecological systems can no longer be secured from intolerable risks through adaptive actions. Two limits can be distinguished: • Hard adaptation limit: the intolerable risks can no longer be avoided through adaptation actions • Soft adaptation limit: intolerable risk can be avoided through options, but these are currently not available Atmosphere The atmosphere is the four realms of nature, and includes the gaseous medium and its suspended particulate liquids and solids above land. Biodiversity The variability of living organisms from all sources, which includes the diversity within species, between species and of ecosystems. Biome Zones on a global scale, generally determined by the type of plant life they support as a result of average precipitation and temperature patterns, such as savannas or tundras. Dependencies (on nature) Those aspects relating to environmental assets and ecosystem services that a person or an organisation relies on to function properly, such as water flow and the regulation of hazards like floods and fires. Ecosystem A functional interconnected unit comprising a dynamic system of plant, animal and micro-organism communities and the non-living environment. Ecosystem services The services or contributions made by ecosystems that benefit economic and other human activities. Exposure The existence of people, economic, social or cultural assets, infrastructure, livelihoods, ecosystems and their functions and the like, in places and settings that could be negatively affected. Hazard The potential for the occurrence of a natural or human-induced physical event or trend with adverse effects, such as loss of life, injury or health impacts, loss and damage to property, ecosystems and environmental resources. Impacts (on nature) The impact or changes to the state of nature, whether in quality or quantity, and which may lead to changes to nature's capacity to provide social and economic functions. Köppen-Geiger The Köppen-Geiger climate classification is a widely used system that categorises the world's climates based on temperature and precipitation patterns. Land One of the realms of nature which includes all dry land, and its vegetation cover, nearby atmosphere and substrate, and associated animals and microbes. Mitigation The action(s) implemented to reduce the extent of a negative impact. Nature Nature comprises all life on Earth, including the geology, water, climate and all other inanimate components of Earth, which is made of four physical realms – land, ocean, freshwater and the atmosphere. Each of these interact with people and society. Ocean All connected saline ocean waters, characterised by waves, tides and currents. Resilience Any system's ability to bounce back, cope and return to a previous state after a disturbance to maintain its essential function, identity and structure and to still be able to adapt, learn and transform. Risk Risk can be used as a valuable framework to understand the interlinked and increasingly severe impacts of climate change on human systems, ecosystems and biodiversity. Risk is the potential for negative consequences for human or ecological systems, cognisant of the array of values and objectives underlying these systems. The interactions between climate-related hazards, and the exposure and vulnerability of affected human and ecological systems gives rise to risk. Scope 1 GHG emissions All direct GHG emissions. Scope 2 GHG emissions Indirect GHG emissions from the consumption of purchased electricity, heat or steam. Scope 3 GHG emissions Other indirect emissions not covered in Scope 2, that occur in the value chain of a reporting company, including both upstream and downstream emissions. Vulnerability The tendency, or exposure to be negatively affected, determined by a system's level of sensitivity to harm and its lack of capacity to cope and adapt. 75 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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Administration and corporate information Gold Fields Limited Incorporated in the Republic of South Africa Registration number 1968/004880/06 JSE, NYSE, DIFX Share code: GFI Issuer code: GOGOF ISIN: ZAE000018123 Company Secretary Anré Weststrate Mobile: +27 83 635 5961 Email: anre.weststrate@goldfields.com Registered Office Johannesburg Gold Fields Limited 150 Helen Road Sandown Sandton 2196 Postnet Suite 252 Private Bag X30500 Houghton 2041 Tel: +27 11 562 9700 Office of the United Kingdom Secretaries London St James's Corporate Services Limited Suite 31, Second Floor 107 Cheapside London EC2V 6DN United Kingdom Tel: +44 (0) 20 7796 8644 Email: general@corpserv.co.uk American depository receipts transfer agent Shareholder correspondence should be mailed to: BNY Mellon PO Box 43006 Providence RI 02940-3078 Overnight correspondence should be sent to: BNY Mellon 150 Royall Street, Suite 101 Canton, MA 02021 Tel: 866 247 3871 Domestic Tel: 201 680 6825 Foreign Email: shrrelations@cpushareownerservices.com Sponsor J.P. Morgan Equities South Africa Proprietary Limited 1 Fricker Road Illovo, Johannesburg 2196 South Africa Investor and media enquiries Jongisa Magagula Mobile: +27 82 562 5288 Email: jongisa.magagula@goldfields.com Email: investor.relations@goldfields.com Kershnee Govender Mobile: +27 83 564 4090 Email: kershnee.govender@goldfields.com Email: media@goldfields.com Transfer secretaries South Africa Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank Johannesburg 2196 Private Bag X9000 Saxonwold 2132 Tel: +27 11 370 5000 Fax: +27 11 688 5248 United Kingdom MUFG Corporate Markets (formerly Link Group) Central Square 29 Wellington Street Leeds, LSI 4 DL United Kingdom Tel: +44(0) 371 664 0300 Email: shareholderenquiries@cm.mpms.mufg.com Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 and 17:30, Monday to Friday excluding public holidays in England and Wales. Listings JSE/NYSE/GFI Directors: YGH Suleman (Chairperson), MJ Fraser\* (Chief Executive Officer), AT Dall (Chief Financial Officer)\*, A Andani#, ZBM Bassa, MC Bitar@, TP Goodlace, SL McCrae&, JE McGill^, JF MacKenzie, MI Rawlinson†, PG Sibiya, CAT Smit South African unless otherwise stated. ˆAustralian, †British, &Canadian, @Chilean, #Ghanaian, \*Executive director www.goldfields.com 76 GOLD FIELDS Sustainability Report 2025 Who we are Our approach and impact Delivering positive social and environmental impact Appendices Group and operational carbon and environmental performances TCFD index Disclaimer and forward-looking statements Glossary Administration and corporate information

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creating enduring value beyond mining

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**1**<br>

Risk factors

In addition to the other information included in this annual report, the considerations listed below could have a material

adverse effect on Gold Fields' business, financial condition or results of operations, resulting in a decline in the trading price

of Gold Fields' ordinary shares or ADSs. The risks set forth below comprise all material risks currently known to Gold Fields.

These factors should be considered carefully, together with the information and financial data set forth in this document.

Risk Factors Summary

There are four categories of risks which could have a material effect on Gold Fields. The following is an outline of the key risks within the

four categories:

Risks related to Gold Fields' operations and industry

• Changes in the market price for gold, and to a lesser extent copper and silver, which have fluctuated widely in recent times, may affect

the profitability of Gold Fields' operations and the cash flows generated by those operations.

• Because gold is sold in U.S. dollars, while a significant portion of Gold Fields' production costs are in Australian dollars, Rand and other

non-U.S. dollar currencies, Gold Fields' operating results and financial condition could be materially harmed by a material change in the

value of these non-U.S. dollar currencies.

• High inflation and geopolitical tensions may have a material adverse effect on Gold Fields' business, operating results and financial

condition.

• Gold Fields has experienced, and may continue to experience, operational challenges, delays, cost pressures and related impacts on its

operations.

• To the extent that Gold Fields seeks to replace its annual Mineral Reserve and Mineral Resource depletion and grow its Mineral Reserve

and Mineral Resource base to extend the life of operations through both exploration and project development, including at the Windfall

project in Canada, it may experience challenges associated with the execution and implementation of such mining projects and may not

ultimately achieve the anticipated results of exploration.

• Gold Fields' reliance on outside contract mining and other contractors to conduct some of its operations, including core mining activities

may result in operational disruption, disputes and potential sustained financial losses.

• Gold Fields' operations across multiple jurisdictions, particularly at Tarkwa in Ghana, face uncertainties related to title, rights, the renewal of

mining leases and other interests, which could impose significant costs and burdens, limit or prevent access to certain areas, or prohibit

mining activity, which could materially adversely affect Gold Fields' operations.

• Gold Fields' Mineral Resources and Mineral Reserves are estimates based on a number of technical and economic assumptions, which,

if proven inaccurate or changed, may require Gold Fields to lower its estimated Mineral Resources and Mineral Reserves.

• Gold Fields may experience unforeseen difficulties, delays or costs in implementing its business strategy and projects and any such

strategy or project may not result in the anticipated benefits.

• To the extent that Gold Fields enters into acquisitions, combinations or joint ventures, it may experience problems in executing the

transactions or managing and integrating the acquisitions, combinations or joint ventures with its existing operations.

• Gold Fields may suffer material adverse consequences as risks arising from cyber security and cyber incidents increase in frequency and

sophistication.

• Failure of Gold Fields' information, communication and technology systems, the use of AI technologies in an uncertain regulatory

environment, or the failure to protect personal information, could significantly impact Gold Fields' operations and business, may lead to

public and private censure, regulatory penalties, fines and/or sanctions and may damage Gold Fields' reputation.

• The failure to optimise and modernise operations may have a material adverse effect on Gold Fields' business.

• Actual and potential supply chain shortages, availability and increases in the prices of production inputs may have a material adverse effect

on Gold Fields operations and profit.

• Power cost increases and unreliability of power supply may adversely affect Gold Fields' business, operating results and financial condition.

• Power deficits, potential total power failure in South Africa, fluctuations and usage constraints may force Gold Fields to suspend or curtail

operations.

• Gold Fields faces continued geotechnical challenges, particularly as mining depth increases at many of its underground operations, which

could adversely impact its production and profitability.

• The continued status of South Africa's credit rating as sub-investment grade may have an adverse effect on Gold Fields' ability to secure

financing.

• Theft of gold and copper bearing materials and production inputs, as well as illegal and artisanal mining, occur on some of Gold Fields'

properties, are difficult to control, can disrupt Gold Fields' business and can expose Gold Fields to liability.

• Occupational diseases and health epidemics pose risks to Gold Fields in terms of lost productivity and increased costs.

• Gold Fields' ability to recognise the benefits of deferred tax assets is dependent on future cash flows and taxable income.

Risks related to environmental, social and corporate governance

• Gold Fields may not be able to operate successfully if its employees and contractors that make up its workforce are not able to perform

their roles in a physically and psychologically safe, respectful and inclusive work environment.

• Economic, political or social instability in the countries or regions where Gold Fields operates may have a material adverse effect on

Gold Fields' operations and profits.

• If Gold Fields is unable to appoint, hire and retain qualified Board members, executives, senior leadership, technically skilled employees

that make up its workforce or attain sufficient representation among marginalised or underrepresented persons in management positions

or sufficient gender diversity in its workforce, in particular in Board and senior leadership-level positions, its business may be materially

adversely affected.

• Gold Fields may not be able to meet its environmental, social and corporate governance targets or disclosure requirements.

• Gold Fields' operations are subject to extensive environmental and health and safety laws and regulations, which could impose additional

costs and compliance requirements, and Gold Fields may face operational disruptions, claims and liability for breaches, or alleged

breaches, of such regulations and other applicable laws.

• Mining companies are increasingly expected to provide benefits to affected communities. Failure to meet these expectations and

requirements can result in legal suits, additional operational costs, reputational damage, investor divestment and impact Gold Fields' "social

licence to operate", which could adversely impact Gold Fields' business, operating results and financial condition.

• Compensation and other financial benefits may be payable to native title holders and other First Nations in respect of Gold Fields'

operations in certain regions, which could affect Gold Fields' operating costs and profitability.

• Due to the nature of mining and the extensive environmental footprint of the operations, environmental and industrial incidents and

pollution may result in operational disruptions such as stoppages which could result in increased production costs as well as financial and

regulatory liabilities and reputational harm.

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**2**<br>

• Increasing regulation of environmental and sustainability matters such as greenhouse gas emissions and climate change may materially

adversely affect Gold Fields' operations and increase its operating costs.

• Climate change may present physical risks to Gold Fields' operations, including from extreme weather events and increased risk of wildfires

and flooding.

• Gold Fields' operations are subject to water use licences, which could impose significant costs and burdens.

• Gold Fields has experienced, and may continue to experience, acid mine drainage-related pollution, which may compromise its ability to

comply with legislative requirements or result in additional operating or closure cost liabilities.

• The failure of a tailings storage facility could result in regulatory penalties, fines and/or sanctions, litigation, additional operational costs

and production delays, and could impact Gold Fields' "social licence to operate".

• Due to ageing infrastructure at Gold Fields' operations, unplanned breakdowns and stoppages may result in production delays, increased

costs and industrial incidents.

• The effects of the regional cessation of dewatering may have a material adverse effect on Gold Fields' South Deep operation.

Legal, regulatory and compliance risks

• Gold Fields is subject to various regulatory costs, such as taxes and royalties, and the imposition or modification of such costs, or the

amendment, expiration or non-renewal of related stabilisation arrangements, may have a material adverse effect on Gold Fields' operations

and profits.

• Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain ownership requirements

and possible penalties or forfeiture for non-compliance, the interpretation of which could be the subject of dispute.

• An actual or alleged breach or breaches of law or applicable governance processes, or fraud, bribery, corruption, money-laundering or a

sanctions breach may lead to public and private censure, regulatory penalties, fines and/or sanctions and loss of licences or permits, may

impact negatively upon Gold Fields' empowerment status in South Africa, and may damage Gold Fields' reputation.

• Gold Fields' operations and profits have been and may continue to be adversely affected by trade union activity and new and existing

labour laws.

• Fluctuations in insurance cost, market conditions and availability could adversely affect Gold Fields' operating results and its insurance

coverage may not adequately satisfy all potential claims in the future.

• Gold Fields' financial flexibility could be materially constrained by South African exchange control regulations.

Risks related to Gold Fields' shares and ADSs

• Shareholders outside South Africa may not be able to participate in future issues of securities (including ordinary shares) carried out by or

on behalf of Gold Fields.

• Investors in the United States and other jurisdictions outside South Africa may have difficulty bringing actions, and enforcing judgements,

against Gold Fields, its directors and its executive officers based on the civil liabilities provisions of the federal securities laws or other laws

of the United States or any state thereof or under the laws of other jurisdictions outside South Africa.

• Investors may face liquidity risk in trading Gold Fields' ordinary shares on JSE Limited.

• Gold Fields may not pay dividends or make similar payments to its shareholders in the future in accordance with its shareholder returns

policy or at all, and any dividend payment may be subject to withholding tax.

• Gold Fields' non-South African shareholders face additional investment risk from currency exchange rate fluctuations since any dividends

will be paid in Rand.

Risk Factors

Risks related to Gold Fields' operations and industry

Changes in the market price for gold, and to a lesser extent copper and silver, which have fluctuated widely in recent times, may affect the

profitability of Gold Fields' operations and the cash flows generated by those operations.

Gold Fields' revenues are primarily derived from the sale of gold that it produces. Where no hedges are currently in place, Gold Fields is

exposed to changes in the gold price, which could lead to reduced revenue should the gold price decline. The market price for gold has

both historically and recently been volatile and is affected by numerous factors over which Gold Fields has no control, such as general

supply and demand, speculative trading activity, political uncertainties and global economic drivers. In fiscal 2025, the price of gold averaged

U.S.$3,439 per ounce. As at 24 March 2026, it was U.S.$4,414 per ounce, as trading in the metal remains volatile amid global political, social

and economic uncertainties.

While the Group does not engage in long-term systemic gold price hedging, Gold Fields occasionally undertakes short term strategic hedges

to protect cash flows at times of significant expenditure, for specific debt servicing requirements and to safeguard the viability of higher cost

operations. There can be no assurance that the use of hedging will always be to Gold Fields' benefit. Gold hedging instruments may prevent

the Company from realising the full benefit of subsequent increases in the gold price, which would cause it to record a mark-to-market loss,

thereby decreasing Gold Fields' profits. In addition, hedging contracts are subject to the risk that the other party may be unable or unwilling to

perform its obligations under these contracts. Any significant non-performance could have a material adverse effect on Gold Fields' financial

condition, results of operations and cash flows.

Should the gold price decline below Gold Fields' production costs, it may experience losses, and should this situation continue for an

extended period, Gold Fields may be forced to curtail or suspend some or all of its growth projects, operations and/or reduce operational

capital expenditures. Gold Fields might not be able to recover any losses it incurred during, or after, such events. A sustained period of

significant gold price volatility may impact Gold Fields' ability to continue with existing operations or make other long-term strategic decisions.

Furthermore, while depressed gold prices generally provide an opportunity to acquire assets at lower prices, the few quality in-production

assets then demand premium prices, adversely affecting Gold Fields' ability to undertake new capital projects. The use of lower gold prices

in Reserve calculations and life of mine (LOM) plans could also result in material impairments of Gold Fields' investment in mining properties

or a reduction in its Reserve estimates and corresponding restatements of its Reserves and increased amortisation, reclamation and

closure charges.

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**3**<br>

In recent periods, gold has traded at or near record levels, reaching all-time highs above U.S.$5,000 in January 2026; however, there can

be no assurance that such price levels will be sustained. Furthermore, a sustained period of elevated gold prices may present additional risks

to Gold Fields. Higher gold prices may increase competition for, and the acquisition cost of, quality development and in-production assets,

thereby making it more difficult for Gold Fields to execute its growth strategy on economically attractive terms. Acquisitions undertaken in a

high gold price environment may be based on price assumptions that prove to be unsustainable if gold prices subsequently decline, which

could adversely affect the expected returns of such transactions and increase the risk of impairment charges. In addition, higher gold price

assumptions may support increases in Mineral Reserve and Mineral Resource estimates and extensions of life-of-mine plans; however, if gold

prices were to decrease from currently elevated levels, certain Mineral Reserves or Mineral Resources that were previously considered

economically viable may no longer be recoverable at assumed prices, which could result in downward revisions to Mineral Reserves and

Mineral Resources, reduced mine lives and potential impairments of mining assets.

In Peru, copper accounts for a significant proportion of the revenues at Gold Fields' Cerro Corona mine, although copper is not a major

element of Gold Fields' overall revenues. Over the period from 2023 to 2025, the price of copper increased from an average price of

U.S.$8,477 per tonne to an average price of U.S.$9,943 per tonne in 2025. As at 24 March 2026, the price of copper was U.S.$12,009 per

tonne. In addition, with the Salares Norte mine having commenced operations, silver is expected to contribute approximately 7.64% of the

revenues at Salares Norte, despite silver not being expected to become a major contributor to Gold Fields' overall revenues. Between 2023

and 2025, the price of silver increased from an average of U.S.$23.31 per ounce to an average of U.S.$40 per ounce in 2025. As at 24 March

2026, the price of silver was U.S.$70 per ounce. A variety of factors have and may depress global copper and silver prices and a decline in

copper and silver prices, which have also fluctuated widely in recent times, would adversely affect the revenues, profit and cash flows of the

Cerro Corona mine and the Salares Norte operation, respectively.

Because gold is sold in U.S. dollars, while a significant portion of Gold Fields' production costs are in Australian dollars, Rand and other non-

U.S. dollar currencies, Gold Fields' operating results and financial condition could be materially harmed by a material change in the value of

these non-U.S. dollar currencies.

Gold is sold throughout the world in U.S. dollars. Gold Fields' costs of production are incurred principally in U.S. dollars, Australian dollars,

Rand and other currencies. The Australian dollar weakened against the U.S. dollar in fiscal 2023 and was comparatively stable in fiscal 2024.

In fiscal 2025, the Australian dollar appreciated against the U.S. dollar and, in the first quarter of fiscal 2026, experienced increased volatility,

including upward movements against the U.S. dollar, The Rand weakened against the U.S. dollar in fiscal 2023, was stable in fiscal 2024, and

strengthened against the U.S. dollar in fiscal 2025, with further volatility in the first quarter of fiscal 2026.

In fiscal 2025, the U.S. dollar experienced moderate volatility against major currencies, primarily due to political uncertainty, tariffs and slower

economic growth. Volatility in the U.S. dollar, Canadian dollar, Rand or the Australian dollar makes Gold Fields' reported costs in Canada,

Australia and South Africa and results of operations less predictable than when exchange rates are more stable. Any significant and sustained

appreciation of any of these non-U.S. dollar currencies against the U.S. dollar may materially increase Gold Fields' costs in U.S. dollar terms,

which could materially adversely affect Gold Fields' business, operating results and financial condition.

High inflation and geopolitical tensions may have a material adverse effect on Gold Fields' business, operating results and financial condition.

Gold Fields' business has been, and may continue to be, directly affected by volatile commodity costs and other inflationary pressures.

Inflation rates in the countries in which Gold Fields operates generally decreased in 2025 compared with 2024, although trends were not

uniform across all countries. During 2025, inflation averaged 3.8% in Australia, 3.2% in South Africa, 5.4% in Ghana, 3.5% in Chile, 1.5% in Peru

and 2.1% in Canada. Global inflation and sector-specific mining cost inflation is expected to continue affecting Gold Fields' operations.

Prolonged periods of inflation may impact Gold Fields' profitability by negatively impacting its fixed costs and expenses, including raw

materials, energy, transportation and labour costs. If these increased costs are not offset by an increase in gold prices or improved

efficiencies, they could have a material adverse effect on Gold Fields' business, operating results and financial condition. Furthermore, if cost

increases outpace increases in gold price, this would have an impact on Gold Fields' profitability.

Geopolitical risks and conflicts around the world could further disrupt supply chains and create additional inflationary pressures, which may

result in increases of the price of energy and other inputs. For example, Russia's invasion of Ukraine led to economic sanctions and other

measures, which had a significant impact on commodity prices, including increased oil, gas and gold prices. Political instability and armed

conflict in the Middle East, including in the context of recent developments in Iran and more broadly in the Middle East region, have materially

heightened geopolitical risks. The conflict has resulted in an effective shutdown of the Strait of Hormuz, through which a significant proportion

of global oil and gas supplies transit, which has led to the severe disruption to global energy supply chains. A prolonged conflict with Iran

could lead to even more significant and sustained increases in oil and gas prices, heightened freight and logistics costs, delays or

interruptions in the delivery of critical mining equipment, consumables and spare parts, and increased costs of existing and alternative supply

arrangements. The oil price is a driver of several input costs for the Group, including diesel and transport costs, while gas prices have an

impact on power costs, and other commodity prices drive direct mining and processing costs. These inflationary pressures could also cause

interest rates and the cost of borrowing to increase and could have a material adverse effect on the financial markets and economic

conditions throughout the world. Any inflationary impacts or disruptions caused by geopolitical instability, armed conflict or sanctions may

have a material adverse effect on Gold Fields' business, operating results and financial condition, and may magnify the impact of other risks

described in this annual report.

Geopolitical tensions may also lead countries to impose protectionist measures such as new or increased tariffs. This includes, for example,

recent changes in U.S. policy which have led to significant increases in tariffs for imported goods, triggering retaliatory actions from many

trading partners of the United States. For instance, once the Group accelerates development of the Windfall project in Canada, it may

require certain products or machinery sourced from the U.S., and increased tariffs could materially increase the Group's procurement costs.

Further such tariffs and escalations into trade wars between trading partners could adversely impact global trade and economic stability.

Continuing tensions in the global trade ecosystem could have a material adverse effect on Gold Fields' business, operating results and

financial condition.

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**4**<br>

Gold Fields has experienced, and may continue to experience, operational challenges, delays, cost pressures and related impacts on its

operations.

The ramp-up of the Salares Norte mine in Chile in 2024 was adversely affected by early-onset winter conditions, which caused several issues,

including the freezing of critical piping in the processing plant. Such conditions caused interruptions to the commissioning process, which

only resumed in September 2024. While Salares Norte has commenced operations and achieved commercial production levels, there is no

guarantee that Gold Fields will not encounter production issues in the future. Although Gold Fields is actively implementing additional

winterisation measures and operational protocols to ensure Salares Norte can continue to sustain full production rates and operate effectively

during the winter season, there is no assurance that these measures will be effective in preventing operational disruptions caused by winter

conditions in the future.

Gold Fields' South Deep mine in South Africa (which represented 59% of Gold Fields' managed gold Mineral Reserves as at 31 December

2025) has faced operational challenges since its acquisition in 2006, primarily relating to the full transitioning of the mine from a conventional

mining operation to a safe, low-grade, bulk, deep-level mechanised mining operation. In addition, structural inflation in South Africa,

particularly in relation to electricity tariffs and supply, continues to increase operating costs.

Since Gold Fields acquired South Deep, the mine has undergone various interventions to address its operational and financial challenges,

including organisational restructuring and the deployment of improvement initiatives and technologies. These initiatives underpin the South

Deep production ramp-up plan, in which Gold Fields seeks to incrementally improve overall output, productivity and reduce unit costs,

incorporating the establishment of enabling mining infrastructure, changes in the mining layouts, a reduced workforce and mobile equipment

levels in line with the overall mining activity, with increased focus on core productivity and supported cost improvements. The ramp-up has

also been enabled by the establishment of a training facility that deploys immersive technology simulators to improve operator skills and

knowledge, increase operator safety, and enhance productivity. Sustaining traction on the mine's core strategic project themes, key

performance indicators, and enablers are integral to facilitating delivery of the production ramp-up over the medium term and achieving life-

of-mine steady-state volumes and projected financial metrics. In 2024, South Deep experienced operational issues with backfill and longhole

stoping, leading to a reduction in production guidance for the year. As a result, the ramp-up to South Deep's target production level of 11

tonnes of gold (354,000 ounces) per annum is expected to take longer than previously anticipated.

Failure by South Deep to maintain focus on the key issues for the mine in increasingly complex, ongoing and unpredictable changes in the

socio-political landscape may result in the operation not achieving its expected production levels or the reduced unit costs contemplated in a

timely manner, or at all. The actions taken by South Deep to address these issues, including the organisational restructuring, may not yield the

expected results. In addition, further labour destabilisation, challenging labour relations and a growing trend of core technical professionals

leaving South Africa for U.S. dollar-based packages offered by mining companies in Australia and Central Africa may have a negative impact

on production levels and costs. Any of the above could have a material adverse effect on Gold Fields' business, operating results and financial

condition.

Following the consolidation of its ownership of the Gruyere operation in Australia through the acquisition of Gold Road Resources Limited

(and its related bodies) in October 2025, Gold Fields assumed full operational responsibility for Gruyere. During 2025, Gruyere experienced

operational difficulties, including ground instability and rockfall incidents in the fourth quarter of 2025, which resulted in the resequencing of

mining activities to lower-grade areas of the Gruyere pit. Head grade was further impacted as lower-grade stockpiles were processed to

supplement ore feed. In addition, increased contractor workforce turnover during the second half of 2025 and unplanned downtime of

production equipment led to a decrease in tonnes mined for the period, requiring Gold Fields to implement changes to the mining contract,

including rate increases and the direct purchase of fleet, in order to improve operational performance. There can be no assurance that similar

geotechnical or operational challenges will not recur, and any such operational difficulties could have a material adverse effect on Gold Fields'

business, operating results and financial condition.

In Ghana, the Tarkwa mine has experienced operational challenges which resulted in production levels falling materially short of expectations

in 2025, with some of those challenges continuing into 2026. Tarkwa is undertaking a planned waste stripping campaign, which has

temporarily constrained access to higher-grade ore and required lower-grade stockpiles to be processed to supplement ore feed, resulting in

a decrease in head grade and production falling short of targets. While Gold Fields has worked with its contractor to expedite the mobilisation

of a new production fleet and otherwise improve operational efficiencies at Tarkwa, as well as compliance to the mine plan, there can be no

assurance that production at Tarkwa will achieve expected levels within the anticipated timeframe, or that the financial benefits expected to

follow the completion of the stripping campaign will be realised as planned. Any continued or prolonged failure to meet production targets

could have a material adverse effect on Gold Fields' business, operating results and financial condition.

To the extent that Gold Fields seeks to replace its annual Mineral Reserve and Mineral Resource depletion and grow its Mineral Reserve and

Mineral Resource base to extend the life of operations through both exploration and project development, including at the Windfall project in

Canada, it may experience challenges associated with the execution and implementation of such mining projects and may not ultimately

achieve the anticipated results of exploration.

In fiscal 2025, four (Granny Smith, Gruyere, St. Ives and Tarkwa) out of Gold Fields' eight mines (excluding the Windfall project) disclosed

higher gold Mineral Reserves after accounting for annual production depletion and all other influencing factors. The aggregated increase in

attributable Mineral Reserves of gold was 4,418koz, mainly due to the acquisition of 100% of Gruyere (from 50%), and a step change in

underlying prices, offset by higher costs due to structural and ongoing global inflation. Fiscal 2025 saw a significant decline in production at

Damang, with treatment of lower-grade stockpiles and limited open pit mining undertaken at various satellite open pits. In 2025, Gold Fields'

application to extend its main mining lease at Damang for a further 21 years was refused by the Government of Ghana, with agreement

ultimately reached to grant a one-year mining lease extension, expiring 18 April 2026, after which the mine will be transitioned to government

control. The Mineral Resource attributable to Gold Fields will therefore reduce in 2026. Damang no longer contributes Mineral Reserves to

the Group. Granny Smith and St. Ives increased Mineral Reserves mainly due to price and discovery. Tarkwa's increase in Mineral Reserves

was primarily driven by price and the completion of technical studies which expanded the mineable area of the open pits by relocating critical

infrastructure and reducing standoff distances to the process plant. However, if the Tarkwa mining leases are not renewed following their

expiry in 2027, this would result in a material decrease in the Group's Mineral Resources and Mineral Reserves. See "*– Gold Fields'* 

*operations across multiple jurisdictions, particularly at Tarkwa in Ghana, face uncertainties related to title, rights, the renewal of mining* 

*leases and other interests, which could impose significant costs and burdens, limit or prevent access to certain areas, or prohibit mining* 

*activity, which could materially adversely affect Gold Fields' operations"* and "*– Gold Fields is subject to various regulatory costs, such as* 

*taxes and royalties, and the imposition or modification of such costs, or the amendment, expiration or non-renewal of related stabilisation* 

*arrangements, may have a material adverse effect on Gold Fields' operations and profits"*.

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**5**<br>

The permitting process for Gold Fields' development-stage Windfall project progressed during fiscal 2025, alongside the negotiations of an

Impact and Benefit Agreement (IBA) (see "— *Compensation and other financial benefits may be payable to native title holders and other First* 

*Nations in respect of Gold Fields' operations in certain regions, which could affect Gold Fields' operating costs and profitability*"). In parallel,

project studies advanced towards a final investment decision, which remains subject to regulatory approval of an environmental impact

assessment (EIA) in the province of Québec, Canada. A mining licence application for the Windfall project was submitted in 2026, but the

timing and conditions of the EIA approval required for the granting of such licence remain uncertain and may be subject to delay, and there

can be no assurance as to when, or on what terms, any such mining licence may ultimately be granted.

The acquisition of the remaining 50% of Gruyere increased Mineral Reserves attributable to Gold Fields. Furthermore, not all of Gold Fields'

mines have open-ended Mineral Resources and Mineral Reserves; for example, Cerro Corona depleted the open pit in 2025 and will continue

to process lower-grade stockpiles post mining the open pit until 2030. The materiality to the financial position of Gold Fields is expected to

diminish towards the conclusion of an operation, notwithstanding closure liability. Gold Fields' portfolio management may also include future

divestments, mine hand-backs or the inability to renew licences, which could lead to reductions in Mineral Resources and Mineral Reserves.

To replace its Mineral Resources and Mineral Reserves at its operations or to expand its operations and Mineral Reserve and Mineral

Resource base, Gold Fields expects to rely, in part, on discoveries from both greenfields and brownfields exploration for gold and other

metals associated with gold, as well as its ability to develop mining projects and execute major capital projects at its existing operations.

Exploration for gold and other metals associated with gold is speculative, involves many risks, requires screening and testing multiple

prospects and may be unsuccessful. In addition, brownfields exploration is required to be carefully coordinated with existing mining

operations, which can be difficult to execute. The replacement and expansion of the Mineral Reserve and Mineral Resource base is a

multi-year process that occurs on a multi-year rolling basis, rather than in each year of operation. Gold Fields may decide to reduce planned

capital expenditure at some of its operations in the future. This decision could impact the progress or completion of exploration programs,

or delay or prevent the execution of capital works or other expansion opportunities, thereby failing to replace resources lost to depletion.

In some locations, such as Australia, the rights to explore nearby areas are held by other mining companies, and therefore exploration may be

significantly restricted or not possible. In addition, the existence of Aboriginal cultural heritage sites within Gold Fields' controlled leases or

leases in which it has an interest may restrict or prevent access to certain areas, or require lengthy consultation, negotiations, and/or approval

processes. Gold Fields' exploration strategy is based on maintaining exploration momentum at relevant operations with appropriate annual

funding, which ensures programmes retain traction and that high-potential targets are advanced timeously. To the extent that ore bodies are

to be developed, it can take a number of years and substantial expenditures from the initial phases of drilling and discovery until production

commences, during which time the economic feasibility of production may change. Additionally, some Gold Fields operations, such as Cerro

Corona, are not expected to expand Mineral Reserves and have no Mineral Resource exclusive of reserves estimates from exploration

programmes due to the end of open pit mining in 2025.

In addition, to the extent Gold Fields participates in exploration activity or the development or operation of a project through a joint venture,

equity placement or any other multi-party commercial structure, there could be disagreements (including in relation to Mineral Resources and

Mineral Reserves), technical, financial, legal or otherwise, or divergent interests or goals among the parties, which could jeopardise the

success of the project. Furthermore, significant capital investment is required to achieve commercial production from exploration efforts.

There is no assurance that Gold Fields or any joint venture or other multi-party commercial structure will have, or be able to raise, the required

funds to engage in these activities or to meet its obligations with respect to the exploration properties in which it has or may acquire an

interest. There can be no assurance that Gold Fields will be able to replace its Mineral Resources and Mineral Reserves through exploration,

project development, acquisition or otherwise, particularly in light of the ongoing consolidation and heightened competition for attractive

mining and exploration assets in the mining sector, and if Gold Fields is unable to replace its Mineral Resources and Mineral Reserves, this

could erode future planned cash flow and have a material adverse effect on its business, operating results and financial condition. See "*–* 

*To the extent that Gold Fields enters into acquisitions, combinations or joint ventures, it may experience problems in executing the* 

*transactions or managing and integrating the acquisitions, combinations or joint ventures with its existing operations"*.

Gold Fields' reliance on contract mining and other contractors may result in operational disruption, disputes and potential sustained financial

losses.

A material portion of Gold Fields' core mining activities in Australia, South Africa, Chile and Peru and project development activities are

conducted by outside contractors. In Ghana, Gold Fields wholly relies on contract mining at the Damang and Tarkwa mines. Since 2016 at

Damang, and 2018 at Tarkwa, the mining contractor at these operations has been Engineers & Planners Company Limited (E&P), whose

owner and chief executive officer is Ibrahim Mahama, the brother of the current President of Ghana, John Mahama.

Operations at sites utilising contractors or contract mining are subject to a number of risks, some of which are outside Gold Fields' control.

These include risks relating to contract performance and execution, disputes and litigation, regulatory compliance and labour issues, any of

which have resulted, and may continue to result, in additional costs, operational disruption and increased liabilities, particularly in stressed

labour markets.

Gold Fields has experienced several disputes in connection with its contractor arrangements in Ghana. In 2019, Gold Fields terminated its

contract with BCM Ghana Limited (BCM) for mining services at the Damang mine. The termination became the subject of a dispute between

BCM and Gold Fields, which remains ongoing. In addition, persistent mining inflation and other factors have led to out of contract requests

from contractors for rate increases or other support, including in Ghana and Australia.

Mining contractors are also vulnerable to issues relating to commerciality, liquidity and solvency, which may result in mining operators such as

Gold Fields providing additional financial support to mining contractors to maintain operational continuity. Such issues may be particularly

acute in volatile macroeconomic or hyperinflationary environments. Since 2020, Gold Fields had provided a number of loans and advance

payments to E&P in order to maintain operational continuity. These advances aggregate more than U.S.$165 million and have resulted in

significant expected credit loss adjustments in Gold Fields' financial statements, with a total expected credit loss of U.S.$157.8 million (U.S.

$29.4 million for Damang and U.S.$128.4 million for Tarkwa) as at the end of fiscal 2025. There can be no assurance that existing and future

loan repayments owed by E&P to Gold Fields will be repaid on agreed terms, or at all. Any failure to recover such amounts would result in

further credit losses that could materially and adversely affect Gold Fields' business, operating results and financial condition.

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**6**<br>

Gold Fields continues to receive dispute notices from E&P in connection with contract mining activities at the Damang and Tarkwa operations.

In February 2026, Gold Fields received a dispute notice from E&P asserting claims of U.S.$264.7 million in respect of activities at the Damang

mine, and in March 2026, Gold Fields received a further dispute notice from E&P asserting losses of approximately U.S.$474.9 million in

respect of work carried out at the Tarkwa mine. Gold Fields is reviewing these notices and intends to defend any claims made. If these or any

similar claims are determined adversely to Gold Fields, they could give rise to significant financial liabilities and sustained losses and could

have a material adverse effect on Gold Fields' financial condition and results of operations.

Regulatory developments may increase Gold Fields' reliance on contract mining and further exacerbate these risks. In 2025, the Minerals

Commission of Ghana issued a new Local Procurement List, pursuant to the Minerals and Mining (Local Content and Local Participation)

Regulations, 2020 (L.I.2431), mandating that all open pit and underground mining activities in Ghana must be undertaken by local contractors.

The new Local Procurement List effectively prohibits owner mining in favour of contract mining. Gold Fields is undertaking efforts to

implement a comprehensive strategy aimed at achieving contract mining sustainability at its Tarkwa mine, including negotiating amendments

to the existing mining contract to improve operational efficiencies and ultimately reduce costs. These measures have achieved only limited

success, and there is no guarantee that these negotiations will be concluded, or if concluded, that they will ultimately be successful or

sufficient to offset increased costs or mitigate the risk of further disputes.

The occurrence, or prolonged continuation of one or more of these risks, including an adverse outcome in existing or future disputes with

contractors or a failure to recover outstanding contractor loans, could result in operational disruption, significant and sustained financial

losses, and could have a material adverse effect on Gold Fields' business, operating results and financial condition.

Gold Fields' operations across multiple jurisdictions, particularly at Tarkwa in Ghana, face uncertainties related to title, rights, the renewal of

mining leases and other interests, which could impose significant costs and burdens, limit or prevent access to certain areas, or prohibit

mining activity, which could materially adversely affect Gold Fields' operations.

Title to Gold Fields' properties may be defective or subject to challenge, including due to unknown or undetected defects or failure to comply

with licence conditions. Mineral properties could be subject to prior unregistered liens, agreements, transfers, or claims, including native land

claims. Consequently, failure to maintain title and manage other interests could result in title disputes or could otherwise have a material

adverse effect on Gold Fields' current or future operations.

Furthermore, Gold Fields has faced, and may continue to face, challenges in renewing existing mining rights and licences. In Ghana, in

December 2024, Gold Fields applied, in accordance with applicable law, for an extension of the Damang main mining lease, which was due

to expire on 18 April 2025. In March 2025, the Ghanaian Minerals Commission rejected the application. Following negotiations with the

Government of Ghana, Gold Fields obtained a one-year renewal of the Damang mining lease, extending the lease term to April 2026.

Upon expiry of this extended term, the Damang mine will be transitioned to the Government of Ghana.

The transition of the Damang mine to the Government of Ghana gives rise to a number of additional risks for Gold Fields. As Damang has

historically been managed and operated by Gold Fields, there is a risk that any subsequent deterioration in safety, environmental, social,

labour or other operational standards at the mine following transition, or any other adverse events or incidents at the mine after transition,

may nonetheless be associated with Gold Fields in the perception of stakeholders, which could adversely affect Gold Fields' reputation. The

next operator that assumes responsibility for the mine may not have, or may not be able to develop in a timely manner, the technical,

operational, financial, governance, health, safety and environmental capabilities, systems and controls required to operate the mine to the

standards previously applied by Gold Fields or expected by stakeholders. The transition may also give rise to financial and legal exposure for

Gold Fields, particularly if the Government of Ghana or any future operator or owner of Damang seeks to assert claims against Gold Fields.

The transition may also create operational risks, including potential disruption to mining-related activity and deterioration in relationships with

employees, local communities, suppliers and other stakeholders. Furthermore, the transition, together with uncertainty regarding the renewal

of the Tarkwa mining leases in 2027, as described below, may heighten the risk of social unrest in communities near these operations. Any

actual or threatened social unrest could disrupt operations at or around these sites, harm relationships with local stakeholders and

government authorities and ultimately have a material adverse effect on Gold Fields' reputation, business, operating results, cash flows and

financial condition.

At Tarkwa, five of Gold Fields' six mining leases and its existing development agreement are due to expire in April 2027. Consistent with the

agreement reached with the Government of Ghana in April 2025 in respect of the Damang mining lease, Gold Fields submitted, in November

2025, an application for the renewal of the Tarkwa mining leases, together with supporting technical reports, in accordance with applicable

law. At the same time, the Government of Ghana indicated that it intended to progress material amendments to the Minerals and Mining Act

(Act 703), which governs the grant and renewal of mining leases. The proposed amendments include the introduction of a maximum term of

10 years for mining lease renewals and the abolition of development agreements.

The existing development agreement between Gold Fields and the Government of Ghana is of significant importance to Gold Fields, as it

provides a range of fiscal concessions for the Tarkwa mine and includes key stabilising provisions in relation to taxes, royalties and other

matters. See "*– Gold Fields is subject to various regulatory costs, such as taxes and royalties, and the imposition or modification of such* 

*costs, or the amendment, expiration or non-renewal of related stabilisation arrangements, may have a material adverse effect on Gold* 

*Fields' operations and profits"*. Gold Fields is seeking to progress its ongoing discussions with representatives of the Government of Ghana

regarding the proposed extension of the Tarkwa mining leases and the applicable fiscal regime. However, no agreement has been reached,

there is no assurance that an agreement will be concluded, and the terms of any renewal are uncertain.

To the extent that the Tarkwa mining leases are renewed on terms that are less favourable than those currently in place (including as a result

of the non-renewal of the existing development agreement, the abolition of development agreements more broadly and any changes to the

applicable fiscal regime), Gold Fields' costs at Tarkwa could increase materially, including through higher taxes and royalties and the loss of

other fiscal concessions. In particular, the Government of Ghana has announced the replacement of the existing fixed 5% gold royalty rate

with a sliding scale rate of 5-12%, effective March 2026. Depending on the prevailing gold price and other relevant factors over the life of any

such extension, less favourable terms, including the change in royalty rates, could render continued mining at Tarkwa less economical, which

could have a material adverse effect on Gold Fields' business, operating results and financial condition. If the Tarkwa mining leases are not

renewed by the Government of Ghana, Gold Fields would be required to cease mining operations at Tarkwa entirely. Given the significance of

Tarkwa to Gold Fields' production profile, this would have a material adverse effect on the Group.

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**7**<br>

In addition, Gold Fields operates in several jurisdictions where title to land may involve uncertainties, and disputes may arise related to

ownership or other rights and interests. This includes Australia, where native title and Aboriginal cultural heritage legislation aims to protect

the claims, determined rights and cultural heritage sites of Aboriginal and Torres Strait Islander people in relation to land and waters

throughout Australia in certain circumstances. Similarly, in Canada, different First Nations peoples have filed land claims with governmental

authorities, most of which have not yet been recognised. However, in respect of Gold Fields' current activities, the James Bay and Northern

Québec Agreement of 1975, encompasses most of those claims and confirms the rights of the Cree Nation. To the extent that agreements

with native title and First Nations parties are not already in place, requirements to engage in lengthy and costly negotiations with those parties

could have implications for Gold Fields' access to or use of its tenure and, as a result, have a material adverse effect on Gold Fields' business,

operating results and financial condition. See "*– Compensation and other financial benefits may be payable to native title holders and other* 

*First Nations in respect of Gold Fields' operations in certain regions, which could affect Gold Fields' operating costs and profitability"*.

Similarly, in Australia, there are risks that Gold Fields' exploration and mining activities could be delayed or prevented due to the presence or

potential presence of Aboriginal cultural heritage sites. Furthermore, if Aboriginal cultural heritage sites are damaged or materially altered

due to current or future operations, Gold Fields could be subject to criminal and/or civil penalties under relevant legislation and may suffer

reputational damage.

Gold Fields is subject to a range of legislation governing the protection and management of Aboriginal heritage, including the Aboriginal

Heritage Act 1972 (AHA Act) in Western Australia and the Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth) (the Federal

Act). See "*– Environmental and Regulatory Matters* – *Australia* – *Cultural Heritage"*. Such laws have undergone numerous recent legislative

amendments (and may continue to experience reforms in the future), which has created uncertainty about the ongoing regulation and

enforcement of matters dealing with Aboriginal cultural heritage. Recently, there have been applications made under the Federal Act in close

proximity to Agnew, seeking to protect Aboriginal cultural heritage sites and objects. Gold Fields is participating in the application process,

which remains ongoing, and although it does not directly impact Gold Fields' existing operations at Agnew, there is no guarantee that Gold

Fields will not be adversely impacted by the outcome of these or similar applications.

The AHA Act, the Federal Act and similar legislation may increase the required consultation, engagement and authorisation obligations of

mining companies, including Gold Fields. This legislation may also require companies to undertake extensive cultural heritage surveys and

mapping, which could be expensive and time-consuming. Additionally, regulators may impose significant financial penalties for offences

involving interference with relevant Aboriginal cultural heritage sites or objects, all of which could have a material adverse effect on Gold

Fields' business, operating results and/or financial condition.

Gold Fields' Mineral Resources and Mineral Reserves are estimates based on a number of technical and economic assumptions, which,

if proven inaccurate or changed, may require Gold Fields to lower its estimated Mineral Resources and Mineral Reserves.

The Mineral Resources and Mineral Reserves disclosed in this annual report are estimates based on modifying factor assumptions regarding,

among other things, Gold Fields' costs, expenditures, commodity prices, fuel and energy prices, exchange rates, geological models, resource

estimation models, mining methods, mining equipment, mining rates, metallurgical and mining recovery assumptions, and costs of mine

development and processing construction, which may prove inaccurate or change due to a number of factors, many of which are beyond

Gold Fields' control. In particular, Gold Fields' makes certain assumptions regarding the prevailing and future gold price environment, which

impact its determination of Mineral Resources and Mineral Reserves and its assessment of the economic viability of its mines and

development projects. In recent periods, gold has traded at or near record levels; however, there can be no assurance that such price levels

will be sustained. See "*– Changes in the market price for gold, and to a lesser extent copper and silver, which have fluctuated widely in* 

*recent times, may affect the profitability of Gold Fields' operations and the cash flows generated by those operations"*. Should gold prices

decline materially or for a sustained period, Gold Fields may need to revise its Mineral Resources and Mineral Reserves, and such decline

could adversely affect the economic viability of certain mines or development projects.

The Mineral Resources and Mineral Reserves are also based on reasonable assumptions regarding the availability of power and water, as well

as the ability to maintain existing licensing and permitting, or obtain new governmental and third-party permitting, licensing, and approvals,

including environmental, cultural heritage and First Nations approvals, required to support the LOM Mineral Reserve plans. Gold Fields also

makes assumptions regarding the timing within which such approvals will be obtained, and any delays in obtaining, renewing or maintaining

these approvals could impact Mineral Resources and Mineral Reserves. In the event Gold Fields adversely revises any of the assumptions

that underlie its Mineral Resources and Mineral Reserves disclosure, including, for example, changes in geological continuity assumptions,

regulatory or permitting assumptions, or commodity price assumptions, Gold Fields may need to revise its Mineral Resources and Mineral

Reserves. See "*– Information on the Company* – *Summary Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the* 

*Securities Act* – *Summary of Mineral Resources and Mineral Reserves"*.

In 2025, South Deep was unable to fully execute its short-term plans to drive key productivity and asset optimisation projects aimed at

sustainably increasing production output and offsetting inflationary pressures and mining constraints as part of its production ramp-up

strategy, notwithstanding stabilisation of the ramp-up during the year. While South Deep delivered improvements across a number of key

performance indicators compared to 2024, making progress against the revised Mineral Reserve life-of-mine ramp-up plan of 11 tonnes of

gold per annum, the operating environment remains challenging. See *"– Information on the Company* – *Individual Property Disclosure* 

*Pursuant to Item 1304 of Regulation S-K under the Securities Act* – *South Africa Material Operations* – *South Deep Mine"*. The challenging

operating environment, combined with the technical challenges of deep-level mining, continues to pose risks to the technical and economic

assumptions underpinning South Deep's short- and medium-term plans. Despite the modernisation and implementation of the initiatives

supporting the key improvement themes for the mine, there can be no assurance that the ongoing modernisation implementation will not

result in lower-than-expected longer-term steady state production volumes, cost fluctuations, reductions in disclosed Mineral Resources and

Mineral Reserves, or other associated issues at South Deep, including the long life disclosed.

The reduction of Mineral Reserves held by the Company, including due to any of the above, could impact the ability of Gold Fields to estimate

its cash flows, lead to impairments, and have a material adverse effect on Gold Fields' business, operating results and financial condition.

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**8**<br>

Gold Fields may experience unforeseen difficulties, delays or costs in implementing its business strategy and projects and any such strategy

or project may not result in the anticipated benefits.

The ability to grow the business will depend on the successful implementation of Gold Fields' existing and proposed strategic initiatives,

including through the three pillars of its strategy:

Pillar 1: Deliver safe, reliable and cost-effective operations;

Pillar 2: Deliver positive social and environmental impact; and

Pillar 3: Grow the value and quality of Gold Fields' portfolio of assets.

To deliver against its strategic pillars, Gold Fields will continue to prioritise the health and safety of its people (including psychological health

and wellbeing), the execution of its operational plans, including sustained production from Salares Norte and the build-up of production at

South Deep and Gruyere, and, over a slightly longer time frame, the expected development of the Windfall project in Canada.

Gold Fields may also fail to realise the anticipated benefits of its strategy. It may be unable to successfully implement its strategic initiatives or

deliver on its production targets due to, among other things, unforeseen difficulties, delays or costs, or a significant reduction in the price of

gold. Any such difficulties, delays or costs could prevent Gold Fields from fully implementing its business strategy, which could have a material

adverse effect on its business, operating results and financial condition.

Gold Fields experienced delays in the construction of the Salares Norte project, which produced its first gold in April 2024, rather than in the

first quarter of 2023 as originally indicated. The project was initially impacted by COVID-19, and subsequently by serious skills shortages,

lower than anticipated productivity rates and suboptimal performance by the main construction contractor. The commissioning and ramp-up

of the project was also impacted by inclement weather, with ramp-up suspended and reinitiated in September 2024. These delays adversely

impacted Gold Fields' cost and production guidance for 2024. Salares Norte had a successful ramp-up in 2025, with commercial production

achieved on 31 August 2025 and steady state operations reached in the fourth quarter of 2025.

Gold Fields may continue to experience delays and cost overruns at its operations and projects, including at the Salares Norte and Gruyere

operations and the Windfall project. Such costs may relate to, among others, receipt of necessary environmental and other approvals,

construction or operational delays, including those due to extreme weather conditions, labour availability and/or productivity, or difficulties in

achieving the expected technical parameters once operational, any of which could have a material adverse effect on Gold Fields' business,

operating results and financial condition.

Gold Fields is also implementing initiatives that include changes to its operating model, asset optimisation and cost-efficiency initiatives.

The Company has transitioned to a functional leadership model that is delivered through a two-tier structure. See "*– If Gold Fields is unable to* 

*appoint, hire and retain qualified Board members, executives, senior leadership, technically skilled employees and contractors that make up* 

*its workforce or attain sufficient representation among marginalised or underrepresented persons in management positions or sufficient* 

*gender diversity in its workforce, in particular in Board and senior leadership-level positions, its business may be materially adversely* 

*affected*". These initiatives may not be implemented as planned, may be less effective than anticipated, or may prove ineffective altogether.

As part of its strategy, Gold Fields has also disposed of certain exploration and development assets. With respect to any further disposals,

Gold Fields may not be able to obtain prices that it expects for any assets it seeks to dispose of or to complete the contemplated disposals

in the timeframe contemplated or at all.

To the extent that Gold Fields enters into acquisitions, combinations or joint ventures, it may experience problems in executing the

transactions or managing and integrating the acquisitions, combinations or joint ventures with its existing operations.

In order to maintain or expand its operations and Mineral Reserve and Mineral Resource base, Gold Fields may seek to enter into joint

ventures or other business combination transactions, or to acquire selected precious metal-producing companies or assets (collectively,

M&A transactions). For example, in October 2025, Gold Fields completed its acquisition of Gold Road Resources Limited (and its related

bodies), consolidating the Group's ownership of the Gruyere mine, and in 2024 Gold Fields successfully acquired Osisko Mining Inc. (Osisko),

gaining full ownership of the Windfall project. In March 2023, Gold Fields announced that it had agreed on the key terms of a proposed joint

venture in Ghana with AngloGold Ashanti which would combine the Tarkwa mine with AngloGold Ashanti's adjacent Iduapriem mine into a

single operation operated by Gold Fields, but in May 2025 the parties paused their joint venture discussions.

Acquiring new assets, entering into joint ventures, or pursuing M&A transactions in the mining sector is challenging due to intense

competition. This is primarily driven by the limited availability of promising mining and exploration assets. The recent trend towards industry

consolidation could exacerbate this competition, as the pool of attractive assets continues to decline. Consequently, Gold Fields might find

it difficult to secure assets at an attractive or acceptable cost. The high competition for quality mining assets means that Gold Fields is

constantly reviewing its portfolio and seeking to enhance it through accretive M&A transactions. Gold Fields is party to discussions and

negotiations regarding potential M&A transactions from time to time, both in public and in private, which may result in announced transactions

or not, due to an array of strategic, commercial and other factors.

Proposed M&A transactions may fail to materialise due to closing conditions, regulatory approvals, such as delays in securing governmental

approvals, competing offers from other third parties, or other factors beyond Gold Fields' control. Such transactions may not be completed

in a timely manner, if at all. Any significant delays in completion may erode the anticipated synergies, potentially rendering proposed joint

ventures or acquisitions economically unviable. To the extent Gold Fields fails to complete such transactions or breaches its contractual

obligations, it could be subject to termination and/or buy-out rights.

Completed M&A transactions may change the scale of the Company's business and operations and may expose it to new or increased

geographic, geological, political, social, strategic, operating, financial, legal, third-party, counterparty, regulatory and contractual risks. For

example, under the Australian Foreign Acquisitions and Takeovers Act 1975 (Cth), in 2023, Gold Fields became subject to additional post-

completion and ongoing administrative reporting obligations in respect of acquisitions, which carry civil and other penalties and potential

government-issued infringement notices for non-compliance.

There is also no guarantee that Gold Fields will realise the anticipated benefits or synergies from its completed M&A transactions. Newly

acquired projects, including Windfall, may take longer than expected and may have higher costs to develop and become operational. These

projects are often subject to various conditions and approvals, as well as internal investment decisions, before they can begin contributing to

the Group's Mineral Resources and Mineral Reserves. Existing operations that are consolidated into the portfolio may not operate at the

anticipated levels of production, or may take longer to do so. Furthermore, M&A transactions are normally completed at the consensus price

of the day, which in the current market environment is relatively high. This could result in an overvaluation of acquisitions and may, over the

medium to longer term, affect fair value determinations, potentially resulting in impairment charges.

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**9**<br>

There can be no assurance that any proposed or completed M&A transaction will achieve the results intended, and, as such, could have a

material adverse effect on Gold Fields' business, operating results and financial condition.

Gold Fields may suffer material adverse consequences as risks arising from cyber security and cyber incidents increase in frequency and

sophistication.

The mining industry has become increasingly reliant on digital technologies. These technologies enable Gold Fields to conduct its day-to-day

operations, improve safety and efficiency and decrease costs. However, as reliance on technology increases, the Group becomes more

susceptible to the persistent threat of cyber security breaches, such as cyber-crime, ransomware or cyber activist attacks.

The information security management system protecting Gold Fields' information, communication and technology infrastructure and network

may be subject to security breaches or other incidents that can result in unauthorised access to Gold Fields' IT systems, which could lead to

misappropriation of funds, theft of critical assets, increased health and safety risks to people, disruption to Gold Fields' operations (as a result

of the increasing interface between operational technology and information technology), loss of intellectual property and disclosure of

commercially sensitive information. An extended failure of critical system components, caused by accidental or malicious actions, including

those resulting from a cyber security attack, could also result in a significant environmental incident as well as loss or misappropriation of

confidential and/or commercially sensitive information, including privileged data, personal data or strategic information relating to Gold Fields

and its current or former employees, contractors or business partners. Such information could also be made public in a manner that harms

Gold Fields' reputation and financial results and, particularly in the case of personal data, could lead to regulators imposing significant fines on

Gold Fields or other forms of liability, costs and reputational damage.

Gold Fields undertakes various measures to follow established best practices in relation to cyber security and Information and Communication

Technology (ICT) governance, including adhering to international frameworks and standards (including ISO 27001, COBIT, NIST CSF 2.0 and

CIS Critical Security Controls), implementing security protection tools, testing its cyber response and recovery procedures, advanced

monitoring, and taking precautions to protect network integrity while engaging with third parties. However, the increasing sophistication and

evolving nature of cyber security threats may lead to future cyber security breaches, and sophisticated cyber-attacks (such as phishing and

ransomware attacks) despite Gold Fields' efforts. This is particularly the case with new and evolving technologies such as artificial intelligence

(AI), including generative AI. As these technologies continue to improve and gain widespread use, Gold Fields may experience cyber security

attacks created using AI, which may be difficult to detect and defend.

An extended failure of critical system components, caused by accidental, or malicious actions, including those resulting from a cyber security

attack, could have a material adverse effect on Gold Fields' business, operating results and financial condition.

Failure of Gold Fields' information, communication and technology systems, the use of AI technologies in an uncertain regulatory

environment, or the failure to protect personal information, could significantly impact Gold Fields' operations and business, may lead to public

and private censure, regulatory penalties, fines and/or sanctions and may damage Gold Fields' reputation.

Gold Fields utilises and is reliant on various internal and external ICT system applications, including SAP and mining activity applications, to

support its business activities. Damage to or interruption of Gold Fields' ICT systems, whether due to incidents, human error, natural events or

malicious acts, may lead to important data being irretrievably lost, exposed or damaged, or may otherwise impact the safety and/or operation

of all or part of Gold Fields' mining assets, thereby adversely affecting Gold Fields' business, prospects and operating results. Gold Fields' has

completed the migration of its end-to-end SAP and treasury systems to the cloud, modernising its information technology infrastructure. This

migration inherently introduces risks, such as higher initial costs, difficulty complying with various data protection regimes across jurisdictions,

and operational impacts due to unstable or insufficient internet infrastructure where operations are located in remote areas. In addition, Gold

Fields is planning to undertake a multi-year upgrade of its SAP enterprise resource planning systems, which is a complex, time-consuming

and costly undertaking that, if not implemented correctly, could lead to business disruption. Whilst Gold Fields has partnered with specialised

external consultants and leverages the cloud provider's secure infrastructure with an aim to address these concerns and uphold strong

governance standards, there can be no assurance that these measures will be sufficient to prevent disruptions, compliance failures, data

breaches or other adverse consequences.

Gold Fields is actively adopting AI, automation and machine learning (ML) capabilities to support its business activities. Planned uses include

production forecasting, implementing predictive maintenance for key assets, and utilising computer vision for enhanced health and safety

monitoring (such as verifying protective gear at mine shafts). Such tools may additionally be utilised by Gold Fields' contractors and third

parties that the Company conducts business with. The evolving AI regulatory landscape presents compliance challenges, and the use of AI

may not meet the existing and rapidly evolving regulatory standards across the jurisdictions in which Gold Fields operates. Gold Fields' ability

to deploy and integrate AI and ML capabilities into its operations and internal processes may take longer than planned, which could lead to

forecasting and operational delays, or the adoption may not be successful. Furthermore, the adoption of AI and ML may introduce operational

and security risks, including potential confidential data exposure, loss of competitive information, business disruption, health and safety risks

or operational failures due to, among other things, algorithm vulnerabilities, inadequate oversight, or misuse by third-party contractors.

Additionally, skills shortages could prevent Gold Fields from effectively implementing, using or managing AI and other technologies.

In addition, Gold Fields is also subject to risks relating to the interpretation and application of evolving privacy and data protection laws in the

jurisdictions in which Gold Fields operates, including Australia, South Africa, Ghana, Chile, Peru, Canada, the European Union (EU) and the

United States. Regulators may interpret and apply these laws and regulations in a manner that is inconsistent with Gold Fields' current data

processes and practices.

Complying with these various laws and regulations is complex and could cause Gold Fields to incur substantial costs or require it to change

its business practices, processes and information, communication and technology system platforms in a manner adverse to its business.

This includes legislation such as the General Data Protection Regulation (GDPR), an EU-wide framework that sets out rules relating to the

protection of personal data being processed in, or outside the EU, and which applies to Gold Fields through its storage of employee

information in data centres located in the EU. Other applicable laws include, but are not limited to, Australia's Privacy Act 1988, Ghana's Data

Protection Act, 2012 (Act 843) and South Africa's comprehensive privacy law, the Protection of Personal Information Act, 2013 (POPIA) and

most recently, Chile's new data protection law (Law 21.719).

The mining sector has historically and may in the future continue to experience confidentiality breaches, and failure to comply with data

protection legislation may lead to public and private censure, regulatory penalties, fines and/or imprisonment, depending on the severity of

the breach, which could have a material adverse effect on Gold Fields' business, operating results and financial condition. See "*– Gold Fields* 

*may suffer material adverse consequences as risks arising from cyber security and cyber incidents increase in frequency and sophistication"*.

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**10**<br>

The failure to optimise and modernise operations may have a material adverse effect on Gold Fields' business.

Gold Fields' business is increasingly dependent on its ability to modernise its operations, including through changes to its operating model,

implementation of digital and other operational technology (such as remotely operated and battery electric vehicles and equipment) and IT

systems. Improvements to these systems are necessary for Gold Fields to increase its Mineral Resource to Mineral Reserve conversion,

improve productivity and efficiency, reduce costs, decrease power consumption, improve safety performance and reduce environmental

impact, among other things.

Modernisation of its business and operations, as well as regulatory directives, may require Gold Fields to adopt new technologies,

organisational structures and skills. For example, during 2025, Gold Fields selectively adopted new systems for surface and underground

vehicle collision avoidance, driver fatigue monitoring, dump and stockpile berm compliance, and forklift pedestrian detection. However,

such systems, which often involve new or evolving technology, may not meet Gold Fields' technical and performance requirements, or

could otherwise face implementation challenges due to limited change management resources and insufficient skilled technical staff onsite.

These constraints may reduce system effectiveness after deployment and could result in the failure to realise anticipated efficiencies.

Machinery and other equipment deployed as part of modernisation efforts may not be fully suitable for their intended use and may therefore

require significant upgrades or replacement altogether. This may result in a material financial impact and, in some cases, may also result in a

breach of applicable legislation. Furthermore, implementation of new technologies and systems is capital-intensive, and there is no guarantee

that their use will deliver the intended benefits within the anticipated timeframes, or at all, potentially resulting in unexpected delays and cost

increases. In addition, implementing and operating new technologies and systems may require new or additional skills that Gold Fields may

not have or may not be able to secure, particularly as many of these skills are in high demand from competitors. Initiatives to modernise

Gold Fields' operations may cause operational disruptions, IT failures, safety system failures, increased costs, lower productivity and

other challenges.

Gold Fields' competitors are also undertaking modernisation initiatives, which may make it more difficult for Gold Fields to compete if it fails to

update its operations. Failure to modernise its operations may also make it more difficult for Gold Fields to effectively convert Mineral

Resources to Mineral Reserves, reduce costs and attract employees with critical skills. This may also negatively affect the company's

reputation. Any of the above could have a material adverse effect on Gold Fields' business, operating results or financial condition.

Actual and potential supply chain shortages, availability and increases in the prices of production inputs may have a material adverse effect

on Gold Fields' operations and profits.

Gold Fields' operating results have and may continue to be affected by general cost increases, including those driven by the availability and

pricing of raw materials and other essential production inputs, such as fuel, steel, cyanide and other reagents. The price and quality of raw

materials may be substantially affected by changes in global supply and demand, sustained and lingering impacts, large-scale trend changes,

weather conditions, governmental controls and related economic sanctions, and other factors. A sustained interruption in the supply of any of

these materials would require Gold Fields to find acceptable substitute suppliers and could require it to pay higher prices for such materials.

Any significant increase in the prices of these materials will increase the Company's operating costs and affect production considerations.

Gold Fields' costs increased in fiscal 2025 and are expected to continue increasing into 2026 and possibly 2027 across its operations,

including due to factors such as increases in oil, steel, and explosives prices, tariffs, and labour costs. See "*– High inflation and geopolitical* 

*tensions may have a material adverse effect on Gold Fields' business, operating results and financial condition"*.

The price of oil has been volatile between 2023 and 2025. This volatility has continued to persist into 2026, driven by conflict in the Middle

East and the effective shutdown of the Strait of Hormuz, through which a significant proportion of global oil and gas supplies transit, the

continued effects of sanctions and embargoes on natural gas and oil resulting from the war in Ukraine, and broader geopolitical tensions,

including between the United States and its trading partners, leading to the imposition of new or increased tariffs on goods and other

protectionist measures. Changes in the cost or availability of oil could increase Gold Fields' operating costs and cause production

stoppages, which could impact existing profit margins and have a material adverse effect on Gold Fields' business, operating results and

financial condition. See "*– High inflation and geopolitical tensions may have a material adverse effect on Gold Fields' business, operating* 

*results and financial condition"*.

Furthermore, steel prices have been volatile. Steel is used in the manufacture of most forms of fixed and mobile mining equipment, as well

as much of the support material used underground, which is a relatively large contributor to a mine's operating costs and capital expenditure.

In addition, there has been a recent, significant increase in the price of explosives, a key input for mining activity, driven by heightened

ammonium nitrate prices.

Fluctuations in oil, steel and explosives prices may have a significant impact on operating costs and capital expenditure estimates and, in

the absence of other economic fluctuations, could result in significant changes in the total expenditure estimates for new mining projects or

render certain projects non-viable. Any of the above may have a material adverse effect on Gold Fields' business, operating results and

financial condition.

Power cost increases and unreliability of power supply may adversely affect Gold Fields' business, operating results and financial condition.

In Australia, the Gruyere, Granny Smith and Agnew mines receive electricity from various combinations of gas, wind and solar power, battery

storage and diesel. The St. Ives operations currently receive their base electricity supply from BHP Nickel West. Approval for the St. Ives

renewable microgrid power supply infrastructure to replace a proportion of this supply was secured in 2024, and the project is expected to

be commissioned in 2026.

Failure to successfully execute the construction and commissioning of the St. Ives microgrid may result in an increase in costs at St. Ives.

In addition, the project is currently subject to upstream grid connection challenges, which may result in curtailment of renewable generation

capacity, whether generally or at certain times, or require Gold Fields to assume liability for potential impacts to the grid to which the system

connects. Once commissioned, there is no guarantee that the St. Ives microgrid will perform in line with the modelling conducted by Gold

Fields. If Gold Fields is unable to utilise the full capacity of the renewable power generated by the microgrid, it may need to increase its

reliance on gas-fired power supplied by BHP-Nickel West, which is not assured. Furthermore, the baseload supply from BHP-Nickel West

will be gas powered, and any interruption to BHP-Nickel West's gas transmission pipelines or generators could adversely affect electricity

supply to the St. Ives operation. In addition, BHP has announced a process to sell Nickel West, and any change in ownership could result in

changes to commercial arrangements or supply terms, which may adversely affect the availability, reliability or cost of baseload power

supplied to St. Ives.

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**11**<br>

Considering the reliance on gas transmission pipelines, if any of Gold Fields' other Australian operations were to lose their supply, including

through failure to secure gas pipeline capacity or renewed supply contracts when the current arrangements come to an end, replacement of

this supply at the quantities required (through alternatives such as diesel or greater reliance on existing renewable energy infrastructure) may

not be possible in its entirety, or in the timeframes required, or at the very least may entail a significant increase in costs in the medium and

long term, given the rising price of gas in Western Australia, which is forecasted to continue due to lack of new supply.

While Gold Fields is considering options for energy supply, including renewables, for the Gruyere, Granny Smith and Agnew mines beyond

current contractual arrangements, there is no guarantee that these alternatives will be successful in lowering costs. Furthermore, Gold Fields'

operations are expected to require additional energy capacity beyond existing arrangements, which is likely to result in increased energy

costs. Any such increase in costs could have a material adverse impact on Gold Fields' business and operating results.

Gold Fields' South Deep mining operation depends, in large part, upon electrical power generated by the state-owned power utility, Eskom

SOC Limited (Eskom). Eskom holds a monopoly on power supply in the South African market, supplying approximately 90% of the country's

electricity needs. Eskom has historically experienced financial difficulties caused by various factors. For example, during periods of supply-

constraint, Eskom has utilised significant amounts of diesel to run its gas turbines while concurrently losing electricity sales due to load

shedding or curtailment, which has contributed to above-inflation tariff applications.

Eskom's tariffs are regulated by the National Energy Regulator of South Africa (NERSA) and are determined through the multi-year price

determination (MYPD) process, with occasional adjustments under the Regulatory Clearing Account mechanism. NERSA has granted Eskom

substantial tariff increases in recent years to address Eskom's debt servicing obligations, operating and maintenance costs, legacy capital

expenditure and inflationary pressures, and further electricity tariff increases are likely to continue. It is likely that Eskom's electricity tariffs will

continue to increase in the future. Eskom is also undergoing vertical unbundling to separate its generation, transmission and distribution

functions, the timing and impact which is uncertain but may result in further tariff increases, price instability and/or poor reliability in the supply

of electricity. Furthermore, Eskom's infrastructure is deteriorating, and there are concerns about the potential failure of transmission lines due

to inadequate maintenance and criminal activities.

Gold Fields has implemented strategies to reduce South Deep's reliance on Eskom. For example, South Deep has completed the construction

of a 50MW solar power plant, with studies underway to expand the renewable energy base load. However, despite these initiatives, Gold

Fields will remain reliant on Eskom, and should Gold Fields experience further power tariff increases and disruptions to its supply, its business,

operating results and financial condition may be adversely impacted. Additionally, there is a risk that these strategies may not achieve the

desired outcomes, as the area around South Deep is susceptible to severe weather, including large hailstones, which could adversely impact

South Deep's solar power generation capabilities.

Changes in the cost or availability of electricity could increase Gold Fields' operating costs and cause production stoppages, which could

impact existing profit margins and have a material adverse effect on Gold Fields' business, operating results and financial condition.

Power deficits, potential total power failure in South Africa, fluctuations and usage constraints may force Gold Fields to suspend or curtail

operations.

In South Africa, Eskom reintroduced national rotational power cuts (load shedding and load curtailment for industrial customers with formal

agreements) in December 2018. Load shedding was prevalent throughout 2023 and continued until March 2024, with approximately 83 days

of load shedding in 2023 and 2024 combined. Although there has been a reduction in the incidence of load shedding, with 13 days of load

shedding in 2025, load shedding may continue into 2026. Eskom's inability to fully meet the country's demand has led to, and may continue

to lead to, rotational and unscheduled power cuts. There is no assurance that Eskom's efforts to protect the national electrical grid, including

through its commitment to increase the available energy, will prevent a complete national blackout. Further, despite preparing plans for the

South Deep mine in case of a national blackout, such an event would have a material adverse effect on South Deep.

Gold Fields has a load curtailment agreement with Eskom. Under this agreement, Gold Fields is required to reduce demand by up to 50%

of load, depending on the severity of the shortage, for a specified period during which the national grid is unable to maintain supply and

demand. During 2025, Gold Fields was required to reduce demand by 10% on six occasions. Any further disruption or decrease in the

electrical power supply available to Gold Fields' South Deep operation, or a total power failure in South Africa, could severely impact the

South Deep operation and, in turn, have a material adverse effect on Gold Fields' business, operating results and financial condition.

Should Gold Fields continue to experience power fluctuations or usage constraints at any of its operations, its business, operating results and

financial condition may be materially adversely affected.

Gold Fields faces ongoing geotechnical challenges, particularly as mining depth increases at many of its underground operations, which could

adversely impact its production and profitability.

Gold Fields and others in the mining industry are facing ongoing geotechnical challenges due to the ageing and deepening of certain mines

and a trend toward deeper pits and more complex, often deeper, underground deposits. This leads to higher pit walls, more complex

underground environments, greater exposure to geotechnical instability, and a higher propensity for seismic events and hydrological impacts.

As Gold Fields' operations mature, the open pits at many of its sites are deepening, and it has experienced geotechnical failures at some of its

mines. Additionally, primary access drives and shafts require increased maintenance and rehabilitation, potentially resulting in downtime that

affects production.

For Gold Fields' open pit operations, no assurances can be given that unanticipated adverse geotechnical and hydrological conditions, such

as landslides and pit wall failures, which could result in potential ore loss and/or prevent or limit pit access, will not occur in the future or that

such events will be detected in advance. Further, Gold Fields' underground operations are also maturing, and mining is at deeper levels

which may be more prone to seismicity. This is of particular concern at the Wallaby underground operation at Granny Smith, the Waroonga

underground operation at Agnew and at South Deep. Gold Fields' underground operations had 22 damaging seismic events across its

operations in 2025, including in South Africa and Australia, compared to 11 damaging seismic events in 2024. All of Gold Fields' underground

operations now have stress-related mining issues, either in the form of seismicity or squeezing ground conditions.

Gold Fields endeavours to use industry best practices in seismological monitoring and analysis in addition to the use of dynamic capable

ground support in these operations. However, in Gold Fields' underground operations, no assurances can be given that unanticipated

adverse geotechnical and hydrological conditions, such as mine seismicity and inrushes, will not occur in the future or that such events will be

detected in advance. In relation to mine-induced seismicity, uncontrollable changes in the regional extraction rate or mining on the same

geological structure as a neighbouring mine, as well as changes in the mining extraction rate or sequence, may lead to higher than

anticipated seismic activity, which may result in damage to infrastructure and prevent access to the affected mining areas.

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**12**<br>

Gold Fields has appointed external geotechnical review boards (the Geotechnical Review Boards) to help implement industry best-practice

geotechnical design, monitoring, mine design, extraction sequencing, and ground support implementation, specifically at the Wallaby mine

at Granny Smith, South Deep, Cerro Corona and Windfall. Gold Fields cannot guarantee that any recommendations by the Geotechnical

Review Boards will be implemented effectively or that the ongoing monitoring of Gold Fields' mines will not be interrupted, or that it will be

otherwise effective.

Geotechnical instabilities in open pit operations can be difficult to predict and are often affected by risks and hazards outside Gold Fields'

control, such as severe weather and rainfall, which may lead to periodic floods, mudslides, and wall instability, which may result in slippage

of material. Although Gold Fields' open pit operations endeavour to use industry standard practices to maintain wall stability and utilise radar

monitoring systems to detect movement and deformation in the slope walls, there is no guarantee that these measures will effectively predict

geotechnical instabilities, or that advanced warnings will allow Gold Fields to prevent damage to its operations.

Geotechnical failures and seismic activity could result in limited or restricted access to mine sites, suspension of operations, regulatory

investigations, increased monitoring costs, remediation costs, loss of ore and other impacts which could have a material adverse impact on

Gold Fields' business, operating results, financial condition and Mineral Reserves and Mineral Resources.

Hydrogeological challenges also present significant risks, including at South Deep and the neighbouring Ezulwini mine owned by

Sibanye-Stillwater. These operations are separated by reinforced concrete plugs, which are essential to ensure the South Deep operation is

not affected by water ingress from Ezulwini in connection with Ezulwini's closure. See "– The effects of the regional cessation of dewatering

may have a material adverse effect on Gold Fields' South Deep operation". In addition, climate change may result in more frequent or severe

flooding events, which could increase the risk of water ingress at Gold Fields' operations. See "*– Climate change may present physical risks* 

*to Gold Fields' operations, including from extreme weather events and increased risk of wildfires and flooding"*.

The continued status of South Africa's credit rating as sub-investment grade may have an adverse effect on Gold Fields' ability to secure

financing.

The continued status of South Africa's sovereign credit rating as sub-investment grade by Standard & Poor's, Moody's or Fitch Ratings may

adversely affect the South African gold mining industry and Gold Fields' business, operating results and financial condition by making it more

difficult to obtain external financing or could result in any such financing being available only at greater cost or on more restrictive terms than

might otherwise be available. South Africa's current sovereign credit ratings are BB (positive outlook), Ba2 (stable outlook) and BB- (stable

outlook) from Standard & Poor's, Moody's and Fitch, respectively. Downgrades of South Africa's sovereign credit rating could also have a

material adverse effect on the South African economy as many pension funds and other large investors are required by internal rules to sell

bonds once two separate agencies rate them as sub-investment grade. Additionally, in February 2023, South Africa was "grey listed" by the

Financial Action Task Force, subjecting it to increased monitoring and impacting investor confidence. In October 2025, South Africa officially

exited the grey list, reflecting progress in strengthening its anti-money laundering and counter-terrorist financing framework. However, there

is no guarantee that South Africa will maintain this status or that the prior effects on investor sentiment and capital flows will be fully reversed

in the short term. Any such negative impact on the South African economy may adversely affect the South African gold mining industry and

Gold Fields' business, operating results and financial condition.

Theft of gold and copper bearing materials and production inputs, as well as illegal and artisanal mining, occurring on some of Gold Fields'

properties, are difficult to control, can disrupt Gold Fields' business and can expose Gold Fields to liability.

A number of Gold Fields' properties have experienced illegal and artisanal mining activities and theft of gold and copper bearing materials

and copper cables (by both employees and third parties). These activities could lead to interference with Gold Fields' operations, which

could cause unexpected deficits in production or result in conflict situations that present a threat to human life and property. Gold Fields has

experienced, and may in the future experience, security incidents, including attempted robberies. Perimeter security processes, where

possible, are being strengthened to ensure that critical infrastructure is adequately protected, however there is no guarantee that these

measures will be effective, particularly as the nature of these criminal activities become more sophisticated. Should such security measures

fail, this could have a material adverse impact on Gold Fields' reputation, business, operating results and financial condition.

Illegal and artisanal mining is associated with several negative impacts, including safety incidents, environmental degradation and human

rights abuse. Effective government administration is often lacking in the locations where illegal and artisanal miners operate because of rapid

population growth and the lack of functioning structures which can create a complex and unstable social environment.

In Ghana, the government lifted its ban on small scale mining in 2018. The government also withdrew military personnel who were previously

deployed to mining concessions to provide security and help prevent encroachment by illegal miners. To address this gap, the Ghanaian

Chamber of Mines (the Chamber) is currently negotiating a security agreement with the Ghana Police Service, on behalf of its members.

The security agreement is yet to be signed and there is no guarantee that this will occur. Illegal mining and artisanal mining remain common

despite the regulatory framework established under the Minerals and Mining Act. The Government of Ghana continues to implement

enforcement actions and policy initiatives, including the Responsible Cooperative Mining and Skills Development Programme launched in

August 2025 aimed at curbing illegal mining and formalising the sector. The Government of Ghana has requested that mining companies

cede portions of their mining leases to support the initiative, and in a letter dated 14 January 2026, the Minister for Land and Natural

Resources requested Gold Fields Ghana to cede a portion of its mining leases at Tarkwa to support this programme. Although Gold Fields

Ghana continues to engage constructively with the Government of Ghana while seeking to protect its legal rights and maintain regulatory

certainty, there is no guarantee that such engagement will result in a favourable outcome.

The activities of illegal and artisanal miners could lead to depletion of Mineral Resources and Reserves, potentially affecting the economic

viability of mining certain areas and shortening the lives of the operations, as well as causing possible operational disruption, project delays,

disputes with illegal miners and communities, pollution, damage to property, personal injury or death. It is possible that mine owners may be

held responsible for the actions of such illegal miners or for any damages, injuries or fatalities that occur due to their actions, including

through the actions of police or security force personnel deployed at the mine.

Furthermore, the environmental, social, safety and health impacts of illegal and artisanal mining are frequently attributed to formal mining

activities, and it is often assumed that illegal and artisanal-mined gold is channelled through large-scale mining operators. These

misconceptions negatively impact the reputation of Gold Fields and of the industry. The occurrence of any of these events could have a

material adverse effect on Gold Fields' "social licence to operate", as well as its business, operating results and financial condition.

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**13**<br>

Occupational diseases and health epidemics pose risks to Gold Fields in terms of lost productivity and increased costs.

Gold Fields faces risks related to occupational diseases, such as noise-induced hearing loss, silicosis and tuberculosis, other occupational

exposures, as well as health epidemics, which could significantly impact its people, operations and surrounding areas. The degree of

exposure risk varies between its sites due to the nature of its operations. For example, the prevalence of HIV/AIDS in South Africa poses risks

to Gold Fields in terms of potentially reduced productivity and increased medical and other costs. Gold Fields supports its employees living

with HIV through health plans and other measures to manage their conditions. In Ghana, Gold Fields' workforce faces a high risk of exposure

to malaria. Whilst the region has a comprehensive malaria control strategy in place, which includes education initiatives, prophylaxis and

treatment, there is no guarantee that these measures will ultimately be effective. If there is a significant increase in the incidence of

occupational diseases among the workforce or health epidemics, this may have a material adverse effect on Gold Fields' business, operating

results and financial condition.

Gold Fields' ability to recognise the benefits of deferred tax assets is dependent on future cash flows and taxable income.

Gold Fields recognises the expected future tax benefits from deferred tax assets when it is more likely than not that these benefits will be

realised. Assessing the recoverability of these assets requires management to make significant estimates regarding future taxable income.

These estimates rely on historical operating results, forecasted cash flows, and the application of existing tax laws in each jurisdiction. If future

cash flows and taxable income differ significantly from these estimates, Gold Fields' ability to realise the deferred tax assets could be affected.

Years of historical losses and capital investments may lead to a net deferred tax asset position in countries where tax losses never expire,

such as in South Africa. Historic expenses and capital allowances may also result in significant deferred tax assets, and offsets against future

taxable profits may be realised. In both cases, there is a risk of non-recovery if a mine underperforms. In the future, the Group's estimates may

change, necessitating a valuation allowance or impairment of Gold Fields' deferred tax assets. Moreover, future changes in tax laws could

limit the Group's ability to obtain the tax benefits from Gold Fields' deferred tax assets. See *"Annual Financial Report* – *Notes to the* 

*Consolidated Financial Statements* – *Note 11. Mining and income taxation"* for additional information related to deferred taxation of the

Group's properties. For additional information regarding Gold Fields' net deferred taxation liability in different accounting periods, see *"Annual* 

*Financial Report* – *Notes to the Consolidated Financial Statements* – *Note 27. Deferred taxation"*.

Risks related to environmental, social and corporate governance

Gold Fields may not be able to operate successfully if its employees and contractors that make up its workforce are not able to perform their

roles in a physically and psychologically safe, respectful and inclusive work environment.

Gold Fields' success is dependent on the contributions of its people. The Company's ability to achieve its operating goals depends upon

its ability to recruit, hire, retain and develop suitably skilled, experienced, qualified and diverse personnel. Gold Fields is fundamentally

committed to creating and maintaining a physically and psychologically safe work environment in which employees are treated fairly and

with dignity, decency, respect and in accordance with the company's values and all applicable laws. Gold Fields recognises that bullying,

sexual harassment and harassment based on other protected categories, including race, have been prevalent in every industry, including the

mining industry. Features of the mining industry, such as being a historically hierarchical and male-dominated culture, create additional risk

factors for harmful workplace behaviour.

Gold Fields does not tolerate discrimination and/or harassment of any kind (including in relation to sexual orientation, gender identity, race,

religion, ethnicity, age, or disability, among others). In 2022, Gold Fields engaged Elizabeth Broderick & Co. to carry out an independent

review examining its workplace culture, the findings of which were published in August 2023. The findings revealed half of the respondents

had experienced harmful behaviour at work, such as bullying, sexual discrimination, and/or racism, during the last five years, and many

reported having little confidence in Gold Fields' reporting mechanisms. As a result, actions have been taken to reduce the incidence of

harmful behaviours through training and education, and to improve reporting mechanisms. These measures, together with Gold Fields'

policies and processes may not prevent or detect all potentially harmful workplace behaviours. Gold Fields occasionally identifies or is

apprised of information or allegations that certain employees, affiliates, contractor workers, agents or associated persons may have engaged

in harmful behaviours and improper, inappropriate or unlawful conduct, including but not limited to bullying, discrimination and/or harassment.

Furthermore, the Company is subject to extensive labour and workplace equality regulations addressing discrimination and harassment in

every country where it operates.

Gold Fields' safety performance has been below expected levels, with two fatal incidents in Ghana in 2023, and fatal incidents in South Africa

and Australia in 2024. Whilst no fatal incidents occurred in 2025, there were a number of serious injuries and high-potential incidents. In

2024, Gold Fields implemented a comprehensive, independent review of its culture, safety processes and capabilities, and has in response

initiated a multi-year safety improvement plan, which sets out specified actions around leadership and culture, resilient risk reduction, capacity

building and business partner management. Whilst progress has been made during 2025, there is no guarantee that these measures will be

successfully implemented or will be effective in improving safety performance in all cases, or at all.

If Gold Fields fails to maintain a physically and psychologically safe, respectful and inclusive work environment, it could adversely impact

employee attraction, engagement, performance, productivity and retention; resulting in potential legal claims, regulatory action, and/or

adverse media and/or otherwise damage the Company's reputation, which could have a material adverse effect on Gold Fields' business,

results of operations and financial condition.

Economic, political or social instability in the countries or regions where Gold Fields operates may have a material adverse effect on

Gold Fields' operations and profits.

In fiscal 2025, 42%, 12%, 23%, 7% and 16% of Gold Fields' managed gold-equivalent production was in Australia, South Africa, Ghana, Peru

and Chile, respectively. Changes or instability in the economic, political or social environment in any of these countries or in neighbouring

countries could affect investment in Gold Fields.

In May 2025, Australia held a federal election, and the Australian Labor Party (led by Prime Minister Anthony Albanese) was re-elected for a

second term with a clear parliamentary majority. Western Australia held state elections in March 2025, and the WA Labor Party (led by

Premier Hon. Roger Cook) was re-elected for a third term. Certain legislation implemented by the Federal Labor government and actions by

government ministers, including in the areas of industrial relations, environmental protection and preservation of Aboriginal cultural heritage,

have led to considerable unrest within the mining sector. A recent intervention by the Federal Environment Minister in relation to the

protection and preservation of Aboriginal cultural heritage on an approved New South Wales gold project has caused concerns for the sector

and may indicate an increased willingness of the current Federal Government to use its powers under federal legislation in relation to such

Aboriginal cultural heritage matters (see "*– Environmental and Regulatory Matters* – *Australia"*).

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**14**<br>

In June 2024, a government of national unity was formed in South Africa, with Cyril Ramaphosa being re-elected as the country's president.

However, for the first time in three decades, the African National Congress party lost its majority in the National Assembly. Despite intermittent

fragility, the government of national unity has been largely operationally stable and has succeeded in governing and passing budgets.

However, there remains a risk that the coalition could collapse, and it is unclear how the African National Congress would govern in such

circumstances. Furthermore, while the South African Government has stated that it does not intend to nationalise mining assets or mining

companies, certain political parties favour a policy of nationalisation. Any threats of or actual proceedings to nationalise any of Gold Fields'

assets could halt or curtail operations, resulting in a material adverse effect on Gold Fields' business, operating results and financial condition

and could cause the value of Gold Fields' securities to decline rapidly and dramatically, possibly causing investors to lose the entirety of their

respective investments.

Further, high levels of unemployment, particularly among the youth, and a shortage of critical skills in South Africa, despite increased

government expenditure on education and training, exacerbated by possible ongoing loadshedding, degradation of infrastructure and poor

government service delivery, remain issues and deterrents to foreign investment. The volatile and uncertain labour and political environments,

which severely impact the local economy and investor confidence, have led, and may lead, to further downgrades in national credit ratings,

making investment more expensive and difficult to secure. See "*– Gold Fields' operations and profits have been and may continue to be* 

*adversely affected by trade union activity and new and existing labour laws"* and "*– The continued status of South Africa's credit rating as* 

*sub-investment grade may have an adverse effect on Gold Fields' ability to secure financing"*. In addition, broader geopolitical developments

and tensions, including those between South Africa and the United States in relation to foreign policy, trade, sanctions and security matters,

may adversely affect South Africa's bilateral relationships, access to international markets and capital, and international investor sentiment

towards South Africa. Any actual or threatened trade measures, restrictions on financial flows or shifts in foreign policy arising out of such

tensions could negatively affect South Africa's macroeconomic environment and cost of capital. These factors could, in turn, restrict Gold

Fields' future access to international financing and could have a material adverse effect on Gold Fields' business, operating results and

financial condition.

Ghana's general election was held in December 2024 and resulted in the election of former President John Mahama – who previously served

as President from 2012 to 2017 – for a four-year term beginning 7 January 2025. Ghana continues to see high levels of unemployment,

particularly among youth, degradation of infrastructure and tariff increases. Notwithstanding Ghana's receipt of disbursements under its

International Monetary Fund programme in 2024, Ghana continues to extend existing levies. In 2025, the Growth and Sustainability Levy

(Amendment) Act 2025 (Act 1131) was passed, increasing the levy on gold mining companies from 1% to 3% of gross production. The

amendment also extends the levy's application period from 2025 to 2028. In December 2025, legislation was also introduced under the

Minerals and Mining (Royalties) Regulations 2025 to increase the applicable gold royalty rate from a flat rate of 5% to a sliding scale of 5-12%,

which became effective in March 2026. The Growth and Sustainability levy was subsequently reduced back to 1% in March 2026, following

the implementation of the gold royalty changes. Whilst these changes will not apply to Damang at all, and will not apply to Tarkwa until after

April 2027, these material shifts could have a material adverse effect on Gold Fields' business, operating results and financial condition.

Chile's general election was held in November 2025 and resulted in the election of José Antonio Kast as President. It is unclear if the

incoming government will institute a new process to redraft the constitution, after several attempts by the previous government were rejected

by voters. As Gold Fields moves into steady-state production at Salares Norte, any unrest, or any unforeseen or unfavourable changes

stemming from the election, or any future constitutional process, may impact production from Salares Norte, which could have a material

adverse effect on Gold Fields' business, operating results and financial condition.

In 2021, Peru held a general election and Pedro Castillo was elected President for a five-year term. Mr. Castillo was impeached in December

2022, and Vice President Dina Boluarte was sworn into office. Following Ms. Boluarte's subsequent impeachment in October 2025, the

Chairman of Congress, José Jerí, assumed the presidency, but was ousted in February 2026 and has been replaced by José Balcázar as

interim president, who is expected to serve until the election later this year. Growing concerns regarding crime (including illegal mining) and

insecurity have triggered social unrest in several parts of Peru. In March 2025, the Government of Peru declared a 30-day state of emergency

for the provinces of Metropolitan Lima and Callao in response to escalating violent crime rates, and in October 2025, another 30-day state of

emergency was declared for the same provinces. The next general election in Peru is scheduled to be held in April 2026, and Mr. Jerí is

expected to remain in office until the end of the current term on 28 July 2026.

In Canada, Prime Minister Justin Trudeau, leader of the Liberal Party since 2015, announced his resignation in January 2025. Mark Carney

was appointed as his successor and was elected Prime Minister after the Liberal Party secured a fourth consecutive term in the April 2025

election. Canada's economic conditions may be affected by heightened tensions with the United States, including the imposition and threat

of additional tariff and other trade measures, which may contribute to uncertainty and could adversely affect the development of the

Windfall project.

Engagement with community stakeholders in all of the regions where Gold Fields operates can pose challenges to local management and

any inability to properly manage these relationships may have a negative impact on Gold Fields' production or associated costs. For example,

in Peru, Cerro Corona is entering a social transition phase as it moves toward closure. There is an increased risk of social dissatisfaction,

including protests and work stoppages, due to decreased local employment opportunities and reduced business prospects. Such social

unrest could disrupt ongoing operations planned through 2030 and jeopardise the timely execution of the closure process. There is also the

potential for social instability, protests or organised criminal activity in the communities near Gold Fields' South Deep, Damang, Tarkwa and

Cerro Corona mines relating to, among other things, community investment, unemployment, community mining, environmental concerns,

service delivery by local government or other issues. In addition, the transition of the Damang mine to the Government of Ghana in April 2026

and uncertainty regarding the renewal of the Tarkwa mining leases in 2027 may heighten the risk of social unrest in communities near

these operations. See "*– Gold Fields' operations across multiple jurisdictions, particularly at Tarkwa in Ghana, face uncertainties related to* 

*title, rights, the renewal of mining leases and other interests, which could impose significant costs and burdens, limit or prevent access to* 

*certain areas, or prohibit mining activity, which could materially adversely affect Gold Fields' operations".*

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**15**<br>

It is not certain what, if any, political, economic or social impacts the newly elected, appointed or re-elected governments will have on

Australia, South Africa, Ghana, Chile, Peru, or Canada respectively, or on Gold Fields specifically. In addition, economic and political instability

in regions outside of the jurisdictions where Gold Fields operates and geopolitical events, such as political instability in West Africa and the

war in Ukraine and conflict in the Middle East (including in the context of recent developments involving Iran), and any related economic

sanctions, may result in unavoidable uncertainties and events. Moreover, resource nationalism could affect Gold Fields' operations and

profitability as governments may impose stricter regulations, raise taxes, or nationalise assets to gain greater control over natural resources.

See "– *Gold Fields is subject to various regulatory costs, such as taxes and royalties, and the imposition or modification of such costs, or the* 

*amendment, expiration or non-renewal of related stabilisation arrangements, may have a material adverse effect on Gold Fields' operations* 

*and profits"*. These uncertainties and events could negatively affect costs of business, disrupt supply chains, cause volatility in commodity

prices, currency exchange rates, interest rates and worldwide political, regulatory, economic or market conditions. They could also cause

instability in political institutions, regulatory agencies and financial markets.

Occurrence of any such developments could result in Gold Fields experiencing opposition or disruptions in connection with any of its

operations. Such opposition or disruptions to any of Gold Fields' operations, in particular if it has an adverse impact on costs or causes any

stoppages (including as a result of any protests aimed at government and other mining operations that affect operations), could have a

material adverse effect on Gold Fields' business, operating results and financial condition.

If Gold Fields is unable to appoint, hire and retain qualified Board members, executives, senior leadership, technically skilled employees and

contractors that make up its workforce or attain sufficient representation among marginalised or underrepresented persons in management

positions or sufficient gender diversity in its workforce, in particular in Board and senior leadership-level positions, its business may be

materially adversely affected.

Gold Fields' ability to operate effectively and to meet its strategic objectives depends on the experience, skills and performance of its Board

members, executives, senior leadership and technically skilled employees.

Certain members of Gold Fields' Board of Directors are expected to depart in the near future, including several long-serving Non-Executive

Directors. The Board has been actively working on succession planning and identifying diverse global candidates with the necessary skills

and experience. However, the transition period could last longer than expected and there may be difficulties with recruiting qualified

candidates, which could require expending additional resources and disrupting the continuity of the Board's decision-making process.

Furthermore, the Company experienced significant changes to its executive leadership team between 2023 and 2025. In January 2024,

Mike Fraser was appointed as CEO, which followed the departure of four members of the Executive Committee in 2023. A further three

members of the Executive Committee announced their retirements in 2023, with two further members leaving in 2024 and 2025 due to

restructuring. Following a number of appointments in 2023 and 2024 to the Executive Committee, in 2025, Alex Dall was appointed as the

permanent CFO and Executive Director, and Mariette Steyn's portfolio was changed to include both People and Sustainability. In September

2025, Francois Swanepoel was appointed as COO, replacing Martin Preece, and Jason Sander was appointed as Acting CTO, replacing

Francois Swanepoel. The mining industry's ongoing global shortage of qualified global executive leadership, including as a result of increased

competition for talent in the sector, may have a negative impact on Gold Fields' ability to fill future vacant positions on its Executive

Committee. The shortage could also lead to salary inflation, further impacting Gold Fields' ability to attract and retain top talent.

Changes to the executive leadership team and the Board could impact Gold Fields' strategy and strategic direction. In 2024, Gold Fields

changed its operating model from a three-layered organisation to a two-layered functional guidance model. However, the full implementation

and embedding of this new model may not be achieved within the timeframe initially contemplated or at all. There is also no guarantee that

this operating model will realise the anticipated operating efficiencies or cost savings, or will otherwise be effective. See "*– Gold Fields may* 

*experience unforeseen difficulties, delays or costs in implementing its business strategy and projects and any such strategy or project may* 

*not result in the anticipated benefits"*.

Furthermore, the mining industry, including Gold Fields, is experiencing shortages of sufficiently skilled employees and contractors. There are

shortages of mechanised mining skills in the Australian, South African, Ghanaian and Canadian gold mining industries and a shortage of

technically qualified employees in the Peruvian and Chilean gold mining industries. Gold Fields is also experiencing a shortage, and high

turnover of, skilled workers, including operators at South Deep, and in its contractor mining workforce in Australia. The ability of Gold Fields to

secure a future pipeline of appropriately skilled employees is also uncertain due to a decline in those seeking to train in the technical areas

relevant to the mining industry and even more scarce female talent entering those careers. Gold Fields may be unable to appoint, hire or

retain qualified Board members, executive leadership, management personnel or technically skilled employees, or may have to pay higher

levels of remuneration than it currently intends in order to do so.

Additionally, Gold Fields takes proactive steps to ensure participation among marginalised or underrepresented persons (including, such as

in South Africa, Historically Disadvantaged Persons (as defined in the Mineral and Petroleum Resources Development Act, No. 28 of 2002

(MPRDA) (HDSAs)), women and people with disabilities) at all levels within the Group, including at the Board and other relevant management

levels, and at all occupational levels. In some instances, including in South Africa, Gold Fields must ensure that there is sufficient participation

of marginalised or underrepresented persons (including HDSAs, women and people with disabilities) as a condition of its mining rights.

See "*– Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain ownership* 

*requirements and possible penalties or forfeiture for non-compliance, the interpretation of which could be the subject of dispute"*. If Gold

Fields is unable to appoint, hire and retain qualified Board members, executive leadership and technically skilled personnel or is unable to

attain sufficient representation of marginalised or underrepresented persons (including HDSAs, women and people with disabilities) at the

Board level and in management positions, or if there are not sufficient succession plans in place, this could have a material adverse effect on

its business (including resulting in the imposition of fines and having a negative effect on production levels), operating results, financial

position and social licence to operate.

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**16**<br>

Gold Fields may not be able to meet its environmental, social and corporate governance targets or disclosure requirements.

Gold Fields has announced a range of environmental, social and governance (ESG)-related targets for 2035 and beyond, including: (i) safety,

health and wellbeing targets of zero fatalities or life-altering injuries; (ii) increased diversity, including achieving employee diversity targets of

30% and workforce gender representation targets of 25% inclusive of business partners; (iii) environmental management to prevent serious

environmental incidents through disciplined risk management and critical controls, and to maintain a high level of conformance with the

Global Industry Standard on Tailings Management; (iv) water stewardship to reduce and recycle 80% of freshwater annually and to transition

from absolute reduction targets to catchment and asset-specific context-based water targets from 2030; (v) decarbonisation targets to

achieve net zero Scope 1 and 2 emissions by 2050, a 30% reduction in Scope 1 and 2 emissions intensity against a 2016 baseline and a

10% reduction in Scope 3 emissions by 2030; and (vi) stakeholder value creation, including 30% annual national value creation to host

communities through employment, procurement and social investment, and delivering one legacy programme per country within five years

of operation to ensure host community value creation endures beyond the life-of-mine. Gold Fields cannot guarantee that it will meet any or

all of these targets. The climate crisis and socio-political challenges cannot be addressed by Gold Fields, or any organisation, on its own.

Gold Fields' progress is dependent not only on its own actions but on the governments of its countries of operation, providing clear,

early regulatory policy to help drive the change needed to meet its targets as well as the actions of those in Gold Fields' value chain and

wider society.

Further, several jurisdictions have or are contemplating the introduction of mandatory climate-related financial disclosure. For example, in

Australia, amendments to the Corporations Act 2001 (Cth) introduced a mandatory climate-related financial disclosure regime which imposed

new sustainability reporting obligations on certain entities, including Gold Fields' Australian entities, from 1 January 2025. Under the new

regime, reporting entities are required to submit an annual sustainability report as part of their annual financial reporting obligations.

Sustainability reports are required to contain a climate statement, which must be prepared in accordance with the AASB S2 sustainability

standards and include an assessment of the entity's material climate risks and opportunities for the relevant financial year.

The costs of compliance with proposed and recently enacted climate disclosure rules are significant, and non-compliance or the provision of

misleading or deceptive information may carry civil and regulatory penalties. Failure to comply with applicable legislation or to meet its targets

could have a material adverse effect on Gold Fields' business, operating results and financial condition as well as posing reputational and

litigation risks.

Gold Fields' operations are subject to extensive environmental and health and safety laws and regulations, which could impose additional

costs and compliance requirements, and Gold Fields may face operational disruptions, claims and liability for breaches, or alleged breaches,

of such regulations and other applicable laws.

Gold Fields' operations are subject to extensive environmental and health and safety laws, regulations, permitting requirements and

standards. These regulations oversee, among other things, the protection of the environment, pollution, water management, waste disposal,

occupational health, safety and wellbeing, including mine safety, toxic substances, cultural heritage, the management and sustainable closure

of operations, and the protection of endangered and other special status species.

In addition to compliance with local laws and regulations, Gold Fields' operations are also increasingly subject to stakeholder expectations

concerning the application of stringent internationally recognised environmental, health, safety, wellbeing and social standards and

benchmarks. Such standards include the ICMM Mining Principles, Position Statements and Performance Expectations, the WGC Responsible

Gold Mining Principles, IFC Performance Standards, World Bank guidelines, as well as other national and financing lender institute guidelines.

The application of such standards could impose significant compliance costs on Gold Fields. Certain financial institutions from whom the

Company borrows money may also require compliance with any of these standards, the subsequent deviation from which could prevent or

adversely affect Gold Fields' financial condition, existing financing arrangements and ability to secure future financing. For example, in 2023

Gold Fields entered into a U.S.$1.2 billion credit facility agreement and a A$500 million syndicated facility agreement, both of which offer the

benefit of a lower margin depending on the fulfilment of certain sustainability-linked key performance indicators. However, there is no

guarantee that Gold Fields will satisfy such commitments.

The environmental and health and safety laws and regulations applicable to Gold Fields impose significant compliance costs and subject the

Company to enforcement actions, which may result in suspension of all or part of an operation and/or significant financial penalties and

remedial actions, and potential litigation. In particular, regulatory investigations are ongoing into the fatal incidents that occurred at South

Deep in January 2024 and St. Ives in April 2024. Moreover, a failure to satisfy environmental, health and safety standards could impact Gold

Fields' "social licence to operate".

**Compliance Costs**

Gold Fields has incurred and may in the future incur significant costs to comply with environmental, social, health, safety and wellbeing

requirements imposed under existing or new legislation, regulations or permit requirements, or to comply with changes in existing laws and

regulations or the way they are applied. For example, if Gold Fields fails to modernise its operations in accordance with regulatory

requirements, it could incur additional compliance costs. See *"– The failure to optimise and modernise operations may have a material* 

*adverse effect on Gold Fields' business"*. In addition, Gold Fields is required to ensure it has sufficient funding for estimated mine closure

liabilities. In 2025, Gold Fields' total gross mine closure liability was U.S.$847 million. The funding methods used to make provision for the

required portion of these mine closure cost liabilities, in accordance with in-country legislation, are as follows:

• Australia: An annual levy (1% of the total mine closure liability) is applied to a State-administered mining rehabilitation fund, which is used to

rehabilitate legacy or abandoned sites. Consequently, Gold Fields' Australian operations self-fund all mine closure liabilities;

• South Africa: contributions to environmental trust funds and guarantees;

• Ghana: reclamation bonds underwritten by banks, and restricted cash;

• Chile: guarantee insurance policies;

• Peru: bank guarantees and restricted cash; and

• Canada: bank guarantees.

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**17**<br>

**Enforcement Actions**

Regulators are increasingly focusing on the enforcement of applicable environmental, social, health and safety laws and regulations and

permitting requirements, including in the jurisdictions where Gold Fields operates. Enforcement actions may cause Gold Fields' operations to

cease or to be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or remedial

actions. Non-renewal or suspension of permits, the inability to secure new permits, or the imposition of additional conditions could eliminate

or severely restrict Gold Fields' ability to conduct its operations.

Regulators can and do issue instructions following safety incidents to either partially or completely suspend operations at affected mines. It is

Gold Fields' policy to suspend production at its operations when serious incidents occur in order to undertake a comprehensive investigation

into the relevant causes, and to address any immediate control deficiencies, rectify hazardous situations and, if necessary, retrain workers.

In 2025, St. Ives was issued a prohibition notice by WorkSafe in relation to its Invincible underground operations following incidents involving

falls of salt accumulating in the ventilation rises. Additionally, the South African Department of Mineral and Petroleum Resources(DMPR)

conducted site visits, audits and inspections at South Deep, resulting in one section 54 notice (in which the mine has to stop operations)

following a fatal incident that occurred in January 2024. There were no section 55 or section 54 notices issued in 2025. A section 93 notice

was issued relating to a perceived contravention of the MPRDA that related to non-compliance with the approved Social and Labour Plan of

2018 to 2022, of which Gold Fields presented all the evidence required during January 2024. In addition, there can be no assurance that

trade unions will not take industrial action in response to such incidents which could lead to production losses. Trade unions may also

exercise right of entry powers in relation to safety matters which may impact production. Any additional stoppages in production, or increased

costs associated with such incidents, or other safety related matters, could have a material adverse effect on Gold Fields' business, operating

results and financial condition. Such incidents may also negatively affect Gold Fields' reputation with, among others, employees, trade unions

and regulators.

**Litigation**

Gold Fields has been, and may in the future also be, subject to litigation and other costs as well as actions by authorities relating to

environmental, social, climate change, and health, safety and wellbeing matters, including mine closures, the suspension of operations, legal

representation during incident inquiries and prosecution for mining incidents as well as significant penalties and fines for non-compliance.

South African legislation grants legal standing to a wide range of interest groups to institute legal proceedings to enforce their environmental

rights, which are enforceable against private entities. Gold Fields may also be subject to litigation brought by members of the community

affected by environmental-related impacts, as well as non-governmental organisations (NGOs) and public bodies. In some of the regions

where Gold Fields operates, laws impose potential liability on directors, shareholders, and lenders for environmental damage. Additionally,

in certain circumstances, breaches of environmental and health laws can result in administrative penalties, fines, criminal charges, or

imprisonment for directors and officers of the company.

The principal health risks associated with Gold Fields' mining operation in South Africa arise from occupational exposure and potential

community environmental exposure to silica dust, noise and certain hazardous substances, including toxic gases and radioactive particles.

The most significant occupational diseases affecting Gold Fields' workforce include lung diseases, such as silicosis, tuberculosis, a

combination of the two and chronic obstructive airways disease, as well as noise-induced hearing loss. Employees have sought and may

continue to seek compensation for certain illnesses, such as silicosis, from their employer under workers' compensation legislation and, at

the same time, in civil actions under common law (either as individuals or as a class) as is the case with the silicosis individual and class

action lawsuits. Such actions may also arise in connection with the alleged incidence of such diseases in communities proximate to

Gold Fields' mines.

In 2018, a group of six South African mining companies, including Gold Fields, concluded a settlement agreement with the attorneys

representing claimants in a silicosis and tuberculosis class action. See "*– Environmental and Regulatory Matters* – *South Africa* – *Health and* 

*Safety – Silicosis and Tuberculosis Settlement"*. Gold Fields has provided for the estimated cost of the above settlement based on actuarial

assessments and the provisions of the silicosis and tuberculosis class action settlement agreement. On 31 December 2025, the provision for

Gold Fields' share of the settlement of the class action claims and related costs amounted to U.S.$5.7 million (R94.6 million). The nominal

value of this provision is U.S.$6.5 million (R107.4 million). However, the ultimate outcome of this matter remains uncertain, with the number

of eligible workers (or their dependents) successfully submitting claims and receiving compensation being uncertain. The provision is

consequently subject to adjustment in the future. See *"Annual Financial Report* – *Notes to the Consolidated Financial Statements* –

*Note 39. Contingent liabilities"*. The payment of compensation for the claims could have a material adverse effect on Gold Fields' business,

reputation, results of operations and financial condition. In addition, Gold Fields may incur significant additional costs arising out of these

issues, including costs relating to the payment of fees, increased levies or other contributions in respect of statutory compensation funds

or other funds established and expenditures arising out of its efforts to remediate these matters or to resolve any outstanding claims or other

potential action.

In 2021, Gold Fields received Resolution No 1 Rol D-246-2021, which temporarily suspended a capture and relocation plan for two chinchilla

species. By 2023, the Superintendence of Environment (SMA) approved Gold Fields' updated environmental compliance programme and

paused the sanctioning process, contingent on Gold Fields' proposed technical criteria and measures. In late 2023, the SMA subsequently

approved an updated compliance programme. The rescue and relocation activities recommenced in the first quarter of 2024. In May 2024,

Salares Norte received a directive (MUT) from the SMA, requesting additional information and ordering a temporary suspension of the

dismantling of Rocky Area No. 3. The MUT was extended, and capture and relocation activities recommenced at Rocky Area No. 3 in October

2024, with Rocky Areas No. 3, 8 and 10A dismantled as of March 2026. The Compliance Plan (PdC) establishes 35 measures that must be

periodically reported to the SMA. In the event of any serious incident during the execution of the compliance programme, the relocation

activities will be required to be stopped. The SMA will determine whether to allow the resumption of activities or to suspend them and

reactivate the sanctioning process. Gold Fields has now executed multiple capture and relocation campaigns, with twelve chinchillas

successfully relocated and released since 2019. However, a number of chinchillas have been killed by predators since release, which could

result in Gold Fields failing to meet the survival rate required under the PdC. Gold Fields is continuing to implement measures to ensure the

successful relocation of the chinchillas. However, any failure in this process, including a failure to meet the survival rate or other obligations

under the PdC, could expose Gold Fields to significant penalties, sanctioning or further regulatory action, and Gold Fields may potentially

have to suspend mining activities in the areas close to the remaining rocky areas or otherwise lose access to areas that are important to its

current and future operations. As of March 2026, the dismantling process continues, with the monitoring program for Rocky Area No. 10B

progressing as planned. The current PdC is scheduled to expire in August 2026, and while Gold Fields intends to continue operating in

accordance with the PdC to complete the removal of the remaining rockeries, there can be no assurance that these efforts will be successful.

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**18**<br>

As environmental, social, health and safety laws and regulations expand in scope and become more complex and stringent, Gold Fields may

face increased regulatory and stakeholder scrutiny, which may lead to increased capital expenditures and subject Gold Fields to potential

enforcement actions and litigation proceedings. Any significant cost increases, potential enforcement actions or litigation relating to

environmental, social, health and safety laws and regulations could have a material adverse effect on Gold Fields' business, results of

operations and financial condition.

Mining companies are increasingly expected to provide benefits to affected communities. Failure to meet these expectations and

requirements can result in legal suits, additional operational costs, reputational damage, investor divestment and impact Gold Fields' "social

licence to operate", which could adversely impact Gold Fields' business, operating results and financial condition.

Gold Fields, like many mining companies, faces increasing pressure over the "social licence to operate", meaning the acceptance by local

stakeholders of a company and its operations and activities. While formal permission to operate is ultimately controlled by host governments,

many mining activities require social permission from host communities and influential stakeholders to carry out operations effectively,

sustainably and profitably.

There is increasing pressure to demonstrate that, while a satisfactory return on investment for shareholders is sought, the environmental,

human rights (including resettlement, diversity, equity and inclusion, contractor management, modern slavery and workplace respect) and

other key sustainability issues must be proactively and responsibly managed (including through supply chains), and that all stakeholders,

such as employees and contractors, host communities (including Indigenous Peoples) and the governments of the countries in which

Gold Fields operates, also benefit from Gold Fields' commercial activities. In some countries, such as Australia and Canada, there are

obligations to report on modern slavery risks that may exist in a company's operations and supply chains and to outline the actions being

taken to address these risks. The Australian Government has also recently completed consultation on proposed reforms to the Modern

Slavery Act 2018 (Cth). If implemented, the proposed reforms will increase Gold Fields' obligations with respect to modern slavery and may

result in penalties for non-compliance. There is also increasing action by members of the general financial and investment communities, such

as asset managers, sovereign wealth funds, public pension funds, universities, civil society and other groups, to promote improvements in

ESG performance by Gold Fields and others.

The potential consequences of these pressures and the adverse publicity in cases where companies are believed not to be creating sufficient

social and economic benefit or are perceived to not be responsibly managing other sustainability issues may result in additional operating

costs, higher capital expenditures, reputational damage, active stakeholder opposition (possibly resulting in delays, disruptions and

stoppages), allegations of human rights abuses, legal suits, regulatory intervention and investor withdrawal.

In order to maintain its social licence to operate, and prevent reputational damage, Gold Fields may need to design or redesign parts of its

mining operations to minimise their impact on such stakeholders and the environment by, among other means, changing mining plans to

reduce impact, modifying operations, changing planned capital expenditures, relocating affected people, or by employing personnel from

neighbouring communities. Anti-mining sentiments in some of the communities in which Gold Fields operates have been exacerbated by

factors such as high unemployment and violent crime rates, land acquisition and involuntary resettlement, artisanal and small-scale mining,

rights of indigenous peoples and respect for cultural heritage, government service delivery failure, environmental incidents and blasting

incidents, declining community benefits resulting from operational changes as well as non-mining related socio-political challenges. If any of

Gold Fields' operations are halted or projects are delayed as a result of Gold Fields failing to attain and maintain community support, or due

to any other community-related disruptions such operations or projects could decrease in value or Gold Fields may be unable to maintain

its operations or bring such projects into production.

Gold Fields may be required to take costly and time-consuming remedial measures, including providing compensation for land and

contributing to the restoration of livelihoods of those impacted. Gold Fields is obliged to comply with the terms and conditions of all the

mining rights it holds in South Africa. To this end, the Social and Labour Plan (SLP) provisions of Gold Fields' mining rights must consider local

economic development, among other obligations. See "*– Gold Fields' mineral rights are subject to legislation, which could impose significant* 

*costs and burdens, certain ownership requirements and possible penalties or forfeiture for non-compliance, the interpretation of which could* 

*be the subject of dispute – South Africa"*. Gold Fields also undertakes social and economic development spending in Australia, South Africa,

Ghana, Chile and Peru, either voluntarily and/or as a condition of its mining rights. In addition, as Gold Fields has a long history of mining

operations in certain regions or has purchased operations that have a long history, issues may arise regarding historical, as well as potential

future environmental or health impacts in those areas.

The cost of measures and other issues relating to the sustainable development of mining operations has placed significant demands on Gold

Fields' resources and could increase capital and operating costs and have a material adverse impact on Gold Fields' reputation, business,

operating results and financial condition.

Compensation and other financial benefits may be payable to native title holders and other First Nations in respect of Gold Fields' operations

in certain regions, which could affect Gold Fields' operating costs and profitability.

Gold Fields operates in regions in which its properties may be subject to the rights or asserted rights of community stakeholders, including

indigenous and First Nations communities that hold legal rights. As a result, Gold Fields may be liable for compensation, either through claims

brought by native title holders or as agreed through consultation or agreement negotiations.

In Australia, the Native Title Act 1993 (Cth) (Native Title Act) allows native title holders (i.e., Aboriginal and Torres Strait Islander people who

have secured a determination of native title) to seek compensation for any extinguishment or impairment of their native title rights and

interests which occurred following the commencement of the Racial Discrimination Act (1975) (Cth). The Commonwealth of Australia, its states

and territories are generally responsible for any native title compensation for acts (such as the granting of land and mining tenure) attributable

to them. However, this liability may be passed on to third parties (including the holders and former holders of mining tenure) either

contractually or by legislation.

With respect to the lands related to Gold Fields' mines, native title has been recognised in part or in whole over the Gruyere, Granny Smith,

St. Ives and Agnew mines. Consequently, the native title holders for each of these areas are entitled to commence compensation claims

(to the extent that such rights have not been waived).

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**19**<br>

Gold Fields now has agreements in place with:

(a)the Yilka People and the Sullivan family, who hold native title over the lands upon which the Gruyere mine is situated;

(b)the representative body for the Ngadju People, who hold native title over a significant area in Western Australia's Goldfields region,

including a large part of St. Ives;

(c)the representative body for the Tjiwarl People, who hold native title over a large part of Agnew; and

(d)the representative body for the Nyalpa Pirniku People, who hold native title over the lands upon which the Granny Smith mine is situated.

Each of these agreements provides compensation to the relevant native title holders and addresses the existing native title compensation

liability associated with each of the Australian assets.

An additional native title claim is currently progressing through the determination process in the Federal Court of Australia in relation to

certain parts of the St. Ives mine. If this claim is determined, or if further claims are made over areas that are not yet determined (for example

over the southern portion of the Agnew operations), and those claimants achieve a determination of their native title rights, those native title

holders would obtain a right to commence a compensation claim.

To the extent that it is ultimately determined that the compensation liability of the State of Western Australia may be passed on to Gold Fields

as a holder (or former holder) of mining tenure in a determined native title claim area, and Gold Fields does not have the benefit or a release

from liability in any contractual agreement, (as it does with the Ngadju People, the Yilka People and the Sullivan Family, the Tjiwarl People and

the Nyalpa Pirniku People) Gold Fields may be liable for any native title compensation determined in relation to those tenements. However,

until a sufficient body of compensation claims have worked their way through the Australian courts, the allocation, quantum and timing of this

liability will remain uncertain. Gold Fields is monitoring this issue and the various compensation claims being brought by native title holders

and will assess any potential risks associated as the claims are resolved in the various courts.

In Canada, compensation may be payable as a result of consultation or agreement making processes with First Nations parties. The majority

of the exploration rights held by Gold Fields are located within the boundaries of the James Bay and Northern Québec Agreement, in lands

recognised by Québec and Canada as traditional lands of the Crees. Two other First Nations have filed territorial claims, with both levels of

government, for certain areas covered by Gold Fields exploration rights: the Anishnabegs of Lac-Simon and the Attikamekws of Opiticiwan.

Gold Fields has an advanced exploration agreement for the Windfall project with the Cree First Nation of Waswanipi and the Cree Nation

Government, and an IBA is currently being negotiated to support further project development and ultimately operation of the Windfall mine,

which is a pre-requisite to Gold Fields obtaining its key environmental approval.

Due to the nature of mining and the extensive environmental footprint of the operations, environmental and industrial incidents and pollution

may result in operational disruptions such as stoppages which could result in increased production costs as well as financial and regulatory

liabilities and reputational harm.

Gold mining by its nature involves significant risks and hazards, including environmental hazards and industrial and mining incidents, which

have and may lead to serious injuries and fatalities. These may include, for example, seismic events, explosions, fires, cave-ins and blockages,

flooding, discharges of gases and toxic substances, contamination of water, air or soil resources, radioactivity and other incidents or

conditions resulting from mining activities, including, among other things, blasting and the transport, storage and handling of hazardous

materials. For example, in Peru, the Assessment and Environmental Control Agency (OEFA) imposed a fine against Gold Fields of

approximately U.S.$2.8 million in 2021 in connection with an incident that resulted in water containing tailings from the Cerro Corona TSF

flowing through an authorised diversion pipe. Gold Fields elected to pay the fine to avoid any coercive execution measures while challenging

the fine in court, which is pending final resolution.

The occurrence of any of these hazards or risks could delay or halt production, increase production costs and result in financial and

regulatory liability for Gold Fields (including because of the occurrence of hazards that took place at operations which were previously

owned by Gold Fields), which could have a material adverse effect on Gold Fields' business, operating results and financial condition. In

addition to the occurrence of serious injuries or fatalities relating to mining activities, transportation-related incidents, or natural events

involving Gold Fields' management, employees, or contractors could have a material adverse effect on Gold Fields' business, operating

results and financial condition.

Increasing regulation of environmental and sustainability matters such as greenhouse gas emissions and climate change may materially

adversely affect Gold Fields' operations and increase its operating costs.

Energy is a significant input and cost to Gold Fields' mining and processing operations, with its principal energy sources being electricity,

purchased petroleum products, and increasingly, renewable energy sources. Several governments, or governmental bodies, have introduced

or are contemplating regulatory changes in response to the potential impact of climate change. Many of these contemplate restricting

greenhouse gas (GHG) emissions or otherwise imposing a price on those emissions in jurisdictions in which Gold Fields operates.

The Australian government has committed to achieving net zero emissions by 2050. Under the Climate Change Act 2022 (Cth), Australia set

a national emission reduction target of 43% below 2005 levels by 2030 and net zero by 2050. In September 2025, Australia submitted its

updated Nationally Determined Contribution (NDC) under the Paris Agreement which sets a goal to reduce GHG emissions by 62-70% below

2005 levels by 2035. The Australian government has also progressed reforms in several sectors to align with its climate targets, including

amendments to the National Greenhouse and Energy Reporting Act 2007 (Cth) Safeguard Mechanisms (SGM), the primary tool to limit

emissions from large emitting facilities. Both the Gruyere and Granny Smith mines are regulated under the SGM and as such, are subject to

the facility baseline changes that came into effect from 1 July 2023 and apply a production-adjusted baseline declining at the rate of 4.9%

each year to 2030. Where a facility's emissions exceed its baseline, the facility will need to surrender Australian Carbon Credit Units (ACCUs)

or a new instrument called a Safeguard Mechanism Credit (SMC). SMCs will be created where a facility keeps its emissions below its baseline.

If the emissions from the relevant facilities are above their baseline, Gold Fields will need to procure ACCUs or SMCs on market and will be

subject to additional costs and market price fluctuations for those credits as a result. The SGM will be reviewed by the Australian Government

between 2026 and 2027 with a view to setting baseline decline rates for the post-2030 period and adjusting other settings for the

mechanisms if required. This could result in further changes to the scope and coverage of the SGM, including the potential for additional

facilities to be brought within its regulatory framework.

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**20**<br>

In South Africa, a carbon tax under the South African Carbon Tax Act No. 15 of 2019 (South African Carbon Tax Act), which is designed to levy

a tax on the person who conducts an activity in South Africa that results in GHG emissions equal to or above a certain threshold. The carbon

tax framework requires the calculation of liability to be based on the sum of "Scope 1" GHG emissions, which result from fuel combustion,

industrial processes and fugitive emissions. With respect to South Deep, the applicable greenhouse emitting activities include direct

emissions from diesel fired generators and vehicles. The carbon tax for emissions resulting from liquid fuels such as diesel and petrol is

included in the fuel tax regime. Consequently, these emissions are excluded from the emissions on which carbon tax is calculated. Taxpayers

must determine emissions in accordance with a reporting methodology approved by the Department of Forestry, Fisheries and the

Environment (DFFE), or the prescribed formulas in the South African Carbon Tax Act. In addition, the South African government enacted the

Climate Change Act 22 of 2024 (Climate Change Act). Certain sections of the Climate Change Act came into effect in March 2025. However,

section 27 of the Climate Change Act, which imposes "carbon budgets" on entities in certain high-emitting industries such as mining, has yet

to be proclaimed into law. When proclaimed, the carbon budgets together with GHG mitigation plans to be submitted by mining companies

for approval by the Minister of Forestry, Fisheries and Environment are intended to operate as statutory limits for CO2 emissions. Moreover,

it is expected that the Carbon Tax Act will be aligned with the Climate Change Act, through higher rates of carbon tax in respect of emissions

exceeding the applicable carbon budget. It is unclear to what extent Gold Fields will be able to make use of allowances that are currently

embedded in the carbon tax framework under the Carbon Tax Act.

Gold Fields is subject to the South African Carbon Tax until the Climate Change Act comes into effect. Under the first phase of the South

African Carbon Tax Act, "Scope 1" emissions were taxed from 1 June 2019 to 31 December 2025. The carbon tax rate for tax liable entities

were R190 and R236 per tonne of the carbon dioxide equivalent (CO2e) of their net GHG emissions for fiscal 2024 and fiscal 2025,

respectively. These rates were effectively moderated and significantly reduced by a suite of allowances, such as a basic tax-free allowance

and a carbon offset allowance for combustion emissions. As the Carbon Tax Act enters its second phase, the carbon tax rate increased to

R308 per tonne of the carbon dioxide equivalent of net GHG emissions from 1 January 2026. This upward trend is set to continue up to

R462 per tonne of carbon dioxide equivalent in 2030. The South African Carbon Tax Act currently allows mining companies such as Gold

Fields to reduce their carbon tax liability by using offset credits up to a maximum of 10% of their GHG emissions. This offset allowance

increased by 5% to 15% effective 1 January 2026. In addition, the basic tax-free allowance of 60% currently enjoyed by mining companies will

be retained to 31 December 2030.

In fiscal 2025, South Deep's eligible "Scope 1" emissions were from liquid fuels and the mine had no carbon tax liability beyond that which

was included in fuel prices. The carbon tax has not had an impact on the price of electricity. However, should Eskom be required to pass on

the cost of the tax from its emissions to customers, electricity tariffs may rise significantly. The South African government extended electricity

price neutrality for carbon tax to 31 December 2030. Further, other commodities that South Deep consumes may see price increases as the

tax is passed through the market.

In addition, several other regulatory initiatives are underway in countries in which Gold Fields operates that seek to reduce or limit industrial

GHG emissions. These regulatory initiatives are likely to impact Gold Fields' operations directly or by affecting the cost of doing business, for

example by increasing the costs of its suppliers. Inconsistency of regulations may affect both Gold Fields' decision to pursue opportunities in

certain countries and its costs of operations. Furthermore, additional, new and/or different regulations in this area, such as the imposition of

stricter limits than those currently contemplated, could be enacted, all of which could have a material adverse effect on Gold Fields' business,

financial condition, results of operations and prospects. For further information on climate-related regulations in specific countries of

operation, see "– Environmental and Regulatory Matters – Ghana – Environmental", "– Environmental and Regulatory Matters – Chile –

Climate change regulation" and "– Environmental and Regulatory Matters – Peru – Climate change regulation".

Climate change may present physical risks to Gold Fields' operations, including from extreme weather events and increased risk of wildfires

and flooding.

Gold Fields' operations could be exposed to several physical risks posed by climate change, such as changes in rainfall, rising sea levels,

reduced water availability, higher temperatures and more frequent extreme weather events. Events or conditions such as fires, flooding or

inadequate water supplies could disrupt Gold Fields' mining and transport operations, mineral processing and rehabilitation efforts, create

resource or energy shortages, damage property or equipment and increase health and safety risks. For instance, in March 2024, Gruyere

received over 140 millimetres of rainwater, the equivalent of rain typically accumulated over a six-month period, which flooded its main

access road, cutting the mine off, and led to material operational downtime. This resulted in financial losses of U.S.$12 million, including loss

of gold sales, repairs and other costs. Such events or conditions could have other adverse effects on its workforce and on the communities

around its mines, such as an increased risk of food insecurity, water scarcity and prevalence of disease. Each of these potential physical

impacts of climate change could disrupt Gold Fields' operations and have a materially adverse effect on its business, operating results and

financial condition.

Gold Fields' operations are subject to water use licences, which could impose significant costs and burdens.

Gold Fields' operations are subject to water use licences and regulations that govern each operation's water usage and that require, among

other things, mining operations to achieve and maintain certain water quality limits regarding all water discharges. Gold Fields is required to

comply with these regulations under its permits and licences and any failure to do so could result in the curtailment or halting of production

at the affected locations.

In Australia, Gold Fields is required to obtain a water licence from the Western Australian Department of Water and Environmental Regulation

(DWER) to enable both the extraction and discharge of water for its mining activities. A water licence is granted subject to conditions and

limitations with which the licence holder must comply. Contravening the conditions of a water licence is an offence and can lead to the licence

being cancelled or suspended. A water licence can also be cancelled or suspended in various other circumstances, including where the

Minister for Water or the Minister for Environment of Western Australia is of the opinion that the cancellation or suspension is necessary or

desirable to protect the water resource or associated environment from unacceptable damage. Gold Fields has obtained the necessary

water extraction and discharge licences (or has alternative supply arrangements in place) to support its current operations in Australia, but

there remains a risk that these licences will become subject to more onerous conditions in the future or may not continue to meet

operational requirements.

In South Africa, Gold Fields continues to use measures to remove underground water to permit the routine safe functioning of South Deep.

While South Deep has implemented a water and environmental management strategy in an effort to satisfy the conditions of its water use

licence and other relevant water and environmental regulatory requirements, there is no guarantee this strategy will be effective.

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**21**<br>

While Gold Fields continues to conduct diligence to comply with the water use and water quality discharge standards, there is no guarantee

that it will always be compliant. For example, in Ghana, Gold Fields is required to acquire permits for groundwater and surface water

abstraction as well as permits for pit dewatering from the Water Resources Commission of Ghana. These permits also allow for discharge of

water from Gold Fields sites and come with stringent conditions and discharge standards that must be met. While these permits are due to

be renewed every three years, noncompliance can result in heavy fines, withdrawal of the permit and refusal of the Water Resources

Commission to renew the permit on expiration. The Water Resources Commission is looking to issue permits for all water holding facilities and

this could increase costs and the likelihood of noncompliance.

In Chile, inland water is a national asset for public use and private party usage is regulated through a concession for a maximum of 50 years

and requires an environmental permit. The environmental permit for the Salares Norte operation authorises the extraction and use of a flow of

30 litres per second during the operation phase of the project. Any abstraction in excess of the authorised flow may constitute an "illegal

water extraction" and may result in fines, suspensions and/or closures of wells.

Any failure on Gold Fields' part to achieve or maintain compliance with the requirements of its water use licences with respect to any of its

operations could result in Gold Fields being subject to substantial claims, penalties, fees and expenses; significant delays in operations; or the

loss of the relevant water use licence, which could curtail or halt production at the affected operation and have a material adverse effect on

Gold Fields' business, operating results and financial condition.

Gold Fields has experienced, and may continue to experience, acid mine drainage-related pollution, which may compromise its ability to

comply with legislative requirements or result in additional operating or closure cost liabilities.

Acid mine drainage (AMD) and acid rock drainage (ARD, and together with AMD, Acid Drainage or AD) is formed when certain sulphide

minerals in rocks are exposed to oxidising conditions (such as the presence of oxygen, combined with water). AD can occur under natural

conditions or due to sulphide minerals that are encountered and oxidised during mining or during storage in waste rock dumps, ore stockpiles

or TSFs. The acidic water that forms usually contains iron and other metals if they are contained in the host rock.

Gold Fields has experienced incidences of AD, and faces the risk of short-term and long-term AD issues, specifically at the St. Ives and Cerro

Corona mines, with immaterial levels of surface AD generation also occurring at other operations. As a result, Gold Fields has investigated

technical solutions to manage AD impacts, while updating the relevant regulatory authorities on its progress.

Despite undertaking such measures, it is difficult to estimate the total impact that the AD-related issues may have on the Group, and there can

be no assurance that Gold Fields will be successful in preventing or managing long-term potential AD issues at all of its operations.

Gold Fields' mine closure cost estimate (namely environmental rehabilitation cost provisions) for fiscal 2025 includes aspects of AD

management (namely tailings facilities, waste rock dumps, ore stockpiles and other surface infrastructure) that management has been able to

reliably estimate. However, there is no guarantee that Gold Fields' current cost estimate, including the cost of AD treatment and other post-

closure water treatment, reflects all relevant factors and, as such, the actual closure costs may be higher.

The existence of material long-term AD issues at any of Gold Fields' operations could cause it to fail to comply with its water use licence

requirements and could expose Gold Fields to fines, additional operating costs and other liabilities. In certain areas where Gold Fields

operates, AD could also cause water scarcity, which could affect the ongoing mining operations and lead to production curtailment and mine

closures, any of which could have a material adverse effect on Gold Fields' business, production, operating results and financial condition.

The failure of a tailings storage facility could result in regulatory penalties, fines and/or sanctions, litigation, additional operational costs and

production delays, and could impact Gold Fields' "social licence to operate".

Mining companies face inherent risks in operating and managing their tailings storage facilities. Tailings storage facilities are structures

designed and managed to contain fine mining waste, known as tailings. Tailings are a by-product of mining, consisting of the processed rock

or fine grit left over from separating the commodities of value from the rock within which they occur. However, tailings storage facilities

expose Gold Fields to certain risks that could be detrimental to operations, the environment, public health or safety. Tailings storage facilities

designed as upstream raised facilities may present a greater risk, particularly in high seasonal rainfall areas and in areas of high seismic

activity. When tailings storage facilities fail, the consequences can be catastrophic for communities, local economies and the surrounding

environment. In the event of a failure at one of Gold Fields' tailings storage facilities, the loss of human life and/or extensive property and

permanent environmental damage can occur, leading to large unforeseen expenditures as a result of recovering the region, assisting affected

people, and through the imposition of penalties, fines and other monetary damages. In addition, such a failure could adversely impact Gold

Fields' social licence to operate and may damage the Group's reputation.

Tailings facilities are in a near-constant state of change, from initial construction, during operations and until closure. Gold Fields maintains

measures to manage the safety of its tailings storage facilities in accordance with international standards, such as the Global Industry

Standard on Tailings Management (GISTM). In August 2025, Gold Fields achieved a GISTM conformance rating of approximately 95% across

its assets, excluding Damang, where full GISTM conformance activities were paused due to the agreed transition of the asset to the

Government of Ghana. In addition, Gold Fields continues to adopt new deposition technologies and conducts routine operational reviews and

audits by independent consultants. However, Gold Fields cannot guarantee the effectiveness of its designs, construction quality or regular

monitoring throughout its operations or that these measures will prevent the failure of one or more of its tailings storage facilities, that such

potential failure will be detected in advance, or that its emergency response will be able to mitigate any potential loss of life or environmental

damage. Gold Fields also cannot guarantee that its operating partners maintain similar safety precautions or monitoring systems for their

tailings storage facilities.

The failure of a tailings storage facility could lead to multiple legal proceedings and investigations, including securities class actions, criminal

proceedings and public civil actions (against the Company and/or individuals) for significant damages. Furthermore, eliminating the

"conventional" practice of storing wet tailings (e.g. by stacking filtered tailings and compacting them) could require the research, development

and deployment of new technologies, which could lead to additional large expenditures. As a result of recent or future dam failures, other

environmental, health and safety laws and regulations may be forthcoming globally, including in jurisdictions where Gold Field operates,

which may ban or curtail the storage of wet tailings or the construction or use of upstream raised tailings storage facilities. In addition,

changes in industry standards, laws and regulations may impose more stringent conditions on the licensing process of projects and

operations and increase criminal and civil liability for companies, officers and contractors.

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**22**<br>

Due to ageing infrastructure at Gold Fields' operations, unplanned breakdowns and stoppages may result in production delays, increased

costs and industrial incidents.

Once shafts or processing plants approach and reach the end of their planned lifespan and begin operating under extended LOM mineral

reserve conditions, additional maintenance, refurbishment, condition monitoring and care are required. The infrastructure in most of Gold

Fields' operating countries falls into this category, including in South Africa at South Deep which has ageing shafts and winders. In addition,

the availability of suitable spare parts and replacement equipment for ageing infrastructure is an increasingly important factor and may

become more constrained over time, which can further impact maintenance planning, costs and operational reliability. Although Gold Fields

has comprehensive strategies in place to address these issues and is currently undertaking an asset integrity review, incidents resulting in

production delays, increased costs, industrial incidents, health and safety risks, or threats to operational continuity may occur. Such incidents

may have a material adverse effect on Gold Fields' business, operating results and financial condition.

The effects of the regional cessation of dewatering may have a material adverse effect on Gold Fields' South Deep operation.

In 2016, Sibanye Stillwater Limited (formerly Sibanye Gold Limited) announced that it would be closing its Ezulwini (Cooke 4) shaft. As a part

of this process, Sibanye-Stillwater filed an application for closure and the cessation of dewatering from the mine with the DMPR. There have

been various iterations of Sibanye-Stillwater's application and objections thereto and, in 2020, the DMPR refused the application for closure

and the cessation of dewatering.

Concurrently, in 2019 Sibanye-Stillwater, through its subsidiary, Ezulwini Mining Company (Pty) Ltd, brought an application in a South African

court against seven respondents, including South Deep, in relation to the cessation of dewatering from Ezulwini (Cooke 4). After a series of

court proceedings, the Supreme Court of Appeal (SCA) confirmed that Ezulwini must continue to operate Ezulwini (Cooke 4) until the DMPR

has issued a closure certificate or for such longer period as provided for under section 24R of the National Environmental Management Act,

No. 107 of 1998 (NEMA). Ezulwini was unsuccessful in its application for leave to appeal the decision of the SCA to the Constitutional Court.

Furthermore, in early 2020, Rand Uranium, a subsidiary of Sibanye-Stillwater, submitted a basic environmental assessment process to the

DMPR for the closure of the Cooke 3, 2 and 1 shafts, to which Gold Fields objected. In 2021, the DMPR granted the environmental

authorisation to Rand Uranium, which makes provision for the rewatering of the Cooke 3, 2 and 1 shafts. Gold Fields appealed the DMPR's

decision in 2022, and in 2023, the Minister of the DFFE handed down a decision in favour of Gold Fields' appeal and the environmental

authorisation issued to Rand Uranium has been set aside, meaning Rand Uranium will not be able to stop the current activities being

performed and may not rewater the mine works. Continuous monitoring of the water plugs is critical, and Rand Uranium and Gold Fields

remain in discussions to determine an appropriate resolution. A memorandum of understanding is in place between the parties to assist with

the ongoing engagements; however, there can be no assurance that these discussions will lead to a definitive agreement or resolution.

Non-compliance with the decisions of the DMPR and various courts, whether intentional or accidental, may lead to severe consequences

since the cessation of pumping and/or the rewatering of Ezulwini (Cooke 4) could result in an increased risk of fluid-induced seismicity to

South Deep posing a risk to the mine's safety. This, in turn, may have a material adverse effect on Gold Fields' business, operating results and

financial condition.

Legal, regulatory and compliance risks

Gold Fields is subject to various regulatory costs, such as taxes and royalties, and the imposition or modification of such costs, or the

amendment, expiration or non-renewal of related stabilisation arrangements, may have a material adverse effect on Gold Fields' operations

and profits.

In recent years, governments (often with support from communities, NGOs and/or trade unions) in several jurisdictions have sought and, in

some cases, have implemented greater cost imposts on the mining industry, including through the imposition of additional taxes and royalties.

Such resource nationalism, whether in the form of cost imposts, interference in project management, mandatory social investment

requirements, local content requirements or creeping expropriation, could impact the global mining industry and Gold Fields' business,

operating results and financial condition.

Australia operates a state-based royalty regime, and a federal corporate tax regime. Each of Gold Fields' Australian mines are in the state of

Western Australia, which imposes a 2.5% royalty on the value of gold produced. Despite previous proposals to raise the royalty rate for gold,

the recent budgets of the state of Western Australia, including for 2026, have not provided for an increase in the royalty on gold, maintaining

the existing rate of 2.5%. While the state government has signalled that it does not intend to further pursue royalty changes and has not

included any provision for an increase to the royalty on gold in the budget forward estimates (which covered the period through to 2028), the

risk remains that the government of Western Australia will seek to impose royalty increases in the future.

The state of Western Australia also imposes a payroll tax, which is calculated based on wages paid or payable by Gold Fields to its

employees. The Australian federal government levies corporate income tax at the rate of 30% on companies with aggregated turnover which

is more than A$50 million.

In South Africa, the Mineral and Petroleum Resources Royalty Act, No. 28 of 2008 (the Royalty Act) imposes a royalty on refined and unrefined

minerals payable to the South African Government.

The royalty in respect of refined minerals (which include gold and platinum) is calculated by dividing earnings before interest and taxes (EBIT)

by the product of 12.5 times gross sales in respect of refined mineral resources calculated as a percentage, plus an additional 0.5% and then

multiplying the ratio with the gross sales of the refined mineral resource. EBIT refers to taxable mining income (with certain exceptions such as

no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of

5% of revenue has been introduced for refined minerals. Gold Fields currently pays a royalty based on the refined minerals royalty calculation

as applied to its gross revenue.

Under South African tax legislation, gold mining companies and non-gold mining companies are subject to corporate income tax at different

rates. The corporate income tax rate for non-gold mining companies was reduced from 28% to 27% for years of assessment ended on or after

31 March 2023. The corporate tax rate for a gold mining company is determined according to a formula which is affected by the profitability of

the applicable mining operation. Accordingly, depending on the profitability of mining operations in South Africa, the effective tax rate can be

significantly different from year to year.

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**23**<br>

The MPRDA provides a statutory right of access for the mining right holder to the mining area for the purposes of conducting mining

operations and does not require the holder to own the land on which it conducts operations. Once a mining right is granted, a landowner

cannot refuse a lawful mining right holder the right to conduct its mining operations. In addition, the landowner is only entitled to

compensation for loss or damage from the mining right holder for the use of the land for mining operations conducted in terms of the MPRDA.

Recent case law in South Africa has strengthened the rights of communities on mining land, including by requiring written consent from

informal rights holders in certain circumstances.

In December 2024, the new Expropriation Act No. 13 of 2024 (New Expropriation Act) was signed by the South African president. The New

Expropriation Act generally provides for expropriation of land and other forms of property exclusively for public purposes and in the public

interest, subject to just and equitable compensation as envisaged in Section 25 of the South African Constitution, allowing for expropriation

of land with no compensation under certain limited conditions. See "*– Environmental and Regulatory Matters* – *South Africa* – *The New* 

*Expropriation Act"*.

Any expropriation legislation resulting in the expropriation of land, including in connection with the New Expropriation Act, on which Gold

Fields operates or relies on would disrupt operations, which could have a material adverse effect on Gold Fields' business, operating results

and financial condition.

In Ghana, the ownership of land on which there are mineral deposits is separate from the ownership of the minerals as minerals are the

property of the Ghanaian Republic and are vested in the president in trust for the people of Ghana. On 1 January 2017, in line with the

development agreements concluded between Gold Fields and the Government of Ghana (Development Agreements), Gold Fields' royalty

rate changed from a flat 5% of revenue to a sliding scale royalty based on the price of gold, starting at a rate of 3% on a gold price below

U.S.$1,300 per ounce up to a rate of 5% on a gold price of at least U.S.$2,300 per ounce, and the corporate tax rate was set at 32.5%. In

December 2025, legislation was introduced under the Minerals and Mining (Royalties) Regulations 2025 to increase the applicable gold

royalty rate from a flat rate of 5% to a sliding scale rate of 5-12%. These changes became effective in March 2026, but will not be applicable to

Damang and will not apply to Tarkwa until after April 2027. Following the expiration of Abosso Goldfields Limited's (Abosso) Development

Agreement on 18 April 2025, Abosso's royalty and corporate income tax rates are now 5% and 35%, respectively. There can be no guarantee

that the existing tax and royalty rates will not increase in the future, or that the Government of Ghana will not materially change the terms of

the Development Agreement between itself and Gold Fields Ghana, refuse to extend or renew the agreement, or rescind the agreement

altogether. For example, the Government of Ghana has indicated that it wishes to materially amend the Minerals and Mining Act (Act 703),

with proposed changes including the abolition of development agreements, among other matters. See *"– Gold Fields' operations across* 

*multiple jurisdictions, particularly at Tarkwa in Ghana, face uncertainties related to title, rights, the renewal of mining leases and other* 

*interests, which could impose significant costs and burdens, limit or prevent access to certain areas, or prohibit mining activity, which could* 

*materially adversely affect Gold Fields' operations"*.

In addition, in March 2023, the Government of Ghana passed the Growth and Sustainability Levy Act 2023 (Act 1095) which imposed a

temporary levy of 1% of gross production for the period 2023 to 2025, notwithstanding any provision to the contrary in any agreement or

enactment relating to a tax holiday or exemption from direct or indirect tax applicable to a company. Gold Fields and other affected mining

companies with development agreements formally objected to paying the levy, but no formal resolution was reached. The Growth and

Sustainability Levy (Amendment) Act, 2025 (Act 1131) was passed in April 2025 and increased the levy from 1% to 3% of gross production for

gold mining companies, with an extended sunset date of 2028. Whilst the Government of Ghana passed legislation in March 2026 reducing

the levy back to 1% in light of the changes to the gold royalty rates, there can be no assurance that further increases to the levy will not be

implemented in the future, or that additional levies will not be imposed.

The Fees and Charges (Miscellaneous Provisions) (Amendment) Regulations, 2025 (L.I. 2512) imposes an annual ground rent on mining

concessions of approximately U.S.$239.07 per cadastral unit payable to the Government of Ghana. Under the Ghanaian Minerals and Mining

Act, 2006 (Act 703) (Minerals and Mining Act), the Ghanaian Minister of Lands and Natural Resources (Minister of Lands and Natural

Resources) has the right of pre-emption over all minerals obtained in Ghana and products derived from the refining or treatment of these

minerals. On 31 July 2018, the Minister of Lands and Natural Resources informed the Chamber of the Government of Ghana's intention to

exercise its right of pre-emption to acquire up to 30% of all gold mined in Ghana for the benefit of Ghanaian refineries. While the right of

pre-emption was not exercised following the 2018 proposal, in February 2026, the Government of Ghana announced the proposed Ghana

Accelerated National Reserve Accumulation Policy which, among other matters, would require the mandatory sale of 20% of production by

large scale miners as doré at a discounted price to the Government of Ghana. If implemented, this policy may affect the pricing, revenue

realisation and cash flow of large-scale gold producers in Ghana, including Gold Fields.

The Bank of Ghana announced a domestic gold purchase programme to buy refined gold from gold mining companies to shore up its

reserves and help stabilise the Ghanaian Cedi, which suffered a steep depreciation in its value in 2022. The Bank of Ghana entered into an

agreement with Gold Fields (through an industry initiative with the Chamber), which was later amended, whereby the Bank of Ghana buys a

pre-determined amount of gold directly from Gold Fields' refining company. In 2023, Gold Fields Ghana sold 127,397.62 ounces of gold to the

Bank of Ghana selling 28,444.90 ounces and 98,952.72 ounces of gold coming from Abosso and Gold Fields Ghana, respectively. In 2024,

Gold Fields' Damang and Tarkwa mines together sold 18,320.51 ounces and 81,825.35 ounces of gold to the Bank of Ghana, respectively. In

2025, Gold Fields agreed to sell 100,000 ounces of gold to the Bank of Ghana, and by year-end, 86,784.37 ounces of gold had been sold,

with 69,831.65 ounces coming from Tarkwa and 16,952.72 ounces coming from Damang. See "*– Environmental and Regulatory Matters* –

*Ghana* – *Mineral Rights".*

In Chile, in 2019, Gold Fields entered into a stability agreement with the Chilean government, pursuant to which a special investment regime

applies such that Salares Norte is not subject to any new tax, royalty, fee or similar specific encumbrance over mining activities, but is subject

to any changes the government may implement under a general tax regime. Unless there is further taxation reform, the Salares Norte

operation is subject to the current 27% corporate tax rate in Chile, and any dividends paid by the Salares Norte operation to Gold Fields are

subject to the current 35% withholding tax rate in Chile. Further, the 27% corporate tax paid will fully count as a credit against the withholding

tax levied, resulting in an effective dividend withholding tax rate of approximately 8%.

In addition, the tax reform bill which proposed to replace the current tax integrated system with a "dual system", potentially reducing the

corporate tax rate, was rejected by the Chilean congress. In 2023, the Chilean president introduced the main guidelines of the "Fiscal Pact",

which will likely consist of two separate bills: one relating to combating tax evasion and avoidance and the other will be focused on tax

reforms aimed at increasing revenue. The specific content of each bill has not yet been specified and parliamentary discussion continues.

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**24**<br>

In Peru, the general corporate income tax rate is 29.5% and the dividends income tax rate applicable to non-resident shareholders is 5%. In

addition to the corporate income tax, mining companies are required to pay a statutory mining royalty (*Regalía Minera*), a Special Mining Tax

(*Impuesto Especial a la Minería*). Mining companies are also required to pay an annual supervisory contribution to the Supervisory Body of

Investment in Energy and Mining (*Organismo Supervisor de la Inversion en Energia y Mineria*, or the OSINERGMIN), as well as to the

Assessment and Environment Supervising Agency (*Organismo de Evaluacion y Fiscalizacion Ambiental,* or the OEFA). In addition, a

consultation law requires the government to consult with indigenous or native populations on legislative or administrative proposals that may

have an impact on their collective rights, including the granting of permits for the development of mining projects. See "*– Environmental and* 

*Regulatory Matters* – *Peru* – *Mining Royalty and Other Special Mining Taxes and Charges"*. The effect of any further changes to the

regulatory system in Peru on Gold Fields cannot be predicted at this stage.

In addition to rising taxes and royalties, Gold Fields may from time to time become involved in disputes with taxing authorities. For example,

following a routine audit by the Peruvian tax authority (SUNAT) of Gold Fields' 2021 income tax return, SUNAT issued a determination

resolution and a penalty resolution alleging an improper refund in respect of a hedge loss of PEN 180 million (U.S.$14 million) and certain

incorrect payments to workers relating to judicial and loan retentions. SUNAT has assessed an aggregate amount of U.S.$38 million, including

interest to July 2025. In July 2025, Gold Fields appealed the resolutions to the Peruvian Tax Court, which may take up to a year to issue a

decision. In the event of an unfavourable ruling, Gold Fields would be required to pay the full assessed amount in order to pursue a further

appeal before a judicial court. Gold Fields has in parallel initiated a constitutional protection annulment of the penalty; however, there can be

no assurance as to the outcome of these proceedings. In addition, Gold Fields is currently in a dispute with the Canadian Revenue Agency

in relation to U.S.$69.7 million (C$100.3 million) of withholding tax that was deducted from the payment by Yamana Gold (Yamana) of its

U.S.$300 million termination fee in connection with the termination of its arrangement agreement with Gold Fields in 2022. While Gold Fields

vigorously pursued recovery of this withholding tax from the Canadian Revenue Agency (CRA), the agency ultimately denied the Company's

refund application in January 2023. Gold Fields filed a notice of appeal with the Tax Court of Canada in March 2024, which the Canadian

Department of Justice dismissed in June 2024. Following discovery hearings in April 2025 and the submission of additional evidence, the

matter has now been scheduled for trial in the first quarter of 2027. The CRA and Gold Fields may continue to pursue settlement prior to trial.

The effect of these, or impositions of additional restrictions, obligations, operational costs, taxes or royalty payments could have a material

adverse effect on Gold Fields' business, operating results and financial condition.

Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain ownership requirements and

possible penalties or forfeiture for non-compliance, the interpretation of which could be the subject of dispute.

Gold Fields' right to own and exploit Mineral Resources and Reserves and deposits is governed by the laws and regulations of the

jurisdictions in which the mineral properties are located. Currently, a significant portion of Gold Fields' Reserves and deposits are located in

countries where mining rights could be suspended or cancelled should it breach its obligations in respect of the acquisition and exploitation

of these rights.

In all the countries where Gold Fields operates, the formulation or implementation of governmental policies on certain issues may be

unpredictable. This may include changes in laws relating to mineral rights and ownership of mining assets and the right to prospect and

mine, and, in extreme cases, nationalisation, expropriation or nullification of existing rights, concessions, licences, permits, agreements

and contracts.

**Australia**

Gold Fields' Australian mining tenements are subject to conditions imposed by the Mining Act 1978 (WA) (Western Australia Mining Act),

including prescribed conditions on prospecting licences, exploration licences and mining leases to meet minimum annual expenditure

commitments. If Gold Fields fails to comply with a condition of a mining tenement, it may be subject to penalties such as fines or forfeiture of

the mining tenement. For example, if Gold Fields fails to work the ground and meet the minimum expenditure commitments of its tenements,

then it may apply for an exemption. However, if no valid ground for exemption exists and the application is refused, then there is a risk the

exploration licence may be subject to forfeiture or that a penalty will be imposed.

To secure the ground for a longer term and to undertake mining activities, exploration licences must be converted to a mining lease. The

Western Australia Mining Act requires that an application for a mining lease be supported by either a mining development and closure

proposal, a mineralisation report or a resource report, which must be prepared and submitted in accordance with guidance published by

the Department of Mines, Petroleum and Exploration (DMPE). Failure to provide the proper supporting documentation for a mining lease

application may result in the application being refused by the Minister for Mines. For further information, see "– *Environmental and Regulatory* 

*Matters – Australia"*.

A mining lease remains in force for a period of 21 years and may be renewed for successive periods of 21 years with the tenement holder

entitled to the first renewal as of right and subsequent renewals at the discretion of the Minister for Mines. In December 2024, the DMPE

made available guidelines regarding the matters that will be taken into account by the Minister for Mines when considering granting a second

or subsequent renewal. Applicants are also encouraged to supply a statement justifying why the second or subsequent renewal should be

granted.

Some of Gold Fields' mining leases in Australia are approaching a second renewal, starting from 2025, with the first round of applications

currently in progress. This renewal is contingent upon the discretion of the Minister for Mines. If the Minister for Mines decides against

granting the second or subsequent renewal, the mining lease could be forfeited.

Additionally, where an application for a mining lease (or an application for a second or subsequent renewal of a mining lease) is made within

an area that is the subject of a native title claim or determination, Gold Fields will be required to negotiate with that native title group to secure

consent to the grant of the tenement unless Gold Fields has an existing agreement in place with that native title group, under which they have

given their consent to the grant of any such applications. Such negotiations can be costly and require significant amounts of time, and there is

ultimately no certainty that agreement will be reached. Failure to secure such agreement and consent may result in the Minister for Mines

refusing the mining lease application or renewal. See "– *Gold Fields' operations across multiple jurisdictions, particularly at Tarkwa in Ghana,* 

*face uncertainties related to title, rights, the renewal of mining leases and other interests, which could impose significant costs and burdens,* 

*limit or prevent access to certain areas, or prohibit mining activity, which could materially adversely affect Gold Fields' operations"*.

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**25**<br>

**South Africa**

The South Deep mine is subject to legislation regulating the exploitation of mineral resources through the granting of rights required to

prospect and mine for minerals, and has a mining licence that is valid until 2040. Such legislation includes broad-based black economic

empowerment legislation designed to affect the entry of historically disadvantaged persons (as defined in the legislation), into the mining

industry and to increase their participation in the South African economy.

The MPRDA is the primary legislation regulating the mining industry in South Africa. It requires, among other things, that mining companies

submit social and labour plans, which set out their commitments relating to human resource development, labour planning and socio-

economic development planning to the DMPR. The 2025 to 2029 SLP has been provisionally approved by the DMPR, subject to publishing

the required documents in two official local languages and submitting copies to the DMPR. There is uncertainty how the MPRDA will be

applied and interpreted in the future, and what changes, if any, Gold Fields will be required to make in order to comply with this legislation to

avoid its mining rights being cancelled or suspended. Mining rights are linked to compliance with various empowerment obligations, including

the Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry, 2018 (2018 Mining Charter),

which was published and became effective in September 2018. Although the 2018 Mining Charter was intended to bring about legal certainty

to the industry, it was widely considered not to have done so.

In 2021, the High Court of South Africa held that the 2018 Mining Charter was intended to be an instrument of policy and has set aside certain

of its provisions. The judgement also confirmed the "once empowered, always empowered" principal, and that the HDSA ownership status of

existing mining right holders, which wish to renew their rights, must automatically be recognised by the DMPR.

The DMPR has instead indicated that it intends to drive transformation in the mining sector by enforcing the terms of existing mining rights

while it works to amend the MPRDA. Although the sanction provisions for non-compliance are now no longer applicable, Gold Fields may

nonetheless incur expenses related to compliance with the 2018 Mining Charter and is likely in the future to be subject to new or expanded

requirements pursuant to amendments to be made to the MPRDA in terms of the draft MPRDA Bill published by the DMPR in May 2025.

See "– *Environmental and Regulatory Matters* – *South Africa* – *Mineral Rights"*.

**Ghana**

Abosso holds the main mining lease in respect of the Damang mine, which was granted in 1995 and expired on 18 April 2025. After the initial

refusal by the Government of Ghana of Abosso's application to extend the Damang main mining lease in March 2025, the Damang lease was

renewed for one year to 18 April 2026. Abosso also holds the mining lease in respect of the Lima South pit that expired in 2017 and was

extended in 2019 for a ten-year period by the Minister of Lands and Natural Resources on the recommendation of the Ghanaian Minerals

Commission (the Minerals Commission). The Lima South mining lease will be surrendered to the Government of Ghana upon the expiration of

the Damang mining lease. Gold Fields Ghana has six major mining leases in respect of its mining operations at Tarkwa. There are five mining

leases under the Tarkwa property lease, all of which are valid until April 2027, and one mining lease under the Teberebie property lease,

which is valid until 2043. An application was submitted in November 2025 to the Minerals Commission for the extension of the mining leases

which expire in 2027.

In late 2025, the Minerals Commission announced that it would conduct audits of large-scale mining companies in Ghana, including

Gold Fields, which are expected to review compliance over a ten-year period with the terms of granted mining leases and any applicable

development agreements. While the scope and timing of these audits have not yet been clarified, there can be no assurance that compliance

matters will not be identified. Any findings of non-compliance could result in material fines, and could adversely affect the renewal of the

Group's mining leases.

There can be no assurance that the Tarkwa leases will be renewed on the same or similar terms, or renewed at all. Failure to secure the

renewal of these leases, or securing renewals on less favourable terms than those currently in place, including with respect to lease term,

fiscal conditions, or the free carried interest of the Government of Ghana, would have a material adverse effect on Gold Fields' business,

operating results and financial condition. See "– *Environmental and Regulatory Matters – Ghana – Mineral Rights"*.

**Chile**

In 2022, Chile's constitutional convention's environmental committee approved a proposal to nationalise Chile's copper, lithium and gold

mines. This proposal was rejected and therefore not included in the constitutional text that was submitted to popular vote and rejected in

2022, and subsequently, in 2023. Though the Chilean government has ruled out initiating a new constitutional process during the current

president's term, in the event a proposal to nationalise Chile's gold mines becomes part of Chile's new constitution in the future, Gold Fields'

operations in Chile may be halted or curtailed, resulting in a material adverse effect on its business, operating results and financial condition.

See "– *Economic, political or social instability in the countries or regions where Gold Fields operates may have a material adverse effect on* 

*Gold Fields' operations and profits*".

Failure by Gold Fields (or others operating on its behalf or with its permission) to comply with the conditions of its mining rights, mineral rights

legislation or to renew mining leases in any of the jurisdictions in which it operates may cause it to lose the right to mine, fail to acquire new

rights to mine and may have a material adverse effect on Gold Fields' business, operating results and financial condition.

An actual or alleged breach or breaches of law or applicable governance processes, or fraud, bribery, corruption, money-laundering or a

sanctions breach may lead to public and private censure, regulatory penalties, fines and/or sanctions and loss of licences or permits, may

impact negatively upon Gold Fields' empowerment status in South Africa, and may damage Gold Fields' reputation.

Gold Fields operates globally in multiple jurisdictions and with numerous and complex legal frameworks, applicable and adopted rules, codes

and standards, and its governance and compliance framework and implemented processes may not prevent potential breaches of law or

accounting or other governance practices. Gold Fields' operating and ethical codes facilitate the reporting of internal and external fraudulent

behaviour, dishonesty and unethical conduct. Dedicated reporting mechanisms relating to fraud, bribery and corruption, money-laundering

and unethical conduct pivot on a Group Whistle Blower hotline, under the ambit of a Group Whistle Blower Policy, internal grievance and

disciplinary mechanisms within the People discipline and a Code of Conduct breach identification and assessment mechanism in the Legal

and Governance discipline. Gold Fields' operating and ethical codes, among other adopted rules, codes, standards and guidance, may not

prevent instances of fraudulent behaviour, dishonesty and unethical conduct (internally or by associated third parties), nor guarantee

compliance with legal and regulatory requirements.

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**26**<br>

To the extent that Gold Fields suffers from any actual or alleged breach or breaches of relevant laws in its operating jurisdictions, including

the U.S. Foreign Corrupt Practices Act of 1977 (the FCPA), under any circumstances, they may lead to investigations and examinations,

regulatory and civil penalties, fines and/or sanctions, litigation, public and private censure and loss of operating licences or permits and may

amount to a breach of Gold Fields' financial covenants, impact negatively upon Gold Fields' empowerment status and may damage Gold

Fields' reputation. The occurrence of any of these events could have a material adverse effect on Gold Fields' business, operating results

and financial condition.

Gold Fields' operations and profits have been and may continue to be adversely affected by trade union activity and new and existing labour laws.

Any trade union activity that affects Gold Fields could have a material adverse impact on its operations, production and financial performance.

In Australia, Gold Fields has an enterprise agreement with the majority of its employees (including all its operational employees) which is in

effect until its expiry date in June 2026, following which it will continue until replaced or terminated. Its senior employees are engaged under

individual contracts of employment. Protected industrial action can only be taken where an enterprise agreement has passed its expiry date

and bargaining for a new (replacement) agreement is failing. However, unlawful industrial action remains a possibility.

Further, "equal job equal pay" laws in Australia now empower the Fair Work Commission (FWC) to issue regulated labour hire arrangement

orders (RLHAOs). These orders may mandate that labour hire employees receive compensation at the same rate as Gold Fields employees

performing equivalent work under an enterprise agreement. No application for an RLHAO has been made in respect of Gold Fields to date,

although Gold Fields does use labour hire employees and is considering the potential impact if any such application is made in the future,

including a potentially significant increase in employment costs. These reforms may affect productivity and increase Gold Fields' labour costs

in Australia.

In South Africa, labour unrest has previously resulted in more frequent industrial disputes and extended negotiations that have negatively

affected South Africa's sovereign debt rating and subsequently the credit ratings of a number of the country's leading mining companies,

including Gold Fields. There can be no guarantee that future negotiations, including the wage negotiations planned for 2026, will not be

accompanied by further strikes, work stoppages or other disruptions, particularly when such negotiations are conducted in an elevated gold

price environment.

Furthermore, guidelines and targets have been provided to facilitate compliance with the open-ended broad- based socio-economic

empowerment requirements set out in the MPRDA and other legislation and policies. See "– *Gold Fields' mineral rights are subject to* 

*legislation, which could impose significant costs and burdens, certain ownership requirements and possible penalties or forfeiture for* 

*non-compliance, the interpretation of which could be the subject of dispute"*. The ongoing implementation of these requirements may

be contentious.

Gold Fields' direct employees in Ghana are currently not unionised. However, approximately 40% of Abosso's direct junior staff employees

have joined the Ghana Mine Workers Union, and approximately 36% of Gold Fields' contractors in Ghana are unionised. A proportion of Gold

Fields' mining contractors are unionised, and participated in a "go-slow" at the Tarkwa mine in December 2025 during a wage negotiation

process. There is no guarantee that similar actions will not be taken in the future.

In Chile, the mining industry has the highest level of unionisation relative to other sectors. At the Salares Norte operation, a new labour

agreement was signed in 2023 which updated the conditions and benefits at the site until July 2025. Gold Fields and its union initiated an

early collective bargaining process in the first half of 2025, which resulted in a successful three-year agreement that began to run from

March 2025.

In Peru, Gold Fields' operations recently have been, and may in the future be, impacted by increased trade union activities, often resulting

from restructurings, and new labour laws. Negotiations with unions commenced in June 2025 at Cerro Corona, and a three-year deal labour

agreement was reached which will extend to fiscal 2028.

While Gold Fields seeks to strengthen its relationship with the trade unions in the regions where it operates, there can be no guarantee that

trade unions will not undertake strikes or "go-slow" actions during periods of resistance to Gold Fields' operational decisions, impacting the

Group's operations and those of other related industries and suppliers.

In the event that Gold Fields experiences industrial relations related interruptions at any of its operations or in other industries that impact

its operations, or increased employment-related costs due to trade union or employee activity, these may have a material adverse effect on

its business, production levels, operating costs, production targets, operating results, financial condition, reputation and future prospects.

In addition, lower levels of mining activity can have a longer-term impact on production levels and operating costs, which may affect operating

life. Mining conditions can deteriorate during extended periods without production, such as during and after strikes, and Gold Fields will not

re-commence mining until health and safety conditions are considered appropriate to do so.

Existing labour laws (including those that impose obligations on Gold Fields regarding worker rights) and any new or amended labour laws

may increase Gold Fields' labour costs and have a material adverse effect on Gold Fields' business, operating results and financial condition.

Fluctuations in insurance cost, market conditions and availability could adversely affect Gold Fields' operating results and its insurance

coverage may not adequately satisfy all potential claims in the future.

Gold Fields has global insurance policies covering general liability, directors' and officers' liability, political violence, accidental loss and/or

material damage to its property, business interruption in the form of fixed operating costs or standing charges and other losses as stated in

the insurance policy. The costs of maintaining adequate insurance coverage are significantly high and can thereby adversely affect Gold

Fields' operating results. In light of the increasing risk profile that mining companies face, insurance coverage may be difficult to obtain.

Furthermore, Gold Fields may be forced to accept lower coverage and higher deductibles, which, in the event of a claim, could require

significant, unplanned expenditures of cash and affect its financial condition.

In addition, Gold Fields may become subject to liability against potential claims which it has not insured, cannot insure or has insufficiently

been insured for, or is unable to insure the amount needed due to lack of capacity by insurers in the market, including those in respect of past

mining activities. Gold Fields' property and business interruption insurance and general liability may not cover a particular event at all or be

sufficient to fully cover Gold Fields' losses, including, without limitation, as a result of natural disasters, public health emergencies, such as a

global pandemic, and other events that could disrupt Gold Fields' operations. Further, Gold Fields' existing insurance policies contain certain

exclusions and limitations on coverage. For example, should Gold Fields be subject to any regulatory or criminal fines or penalties, these

amounts would not be covered under its insurance programme, either due to exclusions or limitations, or because it is prohibited by

legislation in some jurisdictions. Should Gold Fields suffer a major loss, future earnings could be affected. In addition, Gold Fields' insurance

does not cover loss of profits. As a result, in the future, Gold Fields' insurance coverage may not cover the extent of claims against it or any

cross-claims made.

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**27**<br>

Gold Fields' financial flexibility could be materially constrained by South African exchange control regulations.

South Africa's exchange control regulations (the Exchange Control Regulations) restrict the export of capital from South Africa, the Republic

of Namibia, and the Kingdoms of Lesotho and Eswatini, known collectively as the Common Monetary Area (the CMA). Transactions between

South African residents (including companies) and non-residents of the CMA are subject to exchange controls administered by the Financial

Surveillance Department of the South African Reserve Bank (SARB). While South African exchange controls have been relaxed in certain

respects in recent years, South African companies remain subject to restrictions on their ability to deploy capital outside of the CMA. As a

result, Gold Fields' ability to raise and deploy capital outside the CMA is restricted. These restrictions could hinder Gold Fields' financial and

strategic flexibility, particularly its ability to fund acquisitions, capital expenditures and exploration projects outside South Africa. See "*–* 

*Environmental and Regulatory Matters – South Africa – Exchange Controls"*.

Risks related to Gold Fields' shares and ADSs

Shareholders outside South Africa may not be able to participate in future issues of securities (including ordinary shares) carried out by or on

behalf of Gold Fields.

Securities laws of certain jurisdictions may restrict Gold Fields' ability to allow participation by certain shareholders in future issues of

securities (including ordinary shares) carried out by or on behalf of Gold Fields. In particular, holders of Gold Fields securities who are located

in the United States (including those who hold ordinary shares or ADSs) may not be able to participate in securities offerings by or on behalf

of Gold Fields unless a registration statement under the Securities Act is effective with respect to such securities or an exemption from the

registration requirements of the Securities Act is available thereunder.

Securities laws of certain other jurisdictions may also restrict Gold Fields' ability to allow the participation of all holders in such jurisdictions in

future issues of securities carried out by Gold Fields. Holders who have a registered address or are resident in, or who are citizens of,

countries other than South Africa should consult their professional advisers as to whether they require any governmental or other consents

or approvals or need to observe any other formalities to enable them to participate in any offering of Gold Fields securities.

Investors in the United States and other jurisdictions outside South Africa may have difficulty bringing actions, and enforcing judgements,

against Gold Fields, its directors and its executive officers based on the civil liabilities provisions of the federal securities laws or other laws of

the United States or any state thereof or under the laws of other jurisdictions outside South Africa.

Gold Fields is incorporated in South Africa as a public company. All of Gold Fields' directors and executive officers reside outside the United

States, and the majority of (i) Gold Fields' assets and (ii) the Gold Fields directors' personal assets are located outside the United States.

Accordingly, investors that obtain judgements in the United States or other foreign jurisdictions may face obstacles to enforcing foreign

judgements in South Africa.

There are several conditions to be met for a foreign judgement to be enforced. In particular, South African courts will:

• not enforce foreign revenue laws or claims for punitive, multiple or penal damages;

• not enforce judgements (i) repugnant to then prevailing public policy, or (ii) obtained by fraudulent or similar means; and

• only enforce final judgements by a court or body having competence to decide the matter in the foreign jurisdiction.

South African courts will apply their own procedural rules and the capacity of parties to contract will be determined in accordance with South

African law. Moreover, a plaintiff who is not resident in South Africa may be required to provide security for costs in the event of proceedings

being initiated in South Africa and the Rules of the High Court of South Africa require that documents executed outside South Africa must be

authenticated for the purpose of use in South Africa.

Investors may face liquidity risk in trading Gold Fields' ordinary shares on JSE Limited.

Historically, trading volumes and liquidity of shares listed on the JSE have been low in comparison with other major markets. The ability of a

holder to sell a substantial number of Gold Fields' ordinary shares on the JSE in a timely manner, especially in a large block trade, may be

restricted by this limited liquidity.

Gold Fields may not pay dividends or make similar payments to its shareholders in the future in accordance with its shareholder returns policy

or at all, and any dividend payment may be subject to withholding tax.

Gold Fields' dividend policy targets a base dividend of 35% of free cash flow before discretionary growth investments and contemplates

potential additional returns to shareholders, which may comprise share buybacks and/or special dividends. Gold Fields pays cash dividends

only if funds are available for that purpose. Whether funds are available depends on a variety of factors, including the amount of cash

available and Gold Fields' capital expenditures (on both existing infrastructure, new projects, exploration and growth opportunities) and other

cash requirements existing at the time. Under South African law, Gold Fields will be entitled to pay a dividend or similar payment to its

shareholders only if it meets the solvency and liquidity tests set out in the Companies Act No. 71 of 2008 and Gold Fields' Memorandum of

Incorporation. Given these factors and the Board of Directors' discretion to declare cash dividends or other similar payments, dividends may

not be paid in the future. A 20% withholding tax is applicable on dividends declared by South African resident companies to non-resident

shareholders or non-resident ADS holders. The 20% withholding tax can, however, be reduced under the provisions of an applicable bilateral

tax treaty. Any relief under an applicable double taxation treaty may be subject to the application of the Multilateral Convention to implement

Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (where appropriate), provided the conditions to availing of the

benefits are met. See *"– Additional Information – Taxation – Certain South African Tax Considerations – Tax on Dividends".*

Gold Fields' non-South African shareholders face additional investment risk from currency exchange rate fluctuations since any dividends will

be paid in Rand.

Dividends or distributions with respect to Gold Fields' ordinary shares have historically been paid in Rand. The U.S. dollar or other currency

equivalent of future dividends or distributions with respect to Gold Fields' ordinary shares, if any, will be adversely affected by potential future

reductions in the value of the Rand against the U.S. dollar or other currencies. While South African exchange controls have been relaxed in

recent years, in the future, it is possible that there will be further changes in South African exchange control regulations, such that dividends

paid out of trading profits will not be freely transferable outside South Africa to shareholders who are not residents of the CMA. See "*–* 

*Additional Information – South African Exchange Control Limitations Affecting Security Holders"*.

![page border.jpg](gfi-20251231_g220.jpg)

**28**<br>

Information on the Company

Organisational Structure<sup>(1),(2)</sup>

Gold Fields is a holding company with its significant ownership interests organised as set forth below.

![organisational structure.jpg](gfi-20251231_g221.jpg)

*Notes:*

<sup>(1)</sup> *As of 30 March 2026, unless otherwise stated, all subsidiaries in this organisational chart are, directly or indirectly, wholly owned by Gold Fields.*

<sup>(2)</sup> *Not all other subsidiaries and investments are wholly owned.*

![page border.jpg](gfi-20251231_g220.jpg)

**29**<br>

Gold Fields is a public limited company incorporated in South Africa, with its registered office located at 150 Helen Road, Sandown, Sandton,

2196, South Africa, telephone number +27-11-562-9700. Gold Fields was incorporated and registered as a public limited company in South

Africa under registration number 1968/004880/06 on 3 May 1968 and operates under Gold Fields Limited. Gold Fields is the ultimate holding

company of the Gold Fields group.

Summary Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act

Overview

Gold Fields has nine operating mines located in Australia, South Africa, Ghana, Chile and Peru, as well as a non-operational project in Canada,

Windfall, which is a gold development stage property in the Abitibi greenstone belt, Québec, Canada. Gold Fields conducts underground and

open pit mining operations at St. Ives, underground-only operations at Granny Smith, Agnew and South Deep and open pit mining at Gruyere,

Tarkwa, Damang and Salares Norte. Windfall is expected to be underground only. Cerro Corona is currently not conducting active open pit

mining activities and is processing surface ore stockpile material only, while some tailings material is processed at South Deep to assist with

the supply of backfill material for underground placement and stope support. Material processed intermittently, and as prescribed by a

processing schedule, from production stockpiles occurs at Gruyere, Granny Smith, St. Ives, Agnew, Tarkwa, Damang and Salares Norte.

Salares Norte has created a large surface stockpile that will be processed as required. Damang will revert to 0% attributable ownership in

April 2026 when it is handed back to the Government of Ghana in accordance with the terms of the agreement reached in April 2025.

The following graphic sets out the geographical distribution of Gold Fields' mining properties.

![Global Assets Image.jpg](gfi-20251231_g1.jpg)

For a summary of Gold Fields' Measured, Indicated and Inferred Mineral Resources point of reference in situ by commodity and geographic

area, as determined by a Qualified Person as of 31 December 2025, see "*– Summary of Mineral Resources and Mineral Reserves – Mineral* 

*Resources of Gold Fields as at 31 December 2025 – Attributable Mineral Resources exclusive of Mineral Reserves as at 31 December 2025*".

For a summary of Gold Fields' Proven, Probable and total Mineral Reserves by commodity and geographic area, as determined by a Qualified

Person as of 31 December 2025, with the point of reference being the Run of Mine (ROM), see "*– Summary of Mineral Resources and Mineral* 

*Reserves – Mineral Reserves of Gold Fields as at 31 December 2025 – Attributable Mineral Reserves as at 31 December 2025"*.

The following table sets out the aggregate production of Gold Fields' mining operations for the years ended 31 December 2025, 2024 and

2023. All production numbers are presented as attributable.

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended 31 December | Year ended 31 December | Year ended 31 December |
|  | 2025 | 2024 | 2023 |
| Gold production (koz) | 2,342 | 1,985 | 2,304 |
| Copper production (kt) | 23 | 22 | 27 |
| Silver production (koz)  | 2,360 | 145 |  |

---

![page border hor.jpg](gfi-20251231_g222.jpg)

**30**<br>

The following table sets out an overview of Gold Fields' operative mining areas, as of 31 December 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Size<br>(hectares)<br>| Attributable ownership | Operator | Stage | Mine type | Commodity | Mineralisation style | Processing plants <br>or other facilities<br>|
| ***Australia*** |  |  |  |  |  |  |  |  |
| *Gruyere*<sup>(1)</sup> | 375862 | *100%* | *Gold Fields* | *Production* | *Open pit and stockpile* | *Gold* | *Archaean shear hosted* <br>*orogenic*<br>| *Mill/CIL* |
| *Granny Smith*  | 68240 | *100%* | *Gold Fields* | *Production* | *Underground* | *Gold* | *Archaean shear hosted* <br>*orogenic*<br>| *Mill/leach/CIP* |
| *St. Ives*  | 154837 | *100%* | *Gold Fields* | *Production* | *Underground, open pit and* <br>*stockpile*<br>| *Gold* | *Archaean shear hosted* <br>*orogenic*<br>| *Mill/leach/CIP* |
| *Agnew*  | 71446 | *100%* | *Gold Fields* | *Production* | *Underground* | *Gold* | *Archaean shear hosted* <br>*orogenic*<br>| *Mill/leach/CIP* |
| ***South Africa*** |  |  |  |  |  |  |  |  |
| *South Deep*<sup>(2)</sup>  | 4268 | *90.181%* | *Gold Fields* | *Production* | *Underground and* <br>*stockpile*<br>| *Gold* | *Paleoplacer* | *Mill/leach/CIP* |
| ***Ghana*** |  |  |  |  |  |  |  |  |
| *Damang*<sup>(3)</sup>  | 24265 | *90%* | *Gold Fields* | *Production* | *Open pit and stockpile* | *Gold* | *Hydrothermal* | *Mill/CIL* |
| *Tarkwa*  | 20825 | *90%* | *Gold Fields* | *Production* | *Open pit and stockpile* | *Gold* | *Paleoplacer* | *Mill/CIL* |
| ***Chile*** |  |  |  |  |  |  |  |  |
| *Salares Norte*  | 94100 | *100%* | *Gold Fields* | *Production* | *Open pit and stockpile* | *Gold; Silver* | *Epithermal* | *Mill/leach/ Merrill* <br>*Crowe /CIP*<br>|
| ***Peru*** |  |  |  |  |  |  |  |  |
| *Cerro Corona*  | 6209 | *99.53%* | *Gold Fields* | *Production* | *Open pit and stockpile* | *Gold; Copper* | *Porphry* | *Mill/float/ concentrate* <br>*sales*<br>|
| ***Canada*** |  |  |  |  |  |  |  |  |
| *Windfall*<sup>(4)</sup> | 14300 | *100%* | *Gold Fields* | *Development* <br>*(EIA and mining* <br>*licence required)*<br>| *Underground* | *Gold; Silver* | *Intrusion related* | *Not yet constructed* |

---

*Notes:*

<sup>(1)</sup> *Gold Fields acquired 100% of Gruyere from Gold Road Resources on 25 September 2025, following which Gold Fields' Attributable Ownership became 100%.* 

<sup>(2)</sup> *South Deep has a variable Attributable Ownership year on year.*

<sup>(3)</sup> *Following the handover of the Damang mine to the Government of Ghana on 18 April 2026, Gold Fields' Attributable Ownership in the mine will become 0%.*

<sup>(4)</sup> *Acquired 50% partnership stake in the Windfall project in May 2023. On 25 October 2024, Gold Fields completed the transaction to acquire Osisko, and consolidated 100% ownership of the Windfall project. Gold Fields will need to procure an EIA approval and a mining licence to* 

*proceed with development.*

![page border.jpg](gfi-20251231_g220.jpg)

**31**<br>

Gold Fields leases its corporate headquarters in Sandton, Johannesburg, South Africa.

In Western Australia, land that is the subject of mining rights is leased from the state. West Australian mining leases have an initial term of

21 years with one automatic 21-year renewal period and, thereafter, an indefinite number of 21-year renewals with ministerial approval.

In relation to gold produced from the mining leases at Gruyere, Granny Smith, St. Ives and Agnew, Gold Fields pays an annual royalty to

the state of 2.5% of revenue.

According to the MPRDA, the Mineral Resources of South Africa belong to the nation and to the state (as custodian of the nation's resources,

which is entitled to grant prospecting and mining rights). The MPRDA provides a statutory right of access for the mining right holder to the

mining area for the purposes of conducting mining operations and does not require the holder to own the land on which it conducts

operations. Once a mining right is granted, a landowner cannot refuse a lawful mining right holder the right to conduct its mining operations.

In addition, the landowner is only entitled to compensation from the original mining licence grantee for the loss or damage from the mining

right holder for the use of the land for mining operations conducted in terms of the MPRDA. In May 2010, the DMPR approved the conversion

of the South Deep old order mining right into a new order mining right. No right to landowner compensation arises on conversion of old order

mining rights to new order mining rights. Included in this approval was an additional area called Uncle Harry's which is contiguous to South

Deep. The durations of the South Deep and Uncle Harry's mining rights are both 30 years, with a reasonable expectation of right of renewal.

Gold Fields holds freehold title to almost all of its mining right in respect of its South African South Deep mining operation, and where it does

not own such surface property, it conducts surface operations in accordance with applicable mining and property laws. See *"– Risk Factors –* 

*Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain ownership requirements and* 

*possible penalties or forfeiture for non-compliance the interpretation of which could be the subject of dispute – South Africa"*.

Gold Fields' Ghana operations comprise two legally registered entities, Damang mine (Abosso) and Tarkwa mine (Gold Fields Ghana). Abosso

holds the right to mine at the Damang property under the Damang and Lima South mining leases from the Government of Ghana. The

Damang mine, owned and operated by Abosso Goldfields Limited (Abosso) and located in the Damang-Huni Valley in the Western Region of

Ghana, has been operational since 1995. Abosso's mining lease 1409/96 was extended for one year following its expiry on 19 April 2025. The

extended mining lease is due to expire on 18 April 2026. Gold Fields has given notice to three Ghanaian agencies that, effective 18 April

2026, Abosso will hand over all operational responsibilities, assets, and related documentation to the Government of Ghana in accordance

with the extended mining lease. Notices of the hand back have been sent to the Chief Executive Officer Minerals Commission Accra, the

Acting Executive Secretary of the Water Resources Commission, and the Chief Executive Officer of the Environmental Protection Authority.

Gold Fields Ghana obtained the mining rights for the Tarkwa property from the government of Ghana in 1993. In August 2000, with the

consent of the government of Ghana, Gold Fields Ghana was assigned the mining rights for the northern portion of the Teberebie property.

The Tarkwa rights expire in April 2027 and the Minister of Lands and Natural Resources has approved the extension of the Teberebie Leases

to 2043. While Gold Fields reasonably expects that the Tarkwa leases can be extended in accordance with applicable law to extract planned

and future defined Mineral Reserves as its operations are materially compliant with the relevant legislative requirements, there can be no

assurance that such leases will be renewed on the same or similar terms, or renewed at all. See *"– Risk Factors—Gold Fields' mineral rights* 

*are subject to legislation, which could impose significant costs and burdens, certain ownership requirements and possible penalties or* 

*forfeiture for non-compliance the interpretation of which could be the subject of dispute—South Africa"*. Damang did not disclose Mineral

Reserves in 2024 or 2025 due to an unfavourable economic assessment.

Gold Fields may respectively exploit all surface and underground gold at all its sites until the rights expire, provided that Gold Fields pays the

government of Ghana a quarterly royalty. In December 2025, legislation was introduced under the Minerals and Mining (Royalties)

Regulations 2025 to increase the applicable gold royalty rate from the prior flat rate of 5% to a sliding scale rate of 5-12%. These amendments

became effective in March 2026, but do not apply to the Damang rate and will not apply to the Tarkwa mine until after April 2027. See *"–* 

*Environmental and Regulatory Matters – Ghana – Mineral Rights".*

In Chile, the Salares Norte mine has all necessary permits in place. The environmental permit requires the protection and relocation of the

endangered short-tailed chinchilla. The Relocation Plan commenced during October 2020, with the capture and relocation of four chinchillas,

two of which were relocated successfully. In late 2023, the environmental regulator (SMA) subsequently approved an updated compliance

programme. The rescue and relocation activities recommenced in the first quarter of 2024. In May 2024, Salares Norte received a directive

(MUT) from the SMA, requesting additional information and ordering a temporary suspension of the dismantling of Rocky Area No 3. The MUT

was extended, and capture and relocation activities recommenced at Rocky Area No 3 in October 2024, with Rocky Area No 3 dismantled in

January 2025. Chinchilla capture and relocation at Rocky Area No 5 started in February 2025 and the rockery was dismantled in April 2025.

Following the winter break, chinchilla capture and relocation restarted in October 2025 at Rocky Area No 8 and the rockery was dismantled in

December 2025. Chinchilla capture and relocation started at Rocky Area No 10A in February 2026 and remains ongoing.

The compliance programme establishes 35 measures that must be periodically reported to the SMA. In the event of any serious incident

during the execution of the compliance programme, the relocation activities will be required to be stopped. The SMA will determine whether

to allow the resumption of activities or to suspend them and reactivate the sanctioning process. In the latter case, Gold Fields is exposed to

the imposition of fines and may potentially have to suspend mining activities in the areas close to the remaining rocky areas. Gold Fields has

now executed multiple capture and relocation campaigns, with 12 chinchillas successfully relocated and released, though four are known to

have been predated subsequent to their release.

In Peru, exploration and extraction activities can only be performed in duly authorised areas. Authorisation is granted by the Peruvian

government when a mining concession is issued. Mining concessions expire if the titleholder does not exploit the concessions for a period of

15 years, unless the titleholder demonstrates to the authorities that this was through no fault of its own, in which case the authorities may

allow the titleholder to begin to exploit the concession within the next five years that follow. The titleholder must comply with specific

obligations, such as paying annual fees of U.S.$3.00 per hectare, meeting minimum investment requirements, paying a monthly royalty

according to the value of the produced concentrates and other requirements. See *"– Environmental and Regulatory Matters – Peru –* 

*Concessions – Mining Concessions".*

In Peru, the Cerro Corona Mineral Resource exclusive of Mineral Reserves is not disclosed due to the lack of a reasonable prospect of

extraction for in situ Measured and Indicated and Inferred due to the sterilisation of Mineral Resources due to in-pit tailings. The Mineral

Reserve consists of stockpile material only.

In Canada, the Windfall project mining leases are extraction (production) mining titles that give holders the exclusive right to mine minerals

(other than surface minerals, petroleum, natural gas, and brine). A mining lease is granted to the holder of one or several claims upon proof of

the existence of indicators of a workable deposit in the area covered by such claims and compliance with other requirements prescribed by

the Mining Act. A mining lease has an initial term of 20 years but may be renewed for three additional 10-year periods. Under certain

conditions, a mining lease may be renewed beyond the three statutory renewal periods. On 25 October 2024, Gold Fields completed the

acquisition of Osisko, consolidating ownership of the Windfall project which is currently operating under a bulk sample permit. The

environmental and social assessment of the Windfall project is still ongoing. Once the EIA is approved, a mining lease can be awarded. Gold

Fields filed a mining lease request for the Windfall project in 2026.

![page border.jpg](gfi-20251231_g220.jpg)

**32**<br>

Non-Core Investments

Over the years, Gold Fields has acquired strategic interests in several smaller mining companies, including in Australia, Canada, Chile, Peru

and Suriname. As at 31 December 2025, Gold Fields held minority shareholdings in Great Southern Mining Ltd., Yandal Resources Limited,

Generation Mining, Killi Resources, Lefroy Exploration Ltd., Hamelin Gold Ltd., Lunnon Metals Ltd., Vior Gold Corporation Inc., Amarc

Resources, Osisko Metals, Onyx Gold Corporation, Torq Resources Inc., Tesoro Gold Limited, Founders Metals Inc., Chakana Copper Corp.,

Mineral Resources Limited, and others (together, the Non-Core Investments). Gold Fields also acquired strategic interests during the Canadian

Osisko consolidation.

The following graphics set out the geographical distribution of the Non-Core Investments. Mineral Resources Limited is a diversified miner

and service provider with operations, offices and activities across Western Australia and the Northern Territory. Given the size of its

geographic spread, the graphic below provides an indication only of its corporate office.

![Figure1highres.jpg](gfi-20251231_g223.jpg)

*Figure 1. Australia; Great Southern Mining*

![Figure2.jpg](gfi-20251231_g224.jpg)

*Figure 2. Australia; Hamelin Gold, Killi Resources, Yandal Resources, Lefroy Exploration, Lunnon Metals and Mineral Resources Limited.* 

*Mineral Resources Limited is a diversified miner and service provider with operations, offices and activities across Western Australia* 

*and the Northern Territory. Due to the number of these, only the location of the corporate office is indicated.*

![page border.jpg](gfi-20251231_g220.jpg)

**33**<br>

![Figure3.jpg](gfi-20251231_g225.jpg)

*Figure 3. Canada; Generation Mining, Onyx Gold, Vior Gold Corporation* 

*Inc. and Osisko Metals*

![Figure4.jpg](gfi-20251231_g226.jpg)

*Figure 4. Suriname; Founders Metals*

![Figure5highres.jpg](gfi-20251231_g227.jpg)

*Figure 5. Canada; Amarc Resources*

![Figure6highres.jpg](gfi-20251231_g228.jpg)

*Figure 6. Peru and Chile; Chakana Copper, Torque Resources and Tesoro* 

*Gold*

![page border hor.jpg](gfi-20251231_g222.jpg)

**34**<br>

The following table sets out an overview of the Non-Core Investments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Primary project | Commodity | Location | Ownership Type | Size<br>(hectares)<br>| Stage | Mine Type and Mineralisation Styles |
| Great Southern <br>Mining <br>| Edinburgh Park | Gold | Australia | Shareholding in listed company <br>and Joint Venture<br>| 177400 | Exploration | Epithermal, Intrusion Related Gold |
| Killi Resources  | West Tanami | Gold | Australia | Shareholding in listed company <br>and Joint Venture<br>| 151659 | Exploration | Orogenic |
| Lefroy Exploration  | Lefroy Gold | Gold | Australia | Shareholding in listed company <br>and Joint Venture<br>| 64500 | Exploration | Orogenic |
| Hamelin Gold  | West Tanami | Gold | Australia | Shareholding in listed company | 248900 | Exploration | Orogenic |
| Lunnon Metals  | Foster, Fisher | Nickel | Australia | Shareholding in listed company | 4700 | Exploration | Target underground, Nickel sulphide |
| Mineral Resources <br>Limited <br>| Multiple projects; Diversified <br>miner and service provider<br>| Lithium, Iron Ore, Energy, <br>Mining Services, Engineering <br>and Construction<br>| Australia | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Production | Diversified miner and service provider; <br>Multiple projects and mineralisation styles<br>|
| Yandal Resources <br>Limited <br>| Ironstone Well-Barwidgee, <br>Mt McClure <br>| Gold | Australia | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Exploration | Orogenic  |
| Generation Mining  | Marathon | Palladium, Copper | Canada | Shareholding in listed company | 26000 | Development | Magmatic sulfide |
| Osisko Metals  | Gaspé Copper | Copper | Canada | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Exploration | Porphyry |
| Onyx Gold Corp.  | Timmins | Gold | Canada | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Exploration | Orogenic |
| Vior Gold <br>Corporation Inc. <br>| Belleterre Gold  | Gold | Canada | Shareholding in listed company | 67000 | Exploration | Orogenic |
| Amarc Resources  | Multiple non-production <br>projects<br>| Copper, Gold | Canada | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Exploration | Porphyry |
| Torq Resources  | Andrea | Copper | Chile | Shareholding in listed company | 1200 | Exploration | Target open pit, Porphyry and Epithermal |
| Torq Resources  | Margarita | Gold, Copper | Chile | Shareholding in listed company | 1445 | Exploration | Target open pit, IOCG and Porphyry |
| Torq Resources  | Santa Cecilia | Gold, Copper | Chile | Shareholding in listed company | 3239 | Exploration | Porphyry and Epithermal |
| Tesoro Gold  | El Zorro | Gold | Chile | Shareholding in listed company | 72249 | Exploration | Target open pit, Intrusion Related Gold |
| Founders Metals <br>Inc. <br>| Antino | Gold | Suriname | Shareholding in listed company | Minor shareholding <br>with no access to this <br>information<br>| Exploration | Orogenic |
| Chakana Copper  | Soledad | Gold, Copper | Peru | Shareholding in listed company | 4203 | Exploration | Porphyry |

---

![page border.jpg](gfi-20251231_g220.jpg)

**35**<br>

As at 31 December 2025, the total market value of the Non-Core Investments was U.S.$157.3 million. The following table sets out the value

and Gold Fields' interest in each Non-Core Investment.

---

| | | |
|:---|:---|:---|
|  | Interest | Market Value of <br>Shareholding<br>|
| **Investment** | (%) | (U.S.$ millions) |
| Lunnon Metals Limited  | 30.2 | 15.3 |
| Great Southern Mining  | 4.7 | 1.2 |
| Generation Mining  | 3.2 | 5.1 |
| Killi Resources  | 10.9 | 0.5 |
| Lefroy Exploration  | 8.8 | 4.2 |
| Hamelin Gold  | 17.8 | 1.6 |
| Yandal Resources Limited  | 14.9 | 9.1 |
| Vior Mining Exploration  | 20.0 | 7.3 |
| Amarc Resources  | 2.7 | 5.9 |
| Onyx Gold Corp  | 9.9 | 9.3 |
| Osisko Metals  | 1.6 | 6.1 |
| Torq Resources  | 11.1 | 1.4 |
| Tesoro Gold  | 12.9 | 20.1 |
| Chakana Copper  | 10.3 | 0.5 |
| Mineral Resources Limited  | 0.3 | 23.8 |
| Founders Metals Inc.  | 10.5 | 39.1 |
| Others<sup>(1)</sup>  |  | 12.9 |
| **Total**  |  | 157.3 |

---

*Note:*

<sup>(1)</sup> *Represents de minimis investments in various entities with a value of less than 1% of total interest.* 

Summary of Mineral Resources and Mineral Reserves

Mineral Reserves of Gold Fields as at 31 December 2025

**Methodology**

Mineral Reserves are divided into categories of Proven and Probable and are expressed in terms of tonnes to be processed at mill feed head

grades on the ROM, allowing for application of cut-off grades, estimated mining dilution, ore loss, mining recovery and other modifying factors.

All of Gold Fields' operations disclose Mineral Reserves using cut-off grades or net smelter return (NSR) cut-offs, in the case of gold/copper or

gold/silver deposits. Cut-off grade is the grade that distinguishes the economic material within an ore body that is to be extracted and treated

from the remaining material. Cut-off grade is typically estimated using an appropriate metal price plus the development, stoping, processing,

general and administration and sustaining capital costs to derive a total cost per tonne. NSR cut-off is the net revenue (total revenue less

production costs) that the owner of a mining property receives from the sale of the mine's metal products. Costs include transportation and

refining costs. Modifying factors applied in estimating Mineral Reserves are primarily based on historical empirical information, but commonly

incorporate adjustments for planned operational improvements. Tonnage and grade may include some mineralisation below the selected

cut-off grade to ensure that the Mineral Reserve comprises blocks of adequate size and continuity to facilitate practical mining (dilution) but is

limited in extent and typically less than 10% and the entire mining block would still be above cut-off contribution by metal. Mineral Reserves

also take into account operating cost levels as well as necessary capital and sustaining capital provisions required at each operation and are

supported by detailed engineered LOM Mineral Reserve plans.

**Attributable Mineral Reserves as at 31 December 2025**

As at 31 December 2025, Gold Fields had aggregate attributable Proven and Probable Mineral Reserves of approximately 48.3 million ounces

of gold, 193.1 million pounds of copper and 43.2 million ounces of silver. The point of reference for the Mineral Reserve is on the Run of

Mine (ROM).

![page border.jpg](gfi-20251231_g220.jpg)

**36**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> | Attributable Gold Mineral Reserves Statement as at 31 December 2025<sup>(1)</sup> |
|  | Proven Mineral Reserves | Proven Mineral Reserves | Proven Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves |  |
|  | Tonnes | Grade | Gold | Tonnes | Grade | Gold | Tonnes | Grade | Gold | Attributable <br>gold <br>production in <br>fiscal <br>2025<sup>(2)(3)</sup><br>Gold<br>|
|  | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (M oz) |
| **Australia**  | 24 | 1.7 | 1.3 | 114 | 2.5 | 9.3 | 138 | 2.4 | 10.6 | 1.1 |
| **South Africa**<sup>(4)</sup>  | 8 | 5.6 | 1.5 | 166 | 4.9 | 26.1 | 174 | 4.9 | 27.6 | 0.3 |
| **Ghana**<sup>(5)</sup>  | 45 | 1.2 | 1.7 | 171 | 0.9 | 4.9 | 216 | 1.0 | 6.6 | 0.5 |
| Tarkwa  | 45 | 1.2 | 1.7 | 171 | 0.9 | 4.9 | 216 | 1.0 | 6.6 | 0.4 |
| **Chile**  |  |  |  | 20 | 4.9 | 3.1 | 20 | 4.9 | 3.1 | 0.4 |
| **Peru**  | 30 | 0.4 | 0.4 |  |  |  | 30 | 0.4 | 0.4 | 0.1 |
| **Canada**<sup>(6)</sup>  |  |  |  |  |  |  |  |  |  |  |
| **Total**  | 108 | 1.4 | 4.9 | 471 | 2.9 | 43.4 | 578 | 2.6 | 48.3 | 2.3 |

---

---

| | |
|:---|:---|
| *Notes:* | *Notes:* |
| <sup>(1)</sup><br> <sup>(a)</sup> | *Disclosed as mill delivered metric tonnes and ROM grades, inclusive of all mining dilutions and mining losses, except mill recovery. Metallurgical recovery factors have not been* <br>*applied to the Reserve figures.*  |
| <sup>(b)</sup> | *Mining dilution relates to planned and unplanned waste and/or low-grade material being mined and delivered to the mill on the ROM.*  |
| <sup>(c)</sup> | *For the Australian operations, Mineral Reserve figures are based on a gold price of A$2,950 per ounce at an exchange rate of A$1.47 per U.S.$1.00 or A$:U.S.$0.68. Open pit* <br>*Mineral Reserves at the Australian operations are based on optimised pits and the underground operations on appropriate mine design and extraction schedules. At South Deep,* <br>*a gold price of R1,157,425 per kilogram at an exchange rate of R18.00 per U.S.$1.00 was used. For the Ghana operations, Mineral Reserve figures are based on an optimised pit* <br>*at a gold price of U.S.$2,000 per ounce. For the Chilean operations, Mineral Reserve used a gold price of U.S.$2,000 per ounce and silver price of U.S.$20.00 per ounce. The* <br>*Cerro Corona (Peru) gold and silver Mineral Reserves are for stockpiles only and are based on a gold price of U.S.$2,000 per ounce and a copper price of U.S.$3.50 per pound.* <br>*Due to the nature of the deposit and the importance of net smelter returns, the gold and copper prices need to be considered together.* |
| <sup>(d)</sup> | *Totals may not sum due to rounding. Where this occurs, it is not deemed significant.* |
| <sup>(2)</sup> | *Attributable gold produced after metallurgical recovery.* |
| <sup>(3)</sup> | *South Deep attributable gold production is based on LOM ownership share due to step-up of minority interest over time.* |
| <sup>(4)</sup> | *In line with other international operations, all South Deep Mineral Reserves are classed as above infrastructure, as the Mineral Reserves will be accessed by means of ongoing* <br>*declines from current infrastructure.*  |
| <sup>(5)</sup> | *Damang in Ghana has no disclosed Mineral Reserves at this time.* |
| <sup>(6)</sup> | *Windfall in Canada has no disclosed Mineral Reserves at this time.*  |

---

The following table sets forth the Proven and Probable Copper Mineral Reserves of the Cerro Corona mine as at 31 December 2025, with the

point of reference being the ROM, that are attributable to Gold Fields:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Copper Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> |
|  | Proven Mineral Reserves | Proven Mineral Reserves | Proven Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves |  |
|  | Tonnes | Grade | Cu | Tonnes | Grade | Cu | Tonnes | Grade | Cu | Attributable <br>copper <br>production in <br>fiscal 2025<sup>(2)</sup><br>|
|  | (million) | (%) | (M lb) | (million) | (%) | (M lb) | (million) | (%) | (M lb) | (M lb) |
| **Peru** |  |  |  |  |  |  |  |  |  |  |
| Cerro Corona  | 29.8 | 0.29 | 193.1 |  |  |  | 29.8 | 0.29 | 193.1 | 50.2 |
| **Total**  | 29.8 | 0.29 | 193.1 |  |  |  | 29.8 | 0.29 | 193.1 | 50.2 |

---

---

| | |
|:---|:---|
| *Notes:* | *Notes:* |
| <sup>(1)</sup><br> <sup>(a)</sup> | *Disclosed as mill delivered metric tonnes and ROM grades, inclusive of all mining dilutions and mining losses except mill recovery. Metallurgical recovery factors have not been* <br>*applied to the Mineral Reserve figures.*  |
| <sup>(b)</sup> | *The Cerro Corona (Peru) gold and copper Mineral Reserves are for stockpiles Mineral Reserves only and are based on a gold price of U.S.$2,000 per ounce and a copper price* <br>*of U.S.$3.50 per pound. Due to the nature of the deposit and the importance of net smelter returns, the gold and copper prices need to be considered together. The open pit* <br>*mining at Cerro Corona is complete.* |
| <sup>(c)</sup> | *Totals may not sum due to rounding. Where this occurs, it is not deemed significant.* |
| <sup>(2)</sup> | *Attributable copper production after process recovery.*  |

---

![page border.jpg](gfi-20251231_g220.jpg)

**37**<br>

The following table sets forth the Proven and Probable Silver Mineral Reserves as at 31 December 2025 that are attributable to Gold Fields.

The point of reference for the Mineral Reserve is on the ROM:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> | Attributable Silver Mineral Reserve Statement as at 31 December 2025<sup>(1)</sup> |
|  | Proven Mineral Reserves | Proven Mineral Reserves | Proven Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Probable Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves | Total Mineral Reserves |  |
|  | Tonnes | Grade | Silver | Tonnes | Grade | Silver | Tonnes | Grades | Silver | Attributable <br>silver <br>production in <br>fiscal 2025<sup>(2)</sup><br>|
|  | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (M oz) |
| **Chile**  |  |  |  | 20.0 | 67.2 | 43.2 | 20.0 | 67.1 | 43.2 | 2.4 |
| Salares Norte  |  |  |  | 20.0 | 67.2 | 43.2 | 20.0 | 67.1 | 43.2 | 2.4 |
| **Canada**  |  |  |  |  |  |  |  |  |  | —  |
| **Total**<sup>(2)</sup>  |  |  |  | 20.0 | 67.2 | 43.2 | 20.0 | 67.1 | 43.2 | 2.4 |

---

---

| | |
|:---|:---|
| *Notes:* | *Notes:* |
| <sup>(1)</sup><br> <sup>(a)</sup> | *Disclosed as mill delivered metric tonnes and ROM grades, inclusive of all mining dilutions and mining losses, except mill recovery. Metallurgical recovery factors have not been* <br>*applied to the Mineral Reserve figures.*  |
| <sup>(b)</sup> | *Mining dilution relates to planned and unplanned waste and/or low-grade material being mined and delivered to the mill on the ROM.*  |
| <sup>(c)</sup> | *For the Chilean operations, Mineral Reserve is based on a gold price of U.S.$2,000 per ounce and silver price of U.S.$20.00 per ounce. Due to the nature of the deposit and the* <br>*importance of net smelter returns, the gold and silver prices need to be considered together. For the Canadian project, Mineral Reserve is based on a gold price of U.S.$2,000* <br>*per ounce and silver price of U.S.$20.00 per ounce.* |
| <sup>(d)</sup> | *Totals may not sum due to rounding. Where this occurs, it is not deemed significant.* |
| <sup>(2)</sup> | *Attributable silver production after process recovery.* |
| <sup>(3)</sup> | *Windfall in Canada has no disclosed Mineral Reserves at this time.*  |

---

Gold Fields' methodology for determining its Mineral Reserves is subject to change and is based upon estimates and assumptions made by

management regarding a number of factors as noted above under "*– Summary of Mineral Resources and Mineral Reserves – Mineral* 

*Reserves of Gold Fields as at 31 December 2025 – Methodology*". Accordingly, the sensitivity analysis of Gold Fields' Mineral Reserves

provided above should not be relied upon as indicative of what the estimate of Gold Fields' Mineral Reserves would actually be or have been

at the gold, silver or copper prices indicated, or at any other gold, silver or copper price, and neither should it be relied upon as a basis for

estimating Gold Fields' Mineral Reserves based on the current gold, silver or copper price or what Gold Fields' Mineral Reserves will be at any

time in the future. See *"– Risk Factors – Gold Fields' Mineral Resources and Mineral Reserves are estimates based on a number of technical* 

*and economic assumptions, which, if proven inaccurate or changed, may require Gold Fields to lower its estimated Mineral Resources and* 

*Mineral Reserves"*.

Mineral Resources of Gold Fields as at 31 December 2025

**Methodology**

The Mineral Resources estimates and classification are in compliance with S-K 1300 and the SAMREC Code, 2016 (the SAMREC Code).

The Mineral Resources are exclusive of Mineral Reserves and the point of reference is in situ. Open pit Mineral Resources are confined to

pit shells that are defined by the price, costs and relevant modifying factors used for the estimates. The pit shells are used to constrain the

mineralisation to that which is potentially economically and practically extractable under assumed economic conditions. The Mineral

Resources are disclosed at an appropriate in situ cut-off grade. The pit shells take into account selective mining units and may also include

estimates of any material below cut-off grade that needs to be mined to extract the complete pay portion of the Mineral Resource.

Underground estimates follow a similar economic practical extraction methodology based on mining shapes that can be practically accessed

and mined, and are disclosed at an appropriate in situ cut-off grade.

**Modifying Factors for Mineral Resources**

All of Gold Fields' operations disclose Mineral Resources using cut-off grades or NSR cut-offs, in the case of multi-metal deposits. Cut-off

grade is the grade that distinguishes the economic material within an ore body that is to be extracted and treated from the remaining material.

Cut-off grade is typically estimated using an appropriate metal price plus the development, stoping, processing, general and administration

and sustaining capital costs to derive a total cost per tonne. NSR cut-off is the net revenue (total revenue less production costs) that the owner

of a mining property receives from the sale of the mine's metal products. Costs include transportation and refining costs.

**Attributable Mineral Resources exclusive of Mineral Reserves as at 31 December 2025**

As at 31 December 2025, Gold Fields had aggregate attributable Measured and Indicated Mineral Resources exclusive of Mineral Reserves

of approximately 47.0 million ounces of gold and 4.6 million ounces of silver, as set forth in the following tables.

The following table sets forth the Gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025 that are attributable to

Gold Fields. The point of reference for the Mineral Resource exclusive of Mineral Reserves is in situ and may also include estimates of any

material below cut-off grade that needs to be mined to extract the complete pay portion of the Mineral Resource.

![page border.jpg](gfi-20251231_g220.jpg)

**38**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable gold Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> |
|  | Measured Mineral Resources | Measured Mineral Resources | Measured Mineral Resources | Indicated Mineral Resources | Indicated Mineral Resources | Indicated Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources | Attributable <br>gold <br>|
|  | Tonnes | In Situ <br>Grade<br>| Gold | Tonnes | In Situ <br>Grade<br>| Gold | Tonnes | In Situ<br>Grade<br>| Gold | Total <br>Measured and <br>Indicated <br>Mineral <br>Resource<br>|
|  | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (M oz) |
| **Australia**  | 3.5 | 4.2 | 0.5 | 90.5 | 2.42 | 7.0 | 70.5 | 2.73 | 6.2 | 7.5 |
| **South Africa**  | 59.2 | 1.99 | 3.8 | 96.0 | 5.7 | 17.6 | 18.0 | 9.12 | 5.3 | 21.4 |
| South Deep<sup>(2)</sup>  | 59.2 | 1.99 | 3.8 | 96.0 | 5.7 | 17.6 | 18.0 | 9.12 | 5.3 | 21.4 |
| **Ghana**  | 13.5 | 1.43 | 0.6 | 100.2 | 1.37 | 4.4 | 25.1 | 1.65 | 1.3 | 5.0 |
| Tarkwa  | 4.3 | 1.59 | 0.2 | 55.8 | 1.23 | 2.2 | 14.5 | 1.58 | 0.7 | 2.4 |
| Damang<sup>(3)</sup> | 9.2 | 1.36 | 0.4 | 44.4 | 1.54 | 2.2 | 10.6 | 1.75 | 0.6 | 2.6 |
| **Chile**  |  |  |  | 3.3 | 2.25 | 0.2 | 0.2 | 1.29 |  | 0.2 |
| **Peru**<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |
| **Canada**<sup>(5)</sup>  |  |  |  |  |  |  |  |  |  |  |
| **Total**  | 76.3 | 2.0 | 4.9 | 290.1 | 3.14 | 29.3 | 113.8 | 3.49 | 12.8 | 34.2 |

---

---

| | |
|:---|:---|
| *Notes:* | *Notes:* |
| <sup>(1)</sup><br> <sup>(a)</sup> | *Disclosed as in situ undiluted. Mining Recovery, Mining dilution, MCF and metallurgical recovery factors have not been applied to the Mineral Resource figures.*  |
| <sup>(b)</sup> | *The metal prices used for the 2025 Mineral Resources were as follows: for the Australian operations, Mineral Resource estimates are based on a gold price of A$3,375 per ounce* <br>*at an exchange rate of A$1.47 per U.S.$1.00 or A$:U.S.$0.68. The South African – South Deep Mineral Resource estimates are based on a gold price of R1,331,050 per kilogram* <br>*at an exchange rate of R18.00 per U.S.$1.00. The Ghana – Tarkwa operations Mineral Resource estimates are based on a gold price of U.S.$2,300 per ounce. For the Chilean* <br>*operations, Mineral Resource figures are based on a gold price of U.S.$2,300 per ounce.* |
| <sup>(c)</sup> | *Totals may not sum due to rounding. Where this occurs, it is not deemed significant.* |
| <sup>(2)</sup> | *Based on LOM ownership share due to step-up of minority interest over time.* |
| <sup>(3)</sup> | *Damang Mineral Resources will be nil from 19 April 2026.* |
| <sup>(4)</sup> | *Cerro Corona in Peru has no disclosed Mineral Resource at this time.* |
| <sup>(5)</sup> | *Windfall in Canada has no disclosed Mineral Resources at this time.*  |

---

The following table sets forth the Silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025 that are attributable to

Gold Fields. The point of reference for the Mineral Resource exclusive of Mineral Reserves is in situ:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> | Attributable silver Mineral Resources exclusive of Mineral Reserves as at 31 December 2025<sup>(1)</sup> |
|  | Measured Mineral Resources | Measured Mineral Resources | Measured Mineral Resources | Indicated Mineral Resources | Indicated Mineral Resources | Indicated Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources | Attributable <br>silver <br>|
|  | Tonnes | In Situ<br>Grade<br>| Silver | Tonnes | In Situ<br>Grade<br>| Silver | Tonnes | In Situ<br>Grade<br>| Silver | Total <br>Measured and <br>Indicated <br>Mineral <br>Resource<sup>(2)</sup><br>|
|  | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (million) | (g/t) | (M oz) | (M oz) |
| **Chile**  |  |  |  | 3.3 | 42.7 | 4.6 | 0.2 | 6.11 | 0.04 | 4.6 |
| Salares Norte  |  |  |  | 3.3 | 42.7 | 4.6 | 0.2 | 6.11 | 0.04 | 4.6 |
| **Canada**<sup>(2)</sup>  |  |  |  |  |  |  |  |  |  |  |
| **Total**  |  |  |  | 3.3 | 42.7 | 4.6 | 0.2 | 6.11 | 0.04 | 4.6 |

---

---

| | |
|:---|:---|
| *Notes:* | *Notes:* |
| <sup>(1)</sup><br> <sup>(a)</sup> | *Disclosed as in situ undiluted. Mining Recovery, Mining dilution, MCF and metallurgical recovery factors have not been applied to the Mineral Resource figures.*  |
| <sup>(b)</sup> | *The Mineral Resource estimates are based on a silver price of U.S.$23.00 per ounce.* |
| <sup>(2)</sup> | *Windfall in Canada has no disclosed Mineral Resources at this time.*  |

---

![page border.jpg](gfi-20251231_g220.jpg)

**39**<br>

Individual Property Disclosure Pursuant to Item 1304 of Regulation S-K under the Securities Act

Gold Fields has determined that the St. Ives, South Deep, Tarkwa and Salares Norte properties are material to its business and financial

condition based on, among other things, Gold Fields' consideration of qualitative and quantitative factors in the context of its overall business

and financial condition. As a result, disclosure has been provided below for the aforementioned properties pursuant to S-K 1300. Furthermore,

Gold Fields has filed technical report summary exhibits with the Securities and Exchange Commission for each of the St. Ives (2024), South

Deep (2024), Tarkwa (2025) and Salares Norte (2024) properties, which have been filed as exhibits to this annual report on Form 20-F. The

Tarkwa property has had a material change to the last technical report summary exhibits filed with the Securities and Exchange Commission.

The material change at Tarkwa is predominantly due to the mineral reserve increase.

Gold Fields has determined that Gruyere, Granny Smith, Agnew, Damang, Cerro Corona and Windfall, along with the properties listed under

"*– Information on the Company – Summary Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act* 

*– Non-Core Investments"*, are not considered material to Gold Fields' business and financial condition at this time. However, certain

information about these properties have been retained in this year's Form 20-F under "*– Information on the Company – Summary Disclosure* 

*of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act – Non-Material Properties"* for continuity purposes.

Gold Fields has previously filed technical report summaries for the Gruyere (2021), Granny Smith (2021), Agnew (2021), Damang (2021) and

Cerro Corona (2023) properties. Gold Fields does not anticipate providing extensive disclosure, or filing technical report summaries, for these

properties going forward.

![page border.jpg](gfi-20251231_g220.jpg)

**40**<br>

Australia Material Operations

St. Ives

The following graphic illustrates the location of the St. Ives operations, including mining and exploration tenements, administrative offices and

processing plant.

![Image_6.jpg](gfi-20251231_g229.jpg)

**Introduction** 

St. Ives is a production stage property comprising several open pits, two operating underground mines and Mineral Reserves stockpiles.

It is situated straddling Lake Lefroy in Western Australia (latitude 31º 19' 12.6" S and longitude 121º 44' 25.5" E) and is located by road

635 kilometres east of Perth, 70 kilometres south of Kalgoorlie and 20 kilometres south of Kambalda.

St. Ives is a production stage mine that currently has both surface and underground operations, with several open pits and two operating

underground mines incorporated into its LOM Mineral Reserve plan. Open pits are mined using conventional drill and blast in the fresh rock

with truck and shovel and the underground mines deploy long-hole stoping and paste/rock fill. St. Ives is transitioning to becoming a

predominantly underground operation, with the majority of the production expected to come from the Invincible underground mining

complex.

St. Ives holds 369 exploration licences, prospecting licences, miscellaneous licences and mining leases covering a total area of

129,414 hectares (including 54 non-managed leases totalling 13,224 hectares) and 10 joint venture tenements of 25,423 hectares, where

it has a 49% interest.

**Operational Infrastructure**

St. Ives open pit mining and processing operation commenced in 1981, with the current processing facility at St. Ives commissioned in 2005.

The current processing plant has a gravity circuit and consists of a primary gyratory crusher, followed by a single-stage semi-autogenous

grinding (SAG) mill with pebble crusher, gravity, leaching and carbon in pulp (CIP). The plant has a 4.7Mt/a name plate throughput capacity.

St. Ives has an annual major and critical item condition survey to enhance reliability and minimise downtime, in addition to a comprehensive

maintenance strategy that includes regular equipment refurbishment and replacement. St. Ives' underground operations involves contractors

who conduct mining operations and are responsible for maintaining and modernising the mining fleets. The open pit operations are a mixture

of owner-operated and contractors and follow strategies outlined by Gold Fields. The present condition of the property, and its equipment,

facilities and infrastructure is fair, well-maintained, complete and in mid-life condition. The infrastructure for the mineral reserve is in place and

complete. St. Ives has its own village, and the St. Ives operation obtains electricity pursuant to a contract with BHP-Nickel West and has

access to water, air and road infrastructure. St. Ives has also commenced the construction of a 42 MW Wind and 35 MW Solar energy farm,

with the aim of procuring renewable energy. Consumables and supplies are trucked in from both Perth and Kalgoorlie.

Since 1981, numerous open pits and underground mines have been mined with most open pits lasting between three months to five years.

With the exception of Athena-Hamlet underground mine, all the underground mines that have been mined since St. Ives commenced have

started as open pits before going underground. Current operations as at 31 December 2025 consist of the Invincible underground and Hamlet

North underground mines, as well as open pit mining at Invincible Footwall South and Santa Ana.

![page border.jpg](gfi-20251231_g220.jpg)

**41**<br>

For information on assets and liabilities (including costs after depreciation) of St. Ives, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*. The book value of property and its associated plant and equipment

(Book Value) of St. Ives is U.S.$618 million. As at 31 December 2025, 1,261 workers were employed at St. Ives, including 733 contractors.

St. Ives' mining leases are renewed every 21 years, with current expiry dates ranging from 2026 to 2043. Four of St. Ives' mining leases were

due to expire in 2025. Applications to renew these mining leases were lodged in a timely manner, but they have not yet been processed.

As at 31 December 2025, no significant encumbrances are registered against St. Ives' mining leases.

St. Ives' minimum tenement spend requirements (including for exploration, mining and other) is U.S.$4,377 million and St. Ives' annual

tenement rent (including for exploration, mining and other) is U.S.$1,160 million. During the year ended 31 December 2025, St. Ives received

no fines in respect of tenements that had not met their minimum expenditure commitments.

In 2025, one prohibition notice was issued by WorkSafe to St. Ives in relation to the underground operations, following incidents involving

falls of salt accumulating in the vent rises.

History

Gold was discovered in the St. Ives area in 1897, with intermittent production until Western Mining Corporation (WMC) commenced nickel

and gold mining operations in the area. Gold Fields acquired the St. Ives gold mining operation from WMC in November 2001. Ongoing

brownfields exploration near the mine and extensional areas continue to replace mining depletion and extend the LOM Mineral Reserve,

which is typical of the Archaean orogenic (shear zone) greenstone gold hosted gold camps, such as St. Ives. The current LOM Mineral

Reserve extends to 2035 or 10 years.

Geology

The gold deposits of St. Ives are located at the southern end of the Norseman-Wiluna greenstone belt of the West Australian Goldfields

Province. In the St. Ives area, the belt consists of Kalgoorlie Group volcanic rocks, Black Flag group felsic volcanic rocks and sediments

and a variety of intrusive and overlying post-tectonic sediments. The area is structurally complex, with metamorphism ranging from lower

greenschist to lower amphibolite facies. Shear hosted gold mineralisation has been discovered in all stratigraphic units. Deposit styles and

ore controls are varied ranging from minor structures, including vein arrays, breccia zones and central, to quartz-rich and mylonitic parts of

shear zones. There are several styles of mineralisation at St. Ives, including lode, supergene and paleoplacer mineralisation and individual

deposits may contain more than one of these styles.

• Lode mineralisation: Archaean lode mineralisation typically between 0.5m – 20m-wide mesothermal vein complexes that may also have

hydraulic breccias and/or mylonites. Mineralisation is typically discontinuous with short-range predictability.

• Supergene mineralisation: Broad zones of flat-lying gold mineralisation in weathered Archaean and overlying tertiary sediments.

• Palaeoplacer mineralisation: Placer deposits hosted by palaeochannels in the unconsolidated tertiary sediments that overlie the

Archaean basement.

Mineral Reserves and Mineral Resources

**Attributable Mineral Reserves of St. Ives as at 31 December 2025**

The following table sets out attributable Mineral Reserves of St. Ives as at 31 December 2025. The Mineral Reserve gold price is

U.S.$2,000/oz and the point of reference is on the ROM.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Proven Mineral Reserves  | 3930 | 2.4 | 304 | 0.30 – 2.7 | 86.4 – 96.0 |
| Probable Mineral Reserves  | 34668 | 3.2 | 3550 | 0.35 – 2.7 | 91.2 – 96.0 |
| **Total Mineral Reserves**  | 38598 | 3.1 | 3854 | 0.30 – 2.7 | 86.4 – 96.0 |

---

**Attributable Mineral Reserve year on year change**

The following table sets out attributable Mineral Reserves of St. Ives as at 31 December 2025 compared to 31 December 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | Proven and Probable Mineral Reserves | Proven and Probable Mineral Reserves | Proven and Probable Mineral Reserves |
|  | Unit | % Change | Gold |
| **As at 31 December 2024** | koz |  | 3347 |
| Production depletion (2025)  | koz | (13) | (426) |
| Gold price  | koz | 23 | 769 |
| Operating cost  | koz | (11) | (377) |
| Discovery  | koz | 16 | 522 |
| Conversion  | koz |  |  |
| Inclusion / exclusion  | koz | 1 | 19 |
| Acquisitions  | koz |  |  |
| Disposals  | koz |  |  |
| **As at 31 December 2025** | koz |  | 3854 |

---

For the year ended 31 December 2025, changes in Mineral Reserves at St. Ives were primarily driven by gold price and discovery, partly

offset by costs.

![page border.jpg](gfi-20251231_g220.jpg)

**42**<br>

**Attributable Mineral Resources exclusive of Mineral Reserves of St. Ives as at 31 December 2025**

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of St. Ives as at 31 December 2025. The Mineral

Resources gold price is U.S.$2,300/oz and the point of reference is in situ.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Measured Mineral Resources  | 395 | 3.2 | 40 | 0.76 – 3.2 | 88.8 – 95.1 |
| Indicated Mineral Resources  | 16357 | 2.7 | 1427 | 0.69 – 3.2 | 87.4 – 96.0 |
| **Total Measured and Indicated Mineral Resources**  | 16753 | 2.7 | 1467 | 0.69 – 3.2 | 87.4 – 96.0 |
| Inferred Mineral Resources  | 14497 | 4.1 | 1897 | 0.60 – 3.4 | 87.2 – 96.7 |

---

**Attributable Mineral Resources exclusive of Mineral Reserves year on year change** 

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of St. Ives as at 31 December 2025 compared to

31 December 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Measured and Indicated Mineral <br>Resources | Measured and Indicated Mineral <br>Resources | Inferred Mineral Resources | Inferred Mineral Resources |
|  | Unit | % Change | Gold | % Change | Gold |
| **As at 31 December 2024**  | koz |  | 1033 |  | 1703 |
| Production depletion (2025)  | koz |  |  |  |  |
| Gold price  | koz | 80 | 830 | 22 | 370 |
| Operating cost  | koz | (37) | (385) | (10) | (172) |
| Discovery  | koz | 4 | 42 | 1 | 19 |
| Resource model update  | koz |  |  |  |  |
| Inclusion / exclusion  | koz | (5) | (52) | (1) | (23) |
| Indesign material  | koz |  |  |  |  |
| Acquisitions  | koz |  |  |  |  |
| Disposals  | koz |  |  |  |  |
| **As at 31 December 2025**  | koz |  | 1467 |  | 1897 |

---

For the year ended 31 December 2025, changes in Mineral Resources exclusive of Mineral Reserves at St. Ives were primarily driven by gold

price, partly offset by operating cost.

![page border.jpg](gfi-20251231_g220.jpg)

**43**<br>

South Africa Material Operations

South Deep Mine

The following graphic illustrates the location of the South Deep operations, including tenements, solar plant, administrative buildings, security

complex, living quarters, hostel, processing plants and tailings dams.

![Image_7.jpg](gfi-20251231_g230.jpg)

**Introduction**

South Deep is a production stage property, deep-level underground gold mine. It is situated 70 kilometres southwest of Johannesburg, in

the Gauteng Province of South Africa (latitude 26˚ 25' 00" S and longitude 27˚ 39' 45"E), accessible via the N12 provincial road between

Johannesburg and Potchefstroom. Since 2019, South Deep has recalibrated its operating model via an organisational restructuring and

modernisation focus that has included a reset of the production schedule until the late 2020s. South Deep uses trackless mechanised bulk

mining methods comprising an array of techniques and mobile equipment. All personnel and material conveyance enters the mine via the

main "Twin Shaft". South Deep converted its old order mining right to new order mining rights in July 2010, which is valid until 2040, as

required by the MPRDA. Under the new order mining rights, South Deep operates under a mining lease with a total area of 4,268 hectares.

There is no licence fee payable for the new order mining lease licence.

South Deep's total Mineral Reserve estimate comprises 2% located in the Current Mine, 23% in North of Wrench and 75% in South of

Wrench areas.

**Operational Infrastructure**

South Deep's twin shafts are the main access to the LOM Mineral Reserve estimate with shaft sinking and underground development that

commenced in the early 1990s. The surface infrastructure dates to the early 1990s. South Deep has progressed with modern mining industry

mechanisation and modernisation. South Deep has an annual major and critical item condition survey that focuses on reliability and minimises

shaft down time, and Gold Fields is implementing a risk management framework to address shaft system risks. South Deep has a

comprehensive maintenance strategy that includes regular underground support, equipment refurbishment or replacement. South Deep mine

design and scheduling include sustainable capital to support the remaining 83-year LOM Mineral Reserve and extends to 2108. The present

condition of the property, and its equipment, facilities and infrastructure is complete and fair. The infrastructure for the mineral reserve will

require refurbishment and modernisation, as required.

For information on assets and liabilities (including costs after depreciation) of South Deep, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*. The Book Value of South Deep is U.S.$1,613 million. As at 31 December

2025, 5,122 workers were employed at South Deep, including 2,498 contractors.

South Deep commissioned a 50 MW solar farm in 2022 with a further study underway to increase the renewable energy footprint possibly

through a solar farm extension and/or followed by the integration of five 8 MW wind turbines.

South Deep's workings are at depth and therefore require comprehensive ground support mechanisms to mitigate the risk of production

interruptions from potential seismicity, backfilling to support mined out voids and major cooling infrastructure. The South Deep mine has

access to the national electricity grid, regional water and road infrastructure and is located near regional urban centres where it can obtain

needed supplies and services. South Deep is in the heart of the South African gold mining infrastructure network with well-established

road access.

![page border.jpg](gfi-20251231_g220.jpg)

**44**<br>

South Deep is divided into three principal areas, comprising:

• the "Current Mine" (CM) area, which is characterised by selective mining methods scattered over a large area and is accessed from four

active levels from both the South Shaft and Twin Shaft complexes;

• the "North of Wrench" (NOW) area, which is directly south and down dip of the "Current Mine" and comprises six mining corridors

separated by regional pillars. A bulk mining and less selective mining method is applied in this area, resulting in a higher resource to

reserve conversion ratio; and

• the "South of Wrench" (SOW) area, which is situated south and down dip of NOW separated by a major up-dipping Wrench Fault from SOW,

will be mined in the same manner as the NOW,

• all the Mineral Reserves and Mineral Resources are above access infrastructure.

South Deep incurred no penalties, sanctions or fines during the year ended 31 December 2025, and no significant encumbrances to the

property exist. One Section 54 instruction was issued in 2024 in accordance with the Mine Health and Safety Act and has since been partially

lifted. Full upliftment is expected within the next 6 to 18 months, following conclusion of the final investigation by the Department of Mineral

and Petroleum Resources.

History

The current South Deep operations derive from the Barrick-Western Areas Joint Venture, which Gold Fields acquired in a series of

transactions in the second half of 2007. The Barrick-Western Areas Joint Venture was renamed the South Deep Joint Venture (South Deep

Joint Venture). In 2011, Newshelf 899 (Pty) Ltd (Newshelf) was established as the holding company of the South Deep Joint Venture.

Newshelf is a 90% subsidiary of Gold Fields and the remaining 10% is held by outside shareholders as part of the black economic

empowerment transaction. The LOM Mineral Reserve estimate of South Deep extends to 2109. The attributable value of Gold Fields'

ownership at South Deep was 90.181% for 2025.

Geology

South Deep is located along the northern and western margins of the Witwatersrand Basin, which has been the primary contributor to

South Africa's production and a significant portion of the world's recorded gold output since 1886.

Gold mineralisation at South Deep is hosted by conglomerates of the Upper Elsburg reefs and the Ventersdorp Contact Reef (VCR). The

Upper Elsburg reefs sub-crop against the VCR in a north-easterly trend, which defines their western limits. To the east of the sub-crop, the

Upper Elsburg reefs are preserved in an easterly diverging sedimentary wedge attaining a total thickness of approximately 120 metres,

which is subdivided into the lower "Individuals" and the overlying "Massives" to the west of the sub-crop, only the VCR is preserved.

The stratigraphic units at South Deep generally dip southward at approximately 12 to 15 degrees and the gold-bearing reefs occur at depths

of 1,500 metres to 3,500 metres below surface. In general, the gold mineralisation hosted by the conglomerates is laterally continuous with

long range predictability and clear patterns of predictable mineralisation governed by sedimentary characteristics.

Production at South Deep is derived from the Upper Elsburg Reefs. In general terms, the Upper Elsburg succession represents an easterly

prograding sedimentary sequence, with the Massives containing higher gold grades and showing more proximal sedimentological attributes

in the eastern sector of the mining authorisation than the underlying individuals. The sedimentary characteristics of the Upper Elsburg reef

units influence the overall tenor of the reefs with gold grade displaying a gradual, but general decrease toward the east, away from the

sub crop.

The North-South trending "normal" West Rand and Panvlakte faults, which converge on the Western side of the lease area, are the most

significant large-scale faults in the area and form the western limit to gold mineralisation for the mine.

Mineral Reserves and Mineral Resources

**Attributable Mineral Reserves of South Deep as at 31 December 2025**

The following table sets out attributable Mineral Reserves of South Deep as at 31 December 2025. The Mineral Reserve gold price is

U.S.$2,000/oz and the point of reference is on the ROM.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Proven Mineral Reserves  | 8238 | 5.6 | 1470 | 3.3 | 96.5 |
| Probable Mineral Reserves  | 166220 | 4.9 | 26104 | 3.3 – 3.7 | 96.5 |
| **Total Mineral Reserves**  | 174458 | 4.9 | 27574 | 3.3 – 3.7 | 96.5 |

---

![page border.jpg](gfi-20251231_g220.jpg)

**45**<br>

**Attributable Mineral Reserve year on year change**

The following table sets out attributable Mineral Reserves of South Deep as at 31 December 2025 compared to 31 December 2024.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Proven and Probable Mineral <br>Reserves | Proven and Probable Mineral <br>Reserves |
|  | Unit | % Change | Gold |
| **As at 31 December 2024**<sup>(1)</sup>  | koz |  | 27998 |
| Production depletion (2025)  | koz | (1) | (385) |
| Gold price  | koz | 6 | 1610 |
| Operating cost  | koz | (1) | (412) |
| Discovery  | koz |  |  |
| Conversion  | koz | (5) | (1284) |
| Inclusion / exclusion  | koz |  | 67 |
| Acquisitions  | koz |  |  |
| Disposals  | koz |  | (20) |
| **As at 31 December 2025**<sup>(2)</sup>  | koz |  | 27574 |

---

*Notes:*

<sup>(1)</sup> *2024 at 90.245%.*

<sup>(2)</sup> *2025 at 90.181%.*

For the year ended 31 December 2025, the Mineral Reserves at South Deep were primarily unchanged.

**Attributable Mineral Resources exclusive of Mineral Reserves of South Deep as at 31 December 2025** 

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of South Deep as at 31 December 2025.

The Mineral Resources gold price is U.S.$2,300/oz and the point of reference is in situ.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Measured Mineral Resources  | 59236 | 2.0 | 3798 | 0.04 – 6.0 | 46.0 – 96.5 |
| Indicated Mineral Resources  | 95994 | 5.7 | 17592 | 2.9 – 6.0 | 96.5 |
| **Total Measured and Indicated Mineral Resources**  | 155230 | 4.3 | 21391 | 0.04 – 6.0 | 46.0 – 96.5 |
| Inferred Mineral Resources  | 17969 | 9.1 | 5271 | 3.2 – 6.0 | 96.5 |

---

**Attributable Mineral Resource exclusive of Mineral Reserves year on year change** 

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of South Deep as at 31 December 2025 compared

to 31 December 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Measured and Indicated <br>Mineral Resources | Measured and Indicated <br>Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources |
|  | Unit | % Change | Gold | % Change | Gold |
| As at 31 December 2024<sup>(1)</sup>  | koz |  | 19046 |  | 5958 |
| Production depletion (2025)  | koz |  | (10) |  |  |
| Gold price  | koz | 18 | 3516 |  |  |
| Operating cost  | koz | (1) | (229) |  |  |
| Discovery  | koz |  |  |  |  |
| Resource model update  | koz | (1) | (257) |  |  |
| Inclusion / exclusion  | koz | (3) | (662) | (11) | (683) |
| Indesign material  | koz |  |  |  |  |
| Acquisitions  | koz |  |  |  |  |
| Disposals  | koz |  | (14) |  | (4) |
| **As at 31 December 2025**<sup>(2)</sup> | koz |  | 21391 |  | 5271 |

---

*Notes:*

<sup>(1)</sup> *2024 at 90.245%.*

<sup>(2)</sup> *2025 at 90.181%.*

For the year ended 31 December 2025, changes in Mineral Resources exclusive of Mineral Reserves at South Deep were not material.

The increase in measured and indicated Mineral Resources exclusive of Mineral Reserves was primarily driven by the price change.

![page border.jpg](gfi-20251231_g220.jpg)

**46**<br>

Ghana Material Operations

Tarkwa Mine

The following graphic illustrates the location of the Tarkwa Mine operations, including tenements, administrative offices and processing plant.

![Image_8.jpg](gfi-20251231_g231.jpg)

**Introduction**

The Tarkwa mine is a production-stage property gold mine located in southwestern Ghana, about 300 kilometres west of Accra, the capital,

and 4 kilometres west of the town of Tarkwa (latitude 5º19'37" N and longitude 2º01'17" W) with good access roads and established

infrastructure. The Tarkwa mine consists of several open pit operations on the original Tarkwa property and the adjacent southern portion of

the property, which was formerly referred to as the Teberebie property and was acquired by Gold Fields in August 2000. The open pit mining

operations uses conventional drill and blast and truck and shovel methods using contractor mining. Gold Fields operates the mine with a

conventional carbon in leach plant, with two gyratory crushers feeding a SAG mill and ball mill.

The Tarkwa mine operates under five mining leases dated 18 April 1997 covering the Tarkwa property and one mining lease dated 15 May

2020 covering the Teberebie property. The mining leases for the Tarkwa concession expire in 2027, and the Teberebie property mining

lease expires in 2043. A new cadastral system was implemented by the Minerals Commission under which Tarkwa has a total area of 946

blocks (20,825 hectares now 19,866 hectares). This excludes the overlapping area between Tarkwa and Damang.

**Operational Infrastructure**

The Tarkwa open pit commenced in 1999 with south and north heap leach and later included the 13.5 Mtpa CIL processing plant and modern

surface infrastructure. Tarkwa has an annual major and critical item condition survey that focuses on reliability and minimises down time and

a comprehensive maintenance strategy that includes regular equipment refurbishment or replacement. The Tarkwa mine design and

scheduling include sustainable capital to support the remaining LOM Mineral Reserve. Tarkwa has a contractor that conducts mining

operations and who is responsible for maintaining and modernising the mining fleet. The present condition of the property, and its equipment,

facilities and infrastructure is in mid-life condition. For the mineral reserve open pit ending in 2042 the Genser power plant, HME workshop

and explosives magazines must be relocated. The infrastructure required for the mineral reserve is complete.

Gold Fields processes the ex-pit mined ores through a conventional gold recovery plant, which consists of two parallel crushing circuits

(a single primary gyratory crusher and a separate gyratory/cone tertiary crushing circuit), both feeding a single SAG, ball mill and pebble

crusher (SABC) grinding circuit, together with gravity and CIL gold recovery circuits. The current plant capacity is 13.5 Mtpa, however,

treatment of 14.9 Mtpa was achieved due to various de-bottlenecking projects.

The Tarkwa mine completed its transition from the national grid to an independent power producer, Genser Energy, during 2018. Genser

Energy commissioned the last of the units at its Tarkwa gas plant in February 2018 and now supplies 42MW of energy at Tarkwa, which

accounts for 95% of its total electricity consumption, with additional capacity available as a back-up. The remaining 5% is supplied by

GRIDCO/VRA. The Tarkwa mine has access to water, road and railway infrastructure, although rail service has been non-operational for many

years. Most supplies are trucked in from either the nearest seaport, which is approximately 60 kilometres away by road at Takoradi, or from

Tema, near Accra, which is approximately 300 kilometres away by road.

![page border.jpg](gfi-20251231_g220.jpg)

**47**<br>

For information on assets and liabilities (including costs after depreciation) of Tarkwa, see "*Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report*". The Book Value of Tarkwa is U.S.$1,021 million. As at 31 December 2025,

570 workers were employed at Tarkwa, with an additional 4,640 contractors.

Tarkwa received no penalties, sanctions or fines that relate to the underlying tenure or assets.

The Tarkwa mining concessions expire from 2027 to 2043 and have a total annual fee of U.S.$946,000. As at 31 December 2025, no

significant encumbrances to the property existed.

History

Investment in large-scale mining in the Tarkwa area commenced in the last quarter of the nineteenth century. In 1993, Gold Fields took over

an area previously operated by the State Gold Mining Corporation (SGMC). SGMC had, in turn, acquired the property from private companies

owned by European investors. Mining operations by Gold Fields commenced in 1999 following initial drilling, feasibility studies and project

development (which included the removal of overburden and the resettlement of approximately 22,000 people). In 2018, Tarkwa reverted to

a contractor mining model. The Tarkwa LOM Mineral Reserve extends to 2043.

The attributable value of Gold Fields' ownership at Tarkwa was 90% for 2025. The Government of Ghana has a 10% free carried interest in

the mine.

Geology

Gold mineralisation at Tarkwa is hosted by Proterozoic Tarkwaian metasediments, which unconformity overlie a Birimian greenstone belt

sequence. Gold mineralisation is concentrated in conglomerate reefs and has some similarities to deposits in the Witwatersrand Basin in

South Africa. The deposit comprises a succession of stacked, tabular palaeoplacer units consisting of quartz pebble conglomerates.

Approximately ten such separate economic units occur in the concession area within a sedimentary package ranging from 40 metres to

110 metres in thickness. Low-grade to barren quartzite units are interlayered between the individual reef units. The Tarkwaian belt has been

subject to moderate folding and at least five episodes of deformation have been recognised.

Mineral Reserves and Mineral Resources

**Attributable Mineral Reserves of Tarkwa as at 31 December 2025** 

The following table sets out attributable Mineral Reserves of Tarkwa as at 31 December 2025. The Mineral Reserve gold price is

U.S.$2,000/oz and the point of reference is on the ROM.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Proven Mineral Reserves  | 45238 | 1.2 | 1694 | 0.41 | 83.0 – 93.0 |
| Probable Mineral Reserves  | 170974 | 0.9 | 4924 | 0.29 – 0.41 | 83.0 – 93.0 |
| **Total Mineral Reserves**  | 216212 | 1.0 | 6617 | 0.29 – 0.41 | 83.0 – 93.0 |

---

**Attributable Mineral Reserve year on year change**

The following table sets out attributable Mineral Reserves of Tarkwa as at 31 December 2025 compared to 31 December 2024.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Proven and Probable Mineral <br>Reserves | Proven and Probable Mineral <br>Reserves |
|  | Unit | % Change | Gold |
| **As at 31 December 2024**  | koz |  | 3838 |
| Production depletion (2025)  | koz | (12) | (456) |
| Gold price  | koz | 75 | 2883 |
| Operating cost  | koz | (9) | (331) |
| Discovery  | koz |  |  |
| Conversion  | koz |  | (13) |
| Inclusion / exclusion  | koz | 18 | 696 |
| Acquisitions  | koz |  |  |
| Disposals  | koz |  |  |
| **As at 31 December 2025**  | koz |  | 6617 |

---

For the year ended 31 December 2025, changes in Mineral Reserves at Tarkwa were primarily driven up by an increase in the gold price

assumption, resulting in the selection of larger Mineral Reserve pit shells, as well as the completion of technical studies which expanded the

mineable area of the open pits by relocating critical infrastructure and reducing standoff distances to the process plant.

![page border.jpg](gfi-20251231_g220.jpg)

**48**<br>

**Attributable Mineral Resources exclusive of Mineral Reserves of Tarkwa as at 31 December 2025**

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of Tarkwa as at 31 December 2025. The Mineral

Resources gold price is U.S.$2,300/oz and the point of reference is in situ.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off <br>grades<br>| Metallurgical <br>recovery<br>|
|  | (kt) | (g/t) | (koz) | (g/t) | (%) |
| Measured Mineral Resources  | 4328 | 1.6 | 222 | 0.25 – 0.31 | 91.3 – 98.0 |
| Indicated Mineral Resources  | 55776 | 1.2 | 2205 | 0.25 – 0.31 | 91.1 – 97.4 |
| **Total Measured and Indicated Mineral Resources**  | 60104 | 1.3 | 2426 | 0.25 – 0.31 | 91.1 – 98.0 |
| Inferred Mineral Resources  | 14490 | 1.6 | 735 | 0.25 – 0.31 | 89.2 – 97.8 |

---

**Attributable Mineral Resources exclusive of Mineral Reserves year on year change** 

The following table sets out attributable Mineral Resources exclusive of Mineral Reserves of Tarkwa as at 31 December 2025 compared to

31 December 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Measured and Indicated <br>Mineral Resources | Measured and Indicated <br>Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources |
|  | Unit | % Change | Gold | % Change | Gold |
| **As at 31 December 2024**  | koz |  | 3651 |  | 187 |
| Production depletion (2025)  | koz |  |  |  |  |
| Gold price  | koz | 61 | 2215 | 58 | 109 |
| Operating cost  | koz | (19) | (678) | (93) | (174) |
| Discovery  | koz |  |  |  |  |
| Resource model update  | koz | (1) | (29) |  |  |
| Inclusion / exclusion  | koz | (75) | (2733) | 327 | 613 |
| Indesign material  | koz |  |  |  |  |
| Acquisitions  | koz |  |  |  |  |
| Disposals  | koz |  |  |  |  |
| **As at 31 December 2025**  | koz |  | 2426 |  | 735 |

---

For the year ended 31 December 2025, changes in Mineral Resources exclusive of Mineral Reserves at Tarkwa were primarily driven up by

increased gold prices, which resulted in certain Mineral Resources being converted to Mineral Reserves, with the remaining Mineral

Resources located outside the updated Mineral Reserve shell.

![page border.jpg](gfi-20251231_g220.jpg)

**49**<br>

Material Chile Operations

Salares Norte gold and silver mine

The following graphic illustrates the location of the Salares Norte gold and silver mine, including mining and exploration tenements,

administrative offices and processing plant.

![Image_9.jpg](gfi-20251231_g232.jpg)

**Introduction**

Salares Norte is a high grade, open pit, gold-silver production stage property located in the Atacama region of northern Chile. The project is at

latitude 26°0'42"S and longitude 68°53'35"W, with elevations between 4,200 metres and 4,900 metres above sea level. The nearest town is

Diego de Almagro, about 183 kilometres by road to the west of the project. Mineralisation is contained within a high-sulphidation epithermal

system hosted by a breccia complex, and most of the mineralisation currently constituting Mineral Reserves is oxidised. The construction

phase was completed in the second quarter of 2024, after which the mine completed commissioning and commenced gold and silver

production. Inclement weather and operational challenges slowed the production ramp-up, with Salares Norte achieving full commercial

production on 31 August 2025.

Minera Gold Fields Salares Norte SpA (MGFSN) holds 22,800 hectares of exploitation concessions (mining rights) with definitive title granted,

including 1,800 hectares covering the property area. MGFSN holds 69,100 hectares of additional exploration concessions and an option

agreement with Pan Pacific Copper Exploration Chile Ltda. covering 2,200 hectares (comprising 300 hectares of mining concessions and

1,900 hectares of exploration concessions) to the northwest of Salares Norte. This is a total of 94,100 hectares.

**Operational Infrastructure**

Salares Norte open pit waste strip commenced in 2021 and ore was accessed in 2022. Mining continued in 2024 with waste storage at

88.3 Mt and ore stockpiles at 2.3 Mt. Construction of the 2.0 Mt/a cyanide leaching with Merrill-Crowe recovery from pregnant solution

after CCD, followed by a scavenger CIP circuit processing plant, and modern surface infrastructure is currently in its final stages. Salares Norte

has implemented mining industry mechanisation and modernisation techniques and expects to continue utilising modern equipment. Salares

Norte has an annual major and critical item condition survey that focuses on reliability and minimises down time. Salares Norte has a

comprehensive maintenance strategy that includes owned regular equipment refurbishment or replacement. Salares Norte mine design

and scheduling includes sustainable capital to support the remaining 11-year LOM reserve estimate. Salares Norte has contractors that

conduct mining operations and who are responsible for maintaining and modernising the mining fleet. The present condition of the property,

and its equipment, facilities and infrastructure, is new and in modern condition, and includes a modern remote operating centre in Santiago.

The infrastructure for the mineral reserve will need the waste storage facility (WSF) for Agua Amarga.

Salares Norte is accessed from Caldera on the Pacific coast through a series of sealed and unsealed roads. Caldera has a regional airport

with regular scheduled flights. Personnel working on the operation reside on site in a mining camp. Water is sourced from a local bore field

and power is generated on site using diesel generators.

![page border.jpg](gfi-20251231_g220.jpg)

**50**<br>

For information on assets and liabilities (including costs after depreciation) of Salares Norte, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*. The Book Value of Salares Norte is U.S.$1,957 million. As at 31 December

2025, 3,411 workers were employed at Salares Norte including 2,850 contractors.

During the year ended 31 December 2025, Salares Norte received 4 fines in relation to non-compliance with labour, tax, and occupational

health regulations. These fines amounted to U.S.$5,488. No significant encumbrances to the property existed.

Surface properties at Salares Norte are subject to certain concessions to facilitate convenient and unrestricted exploration and operation.

As a result, third-parties may be able to establish mining easements on MGFSN's concessions at Salares Norte, provided that their objective

is to contribute to a convenient exploration and operation. While a third party could legally apply for a mining easement over Gold Fields'

mining concession, they would have to comply with several requirements and Gold Fields has the right to oppose such application. MGFSN

continues to endeavour to establish a secure area that allows for the protection of the Salares Norte property. District exploration to identify

other deposits in the area with the potential to extend or enhance the LOM plan is ongoing. Other encumbrances or regulatory requirements

include, as highlighted in the EIA, matters related to the alteration and loss of habitat of the short-tailed chinchilla, which is a critically

endangered species in Chile. To mitigate such impact, a plan was developed and approved by the EIA authorities. The plan involves

establishing a compensation and conservation area outside the mining area, declaring no-go zones and relocating a small fraction of the

chinchilla population that lives in future mining zones.

The Salares Norte mining concessions only expire in the event the annual fee is not paid in a timely manner. This annual fee is approximately

U.S.$15,000.

History

Gold Fields discovered the Salares Norte mineralisation in March 2011. Follow-up diamond drilling in late 2011 confirmed the presence of

a high-grade oxide deposit of sufficient size and quality to warrant aggressive resource delineation drilling. In 2016, a land easement for

30 years and water rights for the project were both granted.

Between 2017 and 2018, Gold Fields completed pre-feasibility and interim feasibility studies at the Brecha Principal and Agua Amarga

deposits. Preliminary indications suggested that the Salares Norte operation could be an open pit mine, while metallurgical test work

suggested that hybrid carbon in leach processing could deliver recovery rates of around 91% for gold. A definitive feasibility study was

completed in 2018, including advancement of an optimised mine plan for the combined Brecha Principal and Agua Amarga deposits.

An EIA at Salares Norte was approved in December 2019, together with an environmental mitigation plan, comprising studies and specific

protection measures (relocation programme) of the endangered short-tailed chinchilla in the area. At the end of 2020, the relocation

programme was suspended by the authorities and a sanctioning process was subsequently initiated in 2021, following the death of two

chinchillas relocated under the programme. In response, Salares Norte submitted a compliance programme, which was approved in 2023

and MGFSN resumed relocation activities in the first quarter of 2024. In May 2024, the regulator temporarily suspended the capture and

relocation programme, which recommenced in October 2024. One chinchilla was successfully relocated, and in January 2025, Rockery No. 3

was successfully removed in accordance with the compliance programme, with Rockery No. 8 subsequently removed in December 2025.

As of March 2026, the dismantling process continues, with the monitoring program for Rocky Area No. 10 progressing as planned.

Gold Fields has now executed multiple capture and relocation campaigns, with twelve chinchillas successfully relocated and released since

2019, although a number of chinchillas have been known to be predated following release. Although the capture and relocation programme

is currently continuing as planned, there remains a risk that the commencement of Agua Amarga could be delayed if regulatory requirements

are not satisfied. Pioneering work has commenced at Agua Amarga.

Salares Norte achieved commercial production on 31 August 2025.

Salares Norte is 100% owned by Gold Fields through its shareholding in MGFSN.

Geology

The Salares Norte operation is located in the northern part of the Maricunga Belt, an area with a predominance of Cenozoic volcanic rocks,

comprising eroded strato-volcanos, volcanic domes and pyroclastic rocks. Mineralisation at the Salares Norte operation is contained in a

high-sulphidation epithermal system, hosted mainly by a breccia complex along the contact of two volcanic domes of andesitic and dacitic

composition. Mineral Resources have been delineated by drilling in two separate deposits, Brecha Principal and Agua Amarga, which are

located about 500 metres apart. Most of the mineralisation known to date is oxidised. The sulphide mineralisation contains mainly pyrite.

Gold Fields continues to explore the area around the Salares Norte operation for potential new ore sources to supplement or extend the

current LOM Reserve to 2035.

Mineral Reserves and Mineral Resources

**Attributable Mineral Reserves of Salares Norte as at 31 December 2025**

The following tables set out attributable Mineral Reserves of Salares Norte as at 31 December 2025. The Mineral Reserve gold price is

U.S.$2,000/oz, silver price is U.S.$20.00/oz and the point of reference is on the ROM.

**Attributable Gold Reserves as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off grades | Metallurgical <br>recovery<br>|
| **Gold**  | (kt) | (g/t) | (koz) | NSR U.S.$/t | (%) |
| Proven Mineral Reserves  | —  | —  | —  | —  | —  |
| Probable Mineral Reserves  | 19990 | 4.9 | 3136 | 58.93 – 59.77 | 92.3 |
| **Total Mineral Reserves**  | 19990 | 4.9 | 3136 | 58.93 – 59.77 | 92.3 |

---

![page border.jpg](gfi-20251231_g220.jpg)

**51**<br>

**Attributable Silver Reserves as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Silver | Cut-off grades | Metallurgical <br>recovery<br>|
| **Silver** | (kt) | (g/t) | (koz) | NSR U.S.$/t | (%) |
| Proven Mineral Reserves  | —  | —  | —  | —  | —  |
| Probable Mineral Reserves  | 19990 | 67.2 | 43156 | 58.93 – 59.77 | 68.9 |
| **Total Mineral Reserves**  | 19990 | 67.2 | 43156 | 58.93 – 59.77 | 68.9 |

---

**Attributable Mineral Reserve estimate year on year change**

The following tables set out attributable Mineral Reserves of Salares Norte as at 31 December 2025 compared to 31 December 2024.

**Attributable Gold Reserves year on year change**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Proven and Probable Mineral <br>Reserves | Proven and Probable Mineral <br>Reserves |
|  | Unit | % Change | Gold |
| **As at 31 December 2024**  | koz |  | 3415 |
| Production depletion (2025)  | koz | (9) | (322) |
| Gold price  | koz | 2 | 75 |
| Operating cost  | koz | (1) | (19) |
| Discovery  | koz |  |  |
| Conversion  | koz |  |  |
| Inclusion / exclusion  | koz |  | (12) |
| Acquisitions  | koz |  |  |
| Disposals  | koz |  |  |
| **As at 31 December 2025**  | koz |  | 3136 |

---

For the year ended 31 December 2025, changes in Gold Mineral Reserves at Salares Norte were not material.

![page border.jpg](gfi-20251231_g220.jpg)

**52**<br>

**Attributable Silver Reserves year on year change** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | Proven and Probable Mineral <br>Reserves | Proven and Probable Mineral <br>Reserves |
|  | Unit | % Change | Silver |
| **As at 31 December 2024**  | koz |  | 46013 |
| Production depletion (2025)  | koz | (4) | (1617) |
| Silver price  | koz | 3 | 1161 |
| Operating cost  | koz | (1) | (331) |
| Discovery  | koz |  |  |
| Conversion  | koz |  |  |
| Inclusion / exclusion  | koz | (4) | (2070) |
| Acquisitions  | koz |  |  |
| Disposals  | koz |  |  |
| **As at 31 December 2025**  | koz |  | 43156 |

---

For the year ended 31 December 2025, changes in Silver Mineral Reserves at Salares Norte were not material.

**Attributable Mineral Resources exclusive of Mineral Reserves of Salares Norte as at 31 December 2025**

The following tables set out attributable Mineral Resources exclusive of Mineral Reserves of Salares Norte as at 31 December 2025. The

Mineral Resources exclusive of Mineral Reserves gold price is U.S.$2,300/oz, silver price is U.S.$23.00/oz and the point of reference is in situ.

**Attributable Gold Resources exclusive of Mineral Reserves for Gold Reserves as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Gold | Cut-off grades | Metallurgical <br>recovery<br>|
| **Gold** | (kt) | (g/t) | (koz) | NSR U.S.$/t | (%) |
| Measured Mineral Resources  |  |  |  |  |  |
| Indicated Mineral Resources  | 3332 | 2.2 | 241 | 58.72 – 59.00 | 91.0 – 91.8 |
| **Total Measured and Indicated Mineral Resources**  | 3332 | 2.2 | 241 | 58.72 – 59.00 | 91.0 – 91.8 |
| Inferred Mineral Resources  | 217 | 1.3 | 9 | 58.06 – 58.30 | 91.0 – 91.2 |

---

**Attributable Silver Resources exclusive of Mineral Reserves for Silver Reserves as at 31 December 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | Tonnes | Grade | Silver | Cut-off grades | Metallurgical <br>recovery<br>|
| **Silver** | (kt) | (g/t) | (koz) | NSR U.S.$/t | (%) |
| Measured Mineral Resources  |  |  |  | —  | —  |
| Indicated Mineral Resources  | 3332 | 43.0 | 4571 | 58.72 – 59.00 | 41.7 – 67.6 |
| **Total Measured and Indicated Mineral Resources**  | 3332 | 43.0 | 4571 | 58.72 – 59.00 | 41.7 – 67.6 |
| Inferred Mineral Resources  | 217 | 6.1 | 43 | 58.06 – 58.30 | 7.3 – 57.6 |

---

![page border.jpg](gfi-20251231_g220.jpg)

**53**<br>

**Attributable Mineral Resource exclusive of Mineral Reserves year on year change**

The following tables set out attributable Mineral Resources exclusive of Mineral Reserves of Salares Norte as at 31 December 2025 compared

to 31 December 2024.

**Attributable Gold Resources exclusive of Mineral Reserves for Gold Reserves year on year change**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Measured and Indicated <br>Mineral Resources | Measured and Indicated <br>Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources |
|  | Unit | % Change | Gold | % Change | Gold |
| **As at 31 December 2024**  | koz |  | 216 |  | 10 |
| Production depletion (2025)  | koz | (2) | (4) | (33) | (3) |
| Gold price  | koz | 96 | 207 | 94 | 10 |
| Operating cost  | koz | (4) | (8) | (21) | (2) |
| Discovery  | koz |  |  |  |  |
| Resource model update  | koz |  |  |  |  |
| Inclusion / exclusion  | koz | (79) | (169) | (52) | (5) |
| Indesign material  | koz |  |  |  |  |
| Acquisitions  | koz |  |  |  |  |
| Disposals  | koz |  |  |  |  |
| **As at 31 December 2025**  | koz |  | 241 |  | 9 |

---

For the year ended 31 December 2025, changes in Gold Mineral Resources at Salares Norte were mostly from the increase in price

assumption.

**Attributable Silver Resources exclusive of Mineral Reserves for Silver Reserves year on year change** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Measured and Indicated <br>Mineral Resources | Measured and Indicated <br>Mineral Resources | Inferred Mineral Resources | Inferred Mineral Resources |
|  | Unit | % Change | Silver | % Change | Silver |
| **As at 31 December 2024**  | koz |  | 2832 |  | 56 |
| Production depletion (2025)  | koz | (2) | (71) | (58) | (32) |
| Silver price  | koz | 140 | 3952 | 89 | 50 |
| Operating cost  | koz | (3) | (73) | (27) | (15) |
| Discovery  | koz |  |  |  |  |
| Resource model update  | koz |  |  |  |  |
| Inclusion / exclusion  | koz | (73) | (2070) | (28) | (15) |
| Indesign material  | koz |  |  |  |  |
| Acquisitions  | koz |  |  |  |  |
| Disposals  | koz |  |  |  |  |
| **As at 31 December 2025** | koz |  | 4571 |  | 43 |

---

For the year ended 31 December 2025, changes in Silver Mineral Resources at Salares Norte were mostly from the increase in price

assumption.

Non-Material Properties

Gold Fields has determined that the Gruyere, Granny Smith, Agnew, Damang and Cerro Corona mines and the Windfall project, along with the

properties listed under "*– Information on the Company – Summary Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K* 

*under the Securities Act – Non-Core Investments"* are not considered material to Gold Fields' business and financial condition at this time.

![page border.jpg](gfi-20251231_g220.jpg)

**54**<br>

Australia Non-Material Operations

Gruyere Mine (Not material to Gold Fields)

The following graphic illustrates the location of the Gruyere gold mine operations, including mining and exploration tenements, administrative

offices and processing plant.

![AU-GRU-P00084AD-J00069 - F20 Figure - Gruyere Gold Operations - General Location of Material Assets (1) (1).jpg](gfi-20251231_g233.jpg)

**Introduction**

Gruyere is a production stage property comprising one open pit and Mineral Reserve stockpiles. The Gruyere deposit is located within

the Yamarna Terrane of the eastern Yilgarn, Western Australia (latitude 27º59'04"S and longitude 123º50'43"E or GDA94 / MGA Zone 51

co-ordinates 583,115E and 6,904,206N). Gruyere is located by road 200 kilometres east of Laverton and 1,100 kilometres north-east of Perth

and is accessible by road and by air, with a sealed airstrip at the accommodation village. The mine operates on a fly-in fly-out basis with

variable rosters.

Gruyere owns one mining lease, 40 exploration licences, 52 miscellaneous licences and two prospecting licences covering a total area of

375,862 hectares. The Gruyere mine utilises mining contractors to mine the open pit using conventional drill, blast, load and haul activities.

Gruyere is not considered to be a material operation due to low short-term cash flows and is not material to Gold Fields' financial condition.

However, certain information about the property has been retained in this year's Form 20-F for continuity purposes.

**Operational Infrastructure**

The Gruyere open pit commenced in 2018 and included the 2019 7.5Mt/a conventional Carbon in leach (CIL) processing plant, and therefore

still comprises modern equipment and surface infrastructure. The recent open pit LOM Mineral Reserve commenced in 2018 as a single open

pit, developed and mined in staged phases over the life of the Mineral Reserve. The Gruyere processing plant has an ongoing condition

monitoring programme that focuses on reliability and minimises down time and has a comprehensive maintenance strategy that includes

regular equipment refurbishment or replacement. The plant has been progressively de-bottlenecked to achieve a target throughput rate of

10Mt/a. Gruyere mine design and scheduling include sustainable capital to support the remaining year LOM Mineral Reserve. Gruyere has

contractors that conduct mining operations and who own and are responsible for maintaining and modernising the mining fleet.

The operations are supported by: a power station with gas pipeline and power distribution lines, borefields and water supply infrastructure;

centralised administrative offices; engineering workshops; an accommodation village; and airstrip and road networks. The present condition

of the property, and its equipment, facilities and infrastructure is reasonably new. The infrastructure for the mineral reserve is mostly in place

and complete. The smaller Golden Highway satellite pits will require haulage access and WSFs.

![page border.jpg](gfi-20251231_g220.jpg)

**55**<br>

For information on assets and liabilities (including costs after depreciation) of Gruyere, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*.

The Gruyere mining lease will be required to be renewed every 21 years and will expire in 2037 and has an annual fee of U.S.$0.7 million.

History

Gold Road Resources (previously ASX listed) discovered the Gruyere mineralisation in 2013. In November 2016, Gold Road Resources formed

a 50/50 joint venture with Gold Fields, under which Gold Fields held a 50% interest (through its then subsidiary, Gruyere Mining Co Pty) in

Gruyere and was the operator of the mine (through its subsidiary Gruyere Management Co. Pty Ltd.). Gruyere's first gold was poured in 2019.

LOM Mineral Reserve extends to 2032. In October 2025, Gold Fields finalised a transaction to acquire the entire issued share capital of

Gold Road Resources, thereby consolidating its 100% ownership of Gruyere.

Geology

Gruyere is an Archaean orogenic gold deposit. Mineralisation is hosted within the Gruyere Monzonite Porphyry. Gold is associated with

varying intensity albite-sericite-chlorite-biotite-calcite alteration of the host rock. The Gruyere deposit is located on a flexure point of the

regional scale Dorothy Hills Greenstone Belt, where the shear zone changes in direction. The entire Gruyere porphyry is variably altered and

gold grade is related to variations in style and intensity of alteration, structure, veining and sulphide content.

Gold mineralisation within the Attila-Alaric trend (Attila, Alaric, Montagne and Orleans satellite projects), known as the Golden Highway,

comprises steeply dipping shear hosted gold in volcanoclastic sequences, with gold associated with zones of alteration and pyrite

mineralisation. During 2024, the satellite Argos project was combined and disclosed with the Montagne project at the Golden Highway.

Mineral Reserves and Mineral Resources

The attributable Mineral Reserves and Mineral Resources exclusive of Mineral Reserves are included in the summary section under the

Australia Item 1303 tables of this Form 20-F.

![page border.jpg](gfi-20251231_g220.jpg)

**56**<br>

Granny Smith (Not material to Gold Fields)

The following graphic illustrates the location of the Granny Smith operations, including mining and exploration tenements, administrative

offices and processing plant.

![Image_11.jpg](gfi-20251231_g234.jpg)

**Overview**

The Granny Smith Mine is a production stage property, underground gold mine owned by GSM Mining Company (Pty) Ltd., a wholly owned

subsidiary of Gold Fields.

Granny Smith holds 74 exploration licences, prospecting licences and mining leases covering a total area of 68,240 hectares, including

21 miscellaneous and has security of tenure for all current exploration and mining leases. The mineral tenements cover an area of

approximately 55,348 hectares and a further 12,892 hectares of miscellaneous and non-managed tenements.

Granny Smith is not considered to be a material operation and is not material to Gold Fields' financial condition. However, certain information

about the property has been retained in this year's Form 20-F for continuity purposes. Gold Fields does not anticipate providing extensive

disclosure, or filing technical report summaries, on this property going forward.

For information on assets and liabilities (including costs after depreciation) of Granny Smith, see "*Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*.

Mineral Reserves and Mineral Resources

The attributable Mineral Reserves and Mineral Resources exclusive of Mineral Reserves are included in the summary section under the

Australia Item 1303 tables of this Form 20-F.

![page border.jpg](gfi-20251231_g220.jpg)

**57**<br>

Agnew (Not material to Gold Fields)

The following graphic illustrates the location of the Agnew operations, including mining and exploration tenements, administrative offices and

processing plant.

![Image_12.jpg](gfi-20251231_g235.jpg)

**Overview**

Agnew is a production stage property owned by Agnew Gold Mining Company Pty Ltd (AGMC) and comprises the amalgamated Agnew and

(former) Lawlers mines.

Agnew holds 136 exploration licences, prospecting licences and mining leases covering a total area of 71,446 hectares.

Agnew is not considered to be a material operation and is not material to Gold Fields' financial condition. However, certain information about

the property has been retained in this year's Form 20-F for continuity purposes. Gold Fields does not anticipate providing extensive

disclosure, or filing technical report summaries, on this property going forward.

For information on assets and liabilities (including costs after depreciation) of Agnew, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*.

Mineral Reserves and Mineral Resources

The attributable Mineral Reserves and Mineral Resources exclusive of Mineral Reserves are included in the summary section under the

Australia Item 1303 tables of this Form 20-F.

![page border.jpg](gfi-20251231_g220.jpg)

**58**<br>

Ghana Non-Material Operations

Damang Mine (Not material to Gold Fields)

The following graphic illustrates the location of the Damang gold mine, including mining and exploration tenements, administrative offices and

processing plant.

![Image_13.jpg](gfi-20251231_g236.jpg)

**Overview**

Damang is a production stage gold mine located in the Wassa West District in southwestern Ghana.

Damang holds two mining leases as well as prospecting leases with a total area of 24,265 hectares. The Damang main mining lease expired

on 18 April 2025, following which Gold Fields was granted a one-year extension of the lease, expiring in April 2026. Effective 18 April 2026,

Abosso will hand over all operational responsibilities, assets and related documentation pertaining to the Damang mine to the Government

of Ghana in accordance with the mining lease extension.

For information on assets and liabilities (including costs after depreciation) of Damang, see "*Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*.

Mineral Reserves and Mineral Resources

The attributable Mineral Resources exclusive of Mineral Reserves are included in the summary section under the Ghana Item 1303 tables

of this Form 20-F. Damang no longer has a Mineral Reserve due to an unfavourable economic assessment.

![page border.jpg](gfi-20251231_g220.jpg)

**59**<br>

Peru Non-Material Operations

Cerro Corona (Not material to Gold Fields)

The following graphic illustrates the location of the Cerro Corona gold and copper mine, including mining and exploration tenements,

administrative offices and processing plant. The open pit operations have been completed with stockpile processing forming the

Mineral Reserve.

![Image_14.jpg](gfi-20251231_g237.jpg)

**Overview**

Cerro Corona is a production-stage gold and copper mine which has completed mining the open pit and one copper-gold plant which is now

processing stockpile mineral reserve.

The total property area owned by Cerro Corona covers 6,209 hectares, comprising 4,805 hectares mining concessions, with the surface

rights covering 1,404 hectares.

Cerro Corona is not considered to be a material operation and is not material to Gold Fields' financial condition. However, certain information

about the property has been retained in this year's Form 20-F for continuity purposes. Gold Fields does not anticipate providing extensive

disclosure, or filing technical report summaries, on this property going forward.

For information on assets and liabilities (including costs after depreciation) of Cerro Corona, see *"Annual Financial Report – Notes to the* 

*Consolidated Financial Statements – Note 45. Segmental Report"*.

Mineral Reserves and Mineral Resources

The attributable Mineral Reserves are included in the summary section under the Peru Item 1303 tables of this Form 20-F. Note that no

Mineral Resources exclusive of Mineral Reserves are disclosed.

![page border.jpg](gfi-20251231_g220.jpg)

**60**<br>

Canada Non-Material Operations

Windfall project (Not material to Gold Fields)

The following graphics illustrate the location of the project boundary of the Windfall gold and silver project (the Windfall Project Boundary),

including tenements, administrative offices and infrastructure. Windfall is in new, modern condition and is a development stage gold and silver

mining project. The area inside the Windfall Project Boundary represents the area of interest for Windfall and is described in Item 1303. The

area outside the Windfall Project Boundary is described in the non-core asset section of Item 1303.

![Image_15.jpg](gfi-20251231_g238.jpg)

![Windfall.jpg](gfi-20251231_g239.jpg)

![page border.jpg](gfi-20251231_g220.jpg)

**61**<br>

**Introduction and History** 

In 2023, Gold Fields announced that it had entered into a 50/50 joint venture with Osisko for the joint ownership and development of the

Windfall project. On 25 October 2024, Gold Fields completed its acquisition of Osisko, and consolidated 100% ownership of the Windfall

project. The Windfall project is located in the Eeyou Istchee James Bay territory of Québec, Canada. It is located approximately 700

kilometres north-northwest of Montréal, 200 kilometres northeast of Val-d'Or and 115 kilometres east of Lebel-sur-Quévillon (latitude 49°04'18"

N and longitude 75°39'03" W). The Windfall project falls within the traditional territory of the Cree First Nation of Waswanipi.

Windfall is a development stage property with existing underground infrastructure based on current exploration activities and with further

development planned and budgeted into 2026/27. However, a decision to proceed with construction has not been made and is subject to

the approval of an EIA by Québec regulators, as well as mining licence and final investment decision by Gold Fields.

Windfall did not receive any fines during the year ended 31 December 2025 and no significant encumbrances on the property exist.

The Windfall project contains three lease agreements, including one industrial lease agreement for the ramp area, another industrial lease

agreement for the camp area and a mine waste storage lease. Windfall comprises 325 individual claims covering an aggregate area of

14,299 hectares. The entire property, which includes Windfall, Urban Barry, Phoenix and Quévillon, covers 342,531 hectares. For the purposes

of this Item 1304 disclosure, the area referred to as the Windfall Project Boundary includes the Expected Mineral Reserve and Mineral

Resource and the area subject to EIA approval. The area falling outside of the boundary of this property is included in non-core assets under

Item 1303. The EIA is expected to provide Gold Fields with a mining licence. Windfall does not currently have a mining lease and as such has

no annual fees or expiry date. See *"– Information on the Company – Summary Disclosure of Mining Operations Pursuant to Item 1303 of* 

*Regulation S-K under the Securities Act"*.

**Operational Infrastructure**

The Windfall Project as defined by the boundary gold and silver deposits comprise three primary zones: Lynx (Lynx zone), Main and Underdog

(Main zone). The Main zone is the western portion of the planned mining area and the Lynx zone is the eastern portion. The zones are

currently accessed by three ramp systems, with two surface portals for transportation and material haulage. The ramps and level accesses

(up to the vent raise access) will allow the passage of haulage trucks as well as secondary ventilation ducting and service piping. The present

condition of the existing property, equipment, facilities and infrastructure is reasonably new. The fleet and equipment is expected to be

modern and fit for purpose when the project is sanctioned. The investment study will itemise the required surface and underground

infrastructure requirements. Gold Fields is expecting to progress with modern infrastructure.

The Windfall area is serviced by a complete network of well-maintained logging roads and hosts several infrastructure components at the

Windfall property, including an exploration camp with a capacity for 300 people. The Windfall site also has surface water management

ditches, ponds, pumping stations, water treatment plants and exhaust raise with primary ventilation fans have been constructed. Power is

supplied via a power line that provides 100% hydroelectric power to the site.

Geology

The host Urban-Barry greenstone belt comprises mafic to felsic volcanic rock with lesser sedimentary formations cross-cut by several east

and east-northeast trending deformation zones. The Windfall Project as defined by the boundary is located along the Mazères deformation

zone, a regional scale east-northeast trending ductile deformation zone interpreted to be a second-order structure to the east-west Urban

deformation zone.

Three major regional deformation events are observed to have affected the Windfall Project as defined by the boundary deposit. These

include: folding (D1); north to east-northeast trending faults, shear zones and tectonic fabric (D2); and late north-trending brittle faulting (D3).

Also, at the deposit scale prior to the D1 deformation event, a period of extension is interpreted to have occurred during the emplacement

of the pre-mineralisation and post-mineralisation QFP dike complex. Extensional structures formed during this event also controlled the

emplacement of gold mineralisation.

Vein-type and replacement-type are the two dominant styles of gold mineralisation observed at the Windfall deposit. In addition, numerous

remobilised gold veins crosscut these features.

Mineral Reserves and Mineral Resources

Gold Fields has not disclosed Mineral Reserves and Mineral Resources for Windfall Project as defined by the boundary as at

31 December 2025 as the property is not considered material to its business and financial condition.

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Internal Controls Disclosure Pursuant to Item 1305 of Regulation S-K under the Securities Act

The geometry and continuity of orebodies is interpreted from samples that are often widely spaced compared to the expected variability of

the geometry and continuity of the geological units and structures that control mineralisation. Sometimes the geometry and continuity are

poorly understood and difficult to predict at the scale of drilling.

Mineral Resources and Mineral Reserves are estimated using samples obtained from exposures or drilling that are widely spaced and of

small volume in comparison to the mining blocks that they are used to estimate. Analytical measures are dependent on the ability to take a

representative sample. Sample representativity is especially difficult to achieve when coarse gold is present as in many of the Gold Fields

operations.

Geological and grade variability are commonly estimated using geostatistical measures (the variogram) that indicate large contributions to

structured components of sample variance may be random (the nugget).

As a result, there may be significant uncertainty in the locally estimated grades and geological continuity of resource estimates. Resource

geologists attempt to provide a (usually) qualitative indication of risk to metal contents through the application of classifications (Measured,

Indicated, Inferred Mineral Resources, Proven and Probable Mineral Reserves).

Assumptions are used to define whether portions of resource models are potentially economic to extract. These assumptions or modifying

factors may be measures such as metal price, anticipated mining costs, cost of capital country discount rates, exchange rates and others.

These modifying factors are applied in a forward-looking fashion and become increasingly uncertain further into the future. Mines with long

LOM schedules therefore carry increased risk in this regard.

In accordance with S-K 1300 guidelines and the SAMREC Code, a comprehensive quality assurance and quality control (QA/QC) protocol is in

place at all the Gold Fields operations and projects. It draws on industry leading practice for data acquisition and utilises national standards

authority accredited laboratories, such as the South African National Accreditation System (SANAS) in South Africa, which are regularly

reviewed both internally and externally. Analytical QA/QC is maintained and monitored through the submission of blanks, certified reference

material and duplicates, and umpire laboratory checks.

Gold Fields' Mineral Resources and Mineral Reserves estimates are subject to internal Qualified Persons reviews administered by the Group

Technical team and cyclically by external and independent experts.

Gold Fields follows an embedded process of third-party reviews to provide expert independent assurance regarding the Mineral Resources

and Mineral Reserves estimates and compliance to the appropriate reporting codes.

In line with Gold Fields' policy that each operation or material project will be reviewed by an independent third party on average no less than

once every three years, or when triggered by a material new Mineral Resource and/or Mineral Reserve declaration, the following operations

were subject to external review during 2025: Tarkwa and Salares Norte. Tarkwa was scheduled for external review in 2024, which was

completed in 2025. SRK Consulting (Australasia) Pty Ltd (SRK) conducted an independent audit of the Tarkwa Mineral Resource, and AMC

Consultants Pty Ltd Australia conducted the Tarkwa Mineral Reserve estimates review. Snowden/Optiro Datamine Chile conducted the

Salares Norte Mineral Resource and Mineral Reserve review. Auditor certificates have been issued for both mines and no material findings

have been made. No material issues were identified in the estimation processes and LOM plans and Compliance Certificates have been

issued by the independent consultants for these properties. The certificates state that the Mineral Resources exclusive of Mineral Reserves

and Mineral Reserves have been estimated and reported in accordance with the SAMREC Code, which is substantially similar in its

methodology to S-K 1300, and was conducted to an appropriate technical standard. Third-party audits are part of Gold Fields' commitment to

leading practices in Mineral Resource and Mineral Reserve estimation and reporting. Windfall Mineral Reserves and Mineral Resources were

not disclosed in 2025, and the project is currently awaiting EIA approval, its mining licence and investment committee sanction. The Windfall

external audit is also in progress and may be utilised when Gold Fields discloses Windfall's maiden Mineral Resource and maiden Mineral

Reserve.

Completed Mineral Resource and Mineral Reserves are presented to Group Technical, Corporate Finance, Sustainable Development and the

Registrant's executive committee. The disclosure is prepared and reviewed by the same team to ensure that the Mineral Resource and

Mineral Reserves are appropriately and accurately presented.

The materiality assessment based on SK 1301 is completed for all properties to establish if material to the registrant's overall business and

financial condition.

Gold Fields confirms that Mr. Trueman is the Gold Fields-appointed QP for Mineral Resources and Mineral Reserves and has given written

consent for the Gold Fields Mineral Resources and Mineral Reserves estimates. Mr. Trueman has also given written consent that the reporting

of Mineral Resources and Mineral Reserves estimates in accordance with Subpart 1300 of Regulation S-K may be published in the form and

context in which it was intended.

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Description of mining business

The discussion below provides a general overview of the mining business as it applies to Gold Fields.

Exploration

Exploration activities are focused on discovery and Mineral Resource development aimed at replacing production depletion and growth in

Mineral Reserves to maintain operational flexibility and sustainability. The Group focuses on the extension of existing ore bodies and the

discovery and delineation of new ore bodies both at existing sites and at undeveloped sites. Once a potential ore body has been discovered,

exploration is extended and intensified in conjunction with comprehensive infill drilling, in order to enable clearer definition of the ore body

and its technical and economic characteristics to profile the potential portions to be mined. Geological, geochemical, geophysical,

geostatistical, geotechnical and geo-metallurgical techniques are constantly refined to improve effectiveness and the economic viability of

prospecting and mining activities. A multi-year budget is established at the respective mining operations to ensure traction on exploration

strategies to secure strong exploration project pipelines.

Mining

Gold Fields currently mines only gold, with copper and silver as by-products. The mining process comprises four principal activities: (i)

constructing infrastructure and processing facilities; (ii) developing access to the ore body; (iii) extracting the ore body once accessed;

and (iv) processing ores to saleable products. These processes apply to both surface and underground mines.

Underground Mining

**Developing access to the ore body**

For Gold Fields' Australian operations and Windfall project access is through single or multiple decline haulages extended from surface

portals, while at the South African underground mine, primary access to the ore body is provided through vertical shaft systems. Horizontal

and decline development at various intervals of the shaft or main decline, known as levels, extend laterally and provide access to the ore

horizon. Ore drives open up the ore body for mining.

**Extracting the ore body**

Once an ore body has been accessed and opened up for mining, production activities consisting of drilling, blasting, cleaning, supporting and

transporting rock are carried out on a daily basis.

At the Australian underground operations, the broken ore is loaded straight from the stope face into trucks, using mechanical loaders, and

hauled to the surface by underground dump trucks via the decline. Application of backfill to the mined-out areas is based on local conditions

and is not always required in shallow underground mining areas.

At South Deep, the broken ore is loaded from either the stope, development or destress excavations into trucks using mechanical loaders

and hauled along drives to ore pass systems which connect the drives to the cross cuts below. The broken ore and waste from the

development ends are loaded and hauled to ore pass systems by means of Load Haul Dumpers. The ore and waste are then transported by

rail or conveyor and tipped into the shaft rock transfer system, after which it is hoisted to surface. Mining methods employed include destress

mining (to provide the appropriate geotechnical conditions for subsequent development stoping), long hole open stoping (for reef targets

greater than 15 metres in height) and drifting and benching (for reef targets less than 15 metres in height). The mining voids generated once

the ore is removed are filled with treated tailings product called backfill, which provides ground support for the mined-out areas.

In Canada, Windfall is expected to follow the same underground mining process as the Australian underground operations described above.

Open Pit Mining

**Opening up the ore body**

In open pit mining, access to the ore body is achieved by stripping the overburden waste in benches of fixed height to expose the ore below.

This is most typically achieved by drilling and blasting an area, loading the broken waste rock with excavators into dump trucks and hauling

the waste rock and/or soil to dumps. The overburden material is placed on designated waste rock dumps.

**Extracting the ore body**

Extraction of the ore body in open pit mining involves the same activity as in stripping the overburden waste. Lines are established on the pit

floor demarcating ore from waste material and the rock is then drilled and blasted. Post blasting, the ore is loaded into dump trucks and

hauled to interim stockpiles or directly to the crusher at the metallurgical plant, while the waste is hauled to waste rock dumps.

Rock Dump and Production Stockpile Mining

Gold Fields mines surface rock dumps and production stockpiles using mechanised earth-moving equipment.

Mine Planning and Management

Operational and longer-term planning management on the mines receives support from the Group's technical services, finance and

sustainable development functions. The current philosophy is one of top-down/bottom-up management, with the operational and commercial

objectives at each mine defined by the personnel at the mine based on parameters, objectives and guidelines provided by Gold Fields. This is

based on the premise that the people on the ground have the best understanding of the local business and what is realistically achievable.

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**64**<br>

Each operation identifies and confirms a preferred strategic option on an annual basis, which, once approved by Gold Fields' Executive

Committee (the Executive Committee), is used to inform how the detailed two-year operational plan and budget is configured, which is rolled

out into a LOM Mineral Reserve, prior to the commencement of each fiscal year. The plans are based on financial parameters determined by

the Executive Committee. The operational plan is presented to the Executive Committee, which takes it to the Board for approval before the

commencement of each fiscal year. The planning process is anchored by a Group planning calendar, and is sequential and based upon

geological models, evaluation models, resource models, metal prices, mine design, depletion schedules and, ultimately, financial analysis.

Capital planning is formalised pursuant to Gold Fields' capital investment and approvals process. Projects are categorised and reviewed in

terms of total expenditure, return on investment, net present value and impact on AIC per ounce and all projects involving amounts exceeding

U.S.$40 million are submitted to the Board for approval. Material changes to the plans must be referred back to the Executive Committee and

the Board. Post-investment reviews are conducted to assess the effectiveness of the capital approvals process and to leverage continuous

improvement opportunities going forward.

Capital Expenditure

Gold Fields spent U.S.$1,398.5 million, U.S.$1,183.4 million, and U.S.$1,054.7 million in capital expenditure during fiscal 2025, 2024 and 2023,

respectively.

The major expenditure items in fiscal 2025 were U.S.$97.9 million on ramp up capital while building up towards commercial levels of

production as well as U.S.$71.1million on capital waste stripping at Salares Norte, U.S.$28.5 million on capital development and U.S.$27.0

million on equipment at the South Deep mine, U.S.$191.5 million on capital waste stripping at Tarkwa, U.S.$34.8 million on in-pit tailings at

Cerro Corona, U.S.$104.4 million on underground and open pit development and U.S.$114.2 million on the renewable energy project at St

Ives, U.S.$55.4 million on development at Agnew, U.S.$57.1 million on development of the Wallaby underground mine at Granny Smith and

U.S.$109.6 million on development at Gruyere.

The major expenditure items in fiscal 2024 were U.S.$340.5 million on project construction, capital waste tonnes and ramp-up capital at

Salares Norte, U.S.$28.2 million on capital development and U.S.$22.6 million on fleet replacement at the South Deep mine,

U.S.$168.5 million on capital waste stripping at Tarkwa, U.S.$15.3 million on the tailings storage facility at Cerro Corona, U.S.$123 million

on underground and open pit development and U.S.$32.4 million on the renewable energy project at St. Ives, U.S.$40.8 million on

underground development at Agnew, U.S.$44.1 million on development of the Wallaby underground mine at Granny Smith and

U.S.$68.6 million on waste stripping at Gruyere.

The major expenditure items in fiscal 2023 were U.S.$398.1 million on project construction, capital waste tonnes and ramp-up capital at

Salares Norte, U.S.$16.7 million on capital development and U.S.$19.3 million on fleet replacement at the South Deep mine, U.S.$166.1 million

on capital waste stripping at Tarkwa, U.S.$6.3 million on tailings storage facility at Damang, U.S.$18.9 million on the tailings storage facility at

Cerro Corona, U.S.$55.7 million on underground and open pit development at St. Ives, U.S.$46.8 million on the underground and open pit

development at Agnew, U.S.$31.1 million on development of the Wallaby underground mine at Granny Smith and U.S.$35.2 million on

development at Gruyere.

For more information regarding Gold Fields' capital expenditure, see "*Annual Financial Report – Directors' Report – Capital Expenditure*",

*"Annual Financial Report – Management's Discussion and Analysis of the Financial Statements – Liquidity and Capital Resources – Years* 

*Ended 31 December 2025 and 31 December 2024"*.

For a discussion of growth and sustaining capital expenditures, please see *"Annual Financial Report – Management's Discussion and* 

*Analysis of the Financial Statements – All-in Sustaining and All-in Costs"*.

AIC

Please see *"Annual Financial Report – Management's Discussion and Analysis of the Financial Statements – All-in Sustaining and All-in* 

*Costs"* for the Company's historical AIC.

Processing

Gold Fields has nine active gold processing facilities (four in Australia, one in South Africa, two in Ghana, one in Chile and one in Peru).

The gold and silver processing facility at Salares Norte was commissioned, with commercial production achieved on 31 August 2025.

Additionally, the Windfall gold and silver processing plant is in the detailed engineering stage. A typical processing plant includes two

stages: comminution (crushing and grinding the ore) and then gold recovery (typically flotation, leaching, carbon adsorption, carbon stripping/

EW and smelting).

Comminution

Comminution is the process of crushing and breaking up the ore to expose and liberate the gold and make it available for treatment.

Conventionally, this process occurs in multi-stage crushing and milling circuits, which include the use of jaw and gyratory or cone crushers

followed by rod, semi-autogenous grinding and/or ball mills. For the milling step, most of Gold Fields' processing plants utilise both SAG and

ball mills where the ore itself and steel balls are used as the primary grinding media. Through the comminution process, ore is ground to a

pre-determined size before proceeding to the gold recovery stage.

Gold Recovery

At most of Gold Fields' operating gold plants, gold is extracted into solution by leaching with cyanide in agitated slurry tanks. The gold is then

adsorbed onto activated carbon from the solution using either the CIL process or the CIP process. The activated carbon is removed from the

tanks, eluted in pressurised columns and the gold is then recovered by electrowinning. The Salares Norte plant includes a Merrill Crowe gold

recovery circuit prior to CIP, which recovers pregnant leach solution by 2-stage thickening, followed by zinc precipitation of the gold and silver

in the clean solution. Windfall gold and silver is expected to be recovered in the CIP circuit.

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**65**<br>

Most of Gold Fields' operating gold plants also utilise gravity recovery circuits that use a centrifugal concentrator to recover coarse free gold

based on density differences. This gravity gold recovery step is usually undertaken within the grinding stage of the processing plant before

the ore progresses to CIL or CIP.

As the final recovery step, the gold recovered by the electrowinning cells or zinc precipitation is smelted in a furnace to produce gold

doré bars. Salares Norte also produces silver doré bars. These gold and silver bars are transported to a refinery that is responsible for

further refining.

At Cerro Corona, gold/copper concentrate is recovered using a standard flotation process. The concentrate is shipped to a third-party smelter

for further processing. The Cerro Corona processing plant therefore does not have a CIL or CIP circuit.

Refining and Marketing

Australia

In Australia, all gold produced by Gruyere, Granny Smith, St. Ives and Agnew, each owned by an Australian operating company, is refined by

the Perth Mint in Western Australia. The Perth Mint applies competitive charges for the collection, transport and refining services. The Perth

Mint takes responsibility for the unrefined gold at collection from each of the operations where they engage a sub-contractor, Brinks Australia.

Brinks Australia delivers the unrefined gold to the Perth Mint where it is refined and the refined ounces of gold and silver are credited to the

relevant metal accounts held by each Australian Operating Company with the Perth Mint. The arrangement with the Perth Mint continues

indefinitely until terminated by either party upon 90 days' written notice.

On collection of the unrefined gold from an Australian Operating Company's mine site, the relevant Australian Operating Company will sell the

refined gold to authorised counterparties at a price benchmarked against the LBMA Gold PM Auction Price. All silver is sold to the Perth Mint

at the LBMA silver price on the last business day of each month.

South Africa

The South Deep Joint Venture entered into a refining agreement with Rand Refinery Proprietary Limited (Rand Refinery) in 2013. Rand

Refinery is a non-listed private company in which Gold Fields holds a 2.8% interest, with the remaining interests held by other South African

gold producers.

This refining agreement superseded and replaced any and all previous refining agreements between the South Deep Joint Venture and

Rand Refinery. Pursuant to this refining agreement, Rand Refinery undertook, among other things, to: (i) refine all unrefined gold produced by

South Deep; (ii) on each delivery date of unrefined gold to Rand Refinery, notify Gold Fields' treasury department in writing of the estimated

gold and/or silver content of the unrefined gold so delivered, expressed in troy ounces; and (iii) retain the refined gold and the refined silver

for South Deep pending written instructions from Gold Fields' treasury department that the refined gold and/or refined silver have been sold

and may be delivered to the buyer in accordance with the buyer's instructions. Risk transfers at the Rand Refinery helipad once the material is

signed for by Rand Refinery Security. Accordingly, the mine insurance policy covers the gold doré while it is in transit to the Rand Refinery

helipad. Rand Refinery invoices South Deep with the refining charges, who then arranges for direct settlement to Rand Refinery. The refining

agreement will continue indefinitely until either party terminates it upon at least 12 months' written notice.

Gold Fields' treasury department sells all the refined gold produced by South Deep to authorised counterparties at a price benchmarked

against the LBMA Gold PM Auction Price (or the LBMA Gold AM Auction Price).

Silver is accumulated and sold on a quarterly basis by Gold Fields treasury to either Rand Refinery or to an authorised counterpart at a price

benchmarked against the LBMA silver price.

Ghana

Gold produced at the Damang and Tarkwa mines is refined by MKS pursuant to refining agreements entered into by Abosso (in respect of

the Damang mine) and Gold Fields Ghana (in respect of the Tarkwa mine) with MKS. Under these agreements, MKS collects the gold from

either the Damang or Tarkwa mine and transports it either to its Switzerland refinery or to its Indian refinery where the gold is then refined.

The MKS refinery in India will be the default designated refinery unless either party provides the other party with notice to the effect that a

shipment of gold must be transported to MKS's refinery in Switzerland, provided that MKS shall only be entitled to provide Gold Fields with

such notice if: (i) the arrival date of the gold at the refinery will fall on a day other than a business day in India or during a period of weak

physical demand for gold in India; or (ii) the Indian import regulations for the gold have materially and adversely changed. The risk of loss and/

or damage passes to MKS on delivery. Delivery is defined under the agreement as the delivery of the material by Gold Fields to the Delivery

Place (which is defined as the gold room of Gold Fields Ghana Ltd and Abosso Goldfields Ltd).

Once the gold has been refined, the Damang and Tarkwa operations shall be entitled to: (i) require MKS to purchase the refined gold; or (ii)

request a prepayment in respect of the refined gold. All sales are benchmarked against the afternoon LBMA Gold PM Auction Price. The

LBMA Gold Price is operated and administered by an independent third-party provider, ICE Benchmark Administration (the IBA), who was

chosen following consultation with market participants. IBA provides the price platform, methodology, as well as the overall administration and

governance for the LBMA Gold Price. The IBA's platform provides an electronic, auction-based, tradeable, auditable and fully IOSCO-

compliant solution for the London bullion market.

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**66**<br>

Silver is accumulated and sold on a quarterly basis to MKS, at the LBMA silver price on the date of sale.

The MKS refining agreements were executed on 3 June 2021 and automatically renew for 12-month periods, unless either party terminates

the agreements with one month's notice.

Peru

Gold Fields La Cima S.A. (La Cima) has two main long-term contracts for the sale of approximately 70% of concentrate from the Cerro Corona

mine, one with a Japanese refinery and one with a European refinery. All production in excess of the amounts sold under long-term contracts

is sold locally to global trading entities.

Risk is transferred to the client when the concentrate is loaded at the port of Salaverry, Peru for international sales (cost, insurance and freight

(CIF) intercom) or at a Salaverry warehouse for local sales (based on ex works (EXW) or carriage paid to (CPT) incoterms). Pricing for copper

under each of the contracts is based on the daily LME settlement price for copper. Pricing for gold under each of the contracts is based on the

daily average of the LBMA morning and afternoon fixing price. As in previous years, La Cima's strategy is based on building strong business

relationships with smelters and traders, which allows for a regular destination for its concentrate. Uncommitted production is expected to be

delivered locally in the spot market to allow for production variances and inventory management.

Chile

The doré produced in Salares Norte is refined by MKS PAMP, under the refining and off-take agreement. The agreement is valid until

31 December 2026, with a possibility of renewal.

According to the agreement, the doré produced in Salares Norte will be delivered to MKS' designated agent, under the FCA Incoterm

(i.e. free carrier). The doré is transported to MKS' refineries in India or Switzerland.

Once the gold has been delivered to MKS, Gold Fields has the right to: (i) require MKS to purchase the refined gold; or (ii) request a

prepayment for the refined gold. The pricing, in U.S. Dollar, can be based on either the spot price or on the London LBMA auction prices for

the day, or by any mutually accepted pricing method.

Canada

After Windfall has been constructed and is in production, Windfall gold and silver is expected to be recovered into doré bars.

The Gold Mining Industry

Background

Gold is a dense, relatively soft and rare precious metal which occurs in natural form as nuggets or grains in ore, underground veins and

alluvial deposits. Gold mining operations include both underground and open pit operations with gold currently able to be commercially

extracted from ore grades based on cut-off grade or net smelter return calculations updated annually using the planning metal price deck

approved by Gold Fields, the physical and cost base for the mine's respective plans. The majority of gold production is used for jewellery

production and, for investment purposes, in the latter case because some investors view it as a store of value against inflation. In addition,

certain physical properties of gold, including its malleability, ductility, electric conductivity, resistance to corrosion and reflectivity, make it the

metal of choice in a number of industrial applications.

Global Markets

**Demand**

According to the World Gold Council (WGC), in 2025, global gold demand increased by 1% to 5,002.3 tonnes. Investment demand (excluding

OTC) reached 2,175.3 tonnes in 2025, which was a 84% increase from the previous year. Demand for gold bars and coins increased 16% to

1,374.1 tonnes, while the annual increase in demand for gold ETF holdings was 801.2 tonnes (2024: -2.9 tonnes). OTC investment was volatile

intra-year, but annual net impact was modest relative to headline ETF and gold bar and coin flows. Central bank demand for 2025 was 863.3

tonnes. Demand for gold in technology saw a decrease of 1%, driven by demand for other industrial uses and dentistry, which were down by

5% and 7%, respectively. Jewellery consumption fell by 18% to 1,542.3 tonnes due to high prices.

**Supply**

Supply of gold consists of new production from mining, the recycling of gold scrap and releases from existing stocks of bullion. Mine

production represents the most important source of supply, typically comprising approximately 75% each year. Annual demand requires more

gold than is newly mined and the shortfall is made up from recycling. According to the WGC, total annual gold supply increased by 1% in 2025

to 5,002.3 tonnes. Mine production increased to 3,671.6 tonnes, while recycling activity increased 3% to 1,404.3 tonnes.

**Price**

The market for gold is relatively liquid compared to other commodity markets, with London being the world's largest gold trading market.

Gold is also actively traded via futures and forward contracts. The price of gold has historically been significantly affected by macroeconomic

factors, particularly in the United States, such as inflation, exchange rates, central banks' reserves policies and by global political and

economic events, rather than simple supply and demand dynamics. Gold is often purchased as a store of value in periods of price inflation

and weakening currency. The price of gold has historically been less volatile than that of most other commodities.

During 2023, the average price of gold was U.S.$1,941 an ounce. During 2024, the average price of gold was U.S.$2,388 an ounce, an

increase of 23.0% compared to 2023. During 2025, the average price of gold was U.S.$3,439 an ounce, an increase of 44%. The gold price

closed for 2025 at U.S.$4,325 an ounce. The price hit a high of U.S.$4,449 an ounce in December 2025, while the low was U.S.$2,633 in

January 2025.

Top Producers

Based on fiscal 2025 production, the first, second, third, fourth, fifth and sixth largest gold producers in the world were Newmont Gold

(5.89Moz), Agnico Eagle (3.45Moz), Barrick Gold (3.26Moz), Zijin Mining Group (3.17Moz), Navoi Mining & Metallurgical Company (3.16Moz) and

AngloGold Ashanti (3.09Moz), respectively. In fiscal 2025, Gold Fields was the seventh largest publicly listed gold producer in the world with

attributable gold production of 2.3Moz.

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**67**<br>

Outlook and guidance for 2026

Gold Fields' primary focus for 2026 remains ensuring safe, reliable and cost-effective delivery against our production plans and guidance for

the year, which will provide the platform for continued progress of our strategic priorities.

Attributable gold-equivalent production for 2026 is expected to be between 2.400Moz and 2.600Moz (compared to 2.438Moz delivered in

2025). AISC is expected to be between U.S.$1,800/oz and U.S.$2,000/oz and AIC is expected to be between U.S.$2,075/oz and U.S.$2,300/

oz.

The exchange rates used for the 2026 guidance are: R/U.S.$16.00, U.S.$/A$0.70 and C$/U.S.$0.73. The metal price assumptions for the

calculation of royalties and copper and silver by-products are: gold price U.S.$5,000/oz (A$7,100/oz, R2,450,000kg); copper price U.S.

$9,000/t and silver price U.S.$65/oz.

2026 is another year in which capital expenditure levels will remain elevated, given the capital budgeted for Windfall, as well as sustaining

capital expenditure across the portfolio required to maintain the production base of the Group. Total capital expenditure for the Group for the

year is expected to be U.S.$1,900 million and U.S.$2,100 million in 2026. Sustaining capital expenditure is expected to be U.S.$1,300 million

and U.S.$1,400 million, while non-sustaining capital expenditure is expected to be U.S.$240 million and U.S.$340 million, with the largest

component of this being the Windfall Project capital of C$495 million.

Guidance for 2026 remains unchanged from that provided at our Capital Markets Day in November 2025 for production. However, we have

seen increases in AISC and AIC, driven primarily by the strengthening of exchange rates in Australia and South Africa as well as the impact of

higher gold price on royalty payments. In comparison to the rates disclosed above, the exchange rates used at our Capital Markets Day were

R/U.S.$18.50, U.S.$/A$0.67 and C$/U.S.$0.71. The metal price assumptions for the Capital Markets Day were: gold price U.S.$3,872/oz and

silver price U.S.$44/oz. The Capital Markets Day also excluded non-core assets (Cerro Corona and Damang).

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**68**<br>

Environmental and regulatory matters

Australia

Environmental

Gold Fields' gold operations in Australia are primarily subject to the environmental laws and regulations of the State of Western Australia

which require, among other things, that Gold Fields obtains necessary environmental approvals, environmental licences, works approvals

and mining approvals to implement and carry out its mining operations. In addition, under the Environment Protection and Biodiversity

Conservation Act 1999 (Cth) (EPBC Act), it may be necessary to obtain separate approval from the federal government if any new project

(including some expansions of existing facilities) has, will have or is likely to have a significant impact on "matters of national environmental

significance". In November 2025, the Commonwealth Government of Australia passed several bills to reform the EPBC Act. Amongst other

matters, the reforms require proponents to satisfy new "unacceptable impact", "net gain" and national environmental standard tests to obtain

approval for projects, create a new National Environmental Protection Agency and significantly increase penalties for offences against the

EPBC Act. While some aspects of the reform package are scheduled to commence on 1 July 2026, the commencement date for the vast

majority has not yet been prescribed, as important supporting standards required to operationalise the reforms have not yet been finalised.

At the state level, Gold Fields is subject to the Environmental Protection Act 1986 (WA) (EP Act), under which it is obliged to prevent and abate

pollution and environmental harm. The EP Act also prescribes sanctions and penalties for a range of environmental offences, including orders

which may effectively suspend certain operations or activities.

Under Part IV of the EP Act, any proposal (including an expansion of an existing development) that is likely to have a significant effect on

the environment must be referred to the Western Australian Environmental Protection Authority (the Western Australian EPA), which will

determine whether or not to assess the proposal and if so, what level of assessment is required. Where an EIA is required, the Western

Australian EPA will undertake an evaluation of a new proposal and its impact on the environment. After completing its assessment of a

proposal, the Western Australian EPA prepares a report for the Western Australian Minister for the Environment who must decide whether or

not to approve the proposal and, if approved, which conditions are appropriate to regulate the implementation of the proposal and its impact

on the environment.

In addition to this approval, under Part V of the EP Act, a works approval and environmental licence must be obtained from the DWER for

the construction and operation of facilities with potential to cause pollution, such as the ore processing facility, tailings storage facility and

wastewater treatment plant. Gold Fields is also required to obtain a water licence from DWER to extract water for its mining activities.

Contravening the conditions of a water licence is an offence and can lead to the licence being cancelled or suspended. Gold Fields has

obtained the necessary water extraction licences (or has alternative water supply arrangements in place) to support its operations.

The environmental impacts of mining activities are also regulated by conditions imposed on Gold Fields' mining tenements under the Western

Australia Mining Act. If a tenement holder fails to comply with a condition of a mining tenement, the Minister for Mines or Warden appointed

under the Western Australia Mining Act may impose a fine or order that the relevant mining tenement be subject to forfeiture.

It is a requirement of the Western Australia Mining Act and a condition of its mining leases that prior to conducting any mining operations

(other than specific low impact activities), the relevant activities must be proposed in a mining development and closure proposal that is

approved by the Minister for Mines. Gold Fields is obliged to submit the mining development and closure proposal in the prescribed manner

and include detailed information relating to its proposed mining operations, the decommissioning of the proposed mine, the rehabilitation

of the land and the closure outcomes to be achieved. Once approved, the Minister will issue an approvals statement that will record the

conditions of the approval and the requirement to not do any activity other than activity in accordance with the approvals statement.

Gold Fields is also required to prepare and submit an Annual Environmental Report to DWER and Department of Mines, Petroleum and

Exploration (DMPE) under the conditions attached to its environmental approvals, licences and mining tenements, and submit a compliance

assessment report to the Western Australian EPA.

During the operational life of its mines, Gold Fields is required by the conditions of its tenements and relevant approvals statements to

prepare and update mine development and closure plans and a broader Mine Closure Plan, which make provisions for the ongoing

rehabilitation of its mines and estimate the cost of closure obligations and post-closure rehabilitation and monitoring once mining operations

cease. Under the Mining Rehabilitation Fund Act 2012 (WA), Gold Fields is required to pay an annual levy of 1% of an estimate of the cost per

hectare to rehabilitate the land disturbed by Gold Fields' operations into a mining rehabilitation fund administered by the DMPE. The funds

held by DMPE are used to rehabilitate abandoned mines and are not refundable or reimbursable to the contributing entities for their own

rehabilitation liabilities, which are expected to be separately funded.

Under the National Greenhouse and Energy Reporting scheme (NGER), Gold Fields has operational control over four Australian operations

which have combined GHG emissions exceeding 50kt CO2e each fiscal year. Gold Fields is required to report as the registered "controlling

corporation" for the purposes of the scheme.

Under the Climate Change Act 2022 (Cth), Australia set a national emissions reduction target of 43% below 2005 levels by 2030 and net zero

by 2050 and established processes to review future targets in line with the goals of the Paris Agreement. In September 2025, Australia

submitted its updated NDC under the Paris Agreement, which sets a goal to reduce GHG emissions by 62-70% below 2005 levels by 2035

and also reconfirmed Australia's commitment to reach net zero by 2050. In 2023, reforms to the Safeguard Mechanism (SGM) commenced.

The reformed SGM operates as the Federal Government's primary tool to limit emissions from large emitting facilities. Under the reforms,

covered facilities must be designated with production-adjusted baselines, and the baseline decline rate that applies to most covered facilities

is set at 4.9% per year to 2030. The SGM will be reviewed in 2026/2027, which may result in further changes to its scope and coverage. Both

the Gruyere and Granny Smith mines are regulated under the SGM and as such, are subject to the changes to facility baselines. Where a

facility's emissions exceed its baseline, the facility will need to surrender Australian Carbon Credit Units (ACCUs) or SMCs. An SMC is a new

emissions offset instrument under the reformed SGM and will be created where a facility keeps its emissions below its baseline.

During the 2024/25 reporting year, Granny Smith's and Gruyere's respective facility-specific emissions factors, which is used in conjunction

with industry average emissions factors to determine the production adjusted baselines under the reformed SGM framework, were approved

by the Clean Energy Regulator (CER). The CER determined that Granny Smith and Gruyere had exceeded their SGM baselines by 16,661 and

77,158 t CO2-e, respectively. As a result, Granny Smith and Gruyere will need to rectify these excess positions by 31 March 2026 through

surrendering the equivalent amount of ACCUs.

The amendments to the SGM and related ERF Rules (now known as the ACCU scheme) remove the ability to undertake future ERF projects

that solely reduce covered emissions at SGM facilities and prevent existing projects from generating ACCUs from new activities that reduce

covered emissions. Existing projects, such as the registered Granny Smith project will be grandfathered (i.e., will be able to continue to

receive ACCUs during its crediting period), but Gold Fields will be unable to generate ACCUs from future projects or new activities which

solely reduce covered emissions at its SGM facilities.

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**69**<br>

Health and Safety

The WHS Act and the Work Health and Safety (Mines) Regulations 2022 (WA) (WR), together regulate the duties of employers and employees

in the mining industry with regard to occupational health and safety and outline offences and penalties for breach. The WHS Act imposes

extensive workplace health and safety obligations on Gold Fields' operations in Western Australia to ensure Gold Fields is complying with its

health and safety obligations.

A violation of the safety laws or failure to comply with the instructions of the relevant health and safety authorities is a regulatory offence

that may result in criminal liabilities and could lead to, among other things, a temporary shutdown of all or a portion of a mine, the imposition

of costly compliance procedures, financial penalties and/or imprisonment for statutory position holders and/or company officers.

Under the WHS Act and WR, there is an offence of industrial manslaughter for certain workplace fatalities, which, in the event of a conviction,

carries a significant penalty of up to 20 years' imprisonment for individuals and fines of up to A$10 million for corporate entities. It is also an

offence to insure against penalties and any policy purporting to do so would likely be void to that extent.

Mineral Rights

In Australia, the ownership of land is separate from the ownership of most minerals (including gold), which are the property of the states and

are thus regulated by the state governments. The Western Australia Mining Act is the principal piece of legislation governing exploration and

mining on land in Western Australia. Licences and leases for, among other things, prospecting, exploration and mining must be obtained

pursuant to the requirements of the Mining Act before the relevant activity can begin.

The grant of a mining tenement is generally at the discretion of the Minister, or a Mining Registrar or Warden, appointed under the Mining Act,

and the conditions imposed on the grant of tenements relate to matters including the environment, payment of annual rent, compliance

history and, for prospecting licences, exploration licences and mining leases, meeting the prescribed minimum annual expenditure

commitments. If a tenement holder fails to comply with a condition of a mining tenement, the Minister or Warden may impose a fine or order

that the relevant mining tenement be subject to forfeiture.

Royalties are payable to the state, based on the amount of ore produced or obtained from a mining tenement. A quarterly production report

must be filed, and royalties are calculated ad valorem at a fixed rate of 2.5% of royalty value in respect of gold, and at other rates (depending

on the relevant mineral) in respect of ore produced or obtained from a mining tenement in excess of 2,500 ounces of gold metal. The royalty

value of gold is the amount of gold produced during each month in a relevant quarter multiplied by the average gold spot price for that month.

Land Claims

The Native Title Act 1993 (Cth) was passed to recognise and protect existing native title rights by providing a mechanism for the determination

of native title claims and a statutory right for native title claimants or determined rights holders to negotiate, object, and/or be consulted when,

among other things, certain acts (including the grant of mining tenements) are proposed, or there is an expansion of, or change to, existing

rights and interests in the land which affects those native title rights and which constitutes a "future act" under the Native Title Act.

Most of Gold Fields' tenements are currently subject to native title claims and/or a determination of native title. However, most of Gold Fields'

tenements were granted prior to 1 January 1994 and as such, are not generally required to comply with the aforementioned consultation or

negotiation procedures. Recent guidance from the DMPE indicates that renewals of mining leases for a third term in Western Australia (which

is at the discretion of the Minister) will be treated as "future acts", requiring compliance with Native Title Act procedures unless consent has

already been obtained from relevant native title parties.

As a general rule, tenements granted after 1 January 1994 do need to comply with consultation or negotiation procedures. Where tenements

were granted between 1 January 1994 and 23 December 1996, Gold Fields believes it has complied with the conditions set out by the Native

Title Act for those tenements to be validly granted. Of those tenements granted after 23 December 1996 (or to be applied for or, in the case

of second renewals, renewed in the future), Gold Fields has either entered into (or will enter into) agreements with native title claimants or

determined rights holders which provide the Company with security of tenure or has utilised or will utilise a valid exemption from the

consultation and negotiation process under the Native Title Act. Therefore, provided the necessary agreements are entered into, any existing

or future recognition of native title over any of these tenements will not have a material effect on Gold Fields' tenure during the operation of

these agreements.

The Australian Law Reform Commission (ALRC) has undertaken a review of the Native Title Act, and will provide recommendations in

connection with potential improvements to the "future acts" regime, which will ultimately be considered by the Commonwealth Government.

It is unlikely that there will be any legislative change prior to the end of 2026.

Cultural Heritage

Aboriginal cultural heritage sites, which refer to places and objects of cultural and/or spiritual significance, or which have archaeological,

ethnographic or historical significance, are protected under the AHA Act. Among other things, the AHA Act requires Gold Fields not to

destroy, damage or in any way impact Aboriginal cultural heritage sites without prior authorisation or approval.

Additionally, the Federal Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth) enables the Commonwealth Government to

intervene to preserve and protect cultural heritage sites of particular significance. Recently, there have been several applications made under

the Federal Act in close proximity to Agnew, seeking to protect Aboriginal cultural heritage sites and objects. Gold Fields is participating in the

application process, which remains ongoing, and although it does not directly impact Gold Fields' existing operations at Agnew, there is no

guarantee that Gold Fields will not be adversely impacted by the outcome of these or similar applications.

Gold Fields is aware of the existence of actual and potential Aboriginal cultural heritage sites throughout its area of operations in Western

Australia. Cultural heritage surveys, conducted with Aboriginal stakeholders and experts, are used by Gold Fields to identify places that

contain cultural heritage values so that disturbance to these places can be avoided where possible. In all other cases, relevant approvals are

obtained from the Minister for Aboriginal Affairs in accordance with the applicable legislation. Gold Fields has no planned applications for

approval under the relevant legislation.

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**70**<br>

South Africa

Environmental

Gold Fields' South African operation is subject to various laws that relate to the protection of the environment. The South African Constitution,

NEMA and related pieces of legislation grant legal standing to a wide range of interest groups to bring legal proceedings to enforce

environmental rights against private entities and the South African Government.

The DMPR is the competent authority for the mining industry to grant environmental authorisations under NEMA. The DFFE is the appeal

authority for these authorisations. NEMA provides that every holder of a mining right will be responsible for any environmental liability due to

pollution or ecological degradation as well as for the pumping and treatment of polluted or extraneous water and the management and

sustainable closure thereof. If these obligations are contravened, the holder of a mining right and its directors may be held criminally liable.

South African mining companies are required by law to undertake rehabilitation work as part of their ongoing operations in accordance with

an approved environmental management plan (EMP) under NEMA, which includes a mine closure plan. Gold Fields funds its ongoing

environmental rehabilitation costs as part of its operating cash flows. Gold Fields' long-term closure costs are funded by making cash

contributions into an environmental trust fund, as well as providing financial guarantees. The difference between the cash closure

contributions made to the environmental trust fund to date and the final closure cost estimate are funded through insurance guarantees.

These costs are collectively referred to as the "Financial Provision". In fiscal 2022, an EMP performance assessment was undertaken at South

Deep, with no major findings raised. Gold Fields achieved an assessment score of 98%, similar to what was achieved in the prior performance

assessment year. A final report has been submitted to the DMPR.

In 2015, the Minister of Forestry, Fisheries and the Environment published proposed amendments to the NEMA Regulations Pertaining to the

Financial Provision for Prospecting, Exploration, Mining or Production Operations (GNR 1147) (the Financial Provision Regulations of 2015). The

mining industry has been engaging the DFFE, through the MCSA, regarding the Financial Provision Regulations of 2015. Such engagements

have resulted in further proposed amendments to the MCSA, and postponements to its enforceability. Due to various technical issues with the

Financial Provision Regulations of 2015, transitional arrangements under the regulations remain in effect. While the mining industry continues

to engage with the regulator through the MCSA, in 2024, the Financial Provision Regulations of 2015 were amended to require compliance by

no later than a date to be published in the Government Gazette. Until the publication of that date, Gold Fields will be deemed to be compliant

with the Financial Provision Regulations of 2015 if it satisfies the provisions and arrangements regarding financial provisioning approved as

part of the mining rights issued to the Company. As such, mining companies, including Gold Fields, must currently comply with approved

EMPs and the MPRDA with respect to the Financial Provision Regulations of 2015.

In line with the "One Environmental System", the National Water Act, No. 36 of 1998 (NWA) requires the Department of Water and Sanitation

to align and integrate the process for consideration of a water use licence with the timeframes of applications for prospecting and mining

rights under the MPRDA and environmental authorisations under NEMA. A water use licence is required before mining operations can

commence and the NWA includes a provision which gives a third party the right to appeal directly to the Minister of Water and Sanitation

regarding an application for such licence. An appeal by a third party may therefore delay a mining project despite the granting of a mining

right and environmental authorisation.

Under the NWA, all water in the hydrological cycle is under the custodianship of the South African Government held in trust for the people of

South Africa. In addition, the NWA governs waste and wastewater discharges that may impact a water resource. Gold Fields uses all

reasonable and practical measures to remove underground water to permit the routine safe functioning of South Deep. The water

management systems at South Deep have been reviewed to ensure compliance with the approved 2021 licence conditions and regulations.

Gold Fields maintains water monitoring and audit programmes that align with the water use licence.

Under the National Environment Management: Air Quality Act, No. 39 of 2004 (AQA), the South African Government has established minimum

emission standards for certain activities which result in air emissions and for which Atmospheric Emissions Licences (AELs) must be held; non-

compliance with these requirements is an offence. South Deep mine undertakes activities which result in atmospheric emissions, as provided

for by the AQA. In 2022, the AEL that was previously granted to South Deep was renewed by the West Rand District Municipality. This AEL

authorises South Deep to undertake smelting activities under AQA. The licence is due for renewal by the end of 2026.

The South African Carbon Tax Act (together with the South African Customs and Excise Act, which contains provisions related to the

administrative arrangements for the collection of carbon tax revenues by the South African Revenue Service) that has been in effect since

2019 aims to reduce GHG emissions. The carbon tax rates were R190 and R236 per tonne of the carbon-dioxide equivalent of their GHG

emissions for fiscal 2024 and fiscal 2025, respectively. On 1 January 2026, the carbon tax rate increased to R308 per tonne of carbon-dioxide

equivalent of GHG emissions. Carbon tax rates were effectively moderated and significantly reduced by a suite of allowances, such as a basic

tax-free allowance and a carbon offset allowance for combustion emissions. The offset allowance increased by 5% to 15% effective 1 January

2026. In addition, it has been proposed that the basic tax-free allowance utilised by mining companies will be retained to 31 December 2030.

On 18 July 2024, the President of South Africa assented to the Climate Change Act 22 of 2024 (Climate Change Act). Certain sections of the

Climate Change Act came into effect in March 2025. However, Section 27 of the Act, which introduces carbon budgets on mining companies,

is yet to be proclaimed into law. When proclaimed, mining companies will be required to prepare and submit GHG mitigation plans for

approval by the Minister of Forestry, Fisheries and the Environment. Once approved, mining companies will be required to remain within their

allocated carbon budget and GHG mitigation plans. Failure to do so may result in administrative fines and criminal liability, and it is likely that

the Carbon Tax Act will be amended to impose higher rates of carbon tax on any carbon emissions exceeding the relevant carbon budget.

For more information regarding the Carbon Tax Act, see *"– Risk Factors – Increasing regulation of environmental and sustainability matters* 

*such as greenhouse gas emissions and climate change may materially adversely affect Gold Fields' operations and increase its operating* 

*costs"*.

In South Africa, the National Environmental Management Waste Act, No. 59 of 2008 (Waste Act) is the principal legislation that governs waste

management, including waste management facilities. The Waste Act requires licences for activities relating to the establishment of waste

management facilities and reclamation to be obtained. While residue stockpiles and residue deposits (as defined in the MPRDA) were

historically regulated as part of a mine's approved EMP and specifically excluded from the ambit of the Waste Act, this exclusion no longer

applies. Accordingly, residue stockpiles and residue deposits now fall within the ambit of the Waste Act. In the future, it is intended that such

activities be regulated under NEMA, rather than the Waste Act.

Gold Fields also undertakes activities which are regulated by the National Nuclear Regulator Act, No. 47 of 1999 (NNR Act). The NNR Act

requires Gold Fields to obtain authorisation from the National Nuclear Regulator (NNR) and undertake activities in accordance with the

conditions of such authorisation. Gold Fields' South African operation possesses and maintains Certificates of Registration issued by the NNR

as required under the NNR Act.

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**71**<br>

Health and Safety

The South African Mine Health and Safety Act No. 29 of 1996 (Mine Health and Safety Act) requires employers and others to ensure their

operating and non-operating mines provide a safe and healthy working environment, as far as reasonably practicable. Every employer must

also ensure, as far as reasonably practicable, that persons who are not employees, but who may be directly affected by the activities at a

mine, are not exposed to any hazards to their health and safety. The Mine Health and Safety Act provides for penalties and administrative

fines for non-compliance with its provisions. The Mine Health and Safety Act authorises the Mine Health and Safety Inspectorate to restrict

or stop work at any mine and requires an employer to take steps to minimise health and safety risks at any mine and to impose administrative

fines on an employer in the event of a breach of the Mine Health and Safety Act. The maximum administrative fine that may be imposed is

R1 million per offence. Any person, including an employer, who fails to comply with a provision of the Mine Health and Safety Act commits an

offence and may, if successfully prosecuted, be fined or imprisoned, or both. In 2022, the DMPR published a Mine Health and Safety

Amendment Bill. The industry and the MCSA commented on this bill. In 2024, the Minister of Mineral and Petroleum Resources issued a

notice of intention to introduce the Mine Health and Safety Amendment Bill of 2024. If it comes into force, this bill would create more stringent

requirements in the areas of employee training, CEO oversight in relation to performance under the Mine Health and Safety Act, and

significant increases in the fines and penalties, particularly where contraventions result in a fatality or serious injury.

The principal health risks associated with Gold Fields' mining operations in South Africa arise from occupational exposure and community

environmental exposure to silica dust, noise, heat and certain hazardous substances, including toxic gases, water, soil or air contamination

and radioactive particulates. The most significant occupational diseases affecting Gold Fields' workforce include lung diseases (such as

silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease) as well as noise induced hearing loss. The

Occupational Diseases in Mines and Works Act, No. 78 of 1973 governs the payment of compensation and medical costs related to certain

occupational diseases, such as silicosis, contracted by persons employed in mines or at sites where activities ancillary to mining are

conducted. See *"– Risk Factors – Gold Fields' operations are subject to extensive environmental and health and safety laws and regulations,* 

*which could impose additional costs and compliance requirements and Gold Fields may face operational disruptions, claims and liability for* 

*breaches, or alleged breaches, of such regulations and other applicable laws"*.

**Silicosis and Tuberculosis Settlement**

In 2018, a group of six South African mining companies, including Gold Fields, concluded a settlement agreement with the claimant attorneys

in a Silicosis and Tuberculosis class action. The Tshiamiso Trust was established to carry out the terms of the settlement agreement and is

responsible for ensuring that all eligible current and former mineworkers across southern Africa with Silicosis or work-related Tuberculosis

(or their dependants where the mineworker has passed away) are compensated. By 9 February 2026, the Trust had paid out over R2.5 billion

(U.S.$150 million) to approximately 26,000 industry claimants.

Gold Fields has provided for the estimated cost of the above settlement based on actuarial assessments and the provisions of the silicosis

and tuberculosis class action settlement agreement. At 31 December 2025, the provision for Gold Fields' share of the settlement of the class

action claims and related costs amounted to U.S.$5.7 million (R94.6 million). The nominal value of this provision is U.S.$6.5 million (R107.4

million). The ultimate outcome of this matter, however, remains uncertain, with the number of eligible workers (or their dependents)

successfully submitting claims and receiving compensation being uncertain. The provision is consequently subject to adjustment in the future.

See *"Annual Financial Report – Notes to the consolidated financial statements – Note 39. Contingent liabilities".*

Mineral Rights

**The MPRDA**

The MPRDA, is the primary legislation regulating the mining industry in South Africa. Under the MPRDA, the South African Government is the

custodian of South Africa's mineral and petroleum resources and has a duty to administer these resources for the benefit of all South Africans.

As a consequence, private ownership of minerals has been extinguished and owners of the surface rights to land have no claim to the

minerals found in, on or under the surface of their land. The DMPR is the government body which implements and administers the MPRDA.

A company seeking to exploit mineral resources in South Africa is required to first obtain the appropriate right under the MPRDA. The Minister

of Mineral and Petroleum Resources in South Africa is authorised to grant or refuse applications for rights under the MPRDA. After a mining

right is granted under the MPRDA and registered pursuant to the Mining Titles Registration Act, No. 16 of 1967, the holder has a limited real

right in respect of the mineral and the land to which such right relates.

Under the MPRDA, the holder of a mining right must comply with the terms of the right, the provisions of the MPRDA, the environmental

authorisation (issued under the NEMA), the mining work programme and the SLP approved as part of the right. The SLP places obligations on

the mining right holder to, among other things, train employees of the mine in accordance with prescribed training methodologies, achieve

employment equity and human resource development in the mining company, improve housing and living conditions of employees and set

up local economic development projects. Compliance with each of the provisions of the MPRDA, environmental authorisation, mining work

programme and SLP is monitored by submission of periodic returns and reports by the holder of the right to the DMPR. A mining right can

be suspended or cancelled if the holder operates in breach of the MPRDA, a term or condition of the right or an environmental authorisation,

or if the holder of the right submits false, incorrect or misleading information to the DMPR.

Gold Fields actively carries out mining activities in South Deep under the MPRDA. Gold Fields' SLP for the 2020 to 2024 period was approved

by the DMPR, and the 2025 to 2029 SLP has been provisionally approved, subject to publishing the document in two local languages and

submitting proof thereof to the DMPR.

**The 2018 Mining Charter**

The 2018 Mining Charter (as read with the Implementation Guidelines for the 2018 Mining Charter), among other things, sought to link mining

rights with empowerment obligations. It is widely considered that the 2018 Mining Charter failed to bring about the legal certainty in the

South African mining industry that it was intended to create.

In 2021, following the filing of an application by the MCSA, the Gauteng Division High Court issued a judgement addressing certain key

elements of the MCSA's application and set aside a number of specific clauses of the 2018 Mining Charter. Following the judgement, the

DMPR indicated that it intends to consider steps to achieve the empowerment objectives through amendments to the MPRDA. Gold Fields

will be required to provide evidence that it relies on the 2018 Mining Charter as a policy document and that it will use its best endeavours to

comply with the provisions that have not been set aside by the court.

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**72**<br>

In May 2025, the DMPR published a draft MPRDA Amendment Bill for comment, and the period for public consultation thereon closed in

August 2025. While there have been no further developments, the MPRDA Amendment Bill, as published, proposes that the empowerment

obligations placed on mining companies be contained in regulations that would replace the 2018 Mining Charter. This likely would create

greater certainty with regard to the empowerment obligations of mining companies. The industry through the MSCA has provided comments

to the DMPR, which have been received favourably. The draft regulations have not yet been published or passed by the Parliament of

South Africa. The bill is expected to be tabled before Parliament by the second quarter of 2026.

See *"– Risk Factors – Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain* 

*ownership requirements and possible penalties or forfeiture for non-compliance, the interpretation of which could be the subject of dispute –* 

*South Africa".*

The B-BBEE Act and the B-BBEE Amendment Act

The B-BBEE Act, No. 53 of 2003 (B-BBEE Act) established a national policy on broad-based black economic empowerment with the objective

of increasing the participation of black people who were historically disadvantaged in South Africa. In 2014, the B-BBEE Act was amended to,

among other things, provide that the B-BBEE Act would trump the provisions of any other law in South Africa, provided such conflicting law

was in force prior to 24 October 2014.

Accordingly, the B-BBEE Act (and the B-BBEE Codes issued in terms thereof) would override the provisions and implementation of the

2018 Mining Charter to the extent of any inconsistency.

The Royalty Act

The Mineral and Petroleum Resources Royalty Act, No. 28 of 2008 imposes a royalty on refined and unrefined minerals payable to the

South African Government.

The royalty in respect of refined minerals (which include gold and platinum) is calculated by dividing EBIT by the product of 12.5 times gross

sales in respect of refined mineral resources calculated as a percentage, plus an additional 0.5% and then multiplying the ratio with the gross

sales of the refined mineral resource. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable

and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% of revenue has been introduced

for refined minerals. Gold Fields Operations Limited and GFI Joint Venture Holdings (Pty) Ltd, currently pay a royalty of 0.5% of revenue

earned, due to a historical unredeemed capital expenditure balance that is utilised as a deduction in calculating the royalty. As the mine

ramps up production, and reduces the unredeemed capital balance, the royalties will increase to approximately 3% over the life of the mine.

The Income Tax Act

Under South African tax legislation, gold mining companies and non-gold mining companies are subject to corporate income tax at different

rates. The corporate tax rate for a gold mining company is determined according to a formula which is affected by the profitability of the

applicable mining operation. Depending on the profitability of mining operations in South Africa, the effective tax rate can be significantly

different from year to year.

The New Expropriation Act

On 20 December 2024, President Cyril Ramaphosa assented to the new Expropriation Act No. 13 of 2024 (New Expropriation Act). The New

Expropriation Act will come into effect and consequently be binding law at a future date which is yet to be proclaimed.

The New Expropriation Act repeals and replaces South Africa's previous Expropriation Act, No. 63 of 1975 (Previous Expropriation Act), which

was enacted prior to the promulgation of the South African Constitution. The New Expropriation Act generally provides for expropriation of

land and other forms of property exclusively for public purposes and in the public interest, subject to just and equitable compensation as

envisaged in Section 25 of the South African Constitution, allowing for expropriation of land with no compensation under certain limited

conditions, outlined below.

Section 25 of the South African Constitution provides that land may only be expropriated for a public purpose or in the public interest and

then only against payment of "just and equitable" compensation. Market value is only one of several factors that may be considered to

determine the amount of compensation. The South African Government has historically and intentionally considered market value

compensation for expropriating land under a "willing-buyer-willing-seller" model, being the model employed in the previous Expropriation Act.

The New Expropriation Act introduces the constitutional "just and equitable" formulation into statutory law and may signal an intention to

depart from a market-based standard of compensation in favour of a just and equitable standard.

The New Expropriation Act further provides that expropriation without compensation may be just and equitable where land is expropriated

in the public interest if, amongst other things:

• the land is not being used and is held speculatively by the owner;

• the land was acquired for no consideration by an organ of state, and that organ of state is not using the land for its core functions and will

likely not require the land for its future activities;

• the owner abandoned the land by failing to exercise control despite being reasonably capable of doing so;

• the market value of the land is equivalent to or less than the present value of the direct state investment in the acquisition and beneficial

capital improvement of the land.

While the New Expropriation Act is not yet binding law, it has generated a significant amount of litigation by interest groups seeking to

challenge its constitutionality. The outcome of such litigation remains pending. It is likely that the various challenges to the New Expropriation

Act will only be resolved in the Constitutional Court.

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Exchange Controls

South African law provides for Exchange Control Regulations which, among other things, restrict the outward flow of capital from the CMA

consisting of South Africa, Namibia, Lesotho and Eswatini. The Exchange Control Regulations are applied throughout the CMA and regulate

international transactions involving South African residents, including companies. The South African Government has committed itself to

gradually relaxing exchange controls and various relaxations have occurred in recent years, but capital movements are still controlled.

Moreover, South African companies are not permitted to maintain foreign bank accounts without an appropriate exchange control approval.

Exchange control approval is required for Gold Fields and its South African subsidiaries to receive and/or repay loans to non-residents of

the CMA.

Funds raised outside of the CMA by Gold Fields' non-South African resident subsidiaries (whether through debt or equity) can be used for

overseas expansion. Gold Fields and its South African subsidiaries would, however, require approval from the Financial Surveillance

Department of the South African Reserve Bank to provide guarantees for the obligations of any of Gold Fields' subsidiaries with regard to

funds obtained from non-residents of the CMA. Debt raised outside the CMA by Gold Fields' non-South African subsidiaries must be repaid

or serviced by those foreign subsidiaries. Absent an appropriate exchange control approval, income earned in South Africa by Gold Fields

and its South African subsidiaries cannot be used to repay or service such foreign debts.

Transfers of funds from South Africa for the purchase of shares in offshore companies or for the creation or expansion of business ventures

offshore requires exchange control approval. Where the investment is a new outward foreign direct investment where the total cost does not

exceed R5 billion per company per calendar year, the investment application may be approved by an Authorised Dealer, subject to all existing

criteria and annual reporting obligations. If the investment exceeds R5 billion, the Authorised Dealer must refer the request to the Financial

Surveillance Department for approval. Gold Fields must, for statistical purposes, acquire at least 10% of the foreign target company's voting

rights. Should this reduce to below 10%, such information must be reported to the Financial Surveillance Department.

A so-called "loop structure" is created where a South African exchange control resident (such as Gold Fields) sets up an offshore structure

which re-invests into the CMA by acquiring shares and/or other interests (e.g., loans) in a CMA company or a CMA asset. From 1 January 2021

and subject to annual reporting requirements, loop structures have been allowed if placed on record with the Financial Surveillance

Department and if the acquisition of the South African assets takes place on an arm's length basis with an inflow of foreign currency.

Gold Fields must obtain approval from the Financial Surveillance Department regarding any capital raising of a currency other than the Rand

and conditions may be imposed on Gold Fields' use of the proceeds of any such capital raising. Such conditions may limit Gold Fields' ability

to retain the proceeds of the capital raising outside South Africa or require that Gold Fields seek further approval prior to applying any such

funds for a specific purpose.

Ghana

Environmental

Environmental laws and regulations in Ghana have their roots in the 1992 Constitution (Ghanaian Constitution) which charges both the state

and others with a duty to take appropriate measures to protect and safeguard the environment. Mining companies are required under the

Environmental Protection Act, 2025 (Act 1124) (EPA Act) which repealed the Environmental Protection Agency Act, 1994 (Act 490), the

Environmental Protection (Environmental Assessment) Regulations, 2025 (L.I. 2504) and Water Use Regulations, 2001 (L.I. 1692) to obtain all

necessary environmental approvals from the Environmental Protection Authority (Ghanaian EPA), a body set up under the EPA Act, and, where

applicable, a water use permit from the Water Resources Commission, before undertaking mining operations. There are further requirements

under the Minerals and Mining (Health, Safety and Technical) Regulations, 2012 (L.I. 2182) to obtain the necessary operating permits from the

Inspectorate Division of the Minerals Commission for the operation of mines. The Minerals and Mining Act, 2006 (Act 703) also requires that

mining operations in Ghana comply with all other laws for the protection of the environment. Non-compliance with the provisions of these

laws could result in the imposition of fines and, in some cases, a term of imprisonment.

Under the relevant environmental laws and regulations, mining operations are required to undergo an environmental impact assessment

process prior to commencing operations. The environmental impact assessment includes the submission of an environmental impact

statement, a reclamation plan and a decommissioning/closure plan. Environmental Management Plans (EMPs) are prepared and submitted to

the Ghanaian EPA for its approval 18 months after the initial issuance of the permit and then every three years thereafter. Damang submitted

its revised EMP to the Ghanaian EPA in September 2023 for the 2023-2026 period, and has received the environmental certificate from the

Ghanaian EPA. Tarkwa's EMP expired in January 2025, and Tarkwa submitted its revised EMP in December 2024, for the 2025-2028 period.

Tarkwa has paid the requisite processing and permit fees, and is awaiting the issuance of the new certificate by the Ghanaian EPA.

The laws also require mining companies to rehabilitate land disturbed by mining operations pursuant to a reclamation security agreement

(RSA) between mining companies and the Ghanaian EPA based on the cost estimate of the reclamation plan and approved work plan. Mining

companies are required to post a bond based on the approved cost estimate of the reclamation. RSAs typically require mining companies

to secure a percentage (typically between 50% and 100%) of the current estimated rehabilitation costs by posting reclamation bonds

underwritten by banks and restricted cash. Gold Fields' Damang and Tarkwa mines secure a percentage of their total mine closure liability

through bank-underwritten reclamation bonds and cash reserves. RSAs also require mining companies to have an environmental cost

reclamation plan, which includes two cost estimates, namely the cost of rehabilitating the mining area at the end of the life of the mine as

well as the cost of rehabilitating the mine as at the date of the reclamation plan. These estimates are reviewed annually and updated every

two years. Mining companies must include an update on their rehabilitation completion progress in their annual environmental reports.

The estimated cost of rehabilitating the Damang mine in 2024, as stated in the last reclamation plan approved by the Ghanaian EPA, was

U.S.$27 million. Abosso has secured this amount through a cash-backed reclamation bond underwritten by its bank. This amount will be

updated to reflect the position at the time of the planned handover of the mine to the Government of Ghana in April 2026 and is expected

to be paid to the Government of Ghana as part of the transition process.

Under the Environmental Protection (Environmental Assessment) Regulations, 2025 (L.I. 2504), all environmental liabilities are automatically

transferred to a new owner upon the acquisition, merger, takeover or transfer of a permitted undertaking. The new owner must commit to

assuming environmental and social liabilities of the mine. The Ghanaian EPA is only required to release a reclamation bond to a previous

owner once the new owner posts a new reclamation bond. Gold Field's Tarkwa mines maintain bank-underwritten reclamation bonds and

restricted cash to secure a percentage of their total mine closure liability.

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In response to the threats posed by climate change and in line with its obligations as a party to the United Nations Framework Convention on

Climate Change (UNFCCC), the Ghanaian government has at various times implemented climate change policies and initiatives including the

National Climate Change Adaptation Strategy (NCCAS, 2012), the National Climate Change Policy (NCCP, 2013), the NDC under the Paris

Agreement (2020-2030) dated September 2021, and the National Climate Change Master Plan Action Programmes for Implementation.

Ghana has committed to reducing its GHG emissions and climate adaptation in several priority sectors under its NDC, including mass transit,

infrastructure, land use and food production, energy, and forest and water resources management. Ghana's present NCCP provides a defined

pathway for dealing with the challenges of climate change within the current socio-economic context and looks ahead to the opportunities

and benefits of a green economy. Under the EPA Act, the EPA must collaborate with stakeholders to: (i) formulate climate change response

plans and integrate climate change responses into national, sectoral and district plans; (ii) support adaptation plans to enhance resilience of

human and ecological systems; (iii) establish data systems for adaptation planning and implementation; (iv) support low emission development

measures and minimise mitigation policy impacts; and (v) facilitate stakeholder capacity development through public awareness and

behavioural changes.

Health and Safety

A mining company is statutorily obliged to, among other things, take steps to ensure that the mine is managed in accordance with applicable

legislation, including the Minerals and Mining (Health, Safety and Technical) Regulations, 2012 (L.I 2182), to ensure the safety and wellbeing

of its employees. Additionally, both the Damang and Tarkwa mines are required, under the terms of their respective mining leases, to comply

with the reasonable instructions of the Chief Inspector of Mines regarding health and safety at the mines. A violation of the provisions or

failure to comply with the reasonable instructions of the Chief Inspector of Mines or the Minerals Commission could lead to, among other

things, an improvement or prohibition notice or a shutdown of all or a portion of the mine. The Damang and Tarkwa mines have potential

liability arising from injuries to, or deaths of, workers, including, in some cases, workers employed by their contractors. Ghanaian law contains

provisions for workers' compensation to be paid out by employers for injuries and fatalities to workers. Workers, or their personal

representatives, may in turn enforce their right to compensation. Both companies' allotted insurance for health and safety claims and the

relevant workers' compensation may not fully cover them in respect of all liability arising from any future health and safety claims, since

employees may still resort to other claims through the courts and/or legal system.

Mineral Rights

The Minerals and Mining Act came into force on 31 March 2006. Although the Minerals and Mining Act repealed the Minerals and Mining Act,

1986 (PNDCL 153), and the amendments to it, the Minerals and Mining Act provides that leases, permits and licences granted or issued under

the repealed laws will continue under those laws unless the Minister responsible for natural resources provides otherwise by regulation. It

also provides that the Minister responsible for mines shall grant the extension of the term of a mining lease on conditions specified in writing

as long as the holder of mineral rights has materially complied with its obligations under the Minerals and Mining Act. Gold Fields has applied

for the extension/renewal of five mining leases with the Government of Ghana for concessions at its Tarkwa operation in the Wassa West

District in the Western Region of Ghana. While Gold Fields reasonably expects the applications will be renewed in accordance with law to

permit the extraction of planned and future defined Mineral Reserves as its operations are materially compliant with the relevant legislative

requirements, there can be no assurance that such leases will be renewed on the same or similar terms, or renewed at all. See "*– Risk Factors* 

*– Gold Fields' mineral rights are subject to legislation, which could impose significant costs and burdens, certain ownership requirements and* 

*possible penalties or forfeiture for non-compliance the interpretation of which could be the subject of dispute – South Africa*".

The major provisions of the Minerals and Mining Act include:

• the Ghanaian government's right to a free carried interest in mineral operations of 10% and the right to a special share (discussed below);

and

• mining companies which have invested or intend to invest at least U.S.$500 million (as Gold Fields has) may benefit from stability and

development agreements, relating to both existing and new operations, which will serve to protect holders of current and future mining

leases for a period not exceeding 15 years against changes in laws and regulations generally and, in particular, relating to customs and

other duties, levels of payment of taxes, royalties and exchange control provisions, transfer of capital and dividend remittances. A stability

and development agreement may also contain further provisions relating to the mineral operations and environmental issues and each

agreement is subject to the ratification of the Ghanaian Parliament.

In 2016, the Parliament of Ghana ratified Development Agreements between the Government of Ghana and each of Abosso and Gold Fields

Ghana. The Abosso Development Agreement expired on 18 April 2025. The Gold Fields Ghana Development Agreement provides for, among

other things, a fixed corporate tax rate of 32.5% and exemption from certain import duties. In addition, Gold Fields pays royalties on a sliding

scale, replacing the statutory fixed rate. Under the Gold Fields Ghana Development Agreement, Gold Fields committed to pay compensation

for assets used at Tarkwa since the divestiture of the Ghanaian State Gold Mining Company and, in years where a dividend is not declared

and paid, to make a payment of 5% of profits after tax in the relevant year to the government (which will be offset against the eventual

dividend payment). The compensation due in respect of State Gold Mining Company assets has been fully paid by Gold Fields.

Since July 2025, stakeholder engagement has taken place regarding proposed legislative reforms in Ghana that may affect future mining

contracts. The proposed changes to the Minerals and Mining Act include repealing the development agreement provisions, reducing mineral

right tenures from 30 to 15 years (each renewable for a maximum of 10 years), capping stability periods at 5 years, requiring dispute

submission to the High Court of Ghana instead of the United Nations Commission on International Trade Law, and mandating community

development. Companies that fail to meet environmental, social or production obligations may lose their automatic lease renewal rights.

The Minister has indicated that the proposed reforms would affect future contracts while honouring existing agreements. Consequently,

Gold Fields Ghana's Development Agreement may not be renewable after expiry in April 2027, and its mining leases expiring in 2027 may

receive shorter renewal terms. In addition, the Government of Ghana may seek to increase its free carried interest or otherwise increase its

economic participation in mining projects, which could reduce Gold Fields' ownership interest and adversely affect project economics.

Under the Ghanaian Constitution, any transaction, contract or undertaking involving the grant of a right or concession for the exploitation

of any mineral, water or other natural resource of Ghana is subject to ratification by Parliament. In 2018, two members of Parliament filed a

lawsuit against the Attorney General, the Minerals Commission and 35 companies, including Gold Fields, seeking a declaration that all such

transactions between mining companies and the government of Ghana not ratified by Parliament constitute a constitutional violation. The

plaintiffs sought an order for the recovery of such mineral resources from mining companies operating without parliamentary ratification.

Gold Fields maintains that it has complied with all statutory requirements and that the Minister of Lands and Natural Resources is responsible

for presenting mining leases to Parliament for ratification. The Supreme Court of Ghana has yet to set a date for the hearing of the case,

making the outcome of the litigation, and its impact on Gold Fields, difficult to predict. However, all of Gold Fields' existing mining leases

have now been ratified by the Ghanaian Parliament.

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**75**<br>

Under the Minerals and Mining Act, a mining lease remains valid until the application for the extension of the term is determined. In December

2024, Gold Fields applied for an extension of the Damang main mining lease, expiring on 18 April 2025, in accordance with applicable law.

In March 2025, Gold Fields was notified by the Ghanaian Minerals Commission that its application for extension had been rejected. Gold

Fields believes, based on applicable law and legal opinion which Gold Fields obtained from counsel, that the grounds for refusal set out in

the notice of rejection lack merit in law. Following engagements between Gold Fields and the Government of Ghana, it was agreed that the

Damang main mining lease could be extended for one year. The Damang mining lease will now expire on 18 April 2026 after which the mine

will be transitioned to the Government of Ghana. It is anticipated that the Lima South mining lease will be surrendered to the Government of

Ghana in April 2026 upon the expiration of the Damang main mining lease.

Gold Fields Ghana has six mining leases at its Tarkwa operation, five mining leases which are valid until April 2027, and one mining lease

(Teberebie) which is valid until 2043. In November 2025, Gold Fields submitted an application to the Ghanaian Minerals Commission to

extend the five mining leases expiring in April 2027, in accordance with applicable law and the agreement reached with the Government of

Ghana in April 2025 in which Gold Fields agreed to submit its application with respect to the Tarkwa leases at the earliest opportunity.

The Government of Ghana has confirmed that the terms of the Tarkwa mining lease renewal will be subject to negotiations during 2026.

These negotiations have yet to commence.

Fiscal Regime

Several regulatory and statutory changes were made to Ghana's fiscal regime in 2025, including, among others:

• The Value Added Tax Act, 2025 (Act 1151): This Act has repealed the Value Added Tax Act, 2013 (Act 870). In connection with the value

added tax reforms, amendments to the National Health Insurance Act, 2012 (Act 852) and the Ghana Education Trust Fund Act, 2000 (Act

581) permit the National Health Insurance Levy and the Ghana Education Trust Fund Levy to be treated as deductible input tax. The

Covid-19 Health Recovery Levy Act, 2021 (Act 1068), which imposed a levy on the supply of goods and services and imports to raise

revenue to support COVID-19 expenditure and related matters, has also been repealed. These changes may reduce the effective indirect

tax burden on certain inputs used in Gold Fields' operations in Ghana.

• Minerals and Mining (Royalties) Regulations 2025: In December 2025, legislation was introduced to increase the applicable gold royalty

rate from a flat rate of 5% to a sliding scale of 5-12%. These changes will not apply to Damang and will not apply to Tarkwa until after April

2027. •The Growth and Sustainability Levy (Amendment) Act 2025 (Act 1131) increased the levy on gold mining companies from 1% to 3% of gross

production. The amendment also extends the levy's application period from 2025 to 2028. Gold Fields Ghana remains protected under its

Development Agreement until April 2027, but Abosso became liable to pay the levy following the expiration of its Development Agreement

on 18 April 2025. The Growth and Sustainability levy was subsequently reduced back to 1% in March 2026, following the implementation of

the gold royalty changes.

In 2024, the GRA conducted a Transfer Pricing Audit for the years FY2020 to 2022 and issued its findings imposing a transfer pricing liability

and interest on Gold Fields Ghana of approximately U.S.$3.7 million (including interest). Gold Fields Ghana has paid the tax liability component

of approximately U.S.$2.2 million and continues to engage the GRA on the interest component of U.S.$1.5 million. Abosso incurred transfer

pricing liability and interest of approximately U.S.$1.9 million. Abosso has paid the tax liability component of U.S.$1.1 million and continues to

engage the GRA on the interest component of U.S.$0.8 million.

In October 2025, the Minerals Commission informed the Ghana Chamber of Mines that it would undertake a comprehensive physical and

financial audit of the activities of all large mining companies. The Minerals Commission indicated that the objective of the audit was to ensure

full compliance with mining and environmental laws and to strengthen transparency and accountability in the mining sector. In November

2025, the Minerals Commission suspended the audit until a later date.

Procurement

Under the Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431), holders of mineral rights are required to

comply with specified procurement rules which require such holders to purchase goods and services from Ghanaian companies and publish

a procurement plan setting out the goods and services that will be procured in Ghana. In January 2025, the Minerals Commission of Ghana

issued a new Procurement List pursuant to the Minerals and Mining (Local Content and Local Participation) Regulations, 2020 (L.I. 2431),

mandating that all open pit and underground mining activities in Ghana must be undertaken by local contractors. The effect of the new Local

Procurement List is to effectively prohibit owner mining in favour of contract mining.

At an Executive Council meeting of the Ghana Chamber of Mines held in November 2022, the Chief Executive Officer of the Minerals

Commission asked mining companies to pay penalties imposed for alleged breaches of local procurement regulations. Gold Fields paid a

reduced penalty of approximately U.S.$1.7 million.

Under the Ghana Gold Board Act, 2025 (Act 1140), GoldBod was established as the sole entity authorised to buy, sell, assay, and export gold

from artisanal and small-scale mining. GoldBod's authority does not extend to large-scale miners like Gold Fields Ghana and Abosso, but

GoldBod may purchase portions of their production under the government's pre-emption rights exercised by the Minister responsible for

Mines under the Minerals and Mining Act. Gold Fields Ghana and Abosso maintain gold purchase arrangements with the Bank of Ghana,

pursuant to which some of their gold productions are sold to the Government of Ghana. In February 2026, the Government of Ghana

announced the proposed Ghana Accelerated National Reserve Accumulation Policy which, among other matters, would require the

mandatory sale of 20% of production by large scale miners as doré at a discounted price to the Government of Ghana. The implementation,

scope and final terms of this policy remain subject to further clarification.

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**76**<br>

Government Option to Acquire Shares of Mining Companies

Under Ghanaian law, the government is generally entitled to a 10% interest in a Ghanaian company which holds a mining lease in Ghana,

without the payment of consideration for the shares therein. The government of Ghana has already received this 10% interest in each of

Abosso and Gold Fields Ghana. The government also has the option, under PNDCL 153, to acquire an additional 20% interest in the

share capital of mining companies whose rights were granted under PNDCL 153, which it exercised in respect of Gold Fields Ghana and

subsequently transferred the interest back to Gold Fields. As far as management is aware, the government has not exercised this option

for any other gold mining company in the past, other than Gold Fields Ghana.

Under PNDCL 153 and the Minerals and Mining Act, the government has a further option to acquire a "special share" in a mining company

for no consideration or in exchange for agreed upon consideration. This special share, if acquired, would entitle the government to attend

and speak at any general meeting of shareholders, but does not carry any voting rights. In addition, the special share does not entitle the

government of Ghana to distributions of profits of the company. The written consent of the government of Ghana is required to make any

amendment to a company's regulations relating to the government of Ghana's option to acquire a special share.

Right of Pre-emption

Under the Minerals and Mining Act, the Minister of Lands and Natural Resources has the right of pre-emption over all minerals obtained in

Ghana and products derived from the refining or treatment of these minerals. In 2018, the Minister informed the Ghana Chamber of Mines

of the Government of Ghana's intention to exercise its right of pre-emption to acquire up to 30% of all gold mined in Ghana; however, no

further action was taken at that time. In February 2026, the Government of Ghana announced the proposed Ghana Accelerated National

Reserve Accumulation Policy, which among other matters, provides for the potential mandatory sale of up to 20% of large-scale miners'

gold production in doré form to the Government of Ghana at a discounted price. Notwithstanding the right of pre-emption, the Ghanaian

Constitution provides protection from the deprivation of property and requires the government to make prompt payment of fair and adequate

compensation where the government acquires private property on a compulsory basis.

Pursuant to the gold purchase programme plan, in 2022, Gold Fields entered into a supply agreement with the Bank of Ghana for the sale

of 30,000 ounces of gold for 2022. Gold Fields and the Bank of Ghana signed an amended Gold Purchase Agreement in 2023 by which

Abosso and Gold Fields Ghana agreed to sell 27,260 ounces and 109,109 ounces of gold respectively in 2023 to the Bank of Ghana.

Gold Fields Ghana sold 127,397.62 ounces to the Bank of Ghana in 2023, with Abosso selling 28,444.90 ounces and Gold Fields Ghana

selling 98,952.72 ounces. In 2024, Abosso sold 18,320.51 ounces and Gold Fields Ghana sold 81,825.35 ounces of gold to the Bank of Ghana.

In 2025, Gold Fields and the Bank of Ghana signed an amended Gold Purchase Agreement by which Gold Fields agreed to supply

100,000 ounces of gold, and subsequently, Gold Fields sold a total of 86,784.37 ounces of gold in 2025. In 2025, Abosso sold

16,952.72 ounces and Gold Fields Ghana has sold 69,831.65 ounces of gold to the Bank of Ghana, respectively.

Local Refinement

The government of Ghana has intended to undertake various interventions in relation to gold mining, including establishing a gold refinery

in Ghana and to locally refine 30% of the gold produced in the country. Further, the government of Ghana proposed that members of the

Ghana Chamber of Mines contribute part of their production to enable a local refinery to meet a minimum 10-tonne requirement. Ghana's

wholly state-owned Precious Minerals Marketing Company Ltd (PMMC), which has been replaced by the new GoldBod, entered into a joint

venture with Rosy Royals Minerals Limited of India to establish a refinery (Royal Ghana Gold Ltd), which is currently sourcing its gold from

small scale gold producers, while it seeks London Bullion Market Association (LBMA) certification. The Ghana Chamber of Mines requires

LBMA certification as a pre-requisite for dealing with any local refinery. The discussions are ongoing, focusing on ensuring that a move to

locally refined gold does not become detrimental to the mining industry. In 2024, the Royal Ghana Gold Refinery was commissioned and is

expected to have a refining capacity of approximately 14,000 ounces of gold daily. On 20 January 2026, GoldBod entered into a gold refining

agreement with Gold Coast Refinery Company Limited to refine one tonne of gold each week. Under the agreement, Gold Coast Refinery

Company Limited will process gold doré supplied by GoldBod into refined bullion before export. It is expected that this agreement will

support efforts to align local refining operations with internationally recognised standards, including those of the LBMA.

Exchange Controls

Under Ghana's mining laws, the Bank of Ghana or the Minister for Finance may permit the holder of a mining lease to retain a percentage of

its foreign exchange earnings for certain expenses in bank accounts in Ghana. Under a foreign exchange retention account agreement with

the government, and in line with the Gold Fields Ghana Development Agreement, Gold Fields Ghana is required to repatriate 30% of its

revenues derived from the Tarkwa mine to Ghana and use the repatriated revenues in Ghana or maintain them in a Ghanaian bank account.

Mining companies are now permitted by the Bank of Ghana to sell foreign exchange to local commercial banks of their choice but are not

permitted to engage in foreign exchange auctions.

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**77**<br>

Peru

Environmental

In Peru, the environmental impact of mining activities is governed by two key regulations: (i) the Regulation on Environmental Protection

and Management for Mining Exploitation, Beneficiation, General Labor, Transportation and Storage Activities; and (ii) the Regulation on

Environmental Protection for Mining Exploration. These regulations require the development of specific environmental instruments to

authorise mining activities, including:

• Technical Environmental File (FTA), Environmental Impact Declaration (DIA) and Semi-Detailed Environmental Impact Assessment (SD-EIA):

FTAs, DIAs and SD-EIAs are required for mining exploration projects, depending on the magnitude and impact that the activities intended to

be carried out may have on the environment. FTAs, DIAs and SD-EIAs contain detailed environmental and social information on the area

where exploration activities will be carried out, on the project and works to be performed, and on the measures that will be taken to control

and mitigate any environmental impacts.

• EIA: EIAs are required for new projects, expansions or changes to existing operations and projects moving from the exploration stage to

development. EIAs must evaluate the physical, biological, socio-economic, social and cultural impacts on the environment resulting from

the operation of mining projects. The initiation of exploitation activities needs to have been previously authorised by the DGM.

In addition, for the modification of mining projects with an insignificant environmental impact, a Supporting Technical Report (STR), which is

a simplified amendment to an EIA with a significantly shorter period of evaluation and approval, must be submitted to the authority. However,

since 2020 it has not been possible to successively modify or expand the same mining component via an STR if the accumulated impact of

the modifications can have significant negative environmental impacts with respect to those that were contemplated in the EIA. If this is the

case, a modification of the EIA is required to be undertaken. La Cima has had fourteen STRs approved by the regulator for several project

optimisations for Cerro Corona.

In 2020, Gold Fields commenced the process for the ninth EIA update for Cerro Corona, which was approved in October 2024. This approval

granted the environmental certification for the LOM extension from 2026 to 2030 considering in-pit tailing disposal in Cerro Corona.

Furthermore, the Mine Closure Law regulates mine closure, requiring mining companies to ensure the availability of the resources necessary

for the execution of an adequate mine closure plan, including a mine closure cost estimate. The law obliges holders of mining concessions

to furnish guarantees (such as stand-by letters of credit) in favour of the MEM to ensure that they will carry out their mine closure plans in

accordance with the environmental protection regulations and to ensure that the MEM has the necessary funds to execute the mine closure

plan in the event of non-compliance. The Mine Closure Law requires mining companies to provide yearly bank guarantees for definitive, final

and progressive closure obligations.

La Cima's mine closure plan for Cerro Corona was approved in 2008 and the eighth update of the mine closure plan was approved by the

MEM in January 2025. This mine closure plan is guaranteed by a bond letter of approximately U.S.$110.3 million, issued by Credit Bank Peru,

Scotiabank del Perú and AVLA Compañía de Seguros S.A.

Water Quality Standards

Under Supreme Decree No. 15-2015-MINAM, holders of mining activities that were conducting environmental studies had to report to the

MEM on whether such instruments complied with the amended Peruvian ECA, or if they required an adjustment. In line with this requirement,

La Cima reported that its environmental study needed to be adjusted and submitted a response plan to the MEM. The response plan was

approved by the MEM in September 2021. The approved plan must be implemented by La Cima to comply with the 2015 Supreme Decree

within three years of approval. A new water treatment plant was constructed at La Cima as part of this implementation.

Detailed mine closure activities, including post-closure water treatment plans, must be submitted two years before mine closure, as required

by Peruvian legislation. Based on the current LOM for La Cima, the detailed mine closure plan will be submitted in 2028 as operations are

planned to end in 2030. Based on currently available information, it has been concluded that Cerro Corona is not in a position to calculate

a reasonable and defensible cost estimate of the post-closure liability in relation to the management and, if required, treatment, of surface

water run-off.

Environmental Sanctioning Regime

Environmental compliance in Peru is mainly supervised by OEFA, as the governing body of the National System of Environmental Assessment

and Control (*Sistema Nacional de Evaluacion y Fiscalizacion Ambiental*, or SINEFA) and the Environmental Supervisory Entity (*Entidad de* 

*Fiscalización Ambiental*, or EFA). According to the current environmental regulation, there can be three types of EFAs:

• National EFA: Some ministries and technical specialised organisations exercise functions of environmental supervision through their

departments, areas or environmental offices.

• Regional EFA: The regional governments exercise functions of environmental supervision through the areas of natural resources, energy,

mines and hydrocarbons, environmental health, fish farming and handcrafted fishing.

• Local EFA: The provincial and local municipalities exercise functions of environmental supervision through their environmental units.

In addition, specific licence or permit non-compliance is supervised by other specialised competent EFAs, such as the ANA.

Level 3 Environmental Incident

In 2018, Gold Fields experienced a level 3 environmental incident in Peru when water containing tailings from the Cerro Corona TSF flowed

through an authorised diversion pipe to La Hierba creek reaching the Tingo river. As a result of the incident, ANA imposed fines against

Gold Fields of approximately U.S.$1.4 million. Gold Fields appealed both fines and received a favourable final result in one of these

procedures with ANA revoking the fine (approximately U.S.$100,000). Therefore, only the fine of approximately U.S.$1.3 million remains

pending. The OEFA imposed a fine against Gold Fields of approximately U.S.$2.8 million. Gold Fields paid the fine imposed by OEFA and

challenged it in 2022 through a judicial procedure. The outcome of this challenge is pending before the relevant court.

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**78**<br>

Socio-environmental Matters

Peru's Environmental Act enables individuals to take part in a responsible manner in decision-making processes related to, and in the

establishment and application of, environmental policies and measures. Such participation includes:

• Citizen participation: The mining industry in Peru is governed by citizen participation regulations that ensure the responsible participation

of individuals in the definition and application of measures, actions and decisions made by competent authorities regarding sustainable

operation of mining activities in the country. Mining operators must establish citizen participation mechanisms throughout the life of their

projects from initial exploration to mine closure.

• Right to prior consultation: Certain recognised indigenous or tribal populations have the right to be consulted before the approval of

legislative or administrative measures (through the Law of Prior Consultation of Indigenous or Recognised Tribal Populations).

• Convention 169 of the International Labour Organisation: This law establishes that the Peruvian government must consult in advance with

indigenous or tribal populations on legislative or administrative measures (including pending claims for mining concessions) that may

directly affect the collective rights related to their physical existence, cultural identity, quality of life or development. This duty of

consultation is owed by the Peruvian government, not Gold Fields or investors.

While the final decision to move forward with legislative or administrative measures on which consultation is sought rests with the Peruvian

government, even in the absence of agreement, the Peruvian government still has an obligation to take all necessary measures to ensure that

the collective rights of indigenous or tribal populations are protected. Accordingly, the approval of an EIA (or an update to an EIA) must take

into consideration the indigenous or tribal populations located in a project's impact area. In connection with the approval of La Cima's ninth

EIA update for Cerro Corona, a citizen participation mechanism under the Environmental Act was performed, most recently, in 2024.

Following the approval of the ninth EIA update, Gold Fields has implemented public participation activities during project execution as

committed in the public participation plan of the EIA.

Climate change regulation

In 2018, the Peruvian Ministry of Environment approved the Climate Change Framework Act, regulating multilevel governmental measures for

Peru's adaptation to and mitigation of climate change impacts. Subsequently, in 2019, through Supreme Decree No. 13-2019-MINAM (the 2019

Supreme Decree), the Peruvian Ministry of Environment approved the Regulation of the Climate Change Framework Act. Although the 2019

Supreme Decree does not have a material impact on La Cima's mining operations and environmental obligations, as a result of this legislation,

La Cima is required to consider mitigation and adaptation measures on the EIAs and mine closure plans presented to MEM and SENACE for

assessment, updating, and approval.

In 2021, an existing climate change risk and vulnerability assessment and plan for adaptation to climate change for Cerro Corona was

updated. Gold Fields commissioned SRK consultants to perform a quantitative evaluation of expected long-term rainfall pattern variation for

Cerro Corona due to the impacts of climate change. The projections concluded there could be an approximate 15% increase in rainfall at the

site by the year 2100. The results of this report will feed TSF and main water management infrastructure designs for Cerro Corona.

Since 2021, La Cima's electricity supplier, Kallpa, has been iREC certified and issues annual certificates confirming the electricity supplied to

Cerro Corona is 100% renewable.

Regulatory

The regulatory framework governing the development of mining activities in Peru mainly consists of the General Mining Act (*Ley General de* 

*Mineria*) (LGM) and regulations relating to mining procedures, health and safety, environmental protection, and mining investment and

guarantees. Mining activities as defined by the LGM include surveying, prospecting, exploration, exploitation, general workings, beneficiation,

trading and transportation of ore.

Regulatory and Supervisory Entities

In general terms, the principal regulator of mining activities in Peru is the Ministry of Energy and Mines (MEM) through its General Bureau of

Mining (*Direccion General de Mineria*) (DGM). The MEM also regulates mining exploration activities through its General Bureau of Mining and

Environmental Affairs (*Direccion General de Asuntos Ambientales Mineros*) (DGAAM).

Additionally, the National Environmental Certification Service for Sustainable Investment (SENACE) is authorised to review and approve mining

activities (through a detailed EIA) for studies of projects that have a national or multi-regional influence, and that may generate significant

environmental impacts. Mine closure plans are still reviewed and approved by MEM.

Other relevant regulatory institutions include:

• the *Instituto Geologico, Minero y Metalurgico* (INGEMMET), which is responsible for granting the title to concession of mineral rights;

• the Supervisory Agency for Investment in Energy and Mining (OSINERGMIN), which is responsible for health and safety related to

infrastructure of mining activities;

• the OEFA, which is responsible for the supervision of environmental affairs;

• the National Water Authority (ANA), which is responsible for granting water rights;

• the Ministry of Culture, which is responsible for approving archaeological studies and managing the prior consultation process of

Indigenous or Recognised Tribal Populations;

• the National Superintendence of Labour Inspection (SUNAFIL), which is responsible for the oversight of worker health and safety;

• the National Superintendence for the Supervision of Security Services, Weapons, Ammunitions and Explosives for Civil Use (SUCAMEC),

which is responsible for authorising the use of explosives; and

• the General Bureau of Environmental Health (DIGESA), which is responsible for authorising the operation of drinking water treatment plants.

Concessions

In accordance with the LGM, mining activities (except surveying, prospecting and trading) must be performed exclusively under the

concession system. A concession confers upon its holder the exclusive right to develop a specific mining activity within a defined area.

The LGM establishes four types of concessions:

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**79**<br>

**Mining Concessions**

A mining concession is considered a real property interest, independent from any surface land located within the concession's designated

coordinates. Holders of large and medium scale mining concessions or of any pending claims for mining concessions must comply with

payment of an annual mining good standing fee (Mining Good Standing Fee) of U.S.$3.00 per year per hectare in order to maintain the

concessions in good standing. The payment starts from the year in which the claim was filed and must be paid for as long as the concessions

are held. Holders of mining concessions are also required to meet minimum annual production targets prescribed by law, by no later than the

end of the tenth year from the date of the grant, which have to be filed with the MEM. The minimum annual production targets are currently

set at one fiscal payment unit (the UIT) per hectare per year. The UIT is adjusted annually and, for 2025, it was set at S/.5,350, approximately

U.S.$1,407. Titleholders are entitled to group multiple concessions into administrative economic units to comply with the minimum production

requirement, provided certain conditions are met. Failure to attain the minimum production targets may result in certain penalties ranging from

a monetary fine based on the percentage of minimum production up to the forfeiture of the mining concession.

**Beneficiation Concessions**

Beneficiation or process concessions confer the right to extract or concentrate the valuable substances of an aggregate of minerals and/or

to smelt, purify or refine metals through a set of physical, chemical and/or physicochemical processes. As with mining concessions, holders

of beneficiation concessions are required to pay the Mining Good Standing Fee, which is calculated on the basis of the production capacity

of the processing plant. La Cima has a permit for a processing plant with a capacity of 22,320 tonnes per day. The current installed capacity

of the processing plant is 22,320 tonnes per day.

Mining Royalty and Other Special Mining Taxes and Charges

Under Peru's general taxation regime, the corporate tax rate is 29.5%, and the dividends tax rate applicable to non-resident shareholders of

Peruvian companies is 5%. In addition to general taxation, mining companies are subject to a special tax regime which comprises the Mining

Royalty Law, the Special Mining Tax Law and the Special Mining Charge Law. The Mining Royalty Law established payment of a mining royalty

by owners of mining concessions for the exploitation of metallic and non-metallic resources. This mining royalty is determined by applying a

sliding scale rate (ranging from 1% to 12% of sales) based on the quarterly operating profits of mining companies. Mining royalties are

deductible for income tax purposes. The Special Mining Tax is payable by mining companies that have not executed a Mining Tax Stability

Agreement with the MEM and is calculated by applying a sliding scale of rates (ranging from 2.0% to 8.4%) based on the quarterly operating

profits of the mining company and is deductible for income tax purposes. This Special Mining Tax applies to La Cima as Gold Fields has not

executed a Mining Tax Stability Agreement with the MEM. The Special Mining Charge is similar to the Special Mining Tax but applies to mining

companies that have executed a Mining Tax Stability Agreement with the MEM and the sliding scale of rates ranges from 4.00% to 13.12%

based on the quarterly operating profits of mining companies. The Special Mining Charge does not apply to La Cima.

In addition to the above, mining companies must contribute an amount equivalent to 0.5% of their annual income before taxes to fund the

Complementary Retirement Fund for Mining, Metal and Iron and Steel.

Mining companies are also required to pay an annual supervisory contribution to the OSINERGMIN and the OEFA to fund safety and

environmental inspections. Set by supreme decree, the sum of both contributions may not exceed an amount equivalent to 1% of the total

value of annual invoicing for concentrate sales, after deducting VAT. For fiscal year 2025, the contributions to OSINERGMIN and OEFA will

be equivalent to .12% and .07% of the annual invoicing respectively.

Other Permits and Regulations

Other matters subject to regulation include, but are not limited to, soil quality, transportation of ore or hazardous substances, water use and

discharges, power use and generation, use and storage of explosives, housing and other facilities for workers, reclamation, labour standards

and mine safety and occupational health.

Chile

Environmental

Gold Fields' Chile operation is subject to various laws that seek to protect the environment. The Chilean Constitution, the Mining Code, the

Constitutional Organic Law on Mining Concessions (Law No. 18,097) and regulatory authorities enforce environmental rights against private

entities. The Chilean Ministry of Mining is the main governmental authority responsible for overseeing the mining sector.

Law No. 20,417 established the current environmental institutional framework in Chile, including the Ministry of the Environment (MMA) with

regulatory and policy functions, the Environmental Assessment Service (SEA) responsible for environmental impact assessments, the

Environmental Superintendence (SMA) with oversight and enforcement duties, and the Chilean Environmental Courts (CEC) providing a

counterbalance to the SMA and other environmental bodies.

Law No. 19,300 established the environmental management instruments related to mining development including the Environmental Impact

Assessment System (SEIA), quality and emission standards, and prevention and decontamination plans. The SMA enforces compliance with

environmental regulations through its authority to impose significant sanctions for non-compliance with the instruments under its supervision.

These sanctions include fines of up to 10,000 Annual Tax Units (UTA), the revocation of Environmental Qualification Resolutions (RCA), and

the temporary or permanent closure of facilities.

Environmental Impact Assessments (EIAs) under the SEIA may involve an Indigenous Consultation Process (ICP) if the relevant project or

activity generates significant impacts that directly affect indigenous peoples, in accordance with International Labour Organization (ILO)

Convention No. 169. The ICP procedure is distinct from public participation and, if applicable, is conducted parallel to the public participation

process.

Law No. 20,551 regulates the Closure of Mining Operations and Facilities (LCFM). The LCFM is based on the "polluter-pays" principle, and

internalises the externalities associated with the closure of mining projects. The LCFM establishes the obligation to provide the State with

a financial guarantee to cover the cost of the closure obligations.

Health and Safety

Supreme Decree No. 132 (Chilean Mining Safety Regulation) requires mining companies to adhere to safety standards to safeguard

employees and surrounding communities. The key provisions of this legislation include the establishment of safety standards which mining

operators must implement for all aspects of their operations, emergency preparedness, health and hygiene related to access to adequate

medical care and the maintenance of sanitary conditions, and training requirements. This regulation is enforced by the National Service of

Geology and Mining (SERNAGEOMIN), which has authority to review and approve safety measures related to mining operations.

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**80**<br>

Regulatory Framework for Water Extraction and Use in Chile

The Water Code of 1981 serves as the primary legal framework regulating the extraction and use of water in Chile, granting water rights

(Derechos de Aprovechamiento de Aguas, DAA) that enable individuals and entities to utilise water for purposes like agriculture, industrial

use and mining. These rights are recognised as private property under Article 19 No. 24 of the Chilean Constitution. Trading and leasing water

rights is allowed with minimal restrictions. However, for mining operations, environmental regulations require an EIA to assess the impact on

water resources before any activity can begin, demonstrating a focus on sustainable resource management and the protection of local

ecosystems.

Major reforms to water regulation were introduced through Law No. 21,435, enacted in April 2022. The reform reaffirms water as a public

good, allowing the limitation or even extinguishment of water rights based on public interest and sustainability. Under the new regulations,

registration in the Water Property Registry is mandatory within 18 months, with provisions for the extinction of rights due to non-use. Water

rights are granted for up to 30 years and can be renewed automatically unless non-use or harm to the water source's sustainability is

demonstrated. The reform also prioritises access to drinking water and sanitation and forbids the creation of new rights over critical

ecosystems such as glaciers, urban wetlands, and protected areas. This shift in policy underscores the emphasis on conserving water

resources while also recognising human consumption primacy.

Following the reform, owners of groundwater rights must form Groundwater User Communities and set up monitoring systems to ensure

compliance. Additionally, the regulation imposes increased fees for non-utilisation of water rights, incentivising active use; these fees will

double every five years. The General Directorate of Water (DGA) may establish minimum ecological flows for both new and current water

rights within protected areas, reflecting a concerted effort to align water use with environmental sustainability goals.

Environmental Sanctioning Regime

The SMA, under to Law No. 20,417, is responsible for coordinating and executing direct inspections and compliance verifications to uphold

environmental standards and emission norms in Chile. It is designed to ensure that mining operations comply with their environmental

authorisations. Sanctions may be imposed in the event of any breach.

The SMA also handles complaints related to non-compliance, imposing sanctions for violations of environmental regulations. SMA sanctions

include issuing warnings, levying fines, and ordering the closure of mining operations. Violations are categorised based on severity, with

serious infractions leading to substantial fines, revocation of permits, and operational suspensions. Serious breaches can incur fines up to

U.S.$10 million per infraction. The sanctioning process allows for due process by notifying offending companies and providing them the

opportunity to defend and propose corrective measures.

The SMA publishes reports on its enforcement actions, promoting transparency and accountability, and can initiate restorative actions in

cases of environmental damage, allowing for civil claims against offending mining companies. The SMA is also required to produce annual

public accounts detailing its activities, including the number of inspections, compliance rates, and sanctions against companies for non-

compliance with environmental regulations.

Climate change regulation

Chile's Framework Law on Climate Change, also known as Law No. 21.455, was enacted in 2022. This law establishes principles for climate

action, adaptation, and mitigation, and mandates the integration of climate considerations into national and regional planning processes.

Chile has committed to phasing out coal-fired power plants by 2040, with an accelerated timeline for certain units.

The National Mining Policy 2050, approved in early 2023, sets ambitious targets for the mining sector, including a commitment to reduce

emissions from large mining operations by at least 50% by 2030 and achieve carbon neutrality by 2040. It also includes plans for a zero-

emissions fleet and aims for 90% of electricity contracts to be sourced from renewable energy by 2030.

Mining concessions

The mining concession system in Chile is governed by the Constitution and the Mining Code. Chile has adopted a public ownership model

for all mineral resources, wherein the Government retains sovereignty over subsoil resources, but grants particulars the right to explore and

exploit these resources through mining concessions. There are two principal types of mining concessions in Chile: Exploration Concessions

and Exploitation Concessions.

The process of granting mining concessions involves a judicial award based on an application submitted to the relevant civil court overseeing

the mining area. Concession holders are obliged to pay an annual mining tax or "patente", comply with environmental regulations, obtain

necessary permits for their activities, and report any mineral discoveries to the Government. Non-compliance with these obligations, or any

abandonment of activities, could lead to termination of the concession, along with judicial review and potential cancellation in cases of

procedural irregularities or fraud.

Significant changes to the Mining Code were introduced with Law No. 21,420 in January 2022, aiming to address issues like concession

hoarding and increasing annual mining taxes. Further amendments under Law No. 21,649 in December 2023 focused on reducing or

eliminating certain tax exemptions for mining companies. The Mining Code also allows for Legal Mining Easements, facilitating exploration

and exploitation by granting concessionaires rights to utilise third-party lands for mining-related activities, ensuring fair compensation for

landowners. Easements are subject to judicial assessment to ensure necessity and proportionality and can be terminated upon the expiration

of the mining concession or cessation of activities necessitating the easement.

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**81**<br>

Special Tax Regime for Mining Companies in Chile

Chile has implemented a specialised tax framework for mining companies to reflect the unique characteristics of the sector, including the

exploitation of finite and valuable natural resources.

Central to this framework is the Corporate Income Tax, known as the First Category Tax, set at a rate of 27% for businesses under the

semi-integrated regime, levied on taxable income derived from company operations.

There is a Specific Mining Tax or royalty, established under Law No. 21,591, which applies progressively to operational income from mineral

sales. Smaller producers are exempt, while medium and large producers face rates ranging from 0.5% to 14%, depending on sales and

operational margins.

Foreign mining companies or Chilean entities with foreign shareholders are subject to an Additional Tax of 35% on remitted profits, with

available credits for taxes paid abroad within certain limits. Historically, tax invariability agreements, such as those under Decree Law No. 600,

provided stability on tax rates for foreign investors, though these are less common now. The tax regime includes deductions and incentives

like accelerated depreciation for capital investments, deductibility of exploration expenses, and R&D tax credits. Compliance is monitored by

the Chilean Internal Revenue Service and the Ministry of Mining, requiring companies to file annual returns, maintain detailed records, and

undergo audits to ensure transparency.

Other Permits and Regulations

The sectoral permitting system is considered one of the more complex aspects of mining project development in Chile due to overlapping

regulations and multi-agency oversight. Recent legislative discussions aim to streamline permitting procedures while maintaining stringent

environmental and social safeguards. This regime underscores Chile's commitment to sustainable mining practices and regulatory

compliance, ensuring that mining projects align with national development goals and international standards. To expedite the granting of

permits, the New Sectorial Permits Framework (Law No. 21,770) was passed in 2025 to streamline authorisation procedures for regulated

projects with the aim of increasing legal certainty, transparency and efficiency to support investment and sustainable productive development.

Other matters subject to regulation include soil quality, transportation of ore or hazardous substances, water use and discharges, power use

and generation, use and storage of explosives, housing and other facilities for workers, reclamation, labour standards and mine safety and

occupational health.

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**82**<br>

Directors, senior management and employees

Directors

---

| | | | |
|:---|:---|:---|:---|
| Name | Age | Position | Term expires<sup>(1)</sup> |
| Yunus G.H. Suleman | 68 | Non-executive Director | May 2026 |
| Michael J. Fraser | 60 | Executive Director and Chief Executive Officer | May 2027 |
| Alex T. Dall | 38 | Executive Director and Chief Financial Officer | May 2028 |
| Alhassan Andani | 65 | Non-executive Director | May 2028 |
| Zarina B.M. Bassa | 61 | Non-executive Director | May 2028 |
| Maria C. Bitar | 56 | Non-executive Director | May 2028 |
| Terence P. Goodlace | 66 | Non-executive Director | May 2026 |
| John F. MacKenzie | 57 | Non-executive Director | May 2026 |
| Shannon L. McCrae | 54 | Non-executive Director | May 2028 |
| Jacqueline E. McGill | 58 | Non-executive Director | May 2028 |
| Michael I. Rawlinson | 56 | Non-executive Director | May 2026 |
| Philisiwe G. Sibiya | 49 | Non-executive Director | May 2026 |
| Carel A.T. Smit | 63 | Non-executive Director | May 2027 |

---

*Notes:*

<sup>(1)</sup> *Terms expire on the date of the annual general meeting in that year for newly appointed directors and, the other directors, within a three-year period after their first election.*

Executive Directors

Michael J. Fraser *(60) BCom and MBL, University of South Africa, Advanced Management Program, Harvard University*

Executive Director and Chief Executive Officer. Mr. Fraser joined Gold Fields as CEO on 1 January 2024. Prior to joining Gold Fields, Mr. Fraser

was the CEO of Chaarat Gold, an AIM-listed junior gold miner. Mr. Fraser joined the mining sector in 2000 at Billiton PLC prior to the merger

with BHP. In 2009, he became the head of the Mozal Aluminium Smelter project in Mozambique and thereafter was appointed the group's

President of Human Resources. In 2015, when BHP created South32, Mr. Fraser became President and Chief Operating Officer of its global

aluminium, nickel and South African manganese and energy coal businesses.

Alex T. Dall *(38) CA (SA), Bachelor Business Science, PGDA, University of Cape Town*

Executive Director and Chief Financial Officer. Mr. Dall joined Gold Fields in 2014, focusing on SOX and technical accounting work in the

Company's finance department before becoming VP Corporate Finance in 2022, responsible for the funding requirements of the Group.

Before becoming Gold Fields' permanent CFO, Mr. Dall served as the Interim CFO of the Company from April 2024 to February 2025. Prior

to joining Gold Fields, Mr. Dall worked at KPMG, focusing on energy and natural resources.

Non-Executive Directors

Yunus G.H. Suleman *(68) BCom, University of KwaZulu-Natal (formerly Durban Westville); BCompt (Hons), University of South Africa, CA* 

*(SA), CD (SA)*

Mr. Suleman was appointed as a non-executive director of Gold Fields with effect from 1 September 2016, and Chair of the Board with effect

from 1 June 2022. Mr. Suleman also serves as the Chair of Liberty Holdings Ltd and Liberty Group Limited. He has over 36 years' experience

in the accounting and auditing profession, including as Chair of Albaraka Bank Limited, Chair of KPMG South Africa, and managing partner of

Arthur Andersen's audit and consulting practice in Nigeria as well as its South Africa audit practice. Mr. Suleman has announced his retirement

as non-executive director and Chair of the Board, with effect from 21 May 2026.

Alhassan Andani *(65) MA Banking and Finance, Finafrica Institute, Italy; BSc Agriculture, University of Ghana*

Mr. Andani was appointed as a non-executive director of Gold Fields with effect from 1 August 2016. He is currently a Founding Partner at

LVSafrica Limited, and a board member at Stanbic Holdings and Teachers Fund of the Ghana National Association of Teachers (GNAT).

Mr. Andani has over 35 years' experience in corporate and investment banking. He previously served as CEO of Stanbic Bank Ghana, prior

to which he was the deputy managing director and executive director of corporate and investment banking at Barclays Bank Ghana.

Zarina B.M. Bassa *(61) CA (SA); Post Graduate Diploma in Accounting, University of Durban Westville; Bachelor of Accounting, University of* 

*Durban Westville*

Ms. Bassa was appointed as a non-executive director of Gold Fields with effect from 2 August 2024. She is currently a non-executive director

of the JSE Ltd and ABSA Group Limited. She previously served on the boards of Investec Plc and Investec Ltd, Woolworths Holdings, Kumba

Iron Ore, Mediclinic International, Oceana Group, Mercedes Benz SA, Sun International, Vodacom South Africa and the Financial Services

Board. Ms. Bassa is a Chartered Accountant, and was a partner of Ernst & Young, after which she joined the Absa Group in 2002, where she

served as an executive director of Absa Bank. She has chaired the Independent Regulatory Board for Auditors and the Auditing Standards

Board and has served on the boards of the South African Institute of Chartered Accountants and the Accounting Standards Board.

Maria C. Bitar *(56) BA (Economics) Dartmouth College; MBA, Universidad de Chile and Tulane University*

Ms. Bitar was appointed as a non-executive director of Gold Fields with effect from 1 May 2022. She is President of Azerta, one of Chile's and

Peru's leading strategic communications and public affairs agencies. She is also a director of ENAEX S.A. Ms. Bitar has 28 years of experience

working as a consultant, specialising in public affairs, crisis management, communications and sustainability. She has more than 17 years of

board experience in large publicly traded companies in Chile and abroad with experience working within the mining sector.

Terence P. Goodlace *(66) MBA University of Wales; BCom, University of South Africa; NHDip and Ndip (Metalliferous Mining)* 

*Witwatersrand, Technikon; MDP, University of Cape Town*

Mr. Goodlace was appointed as a non-executive director of Gold Fields with effect from 1 July 2016. He is Chair and director of Kumba Iron

Ore Limited. Mr. Goodlace's mining career has spanned more than 46 years, including more than 17 years of board experience across

multiple organisations. Mr. Goodlace has worked with both open pit and underground mines in South Africa, Ghana, Venezuela and Peru.

He previously held Executive Vice-President and Chief Operating Officer roles at Gold Fields and spent 28 years with the Company.

Mr. Goodlace has also served as the CEO of Impala Platinum Holdings Limited and CEO of Metorex Limited.

John F. MacKenzie *(57) BSc, Mining Engineering, MSc, Mining Engineering, University of the Witwatersrand; MBL, University of South* 

*Africa, AMP Harvard Business School*

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**83**<br>

Mr. MacKenzie was appointed as a non-executive director of Gold Fields with effect from 1 August 2025. Born and raised in South Africa,

Mr. MacKenzie started his career with Anglo American where he gained deep operational and leadership exposure across a range of

commodities, including gold, coal, nickel, zinc and copper. He has extensive experience in both executive and non-executive roles and

various board committees. Mr. MacKenzie has over 35 years' experience across both operational and investment roles in the mining and

metals sector and has extensive international experience, including in emerging markets. He is also the founder and non-executive chair of

Capstone Copper Corp. Mr. MacKenzie will become Chair of the Board, with effect from 21 May 2026.

Shannon L. McCrae *(54) BSc (Hons), Geology, University of Western Ontario; P.Geo, Ontario; ICD.D, Directors' Education Programme,* 

*Institute of Corporate*

Ms. McCrae was appointed as a non-executive director of Gold Fields with effect from 2 August 2024 and is also a director at Fuerte Metals

and Major Drilling Group International Inc. Ms. McCrae is a professional geologist and mining executive with more than 25 years of experience

in the resources industry, having held senior executive positions at Barrick Gold and De Beers Canada.

Jacqueline E. McGill *(58) BSc Metallurgy, Murdoch University; MBA, La Trobe University; Honorary Doctorate, Adelaide University*

Ms. McGill was appointed as a non-executive director of Gold Fields with effect from 22 November 2021. She currently serves on the boards

of New Hope Corporation and 29 Metals, as Chair of the Sustainability Committee for both, and was previously a board member and Chair of

the Technical Committee for Mineral Resources. Ms. McGill has more than 30 years of operational leadership experience in the mining and

resource sectors, having held several executive level roles with BHP.

Michael I. Rawlinson *(56) BSocSci (Hons) (Economics), University of Birmingham; MSc, Environmental and Resource Economics, University* 

*College London*

Mr. Rawlinson was appointed as a non-executive director of Gold Fields with effect from 1 August 2025. Mr. Rawlinson brings 25 years'

experience in the mining and metals industry, underpinned by a strong foundation in finance, strategic advisory, M&A, capital markets, and

board governance, after spending his early career as an equity analyst and investment banker. Mr. Rawlinson is experienced in both

executive and non-executive roles in both listed and unlisted companies.

Philisiwe G. Sibiya *(49) BCom (Hons), University of Natal CA (SA)*

Ms. Sibiya was appointed as a non-executive director of Gold Fields with effect from 1 March 2021. Ms. Sibiya serves as the board chair of

AECI Limited. Ms. Sibiya has nearly 20 years of management experience within Africa, including previously as CFO at MTN South Africa and

CEO for MTN Cameroon, the first woman appointed to a CEO position by the MTN Group.

Carel A.T. Smit *(63) B.Compt, CTA, University of the Free State; Higher Diploma in Tax Law, University of the Witwatersrand, CA (SA)*

Mr. Smit was appointed as a non-executive director of Gold Fields with effect from 1 June 2023. He spent 35 years with KPMG, including as

its Head of Energy and Natural Resources in Africa, and has extensive experience in audit, tax and advisory with a strong focus on the mining

sector across Africa, South America, and Australia.

Executive Committee

Kelly Carter *(47) LLB (Hons), University of Bristol, UK; GAICD*

Executive Vice-President: Legal and Governance. Ms. Carter joined Gold Fields in 2011, holding prior roles in legal, compliance, and corporate

affairs as part of the Australian executive team prior to her current appointment in 2023. Ms. Carter is a dual-qualified lawyer having over

25 years' legal experience in both the UK and Australia, with an extensive background across the gold and nickel sectors, including having

served as board member and Chair of the Gold Industry Group.

Chris Gratias *(53)* HBA *(Hons with Distinction), Ivey Business School, Western Ontario, Canada*

Executive Vice President: Strategy & Corporate Development. Mr. Gratias joined Gold Fields in September 2024. He is an experienced global

investment banking professional and capital markets executive who has been involved in many of the transformative transactions in the

mining industry over the past 25 years. Prior to joining Gold Fields, Mr. Gratias was the Global Head of Mining at CIBC Capital Markets where

he led a global team with offices in the major mining centres around the world.

Jongisa Magagula *(43) B Bus Sci (Hons Finance), Accounting, Economics, Finance, University of Cape Town*

Executive Vice-President: External Affairs. Ms. Magagula joined Gold Fields in 2023. Ms. Magagula has 20 years of mining and investment

banking experience with a focus on the mining sector, having previously served as the Executive Director for Investor Relations and New

Business Development at African Rainbow Minerals.

Francois Swanepoel *(53) BEng (Electrical and Electronic Engineering), University of Johannesburg; BSc (Information Technology),* 

*University of Johannesburg*

Chief Operating Officer. Mr. Swanepoel joined Gold Fields in 1991. Mr. Swanepoel has more than 30 years' experience in mining and

processing, obtained across Gold Fields' operations in South Africa, Australia, Ghana, Peru and Chile in a range of operational, project and

regional consulting roles. Mr. Swanepoel has been integrally involved in the conceptualisation and development of the Salares Norte

operation in Chile, both as study manager and later as the Head of the Technical and Improvement team. In 2023, Mr. Swanepoel was

appointed as Chief Technical Officer, and in August 2025 was appointed as Chief Operating Officer.

Mariette Steyn *(53) B.Eng (Chem), University of Stellenbosch; MDP, Gordon Institute of Business Science*

Executive Vice President: People & Sustainability. Ms. Steyn joined Gold Fields in 2024. Ms. Steyn has more than 30 years of operational,

project and functional leadership and transformation experience in the resources sector across multiple operating jurisdictions, including

Australia, Southern Africa, and the Americas. Prior to joining Gold Fields, she held a number of senior leadership roles across projects, audit,

risk, commercial and sustainability at South32 and BHP.

Jason Sander *(52) Bachelor of Engineering (Hons), University of NSW*

Chief Technical Officer (Acting). Mr. Sander is a Mining Engineer with 30 years of mining industry experience. Mr. Sander has over 20 years

of experience with Gold Fields, most recently as Vice President – Mining & Long-Term Planning where he was responsible for the Group

Operating Plans and Reserve Competent Person across Gold Fields' Portfolio. His prior experience includes senior positions across

Gold Fields. Mr. Sander brings extensive operational and technical experience and leadership across open pit and underground operations

across gold, copper, nickel and iron ore mines in diverse operating models.

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**84**<br>

Company Secretary

Anré Weststrate *(60) BJuris, University of Northwest and LLB, University of Northwest*

Company Secretary. Ms. Weststrate joined Gold Fields as Company Secretary in 2020. Prior to joining Gold Fields, Ms. Weststrate was

company secretary for SekelaXabiso CA Inc., and legal adviser and company secretary for EVRAZ Highveld Steel and Vanadium Limited.

Ms. Weststrate is an admitted advocate in the High Court of South Africa, and her prior experience includes a career in the public sector as

a public prosecutor in the Departments of Justice and National Prosecuting Authority of South Africa.

Employees

The total number of employees, excluding employees of outside contractors who are not on Gold Fields' payroll, as of the end of fiscal 2025

at each of the operations owned by Gold Fields as of those dates was:

---

| | |
|:---|:---|
|  | As of <br>31 December 2025<br><sup>(1)(2)</sup> |
| Australia | 2036 |
| South Africa | 2669 |
| West Africa | 784 |
| Americas Chile | 561 |
| Americas Cerro Corona | 388 |
| Americas Canada | 257 |
| Corporate office | 190<br><sup>(3)</sup> |
| **Total** | 6885 |

---

*Notes:*

<sup>(1)</sup> *For the total number of employees as of the end of fiscal 2025 and 2024, see "Integrated Annual Report – How We Create Value – Business Model".*

<sup>(2)</sup> *The employee numbers presented do not include contractors who are not on the payroll. For the number of contractors at Gold Fields' operations as of the end of fiscal 2025 and 2024,* 

*see "Integrated Annual Report – How We Create Value – Business Model".*

<sup>(3)</sup> *Includes the Gold Fields offshore team reporting to the head corporate office and excludes non-executive directors.*

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**85**<br>

Safety

The following tables set out the number of fatalities, serious injuries and the safety engagement rate for Gold Fields' mining operations for the

periods indicated. The safety engagement rate is determined by the number of safety engagements per 1,000 hours worked. For a discussion

on Gold Fields' safety initiatives, including its safety transformation plan, see *"Integrated Annual Report – Chief Executive Officer's Report –* 

*Strategic pillar 1 – Ensuring safe and responsible production".*

Australia

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended 31 December | Year Ended 31 December | Year Ended 31 December |
|  | 2025 | 2024 | 2023 |
| Fatalities | 0 | 1 | 0 |
| Serious Injuries | 0 | 0 | 0 |
| Safety Engagement Rate | 10.02 | 8.33 | 9.75 |

---

South Africa

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended 31 December | Year Ended 31 December | Year Ended 31 December |
|  | 2025 | 2024 | 2023 |
| Fatalities | 0 | 1 | 0 |
| Serious Injuries | 3 | 1 | 4 |
| Safety Engagement Rate | 8.83 | 8.07 | 8.40 |

---

Ghana<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended 31 December | Year Ended 31 December | Year Ended 31 December |
|  | 2025 | 2024 | 2023 |
| Fatalities | 0 | 0 | 2 |
| Serious Injuries | 3 | 2 | 2 |
| Safety Engagement Rate | 3.85 | 1.93<br><sup>(1)</sup> | 24.63 |

---

Peru

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended 31 December | Year Ended 31 December | Year Ended 31 December |
|  | 2025 | 2024 | 2023 |
| Fatalities | 0 | 0 | 0 |
| Serious Injuries | 0 | 0 | 0 |
| Safety Engagement Rate | 7.14 | 4.96 | 4.88 |

---

*Note:*

<sup>(1)</sup> *The calculation methodology for Ghana was reviewed in fiscal 2024 to align it with other Gold Fields operations.*

Chile<sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended 31 December | Year Ended 31 December | Year Ended 31 December |
|  | 2025 | 2024 | 2023 |
| Fatalities | 0 |  |  |
| Serious Injuries | 0 |  |  |
| Safety Engagement Rate | 10.2 |  |  |

---

*Note:*

<sup>(1)</sup> *Data for Salares Norte is not available for 2023 and 2024, as the operation was in pre-commissioning phase during this period and was not tracked at the single project reporting level.*

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**86**<br>

Major shareholders and related party transactions

Major Shareholders

To the knowledge of management: (1) Gold Fields is not directly or indirectly owned or controlled (a) by another corporation or (b) by any

foreign government; and (2) there are no arrangements the operation of which may at a subsequent date result in a change in control of

Gold Fields. To the knowledge of Gold Fields' management, there is no controlling shareholder of Gold Fields.

A list of the individuals and organisations holding, to the knowledge of management, directly or indirectly, 5% or more of its issued share

capital as of 31 December 2025 is set forth below.

---

| | | |
|:---|:---|:---|
|  | Ordinary shares | Percentage |
| **Beneficial owner** |  |  |
| Public Investment Corporation | 180381384 | 20.15% |

---

To the knowledge of management, none of the above shareholders hold voting rights which are different from those held by Gold Fields' other

shareholders.

The table below shows the significant changes in the percentage of ownership by Gold Fields' major shareholders, to the knowledge of

Gold Fields' management, during the past three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
|  | Beneficial ownership as of 31 December | Beneficial ownership as of 31 December | Beneficial ownership as of 31 December |
|  | 2025 | 2024 | 2023 |
|  | (%) | (%) | (%) |
| **Beneficial owner** |  |  |  |
| Public Investment Corporation | 20.15 | 21.18 | 15.65 |

---

As of 1 February 2026, the issued share capital of Gold Fields consisted of 895,024,247 ordinary shares.

As of 27 February 2026, 719 record holders of Gold Fields' ordinary shares, holding an aggregate of 147,266,012 ordinary shares (16%),

including shares underlying Gold Fields' ADRs, were listed as having addresses in the United States.

Related Party Transactions

Between 1 January 2026 and 30 March 2026, none of the directors, officers or major shareholders of Gold Fields or, to the knowledge of

Gold Fields' management, their families, had any interest, direct or indirect, in any transaction or in any proposed transaction which has

affected or will materially affect Gold Fields or its investment interests or subsidiaries, except as disclosed in *"Annual Financial Report – Notes* 

*to the Consolidated Financial Statements – Note 44. Related Parties"*, as required by IFRS Accounting Standards as issued by the

International Accounting Standards Board (IASB), including for fiscal 2025.

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**87**<br>

The listing

The Company's shares trade on the Johannesburg Stock Exchange Limited (JSE) under the abbreviated name "GFIELDS" and the short code

"GFI". The Company's ADSs trade on the New York Stock Exchange (NYSE) under the trading symbol "GFI".

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**88**<br>

Additional information

Memorandum of Incorporation

General

Gold Fields is a public company registered in South Africa under the Companies Act, which limits the liability of its shareholders, and is

governed by its memorandum of incorporation, the Companies Act and the JSE Listings Requirements. Gold Fields' registration number is

1968/004880/06.

On 8 April 2009, South Africa passed the Companies Act, which came into force on 1 May 2011. At the annual general meeting held on

14 May 2012, Gold Fields adopted a new memorandum of incorporation (the Gold Fields MOI) to replace its memorandum of association and

articles of association adopted under the previous Companies Act 61 of 1973. Gold Fields amended the Gold Fields MOI at its annual general

meetings on 9 May 2013 and on 24 May 2017 and intends to propose an amended MOI for approval at its annual general meeting to be held

on 25 May 2026. The amended Gold Fields MOI conforms to the requirements of the Companies Act and the amended JSE Listings

Requirements.

Clause 4 of the Gold Fields MOI provides that Gold Fields has the powers and capacity of a natural person and is not subject to any special

conditions.

Dividends and Payments to Shareholders

Gold Fields may make distributions (including the payment of dividends) from time to time in accordance with provisions of the Companies

Act, the JSE Listings Requirements and the Gold Fields MOI. In terms of the Companies Act, a company may only make a distribution

(including the payment of any dividend) if:

• it reasonably appears that the company will satisfy the solvency and liquidity test immediately after completing the proposed distribution;

and

• the board of the company, by resolution, has acknowledged that it has applied the solvency and liquidity test and reasonably concluded

that the company will satisfy the solvency and liquidity test immediately after completing the proposed distribution.

In terms of the Companies Act, a company satisfies the solvency and liquidity test at a particular time if, considering all reasonably

foreseeable financial circumstances of the company at that time:

• the assets of the company, fairly valued, equal or exceed the liabilities of the company, as fairly valued; and

• it appears that the company will be able to pay its debts as they become due in the ordinary course of business for a period of:

–12 months after the date on which the test is considered; or

–in the case of a distribution (including the payment of dividends), 12 months following that distribution.

Subject to the above requirements, the directors of Gold Fields may from time to time declare a dividend or any other distribution to

shareholders in proportion to the number of shares held by them.

The Company must hold all monies due to the shareholders in trust indefinitely, subject to the laws of prescription. The Company shall be

entitled at any time to delegate its obligations in respect of unclaimed dividends, or other unclaimed distributions, to any one of the

Company's bankers.

Voting Rights

Every shareholder of Gold Fields, or representative of a shareholder, who is present at a shareholders meeting has one vote on a show of

hands, irrespective of the number of shares he or she holds or represents. At a shareholders meeting, a resolution put to the vote shall be

decided on a show of hands, unless a poll is demanded by not less than five persons having the right to vote on that matter, a person or

persons entitled to exercise not less than one tenth of the total voting rights entitled to vote on that matter or the chairperson. Every Gold

Fields shareholder is, on a poll, entitled to one vote per ordinary share held. Neither the Companies Act nor the Gold Fields MOI provide for

cumulative voting.

A shareholder entitled to attend and vote at a shareholders meeting shall be entitled to appoint a proxy to attend, participate in, speak and

vote at such shareholders meeting in the place of such shareholder. The proxy need not be a shareholder. However, the proxy may not

delegate the authority granted to him or her as a proxy.

Issue of Additional Shares

In accordance with the provisions of the JSE Listings Requirements and the Gold Fields MOI, the Board shall not have the power to issue

authorised shares other than:

• the issue of capitalisation shares or the offer of a cash payment in lieu of awarding capitalisation shares;

• issues in respect of a rights offer; and

• issues which do not require the approval of shareholders in terms of the Companies Act or the JSE Listings Requirements,

• without shareholder approval.

In accordance with the provisions of the Companies Act:

• an issue of shares must be approved by a special resolution of the shareholders of a company if the shares are issued to a director or

officer of the company or any other person related or inter-related to the company, save for certain exceptions, including an issue pursuant

to an employee share scheme; and

• an issue of shares in a transaction requires approval of the shareholders by special resolution if the voting power of the shares that are

issued as a result of the transaction will be equal to or exceed 30% of the voting power of all the shares held by shareholders immediately

before the transaction.

Issues for Cash

In accordance with the provisions of the JSE Listings Requirements and the Gold Fields MOI, shareholders may either convey a:

• special authority to issue shares for cash on terms that are specifically approved by shareholders in a shareholders meeting in respect of

a particular issue (Specific Issue for Cash); or

• general authority to issue shares for cash on terms generally approved by shareholders in a shareholders meeting by granting the Board

the authority to issue a specified number of securities for cash, which authority will be valid until the next annual general meeting or for

15 months from the date on which the resolution was passed, whichever period is shorter (General Issue for Cash).

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**89**<br>

In terms of the JSE Listings Requirements, a company may only undertake:

• a Specific Issue for Cash or a General Issue for Cash if approved by ordinary resolution of shareholders, except that an issue to related

parties requires approval by special resolution;

• a General Issue for Cash is subject to satisfactory compliance with certain requirements, including:

–the shares that are the subject of a General Issue for Cash may not exceed 5% of the company's listed shares; and

–the maximum discount at which shares may be issued is 10% of the weighted average traded price of such shares measured over the

30 business days prior to the date that the price of the issue is agreed between the company and the party subscribing for the shares.

Pre-emptive Rights

The Companies Act, the JSE Listings Requirements and the Gold Fields MOI require that any new issue of shares by Gold Fields must first

be offered to existing shareholders in proportion to their shareholding in the Company, unless, among other things, in respect of the issuance

to new shareholders:

• the necessary shareholder approvals have been obtained;

• a capitalisation issue, an issue for an acquisition of assets (including another company) or an amalgamation or merger is to be undertaken;

or

• the shares are to be issued in terms of option or conversion rights.

At the annual general meeting held on 28 May 2025, Gold Fields' shareholders authorised, subject to certain conditions, Gold Fields'

directors to allot and issue (as they in their discretion think fit) or grant options over shares representing not more than 5% of the number of

ordinary shares in the issued share capital of the Company, which constituted 44,751,212 ordinary shares (excluding any shares approved to

be allotted and issued by the Company in terms of any share plan or incentive scheme for the benefit of employees).

Transfer of Shares

The transfer of any Gold Fields certificated shares must be implemented in accordance with the provisions of the Companies Act, using the

then common form of transfer. Dematerialised shares, which have been traded on the JSE, are transferred on the STRATE system and

delivered five business days after each trade. The transferor of any share is deemed to remain the holder of that share until the name of the

transferee is entered in Gold Fields' register for that share. Since Gold Fields shares are traded through STRATE, only shares that have been

dematerialised may be traded on the JSE. Accordingly, Gold Fields shareholders who hold shares in certificated form must dematerialise their

shares in order to trade on the JSE.

Disclosure of Beneficial Interest in Shares

The Companies Act requires a registered holder of Gold Fields shares who is not the beneficial owner of such shares to disclose to

Gold Fields, within five business days of the end of every month during which a change has occurred in the beneficial ownership, the identity

of the beneficial owner and the number and class of securities held on behalf of the beneficial owner. Moreover, Gold Fields may, by notice in

writing, require a person who is a registered shareholder, or whom Gold Fields knows or has reasonable cause to believe has a beneficial

interest in Gold Fields ordinary shares, to confirm or deny whether or not such person holds the ordinary shares or beneficial interest and, if

the ordinary shares are held for another person, to disclose to Gold Fields the identity of the person on whose behalf the ordinary shares are

held. Gold Fields may also require the person to give particulars of the extent of the beneficial interest held during the three years preceding

the date of the notice. Gold Fields is obliged to establish and maintain a register of the disclosures described above and to publish in its

annual financial statements a list of the persons who hold a beneficial interest equal to or in excess of 5% of the total number of ordinary

shares issued by Gold Fields, together with the extent of those beneficial interests.

General Meetings of Shareholders

The shareholders and/or directors may convene Gold Fields shareholders meetings in accordance with the requirements of the Companies

Act and the Gold Fields MOI. Gold Fields is obliged to hold an annual general meeting for each fiscal year prior to 15 months after the date of

the last annual general meeting.

Shareholders meetings, including annual general meetings, require at least 15 business days' notice in writing of the place, day and time of

the meeting to shareholders.

Business may be transacted at any shareholders meeting only while a quorum of shareholders is present. The quorum for the commencement

of a shareholders meeting shall be sufficient persons present to exercise, in aggregate, at least 25% of all the voting rights that are entitled to

be exercised, but the shareholders meeting may not begin unless, in addition, at least three shareholders entitled to vote are present at the

meeting.

The annual general meeting deals with and disposes of all matters prescribed by the Gold Fields MOI and the Companies Act, including:

• the presentation of the directors' report, the audited financial statements for the immediately preceding financial year, the audit committee

report, the remuneration report and the social ethics and transformation committee report;

• the election of directors;

• the appointment of an auditor and an audit committee; and

• the appointment of the social ethics and transformation committee.

Accounting Records and Financial Statements

Gold Fields is required to keep the accounting records and books of accounts as are necessary to present the state of affairs of the Company

and to explain the financial position of the Company as prescribed by the Companies Act.

The directors shall from time to time determine at what times and places and under what conditions, subject to the requirements of the

Companies Act, shareholders are entitled to inspect and take copies of certain documents, including the Gold Fields MOI, accounting records

required to be maintained by the Company and annual financial statements. Apart from the shareholders, no other person shall be entitled to

inspect any of the documents of the Company (other than the share register) unless expressly authorised by the directors or in accordance

with the Promotion of Access to Information Act, No 2 of 2000, as amended.

The directors of Gold Fields will cause to be prepared annual financial statements and an annual report as required by the Companies Act and

the JSE Listings Requirements. Gold Fields will send by mail to the registered address of every shareholder a copy of the annual report and

annual financial statements. Not later than three months after the first six months of its financial year, Gold Fields will mail to every shareholder

an interim report for the previous six-month period.

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**90**<br>

Amendments to Gold Fields' Memorandum of Incorporation

The Gold Fields shareholders may, by the passing of a special resolution in accordance with the provisions of the Companies Act and the

Gold Fields MOI, amend the Gold Fields MOI, including:

• the creation of any class of shares;

• the variation of any preferences, rights, limitations and other terms attaching to any class of shares;

• the conversion of one class of shares into one or more other classes;

• an increase in Gold Fields' authorised share capital;

• a consolidation of Gold Fields' equity securities;

• a sub-division of Gold Fields' equity securities; and/or

• the change of Gold Fields' name.

Variation of Rights

All or any of the rights, privileges or conditions attached to Gold Fields' ordinary shares may be varied by a special resolution of Gold Fields

passed in accordance with the provisions of the Companies Act and the Gold Fields MOI.

Distribution of Assets on Liquidation

In the event of a voluntary or compulsory liquidation, dissolution or winding-up, the assets remaining after payment of all the debts and

liabilities of Gold Fields, including the costs of liquidation, shall be dealt with by a liquidator who may, with the sanction of a special resolution,

among other things, divide among the shareholders any part of the assets of Gold Fields, and may vest any part of the assets of Gold Fields

as the liquidator deems fit in trust for the benefit of shareholders. The division of assets is not required to be done in accordance with the

legal rights of shareholders of Gold Fields. In particular, any class may be given preferential or special rights or may be partly or fully excluded.

Employee Share Scheme

The Companies Act permits the establishment of employee share schemes, whether by means of a trust or otherwise, for the purpose of

offering participation therein solely to employees, including salaried directors, officers and other persons closely involved in the business of

the Company or a subsidiary of the Company, either by means of the issue of or grant of purchased shares in the Company or by the grant

of options for shares in the Company.

Purchase of Shares

Gold Fields or any subsidiary of Gold Fields may, if authorised by special resolution by way of a general approval, acquire ordinary shares in

the capital of Gold Fields in accordance with the Companies Act and the JSE Listings Requirements, provided among other things that:

• the number of its own ordinary shares acquired by Gold Fields in any one financial year shall not exceed 5% of the ordinary shares in issue

at the date on which this resolution is passed;

• this authority shall lapse on the earlier of the date of the next annual general meeting or the date 15 months after the date on which the

special resolution is passed;

• the Board has resolved to authorise the acquisition and that the Group will satisfy the solvency and liquidity test immediately after the

acquisition and that since the test was done there have been no material changes to the financial position of the Group;

• the price paid per ordinary share may not be greater than 10% above the weighted average of the market value of the ordinary shares for

the five business days immediately preceding the date on which an acquisition is made; and

• the number of shares acquired by subsidiaries of Gold Fields shall not exceed 10% in the aggregate of the number of issued shares in

Gold Fields.

Borrowing Powers

In terms of the provisions of Section 19(1) of the Companies Act, read together with Clause 4 of the Gold Fields MOI, the borrowing powers

of the Company are unlimited.

Non-South African Shareholders

There are no limitations imposed by South African law or by the Memorandum of Incorporation of Gold Fields on the rights of non-South

African shareholders to hold or vote Gold Fields' ordinary shares.

Rights of Minority Shareholders and Directors' Duties

The Companies Act provides instances in which a minority shareholder may seek relief from the courts if he, she or it has been unfairly

prejudiced by the Company.

In South Africa, a director of a company, when acting in that capacity, must exercise the powers and perform the functions of a director:

• in good faith and for a proper purpose;

• in the best interests of the company; and

• with the degree of care, skill and diligence that may reasonably be expected of a person:

–carrying out the same functions in relation to the company as those carried out by that director; and

–having the general knowledge, skill and experience of that director.

Gold Fields Group Share Dealings and Market Abuse Policy

Gold Fields has adopted the Gold Fields Group Share Dealings and Market Abuse Policy, which sets out requirements in relation to dealings

in Gold Fields securities by Directors, Executive Committee members and certain other employees, which is designed to ensure compliance

with applicable insider trading and market abuse regulations.

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**91**<br>

Material Contracts

Gold Road Scheme Implementation Deed

On 5 May 2025, Gold Fields, through its wholly-owned subsidiary Gruyere Holdings Pty Ltd, entered into a binding scheme implementation

deed (the Scheme Implementation Deed) with Gold Road Resources Limited (Gold Road) pursuant to which Gold Fields agreed to acquire

all of the issued and outstanding share capital of Gold Road in an all-cash transaction (Gold Road Transaction) by way of a court-approved

scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth). Under the terms of the Gold Road Transaction,

Gold Fields agreed to acquire Gold Road shares for cash consideration of A$3.52 per Gold Road share. The cash consideration paid was

approximately A$3.7 billion. Pursuant to the Gold Road Transaction, Gold Fields consolidated its ownership of the Gruyere mine.

The Gold Road Transaction was subject to certain conditions precedent set out in the Scheme Implementation Deed, including, among others,

approval of the scheme by the Supreme Court of Western Australia, regulatory approvals and approval of the Scheme by: (i) three-fourths of

all votes cast by Gold Road shareholders; and (ii) a simple majority of the votes cast by all Gold Road shareholders present and voting (in

person or by proxy) at a special meeting of Gold Road shareholders. In addition, the Scheme Implementation Deed provided for customary

representations and warranties and covenants. The scheme of arrangement became effective on 26 September 2025 and was implemented

on 14 October 2025, being the date on which scheme consideration was paid to Gold Road shareholders.

2025 Bridge Facility

On 15 July 2025, Gruyere Holdings Pty Ltd, a wholly owned subsidiary of Gold Fields, and J.P. Morgan Securities plc, Bank of America, N.A.,

Australia Branch, Commonwealth Bank of Australia and MUFG Bank, Ltd. entered into a U.S.$2.3 billion multi-currency syndicated bridge

facility agreement (the 2025 Bridge Facility). The 2025 Bridge Facility was unconditionally and irrevocably guaranteed, on a joint and several

basis, by Gold Fields Limited, Gold Fields Holdings Company Limited, Windfall Mining Group Inc. / Groupe Minier Windfall Inc. and Gruyere

Holdings Pty Ltd. The purpose of the 2025 Bridge facility was to: (i) finance or refinance payments contemplated by the Scheme

Implementation Deed; (ii) fund fees, costs and expenses incurred in connection with the Scheme Implementation Deed; and (iii) refinance

financial indebtedness of Gold Road in connection with the acquisition of Gruyere.

The 2025 Bridge Facility had an original termination date of 14 July 2026, with an option for Gold Fields, at its discretion, to extend the

maturity by a further six months. On 12 January 2026, the 2025 Bridge Facility was repaid in full and cancelled, utilising available cash

resources together with proceeds from the 2025 A$1,250 million term loan facility (as described below).

2025 A$ Syndicated Facility Agreement

On 2 December 2025, Commonwealth Bank of Australia, Gruyere Holdings Pty Ltd, Gold Fields Limited and certain of its subsidiaries entered

into a A$1,250 million syndicated term loan facility agreement (the 2025 A$ Syndicated Facility Agreement). The purpose of the 2025

A$ Syndicated Facility Agreement is primarily to finance the partial prepayment of the 2025 Bridge Facility.

The performance by each borrower of its obligations and liabilities under the 2025 A$ Syndicated Facility Agreement will be guaranteed

by Gold Fields Limited, Gold Fields Holdings Company Limited, Windfall Mining Group Inc. / Groupe Minier Windfall Inc. and Gruyere

Holdings Pty Ltd. The term loan facility has a termination date of 1 December 2030. The 2025 A$ Syndicated Facility Agreement bears

interest at the BBSY Bid plus a margin of 1.55% per annum, subject to rating margin adjustments as a result of changes in the long-term

credit rating of Gold Fields by either Moody's or S&P. There is no commitment fee.

The outstanding borrowings under the 2025 A$ Syndicated Facility Agreement were A$1,250 million (U.S.$834.1 million) as at

31 December 2025.

2025 Notes

On 9 May 2025, Windfall Mining Group Inc. / Groupe Minier Windfall Inc. issued U.S.$750 million 5.854 per cent. guaranteed notes due

2032 (the 2025 Notes). The 2025 Notes are unconditionally and irrevocably guaranteed, on a joint and several basis, by Gold Fields Limited

and Gold Fields Holdings Company Limited.

The proceeds from the 2025 Notes were used to repay in full the amounts outstanding under the 2024 Bridge Facilities (as defined below)

that were used to fund the acquisition of Osisko Mining Inc. in October 2024.

The outstanding balance under the 2025 Notes was U.S.$743.2 million as at 31 December 2025.

Osisko Arrangement Agreement

On 12 August 2024, Gold Fields, through its wholly-owned subsidiaries, entered into a definitive arrangement agreement (the Arrangement

Agreement) with Osisko pursuant to which Gold Fields agreed to acquire all of the issued and outstanding common shares in the capital of

Osisko in an all-cash transaction (Osisko Transaction) by way of a court-approved plan of arrangement under section 182 of the Business

Corporations Act (Ontario). Under the terms of the Osisko Transaction, Gold Fields agreed to acquire Osisko shares for a consideration of

C$4.90 per Osisko share in cash, representing total consideration of approximately C$2.06 on a fully diluted basis.

The Osisko Transaction was subject to certain conditions precedent set out in the Arrangement Agreement, including, among others,

approval of the arrangement by the Ontario Superior Court of Justice, regulatory approvals (including under the Canadian Competition Act)

and approval of the arrangement by: (i) two-thirds of the votes cast by the Osisko shareholders; and (ii) a simple majority of the votes cast by

the Osisko minority shareholders, excluding certain related parties as prescribed by Multilateral Instrument 61-101 – Protection of Minority

Security Holders in Special Transactions, in each case, voting in person or by proxy at a special meeting of Osisko shareholders. In addition,

the Arrangement Agreement provided for customary representations and warranties and covenants. All conditions precedent were met and

the Osisko Transaction closed on 28 October 2024.

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**92**<br>

2024 Bridge Facilities

On 18 October 2024, Windfall Mining Group Inc., Gold Fields Orogen Holding (BVI) Limited, Gold Fields, Gold Fields Holdings Company

Limited, The Bank of Nova Scotia, Citibank, N.A., London Branch and Royal Bank of Canada entered into a U.S.$500 million Multicurrency

Bridge Facility Agreement and a U.S.$250 million Multicurrency Parallel Bridge Facility Agreement (the 2024 Bridge Facilities). The purpose

of the 2024 Bridge Facilities was to: (i) finance in whole or in part any and all payments related to the acquisition of Osisko; (ii) pay fees, costs

and expenses incurred by any member of the Gold Fields Group or Osisko in connection with the Osisko acquisition; and (iii) refinance any

amounts outstanding under or in respect of the 4.75% convertible senior unsecured debenture bearing a principal NSR amount of

U.S.$154 million issued by Osisko and held by 1335088 B.C. Ltd., a wholly-owned subsidiary of Northern Star Resources Ltd.

The outstanding borrowings under the 2024 Bridge Facilities were nil as at 31 December 2025. The 2024 Bridge Facilities were fully repaid

and cancelled in May 2025.

2023 U.S.$ Credit Facility Agreement

On 25 May 2023, MUFG Bank, LTD., Gold Fields Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Holdings Company

Limited entered into a U.S.$1.2 billion credit facility agreement (the 2023 Credit Facility Agreement). The purpose of the 2023 Credit Facility

Agreement was firstly to refinance the existing U.S.$1.2 billion credit facilities agreement dated 25 July 2019 and thereafter to fund general

corporate and working capital purposes of the Gold Fields Group.

The 2023 Credit Facility Agreement is linked to the achievement of three of Gold Fields' key ESG priorities of gender diversity, water

stewardship and decarbonisation.

The 2023 Credit Facility Agreement is for a principal loan amount of U.S.$1.2 billon, with an option to increase the facility by up to

U.S.$400 million (at the discretion of the banks), and will mature in five years, with an option to extend through two one-year extensions.

The 2023 Credit Facility Agreement bears interest at the secured overnight financing rate (SOFR) (compounded in arrears) plus an applicable

credit adjustment spread plus a margin of 1.55% per annum, subject to rating margin adjustments and sustainability margin adjustments. It has

a commitment fee of 35% of the applicable margin accruing on each lender's unused and uncancelled commitment. Gold Fields will benefit

from a lower margin depending on the fulfilment of the sustainability linked key performance indicators (KPIs) under the 2023 Credit Facility

Agreement. Conversely, Gold Fields will pay a premium on its margin if the KPIs are not met.

The sustainability linked KPIs for the five-year term of the loan are aligned with Gold Fields' strategy as well as its 2030 ESG targets. They

address the most material ESG priorities for Gold Fields and the mining sector in general. These include improving female representation

in the total workforce from Gold Fields' current 23% level; increasing the amount of reused/recycled water from the 75% of total water

consumption achieved in 2022; and an abatement in Scope 1 and 2 CO2 emissions through renewable energy projects.

The performance by each borrower of its obligations and liabilities under the 2023 Credit Facility Agreement will be guaranteed by Gold

Fields Limited and certain of its subsidiaries.

On 26 October 2023, the parties to the 2023 Credit Facility Agreement entered into an Amendment and Restatement Agreement relating

to the 2023 Credit Facility Agreement. The Amendment and Restatement Agreement provided amendments for purposes of funding Gold

Fields' deferred acquisition consideration and joint venture commitments in relation to the Windfall project (the Windfall Amendments).

The Windfall Amendments include the accession of Gold Fields Windfall as a new Borrower and Guarantor under the 2023 Credit Facility

Agreement, the inclusion of Canadian dollars as an optional currency under the 2023 Credit Facility Agreement and other amendments which

were consequential.

On 25 May 2024, Gold Fields exercised the first extension option, and the second extension option was exercised on 25 May 2025. The

lender commitments under the facility now run as follows: U.S.$1,200.0 million up to 25 May 2028, U.S.$1,116.7 million up to 25 May 2029

and U.S.$1,066.7 million up to 25 May 2030.

The outstanding borrowings under the 2023 Credit Facility Agreement were U.S.$483.9 million as at 31 December 2025.

2023 A$ Syndicated Facility Agreement

On 26 September 2023, Commonwealth Bank of Australia, Gold Fields Limited, Gruyere Holdings Pty Ltd, Gold Fields Orogen Holding (BVI)

Limited and Gold Fields Holdings Company Limited entered into a A$500 million sustainability-linked revolving credit facility agreement (the

2023 A$ Syndicated Facility Agreement). The purpose of the 2023 A$ Syndicated Facility Agreement was firstly to refinance the existing

A$500 million syndicated facility agreement dated 19 November 2020 and thereafter to fund general corporate and working capital purposes

of the Gold Fields Group.

The 2023 A$ Syndicated Facility Agreement has the same sustainability-linked loan criteria entered into by Gold Fields under the 2023 Credit

Facility Agreement and the KPIs are aligned with Gold Fields' 2030 ESG targets.

The 2023 A$ Syndicated Facility Agreement has a principal loan amount of A$500 million, with an option to increase the facility by up to

A$100 million (at the discretion of the banks), and a maturity of five years. The 2023 A$ Syndicated Facility Agreement bears interest at the

BBSY Bid plus a margin of 1.75% per annum, subject to rating margin adjustments and sustainability margin adjustments and a commitment

fee of 40% of the applicable margin accruing on each lender's unused and uncancelled commitment. Gold Fields will benefit from a lower

margin depending on the fulfilment of the sustainability linked KPIs under the 2023 A$ Syndicated Facility Agreement. Conversely, Gold

Fields will pay a premium on its margin if the KPIs are not met.

The performance by each borrower of its obligations and liabilities under the 2023 A$ Syndicated Facility Agreement will be guaranteed by

Gold Fields Limited and certain of its subsidiaries.

The outstanding borrowings under the 2023 A$ Syndicated Facility Agreement were nil as at 31 December 2025.

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**93**<br>

2023 ZAR Revolving Credit Facilities

In April and May 2023, Gold Fields Limited, Gold Fields Operations Limited, GFI Joint Venture Holdings Proprietary Limited, Gold Fields

Orogen Holding (BVI) Limited and Gold Fields Holdings Company Limited entered into four five-year revolving credit facility agreements with,

respectively, FirstRand Bank Limited (acting through its Rand Merchant Bank division), ABSA Bank Limited (acting through its Corporate and

Investment Banking Division), Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division) and The Standard

Bank of South Africa Limited for an aggregate amount of R2.5 billion (the 2023 ZAR RCFs). The 2023 ZAR RCFs shall be used to fund capital

expenditure as well as general corporate and working capital requirements of the Gold Fields Group.

Key terms of the 2023 ZAR RCFs are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | RMB | ABSA | Nedbank | Standard Bank |
| Total commitment (Rand) | 1 billion | 500 million | 500 million | 500 million |
| Tenor | 5 years | 5 years | 5 years | 5 years |
| Base Rate | JIBAR | JIBAR | JIBAR | JIBAR |
| Margin | 1.90% | 1.90% | 2.00% | 1.95% |
| Commitment Fee | 0.53% | 0.57% | 0.60% | 0.59% |

---

The performance by each borrower of its obligations and liabilities under the 2023 ZAR RCFs will be guaranteed by Gold Fields Limited and

certain of its subsidiaries.

During the last quarter of 2023, the parties to the 2023 ZAR RCFs entered into Amendment and Restatement Agreements relating to the

2023 ZAR RCFs to permit for the Windfall Amendments under the 2023 U.S.$ Credit Facility Agreement.

On 20 August 2025, the ZAR RCFs were amended and restated to incorporate ZARONIA rate-switch provisions in preparation for the planned

cessation of JIBAR as a benchmark on 31 December 2026.

The outstanding borrowings under the 2023 ZAR RCFs were nil as at 31 December 2025.

Ghana Revolving Credit Facility

Abosso and Gold Fields Ghana (collectively the Ghana Borrowers) entered into a revolving credit facility agreement originally dated

22 December 2010, as amended and restated on 6 May 2014, 28 October 2016, 12 June 2017, 22 March 2018, 23 November 2018 and

27 September 2021, pursuant to which The Standard Bank of South Africa Limited (Standard Bank) agreed to make available to the Ghana

Borrowers a revolving credit facility in a maximum aggregate principal amount of U.S.$100 million (the Ghana Revolving Credit Facility).

Borrowings under this facility are guaranteed by the Ghana Borrowers.

The Ghana Revolving Credit Facility bears interest at LIBOR plus a margin between 2.75% per annum and 2.95% per annum, based on the

average outstanding balance of all loans outstanding under the facility during any interest period. The Ghana Borrowers are required to pay

a quarterly commitment fee of 0.90% per annum.

The final maturity date of the Ghana Revolving Credit Facility was 13 October 2024.

On 28 June 2023, the parties to the Ghana Revolving Credit Facility entered into a Seventh Amendment and Restatement Agreement that

provides for the transition from LIBOR to the Compounded Reference Rate as the basis for calculating the interest rate under the Ghana

Revolving Credit Facility.

On 13 October 2024, the final maturity date of the Ghana Revolving Credit Facility was extended to 13 April 2025 and was subsequently

extended to 13 April 2026.

The outstanding borrowings under the Ghana Revolving Credit Facility were nil as at 31 December 2025.

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**94**<br>

Other Credit Facilities

For more information on Gold Fields' other credit facilities, see *"Annual Financial Report – Notes to the Consolidated Financial Statements –* 

*Note 28. Borrowings".*

Management and Other Compensatory Plans and Arrangements

See *"Integrated Annual Report – Implementation Report – LTI Plan", "Integrated Annual Report – Implementation Report – STI Plan",* 

*"Integrated Annual Report – Remuneration Policy – 2025 Remuneration Framework – Executive Minimum Shareholding Requirements" and* 

*"Annual Financial Report – Notes to the consolidated financial statements – Note 6. Share-based payments".*

Deposit Agreement

Gold Fields has an American Depositary Receipt (ADR) facility. In connection with this facility, Gold Fields is party to a Deposit Agreement,

dated as of 2 February 1998, as amended and restated as of 21 May 2002 among Gold Fields, The Bank of New York Mellon (The Bank of

New York, BNYM, or the Depositary), as Depositary, and all owners and holders from time to time of ADRs issued thereunder. For more

information on the Deposit Agreement, see *"Exhibits – 2.5 Description of securities registered under Section 12 of the Exchange Act".* 

Fees and Expenses

BNYM, as Depositary, will charge any party depositing or withdrawing ordinary shares or any party surrendering ADRs or to whom ADRs are

issued:

---

| | |
|:---|:---|
| For: | Gold Fields ADS holders must pay: |
| each issuance of a Gold Fields American Depositary Shares (ADSs), <br>including as a result of a distribution of ordinary shares or rights or <br>other property or upon exercise of a warrant to purchase an ADS<br>| U.S.$5.00 or less per 100 Gold Fields ADSs or portion thereof |
| each distribution of securities distributed to holders of Gold Fields' <br>ordinary shares which are distributed by BNYM to Gold Fields' <br>ADS holders<br>| any fees that would be payable if the securities had been ordinary <br>shares and those ordinary shares had been deposited for the <br>issuance of ADSs<br>|
| each cancellation of a Gold Fields ADS, including if the Deposit <br>Agreement terminates<br>| U.S.$5.00 or less per 100 Gold Fields ADSs or portion thereof |
| each cash distribution pursuant to the Deposit Agreement  | not more than U.S.$0.02 per ADS (or portion thereof) |
| annual depositary services  | not more than U.S.$0.02 per ADS (or portion thereof) paid annually, <br>provided that this fee will not be charged if the U.S.$0.02 fee for <br>cash distributions described above was charged during the <br>calendar year<br>|
| transfer and registration of ordinary shares on the Gold Fields' share <br>register from your name to the name BNYM or its agent when you <br>deposit or withdraw ordinary shares<br>| registration or transfer fees |
| conversion of foreign currency to U.S. dollars  | expenses of BNYM |
| cable, telex and facsimile transmission expenses, if expressly <br>provided in the Deposit Agreement<br>| expenses of BNYM |
| as necessary  | certain taxes and governmental charges BNYM or the custodian <br>have to pay on any Gold Fields ADS or ordinary share underlying <br>a Gold Fields ADS<br>|

---

In fiscal 2025, BNYM paid U.S.$0.7 million to Gold Fields as reimbursement for costs incurred over the year in connection with the

ADR programme.

Recent Developments

E&P Claims

In February 2026, Gold Fields received a dispute notice from E&P asserting claims of U.S.$264.7 million in respect of contract mining activities

at the Damang mine, and in March 2026, Gold Fields received a further dispute notice from E&P asserting losses of approximately U.S.$474.9

million in respect of work carried out at the Tarkwa mine. Gold Fields is reviewing these notices and intends to defend any claims made.

Dividend and Share Repurchase

On 19 February 2026, the Company declared a final cash dividend number 103 of 1,850 South African cents per ordinary share (2024: 700

South African cents) to shareholders reflected in the register of the Company on 10 March 2026. This dividend was paid on 16 March 2026.

The dividend resulted in a total dividend of 2,550 South African cents per share for the year ended 31 December 2024 (2024: 1,000 South

African cents), with the final dividend being accounted for in 2026.

In addition to the base dividend, on 19 February 2026, Gold Fields declared an additional return of U.S.$353.0 million. This comprised U.S.

$253.0 million in special dividends (450 South African cents per ordinary share) and U.S.$100 million in share buy-backs.

Payment of Taxes

Gold Fields' ADS holders will be responsible for any taxes or other governmental charges payable on their ADSs or on the deposited

securities underlying their ADSs. BNYM may deduct the amount of any taxes owed from any payments to Gold Fields' ADS holders. It may

also restrict or refuse the transfer of their ADSs or restrict or refuse the withdrawal of their underlying deposited securities until Gold Fields'

ADS holders pay any taxes owed on their Gold Fields' ADSs or underlying securities. It may also sell deposited securities to pay any taxes

owed. Gold Fields' ADS holders will remain liable if the proceeds of the sale are not enough to pay the taxes. If BNYM sells deposited

securities, it will, if appropriate, reduce the number of Gold Fields ADSs held by Gold Fields' ADS holders to reflect the sale and pay to them

any proceeds, or send to them any property, remaining after it has paid the taxes. Tax laws are subject to change at any time and Gold Fields'

ADS holders are urged to consult a professional adviser as to the tax implications of their particular investments.

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**95**<br>

South African Exchange Control Limitations Affecting Security Holders

*The discussion below relates to exchange controls in force as of the date of this annual report. These controls are subject to change at* 

*any time without notice. It is not possible to predict whether existing exchange controls will be abolished, continued or amended by the* 

*South African government in the future. Investors are urged to consult a professional adviser as to the exchange control implications of* 

*their particular investments.*

Acquisitions of shares or assets of South African companies by non-South African purchasers solely for a cash consideration equal to the

fair value of the shares or assets will generally be permitted by the SARB pursuant to South African exchange control regulations. An

acquisition of shares or assets of a South African company by a non-South African purchaser for a non-cash consideration, including shares

in a non-South African company, may be refused by the SARB. If SARB approval is refused, the acquisition of the shares or assets of a

South African company may not be implemented.

Subject to the above limitations, there are no restrictions on equity investments in South African companies and a foreign investor may invest

freely in the ordinary shares and ADSs of Gold Fields.

Share certificates held by non-resident Gold Fields shareholders will be marked with "non-resident." However, physical marking is not

necessary for dematerialised shares or those held in a central securities depository. The same endorsement, however, will not be applicable

to ADSs of Gold Fields held by non-resident shareholders.

In respect of shares which have been duly obtained and endorsed by non-residents, there are no exchange control restrictions on the

remittance in full of dividends declared out of trading profits to non-residents of the CMA by Gold Fields.

Under South African exchange control regulations, the ordinary shares and ADSs of Gold Fields are freely transferable outside South Africa

between persons who are not residents of the CMA. Additionally, where ordinary shares are sold on the JSE on behalf of shareholders of

Gold Fields who are not residents of the CMA, the proceeds of such sales will be freely exchangeable into foreign currency and remitted to

them.

Any share certificates held by non-resident Gold Fields shareholders will be endorsed with the words "non-resident". The same endorsement,

however, will not be applicable to ADSs of Gold Fields held by non-resident shareholders.

Taxation

Certain South African Tax Considerations

The discussion in this section sets forth the material South African tax consequences of the purchase, ownership and disposition of Gold

Fields' ordinary shares or ADSs under current South African law. Changes in the law may alter the tax treatment of Gold Fields' ordinary

shares or ADSs, possibly on a retroactive basis.

The following summary is not a comprehensive description of all of the tax considerations that may be relevant to a decision to purchase, own

or dispose of Gold Fields' ordinary shares or ADSs and does not cover tax consequences that depend upon your particular tax circumstances.

In particular, the following summary addresses tax consequences for holders of ordinary shares or ADSs who are not residents of, or who do

not carry on business in, South Africa and who hold ordinary shares or ADSs as capital assets (that is, for investment purposes). For the

purposes of the income tax treaty between South Africa and the United States (the Treaty) and South African tax law, a United States resident

that owns Gold Fields ADSs will be treated as the owner of the Gold Fields ordinary shares represented by such ADSs. Gold Fields

recommends that you consult your own tax adviser about the consequences of holding Gold Fields' ordinary shares or ADSs, as applicable,

in your particular situation.

A non-resident investor generally does not pay any South African taxes other than securities transfer tax when it purchases Gold Fields'

ordinary shares or ADSs. During the period that the non-resident investor owns the Gold Fields' ordinary shares or ADSs the non-resident

investor may receive dividends. For information on the tax consequences of the receipt of dividends, see *"– Additional Information – Taxation* 

*– Certain South African Tax Considerations – Tax on Dividends"*. Where the non-resident investor sells the Gold Fields' ordinary shares or

ADSs then capital gains tax may be applicable. See *"– Additional Information – Taxation – Certain South African Tax Considerations –* 

*Capital Gains Tax" and "– Additional Information – Taxation – Certain South African Tax Considerations – Securities Transfer Tax".*

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**96**<br>

**Tax on Dividends**

A 20% dividends withholding tax is levied on dividends declared by South African resident companies to non-resident shareholders or

non-resident ADS holders.

Generally, under the Treaty, the dividends withholding tax is reduced to:

• 5% of the gross amount of the dividends if the beneficial owner of the shares is a company holding directly at least 10% of the voting stock

of the South African resident company paying the dividends; and

• 15% of the gross amount of the dividends in all other cases,

provided that the non-resident shareholder or non-resident ADS holder provides the South African resident company with certain tax

confirmations that it qualifies for the reduced rate of dividends tax.

The above reduced dividends withholding tax rate provisions shall not apply if the beneficial owner of the dividends carries on business in

South Africa through a permanent establishment situated in South Africa or performs in South Africa independent personal services from a

fixed base situated in South Africa, and the dividends are attributable to such permanent establishment or fixed base. In such case, the

provisions of Article 7 (Business Profits) or Article 14 (Independent Personal Services) of the Treaty, as the case may be, shall apply.

**Income Tax**

Non-residents are subject to income tax on any amounts received by or accrued to them from a source within South Africa (subject to relief

which may be available in terms of domestic exemptions and/or applicable double taxation agreements).

**Capital Gains Tax**

Under South African domestic tax law, non-resident holders of ordinary shares or ADSs should not be subject to capital gains tax in South

Africa with respect to any capital gains derived from the disposal of those ordinary shares or ADSs. There are two exceptions to this rule.

The first is that the non-resident holders will be subject to capital gains tax if 80% or more of the market value of the ordinary shares or ADSs

relate to immovable property held in South Africa, but only if they, either alone or together with any connected persons in relation to them,

hold at least 20% of the equity shares of the company. Immovable property includes rights to variable or fixed payments as consideration for

the working of, or the right to work, mineral deposits, sources and other natural resources. The second exception is if the ordinary shares or

ADSs are effectively connected with the non-resident's permanent establishment in South Africa. A permanent establishment is generally a

fixed place of business in South Africa through which the business of a non-South African resident's enterprise is wholly or partly carried on.

**Securities Transfer Tax**

No Securities Transfer Tax (STT) is payable in South Africa with respect to the issue of a security.

STT is charged at a rate of 0.25% on the taxable amount of the transfer of every security issued by a company or a close corporation

incorporated in South Africa, or a company incorporated outside South Africa but listed on an exchange in South Africa, subject to certain

exemptions.

The word "transfer" is broadly defined and includes the transfer, sale, assignment or cession or disposal in any other manner of a security.

The cancellation or redemption of a security is also regarded as a transfer unless the company is being liquidated. However, the issue of a

security that does not result in a change in beneficial ownership is not regarded as a transfer.

STT is levied on the taxable amount of a security. The taxable amount of a listed security is the greater of:

• the consideration for the security declared by the transferee; or

• if no amount of consideration is declared, or if the amount declared is lower than the lowest price of that security, the closing price of that

security.

In the case of a transfer of a listed security, either the member or the participant is liable for the tax, which may be recovered from the person

to whom the security is transferred. The tax must be paid within a period of 14 days from the end of the month during which the transfer is

effected.

**U.S. Federal Income Tax Considerations** 

The following discussion summarises the material U.S. federal income tax consequences of the ownership and disposition of ordinary shares

and ADSs by a U.S. Holder. As used herein, the term "U.S. Holder" means a beneficial owner of ordinary shares or ADSs that is for U.S. federal

income tax purposes:

• a citizen or resident of the United States;

• a corporation created or organised under the laws of the United States, any state within the United States or the District of Columbia;

• an estate the income of which is subject to U.S. federal income tax without regard to its source; or

• a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more

U.S. persons have the authority to control all substantial decisions of the trust, or the trust has validly elected to be treated as a domestic

trust for U.S. federal income tax purposes.

This summary only applies to U.S. Holders that hold ordinary shares or ADSs as capital assets. This summary is based upon:

• the current federal income tax laws of the United States, including the Internal Revenue Code of 1986, as amended (the Code), its

legislative history, and existing and proposed regulations thereunder;

• current U.S. Internal Revenue Service (IRS) practice and applicable U.S. court decisions; and

• the income tax treaty between the United States and South Africa (the Treaty),

all as of the date hereof and all subject to change at any time, possibly with retroactive effect.

This summary assumes that the obligations of the Depositary under the Deposit Agreement and any related agreements will be performed in

accordance with their terms.

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**97**<br>

This summary is of a general nature and does not address all U.S. federal income tax consequences that may be relevant to you in light of

your particular situation (including consequences under the alternative minimum tax or the net investment income tax), and does not address

state, local, non-U.S. or other tax laws (such as estate and gift tax laws). For example, this summary does not apply to:

• investors that own (directly, indirectly or by attribution) 5% or more of Gold Fields' stock by vote or value;

• financial institutions;

• insurance companies;

• individual retirement accounts and other tax-deferred accounts;

• tax-exempt organisations;

• dealers in securities or currencies;

• investors that hold ordinary shares or ADSs as part of straddles, hedging transactions or conversion transactions for U.S. federal income tax

purposes;

• investors whose functional currency is not the U.S. dollar;

• persons that have ceased to be U.S. citizens or lawful permanent residents of the United States;

• investors holding the ordinary shares or ADSs in connection with a trade or business conducted outside the United States; and

• U.S. citizens or lawful permanent residents living abroad.

The U.S. federal income tax treatment of a partner in an entity or arrangement treated as a partnership for U.S. federal income tax purposes

that holds ordinary shares or ADSs will depend upon the status of the partner and the activities of the partnership. If you are an entity or

arrangement treated as a partnership for U.S. federal income tax purposes, you should consult your tax adviser concerning the U.S. federal

income tax consequences to you and your partners of the acquisition, ownership and disposition of ordinary shares or ADSs by you.

Gold Fields does not believe that it was a PFIC within the meaning of Section 1297 of the Code for its 2025 taxable year and does not expect

to be a PFIC for its current taxable year or in the foreseeable future. However, Gold Fields' possible status as a PFIC must be determined

annually and, therefore, may be subject to change. If Gold Fields were to be treated as a PFIC, U.S. Holders of ordinary shares or ADSs would

be required (i) to pay a special U.S. addition to tax on certain distributions and gains on sale and (ii) to pay tax on any gain from the sale of

ordinary shares or ADSs at ordinary income (rather than capital gains) rates in addition to paying the special addition to tax on this gain.

Additionally, dividends paid by Gold Fields would not be eligible for the special reduced rate of tax for non-corporate U.S. Holders described

below under *"– Additional Information – Taxation – U.S. Federal Income Tax Considerations – Taxation of Dividends"* and additional

reporting requirements could apply. The remainder of this discussion assumes that Gold Fields is not a PFIC for U.S. federal income tax

purposes. You should consult your own tax advisers regarding the potential application of the PFIC regime.

The summary of U.S. federal income tax consequences set out below is for general information only. You are urged to consult your tax

advisers as to the particular tax consequences to you of acquiring, owning and disposing of the ordinary shares or ADSs, including your

eligibility for the benefits of the income tax treaty between the United States and South Africa, the applicability and effect of state, local,

non-U.S. and other tax laws and possible changes in tax law.

**U.S. Holders of ADSs**

For U.S. federal income tax purposes, a U.S. Holder of ADSs generally will be treated as the owner of the corresponding number of underlying

ordinary shares held by the Depositary for the ADSs, and references to ordinary shares in the following discussion refer also to ADSs

representing the ordinary shares.

Deposits and withdrawals of ordinary shares by U.S. Holders in exchange for ADSs will not result in the realisation of gain or loss for

U.S. federal income tax purposes. Your tax basis in withdrawn ordinary shares will be the same as your tax basis in the ADSs surrendered,

and your holding period for the ordinary shares will include the holding period of the ADSs.

**Taxation of Dividends**

Distributions paid out of Gold Fields' current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), before

reduction for any South African withholding tax paid by Gold Fields with respect thereto, will generally be taxable to you as foreign source

dividend income, and will not be eligible for the dividends received deduction allowed to corporations. Distributions that exceed Gold Fields'

current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of your basis in the ordinary

shares and thereafter as capital gain. However, Gold Fields does not maintain calculations of its earnings and profits in accordance with U.S.

federal income tax accounting principles. You should therefore assume that any distribution by Gold Fields with respect to the ordinary shares

will be reported as ordinary dividend income. You should consult your own tax advisers with respect to the appropriate U.S. federal income

tax treatment of any distribution received from Gold Fields. For purposes of determining limitations on any foreign tax credits, dividends paid

by Gold Fields will generally constitute "passive income".

Dividends paid by Gold Fields generally will be taxable to non-corporate U.S. Holders at the reduced rate normally applicable to long-term

capital gains, provided that either (i) Gold Fields qualifies for the benefits of the Treaty, or (ii) the ADSs are considered to be "readily tradable"

on the NYSE, and, in each case, certain other requirements are met.

For U.S. federal income tax purposes, the amount of any dividend paid in Rand will be included in income in a U.S. dollar amount calculated

by reference to the exchange rate in effect on the date the dividends are received by you (in the case of ordinary shares) or the Depositary (in

the case of ADSs) regardless of whether they are converted into U.S. dollars at that time. If you or the Depositary, as the case may be, convert

dividends received in Rand into U.S. dollars on the day they are received, you generally will not be required to recognise foreign currency

gain or loss in respect of this dividend income.

**Effect of South African Withholding Taxes**

As discussed in *"– Additional Information – Taxation – Certain South African Tax Considerations – Tax on Dividends"*, under current law,

South Africa imposes a withholding tax of 20% on dividends paid by Gold Fields. A U.S. Holder may be entitled, subject to certain limitations,

to a foreign tax credit against its U.S. federal income tax liability, or a deduction in computing its U.S. federal taxable income, for South African

income taxes withheld by Gold Fields (at a rate not exceeding any applicable Treaty rate). The rules governing foreign tax credits are complex

and final Regulations issued by the U.S. Treasury (Final FTC Regulations) have imposed additional requirements that must be met for a foreign

tax to be creditable and Gold Fields does not intend to determine whether such requirements will be met in the case that non-U.S. taxes are

withheld (if any). However, the IRS has issued notices (the Notices) indicating that the U.S. Treasury and the IRS are considering proposing

amendments to the Final FTC Regulations and allowing taxpayers, subject to certain conditions, to defer the application of many aspects of

the Final FTC Regulations until the date when a notice or other guidance withdrawing or modifying this temporary relief is issued (or any later

date specified in such notice or other guidance).

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**98**<br>

U.S. Holders that receive payments subject to South African withholding tax will be treated, for U.S. federal income tax purposes, as having

received the amount of South African taxes withheld by Gold Fields, and as then having paid over the withheld taxes to the South African

taxing authorities. As a result of this rule, the amount of dividend income included in gross income for U.S. federal income tax purposes by

a U.S. Holder with respect to a payment of dividends may be greater than the amount of cash actually received (or receivable) by the U.S.

Holder from Gold Fields with respect to the payment.

The rules governing foreign tax credits are complex. You should consult your tax adviser concerning the applicability of the foreign tax credit,

deductibility and source of income rules to any South African tax withheld, including the impact of any applicable tax treaty.

**Taxation of a Sale or Other Disposition**

Upon a sale or other disposition of ordinary shares or ADSs, other than an exchange of ADSs for ordinary shares and vice versa, you will

generally recognise a capital gain or loss for U.S. federal income tax purposes equal to the difference between the amount realised and your

adjusted tax basis in the ordinary shares or ADSs, in each case as determined in U.S. dollars. This capital gain or loss will be a long-term

capital gain or loss if your holding period in the ordinary shares or ADSs exceeds one year. However, regardless of your actual holding period,

any loss may be treated as long-term capital loss to the extent you receive a dividend that qualifies for the reduced rate described above

under *"– Additional Information – Taxation – U.S. Federal Income Tax Considerations – Taxation of Dividends"* and also exceeds 10% of your

basis in the ordinary shares. Any gain or loss will generally be a U.S. source. You should consult your tax adviser about how to account for

proceeds received on the sale or other disposition of ordinary shares that are not paid in U.S. dollars.

To the extent you incur Securities Transfer Tax in connection with a transfer or withdrawal of ordinary shares as described under *"– Additional* 

*Information – Taxation – Certain South African Tax Considerations – Securities Transfer Tax"* above, such securities transfer tax will not be a

creditable tax for U.S. foreign tax credit purposes. You should consult your tax adviser regarding the proper U.S. federal income tax treatment

of any Securities Transfer Tax in your particular circumstances.

**Backup Withholding and Information Reporting**

Payments of dividends and other proceeds with respect to ordinary shares or ADSs by U.S. persons will be reported to you and to the IRS as

may be required under applicable regulations. Backup withholding may apply to these payments if you fail to provide an accurate taxpayer

identification number or certification of exempt status or fail to report all interest and dividends required to be shown on your U.S. federal

income tax returns. Some holders are not subject to backup withholding. You should consult your tax adviser about these rules and any other

reporting obligations that may apply to the ownership and disposition of the ordinary shares, including requirements relating to the holding of

certain "specified foreign financial assets".

Documents on Display

Gold Fields files annual and special reports and other information with the SEC. You may read and copy any reports or other information on

file at the SEC's public reference room at the following location:

100 F Street, N.E.

Washington, D.C. 20549

Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC filings are also available to the public

through commercial document retrieval services. Gold Fields' SEC filings may also be obtained electronically via the EDGAR system on the

website maintained by the SEC at http://www.sec.gov. Gold Fields' website is http://www.goldfields.com.

![page border.jpg](gfi-20251231_g220.jpg)

**99**<br>

Controls and procedures

(a) Disclosure Controls and Procedures

Gold Fields has carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive

Officer and Chief Financial Officer of Gold Fields, of the effectiveness of the design and operation of Gold Fields' disclosure controls and

procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this annual report. Based upon that evaluation,

Gold Fields' Chief Executive Officer and Chief Financial Officer concluded that, as of 31 December 2025, Gold Fields' disclosure controls and

procedures were effective.

(b) Management's Report on Internal Control over Financial Reporting

Gold Fields' management is responsible for establishing and maintaining adequate internal control over financial reporting. The Securities

Exchange Act of 1934 defines internal control over financial reporting in Rule 13a-15(f) and 15d-15(f) as a process designed by, or under the

supervision of, the company's principal executive and principal financial officers, and effected by the company's board of directors,

management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with IFRS Accounting Standards as issued by the International Accounting Standards

Board (IASB), and includes those policies and procedures that:

• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of

the company;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with

IFRS Accounting Standards as issued by the IASB, and that receipts and expenditures of the company are being made only in accordance

with authorisations of management and directors of the company; and

• provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the company's

assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

Gold Fields' management assessed the effectiveness of its internal control over financial reporting as of 31 December 2025. In making this

assessment, Gold Fields' management used the criteria established in the Internal Control-Integrated Framework (2013) issued by the

Committee of Sponsoring Organisations of the Treadway Commission (COSO). Based upon its assessment, Gold Fields' management

concluded that, as of 31 December 2025, its internal control over financial reporting (ICFR) is effective based upon those criteria.

(c) Attestation Report of the Registered Public Accounting Firm:

PricewaterhouseCoopers, Inc., an independent registered public accounting firm that audited the consolidated financial statements included

in this annual report on Form 20-F, has issued an attestation report on management's assessment of Gold Fields' internal control over

financial reporting as of 31 December 2025.

See *"Annual Financial Report – Report of Independent Registered Public Accounting Firm".*

(d) Changes in Internal Control Over Financial Reporting

Gold Fields acquired the remaining 50% equity interest in the Gruyere mine from Gold Road Resources Limited (Gold Road) following the

Group's acquisition of all the issued and outstanding share capital of Gold Road, resulting in Gold Road becoming a wholly owned subsidiary

of Gold Fields, effective 26 September 2025. Prior to the transaction, the Gruyere mine was included in management's assessment of ICFR in

prior periods based on Gold Fields' level of control over the relevant financial reporting processes.

Management is assessing Gold Road's control environment and integrating the controls into Gold Fields' existing control environment.

Management completed the Windfall Mining Inc. / Groupe Minier Windfall Inc. (Windfall Mining) acquisition on 25 October 2024. Windfall

Mining has been fully integrated into the assessment of ICFR as of 31 December 2025.

Except as described above, there were no changes to Gold Fields' ICFR during the period covered by this report that have materially affected,

or are reasonably likely to materially affect, Gold Fields' internal control over financial reporting.

![page border.jpg](gfi-20251231_g220.jpg)

**100**<br>

Audit committee financial expert

The Board of Directors has determined that Ms. Philisiwe Sibiya, Mr. Carel Smit and Ms. Zarina Bassa are each an "audit committee financial

expert", as defined in the rules promulgated by the Securities and Exchange Commission. The Board of Directors believes that the remaining

members of the Audit Committee also collectively possess the knowledge and experience to oversee and assess the performance of Gold

Fields' management and auditors, the quality of Gold Fields' disclosure controls, the preparation and evaluation of Gold Fields' financial

statements and Gold Fields' financial reporting. Gold Fields' Board of Directors also believes that the members of the Audit Committee

collectively possess the understanding of audit committee functions necessary to diligently execute their responsibilities. For biographical

information on each member of the Audit Committee, see *"Integrated Annual Report – Governance and Leadership – Our Board of Directors"* 

*and "– Directors, Senior Management and Employees – Directors".*![page border.jpg](gfi-20251231_g220.jpg)

**101**<br>

Principal accountant fees and services

PricewaterhouseCoopers, Inc., Johannesburg, South Africa served as Gold Fields' principal accountant for 2025, 2024 and 2023. Set forth

below are the fees for audit and other services for fiscal 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended 31 December | Year ended 31 December | Year ended 31 December |
|  | 2025 | 2024  | 2023  |
|  | (U.S.$ million) | (U.S.$ million) | (U.S.$ million) |
| Audit fees | 4.6 | 4.2 | 3.5 |
| Audit-related fees |  | —  | —  |
| Tax fees |  | —  | —  |
| All other fees | 0.6 | 0.4 | 0.4 |
| **Total** | 5.2 | 4.6 | 3.9 |

---

Audit fees include fees for audit services rendered for Gold Fields' annual consolidated financial statements filed with regulatory

organisations.

Audit-related fees include fees for related services by the principal accountant that are reasonably related to the performance of the audit or

review of the registrant's financial statements.

Tax fees include fees for tax compliance, tax advice, tax planning and other tax-related services.

All other fees consist of fees for all other services not included in any of the other categories noted above. All of the above fees were pre-

approved by the Audit Committee.

Audit Committee's Policies and Procedures

In accordance with the Securities and Exchange Commission rules regarding auditor independence, the Audit Committee has established

Policies and Procedures for Audit and Non-Audit Services Provided by an Independent Auditor. The rules apply to Gold Fields and its

consolidated subsidiaries engaging any accounting firms for audit services and the auditor who audits the accounts filed with the

Securities and Exchange Commission, or the external auditor, for permissible non-audit services.

When engaging the external auditor for permissible non-audit services (audit-related services, tax services and all other services),

pre-approval is obtained prior to the commencement of the services.

![page border.jpg](gfi-20251231_g220.jpg)

**102**<br>

Purchase of equity securities by the issuer and affiliated purchasers

In fiscal 2025, 1,089,671 Gold Fields ordinary shares or ADSs were purchased by or on behalf of Gold Fields or any 'affiliated purchaser',

as defined in Section 10b-18(a)(3) of the Exchange Act, during the period covered by this annual report on Form 20-F.

The following table shows details of such purchases of shares made by the Company during the year ended 31 December 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2025 | Total number <br>of shares <br>purchased<br>| Average price <br>paid per share <br>in U.S.$| Total number of shares <br>purchased as part <br>of publicly announced <br>plans or programs<br>| Maximum number of<br> shares (or units) that may <br>yet be purchased under <br>the plans or programs<br>|
| January 2025 |  |  |  |  |
| February 2025 | 489671 | 20.06 | 489671 |  |
| March 2025 |  |  |  |  |
| April 2025 |  |  |  |  |
| May 2025 |  |  |  |  |
| June 2025 |  |  |  |  |
| July 2025 |  |  |  |  |
| August 2025 |  |  |  |  |
| September 2025 |  |  |  |  |
| October 2025 |  |  |  |  |
| November 2025 |  |  |  |  |
| December 2025 | 600000 | 44.50 | 600000 |  |
| **Total** | 1089671 | 33.52 | 1089671 |  |

---

![page border.jpg](gfi-20251231_g220.jpg)

**103**<br>

Corporate governance

Gold Fields' home country corporate governance practices are regulated by, inter alia, the Companies Act 71 of 2008 (the South African

Companies Act), Listings Requirements of the JSE (the JSE Listings Requirements) and the King IV Code on Corporate Governance (King V

from 1 January 2026) (the King Code). Certain recommended practices in the King Code are incorporated into the JSE Listings Requirements,

making it mandatory for JSE-listed companies to comply with them. The following is a summary of the significant ways in which Gold Fields'

home country corporate governance standards and its corporate governance practices differ from those followed by domestic companies

under the NYSE Listing Standards.

• The NYSE Listing Standards require that the non-management directors of U.S. listed companies meet at regularly scheduled

non-executive sessions without management. The JSE Listing Requirements do not require such meetings of listed company non-executive

directors. Gold Fields' non-management directors do however meet regularly without management.

• The NYSE Listing Standards require U.S. listed companies to have a nominating/corporate governance committee composed entirely of

independent directors. The JSE Listing Requirements also require the appointment of such a committee and stipulate that the majority

of the members should be non-executive directors, the majority of whom must be independent. Gold Fields has a Nominating and

Governance Committee which currently comprises five non-executive directors, all of whom are independent under the NYSE Listing

Standards and the JSE Listing Requirements, which is chaired by the Chair of Gold Fields, as required by the JSE Listing Requirements.

• The NYSE Listing Standards require U.S. listed companies to have a compensation committee composed entirely of independent

directors. The JSE Listing Requirements merely require the appointment of such a committee. Gold Fields has appointed a Remuneration

Committee, currently comprising four board members, all of whom are independent under both the JSE Listing Requirements and the

NYSE Listing Standards.

• The NYSE Listings Standards require U.S. listed companies to have an audit committee composed entirely of independent directors.

The South African Companies Act requires that the audit committee be approved by shareholders on an annual basis at a company's

annual general meeting. The JSE Listings Requirements also require an audit committee must be composed entirely of independent

non-executive directors and must have a minimum of three members. Gold Fields has appointed an Audit Committee, currently comprising

four board members, all of whom are non-executive and independent, as defined under both the JSE Listings Requirements and the

NYSE Listing Requirements.

• The South African Companies Act requires South African listed companies to have a Social and Ethics Committee. Gold Fields has

appointed a Social, Ethics and Transformation Committee, which is currently comprising five directors, the majority of whom are

non-executive and independent, as defined under both the JSE Listings Requirements and the NYSE Listing Requirements.

![page border.jpg](gfi-20251231_g220.jpg)

**104**<br>

Exhibits

The following instruments and documents are included as Exhibits to this annual report.

---

| | |
|:---|:---|
| No. | Exhibit |
| **1.1** | [Memorandum of Incorporation of Gold Fields, as amended (incorporated by reference to Exhibit 1.4 to the annual report on](https://www.sec.gov/Archives/edgar/data/1172724/000119312518107118/d529310dex14.htm)<br>[Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 4 April 2018)](https://www.sec.gov/Archives/edgar/data/1172724/000119312518107118/d529310dex14.htm)<br>|
| **2.1** | Deposit Agreement among Gold Fields, Gold Fields Limited (f/k/a/Driefontein Consolidated Limited), The Bank of New York, as <br>depositary, and the owners and beneficial owners from time to time of American Depositary Receipts, dated as of 2 February <br>1998, as amended and restated as of 21 May 2002 (incorporated by reference to Exhibit 2.3 to the annual report on Form 20-F <br>(File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 24 October 2002)(P)<br>|
| **2.2** | Form of American Depositary Receipt (included in Exhibit 2.1)(P) |
| **2.3** | <u>[Trust Deed among Orogen, as issuer, Gold Fields, GF Ghana and GF Holdings, as guarantors, and Citibank N.A., London](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex25.htm)</u><br><u>[Branch, as trustee, dated 15 May 2019 in relation to the U.S.$500 million notes due 2024 (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex25.htm)</u><br><u>[2.5 to the annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex25.htm)</u><br><u>[6 April 2020)](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex25.htm)</u><br>|
| **2.4** | <u>[Trust Deed among Orogen, as issuer, Gold Fields, GF Ghana and GF Holdings, as guarantors, and Citibank N.A., London](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex26.htm)</u><br><u>[Branch, as trustee, dated 15 May 2019 in relation to the U.S.$500 million notes due 2029 (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex26.htm)</u><br><u>[2.6 to the annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex26.htm)</u><br><u>[6 April 2020)](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex26.htm)</u><br>|
| **2.5** | <u>[Description of securities registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 2.7 to](https://www.sec.gov/Archives/edgar/data/0001172724/000119312521101972/d187841dex27.htm)</u><br><u>[the annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 31](https://www.sec.gov/Archives/edgar/data/0001172724/000119312521101972/d187841dex27.htm)</u><br><u>[March 2021)](https://www.sec.gov/Archives/edgar/data/0001172724/000119312521101972/d187841dex27.htm)</u><br>|
| **4.1** | <u>[The Gold Fields Limited 2012 Share Plan, dated 22 May 2018, as amended (incorporated by reference to Exhibit 4.1 to the](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex41.htm)</u><br><u>[annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 6 April](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex41.htm)</u><br><u>[2020)](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex41.htm)</u><br>|
| **4.2** | <u>[The Gold Fields Limited 2025 Share Plan, dated 28 May 2025](exhibit42_2025shareplan.htm)</u> |
| **4.3** | <u>[U.S.$150 million Revolving Senior Secured Credit Facility Agreement between Banco de Credito del Peru and Scotiabank Peru](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex414.htm)</u><br><u>[S.A.A. and La Cima, originally dated 19 September 2017 (incorporated by reference to Exhibit 4.14 to the annual report on Form](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex414.htm)</u><br><u>[20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 6 April 2020)](https://www.sec.gov/Archives/edgar/data/1172724/000119312520099587/d710151dex414.htm)</u><br>|
| **4.4** | <u>[Gruyere Syndicated Facility between Gold Fields Limited, Gruyere Holdings Pty Ltd, certain wholly owned subsidiaries of Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit44.htm)</u><br><u>[Fields, the Mandated Lead Arranger and Bookrunner listed in Part II of Schedule 1, the Mandated Lead Arrangers listed in Part](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit44.htm)</u><br><u>[III of Schedule 1, the Original Lenders listed in Part IV of Schedule 1 and the Commonwealth Bank of Australia as Agent, dated](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit44.htm)</u><br><u>[26 September 2023 (incorporated by reference to Exhibit 4.4 to the annual report on Form 20-F (File No. 1-31318), filed by](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit44.htm)</u><br><u>[Gold Fields with the Securities and Exchange Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit44.htm)</u><br>|
| **4.5** | <u>[Seventh Amendment and Restatement Agreement relating to a U.S.$100 million Revolving Credit Facility Agreement originally](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br><u>[dated 22 December 2010, as amended and restated on 6 May 2014, 28 October 2016, 12 June 2017, 22 March 2018, 30](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br><u>[November 2018 and 27 September 2021 between Gold Fields Ghana Limited, Abosso Goldfields Limited, The Standard Bank](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br><u>[of South Africa Limited (acting through its Isle of Man Branch) and The Standard Bank of South Africa (acting through its](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br><u>[Corporate and Investment Banking Division), dated 28 June 2023 (incorporated by reference to Exhibit 4.5 to the annual](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br><u>[report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit45.htm)</u><br>|
| **4.6** | <u>[U.S.$1,200 million Credit Facility Agreement between Gold Fields Limited, Gold Fields Orogen Holdings (BVI) Limited, certain](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br><u>[wholly owned subsidiaries of Gold Fields, the Mandated Lead Arrangers and Bookrunners listed in Part II of Schedule 1, the](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br><u>[Mandated Lead Arrangers listed in Part III of Schedule 1, the Original Lenders listed in Part IV of Schedule 1 and MUFG Bank,](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br><u>[LTD., dated 25 May 2023, as amended and restated on 26 October 2023 (incorporated by reference to Exhibit 4.6 to the](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br><u>[annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 28 March](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br><u>[2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit46.htm)</u><br>|
| **4.7** | <u>[ZAR Revolving Credit Facility Agreement between Gold Fields Limited, GFI Joint Venture Holdings Proprietary Limited, Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit47.htm)</u><br><u>[Fields Operations Limited, certain wholly owned subsidiaries of Gold Fields and ABSA Bank Limited (acting through its](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit47.htm)</u><br><u>[Corporate and Investment Banking division), dated 5 May 2023, as amended and restated on 25 October 2023 (incorporated](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit47.htm)</u><br><u>[by reference to Exhibit 4.7 to the report on Form 6-K (File No. 1-31318), filed by Gold Fields with the Securities and Exchange](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit47.htm)</u><br><u>[Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit47.htm)</u><br>|
| **4.8** | <u>[ZAR Revolving Credit Facility Agreement between Gold Fields Limited, GFI Joint Venture Holdings Proprietary Limited, Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit48.htm)</u><br><u>[Fields Operations Limited, certain wholly owned subsidiaries of Gold Fields and Nedbank Limited (acting through its Nedbank](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit48.htm)</u><br><u>[Corporate and Investment Banking division), dated 5 May 2023, as amended and restated on 25 October 2023 (incorporated](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit48.htm)</u><br><u>[by reference to Exhibit 4.8 to the report on Form 6-K (File No. 1-31318), filed by Gold Fields with the Securities and Exchange](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit48.htm)</u><br><u>[Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit48.htm)</u><br>|
| **4.9** | <u>[ZAR Revolving Credit Facility Agreement between Gold Fields Limited, GFI Joint Venture Holdings Proprietary Limited, Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit49.htm)</u><br><u>[Fields Operations Limited, certain wholly owned subsidiaries of Gold Fields and FirstRand Bank Limited (acting through its](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit49.htm)</u><br><u>[Rand Merchant Bank division), dated 18 April 2023, as amended and restated on 25 October 2023 (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit49.htm)</u><br><u>[to Exhibit 4.9 to the report on Form 6-K (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit49.htm)</u><br><u>[28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit49.htm)</u><br>|

---

![page border.jpg](gfi-20251231_g220.jpg)

**105**<br>

---

| | |
|:---|:---|
| No. | Exhibit |
| **4.10** | <u>[ZAR Revolving Credit Facility Agreement between Gold Fields Limited, GFI Joint Venture Holdings Proprietary Limited, Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit410.htm)</u><br><u>[Fields Operations Limited, certain wholly owned subsidiaries of Gold Fields and The Standard Bank of South Africa Limited,](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit410.htm)</u><br><u>[dated 8 May 2023, as amended and restated on 6 November 2023 (incorporated by reference to Exhibit 4.10 to the report on](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit410.htm)</u><br><u>[Form 6-K (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000014/exhibit410.htm)</u><br>|
| **4.11** | <u>[Arrangement Agreement between Osisko Mining Inc., Gold Fields Holdings Company Limited and Gold Fields Windfall](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit411.htm)</u><br><u>[Holdings Inc., dated 12 August 2024 (incorporated by reference to Exhibit 4.11 to the report on Form 6-K (File No. 1-31318), filed](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit411.htm)</u><br><u>[by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit411.htm)</u><br>|
| **4.12** | <u>[U.S.$500 million Multicurrency Bridge Facility Agreement between Gold Fields, Gold Fields Orogen Holding (BVI) Limited,](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit412.htm)</u><br><u>[Gold Fields Holdings Company Limited, The Bank of Nova Scotia, Citibank, N.A., London Branch and Royal Bank of Canada,](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit412.htm)</u><br><u>[dated 18 October 2024 (incorporated by reference to Exhibit 4.12 to the report on Form 6-K (File No. 1-31318), filed by Gold](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit412.htm)</u><br><u>[Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit412.htm)</u><br>|
| **4.13** | <u>[U.S.$250 million Multicurrency Parallel Bridge Facility Agreement between Windfall Mining Group Inc., Gold Fields Orogen](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit413.htm)</u><br><u>[Holding (BVI) Limited, Gold Fields, Gold Fields Holdings Company Limited, The Bank of Nova Scotia, Citibank, N.A., London](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit413.htm)</u><br><u>[Branch and Royal Bank of Canada, dated 18 October 2024 (incorporated by reference to Exhibit 4.13 to the report on Form 6-K](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit413.htm)</u><br><u>[(File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000008/exhibit413.htm)</u><br>|
| **4.14†** | <u>[Scheme Implementation Deed between Gruyere Holdings Pty Ltd, Gold Fields Holdings Company Limited and Gold Road](exhibit414_sid.htm)</u><br><u>[Resources Limited, dated 4 May 2025](exhibit414_sid.htm)</u><br>|
| **4.15†** | <u>[Trust Deed among Windfall Mining Group Inc. / Groupe Minier Windfall Inc., as issuer, Gold Fields and Gold Fields Holdings](exhibit415_trustdeed2025.htm)</u><br><u>[Company Limited, as guarantors, and Citibank N.A., London Branch, as trustee, dated 13 May 2025, in relation to the U.S.$750](exhibit415_trustdeed2025.htm)</u><br><u>[million notes due 2032](exhibit415_trustdeed2025.htm)</u><br>|
| **8.1** | <u>[List of subsidiaries of the registrant](exhibit812025.htm)</u> |
| **11.1** | <u>[Gold Fields Group Share Dealings and Market Abuse Policy (incorporated by reference to Exhibit 11.1 to the annual report on](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/exhibit111_sharedealinga.htm)</u><br><u>[Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/exhibit111_sharedealinga.htm)</u><br>|
| **12.1** | <u>[Certification of Chief Executive Officer](exhibit1212025.htm)</u> |
| **12.2** | <u>[Certification of Chief Financial Officer](exhibit1222025.htm)</u> |
| **13.1** | <u>[Certification of Chief Executive Officer](exhibit1312025.htm)</u> |
| **13.2** | <u>[Certification of Chief Financial Officer](exhibit1322025.htm)</u> |
| **96.1** | <u>[Technical Report Summary – South Deep Gold Mine (incorporated by reference to Exhibit 96.1 to the annual report on Form](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a961-technicalreportsummar.htm)</u><br><u>[20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a961-technicalreportsummar.htm)</u><br>|
| **96.2** | <u>[Technical Report Summary – Tarkwa Gold Mine](exhibit962_tarkwatrs.htm)</u> |
| **96.3** | <u>[Technical Report Summary – St. Ives Gold Mine (incorporated by reference to Exhibit 96.3 to the annual report on Form 20-F](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a963-technicalreportsummar.htm)</u><br><u>[(File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a963-technicalreportsummar.htm)</u><br>|
| **96.4** | <u>[Technical Report Summary – Salares Norte Mine (incorporated by reference to Exhibit 96.4 to the annual report on Form 20-F](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a964-technicalreportsummar.htm)</u><br><u>[(File No. 1-31318), filed by Gold Fields with the Securities and Exchange Commission on 27 March 2025)](https://www.sec.gov/Archives/edgar/data/1172724/000117272425000010/a964-technicalreportsummar.htm)</u><br>|
| **97.1** | <u>[Gold Fields Limited Incentive-Based Remuneration Clawback Policy, effective 1 December 2023 (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit971.htm)</u><br><u>[Exhibit 97.1 to the annual report on Form 20-F (File No. 1-31318), filed by Gold Fields with the Securities and Exchange](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit971.htm)</u><br><u>[Commission on 28 March 2024)](https://www.sec.gov/Archives/edgar/data/1172724/000117272424000017/exhibit971.htm)</u><br>|
| **101.INS** | XBRL Instance Document |
| **101.SCH** | XBRL Taxonomy Extension Schema Linkbase Document |
| **101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document |
| **101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document |
| **101.LAB** | XBRL Taxonomy Extension Label Linkbase Document |
| **101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document |
| † Confidential treatment has been requested over certain parts of this exhibit. Portions of this exhibit have been redacted in compliance with <br>Item 601(a)(6) and Item 601(b)(10) of Regulation S-K. Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The <br>Company hereby undertakes to supplementally furnish copies of any omitted schedules to the SEC upon request. | † Confidential treatment has been requested over certain parts of this exhibit. Portions of this exhibit have been redacted in compliance with <br>Item 601(a)(6) and Item 601(b)(10) of Regulation S-K. Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The <br>Company hereby undertakes to supplementally furnish copies of any omitted schedules to the SEC upon request. |

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![page border.jpg](gfi-20251231_g220.jpg)

**106**<br>

Signatures

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the

undersigned to sign this annual report on its behalf.

Gold Fields Limited

---

| |
|:---|
| /s/ Mike Fraser |
| Name: Mike Fraser |
| Title: Chief Executive Officer |
| Date: 30 March 2026 |

---

![Gold Fields 20F back cover.jpg](gfi-20251231_g240.jpg)

*Creating enduring value beyond mining*

## Exhibit 4.2

![](exhibit42_2025shareplan001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 GOLD FIELDS LIMITED (Registration No. 1968/004880/06) SHARE INCENTIVE PLAN 2025 2 CONTENTS PART 1 – INTRODUCTION ............................................................................................................................... 3 1. INTRODUCTION ................................................................................................................................ 3 2. DEFINITIONS AND INTERPRETATION ............................................................................................ 4 3. OBJECT ........................................................................................................................................... 11 PART 2 – ADMINISTRATION OF THE PLAN ................................................................................................. 12 4. THE PLAN ........................................................................................................................................ 12 5. ADMINISTRATION OF THE PLAN ................................................................................................... 12 6. ADMINISTRATOR ............................................................................................................................ 12 7. COSTS ............................................................................................................................................. 12 PART 3 –AWARDS ......................................................................................................................................... 13 8. ANNUAL REMCO DETERMINATION .............................................................................................. 13 9. AWARDS.......................................................................................................................................... 13 10. VESTING AND SETTLEMENT OF AWARDS .................................................................................. 14 11. MALUS - REDUCTION OR FORFEITURE ....................................................................................... 16 12. CLAWBACK ..................................................................................................................................... 16 13. TERMINATION OF EMPLOYMENT ................................................................................................. 16 14. TESTING AND REVIEW OF PERFORMANCE CONDITION(S) ...................................................... 17 PART 4 – GENERAL ....................................................................................................................................... 19 15. INSOLVENCY .................................................................................................................................. 19 16. POOR PERFORMANCE AND DISCIPLINARY PROCEDURES ...................................................... 19 17. CHANGE OF CONTROL .................................................................................................................. 19 18. VARIATION IN SHARE CAPITAL..................................................................................................... 20 19. TAX LIABILITY ................................................................................................................................. 20 20. LEGAL REQUIREMENTS ................................................................................................................ 21 21. AMENDMENT OF THE PLAN .......................................................................................................... 22 22. STRATE ........................................................................................................................................... 22 23. DISPUTES ....................................................................................................................................... 22 24. DATA PROTECTION ....................................................................................................................... 22 25. DOMICILIUM AND NOTICES ........................................................................................................... 23 26. TERMINATION OF THE PLAN ........................................................................................................ 24 27. GENERAL PROVISIONS ................................................................................................................. 24 28. COUNTRY SCHEDULE – CANADA ................................................................................................. 26 29. COUNTRY SCHEDULE – GHANA ................................................................................................... 29 30. COUNTRY SCHEDULE – PERU...................................................................................................... 30 3 PART 1 – INTRODUCTION 1. INTRODUCTION The purpose of the Plan is to provide Participants with the opportunity to share in the success of the Group and provide alignment between Participants and shareholders, by providing Participants with the opportunity to receive Shares in the Company through the Award of Conditional Shares. Conditional Shares can be awarded as: Restricted Shares (or Restricted Share Rights) (in which case they are only subject to the Employment Condition) and may take the form of: 1.2.1.1 Deferred awards – a deferral of a portion of the short-term incentive; or 1.2.1.2 Retention awards – made on an ad hoc basis to key members of the management team, at the Committee's discretion; or Performance Shares (or Performance Share Rights) (in which case they are subject to both the Employment Condition and Performance Conditions), subject to the Committee's discretion. 4 2. DEFINITIONS AND INTERPRETATION In the Plan, unless the context indicates otherwise, the following words and expressions will have the meanings assigned thereto: Administrator means a service provider appointed by the Company or relevant Employer Company to act on behalf of the Company or that Employer Company in performing its obligations in terms of the Plan; Applicable Laws in relation to any person or entity, all and any statutes, subordinate legislation and common law; regulations; ordinances and by-laws; accounting standards; directives, codes of practice, circulars, guidance notices, judgments and decisions of any competent authority, compliance with which is mandatory for that person or entity, whether within the Republic of South Africa or any jurisdiction in which an Award is made; Award means the award to an Eligible Employee of Performance Shares or Restricted Shares in terms of clause 9 and the word Awarded will be construed accordingly, provided that an Award is subject to the Clawback Policy, and any rules, laws or regulations applicable to the Group in relation to the clawback or recovery of compensation; Award Date means the date on which the Committee resolves to make an Award to an Eligible Employee; Award Letter means the letter delivered by an Employer Company to an Eligible Employee in terms of clause 9.1, notifying such Eligible Employee of an Award and setting out the terms of the Award; Award Value the Rand value of an Award made to a Participant, determined by multiplying the number of Performance Shares and/or Restricted Shares Awarded by the Market Value of those Shares on the Award Date; Auditors means the registered auditors of the Company, from time to time; Board means the board of directors of the Company or any committee thereof to whom the powers of the board of directors of the Company in respect of the Plan are delegated; Broker means the financial intermediary appointed by the Company or the relevant Employer Company to perform the services specified in the Plan on behalf of the Participants; Brokerage Account means a securities account held for the benefit of a Participant that may be used to trade in securities; Business Day means any day on which the JSE is open for the transaction of business; Change of Control means all circumstances where a party (or parties acting in concert), directly or indirectly, obtains - 2.1.12.1 beneficial ownership of 50 (fifty) percent or more of the Company's issued Shares; or 2.1.12.2 control of 50 (fifty) percent or more of the voting rights at meetings of the Company; or

------

![](exhibit42_2025shareplan002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 2.1.12.3 the right to control the management of the Company or the composition of the Board; or 2.1.12.4 the right to appoint or remove directors holding a majority of voting rights at Board meetings; or 2.1.12.5 the approval by the Company's shareholders of, or the consummation of, a merger or consolidation of the Company with any other business or entity, or upon a sale of the whole or a major part of the Company's assets or undertakings, but in all cases excluding any event which the Committee considers represents an internal reconstruction or reorganisation of the share capital of the Company or the Group or any other event immediately following which the Shares are ultimately (and whether directly or indirectly) held by the substantially the same persons as immediately preceding the event (and for the avoidance of doubt, where a de- listing of Shares from trading on any stock exchange by itself shall also not constitute a Change in Control); Change of Control Date means the date on which the Change of Control of the Company becomes effective; CIC Agreement means any Change of Control agreement concluded between specified executive Participants, and any member of the Group, as amended or replaced from time to time; CIC Qualifying Termination means the Participant's employment with any member of the Group terminating within twelve (12) months following a Change in Control if the termination: 2.1.15.1 results in the Participant no longer holding any office or employment with any member of the Group; and 2.1.15.2 results from: 2.1.15.2.1 a member of the Group terminating the Participant's employment other than in accordance with, or by notice on grounds that would fall within, clause 15.5 (Termination and Suspension) of the Employment Agreement; 2.1.15.2.2 the Participant resigning for Good Reason; or 2.1.15.2.3 any other reason, if the Committee so decides in any particular case; Clawback means the recoupment of the Over-Remuneration Amount from a Participant in accordance with the Clawback Policy, and/all any other existing and future Company malus and compensation clawback policy in place from time to time. Clawback Policy means the Gold Fields Incentive-Based Remuneration Clawback Policy, as amended from time to time, which gives the Committee the discretion to apply Clawback as described in the Clawback Policy; Committee means the Remuneration Committee of the Board or any person(s) to whom the powers of the Committee in respect of the Plan have been delegated (but then only in accordance with the terms of such delegation), which persons do not hold any executive office within the Group; 6 Companies Act means the South African Companies Act 71 of 2008, or any similar act promulgated in countries outside of the Republic of South Africa, as amended or replaced from time to time Company means Gold Fields Limited, a company duly incorporated and registered in accordance with the laws of the Republic of South Africa under registration number 1968/004880/06, listed on the JSE; Country Schedule means to the extent required from time to time, a schedule to these Rules to be adopted as directed by the Board, governing participation in the Plan by Employees employed by the Group in jurisdictions other than South Africa; Date of Termination of Employment means the date on which a Participant is no longer employed by, or ceases to hold salaried office in, any Employer Company; provided that, where a Participant's employment is terminated without notice or on terms in lieu of notice, the Date of Termination of Employment will be deemed to be the date on which the termination takes effect, and where such employment is terminated with notice, the Date of Termination of Employment will be deemed to be the date on which that notice expires; Eligible Employee means an Employee who is deemed to be eligible for participation in the Plan by the Committee; Employee means any person holding salaried employment or office with any member of the Group (including any executive director but excluding a non- executive director; Employer Company means the specific member of the Group (which includes both local and foreign entities) that is the employer of the relevant Eligible Employee; Employment Condition means the condition of continued employment with the Group for the duration of the Employment Period, as specified in the Award Letter; Employment Period means the period commencing on the Award Date and ending on the date specified in the Award Letter (both dates inclusive) during which the Participant is required to fulfil the Employment Condition; Fault Termination means the termination of employment of a Participant by the Group by reason of- 2.1.28.1 misconduct; 2.1.28.2 poor performance; 2.1.28.3 retirement before the Retirement Date (other than an approved early retirement); or 2.1.28.4 resignation by the Participant; Financial Markets Act means the Financial Markets Act 19 of 2012, or any similar act promulgated in countries outside of the Republic of South Africa, as amended or replaced from time to time; Financial Year means the Company's financial year, which runs from 1 January to 31 December of each year, as at the adoption of the Plan; Good Reason has the meaning given to it in the CIC Agreement; 7 Group means the Company and any other company, body corporate or other undertaking which is or would be deemed to be a subsidiary of the Company in terms of the Companies Act, and the expression member of the Group will be construed accordingly; Ill-health means a physical or psychological condition, including a disability or a condition caused by an injury, diagnosed by a Company approved Medical Practitioner, which renders the Employee incapable of performing their duties in terms of their contract of employment; Incentive Remuneration has the meaning given in the Clawback Policy; Income Tax Act means the South African Income Tax Act 58 of 1962, as amended or replaced from time to time, or any similar act promulgated in countries outside of the Republic of South Africa; JSE means the JSE Limited, a public company incorporated in accordance with the laws of the Republic of South Africa under registration number 2005/022939/06, which is licensed to operate as an exchange in terms of the Financial Markets Act; LRA means the Labour Relations Act 66 of 1995, as amended or replaced from time to time or any similar act promulgated in countries outside of the Republic of South Africa; Malus means the reduction (in part or full) of Incentive Remuneration of a Participant in accordance with the Malus Policy; Malus Policy means the Group Malus Policy, as amended from time to time, which gives the Committee the discretion to reduce any unvested Award as described in the Malus Policy; Market Value means the 20 (twenty) day volume weighted average price of a Share traded on the JSE on the Business Day on which a determination of the Market Value of a Share is to be made for purposes of these Rules; Medical Practitioner means a person who is certified to diagnose and treat patients and who has the required registration with a professional council established in the country in which the Award is made; No Fault Termination means the cessation or termination of employment of a Participant by the Group by reason of - 2.1.42.1 death; 2.1.42.2 injury, disability, or Ill-health, in each case diagnosed by a Medical Practitioner nominated by the relevant Employer Company; 2.1.42.3 Retrenchment; 2.1.42.4 retirement on or after the Retirement Date (but including approved early retirement); 2.1.42.5 the company in which the Eligible Employee is employed ceasing to be a member of the Group; or 2.1.42.6 the undertaking in which the Eligible Employee is employed being transferred to a transferee which is not a member of the Group; 8 Notice means the notice contemplated in clause 10 whether in written or electronic form; Over-Remuneration Amount has the meaning given in the Clawback Policy; Participant means an Eligible Employee that receives an Award in terms of clause 9 and who has not explicitly rejected such Award; in the case of the Employee's death the term "Participant" includes the administrator or executor of Employee's deceased estate; Plan means the Gold Fields Limited Share Incentive Plan 2025, established in terms of these rules, as amended from time to time; Performance Condition(s) means a condition of Vesting of an Award of Performance Shares, as set out in the Award Letter; Performance Period means the period(s) in respect of which the Performance Conditions are to be satisfied, as stated in the Award Letter; Performance Shares means an Award of conditional rights to Shares which is made to an Eligible Employee, the Vesting of which is subject to the fulfillment of both the Performance Condition and the Employment Condition. Performance Shares may also be referred to as "Performance Share Rights" in certain jurisdictions; Personal Information means personal information as defined in section 1 of POPIA and includes "special personal information" defined in section 26 of POPIA, as amended or replaced from time to time, or an equivalent definition in a similar act promulgated in a different country or jurisdiction; POPIA means the Protection of Personal Information Act, No. 4 of 2013, and any Regulations, directives or guidelines published thereunder from time to time; Privacy Policy means any Group or country-specific policy, which regulates data protection and other related matters, as amended from time to time; Recharge Policy a policy or agreement in force from time to time between the Company and an Employer Company regulating the recharge of the Award Value and any related costs and the manner in which Settlement will be funded; Restatement has the meaning given in the Clawback Policy; Restricted Shares means an Award of conditional rights to Shares, made to an Eligible Employee, the Vesting of which is subject to the fulfillment of the Employment Condition. Restricted Shares may also be referred to as "Restricted Share Rights" in certain jurisdictions; Retirement Date means in relation to a Participant employed in a jurisdiction where the concept of 'retirement' applies, retirement: 2.1.56.1 at the earliest date on which, or age at which, a Participant can be required to retire by any Employer Company determined in accordance with the Group's retirement policies or the Participant's Employment Agreement, as the case may be (normal retirement age); or 2.1.56.2 prior to the normal retirement age with the approval of the Company or relevant Employer Company (approved early retirement); or

------

![](exhibit42_2025shareplan003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 2.1.56.3 the date approved by the Company or relevant Employer Company in jurisdictions which do not explicitly specify a normal retirement age; Retrenchment means a dismissal based on the Employer Company's operational requirements, as contemplated in the LRA, or any similar act promulgated in countries outside of the Republic of South Africa; Revenue Authority means the institution in a country that administers the relevant Tax legislation and/or to whom Tax should be paid by law; Rights Issue means the offer of any securities of the Company to all ordinary shareholders of the Company pro rata to their holdings at the applicable record date; Rules means these Rules, as amended from time to time; Secretary means the company secretary for the time being of the Company; Securities Transfer Tax means the tax levied on the transfer of a security in South Africa and any similar applicable legislation in another jurisdiction; Employment Agreement means the service or employment agreement concluded between specified Participants and any Employer Company, as amended or replaced from time to time; Settle means following the Vesting Date, transfer to the Participant of the number of Shares comprising a Vested Award and the words Settlement and Settled will be construed accordingly; Settlement Date means the date on which a Participant is entitled to Settlement in accordance with clause 10, provided that if the date falls on a date which, or during a period which: 2.1.65.1 by virtue of any Applicable Laws or any policy of the Group (including any corporate governance policy) it is not permissible to Settle Shares; or 2.1.65.2 by virtue of any Applicable Laws or any policy of the Group (including any corporate governance policy) it is not permissible for the escrow agent/broker to receive or otherwise deal/trade in Shares, the Settlement Date will be as soon as reasonably practicable after the date on which it becomes permissible to Settle the Award of Shares for the Participant, to receive Shares; Shares means ordinary shares in the capital of the Company (or such other class of shares as may represent the same because of any reorganisation, reconstruction or other variation of the share capital of the Company to which the provisions of the Plan may apply from time to time); Tax means any present or future tax or other charge of any kind or nature whatsoever imposed, levied, collected, withheld or assessed by any competent authority, and includes all income tax (whether based on or measured by income/revenue or profit or gain of any nature or kind or otherwise and whether levied under the Income Tax Act or otherwise), capital gains tax, value-added tax and any charge in the nature of taxation, and any interest, penalty, fine or other payment on, or in respect thereof but specifically excluding issue duty, stamp duty, marketable securities tax and uncertificated securities tax; 10 Vest means the event which confers on the Participant the unconditional entitlement to the Restricted Shares and/or Performance Shares, and Vested and Vesting will have equivalent meanings; Vesting Date means, in respect of an Award, the date (or dates) determined by the Committee in terms of clause 8.2.4 and notified to a Participant in the Award Letter in terms of clause 9.1.4; and Vesting Period means the period which commences on the Award Date and terminates on the Vesting Date. General Interpretation For purposes of the Plan: 2.2.1.1 clause headings are used for convenience only and shall be ignored in its interpretation; 2.2.1.2 unless the context clearly indicates a contrary intention, an expression which denotes: 2.2.1.2.1 any gender includes the other genders; 2.2.1.2.2 a natural person includes an artificial person (whether corporate or unincorporate) and vice versa; and 2.2.1.2.3 the singular includes the plural and vice versa; The Plan will be given effect to in accordance with: 2.2.2.1 the Companies Act; 2.2.2.2 the Listings Requirements, including paragraphs 3.63 to 3.74 and 3.92 to the extent applicable; and unless the context clearly indicates a contrary intention, words and expressions defined in the Companies Act shall bear the meanings therein assigned to them; all references to a statute and the Listings Requirements shall be to such statute and the Listings Requirements (as the case may be) as at the date of adoption of the Plan by the Company and as amended, replaced or superseded from time to time thereafter. the use of the word including, or includes, or include, followed by a specific example will not be construed as limiting the meaning of the general wording preceding it and the eiusdem generis rule will not be applied in the interpretation of such general wording or such specific example/s; a Participant who ceases to be employed by an Employer Company on the basis that they are: 2.2.6.1 immediately thereafter employed by another Employer Company; or 2.2.6.2 thereafter re-employed by such Employer Company pursuant to it being determined that their employment was terminated on a basis which was not in accordance with the LRA; shall be deemed not to have terminated their employment for the purposes of the Plan and their rights shall be deemed to be unaffected; and 11 a Participant who is an executive director of any Employer Company who retires and/or resigns on the basis that they are immediately re-elected in accordance with the constitutional documents of that (or another) Employer Company will be deemed not to have terminated their employment with that Employer Company. If any provision in a definition is a substantive provision conferring any right or imposing any obligation on anyone then, notwithstanding that it is only in a definition, effect will be given to it as if it were a substantive provision in the body of the Plan. When any number of days is prescribed in the Plan, same will be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a Saturday, Sunday, or official public holiday, in which case the last day will be the next succeeding day which is not a Saturday, Sunday or official public holiday. 3. OBJECT The object and purpose of the Plan is to: incentivise Eligible Employees to meet strategic short-, medium-, and long-term objectives that will help deliver value to the Company's shareholders and other stakeholders; achieve alignment between the Eligible Employees' remuneration and the interests of the Company's shareholders; and act as a retention mechanism in a market where skilled employees are in high demand. 12 PART 2 – ADMINISTRATION OF THE PLAN 4. THE PLAN The Plan is hereby constituted and will be administered for the purpose and in the manner set out in this document. 5. ADMINISTRATION OF THE PLAN The Committee is responsible for the operation and administration of the Plan and has the final discretion to decide whether and on what basis the Plan will be operated. Subject to clause 21, where the Plan refers to the discretion of the Committee or the Board (as applicable), such discretion will be sole, absolute, and unrestricted unless the contrary is expressed, provided that if the Committee or the Board (as applicable) delegates the authority to exercise discretion, the discretion should be exercised in terms of the Plan. Subject to clause 20 and clause 21, the provisions of the Plan and the approval of the Board, the Committee will be entitled to make and establish such rules and regulations, and to amend them from time to time, as it deems necessary or expedient for the proper implementation and administration of the Plan. 6. ADMINISTRATOR The Company or relevant Employer Company (as applicable) may appoint an Administrator to act on its behalf in performing its obligations under the Plan. For purposes of the Plan, references to "Company" or "Employer Company" include an Administrator that has been appointed in terms of this clause 6. 7. COSTS Prior to the Vesting Date, all costs and expenses relating to the Plan including, for the avoidance of doubt, all costs relating to the Administrator, (Costs) will be for the Company's account. The Company may recover from each Employer Company such Costs as may be attributable to the participation of any of its Employees in the Plan in accordance with the Recharge Policy. Notwithstanding the provisions of clauses 7.1 and 7.2, the Company may procure, if applicable, that the relevant Employer Company will: bear all Costs of and incidental to the implementation and administration of the Plan and will, as and when necessary, provide all requisite funds and facilities for that purpose; and provide all secretarial, accounting, administrative, legal, and financial advice and services, office accommodation, stationery, and so forth for the purposes of the Plan. After the Vesting Date, all Costs and Tax will be for the Participant's account. The Participant will be liable for all Tax payable because of benefits due to them in terms of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 PART 3 –AWARDS 8. ANNUAL REMCO DETERMINATION The Committee may from time to time call upon the Employer Companies to nominate Eligible Employees for participation in this Plan. The Committee shall have the final authority to determine: which Employees will be eligible to receive an Award; the Award Date; the number of Restricted Shares and/or Performance Shares applicable to an Award; the Vesting Dates and Vesting Periods applicable to the Award; the Performance Condition and Performance Period which may apply to an Award; whether any additional performance or other vesting conditions are applicable to the Award; and the Malus (forfeiture) and Clawback provisions applicable to the Award. Subject to clause 21, the Committee will be entitled, in its absolute discretion, to vary any of the terms of an Award, including, but not limited to, the Award Date, the Vesting Date(s) and the applicability of Malus (forfeiture) or Clawback. The Committee may, in its sole and absolute discretion, authorise the grant of ad hoc Awards to Employees on such terms and conditions as it may deem appropriate. 9. AWARDS The Employer Company will, as soon as reasonably practicable on or after the Award Date, notify the Employee of the Award in an Award Letter. The Award Letter will be in the form prescribed by the Committee from time to time and will specify: the name of the Eligible Employee; the Award Date; the number of Performance Shares and/or Restricted Shares applicable to an Award; the Vesting Dates and Vesting Periods applicable to the Award; the Employment Condition and Employment Period applicable to the Award; the Performance Condition and Performance Period which may apply to an Award; whether any additional performance or other vesting conditions are applicable to the Award; where applicable, the Malus (forfeiture) and Clawback provisions applicable to the Award; a stipulation that the Award is subject to the provisions of the Plan; and 14 where a copy of the Plan might be obtained. Subject to clause 11, an Award is (and Performance and Restricted Shares are) personal to a Participant and will not be capable of being ceded, assigned, transferred or otherwise disposed of or encumbered by a Participant. There will be no consideration payable by the Participant for the Award. For the avoidance of doubt, the Employer Company may recover Securities Transfer Tax from the Participant. The Employee who does not wish to accept an Award must deliver a rejection notice to the Employer Company on or before the date indicated in the Award Letter indicating their rejection of the terms and conditions of the Plan, otherwise the Award will be deemed to have been accepted. An Award may be cancelled or forfeited at any time after the Award Date if the provisions of clauses 11 or 13 apply or if the Committee and the Participant so agree in writing. 10. VESTING AND SETTLEMENT OF AWARDS Vesting The Vesting of a Restricted Share Award is subject to the satisfaction of the Employment Condition and any other conditions imposed by the Committee in terms of clause 8.2.6. The Vesting of a Performance Share Award is subject to the satisfaction of the Employment Condition and the Performance Condition as specified in clause 14 and any other conditions imposed by the Committee in terms of clause 8.2.6. Subject to clauses 10.6, 13 and 14, on the Vesting Date, a Participant will have the right to delivery of the number of Shares that have Vested. Settlement The Company or relevant Employer Company shall procure that Shares are Settled in accordance with 10.5 as soon as reasonably practicable after the relevant Vesting Date. To Settle an Award, the Company or relevant Employer Company shall incur an expense by making a cash contribution to any third party equal in value to the required number of Shares on the Vesting Date in Settlement of the Award on the basis that the third party will acquire the required number of Shares on the open market and effect Settlement to the Participant. For Settlement to take place, the Participant must provide their Employer Company with a Notice or electronic submission, 20 (twenty) days before the Vesting Date, confirming whether they would like their Shares to be: delivered to them (in which case they must provide their Employer Company with the details of their Brokerage Account in the Notice); or to the extent permitted under jurisdictional Applicable Law, sold on the market on their behalf (in which case they will receive the proceeds from the sale net of their Tax liability in cash). If the Participant: 15 fails to provide their Employer Company with a Notice in accordance with clause 10.6; or fails to provide their Employer Company with the details of their Brokerage Account in their Notice in accordance with clause 10.6.1, on the Vesting Date, the Company will instruct the Broker to sell all the Participant's Shares on the JSE and procure the payment by the relevant Employer Company to the Participant of a cash amount equal to the proceeds from the sale of the Shares. For the avoidance of doubt, the Shares sold for purposes of this clause 10.7, will be sold as part of bulk sale and, in calculating the proceeds to be distributed to each Participant, the Broker will apply an average amount attributable to each Share sold in the bulk sale, determined in accordance with the following formula: Y = (E - F) / G Where: Y is the average amount of proceeds per Share sold as part of the bulk sale; E is the total proceeds from the bulk sale of the Shares; F is the total amount of costs and Securities Transfer Tax that are attributable to the bulk sale; and G is the total Shares sold in the bulk sale. Notwithstanding the above, the Participant will pay, in such manner as the Committee may from time to time prescribe, any such additional amount which the Committee may notify the Participant of in respect of any deduction on account of Tax as may be required by Applicable Laws which may arise on Vesting or delivery of the Shares. Subject to clause 19, if the Participant elects to take Settlement of the Shares (and complies with the provisions of clause 10.6.1), the Company or relevant Employer Company will instruct the Broker to procure that the number of Shares contemplated in 10.3 are Settled to the Participant's Brokerage Account as soon as reasonably possible after the Vesting Date. Prior to the Settlement of the Award, a Participant will not be entitled to any rights in and to the Shares. A Participant shall be entitled to all shareholder rights in respect of the Shares as of the Settlement Date. If the Settlement Date falls on a date on which or period during which, due to any Applicable Law or policy of the Group (including any corporate governance policy), it is not permissible to Settle Shares to a Participant, or for a Participant to receive Shares, the Settlement Date will be on a date as soon as reasonably practicable after the date on which it becomes permissible to Settle the Shares and/or to deal/trade in the Shares, as the case may be. In exceptional circumstances, the Committee may exercise its discretion to direct that an Award (or any part thereof) is Settled in cash equal in value to the Market Value of the required number of Shares on the Vesting Date, which sum shall then be paid in full Settlement of the Award on the Settlement Date, less any applicable Tax. It is recorded that mandatory cash settlement is not intended to be a principal mode of Settlement and is only envisaged to be a fall-back mechanism to address regulatory constraints or other unusual circumstances. 16 Delivery and ownership Following Settlement, the Performance Shares and/or Restricted Shares will be fully paid up and will rank pari passu with the existing issued Shares and will have the same voting rights as the existing issued Shares. The Participant shall not have any restrictions under this Plan on their ownership rights in the Performance Shares and/or Restricted Shares upon delivery of the Shares to their Brokerage Account on the Settlement Date, and such Shares will no longer be subject to reduction or forfeiture in terms of clause 11. The Participant shall be personally responsible for maintaining their Brokerage Account and paying all relevant fees associated therewith. 11. MALUS - REDUCTION OR FORFEITURE The Committee may exercise its discretion to determine that an Award is subject to reduction or forfeiture (in whole or in part) in accordance with the Company's Malus Policy. To the extent that clause 11.1 applies to an Award, the Committee will determine if the Award will be reduced in whole or in part in accordance with the Malus Policy. If the Committee does so determine, then the Award will be forfeited in whole or in part, as applicable, on the date of such determination. The Company or the Employer Company is hereby irrevocably and in rem suam nominated, constituted, and appointed as the Participant's sole attorney and agent to sign and execute all such documents and do all such things as are necessary for that purpose. If the Award is reduced in its entirety, the Performance and/or Restricted Shares Awarded to the Participant will be forfeited, and the Participant will no longer have any entitlement to any of the rights or benefits attaching to the Shares. If the Award is subject to a partial reduction, the number of Performance and/or Restricted Shares Awarded to the Participant that make up that reduced portion of the Award will be treated in accordance with clause 11.2 above. 12. CLAWBACK The Committee will apply the provisions of the Clawback Policy where the Company is required to prepare a Restatement and the Committee determines that an Over- Remuneration Amount was received by a Participant. 13. TERMINATION OF EMPLOYMENT No Fault Terminations Subject to clause 13.1.3 below, if a Participant ceases to be employed by reason of a No Fault Termination prior to the applicable Vesting Date, a portion of the Participant's Award will Vest on the original Vesting Date based on the extent to which the Employment Condition and the Performance Condition (where applicable) have been met on the Vesting Date, as described in clause 13.1.2. For the avoidance of doubt, the Vesting Date will not be accelerated unless specifically approved by the Committee. The portion of the Award that Vests will be calculated based on:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 13.1.2.1 the number of months served between the Award Date and the Date of Termination of Employment divided by the total number of months in the Employment Period; and 13.1.2.2 where applicable to Performance Shares, the extent to which the Performance Condition has been met on the Vesting Date, determined in accordance with clause 14. Notwithstanding the provisions of clauses 13.1.1 and 13.1.2, if, in the opinion of the Committee, the circumstances of the Participant ceasing to be employed are such as to warrant their being entitled to retain their Performance and/or Restricted Shares (or part thereof) or for those Awards to be Settled or Awarded (in whole or in part) other than as directed in terms of the Plan, then the Employer Company, on approval by Committee in its sole and absolute discretion, will confirm in writing to such Participant that they may retain their Award (or part thereof), notwithstanding that they have ceased to be employed. Fault Terminations If a Participant ceases to be employed by reason of a Fault Termination prior to the applicable Vesting Date, any unvested Award will be deemed to have been forfeited and cancelled, provided that if, in the opinion of the Committee, in its sole and absolute discretion, the circumstances of the Participant's ceasing to be employed are such as to warrant their being entitled to retain their Awards (or portion thereof) in terms of the Plan, then Committee the Employer Company will confirm in writing to such Participant that they may retain their Award, or a portion thereof, notwithstanding that they have ceased to be employed. In such event, the Participant's Award, or a portion thereof, will be treated as set-out in clause 13.1.1. The Committee may exercise its discretion to determine the Fault Termination or No- Fault Termination status of Participants for any reason not contemplated in the Plan, including a mutual separation, in its sole and absolute discretion. Where a Participant is transferred from one Employer Company to another Employer Company: all Awards granted to such Participant by the first Employer Company will remain in force on the same terms and conditions as set out in the Plan; and the second Employer Company will assume a pro rata portion of the first Employer Company's obligations in respect of the relevant Awards in consideration for obtaining the Participant's services from the first Employer Company. 14. TESTING AND REVIEW OF PERFORMANCE CONDITION(S) As soon as reasonably practicable after the end of the Performance Period in relation to an Award of Performance Shares, the Committee shall review and determine (in its sole and absolute discretion) whether, and the extent to which, the Performance Condition(s) have been met. The Performance Shares will Vest to the extent that the Committee determines that the Performance Condition(s) and any other conditions imposed under clause 9.1.7 have been satisfied. 18 Once the Committee determines the extent to which the Performance Condition(s) have been fulfilled, the Committee shall calculate the number of Performance Shares that will Vest for each Participant based on this outcome. If the Committee determines that the Performance Condition(s) have not been fulfilled above the designated threshold level, no Performance Shares will Vest, and the Award will lapse immediately. The Participant will be notified of such fact accordingly by the Employer Company. Where the Performance Condition(s) have to be reviewed prior to the end of the Performance Period, as envisaged by clause17 the Committee will have regard to the following when determining whether, and the extent to which, the Performance Condition(s) have been satisfied: where the event which triggers the early review occurs within 6 (six) months of the end of the Company's preceding Financial Year end, the Performance Condition(s) will be reviewed with reference to the Group results reported by the Company at its previous Financial Year end; and where the event which triggers the early review occurs more than 6 (six) months after the end of the Company's preceding Financial Year end, the Performance Condition(s) will be reviewed with reference to the Group results to be reported by the Company in respect of the forthcoming Financial Year end. 19 PART 4 – GENERAL 15. INSOLVENCY All unvested Awards will be deemed to have been reacquired, and accordingly not entitle a Participant to Settlement, upon a Participant making an application for the voluntary surrender of their estate or their estate being otherwise sequestrated or any attachment of any interest of a Participant under the Plan, unless the Committee, in its sole and absolute discretion, determines otherwise and then subject to such terms and conditions as the Committee may determine. If the Company is placed in final liquidation, the Secretary will notify the Participant thereof in writing and all Awards that have not Vested at the date of notification will be forfeited. 16. POOR PERFORMANCE AND DISCIPLINARY PROCEDURES In the event of a pending disciplinary and/or poor performance process against any Participant, or the contemplation of such process, then the Committee may exercise its discretion to determine that the Vesting of any Award and/or the delivery of Shares will be suspended until the final conclusion of such process, at which time the Award will Vest and/or the Shares be delivered, or the provisions of clauses 11 or 13 will be applied, whichever is applicable. 17. CHANGE OF CONTROL The provisions of this clause 17 only apply to the Chief Executive Officer and the members of the Executive Committee and should be read together with the provisions of the CIC Agreement. In the event of an inconsistency between this clause 17 and the CIC Agreement, the CIC Agreement will prevail. In the event of a Change of Control occurring before the Vesting Date, where the Participant is subject to a CIC Qualifying Termination, a portion of the Award will Vest early on the Change of Control Date on a pro-rated basis, as follows: In respect of Performance Shares, the portion of the Award that Vests will reflect the number of complete months served between the Award Date and the Change of Control Date, divided by the total number of months in the Vesting Period. The Performance Condition will be deemed to have been satisfied to the extent required for 100% (one hundred percent) of the Award of Performance Shares to Vest (on-target performance). Subject to clause 17.3, the portion of the Award of Performance Shares that does not Vest will lapse. In respect of Restricted Shares, the portion of the Award that Vests will reflect the number of complete months served between the Award Date and the Change of Control Date, divided by the total number of months in the Employment Period. Subject to clause 17.3, the portion of the Award of Restricted Shares that does not Vest will lapse. In respect of the portions of an Award that do not Vest in terms of clauses 17.2.1 and 17.2.2, the Committee may in its discretion adjust the number of Awards or convert Awards into awards in respect of shares in one or more other companies; provided the Participants shall be no worse off because of such adjustment or conversion. In the case that an acquiring shareholder does not wish to provide such replacement awards to the Participants, the remaining portion of the Award will also Vest. 20 18. VARIATION IN SHARE CAPITAL Capitalisation Issue, Rights Issue, subdivision or consolidation of Shares, and liquidation In the event of a: 18.1.1.1 Capitalisation Issue; or 18.1.1.2 a Rights Issue; or 18.1.1.3 a subdivision of Shares; or 18.1.1.4 a consolidation of Shares; or 18.1.1.5 the Company entering a scheme of arrangement as contemplated in section 114 of the Companies Act; or 18.1.1.6 the Company making distributions, including a reduction of capital and distribution in specie, other than a dividend paid in the ordinary course of business; Participants shall continue to participate in this Plan. In the event of a Rights Issue, a Participant shall be entitled to participate in any rights issue in respect of the Shares in accordance with the terms and conditions of the Rights Issue. The provisions of clause 18.1 notwithstanding, the Committee may, where necessary, make such adjustments (without the prior approval of shareholders in a general meeting) to the rights of Participants as may be determined to be fair and reasonable to the Participants concerned by the Committee; provided that any adjustments pursuant to clause 18.1 shall be confirmed by the Auditors and should give a Participant the entitlement to the same proportion of the equity capital as they were previously entitled. The Company shall notify the Participants of any adjustments which are made under clause 18.1 and the determination and verification that the replacement benefits have the same fair value should be performed by an independent valuer. The Auditors will confirm to the Board, in writing, that any adjustments made in terms of clause 18.1 are calculated on a reasonable basis and are in accordance with the provisions of the Plan. Any adjustments made in terms of clause 18.1 will be reported in the Company's annual financial statements in the year during which the adjustment is made. If the Company is placed into liquidation for purposes other than reorganisation, an Award shall ipso facto lapse as from the liquidation date and any unvested Awards shall lapse from the liquidation date. 19. TAX LIABILITY Subject to any Applicable Law in a jurisdiction in which an Award is made, the Company may withhold any amount required: to meet any costs in respect of the Vesting of an Award for which the Participant is liable; or for employees' tax,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 from the Participant's remuneration or any other amount due by the Company to the Participant. The Company may calculate the number of Shares that represent the value of employees' tax to be withheld, with reference to the closing price of a Share on the Business Day immediately preceding the Vesting Date (the "Tax Shares") and subtract the Tax Shares from the number of Shares to be Settled to the Participant. Notwithstanding any other provision in the Plan (including clause 10.8), if the Company or relevant Employer Company is obliged (or would suffer a disadvantage of any nature if they were not) to account for, withhold, or deduct any Tax in any jurisdiction which is payable in respect of, or in connection with, the making of any Award, Settlement, delivery to a Participant of Shares, the payment of a cash amount, and/or otherwise in connection with the Plan, then the Company or relevant Employer Company, as the case may be, will be entitled to account for, withhold, or deduct such Tax from any amount due to the Participant, and the Company and/or relevant Employer Company will be relieved from the obligation to deliver any Shares to a Participant or to pay any amount to a Participant in terms of the Plan until the Tax has been discharged in full. Participants agree to indemnify the Group, the Company, relevant Employer Company, and any other member of the Group against any Tax claim of whatever nature or any other liability or obligation incurred by the Group, the Company, relevant Employer Company, and any other member of the Group, which relates to the liability of the Participant because of their participation in the Plan. For the avoidance of doubt, an Award will not be grossed up to consider any Tax of whatsoever nature. The Company is hereby irrevocably and in rem suam nominated, constituted, and appointed as the sole attorney and agent of a Participant, in that Participant's name, place, and stead to sign and execute all such documents and do all such things as are necessary to give effect to the provisions of clause 19 20. LEGAL REQUIREMENTS Notwithstanding any other provision of the Plan, no Shares shall be Settled to any Participant or received pursuant to this Plan if the Committee determines, in their sole discretion, that such Settlement will or may violate any Applicable Laws, the Listings Requirements or the listings requirements of any other securities exchange on which the Shares of the Company are listed. Despite the occurrence of a Vesting Date, all Participants shall be subject to the Group's policies, standards and procedures relating to trading in the Company's securities, the Financial Markets Act and the Listings Requirements (and any equivalent legislation or listings rules as may apply to the Company or the Participant) and no Participant shall undertake any action in respect of that Participant's Shares that will cause the Company to breach its obligations in terms of any Applicable Law, or the Listings Requirements (or the rules of any other securities exchange on which the Shares of the Company are listed). The Company will ensure that no Shares are Settled for the Plan at a time when such acquisition is prohibited by the provisions of the Financial Markets Act or the Listings Requirements. To the extent that the Company is unable to deliver the Shares to a Participant as a result of the provisions of the Financial Markets Act or the Listings Requirements, the Company will deliver the Shares to the Participant as soon as possible after the restriction is lifted; provided that the Company will not be liable for any loss that may be suffered by the Participant as a result of the postponement of delivery in terms of this clause 20. 22 Whilst the members of the Group will make every effort to Settle Shares within a reasonable period for purposes of satisfying their obligations under the Plan, they do not guarantee that they will be able to do so within set time periods. As such, the Group will not be liable for any loss that may be suffered by the Participant because of any fluctuations in the Share price, or for any other reason. 21. AMENDMENT OF THE PLAN The Committee may amend any of the provisions of this Plan, subject to the prior approval of the Board; provided that no such amendment negatively affecting the existing rights of any Participant shall be effected without the prior written consent of the Participant concerned. Clause 21.1 will not apply to any amendment which is: minor and to benefit the implementation or administration of this Plan; to take account of any changes in legislation; or to obtain or maintain favourable Tax, exchange control or regulatory treatment for the Company, any Employer Company or any present or future Participant, including in the case of an adoption of a Country Schedule. 22. STRATE Notwithstanding any provision in the Plan, the Company will not be obliged to deliver to the Participant share certificates in respect of the Shares settled to him/her in terms of the Plan, but will instead be obliged to procure such electronic transactions and/or entries and to deliver to the Participant such documents (if any) as may be required to reflect their rights in and to such Shares pursuant to the provisions of the Companies Act, the Financial Markets Act, the Rules of the Central Securities Depository (being Share Transactions Totally Electronic Limited) and the requirements of the JSE. 23. DISPUTES Should any dispute of whatsoever nature arise from or in connection with the Plan (including an urgent dispute), then the dispute will, unless the parties thereto otherwise agree in writing, be referred to the Group Chief Executive Officer. If the Group Chief Executive Officer is unable to resolve the dispute, or if the dispute relates, directly or indirectly, to the Group Chief Executive Officer, it will be referred to the chair of the Committee who, together with the Committee, will decide thereon, and that decision will be final and binding on all parties to the dispute. This clause is severable from the rest of the Plan and will remain in effect even if the Plan is terminated for any reason. 24. DATA PROTECTION By their participation in the Plan, a Participant understands, agrees and consents to the aspects listed below in addition to the Group's Privacy Policy: the collection and processing of their Personal Information by the Employer Company, the Company, and any member of the Group for all purposes reasonably connected and associated with the Participant's participation in the Plan and the administration of the Plan; 23 their Personal Information being shared and processed by external service providers, or any third parties authorised to process the Personal Information on behalf of the Employer Company, the Company and any member of the Group from time to time for purposes of the administration of the Plan; the transferring of their Personal Information to or between any of such persons for all purposes reasonably connected with the administration of the Plan and the processing of such Personal Information by such persons for all purposes reasonably connected with the administration of the Plan; the transfer of their Personal Information to locations outside of South Africa and being stored outside of South Africa from time to time. In this regard, duly authorised representatives shall be entitled to access the Personal Information irrespective of the location from which they do so for all purposes reasonably connected with the administration of the Plan; and the retention of their Personal Information for such period as reasonably required for lawful purposes relating to the functions or activities of the Employer Company, the Company and any member of the Group. The Participant warrants that all their Personal Information provided to the Employer Company, the Company, any member of the Group, or any other third-party authorised to process the Personal Information is, always, up to date, true and correct, and undertakes to update their Personal Information as and when required. The Participant understands that any inaccurate or false information of any kind may impact on their participation in the Plan. The Employer Company, the Company, or any member of the Group, will take appropriate and reasonable steps to protect Participants' Personal Information that has been collected by, or provided to it, and to prevent the loss, destruction of or unlawful access to or unauthorised disclosure of such information. If a Participant refuses or otherwise fails to provide their Personal Information (or fails to give, or withdraws, their consent for the processing of their Personal Information), the Participant may not be eligible to participate in the Plan and/or this will result in a postponement of the Participant's rights under the Plan and/or the postponement of the settlement of their allocation. 25. DOMICILIUM AND NOTICES The parties choose domicilium citandi et executandi for all purposes arising from the Plan, including the giving of any notice, the payment of any sum, the serving of any process, as follows: the Company: Physical address: 150 Helen Road, Sandown, Sandton, 2196, South Africa Postal address: Postnet Suite 252 Private Bag X30500 Houghton Johannesburg 2041 E-mail: Anre.Weststrate@goldfields.com For attention: The Company Secretary each Participant: 24 The chosen address and/or e-mail address of each Participant will be the address and/or e-mail address of that Participant reflected in the records of the Group's payroll system from time to time. Each of the parties will be entitled from time to time, by written notice to the other, to vary its domicilium to any other physical address and/or (in the case of a Participant) their address or e-mail address; provided in the case of a Participant such variation is also made to their details on the Group's payroll system. Any notice given and any payment made by any party to the other which: is delivered by hand during the normal business hours of the addressee (for attention: the Secretary in the case of the Company) at the addressee's domicilium for the time being, will be rebuttably presumed to have been received by the addressee at the time of delivery; is posted by prepaid registered post from an address within the Republic of South Africa to the addressee (for attention: the Secretary in the case of the Company) at the addressee's domicilium for the time being will be rebuttably presumed to have been received by the addressee on the 7th (seventh) day after the date of posting; or is transmitted by electronic mail to the addressee at the addressee's electronic address for the time being (for attention: the Secretary in the case of the Company) will be presumed, until the contrary is proved by the addressee, to have been received by the addressee on the date of successful transmission thereof. 26. TERMINATION OF THE PLAN The Plan shall terminate if the Committee so resolves at any time, but Awards granted before such termination will continue to be valid and as described in the provisions of this Plan. Any deficit arising from the winding up of this Plan shall be borne by the Company, to the extent not recovered by the Company from Employer Companies. 27. GENERAL PROVISIONS To the extent that shareholder approval is required to authorise any performance by the Group or any member of the Group as contemplated in the Plan, such performance will only take place once the requisite shareholder approval has been obtained. To the extent that the requisite shareholder approval is not obtained, the Committee will exercise its discretion in determining the appropriate response. In certain circumstances, the Committee may be obliged to inform the Participants that their rights under the Plan have been postponed or forfeited. The Company will not be liable for any loss that may be suffered by the Participant because of such postponement or forfeiture. The receipt of an Award in any Financial Year by a Participant does not create any rights and/or expectations that the same Participant will be entitled to any further Award in any subsequent years. An Employee's eligibility to receive Awards will be determined annually by the Committee. The Plan and participation in it will not form part of any contract of employment between any Employer Company and any Employee, and the rights and obligations of any individual under the terms of their office or employment with the Employer Company will not be affected by their participation in the Plan. This Plan will not grant a Participant any right to continued employment nor will it afford an individual additional rights to compensation or damages for any loss or potential loss which they

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 may suffer (by reason of being unable to receive an Award, Shares, or otherwise) in consequence of the termination of any office or employment within the Group for any reason whatsoever, regardless of whether such termination of employment was lawful, unlawful, fair, or unfair. The Plan will not confer on any person any legal or equitable rights (including, for the avoidance of doubt, any voting rights, or rights to receive Dividends) against any Employer Company directly or indirectly or give rise to any cause of action at law or in equity against any Employer Company. The Plan will be governed by and construed in accordance with the laws of the Republic of South Africa. 26 28. COUNTRY SCHEDULE – CANADA This schedule ("Schedule") shall apply to all Participants of the Plan who are employed by a Canadian Employer Company ("Canadian Participants"). Canadian Participants shall be subject to the Rules, as amended by this Schedule. For the avoidance of doubt, all references to the "Plan" in this Schedule should be interpreted to mean "the Plan as amended by this Schedule." DEFINITIONS AND INTERPRETATION References in this Schedule to: (a) a "clause" relate to a clause of the Plan; and (b) a "paragraph" relate to a paragraph of this Schedule. Where there is any conflict between the Rules and the paragraphs of this Schedule, the provisions of this Schedule will prevail. Unless otherwise stated, the words and expressions below have the following meanings for purposes of this Schedule and replace/ remove or delete the definitions duplicated terms in the Rules where applicable: 28.1.3.1 "Date of Termination of Employment" means notwithstanding anything else in the Plan, a Participant shall cease to be employed (i.e., a Participant's Date of Termination of Employment will be deemed to be) the date when the Participant ceases to be actively providing services to an Employer Company, regardless of whether the cessation of Participant's employment or office was lawful, and shall not include any period of contractual, common law, civil law or other reasonable notice of termination of employment or office or any period of salary continuance or deemed employment or office; provided, however, that where any greater period is expressly required by applicable employment or labour standards legislation, a Participant shall cease to be employed (i.e., Participant's Date of Termination of Employment will be deemed to be) immediately following the minimum prescribed period under that legislation. 28.1.3.2 "Fault Termination" means the termination of employment of a Participant by the Group by reason of: 28.1.3.2.1 any action or omission, or series of actions or omissions, by Participant permitting termination of employment without notice under the applicable employment or labour standards legislation (hereinafter "Just Cause"); or 28.1.3.2.2 resignation by the Participant; 28.1.3.3 All references in the Plan to "Retirement" and "Retirement Date" are hereby deleted. 28.1.3.4 "Retrenchment" means the termination of employment of a Participant by the Group on a without Just Cause basis. PART 4 - GENERAL DATA PROTECTION 28.2.1.1 The following provision supplements Section 24 of the Plan: 27 Participant hereby authorizes the Company and its representatives to discuss with and obtain all relevant Personal Information from Participant and/or any personnel, professional or not, involved in the administration and operation of the Plan. Participant further authorizes the Company, any member of the Group and any share incentive service provider that may be selected by the Company to assist with the Plan to use and disclose Participant's Personal Information to other third parties as needed in order to obtain advice, facilitate and administer the Plan and/or comply with their legal obligations. Some members of the Group and service providers may be located in jurisdictions outside of Québec and Canada. Accordingly, Participant's Personal Information may be accessible to courts, law enforcement, and national security entities in such jurisdictions. Participant understands that they may contact the Company Secretary at 150 Helen Road, Sandown, Sandton, 2196, South Africa in order to: (i) exercise Participant's rights to access and/or rectify Participant's Personal Information, where applicable; (ii) withdraw consent to the continued use or disclosure of Participant's Personal Information, subject to legal obligation and reasonable notice; (iii) ask questions regarding the collection, use and/or disclosure of Participant's Personal Information in connection with the Plan, and if Participant is resident in Alberta, including questions about the collection, use, disclosure or storage of Personal Information by the Company's service providers and members of the Group outside Canada; and/or (iv) obtain access to written information about the Company's policies and practices with respect to service providers and members of the Group outside Canada. GENERAL PROVISIONS The following paragraphs will supplement the Rules in after clause 27.5: "27.6 Language. For any such Participant located in Québec, such Participant confirms that they have had the opportunity to review and negotiate the terms of their award under the Plan and that they have expressly chosen to use the English language, including for any documents, future notices or legal proceedings relating thereto, if applicable. Pour les Participants situés au Québec, les parties confirment qu'elles ont eu l'occasion d'examiner et de négocier le Plan et qu'elles ont expressément choisi d'utiliser la langue anglaise, y compris pour tout document, avis futur ou procédure judiciaire s'y rapportant, le cas échéant. 27.7 Employment Law Compliance. Should a discrepancy (including contravention, conflict or inconsistency) exist between any express written term in the Plan, on the one hand, and minimum statutory entitlements provided for under applicable employment or labour standards legislation, on the other hand, the minimum statutory entitlements provided for under employment or labour standards legislation will prevail and Participant's entitlements (as applicable) shall be increased only to the extent necessary to satisfy the minimum statutory requirements. 27.8 No Fractions. No fractional Shares shall be issued under the Plan or any Award Agreement and no cash amount shall be payable in respect thereof. 27.9 Voluntary Participation. Participant's participation in the Plan is voluntary. 27.10 Securities Law Information. The following defined term in Section 2 of the Plan are modified for issuances of securities to eligible persons in Canada such that the following supplements the existing defined terms: "Group" – in order to be included in the Group, an entity means a person (which includes a corporation) that controls the Company or is controlled by the Company or is controlled by the same person 28 that controls the Company. For this purpose, a person (first person) is considered to control a person (second person) if the first person, directly or indirectly, has the power to direct the management and policies of the second person by virtue of ownership of or direction over voting securities in the second person (over 50%); or a written agreement or indenture. You understand that, subject to any contractual restrictions that are applicable, you are permitted to sell Shares acquired pursuant to the Plan, provided that the Company is a "foreign issuer" that is not a public company ("reporting issuer") in any jurisdiction of Canada and the sale of the Shares acquired pursuant to the Plan takes place: (i) through an exchange, or a market, outside of Canada on the distribution date; or (ii) to a person or company outside of Canada. For purposes hereof, in addition to not being a reporting issuer in any jurisdiction of Canada, a "foreign issuer" is an issuer that: (i) is not incorporated or existing pursuant to the laws of Canada or any jurisdiction of Canada; (ii) does not have its head office in Canada; and (iii) does not have a majority of its executive officers or directors ordinarily resident in Canada. If any Broker is appointed under the Plan, you shall sell such securities through the Broker. 27.11 Foreign Asset/Account Reporting Information. Canadian residents are required to report any "foreign property" on form T1135 (Foreign Income Verification Statement) if the total cost of such property exceeds a certain threshold (currently CDN$100,000) at any time in the year. It is your responsibility to comply with these reporting obligations, and you should consult with your own personal tax advisor in this regard. 27.12 Right to acquire newly-issued Shares. Notwithstanding any provision of the Plan (including Section 10.2 or 19.2 of the Plan) or any related Award Agreement, your Award shall entitle you, upon fulfillment of the requisite conditions, to acquire newly-issued Shares, and may not be cash-settled (or otherwise settled) without your consent.

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![](exhibit42_2025shareplan008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 29. COUNTRY SCHEDULE – GHANA This schedule ("Schedule") shall apply to all Participants of the Plan who are employed by a Ghanian Employer Company ("Ghanaian Participants"). Ghanaian Participants shall be subject to the Rules, as amended by this Schedule. For the avoidance of doubt, all references to the "Plan" in this Schedule should be interpreted to mean "the Plan as amended by this Schedule". DEFINITIONS AND INTERPRETATION References in this Schedule to: (a) a "clause" relate to a clause of the Plan; and (b) a "paragraph" relate to a paragraph of this Schedule. Where there is any conflict between the Rules and the paragraphs of this Schedule, the provisions of this Schedule will prevail. Unless otherwise stated, the words and expressions below have the following meanings for purposes of this Schedule and replace/ remove or delete the definitions duplicated terms in the Rules where applicable: 29.1.3.1 "Participant" means an Eligible Employee that receives an Award in terms of clause 9 and who has accepted such Award; in the case of the Employee's death the term "Participant" includes the administrator or executor of Employee's deceased estate; PART3 - AWARDS AWARDS Clause 9.4 of the Rules is replaced by the following paragraphs in respect of Ghanaian Participants: "9.4 An Employee who wishes to accept an Award must deliver an acceptance notice to the Employer Company on or before the date indicated in the Award Letter confirming their acceptance of the terms and conditions of the Plan, otherwise the Award will be deemed to have been rejected. That acceptance notice, once delivered, will be binding in respect of the Award, and may not be subsequently revoked by the Employee. " 30 30. COUNTRY SCHEDULE – PERU This schedule ("Schedule") shall apply to all Participants of the Plan who are employed by a Peruvian Employer Company ("Peruvian Participants"). Peruvian Participants shall be subject to the Rules, as amended by this Schedule. For the avoidance of doubt, all references to the "Plan" in this Schedule should be interpreted to mean "the Plan as amended by this Schedule". For Participants based in Peru, the Plan shall be interpreted in accordance with Peruvian employment and tax regulations, where applicable. Any discretion afforded to the Committee must be exercised in accordance with Peruvian constitutional and labour law principles, particularly those set forth in Articles 2(2) and 26 of the Constitution, which prohibit arbitrary or discriminatory treatment. DEFINITIONS AND INTERPRETATION References in this Schedule to: (a) a "clause" relate to a clause of the Plan; and (b) a "paragraph" relate to a paragraph of this Schedule. Where there is any conflict between the Rules and the paragraphs of this Schedule, the provisions of this Schedule will prevail. Unless otherwise stated, the words and expressions below have the following meanings for purposes of this Schedule and replace/ remove or delete the definitions duplicated terms in the Rules where applicable: 30.1.3.1 "Fault Termination" means the termination of employment of a Participant by the Group by reason of- 30.1.3.1.1 "gross misconduct" defined in Article 25 of the Supreme Decree No. 003-97- TR; 30.1.3.1.2 poor performance; 30.1.3.1.3 retirement before the Retirement Date; or 30.1.3.1.4 resignation by the Participant; 30.1.3.1.5 dismissal from a position of trust 30.1.3.2 "Malus Policy" means the Gold Fields Group Services Malus Policy which may be applicable, as amended from time to time and consented to by the Participant in the Award Letter, which gives the Committee the discretion to reduce any unvested Award as described in the Malus Policy; "Retirement" means in relation to a Participant employed in a jurisdiction where the concept of 'Retirement' applies, such retirement age as is specified in the Participant's contract of employment (or Service Agreement, as the case maybe) or as otherwise determined by the Group, or with the approval of the Board, prior to the normal retirement age, where applicable; 31 PART 4 - GENERAL TAX LIABILITY The following paragraph is inserted after clause 19.2 of the Rules: "19.3 Notwithstanding any other provision in the Plan, each Participant shall be solely responsible for complying with their personal tax obligations arising in their country of residence. The Company and any Employer Company shall have no liability for any personal tax filings, payments, penalties, or interests due in such jurisdiction, in relation to the receipt, vesting or settlement of Awards." DATA PROTECTION Clause 24 of the Rules is replaced by the following paragraphs: "24.1 By their participation in the Plan, a Participant understands, agrees and expressly consents and acknowledge to the aspects listed below in addition to the Group's Privacy Policy: 24.1.1 the collection and processing of their Personal Information by the Employer Company, the Company, and any member of the Group for all purposes reasonably connected and associated with the Participant's participation in the Plan and the administration of the Plan; 24.1.2 their Personal Information being shared and processed by external service providers, or any third parties authorised to process the Personal Information on behalf of the Employer Company, the Company and any member of the Group from time to time for purposes of the administration of the Plan previously described; 24.1.3 the transferring of their Personal Information to or between any of such persons for all purposes reasonably connected with the administration of the Plan and the processing of such Personal Information by such persons for purposes previously described and all purposes reasonably connected with the administration of the Plan; 24.1.4 the transfer of their Personal Information to locations outside of South Africa and being stored outside of South Africa from time to time. In this regard, duly authorised representatives shall be entitled to access the Personal Information irrespective of the location from which they do so for all purposes reasonably connected with the administration of the Plan; and 24.1.5 the retention of their Personal Information for such period as reasonably required for lawful purposes relating to the functions or activities of the Employer Company, the Company and any member of the Group. 24.2 The Participant warrants that all their Personal Information provided to the Employer Company, the Company, any member of the Group, or any other third-party authorised to process the Personal Information is, always, up to date, true and correct, and undertakes to update their Personal Information as and when required. The Participant understands that any 32 inaccurate or false information of any kind may impact on their participation in the Plan. 24.3 The Employer Company, the Company, or any member of the Group, will take appropriate and reasonable steps to protect Participants' Personal Information that has been collected by, or provided to it, and to prevent the loss, destruction of or unlawful access to or unauthorised disclosure of such information. 24.4 The Participant acknowledges that they have been informed about the optional nature of granting their consent and the possibility of withdraws it at any time as well as exercising their rights of access, rectification, cancellation and opposition for processing their Personal Information by written request sent by email to the Secretary. However, if a Participant refuses or otherwise fails to provide their Personal Information (or fails to give, or withdraws, their consent for the processing of their Personal Information), the Participant may not be eligible to participate in the Plan and/or this will result in a postponement of the Participant's rights under the Plan and/or the postponement of the settlement of their allocation. 24.5 The Participant declares that they have been informed about the ownership, address and location of the database where their Personal Information will be processed and store in accordance with the purposes of the Plan and that it will depend on their physical location within the Group's companies. Furthermore, Participant's Personal Information will be processed for the purposes of the Plan in accordance with local data protection provisions where Participant are located and necessary measures will be taken to ensure its security and confidentiality. " GENERAL PROVISIONS The following paragraph is inserted after clause 27.2: "27.3 Participation in the Plan is entirely discretionary and does not form part of any Participant's terms and conditions of employment. Participation does not constitute a contractual right, and the Company reserves the right to amend, suspend or terminate the Plan at any time without giving rise to any claim for compensation, damages, or acquired rights under any local labour legislation."

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## Exhibit 4.14

![](exhibit414_sid001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 The Esplanade Perth WA 6000 Australia GPO Box U1942 Perth WA 6845 Australia T +61 8 9211 7777 F +61 8 9211 7878 herbertsmithfreehills.com Deed Scheme Implementation Deed CERTAIN PORTIONS OF INFORMATION HAVE BEEN OMITTED FROM THIS EXHIBIT BECAUSE SUCH INFORMATION IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. OMITTED INFORMATION IS MARKED AS [\*\*\*] BELOW. 2064284080.2 Scheme Implementation Deed Contents 1 Contents Table of contents 1 Definitions and interpretation 2 1.1 Definitions ............................................................................................................ 2 1.2 Interpretation ........................................................................................................ 2 1.3 Deed components ................................................................................................ 2 2 Agreement to proceed with the Transaction 2 2.1 Scheme ................................................................................................................ 2 2.2 Waiver of standstill ............................................................................................... 2 3 Conditions Precedent and pre-implementation steps 2 3.1 Conditions Precedent .......................................................................................... 2 3.2 Satisfaction of Conditions Precedent ................................................................... 4 3.3 Waiver of Conditions Precedent .......................................................................... 5 3.4 Termination on failure of Condition Precedent .................................................... 6 3.5 Certain notices relating to Conditions Precedent ................................................ 7 3.6 Further notice in certain circumstances ............................................................... 8 4 Transaction steps 8 4.1 Scheme ................................................................................................................ 8 4.2 Scheme Consideration ........................................................................................ 8 4.3 Provision of Gold Road Share information .......................................................... 9 4.4 Gold Road Performance Rights ........................................................................... 9 4.5 Special Dividend .................................................................................................. 9 5 Implementation 11 5.1 Timetable ........................................................................................................... 11 5.2 Gold Road's obligations ..................................................................................... 11 5.3 GHPL's obligations ............................................................................................ 15 5.4 Conduct of business .......................................................................................... 16 5.5 Appointment of directors .................................................................................... 18 5.6 Gold Road Board recommendation ................................................................... 19 5.7 Conduct of Court proceedings ........................................................................... 20 5.8 Scheme Booklet content and responsibility statements .................................... 20 6 Access to information 21 7 Representations and warranties 22 7.1 GHPL's representations and warranties ............................................................ 22 7.2 GHPL's indemnity .............................................................................................. 22 7.3 Gold Road's representations and warranties .................................................... 22 7.4 Gold Road's indemnity ....................................................................................... 22 7.5 Qualifications on Gold Road's representations, warranties and indemnities .... 23 7.6 Survival of representations and warranties ....................................................... 23 7.7 Survival of indemnities ....................................................................................... 23 Contents 2064284080 Scheme Implementation Deed Contents 2 7.8 Timing of representations and warranties ......................................................... 23 7.9 No representation or reliance ............................................................................ 23 8 Releases 24 8.1 Gold Road and Gold Road directors and officers .............................................. 24 8.2 GHPL and GHPL directors and officers ............................................................. 24 8.3 Deeds of indemnity and insurance .................................................................... 25 9 Public announcement 26 9.1 Announcement of the Transaction ..................................................................... 26 9.2 Public announcements ...................................................................................... 27 9.3 Required disclosure ........................................................................................... 27 10 Confidentiality 27 11 Exclusivity 28 11.1 No existing discussions ..................................................................................... 28 11.2 No shop and no talk ........................................................................................... 29 11.3 Fiduciary exception ............................................................................................ 29 11.4 Notification of approaches ................................................................................. 30 11.5 Matching right .................................................................................................... 30 11.6 Provision of information ..................................................................................... 32 12 Reimbursement Fee 32 12.1 Background to Reimbursement Fee .................................................................. 32 12.2 Reimbursement Fee triggers ............................................................................. 33 12.3 Payment of Reimbursement Fee ....................................................................... 34 12.4 Basis of Reimbursement Fee ............................................................................ 34 12.5 Compliance with law .......................................................................................... 35 12.6 Reimbursement Fee payable only once ............................................................ 35 12.7 Other Claims ...................................................................................................... 35 12.8 No Reimbursement Fee if Scheme Effective ..................................................... 35 13 Termination 35 13.1 Termination ........................................................................................................ 35 13.2 Termination for breach of representations and warranties ................................ 37 13.3 Effect of termination ........................................................................................... 37 13.4 Termination ........................................................................................................ 37 13.5 No other termination .......................................................................................... 37 14 GHPL Guarantor Guarantee 38 14.1 Guarantee .......................................................................................................... 38 14.2 Survival .............................................................................................................. 38 14.3 Continuing Guarantee and indemnity ................................................................ 38 14.4 Liability unaffected ............................................................................................. 38 14.5 No set-off counterclaim ...................................................................................... 39 14.6 Remedy .............................................................................................................. 39 14.7 Reinstatement .................................................................................................... 39 Contents 2064284080 Scheme Implementation Deed Contents 3 14.8 Warranties .......................................................................................................... 39 15 Duty, costs and expenses 40 15.1 Stamp duty ......................................................................................................... 40 15.2 Costs and expenses .......................................................................................... 40 16 GST 40 17 Notices 41 17.1 Form of Notice ................................................................................................... 41 17.2 How Notice must be given and when Notice is received ................................... 42 17.3 Electronic communication .................................................................................. 42 18 General 43 18.1 Governing law and jurisdiction ........................................................................... 43 18.2 Service of process ............................................................................................. 43 18.3 No merger .......................................................................................................... 43 18.4 Invalidity and enforceability ................................................................................ 43 18.5 Waiver ................................................................................................................ 43 18.6 Variation ............................................................................................................. 44 18.7 Assignment of rights .......................................................................................... 44 18.8 Acknowledgement.............................................................................................. 44 18.9 No third party beneficiary ................................................................................... 44 18.10 Further action to be taken at each party's own expense ................................... 44 18.11 Entire agreement ............................................................................................... 44 18.12 Counterparts ...................................................................................................... 45 18.13 Relationship of the parties ................................................................................. 45 18.14 Remedies cumulative ........................................................................................ 45 18.15 Exercise of rights ............................................................................................... 45 18.16 Withholding ........................................................................................................ 45 Schedules Schedule 1 Definitions and interpretation 48 Schedule 2 GHPL Representations and Warranties 69 Schedule 3 Gold Road Representations and Warranties 71

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![](exhibit414_sid002.jpg)

Contents 2064284080 Scheme Implementation Deed Contents 4 Schedule 4 Gold Road details 75 Schedule 5 Gold Road Tenements Signing page 84 Attachment 1 Indicative Timetable Attachment 2 Scheme of arrangement Attachment 3 Deed poll Attachment 4 Conditions Precedent certificate Herbert Smith Freehills owns the copyright in this document and using it without permission is strictly prohibited. 2064284080 Scheme Implementation Deed page 1 Scheme Implementation Deed Date ► Between the parties GHPL Gruyere Holdings Pty Ltd ABN 65 615 728 491 of Level 4, 235 St Georges Terrace, Perth WA 6000 GHPL Guarantor Gold Fields Holdings Company Limited a limited liability company incorporated under the laws of the British Virgin Islands, Registration No. 651406 of 150 Helen Road, Sandown, Sandton, 2196 Gold Road Gold Road Resources Limited ABN 13 109 289 527 of Level 2, 26 Colin Street, West Perth WA 6005 Recitals 1 The parties have agreed that GHPL will acquire all of the ordinary shares in Gold Road by means of a scheme of arrangement under Part 5.1 of the Corporations Act between Gold Road and the Scheme Shareholders. 2 The parties have agreed to implement the scheme of arrangement in accordance with this deed. This deed witnesses as follows: 4 May 2025 2064284080 Scheme Implementation Deed page 2 1 Definitions and interpretation 1.1 Definitions The meanings of the terms used in this deed are set out in Schedule 1. 1.2 Interpretation Schedule 1 contains interpretation rules for this deed. 1.3 Deed components This deed includes any schedule. 2 Agreement to proceed with the Transaction 2.1 Scheme (a) Gold Road agrees to propose the Scheme on and subject to this deed. (b) GHPL agrees to assist Gold Road to propose the Scheme on and subject to this deed. (c) Gold Road and GHPL agree to implement the Scheme on and subject to this deed. 2.2 Waiver of standstill On and from the date of this deed and to the extent that the restriction in clause 12.5 of the Joint Venture Agreement continues to apply, Gold Road waives the restriction in clause 12.5 of the Joint Venture Agreement to the extent required for GHPL to undertake the Scheme and otherwise exercise its rights and undertake any of the actions contemplated by this deed (including clause 11). 3 Conditions Precedent and pre-implementation steps 3.1 Conditions Precedent Subject to this clause 3, the Scheme will not become Effective, and the respective obligations of the parties in relation to the implementation of the Scheme are not binding, until each of the following Conditions Precedent is satisfied or waived to the extent and in the manner set out in this clause 3. (a) Regulatory Approvals: before 5.00pm on the Business Day before the Second Court Date: 3 Conditions Precedent and pre-implementation steps 2064284080 Scheme Implementation Deed page 3 (1) FIRB: one of the following has occurred: (A) GHPL has received written notice under the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), by or on behalf of the Treasurer of the Commonwealth of Australia (Treasurer), advising that the Commonwealth Government has no objections to the Transaction, either unconditionally or on terms that are acceptable to GHPL acting reasonably; (B) the Treasurer becomes precluded by the passage of time from making an order or decision under Part 3 of the FATA in relation to the Transaction and the Transaction is not prohibited by section 82 of the FATA; or (C) where an interim order is made under section 68 of the FATA in respect of the Transaction, the subsequent period for making an order or decision under Part 3 of the FATA elapses without the Treasurer making such an order or decision; (2) ASIC and ASX: ASIC and ASX issue or provide all relief, waivers, confirmations, exemptions, consents or approvals, and do all other acts, necessary, or which Gold Road and GHPL agree are desirable, to implement the Scheme and such relief, waivers, confirmations, exemptions, consents, approvals or other acts (as the case may be) remain in full force and effect in all respects and have not been withdrawn, revoked, suspended, restricted or amended (or become subject to any notice, intimation or indication of intention to do any such thing) before 8.00am on the Second Court Date; (3) other: any other approvals, consents, waivers, exemptions or declarations that are required by law, or by any Government Agency, to implement the Scheme are granted, given, made or obtained on an unconditional basis and remain in full force and effect in all respects, and have not been withdrawn, revoked, suspended, restricted or amended (or become subject to any notice, intimation or indication of intention to do any such thing) before 8.00am on the Second Court Date. (b) Shareholder approval: Gold Road Shareholders approve the Scheme at the Scheme Meeting by the requisite majorities under subparagraph 411(4)(a)(ii) of the Corporations Act. (c) Independent Expert: the Independent Expert: (1) issues an Independent Expert's Report which concludes that the Scheme is in the best interests of Gold Road Shareholders before the time when the Scheme Booklet is registered by ASIC; and (2) does not change or qualify its conclusion in a manner that is material and adverse in the context of the Scheme taken as a whole or withdraw its Independent Expert's Report before 8.00am on the Second Court Date. (d) Court approval: the Court approves the Scheme in accordance with paragraph 411(4)(b) of the Corporations Act. (e) Restraints: between (and including) the date of this deed and 8.00am on the Second Court Date: (1) there is not in effect any temporary, preliminary or final order, injunction, decision or decree issued by any court of competent

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![](exhibit414_sid003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Conditions Precedent and pre-implementation steps 2064284080 Scheme Implementation Deed page 4 jurisdiction or other Government Agency, or other material legal restraint or prohibition; (2) no action or investigation is announced, commenced or threatened by any Government Agency; and (3) no application is made to any Government Agency, in consequence of, or in connection with, the Scheme which: (4) restrains, prohibits or otherwise materially adversely affects (or could reasonably be expected to restrain, prohibit or otherwise materially adversely affect) the Scheme, completion of the Transaction or the rights of GHPL in respect of Gold Road or the Gold Road Shares to be acquired under the Scheme; or (5) requires the divestiture by GHPL of any Gold Road Shares or the divestiture of any material assets of the Gold Fields Group or the Gold Road Group, unless such order, injunction decision, decree, action, investigation or application has been disposed of to the satisfaction of GHPL (acting reasonably), or is otherwise no longer effective or enforceable, by 8.00am on the Second Court Date. (f) No Gold Road Prescribed Occurrence: no Gold Road Prescribed Occurrence occurs between (and including) the date of this deed and 8.00am on the Second Court Date. (g) No Gold Road Regulated Event: no Gold Road Regulated Event occurs between (and including) the date of this deed and 8.00am on the Second Court Date, which has resulted in GHPL having a right to terminate this deed under clause 13. (h) No Gold Road Material Adverse Change: no Gold Road Material Adverse Change occurs or is discovered, announced, disclosed or otherwise becomes known to GHPL, between (and including) the date of this deed and 8.00am on the Second Court Date. (i) Gold Road Performance Rights: Gold Road has done all things and taken all necessary steps by 8.00am on the Second Court date to ensure that, before the Scheme Record Date, all Gold Road Performance Rights will have been vested and exercised or otherwise lapsed. (j) NST Holding: between (and including) the date of this deed and 8.00am on the Second Court Date, the Gold Road Group continues to hold, and does not otherwise dispose of, the NST Holding (or any part thereof). 3.2 Satisfaction of Conditions Precedent (a) Gold Road must, to the extent it is within its power to do so, use all reasonable endeavours to procure that each of the Conditions Precedent in clauses 3.1(b), 3.1(c), 3.1(d), 3.1(f), 3.1(g), 3.1(h), 3.1(i) and 3.1(j) is satisfied as soon as practicable after the date of this deed and continues to be satisfied at all times until the last time that the relevant clause provides that it is to be satisfied. (b) Each party must, to the extent it is within its respective power to do so, use all reasonable endeavours to procure that: (1) each of the Conditions Precedent in clause 3.1(a) are satisfied as soon as practicable after the date of this deed and continues to be 3 Conditions Precedent and pre-implementation steps 2064284080 Scheme Implementation Deed page 5 satisfied at all times until the last time that the relevant clause provides that it is to be satisfied; and (2) there is no occurrence within its control or the control of any of its Subsidiaries that would prevent any of the Conditions Precedent being or remaining satisfied. (c) Without limiting this clause 3.2 and except to the extent prohibited by a Government Agency, each party must: (1) promptly apply for all relevant Regulatory Approvals (as applicable) and provide to the other party a copy of all those applications; (2) take all steps it is responsible for as part of the Regulatory Approval process, including responding to requests for information from the relevant Government Agencies at the earliest practicable time; (3) keep the other party reasonably informed of progress in relation to each Regulatory Approval (including in relation to any material matters raised by, or conditions or other arrangements proposed by, or to, any Government Agency in relation to a Regulatory Approval) and provide the other party with all information reasonably requested in connection with the applications for, or progress of, the Regulatory Approvals; (4) consult with the other party in advance in relation to the progress of obtaining, and all material communications with Government Agencies regarding any of, the Regulatory Approvals; and (5) provide the other party with all assistance and information that it reasonably requests in connection with an application for a Regulatory Approval to be lodged by that other party, provided that: (6) the party applying for a Regulatory Approval may withhold or redact information or documents from the other party if and to the extent that they are either confidential to a third party or commercially sensitive and confidential to the applicant; (7) neither party is required to disclose materially commercially sensitive information to the other party; and (8) the party applying for a Regulatory Approval is not prevented from taking any step (including communicating with a Government Agency) in respect of a Regulatory Approval if the other party has not promptly responded under clause 3.2(c)(4). 3.3 Waiver of Conditions Precedent (a) The Conditions Precedent in clauses 3.1(a), 3.1(b) and 3.1(d) cannot be waived. (b) The Conditions Precedent in clauses 3.1(f), 3.1(g), 3.1(h), 3.1(i) and 3.1(j) are for the sole benefit of GHPL and may only be waived by GHPL (in its absolute discretion) in writing. (c) The Conditions Precedent in clause 3.1(c) is for the sole benefit of Gold Road and may only be waived by Gold Road (in its absolute discretion) in writing. (d) The Conditions Precedent in clause 3.1(e) is for the benefit of both parties and may only be waived by written agreement between GHPL and Gold Road (in each case in their respective absolute discretion). 3 Conditions Precedent and pre-implementation steps 2064284080 Scheme Implementation Deed page 6 (e) If a party waives the breach or non-satisfaction of any of the Conditions Precedent in clause 3.1, that waiver does not prevent that party from suing the other party for any breach of this deed that resulted in the breach or non- satisfaction of the relevant Condition Precedent. (f) Waiver of a breach or non-satisfaction in respect of one Condition Precedent does not constitute: (1) a waiver of breach or non-satisfaction of any other Condition Precedent resulting from the same event; or (2) a waiver of breach or non-satisfaction of that Condition Precedent resulting from any other event. 3.4 Termination on failure of Condition Precedent (a) If there is an act, a failure to act, an event or an occurrence that is reasonably likely to, or does, prevent any of the Conditions Precedent being satisfied (including, for the avoidance of doubt, if Gold Road Shareholders do not agree to the Scheme at the Scheme Meeting by the requisite majorities), or if any of the Conditions Precedent will not otherwise be satisfied (and the non- satisfaction has not already been waived in accordance with this deed), by the earlier of: (1) the time and date specified in this deed for the satisfaction of that Condition Precedent; and (2) the End Date, or it becomes more likely than not that the Scheme will not become Effective on or before the End Date, then either party may give the other party written notice (Consultation Notice) within 5 Business Days after a relevant notice being given under clause 3.5(b) and the parties then must consult in good faith to: (3) consider and, if agreed, determine, whether the Transaction may proceed by way of alternative means or methods; (4) consider changing and, if agreed, change, the date of the application made to the Court for an order under paragraph 411(1) of the Corporations Act convening the Scheme Meeting or adjourning that application (as applicable) to another date agreed to in writing by GHPL and Gold Road; (5) consider changing and, if agreed, change, the date of the application made to the Court for an order under paragraph 411(4)(b) of the Corporations Act approving the Scheme or adjourning that application (as applicable) to another date agreed to in writing by GHPL and Gold Road; (6) consider seeking orders from the Court to postpone the Scheme Meeting, or recommend that there be an adjournment of the Scheme Meeting, to another date agreed to in writing by GHPL and Gold Road; or (7) consider extending and, if agreed, extend, the time and date specified in this deed for the satisfaction of that Condition Precedent or the End Date (as applicable), respectively. (b) Subject to clauses 3.4(c), 3.4(d) and 3.4(e), if the parties are unable to reach agreement under clause 3.4(a) within 10 Business Days after the date on which 3 Conditions Precedent and pre-implementation steps 2064284080 Scheme Implementation Deed page 7 the Consultation Notice is given or any shorter period ending at 5:00pm on the day before the Second Court Date, then, unless: (1) the relevant Condition Precedent has been waived in accordance with clause 3.3; or (2) the party, or in the case of clause 3.3(d), each party, entitled to waive the relevant Condition Precedent in accordance with clause 3.3 confirms in writing to the other party that it will not rely on the event or occurrence that would or does prevent the relevant Condition Precedent from being satisfied, or would mean the relevant Condition Precedent would or will not otherwise be satisfied, either party may terminate this deed without any liability to the other party because of that termination. For the avoidance of doubt, nothing in this clause 3.4(b) affects the obligation of Gold Road to pay the Reimbursement Fee if it is required to do so under clause 12. (c) A party may not terminate this deed pursuant to clause 3.4(b) if: (1) the relevant occurrence or event, the failure of the Condition Precedent to be satisfied, or the failure of the Scheme to become Effective, arises out of a breach of clauses 3.2 or 3.5 by that party, although in such circumstances the other party may still terminate this deed; or (2) the relevant Condition Precedent is stated in clause 3.3 to be for the sole benefit of the other party. (d) If the Condition Precedent in clause 3.1(b) (Shareholder approval) is not satisfied only because of a failure to obtain the majority required by sub- subparagraph 411(4)(a)(ii)(A) of the Corporations Act, then either party may by written notice to the other within 3 Business Days after the date of the conclusion of the Scheme Meeting require the approval of the Court to be sought, pursuant to the Court's discretion in that sub-subparagraph, provided the party has, in good faith formed the view that the prospect of the Court exercising its discretion in that way is reasonable. If approval is given, the Condition Precedent in clause 3.1(b) (Shareholder approval) is deemed to be satisfied for all purposes. (e) If the Court refuses to make an order approving the Scheme which satisfies the Condition Precedent in clause 3.1(d), at GHPL's request Gold Road must appeal the Court's decision to the fullest extent possible (except to the extent that the parties agree otherwise, or an independent Senior Counsel indicates that, in their view, an appeal would have negligible prospects of success before the End Date). Gold Road may bring an appeal even if not requested by GHPL. If any such appeal is undertaken at the request of GHPL, GHPL will bear Gold Road's costs of the appeal (including costs of the independent Senior Counsel) unless the parties otherwise agree. If any such appeal is undertaken by Gold Road without the prior request from GHPL, each party will bear its own costs unless the parties otherwise agree. 3.5 Certain notices relating to Conditions Precedent If a party becomes aware of: (a) the satisfaction of a Condition Precedent or of any material progress towards such satisfaction; or (b) the happening of an event or occurrence that would, does, will, or would reasonably be likely to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Transaction steps 2064284080 Scheme Implementation Deed page 8 (1) prevent a Condition Precedent being satisfied; or (2) mean that any Condition Precedent will not otherwise be satisfied, before the time and date specified for its satisfaction (or being satisfied by the End Date, if no such time and date is specified) or such Condition Precedent is not otherwise satisfied by that time and date (including, for the avoidance of doubt, if Gold Road Shareholders do not agree to the Scheme at the Scheme Meeting by the requisite majorities), it must advise the other by notice in writing, as soon as possible (and in any event within 2 Business Days). 3.6 Further notice in certain circumstances Gold Road and GHPL (as the case may be) must promptly advise each other, in writing, of any fact, matter, change, event or circumstance causing, or which, so far as can reasonably be foreseen, would cause: (a) a representation or warranty provided in this deed by the relevant party to be false; (b) a breach or non-satisfaction of any of the Conditions Precedent; or (c) a material breach of this deed by the relevant party. 4 Transaction steps 4.1 Scheme (a) Gold Road must propose the Scheme to Gold Road Shareholders on and subject to the terms and conditions of this deed and the Scheme. (b) Gold Road must not consent to any modification of, or amendment to, or the making or imposition by the Court of any condition in respect of, the Scheme without the prior written consent of GHPL. 4.2 Scheme Consideration (a) The parties acknowledge that each Scheme Shareholder will be entitled to receive the Scheme Consideration in respect of each Scheme Share held by that Scheme Shareholder in accordance with this deed and the Scheme. (b) GHPL undertakes and warrants to Gold Road (in its own right and separately as trustee on behalf of the Scheme Shareholders) that, in consideration of the transfer to GHPL of each Gold Road Share held by a Scheme Shareholder under the terms of the Scheme, on the Implementation Date GHPL will: (1) accept that transfer; and (2) provide to each Scheme Shareholder the Scheme Consideration for each Scheme Share in accordance with this deed and the Scheme. (c) Where the calculation of the Scheme Consideration to be provided to a particular Scheme Shareholder would result in the Scheme Shareholder becoming entitled to a fraction of a cent, the fractional entitlement will be rounded down to the nearest whole cent. 4 Transaction steps 2064284080 Scheme Implementation Deed page 9 4.3 Provision of Gold Road Share information (a) In order to facilitate the provision of the Scheme Consideration, Gold Road must provide, or procure the provision of, to GHPL or a nominee of GHPL, a complete copy of the Gold Road Share Register as at the Scheme Record Date (which must include the name, Registered Address and registered holding of each Scheme Shareholder as at the Scheme Record Date), within one Business Day after the Scheme Record Date. (b) The details and information to be provided under clause 4.3(a) must be provided in such form as GHPL or its nominee may reasonably require. 4.4 Gold Road Performance Rights Gold Road must take such action as is necessary to ensure that: (a) there are no outstanding Gold Road Performance Rights on or after the Record Date; and (b) subject to the Scheme becoming Effective, prior to the Record Date, all Gold Road Performance Rights will be vested in accordance with their terms, applicable law and the Listing Rules and be exercised (if applicable), and the resulting Shares are issued, which action will include: (1) the Gold Road Board accelerating the vesting of, or waiving any vesting conditions or vesting periods applying to, any or all Performance Rights (subject to the terms of the Gold Road Performance Rights permitting such accelerated vesting or waiving of such vesting conditions or periods, applicable law, the Listing Rules and the proper exercise of the Gold Road Board's discretion); and (2) the Gold Road Board taking all reasonable steps and actions as are necessary to ensure the Gold Road Performance Rights are exercised immediately: (A) for the vested Gold Road Performance Rights that have not been exercised prior to the Effective Date, upon the Effective Date; and (B) for all other Gold Road Performance Rights, upon those Performance Rights vesting; (3) Gold Road making all necessary applications to ASX for waivers under the Listing Rules (if required); and (4) Gold Road issuing or procuring the issue or transfer of such number of Shares as required by the terms of the Gold Road Performance Rights before the Record Date so that the holders of those Gold Road Performance Rights can participate as Scheme Shareholders in the Scheme and receive the Scheme Consideration. 4.5 Special Dividend (a) Notwithstanding any other provision of this deed, subject to: (1) the Scheme becoming Effective; and (2) Gold Road complying with the requirements of section 254T of the Corporations Act, 4 Transaction steps 2064284080 Scheme Implementation Deed page 10 (b) Gold Road may (in its absolute discretion) declare and pay a special dividend in a cash amount which shall not exceed such amount as can be fully franked utilising the franking account balance (but ensuring that the franking account balance is not in deficit on the Effective Date and that all income tax instalment payments by Gold Road following the date of this deed are calculated in a manner consistent with Gold Road's practice prior to the date of this deed and otherwise paid in the ordinary and usual course) (Special Dividend) to Gold Road Shareholders provided that: (1) the record date for the Special Dividend must be on or before the Scheme Record Date; and (2) the payment date for the Special Dividend will be determined by Gold Road (in its absolute discretion), provided that the payment date occurs on or before the Implementation Date (Special Dividend Payment Date). (c) Gold Road must provide GHPL with supporting documents evidencing (to GHPL's reasonable satisfaction) that the franking account of Gold Road shall not be in deficit after the payment of such Special Dividend. (d) The Scheme Consideration will be reduced by the cash amount of the Special Dividend. (e) GHPL acknowledges that Gold Road may seek a class ruling from the Australian Taxation Office confirming that any Special Dividend can be fully franked, and GHPL must provide Gold Road with such assistance and information as may reasonably be requested by Gold Road for the purposes of obtaining such ruling. (f) Gold Road undertakes that no amount of the Special Dividend shall be directly or indirectly funded before Implementation from the issue of equity interests (as defined in section 995-1 of the Tax Act) by any Gold Road Group Member, where such equity interests are issued before the implementation of the Scheme. (g) GHPL undertakes (on behalf of itself and the Gold Fields Group) that no amount of the Special Dividend shall be directly or indirectly funded on or after Implementation from the issue of equity interests (as defined in section 995-1 of the Tax Act) by any company, whether such equity interests are issued before or after the implementation of the Scheme. For the avoidance of doubt, this entails an undertaking that no proceeds from an equity issuance will be applied by the Gold Fields Group towards repayment of any portion of a debt facility that has been drawn by Gold Road prior to the Implementation Date to pay part or all of the Special Dividend. (h) Gold Road undertakes that the payment of the Special Dividend will not breach the Benchmarking Franking Rule of section 203-25 of the Tax Act. (i) Gold Road undertakes that the Special Dividend will be paid from profits, retained earnings or distributable reserves (or a combination of all or some of them) of Gold Road existing prior to the declaration or authorisation of such dividend and otherwise in accordance with the Corporations Act, and may not be debited against Gold Road's share capital account. 5 Implementation 2064284080 Scheme Implementation Deed page 11 5 Implementation 5.1 Timetable (a) Subject to clause 5.1(b), the parties must each use all reasonable endeavours to: (1) comply with their respective obligation under this clause 5; and (2) take all necessary steps and exercise all rights necessary to implement the Transaction, in accordance with the Timetable. (b) Failure by a party to meet any timeframe or deadline set out in the Timetable will not constitute a breach of clause 5.1(a) to the extent that such failure is due to circumstances and matters outside the party's control or due to Gold Road taking or omitting to take any action in response to a Competing Proposal as permitted or contemplated by this deed. (c) Each party must keep the other informed about their progress against the Timetable and notify each other if it believes that any of the dates in the Timetable are not achievable. (d) To the extent that any of the dates or timeframes set out in the Timetable become not achievable due to matters outside of a party's control, the parties will consult in good faith to agree to any necessary extension to ensure such matters are completed within the shortest possible timeframe. 5.2 Gold Road's obligations Gold Road must take all necessary steps to implement the Scheme as soon as is reasonably practicable and, without limiting the foregoing, (i) use all reasonable endeavours to ensure that each step in the Timetable is met by the relevant date set out beside that step (and must consult with GHPL on a regular basis about its progress in that regard), (ii) do any acts it is authorised and able to do on behalf of Gold Road Shareholders, and (iii) do each of the following: (a) preparation of Scheme Booklet: prepare and despatch the Scheme Booklet in accordance with all applicable laws (including the Corporations Act and the Corporations Regulations), RG 60, applicable Takeovers Panel guidance notes and the Listing Rules; (b) directors' recommendation: include in the Scheme Booklet a statement by the Gold Road Board: (1) unanimously recommending that Gold Road Shareholders vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Gold Road Shareholders; and (2) that each Gold Road Board Member will (subject to the same qualifications as set out in clause 5.2(b)(1)) vote, or procure the voting of, any Director Shares at the time of the Scheme Meeting in favour of the Scheme at the Scheme Meeting, unless there has been a change of recommendation permitted by clause 5.6; (c) paragraph 411(17)(b) statement: apply to ASIC for the production of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Implementation 2064284080 Scheme Implementation Deed page 12 (1) an indication of intent letter stating that it does not intend to appear before the Court on the First Court Date; and (2) a statement under paragraph 411(17)(b) of the Corporations Act stating that ASIC has no objection to the Scheme; (d) Court direction: apply to the Court for orders pursuant to subsection 411(1) of the Corporations Act directing Gold Road to convene the Scheme Meeting; (e) Scheme Meeting: convene the Scheme Meeting to seek Gold Road Shareholders' agreement to the Scheme in accordance with the orders made by the Court pursuant to subsection 411(1) of the Corporations Act and must not adjourn or postpone the Scheme Meeting or request the Court to adjourn or postpone the Scheme Meeting in either case without obtaining the prior written approval of GHPL (such approval not to be unreasonably withheld or delayed, except where there is a Competing Proposal); (f) Court documents: consult with GHPL in relation to the content of the documents required for the purpose of each of the Court hearings held for the purpose of subsection 411(1) and paragraph 411(4)(b) of the Corporations Act in relation to the Scheme (including originating process, affidavits, submissions and draft minutes of Court orders) and consider in good faith, for the purpose of amending drafts of those documents, comments from GHPL and its Related Persons on those documents; (g) Court approval: if the Scheme is approved by Gold Road Shareholders under subparagraph 411(4)(a)(ii) of the Corporations Act and it can reasonably be expected that all of the Conditions Precedent (other than the Condition Precedent in clause 3.1(d)) will be satisfied or waived in accordance with this deed before 8.00am on the Second Court Date, apply to the Court for orders approving the Scheme as agreed to by the Gold Road Shareholders at the Scheme Meeting; (h) certificate: at the hearing on the Second Court Date provide to the Court: (1) a certificate (signed for and on behalf of Gold Road) in the form of a deed (substantially in the form set out in Attachment 4) confirming whether or not the Conditions Precedent (other than the Condition Precedent in clause 3.1(d)) have been satisfied or waived in accordance with this deed, a draft of which certificate must be provided by Gold Road to GHPL by 4.00pm on the date that is two Business Days prior to the Second Court Date; and (2) any certificate provided to it by GHPL pursuant to clause 5.3(j); (i) lodge copy of Court order: lodge with ASIC an office copy of the Court order in accordance with subsection 411(10) of the Corporations Act approving the Scheme by no later than the Business Day after the date on which the Court order was made (or such later date as agreed in writing by GHPL); (j) Scheme Consideration: if the Scheme becomes Effective, finalise and close the Gold Road Share Register as at the Scheme Record Date, and determine entitlements to the Scheme Consideration, in accordance with the Scheme and the Deed Poll; (k) transfer and registration: if the Scheme becomes Effective and subject to GHPL having paid the Scheme Consideration in accordance with the Scheme and Deed Poll: (1) execute, on behalf of Scheme Shareholders, instruments of transfer of the Scheme Shares to GHPL; and 5 Implementation 2064284080 Scheme Implementation Deed page 13 (2) register all transfers of the Scheme Shares to GHPL on the Implementation Date; (l) consultation with GHPL in relation to Scheme Booklet: consult with GHPL as to the content and presentation of the Scheme Booklet including: (1) providing to GHPL drafts of the Scheme Booklet and the Independent Expert's Report for the purpose of enabling GHPL to review and comment on those draft documents. In relation to the Independent Expert's Report, GHPL's review is to be limited to a factual accuracy review; (2) considering, in good faith, all comments made by GHPL when producing a revised draft of the Scheme Booklet; (3) providing to GHPL a revised draft of the Scheme Booklet within a reasonable time before the Regulator's Draft is finalised and to enable GHPL to review the Regulator's Draft before the date of its submission; (4) obtaining written consent from GHPL for the form and content in which the GHPL Information appears in the Scheme Booklet; and (5) confirming in writing to GHPL that the Gold Road Information in the Scheme Booklet does not contain any material statement that is false or misleading in a material respect including because of any material omission from that statement; (m) information: provide all necessary information, and procure that the Gold Road Registry provides all necessary information, in each case in a form reasonably requested by GHPL, about the Scheme, the Scheme Shareholders and Gold Road Shareholders to GHPL and its Related Persons, which GHPL reasonably requires in order to: (1) understand the legal and beneficial ownership of Gold Road Shares, and canvass agreement to the Scheme by Gold Road Shareholders, (including the results of directions by Gold Road to Gold Road Shareholders under Part 6C.2 of the Corporations Act); (2) facilitate the provision by, or on behalf of, GHPL of the Scheme Consideration and to otherwise enable GHPL to comply with this deed, the Scheme and the Deed Poll; or (3) review the running tally of proxy appointments and directions received by Gold Road before the Scheme Meeting. Gold Road must comply with any reasonable request of GHPL for Gold Road to give directions to Gold Road Shareholders pursuant to Part 6C.2 of the Corporations Act from time to time for one of the purposes referred to in (1) or (2) above; (n) lodgement of Regulator's Draft: as soon as practicable, but by no later than 14 days before the First Court Date, provide the Regulator's Draft to ASIC for its review for the purposes of subsection 411(2) of the Corporations Act, and provide a copy of the Regulator's Draft to GHPL as soon as practicable thereafter; (o) ASIC review of Scheme Booklet: keep GHPL informed of any matters raised by ASIC in relation to the Scheme Booklet or the Transaction, and use reasonable endeavours to take into consideration any comments made by GHPL in relation to any such matters raised by ASIC; 5 Implementation 2064284080 Scheme Implementation Deed page 14 (p) registration of Scheme Booklet: take all reasonable measures within its control to cause ASIC to register the Scheme Booklet under subsection 412(6) of the Corporations Act; (q) representation: procure that it is represented by counsel at the Court hearings convened for the purposes of subsection 411(1) and paragraph 411(4)(b) of the Corporations Act; (r) Independent Expert: promptly appoint the Independent Expert and provide all assistance and information reasonably requested by the Independent Expert in connection with the preparation of the Independent Expert's Report for inclusion in the Scheme Booklet (including any updates to such report) and any other materials to be prepared by the Independent Expert for inclusion in the Scheme Booklet (including any updates thereto); (s) assistance: up to the Implementation Date and subject to obligations of confidentiality owed to third parties (appropriate consents in relation to which Gold Road must use all reasonable endeavours to obtain) and undertakings to Government Agencies, provide GHPL and its Related Persons with reasonable access during normal business hours to information and personnel of the Gold Road Group that GHPL reasonably requests for the purpose of collation and provision of the GHPL Information and implementation of the Transaction; (t) compliance with laws: do everything reasonably within its power to ensure that the Transaction is effected in accordance with all applicable laws and regulations; (u) listing: subject to clause 5.2(w), not do anything to cause Gold Road Shares to cease being quoted on ASX or to become permanently suspended from quotation prior to implementation of the Transaction unless GHPL has agreed in writing; (v) update Scheme Booklet: until the date of the Scheme Meeting, promptly update or supplement the Scheme Booklet with, or where appropriate otherwise inform the market by way of announcement of, any information that arises after the Scheme Booklet has been despatched that is necessary to ensure that the Scheme Booklet does not contain any material statement that is false or misleading in a material respect including because of any material omission from that statement, and seek the Court's approval for the despatch of any updated or supplementary Scheme Booklet. Gold Road must consult with GHPL as to the content and presentation of the updated or supplementary Scheme Booklet, or the market announcement, in the manner contemplated by clause 5.2(l); (w) suspension of trading: apply to ASX to suspend trading in Gold Road Shares with effect from the close of trading on the Effective Date; (x) promote merits of Transaction: participate in efforts reasonably requested by GHPL to promote the merits of the Transaction and the Scheme Consideration, including meeting with key Gold Road Shareholders or holders of GHPL Shares at the reasonable request of GHPL with such information and assistance that GHPL reasonably requests to enable it to promote the merits of the Transaction; (y) proxy solicitation: in consultation with GHPL, undertake reasonable shareholder engagement and proxy solicitation actions so as to promote the merits of the Transaction and encourage Gold Road Shareholders to vote on the Scheme in accordance with the recommendation of the Gold Road Board, subject to applicable law and ASIC policy; and 5 Implementation 2064284080 Scheme Implementation Deed page 15 (z) proxy information: upon request by GHPL made prior to commencement of the Scheme Meeting, inform GHPL of the total number of proxy votes received by Gold Road: (1) to vote in favour of the Scheme; (2) to vote against the Scheme; (3) to abstain from voting on the Scheme; and (4) where the proxy may vote at the proxy's discretion. 5.3 GHPL's obligations GHPL must take all necessary steps to implement the Scheme as soon as is reasonably practicable and, without limiting the foregoing, must (i) use all reasonable endeavours to ensure that each step in the Timetable is met by the date set out beside that step (and must consult with Gold Road on a regular basis about its progress in that regard), and (ii) do each of the following: (a) GHPL Information: prepare and provide to Gold Road in a timely manner the GHPL Information for inclusion in the Scheme Booklet, including all information regarding the Gold Fields Group and the Scheme Consideration required by all applicable laws (including the Corporations Act and the Corporations Regulations), RG 60, applicable Takeovers Panel guidance notes and the Listing Rules, and consent to the inclusion of that information in the Scheme Booklet; (b) Scheme Booklet and Court documents: provide any assistance or information reasonably requested by Gold Road in connection with preparation of the Scheme Booklet (including any updated or supplementary Scheme Booklet) and any documents required to be filed with the Court in respect of the Scheme, review the drafts of the Scheme Booklet (including any updated or supplementary Scheme Booklet) prepared by Gold Road and provide comments on those drafts in good faith; (c) Independent Expert's Report: subject to the Independent Expert entering into arrangements with GHPL including in relation to confidentiality in a form reasonably acceptable to GHPL, provide, in a timely manner, any assistance or information reasonably requested by Gold Road or by the Independent Expert in connection with the preparation of the Independent Expert's Report to be sent together with the Scheme Booklet; (d) representation: procure that it is represented by counsel at the Court hearings convened for the purposes of subsection 411(1) and paragraph 411(4)(b) of the Corporations Act; (e) Deed Poll: by no later than the Business Day prior to the First Court Date, execute and deliver, and cause the GHPL Guarantor to execute and deliver, to Gold Road the Deed Poll; (f) legal opinion: if required by the Court, provide a legal opinion by an appropriately qualified legal adviser on the enforceability of the guarantee provided by the GHPL Guarantor pursuant to the Deed Poll; (g) accuracy of GHPL Information: confirm in writing to Gold Road that the GHPL Information in the Scheme Booklet does not contain any material statement that is false or misleading in a material respect including because of any material omission from that statement; (h) share transfer: if the Scheme becomes Effective:

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![](exhibit414_sid006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Implementation 2064284080 Scheme Implementation Deed page 16 (1) accept a transfer of the Scheme Shares as contemplated by clause 4.2(b)(1); and (2) execute instruments of transfer in respect of the Scheme Shares; (i) Scheme Consideration: if the Scheme becomes Effective, procure the provision of, by or on behalf of GHPL, the Scheme Consideration in the manner and amount contemplated by clause 4 and the terms of the Scheme and the Deed Poll; (j) certificate: before the commencement of the hearing on the Second Court Date provide to Gold Road for provision to the Court at that hearing a certificate (signed for and on behalf of GHPL) in the form of a deed (substantially in the form set out in Attachment 4) confirming whether or not the Conditions Precedent (other than the Condition Precedent in clause 3.1(d)) have been satisfied or waived in accordance with this deed, a draft of which certificate must be provided by GHPL to Gold Road by 4.00 pm on the date that is two Business Days prior to the Second Court Date; (k) update GHPL Information: until the date of the Scheme Meeting, promptly provide to Gold Road any information that arises after the Scheme Booklet has been despatched that is necessary to ensure that the GHPL Information contained in the Scheme Booklet does not contain any material statement that is false or misleading in a material respect including because of any material omission from that statement; (l) assistance: up to (and including) the Implementation Date and subject to obligations of confidentiality owed to third parties (appropriate consents in relation to which GHPL must use all reasonable endeavours to obtain) and undertakings to Government Agencies, provide Gold Road and its Related Persons with reasonable access during normal business hours to information and personnel of the Gold Fields Group that Gold Road reasonably requests for the purpose of preparation of the Scheme Booklet and implementation of the Transaction; (m) compliance with laws: do everything reasonably within its power to ensure that the Transaction is effected in accordance with all applicable laws and regulations; and (n) acquisition of Gold Road Shares: if any Gold Fields Group Member acquires any Gold Road Shares after the date of this deed, notify Gold Road in writing of such acquisition and the relevant Gold Fields Group Member (and thereafter that entity will not be a 'Scheme Shareholder' for the purposes of this deed and will be excluded from the operation of the Scheme). 5.4 Conduct of business (a) Subject to clause 5.4(b), from the date of this deed up to and including the Implementation Date, and without limiting any other obligations of Gold Road under this deed, Gold Road must: (1) conduct its businesses and operations, and must cause each other Gold Road Group Member to conduct its respective business and operations, in the ordinary and usual course consistent with the manner in which each such business and operations have been conducted in the 12 month period prior to the date of this deed; (2) keep GHPL informed of any material developments concerning the conduct of its business; 5 Implementation 2064284080 Scheme Implementation Deed page 17 (3) not enter into any line of business or other activities in which the Gold Road Group is not engaged as of the date of this deed; (4) provide regular reports on the financial affairs of the Gold Road Group, including the provision of Gold Road Group's monthly management accounts, in a timely manner to GHPL; (5) ensure that no Gold Road Prescribed Occurrence and no Gold Road Regulated Event occurs; (6) make all reasonable efforts, and procure that each other Gold Road Group Member makes all reasonable efforts, to: (A) preserve and maintain the value of the businesses and assets of the Gold Road Group; (B) keep available the services of the directors, officers and employees of each member of the Gold Road Group; (C) maintain and preserve their relationships with Government Agencies, Traditional Owners, customers, suppliers and others having business dealings with any Gold Road Group Member (including, using all reasonable endeavours to obtain consents from third parties to any change of control provisions which GHPL reasonably requests in contracts or arrangements to which a member of the Gold Road Group is a party); and (D) ensure that there is no occurrence within their control that would constitute or be likely to constitute a Gold Road Material Adverse Change; (7) maintain the Gold Road Tenements in good standing, provided that GHPL and Gold Road will undertake good faith discussions on a regular basis to assess whether any adjustments to the status of the Gold Road Tenements is appropriate; (8) not Dispose of or otherwise create or agree to create or permit to exist any Encumbrance, or other interest or burden, over any of the Gold Road Tenements or the Gold Road Royalty; (9) comply in all material respects with and perform, and otherwise not commit any unremedied material breach of any of the Material Contracts or, in any material respect, amend, vary, modify or terminate any of the Material Contracts; and (10) not commence any litigation or arbitration (Proceeding) where the aggregate claimed or settlement amount for all Proceedings exceeds $5,000,000 payable by Gold Road. (b) Nothing in clause 5.4(a) restricts the ability of Gold Road to take any action: (1) which is contemplated in, or required by, this deed or the Scheme; (2) which has been agreed to in writing by GHPL; (3) which is required by any applicable law or by a Government Agency (except where that requirement arises as a result of an action by a Gold Road Group Member); (4) in relation to the Listed Portfolio Investments (which, for the avoidance of doubt, includes disposing of the Listed Portfolio Investments, Gold Road exercising its voting power in relation to the Listed Portfolio Investments but does not include participating in any equity raisings 5 Implementation 2064284080 Scheme Implementation Deed page 18 undertaken by the Listed Portfolio Investments which would require GHPL's prior written consent); (5) which has been Fairly Disclosed in the Disclosure Materials, or which has been Fairly Disclosed in an announcement by Gold Road to ASX, or a publicly available document lodged by it with ASIC, in the 12- month period prior to the date of this deed; (6) to reasonably and prudently respond to an emergency or disaster (including a situation giving rise to a risk of personal injury or damage to property); (7) to reasonably and prudently respond to regulatory or legislative changes (including, without limitation, changes to subordinate legislation) affecting the business of Gold Road or a Gold Road Group Member to a material extent; or (8) which is undertaken in response to a Competing Proposal as permitted by clause 11. (c) From the date of this deed up to and including the Second Court Date, Gold Road will promptly notify GHPL in writing of anything of which it becomes aware that: (1) makes any material information publicly filed by Gold Road (either on its own account or in respect of any other Gold Road Group Member) to be, or reasonably likely to be, incomplete, incorrect, untrue or misleading in any material respect; (2) makes any of the Gold Road Representations and Warranties false, inaccurate, misleading or deceptive in any material respect; (3) makes any information provided in the Disclosure Materials incomplete, incorrect, untrue or misleading in any material respect; or (4) would constitute or be likely to constitute a Gold Road Prescribed Occurrence, a Gold Road Regulated Event or a Gold Road Material Adverse Change. 5.5 Appointment of directors Gold Road must, as soon as practicable on the Implementation Date, after the Scheme Consideration has been despatched to Scheme Shareholders in accordance with the terms of the Scheme, take all actions necessary to: (a) subject to receipt of the requisite signed consents to act, cause the appointment of the nominees of GHPL to the Gold Road Board, with each appointment becoming effective on the Implementation Date; (b) ensure that all directors on the Gold Road Board, other than the GHPL nominees: (1) resign, with each resignation becoming effective on the Implementation Date; and (2) unconditionally and irrevocably release Gold Road from any claims they may have against Gold Road; and (c) ensure that all directors on the boards of Gold Road's Subsidiaries: (1) resign, with each resignation becoming effective on the Implementation Date; and 5 Implementation 2064284080 Scheme Implementation Deed page 19 (2) unconditionally and irrevocably release Gold Road and its relevant Subsidiary from any claims they may have against either of them, and, subject to receipt of the requisite signed consents to act, cause the appointment of nominees of GHPL to those boards, with each appointment becoming effective on the Implementation Date. 5.6 Gold Road Board recommendation (a) Gold Road must procure that, subject to clause 5.6(b), the Gold Road Board Members unanimously recommend that Gold Road Shareholders vote in favour of the Scheme at the Scheme Meeting in the absence of a Superior Proposal and subject to the Independent Expert concluding in the Independent Expert's Report (and continuing to conclude) that the Scheme is in the best interest of Gold Road Shareholders, and that the Scheme Booklet include a statement by the Gold Road Board to that effect. (b) Gold Road must procure that the Gold Road Board collectively, and the Gold Road Board Members individually, do not adversely change, withdraw, adversely modify or adversely qualify its or their recommendation to vote in favour of the Scheme unless: (1) the Independent Expert provides a report to Gold Road (including either the Independent Expert's Report or any update of, or any revision, amendment or supplement to, that report) that concludes that the Scheme is not in the best interest of Gold Road Shareholders, except where that conclusion is due to Gold Road having received a Superior Proposal; (2) Gold Road has complied in all material respects with its obligations under clause 11 of this deed and subsequently entered into legally binding documentation to give effect to a Superior Proposal; or (3) the change, withdrawal, modification or qualification occurs because of a requirement or request by a court or Government Agency that one or more Gold Road Board Members abstain or withdraw from making a recommendation that Gold Road Shareholders vote in favour of the Scheme after the date of this deed. (c) For the purposes of this clause 5.6, customary qualifications and explanations contained in the Scheme Booklet and any public announcements by Gold Road in relation to a recommendation to vote in favour of the Scheme to the effect that the recommendation is made: (1) in the absence of a Superior Proposal; (2) in respect of any public announcement issued before the issue of the Scheme Booklet, 'subject to the Independent Expert concluding in the Independent Expert's Report (and continuing to conclude) that the Scheme is in the best interest of Gold Road Shareholders'; and (3) in respect of the Scheme Booklet and any public announcements issued at the time of or after the issue of the Scheme Booklet, 'subject to the Independent Expert continuing to conclude that the Scheme is in the best interest of Gold Road Shareholders', will not be regarded as a failure to make, or a change, withdrawal, modification or qualification of, a recommendation in favour of the Scheme and will not contravene this clause 5.6.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Implementation 2064284080 Scheme Implementation Deed page 20 (d) Without limiting the operation of clause 11 or the preceding provisions of this clause 5, if circumstances arise, including the receipt or expected receipt of an unfavourable report from the Independent Expert (including either the Independent Expert's Report or any update of, or any revision, amendment or supplement to, that report) which may lead to any one or more Gold Road Board Members adversely changing, withdrawing, adversely modifying or adversely changing their recommendation to vote in favour of the Scheme, Gold Road must: (1) immediately notify GHPL of this fact; and (2) consult with GHPL in good faith for two Business Days after the date on which the notice under clause 5.6(d)(1) is given to consider and determine whether there are any steps that can be taken to avoid such a change, withdrawal or variation (as applicable). (e) Despite anything to the contrary in this clause 5.6, a statement made by Gold Road or the Gold Road Board to the effect that no action should be taken by Gold Road Shareholders pending the assessment of a Competing Proposal by the Gold Road Board or the completion of the matching right process set out in clause 11.5 shall not contravene this clause 5.6. 5.7 Conduct of Court proceedings (a) Gold Road and GHPL are entitled to separate representation at all Court proceedings affecting the Transaction. (b) This deed does not give Gold Road or GHPL any right or power to give undertakings to the Court for or on behalf of the other party without that party's written consent. (c) Gold Road and GHPL must give all undertakings to the Court in all Court proceedings which are reasonably required to obtain Court approval and confirmation of the Transaction as contemplated by this deed. 5.8 Scheme Booklet content and responsibility statements (a) The Scheme Booklet will contain a responsibility statement to the effect that: (1) GHPL is responsible for the GHPL Information contained in the Scheme Booklet; and (2) Gold Road is responsible for the Gold Road Information contained in the Scheme Booklet. (b) If after a reasonable period of consultation, Gold Road and GHPL are unable to agree on the form or content of the Scheme Booklet: (1) where the determination relates to GHPL Information, GHPL will make the final determination as to the form and content of the GHPL Information; and (2) in any other case, Gold Road will make the final determination as to the form and content of the Scheme Booklet, acting reasonably. 6 Access to information 2064284080 Scheme Implementation Deed page 21 6 Access to information (a) Between (and including) the date of this deed and the Implementation Date, Gold Road must, and must cause each other Gold Road Group Member to, afford to GHPL and its Related Persons reasonable access to information (subject to any existing confidentiality obligations owed to third parties, appropriate consents in relation to which Gold Road must use all reasonable endeavours to obtain), premises and such senior executives of any member of the Gold Road Group as reasonably requested by GHPL at mutually convenient times, and afford GHPL reasonable co-operation, for the purpose of: (1) the implementation of the Scheme; (2) GHPL developing and implementing plans for the carrying on of the businesses of the Gold Road Group following implementation of the Scheme which, for the avoidance of doubt, does not include ongoing due diligence on the Gold Road Group; (3) GHPL obtaining an understanding of the operations of the Gold Road Group's business, financial position, prospects and affairs; (4) keeping GHPL informed of material developments relating to the Gold Road Group; (5) GHPL meeting its obligations under this deed and verifying the Gold Road Representations and Warranties; and (6) any other purpose agreed in writing between the parties, provided that: (7) nothing in this clause 6 will require Gold Road to: (A) provide, or procure the provision of, information concerning Gold Road's directors and management's consideration of the Scheme; (B) provide, or procure the provision of, information concerning any actual, proposed or potential Competing Proposal (including directors' and management's consideration of any actual, proposed or potential Competing Proposal); (C) require a member of the Gold Road Group to take any action that would reasonably be expected to result in a Gold Road Group entity beaching any applicable law or the entity's constituent documents; (D) require a member of the Gold Road Group to take any action that would breach a contractual obligation to any person (including any confidentiality obligations); (E) provide, or procure the provision of, information or access that would, in the reasonable opinion of Gold Road, cause material disruptions to, or material interference with, the Gold Road Group's business; (F) provide, or procure the provision of, information concerning the business of the Gold Road Group that is, in the reasonable opinion of Gold Road, commercially sensitive, where the provision of such information is, in the reasonable opinion of Gold Road, reasonably likely to cause prejudice to 7 Representations and warranties 2064284080 Scheme Implementation Deed page 22 the commercial or legal interests of the Gold Road Group taken as a whole; or (G) provide, or procure the provision of, information if to do so would or would be reasonably likely to: (i) breach any confidentiality obligation owed to a third party or any applicable law; or (ii) result in a waiver of legal professional privilege, but this proviso does not limit Gold Road's obligations under clause 11. (b) GHPL must: (1) keep all information obtained by it as a result of this clause 6 confidential; (2) provide Gold Road with reasonable notice of any request for information or access; and (3) comply with the reasonable requirements of Gold Road in relation to any access granted. (c) Nothing in this clause 6 gives GHPL any rights to undertake further due diligence investigations, or any rights as to the decision making of any Gold Road Group Member or its business. 7 Representations and warranties 7.1 GHPL's representations and warranties GHPL represents and warrants to Gold Road (in its own right and separately as trustee or nominee for each of the other Gold Road Indemnified Parties) each of the GHPL Representations and Warranties. 7.2 GHPL's indemnity GHPL agrees with Gold Road (in its own right and separately as trustee or nominee for each of the other Gold Road Indemnified Parties) to indemnify Gold Road and each of the Gold Road Indemnified Parties against any claim, action, damage, loss, liability, cost, expense or payment of whatever nature and however arising that Gold Road or any of the other Gold Road Indemnified Parties suffers, incurs or is liable for arising out of any breach of any of the GHPL Representations and Warranties. 7.3 Gold Road's representations and warranties Gold Road represents and warrants to GHPL (in its own right and separately as trustee or nominee for each of the other Gold Fields Indemnified Parties) each of the Gold Road Representations and Warranties. 7.4 Gold Road's indemnity Gold Road agrees with GHPL (in its own right and separately as trustee or nominee for each Gold Fields Indemnified Party) to indemnify GHPL and each of the Gold Fields Indemnified Parties from any claim, action, damage, loss, liability, cost, expense or 7 Representations and warranties 2064284080 Scheme Implementation Deed page 23 payment of whatever nature and however arising that GHPL or any of the other Gold Fields Indemnified Parties suffers, incurs or is liable for arising out of any breach of any of the Gold Road Representations and Warranties. 7.5 Qualifications on Gold Road's representations, warranties and indemnities (a) The Gold Road Representations and Warranties made or given in clause 7.3 and the indemnity in clause 7.4, are each subject to matters that: (1) have been Fairly Disclosed in the Disclosure Materials; (2) have been Fairly Disclosed in an announcement by Gold Road to ASX, or a publicly available document lodged by it with ASIC, in the 12 month period prior to the date of this deed; or (3) are required by this deed or the Scheme. (b) Where a Gold Road Representation and Warranty is given 'so far as Gold Road is aware' or with a similar qualification as to Gold Road's awareness or knowledge, Gold Road's awareness or knowledge is limited to and deemed only to include those facts, matters or circumstances of which a Specified Individual is actually aware, or ought reasonably be aware, as at the date of this deed. 7.6 Survival of representations and warranties Each representation and warranty in clauses 7.1 and 7.3: (a) is severable; (b) survives the termination of this deed; and (c) is given with the intention that liability under it is not confined to breaches that are discovered before the date of termination of this deed. 7.7 Survival of indemnities Each indemnity in this deed (including those in clauses 7.2 and 7.4): (a) is severable; (b) is a continuing obligation; (c) constitutes a separate and independent obligation of the party giving the indemnity from any other obligations of that party under this deed; and (d) survives the termination of this deed. 7.8 Timing of representations and warranties Each representation and warranty made or given under clauses 7.1 or 7.3 is given at the date of this deed and is repeated continuously thereafter until 8.00am on the Second Court Date unless that representation or warranty is expressed to be given at a particular time, in which case it is given at that time. 7.9 No representation or reliance (a) Each party acknowledges that no party (nor any person acting on its behalf) has made any representation or other inducement to it to enter into this deed, except for representations or inducements expressly set out in this deed and (to

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Releases 2064284080 Scheme Implementation Deed page 24 the maximum extent permitted by law) all other representations, warranties and conditions implied by statute or otherwise in relation to any matter relating to this deed, the circumstances surrounding the parties' entry into it and the transactions contemplated by it are expressly excluded. (b) Each party acknowledges and confirms that it does not enter into this deed in reliance on any representation or other inducement by or on behalf of any other party, except for any representation or inducement expressly set out in this deed. (c) Each party acknowledges and confirms that clauses 7.9(a) and 7.9(b) do not prejudice any rights a party may have in relation to information which has been announced by the other party to ASX or lodged by it with ASIC, or that is contained in the Disclosure Materials. 8 Releases 8.1 Gold Road and Gold Road directors and officers (a) GHPL: (1) releases its rights; and (2) agrees with Gold Road that it will not make, and that after the Implementation Date it will procure that each Gold Road Group Member does not make, any claim, against any Gold Road Indemnified Party (other than Gold Road and its Related Bodies Corporate) as at the date of this deed and from time to time in connection with: (1) any breach of any representations and warranties of Gold Road or any other member of the Gold Road Group in this deed or any breach of any covenant given by Gold Road in this deed; (2) any disclosures containing any statement which is false or misleading whether in content or by omission; or (3) any failure to provide information, whether current or future, known or unknown, arising at common law, in equity, under statute or otherwise, except where the Gold Road Indemnified Party has engaged in wilful misconduct, wilful concealment or fraud. For the avoidance of doubt, nothing in this clause 8.1(a) limits GHPL's rights to terminate this deed under clause 13. (b) Clause 8.1(a) is subject to any Corporations Act restriction and will be read down accordingly. (c) Gold Road receives and holds the benefit of this clause 8.1 to the extent it relates to each Gold Road Indemnified Party as trustee for each of them. 8.2 GHPL and GHPL directors and officers (a) Gold Road releases its rights, and agrees with GHPL that it will not make a claim, against any Gold Fields Indemnified Party (other than GHPL and its Related Bodies Corporate) as at the date of this deed and from time to time in connection with: 8 Releases 2064284080 Scheme Implementation Deed page 25 (1) any breach of any representations and warranties of GHPL or the GHPL Guarantor or any other member of the Gold Fields Group in this deed or any breach of any covenant given by GHPL or the GHPL Guarantor in this deed ; (2) any disclosure containing any statement which is false or misleading whether in content or by omission; or (3) any failure to provide information, whether current or future, known or unknown, arising at common law, in equity, under statute or otherwise, except where the Gold Fields Indemnified Party has engaged in wilful misconduct, wilful concealment or fraud. For the avoidance of doubt, nothing in this clause 8.2(a) limits Gold Road's rights to terminate this deed under clause 13. (b) Clause 8.2(a) is subject to any Corporations Act restriction and will be read down accordingly. (c) GHPL receives and holds the benefit of this clause 8.2 to the extent it relates to each Gold Fields Indemnified Party as trustee for each of them. 8.3 Deeds of indemnity and insurance (a) At or prior to the Implementation Date, Gold Road must purchase a D&O Run Off Policy on terms and conditions providing coverage retentions, limits and other material terms (including in relation to deductibles) substantially equivalent to the Gold Road directors' and officers' insurance annual policy in place as at the date of this deed (Existing D&O Policy), provided that in connection with obtaining such D&O Run Off Policy, Gold Road will use reasonable endeavours to: (1) obtain a proposal from the broker (First Broker) that arranged Gold Road's directors' and officers' insurance policy in place at the date of this deed to obtain base premium, GST and stamp duty quotes and coverage terms & conditions from one or more Standard & Poor's insurers rated not less than A- (S&P Insurers) for a D&O Run Off Policy (First Indicative Run Off Policy); and (2) obtain a second proposal from a second broker (Second Broker) chosen by Gold Road to obtain base premium, GST and stamp duty quotes and coverage terms & conditions from one or more S&P Insurers for a D&O Run Off Policy (Second Indicative Run Off Policy). (b) If Gold Road is able to obtain a First Indicative Run Off Policy and a Second Indicative Run Off Policy, Gold Road must select between the First Indicative Run Off Policy and Second Indicative Run Off Policy as the preferred D&O Run Off Policy (Preferred Run Off Policy) and proceed to enter into the Preferred Run Off Policy. (c) In obtaining the First Indicative Run Off Policy and the Second Indicative Run Off Policy, Gold Road must: (1) use reasonable endeavours to obtain the most attractive commercial terms for the D&O Run Off Policy; (2) consult in good faith with GHPL regarding the proposed terms of the First Indicative Run Off Policy, Second Indicative Run Off Policy and the Preferred Run Off Policy; 9 Public announcement 2064284080 Scheme Implementation Deed page 26 (3) keep GHPL informed of progress in relation to the D&O Run Off Policy; and (4) use reasonable endeavours to ensure that the scope and amount of the cover of the D&O Run Off Policy is on the same terms, or terms that are reasonably the same in all material respects, as the Existing D&O Policy (it being acknowledged that the market for cover is dynamic and reasonable regard is to be had to the extent to which the level and type of cover in place under the Existing D&O Policy is available for the extended run-off). (d) Subject to the Scheme becoming Effective and the Transaction completing, GHPL undertakes in favour of Gold Road and each other Gold Road Indemnified Party that it will: (1) subject to clause 8.3(g), for a period of seven years from the Implementation Date, ensure that the constitutions of Gold Road and each other Gold Road Group Member continues to contain such rules as are contained in those constitutions at the date of this deed that provide for each company to indemnify each of its directors and officers against any liability incurred by that person in their capacity as a director or officer of the company to any person other than a Gold Road Group Member; and (2) procure that Gold Road and each other Gold Road Group Member complies with any deeds of indemnity, access and insurance made by them in favour of their respective directors and officers from time to time and, without limiting the foregoing, use its best endeavours to ensure that directors' and officers' run-off insurance cover for such directors and officers obtained under clause 8.3(a) is maintained, subject to clause 8.3(g), for a period of seven years from the retirement date of each director and officer so long as it is available on commercially reasonable terms. (e) The undertakings contained in clause 8.3(a) are subject to any Corporations Act restriction and will be read down accordingly. (f) Gold Road receives and holds the benefit of clause 8.3(a), to the extent it relates to the other Gold Road Indemnified Parties, as trustee for each of them. (g) In respect of each Gold Road Group Member, the undertakings in clause 8.3(a) are given until the earlier of: (1) the end of the relevant period specified in clause 8.3(a); and (2) the relevant Gold Road Group Member ceasing to be part of the Gold Fields Group. 9 Public announcement 9.1 Announcement of the Transaction (a) Immediately after the execution of this deed, Gold Road and GHPL must issue public announcements in a form previously agreed to in writing between them. (b) The Gold Road announcement must include a unanimous recommendation by the Gold Road Board the form contemplated by clause 5.6. 10 Confidentiality 2064284080 Scheme Implementation Deed page 27 9.2 Public announcements (a) Subject to clause 9.3, no public announcement or public disclosure of the Transaction or any other transaction the subject of this deed or the Scheme may be made other than in a form approved by each party in writing (acting reasonably), but each party must use all reasonable endeavours to provide such approval as soon as practicable. (b) For the avoidance of doubt, clause 9.2(a) does not apply to any announcement or disclosure in connection with the termination of this deed (other than the termination of this deed under clause 13.1(e)) or any announcement or disclosure relating to an actual, proposed or potential Competing Proposal. 9.3 Required disclosure (a) Where a party is required by applicable law or the Listing Rules to make any announcement or to make any disclosure in connection with the Transaction or any other transaction the subject of this deed or the Scheme, it may do so despite clause 9.2 but must use all reasonable endeavours, to the extent practicable and lawful, to consult with the other party and to provide written copies of any announcement or disclosure prior to making the relevant disclosure and take account of any reasonable comments received from the other party in relation to the form and content of the announcement or disclosure. (b) Notwithstanding clause 9.3(a), a party does not require the other party's approval to issue any public disclosures if the content of those disclosures is limited to procedural matters or information that has previously been disclosed within the Scheme Booklet or any other ASX announcement, provided that the disclosing party gives the other party prior notice that it proposes to make a public disclosure in reliance on this clause 9.3(b). 10 Confidentiality (a) The parties agree that any Confidential Information provided by or on behalf of a party to the other party or its Related Persons in connection with implementation of the Transaction will be provided on the terms of this deed and will not be used or disclosed except as set out in this deed. (b) Each party: (1) must keep the Confidential Information confidential; (2) subject to clause 10(b)(3), must only use the Confidential Information in connection with implementation of the Transaction and must not disclose the Confidential Information to any Third Party; and (3) may only disclose the Confidential Information: (A) to a Related Person to whom it is considered necessary to disclose the Confidential Information in connection with implementation of the Transaction, and must procure that each of its Related Persons to whom Confidential Information is disclosed observes the obligations imposed on it under this deed as if those obligations of that Related Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Exclusivity 2064284080 Scheme Implementation Deed page 28 (B) in accordance with clause 10(c); or (C) with the prior written consent of the other party. (c) The undertakings in clause 10(b) do not extend to any part of the Confidential Information disclosed which: (1) was in the possession of a party before it was disclosed by or on behalf of the other party, and which a party did not acquire from any person whom it knew (after making reasonable enquiries) owed an obligation of confidence in respect of the Confidential Information at the time it was provided; (2) is, or has become, part of the public domain, otherwise than through a breach of the terms of this deed; (3) becomes available to a party from a third party legally entitled to possess the information and to provide it to the party, if the use or disclosure accords with the right or permission legally granted to the party by that third party; (4) is disclosed by a party to its Related Persons, a court of competent jurisdiction, or Government Agency in connection with: (A) the enforcement or defence of its rights under this deed; (B) obtaining any waivers, exemptions, approvals or consents, or making notifications, required in connection with the Transaction; or (C) complying with any applicable statute, law, direction, order, rule, request or regulation of any Government Agency; (5) is required by law; or (6) is in connection with GHPL assessing or implementing a control transaction (including a takeover bid) for Gold Road Shares (whether or not such control transaction is agreed with Gold Road or recommended by any or all of the Gold Road Board) following notification or announcement of a Competing Proposal or termination of this deed. 11 Exclusivity 11.1 No existing discussions Gold Road represents and warrants to GHPL that, as at the date of this deed, it and each of its Related Bodies Corporate and their respective Related Persons: (a) is not a party to any agreement, arrangement or understanding with a Third Party entered into for the purpose of facilitating a Competing Proposal; (b) is not participating in any discussions, negotiations or other communications, and has terminated any existing discussions, negotiations or other communications, in relation to a Competing Proposal, or which could reasonably be expected to lead to a Competing Proposal; and (c) has ceased to provide or make available any non-public information in relation to the Gold Road Group to a Third Party where such information was provided for the purpose of facilitating, or could reasonably be expected to lead to, a 11 Exclusivity 2064284080 Scheme Implementation Deed page 29 Competing Proposal, and has enforced all rights it has to call for the immediate return and/or destruction of that non-public information previously provided or made available to any Third Party, and Gold Road agrees that it will not, and shall procure that none of its Related Bodies Corporate will, waive the provisions of any confidentiality or standstill agreement with any Third Party. 11.2 No shop and no talk During the Exclusivity Period, Gold Road must not, and must ensure that each of its Related Persons and Related Bodies Corporate and the Related Persons of those Related Bodies Corporate do not, directly or indirectly: (a) (no shop) solicit, invite, encourage or initiate (including by the provision of non- public information to any Third Party) any inquiry, expression of interest, offer, proposal, discussion or other communication by any person in relation to, or which would reasonably be expected to encourage or lead to the making of, an actual, proposed or potential Competing Proposal or communicate to any person an intention to do anything referred to in this clause 11.2(a); or (b) (no talk) subject to clause 11.3: (1) facilitate, participate in or continue any negotiations, discussions or other communications with respect to any inquiry, expression of interest, offer, proposal or discussion by any person to make, or which would reasonably be expected to encourage or lead to the making of, an actual, proposed or potential Competing Proposal; (2) negotiate, accept or enter into, or offer or agree to negotiate, accept or enter into, any agreement, arrangement or understanding regarding an actual, proposed or potential Competing Proposal; (3) disclose or otherwise provide or make available any non-public information about the business or affairs of the Gold Road Group to a Third Party (other than a Government Agency that has the right to obtain that information and has sought it) in connection with, with a view to obtaining, or which would reasonably be expected to encourage or lead to the formulation, receipt or announcement of, an actual, proposed or potential Competing Proposal (including, without limitation, providing such information for the purposes of the conduct of due diligence investigations in respect of the Gold Road Group) whether by that Third Party or another person; or (4) communicate to any person an intention to do anything referred to in the preceding paragraphs of this clause 11.2(b). 11.3 Fiduciary exception Clause 11.2(b) does not prohibit any action or inaction by Gold Road, any of its Related Bodies Corporate or any of their respective Related Persons, in relation to an actual, proposed or potential Competing Proposal if the Gold Road Board determines acting in good faith that: (a) after consultation with its advisers, such actual, proposed or potential Competing Proposal is a Superior Proposal or could reasonably be expected to become a Superior Proposal; and 11 Exclusivity 2064284080 Scheme Implementation Deed page 30 (b) after receiving written legal advice from its external legal advisers, compliance with that clause would, or would be reasonably likely to, constitute a breach of any of the fiduciary or statutory duties of the directors of Gold Road, provided that the actual, proposed or potential Competing Proposal was not directly or indirectly brought about by, or facilitated by, a breach of clause 11.2(a). 11.4 Notification of approaches (a) During the Exclusivity Period, Gold Road must as soon as possible (and in any event within 24 hours) notify GHPL in writing if it, any of its Related Bodies Corporate or any of their respective Related Persons, becomes aware of any: (1) negotiations, discussions or other communications, approach or attempt to initiate any negotiations, discussions or other communications, or intention to make such an approach or attempt to initiate any negotiations, discussions or other communications in respect of any inquiry, expression of interest, offer, proposal or discussion in relation to an actual, proposed or potential Competing Proposal; (2) proposal made to Gold Road, any of its Related Bodies Corporate or any of their respective Related Persons in connection with, or in respect of any exploration or completion of, an actual, proposed or potential Competing Proposal; or (3) provision by Gold Road, any of its Related Bodies Corporate or any of their respective Related Persons of any non-public information concerning the business or operations of Gold Road or the Gold Road Group to any Third Party in connection with an actual, proposed or potential Competing Proposal, whether direct or indirect, solicited or unsolicited, and in writing or otherwise. For the avoidance of doubt, any of the acts described in paragraphs (1) to (3) may only be taken by Gold Road, its Related Bodies Corporate or their respective Related Persons if not proscribed by clause 11.1 or if permitted by clause 11.3. (b) Subject to clause 11.3, a notification given under clause 11.4(a) must include the identity of the relevant person making or proposing the relevant actual, proposed or potential Competing Proposal, together with all material terms and conditions of the actual, proposed or potential Competing Proposal (including price and form of consideration, conditions precedent, proposed deal protection arrangements and timetable), in each case to the extent known by Gold Road or any of its Related Persons. (c) During the Exclusivity Period, Gold Road must also notify GHPL in writing as soon as possible after it, any of its Related Bodies Corporate or any of their respective Related Persons, becomes aware of any material developments in relation to the actual, proposed or potential Competing Proposal, including in respect of any of the information previously provided to GHPL pursuant to this clause 11.4. 11.5 Matching right (a) Without limiting clause 11.2, during the Exclusivity Period, Gold Road: (1) must not, and must procure that each of its Related Bodies Corporate do not, enter into any legally binding agreement, arrangement or understanding (whether or not in writing) pursuant to which a one or 11 Exclusivity 2064284080 Scheme Implementation Deed page 31 more of a Third Party, Gold Road or any Related Body Corporate of Gold Road proposes or propose to undertake or give effect to an actual, proposed or potential Competing Proposal; and (2) must procure that none of its directors adversely change their recommendation in favour of the Scheme, publicly recommend an actual, proposed or potential Competing Proposal (or recommend against the Transaction) or make any public statement to the effect that they may do so at a future point (provided that a statement that no action should be taken by Gold Road Shareholders pending the assessment of a Competing Proposal by the Gold Road Board or the completion of the matching right process set out in this clause 11.5 shall not contravene this clause 11.5 and also subject to any change of recommendation by the Gold Road Board that is permitted by clause 5.6(b)), unless: (3) the Gold Road Board acting in good faith and in order to satisfy what the Gold Road Board Members consider to be their statutory or fiduciary duties (having received written legal advice from its external legal advisers) determines that the Competing Proposal is a Superior Proposal; (4) Gold Road has provided GHPL with the material terms and conditions of the actual, proposed or potential Competing Proposal (including price and form of consideration, conditions precedent, proposed deal protection arrangements and timetable) (in each case, to the extent known) and the identity of the Third Party making the actual, proposed or potential Competing Proposal; (5) Gold Road has given GHPL at least five Business Days after the date of the provision of the information referred to in clause 11.5(a)(4) to provide a matching or superior proposal to the terms of the actual, proposed or potential Competing Proposal; and (6) GHPL has not announced or otherwise formally proposed to Gold Road a matching or superior proposal to the terms of the actual, proposed or potential Competing Proposal by the expiry of the five Business Day period in clause 11.5(a)(5). (b) Subject to clause 11.5(a)(3), if GHPL proposes to Gold Road, or announces, amendments to the Scheme or a new proposal that constitutes a matching or superior proposal to the terms of the actual, proposed or potential Competing Proposal (Bidder Counterproposal) by the expiry of the five Business Day period in clause 11.5(a)(5), Gold Road must procure that the Gold Road Board considers the Bidder Counterproposal and if the Gold Road Board, acting reasonably and in good faith, determines that the Bidder Counterproposal would provide an equivalent or superior outcome for Gold Road Shareholders as a whole compared with the Competing Proposal, taking into account all of the terms and conditions of the Bidder Counterproposal, then Gold Road and GHPL must use their best endeavours to agree the amendments to this deed, the Scheme and the Deed Poll (as applicable) that are reasonably necessary to reflect the Bidder Counterproposal and to implement the Bidder Counterproposal, in each case as soon as reasonably practicable, and Gold Road must procure that each of the directors of Gold Road continues to recommend the Transaction (as modified by the Bidder Counterproposal) to Gold Road Shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Reimbursement Fee 2064284080 Scheme Implementation Deed page 32 (c) For the purposes of this clause 11.5, each successive material modification of any Competing Proposal or potential Competing Proposal will constitute a new Competing Proposal or potential Competing Proposal, and the procedures set out in this clause 11.5 must again be followed prior to any member of the Gold Road Group entering into any agreement, arrangement, understanding or commitment in respect of such Competing Proposal or potential Competing Proposal. (d) Despite any other provision in this deed, a statement by Gold Road or the Gold Road Board to the effect that: (1) the Gold Road Board has determined that a Competing Proposal is a Superior Proposal and has commenced the matching right process set out in this clause 11.5; or (2) Gold Road Shareholders should take no action pending the completion of the matching right process set out in this clause 11.5, does not of itself: (3) constitute a change, withdrawal, modification or qualification of a recommendation by a Gold Road Board Member or an endorsement of a Competing Proposal; (4) contravene this deed; (5) give rise to an obligation to pay the Reimbursement Fee under clause 12.2; or (6) give rise to a termination right under clause 13.1. 11.6 Provision of information During the Exclusivity Period, Gold Road must not, and must ensure that each of its Related Persons and Related Bodies Corporate and the Related Persons of those Related Bodies Corporate do not, directly or indirectly disclose or otherwise provide or make available any non-public information about the business or affairs of the Gold Road Group to a Third Party in connection with an actual, proposed or potential Competing Proposal unless: (a) permitted by clause 11.3; and (b) before that information is disclosed or otherwise provided or made available to that Third Party, the Third Party has entered into a confidentiality agreement with Gold Road that contains obligations on the Third Party that are on no less onerous terms in any material respect than the obligations of GHPL under clause 10 of this deed. 12 Reimbursement Fee 12.1 Background to Reimbursement Fee (a) GHPL and Gold Road acknowledge that, if they enter into this deed and the Scheme is subsequently not implemented, GHPL will incur significant costs, including those set out in clause 12.4. (b) In these circumstances, GHPL has requested that provision be made for the payments outlined in clause 12.2, without which GHPL would not have entered into this deed or otherwise agreed to implement the Scheme. 12 Reimbursement Fee 2064284080 Scheme Implementation Deed page 33 (c) The Gold Road Board believes, having taken advice from its external legal advisers and Financial Adviser, that the implementation of the Scheme will provide benefits to Gold Road and that it is appropriate for Gold Road to agree to the payments referred to in clause 12.2 in order to secure GHPL's participation in the Transaction. 12.2 Reimbursement Fee triggers Subject to this clause 12, Gold Road must pay the Reimbursement Fee to GHPL if: (a) during the Exclusivity Period, one or more Gold Road Board Member withdraws, adversely changes, adversely modifies or adversely qualifies their support of the Scheme or their recommendation that Gold Road Shareholders vote in favour of the Scheme or fails to recommend that Gold Road Shareholders vote in favour of the Scheme in the manner described in clause 5.6, unless: (1) the Independent Expert concludes in the Independent Expert's Report (or any update of, or revision, amendment or supplement to, that report) that the Scheme is not in the best interests of Gold Road Shareholders (except where that conclusion is due wholly or partly to the existence, announcement or publication of a Competing Proposal); (2) the failure to recommend, or the change to or withdrawal of a recommendation to vote in favour of the Scheme occurs because of a requirement or request by the Court or a Government Agency that one or more Gold Road Board Members abstain or withdraw from making a recommendation that Gold Road Shareholders vote in favour of the Scheme after the date of this deed; or (3) Gold Road is entitled to terminate this deed pursuant to clause 13.1(a)(1), clause 13.1(a)(3) (but without limiting clauses 12.2(b) to 12.2(f) below) or clause 13.2(b), and has given the appropriate termination notice to GHPL; (b) during the Exclusivity Period, one or more Gold Road Board Members recommends that Gold Road Shareholders accept or vote in favour of, or otherwise supports or endorses (including support by way of accepting or voting, or by way of stating an intention to accept or vote, in respect of any Director Shares), a Competing Proposal of any kind that is announced (whether or not such proposal is stated to be subject to any pre-conditions) during the Exclusivity Period; (c) a Competing Proposal of any kind is announced during the Exclusivity Period (whether or not such proposal is stated to be subject to any pre-conditions) and, within 12 months of the date of such announcement, the Third Party or any Associate of that Third Party: (1) completes a Competing Proposal of a kind referred to in any of paragraphs 2, 3 or 4 of the definition of Competing Proposal; (2) enters into an agreement, arrangement or understanding with Gold Road, with another member of the Gold Road Group or with the board of directors of any of the foregoing entities, which is of the kind referred to in paragraph 5 of the definition of Competing Proposal; or (3) without limiting clause 12.2(c)(1) or 12.2(c)(2), acquires (either alone or in aggregate) a Relevant Interest in more than 50% of the Gold Road Shares under a transaction that is or has become wholly 12 Reimbursement Fee 2064284080 Scheme Implementation Deed page 34 unconditional or otherwise acquires (either alone or in aggregate) Control of Gold Road; (d) GHPL has validly terminated this deed pursuant to clause 13.1(a)(1), 13.1(b) or 13.2(a) and the Transaction does not complete; (e) a Gold Road Regulated Event or a Gold Road Prescribed Occurrence occurs after the date of this deed and that change, event, occurrence, fact, matter or thing is within the control of Gold Road; and (f) without limiting clause 12.2(d), there is a material breach of clause 11.5 by Gold Road. 12.3 Payment of Reimbursement Fee (a) A demand by GHPL for payment of the Reimbursement Fee under clause 12.2 must: (1) be in writing; (2) be made after the occurrence of the event in that clause giving rise to the right to payment; (3) state the circumstances which give rise to the demand; and (4) nominate an account in the name of GHPL into which Gold Road is to pay the Reimbursement Fee. (b) Gold Road must pay the Reimbursement Fee into the account nominated by GHPL, without set-off or withholding, within five Business Days after receiving a demand for payment where GHPL is entitled under clause 12.2 to the Reimbursement Fee. 12.4 Basis of Reimbursement Fee The Reimbursement Fee has been calculated to reimburse GHPL for costs including the following: (a) fees for legal, financial and other professional advice in planning and implementing the Transaction (excluding success fees); (b) reasonable opportunity costs incurred in engaging in the Transaction or in not engaging in other alternative acquisitions or strategic initiatives; (c) costs of management and directors' time in planning and implementing the Transaction; and (d) out of pocket expenses incurred by GHPL and GHPL's employees, advisers and agents in planning and implementing the Transaction, and the parties agree that: (e) the costs actually incurred by GHPL will be of such a nature that they cannot all be accurately ascertained; and (f) the Reimbursement Fee is a genuine and reasonable pre-estimate of those costs, and Gold Road represents and warrants that it has received written legal advice from its legal advisers in relation to the operation of this clause 12. 13 Termination 2064284080 Scheme Implementation Deed page 35 12.5 Compliance with law (a) This clause 12 does not impose an obligation on Gold Road to pay the Reimbursement Fee to the extent (and only to the extent) that the obligation to pay the Reimbursement Fee: (1) is declared by the Takeovers Panel to constitute 'unacceptable circumstances'; or (2) is determined to be unenforceable or unlawful by a court, provided that all proper avenues of appeal and review, judicial and otherwise, have been exhausted. For the avoidance of doubt, any part of the Reimbursement Fee that would not constitute unacceptable circumstances or that is not unenforceable or unlawful (as applicable) must be paid by Gold Road. (b) The parties must not make or cause or permit to be made, any application to the Takeovers Panel or a court for or in relation to a declaration or determination referred to in clause 12.5(a). 12.6 Reimbursement Fee payable only once Where the Reimbursement Fee becomes payable to GHPL under clause 12.2 and is actually paid to GHPL, GHPL cannot make any claim against Gold Road for payment of any subsequent Reimbursement Fee. 12.7 Other Claims (a) Where an amount becomes payable to GHPL under clause 12.2 and is actually paid to GHPL (or is payable, but no demand is made under clause 12.3), GHPL cannot make any Claim (other than a Claim under this clause 12) against Gold Road which relates solely to the event that gave rise to the right to make a demand under clause 12.3. (b) Clause 12.7(a) does not apply to any application to a court or claim for specific performance or injunctive relief. 12.8 No Reimbursement Fee if Scheme Effective Despite anything to the contrary in this deed, the Reimbursement Fee will not be payable to GHPL if the Scheme becomes Effective, notwithstanding the occurrence of any event in clause 12.2 and, if the Reimbursement Fee has already been paid it must be refunded by GHPL. 13 Termination 13.1 Termination (a) Either party may terminate this deed by written notice to the other party: (1) other than in respect of a breach of either a GHPL Representation and Warranty or a Gold Road Representation and Warranty (which are dealt with in clause 13.2), at any time before 8.00am on the Second Court Date, if the other party has materially breached this deed and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Termination 2064284080 Scheme Implementation Deed page 36 the breach is material in the context of the Scheme as a whole, the party entitled to terminate has given written notice to the party in breach of this deed setting out the relevant circumstances and stating an intention to terminate this deed, and the other party has failed to remedy the breach within five Business Days (or any shorter period ending at 5.00pm on the Business Day before the Second Court Date) after the date on which the notice is given; (2) at any time before 8.00am on the Second Court Date if the Court or another Government Agency (including any other court) has taken any action permanently restraining or otherwise prohibiting or preventing the Transaction, or has refused to do anything necessary to permit the Transaction to be implemented by the End Date, and the action or refusal has become final and cannot be appealed or reviewed or the party, acting reasonably, believes that there is no realistic prospect of an appeal or review succeeding by the End Date; (3) in the circumstances set out in, and in accordance with, clause 3.4; (4) if the Effective Date for the Scheme has not occurred, or will not occur, on or before the End Date; or (5) subject to clause 3.4(d), if Gold Road Shareholders have not agreed to the Scheme at the Scheme Meeting by the requisite majorities. (b) GHPL may terminate this deed by written notice to Gold Road at any time before 8.00am on the Second Court Date if any Gold Road Board Member: (1) fails to recommend the Scheme; (2) withdraws, adversely changes, adversely modifies or adversely qualifies their support of the Scheme or their recommendation that Gold Road Shareholders vote in favour of the Scheme; or (3) makes a public statement indicating that he or she no longer recommends the Transaction or recommends, supports or endorses another transaction (including any Competing Proposal but excluding a statement that no action should be taken by Gold Road Shareholders pending assessment of a Competing Proposal by the Gold Road Board or the completion of the matching right process set out in clause 11.5), other than where any Gold Road Board Member is required or requested by a court or Government Agency to abstain or withdraw from making a recommendation that Gold Road Shareholders vote in favour of the Scheme after the date of this deed. (c) Gold Road may terminate this deed by written notice to GHPL at any time before 8.00am on the Second Court Date if the Gold Road Board or a majority of the Gold Road Board has changed, withdrawn, modified or qualified its recommendation as permitted under clause 5.6 and, if required to do so, Gold Road pays the Reimbursement Fee to GHPL. (d) GHPL may terminate this deed by written notice to Gold Road at any time before 8.00am on the Second Court Date if in any circumstances (including, for the avoidance of doubt, where permitted by clause 11.5) Gold Road enters into any legally binding agreement, arrangement or understanding in relation to the undertaking or giving effect to any actual, proposed or potential Competing Proposal. (e) This deed is terminable if agreed in writing by Gold Road and GHPL. 13 Termination 2064284080 Scheme Implementation Deed page 37 13.2 Termination for breach of representations and warranties (a) GHPL may, at any time prior to 8.00am on the Second Court Date, terminate this deed for a breach of a Gold Road Representation and Warranty only if: (1) GHPL has given written notice to Gold Road setting out the relevant circumstances and stating an intention to terminate or to allow the Scheme to lapse if the breach is not remedied; (2) the relevant breach continues to exist ten Business Days (or any shorter period ending at 5.00pm on the Business Day before the Second Court Date) after the date on which the notice is given under clause 13.2(a)(1); and (3) the relevant breach is material in the context of the Scheme taken as a whole. (b) Gold Road may, at any time before 8.00am on the Second Court Date, terminate this deed for breach of a GHPL Representation and Warranty only if: (1) Gold Road has given written notice to GHPL setting out the relevant circumstances and stating an intention to terminate or to allow the Scheme to lapse if the breach is not remedied; (2) the relevant breach continues to exist ten Business Days (or any shorter period ending at 5.00pm on the Business Day before the Second Court Date) after the date on which the notice is given under clause 13.2(b)(1); and (3) the relevant breach is material in the context of the Scheme taken as a whole. 13.3 Effect of termination If this deed is terminated by either party under clauses 3.4, 13.1 or 13.2: (a) each party will be released from its obligations under this deed, except that this clause 13.3, and clauses 1, 7.5 to 7.9, 8.1, 8.2, 10, 12, 14, 16, 17 and 18 (except clause 18.10), will survive termination and remain in force; (b) each party will retain the rights it has or may have against the other party in respect of any past breach of this deed; and (c) in all other respects, all future obligations of the parties under this deed will immediately terminate and be of no further force and effect including any further obligations in respect of the Scheme. 13.4 Termination Where a party has a right to terminate this deed, that right for all purposes will be validly exercised if the party delivers a notice in writing to the other party stating that it terminates this deed and the provision under which it is terminating this deed. 13.5 No other termination Neither party may terminate or rescind this deed except as permitted under clauses 3.4, 13.1 or 13.2. 14 GHPL Guarantor Guarantee 2064284080 Scheme Implementation Deed page 38 14 GHPL Guarantor Guarantee 14.1 Guarantee (a) In consideration of Gold Road entering into this deed at the request of the GHPL Guarantor (the receipt and good value of which is acknowledged by the GHPL Guarantor), the GHPL Guarantor irrevocably and unconditionally guarantees to Gold Road the due and punctual observance, performance and discharge of all the obligations of GHPL under this deed (including any indemnities given in favour of Gold Road). (b) If there is any breach of any of GHPL's obligations under this deed, the GHPL Guarantor must, to the extent required by Gold Road, perform, observe and discharge GHPL's obligations to the extent GHPL has not done so. 14.2 Survival The obligations and liability of the GHPL Guarantor under this clause 14 are not revoked or discharged (in whole or in part) by any act, omission, event or circumstance. 14.3 Continuing Guarantee and indemnity This clause 14: (a) is a continuing obligation and remains in force until the whole of the obligations of GHPL have in all respects been duly performed, observed and discharged in full; (b) is irrevocable; and (c) constitutes separate and independent obligations of the GHPL Guarantor. 14.4 Liability unaffected The liability of the GHPL Guarantor under this clause 14 is not affected by anything that, but for this clause 14, might operate to release or exonerate the GHPL Guarantor in whole or in part from its obligations including any of the following, whether with or without the consent of the GHPL Guarantor: (a) the grant to GHPL or any other person of any time, waiver or other indulgence; (b) the discharge or release of GHPL or any other person from any liability or obligation; (c) any transaction or arrangement that may take place between Gold Road and GHPL or any other person; (d) the occurrence of an Insolvency Event in relation to GHPL or any other person; (e) Gold Road exercising or refraining from exercising its rights under any security or any other rights, powers or remedies against GHPL or any other person; (f) the amendment, replacement, extinguishment, unenforceability, failure, loss, release, discharge, abandonment or transfer either in whole or in part and either with or without consideration, of any security now or in the future held by Gold Road from GHPL or any other person or by the taking of or failure to take any security; 14 GHPL Guarantor Guarantee 2064284080 Scheme Implementation Deed page 39 (g) the failure or omission or any delay by Gold Road or GHPL to give notice to the GHPL Guarantor of any default by GHPL or any other person under this deed; and (h) any legal limitation, disability, incapacity or other circumstances related to GHPL, the GHPL Guarantor or any other person. 14.5 No set-off counterclaim The GHPL Guarantor may not, without the consent of Gold Road: (a) raise a set-off or counterclaim available to GHPL against Gold Road in reduction of the GHPL Guarantor's liability under this clause 14; (b) claim to be entitled by way of contribution, indemnity, subrogation, marshalling or otherwise to the benefit of any security or guarantee held by Gold Road in connection with this deed; or (c) prove in competition with Gold Road if a liquidator, provisional liquidator, receiver, official manager or trustee in bankruptcy is appointed in respect of GHPL or if an Insolvency Event occurs in relation to GHPL, until all obligations and liabilities of the GHPL Guarantor and GHPL under or in connection with this deed are satisfied. 14.6 Remedy Gold Road may enforce the guarantee given under this clause 14 without first making any demand or taking any action or proceedings to enforce its rights or remedies against GHPL. 14.7 Reinstatement The obligations of the GHPL Guarantor under this clause 14 continue to be effective or will be reinstated if at any time any amount under this deed is avoided or any payment must be replaced or restored, either in whole or in part, by Gold Road for any reason whatsoever and the liability of the GHPL Guarantor extends to any such payment as if that payment had not been made. 14.8 Warranties The GHPL Guarantor represents and warrants that: (a) it has full power and authority to enter into this guarantee and indemnity and has taken all necessary action to authorise the execution, delivery and performance of its obligations in accordance with this clause; (b) this guarantee and indemnity constitute legally valid and binding obligations of the GHPL Guarantor in accordance with this clause; and (c) the execution, delivery and performance of the GHPL Guarantor's obligations will not violate any provision of: (1) any law or regulation or any order or decree of any Government Agency or any state or territory or relevant jurisdiction in which it is incorporated; (2) the constitution of the GHPL Guarantor or equivalent constituent document; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Duty, costs and expenses 2064284080 Scheme Implementation Deed page 40 (3) any encumbrance or other document which is binding on the GHPL Guarantor. 15 Duty, costs and expenses 15.1 Stamp duty GHPL: (a) must pay all stamp duties and any fines and penalties with respect to stamp duty in respect of this deed or the Scheme or the steps to be taken under this deed or the Scheme; and (b) indemnifies Gold Road against any liability arising from its failure to comply with clause 15.1(a). 15.2 Costs and expenses Except as otherwise provided in this deed, each party must pay its own costs and expenses in connection with the negotiation, preparation, execution, delivery and performance of this deed and the proposed, attempted or actual implementation of this deed and the Transaction. 16 GST (a) Any consideration or amount payable under this deed, including any non- monetary consideration (as reduced in accordance with clause 16(e) if required) (Consideration) is exclusive of GST. (b) If GST is or becomes payable on a Supply made under or in connection with this deed, an additional amount (Additional Amount) is payable by the party providing consideration for the Supply (Recipient) equal to the amount of GST payable on that Supply as calculated by the party making the Supply (Supplier) in accordance with the GST Law. (c) The Additional Amount payable under clause 16(b) is payable at the same time and in the same manner as the Consideration for the Supply, and the Supplier must provide the Recipient with a Tax Invoice. However, the Additional Amount is only payable on receipt of a valid Tax Invoice. (d) If for any reason (including the occurrence of an Adjustment Event) the amount of GST payable on a Supply (taking into account any Decreasing or Increasing Adjustments in relation to the Supply) varies from the Additional Amount payable by the Recipient under clause 16(b): (1) the Supplier must provide a refund or credit to the Recipient, or the Recipient must pay a further amount to the Supplier, as applicable; (2) the refund, credit or further amount (as the case may be) will be calculated by the Supplier in accordance with the GST Law; and (3) the Supplier must notify the Recipient of the refund, credit or further amount within 14 days after becoming aware of the variation to the amount of GST payable. Any refund or credit must accompany such notification or the Recipient must pay any further amount within seven 17 Notices 2064284080 Scheme Implementation Deed page 41 days after receiving such notification, as applicable. If there is an Adjustment Event in relation to the Supply, the requirement for the Supplier to notify the Recipient will be satisfied by the Supplier issuing to the Recipient an Adjustment Note within 14 days after becoming aware of the occurrence of the Adjustment Event. (e) Despite any other provision in this deed if an amount payable under or in connection with this deed (whether by way of reimbursement, indemnity or otherwise) is calculated by reference to an amount incurred by a party, whether by way of cost, expense, outlay, disbursement or otherwise (Amount Incurred), the amount payable must be reduced by the amount of any Input Tax Credit to which that party is entitled in respect of that Amount Incurred. (f) Any reference in this clause to an Input Tax Credit to which a party is entitled includes an Input Tax Credit arising from a Creditable Acquisition by that party but to which the Representative Member of a GST Group of which the party is a member is entitled. (g) Any term starting with a capital letter in this clause 16 that is not defined in this clause 16 has the same meaning as the term has in the A New Tax System (Goods & Services Tax) Act 1999 (Cth). 17 Notices 17.1 Form of Notice A notice or other communication to a party under this deed (Notice) must be: (a) in writing and in English; and (b) addressed to that party in accordance with the following details (or any alternative details nominated to the sending party by Notice): Address Attention Email GHPL Level 4, 235 St Georges Terrace Perth WA 6000 Company Secretary GFA.CompanySe cretary@goldfield s.com Copy: alan.gibson@gol dfields.com GHPL Guarantor 150 Helen Road, Sandown Sandton, 2196 Gauteng (Province), South Africa Anré Westrate (Company Secretary) and Kelly Carter (Executive Vice- President: Group Head of Legal & Compliance) anre.westrate@g oldfields.com kelly.carter@gold fields.com [\*\*\*] [\*\*\*] 17 Notices 2064284080 Scheme Implementation Deed page 42 Gold Road Level 2, 26 Colin Street West Perth WA 6005 Managing Director Company Secretary duncan.gibbs@g oldroad.com.au julie.jones@goldr oad.com.au 17.2 How Notice must be given and when Notice is received (a) A Notice must be given by one of the methods set out in the table below. (b) A Notice is regarded as given and received at the time set out in the table below. However, if this means the Notice would be regarded as given and received outside the period between 9.00am and 5.00pm (addressee's time) on a day that is not a Saturday, Sunday or a public holiday or bank holiday in the place of receipt (business hours period), then, other than in respect of any Notice given on, and prior to 8.00am on, the Second Court Date, the Notice will instead be regarded as given and received at the start of the following business hours period. Method of giving Notice When Notice is regarded as given and received By hand to the nominated address When delivered to the nominated address By pre paid post to the nominated address At 9.00am (addressee's time) on the second day that is not a Saturday, Sunday or a public holiday or bank holiday in the place of receipt after the date of posting By email to the nominated email address The first to occur of: 1 the sender receiving an automated message confirming delivery; or 2 two hours after the time that the email was sent (as recorded on the device from which the email was sent) provided that the sender does not, within the period, receive an automated message that the email has not been delivered. 17.3 Electronic communication A Notice must not be given by electronic means of communication (other than email as permitted in clause 17.2). [\*\*\*] 18 General 2064284080 Scheme Implementation Deed page 43 18 General 18.1 Governing law and jurisdiction (a) This deed is governed by the law in force in Western Australia. (b) Each party irrevocably submits to the non-exclusive jurisdiction of courts exercising jurisdiction in Western Australia and courts of appeal from them in respect of any proceedings arising out of or in connection with this deed. Each party irrevocably waives any objection to the venue of any legal process in these courts on the basis that the process has been brought in an inconvenient forum. 18.2 Service of process (a) Without preventing any other mode of service, any document in an action (including any writ of summons or other originating process or any third or other party notice) may be served on any party by being delivered to or left for that party at its address for service of Notices under clause 17. (b) The GHPL Guarantor irrevocably appoints GHPL as its agent for the service of process in Australia in relation to any matter arising out of this deed. If GHPL ceases to be able to act as such or have an address in Australia, the GHPL Guarantor agrees to appoint a new process agent in Australia and deliver to the other party within 20 Business Days a copy of a written acceptance of appointment by the process agent, upon receipt of which the new appointment becomes effective for the purpose of this deed. The GHPL Guarantor must inform Gold Road in writing of any change in the address of its process agent within 20 Business Days of the change. 18.3 No merger The rights and obligations of the parties do not merge on completion of the Transaction. They survive the execution and delivery of any assignment or other document entered into for the purpose of implementing the Transaction. 18.4 Invalidity and enforceability (a) If any provision of this deed is invalid under the law of any jurisdiction the provision is enforceable in that jurisdiction to the extent that it is not invalid, whether it is in severable terms or not. (b) Clause 18.4(a) does not apply where enforcement of the provision of this deed in accordance with clause 18.4(a) would materially affect the nature or effect of the parties' obligations under this deed. 18.5 Waiver No party to this deed may rely on the words or conduct of any other party as a waiver of any right unless the waiver is in writing and signed by the party granting the waiver. The meanings of the terms used in this clause 18.5 are set out below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 General 2064284080 Scheme Implementation Deed page 44 Term Meaning conduct includes delay in the exercise of a right. right any right arising under or in connection with this deed and includes the right to rely on this clause. waiver includes an election between rights and remedies, and conduct which might otherwise give rise to an estoppel. 18.6 Variation A variation of any term of this deed must be in writing and signed by the parties. 18.7 Assignment of rights (a) A party may not assign, novate, declare a trust over or otherwise transfer or deal with any of its rights or obligations under this deed without the prior written consent of the other party or as expressly provided in this deed. (b) A breach of clause 18.7(a) by a party shall be deemed to be a material breach for the purposes of clause 13.1(a)(1). (c) Clause 18.7(b) does not affect the construction of any other part of this deed. 18.8 Acknowledgement Each party acknowledges that the remedy of damages may be inadequate to protect the interests of the parties for a breach of clause 11 and that GHPL is entitled to seek and obtain, without limitation, injunctive relief if Gold Road breaches, or threatens to breach, clause 11. 18.9 No third party beneficiary This deed shall be binding on and inure solely to the benefit of each party to it and each of their respective permitted successors and assigns, and nothing in this deed is intended to or shall confer on any other person, other than the Gold Fields Indemnified Parties and the Gold Road Indemnified Parties, in each case to the extent set forth in clause 7 and clause 8, any third party beneficiary rights. 18.10 Further action to be taken at each party's own expense Each party must, at its own expense, do all things and execute all documents necessary to give full effect to this deed and the transactions contemplated by it. 18.11 Entire agreement This deed (including the documents in the Attachments to it) state all the express terms agreed by the parties in respect of their subject matter. It supersedes all prior 18 General 2064284080 Scheme Implementation Deed page 45 discussions, negotiations, understandings and agreements in respect of its subject matter. 18.12 Counterparts (a) This deed may be executed in any number of counterparts. All counterparts, taken together, constitute one instrument. (b) Subject to applicable law, a counterpart may be signed electronically and may be in hard copy or electronic form. 18.13 Relationship of the parties (a) Nothing in this deed gives a party authority to bind any other party in any way. (b) Nothing in this deed imposes any fiduciary duties on a party in relation to any other party. 18.14 Remedies cumulative Except as provided in this deed and permitted by law, the rights, powers and remedies provided in this deed are cumulative with, and not exclusive of, the rights, powers and remedies provided by law independently of this deed. 18.15 Exercise of rights (a) Unless expressly required by the terms of this deed, a party is not required to act reasonably in giving or withholding any consent or approval or exercising any other right, power, authority, discretion or remedy, under or in connection with this deed. (b) A party may (without any requirement to act reasonably) impose conditions on the grant by it of any consent or approval, or any waiver of any right, power, authority, discretion or remedy, under or in connection with this deed. Any conditions must be complied with by the party relying on the consent, approval or waiver. 18.16 Withholding (a) GHPL must make all payments that become due under the Scheme free and clear and without deduction of all present and future withholdings, unless GHPL determines (acting reasonably) that it is required to by law or it is required to pay an amount to the Commissioner of Taxation pursuant to Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) (a CGT Withholding Amount). The aggregate sum payable to the Scheme Shareholders shall not be increased to reflect the deduction and the net aggregate sum payable to those Scheme Shareholders shall be taken to be in full and final satisfaction of the amounts owing to the Scheme Shareholders. (b) If GHPL determines (acting reasonably) that it is required to pay a CGT Withholding Amount with respect to the acquisition of the Scheme Shares from a Scheme Shareholder, GHPL will: (1) determine the amount of the CGT Withholding Amount; (2) remit the CGT Withholding Amount to the Commissioner within the time required under Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth); and 18 General 2064284080 Scheme Implementation Deed page 46 (3) have satisfied its obligation to pay the CGT Withholding Amount to the Scheme Shareholders for the purposes of the Scheme. (c) GHPL acknowledges and agrees that it shall not pay any amounts to the Commissioner of Taxation under Subdivision 14-D with respect to a Scheme Shareholder where it receives an entity declaration from that Scheme Shareholder by no later than 5 Business Days prior to the Implementation Date, where: (1) the entity declaration is made in accordance with the requirements in section 14-225 of Subdivision 14-D and covers the Implementation Date (Entity Declaration); and (2) GHPL does not know the Entity Declaration to be false. (d) Gold Road agrees that GHPL may approach the Australian Taxation Office to obtain clarification as to the application of Subdivision 14-D to the Transaction and will provide all information and assistance that GHPL reasonably requires in making any such approach. GHPL agrees: (1) to provide Gold Road a reasonable opportunity to review the form and content of all materials to be provided to the ATO, and must incorporate Gold Road's reasonable comments on those materials; and (2) not to contact any Gold Road Shareholders in connection with the application of Subdivision 14-D or other withholding obligations in relation to the Transaction without Gold Road's prior written consent. (e) The parties agree to take all actions that they agree (each acting reasonably) are necessary or desirable to ensure that, where possibly, Entity Declarations are obtained from relevant Scheme Shareholders. 2064284080 Scheme Implementation Deed page 47 Schedules Table of contents Definitions and interpretation 48 GHPL Representations and Warranties 69 Gold Road Representations and Warranties 71 Gold Road details 75

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![](exhibit414_sid014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064284080 Scheme Implementation Deed page 48 Schedule 1 Definitions and interpretation 1.1 Definitions Term Meaning ASIC the Australian Securities and Investments Commission. Associate has the meaning set out in section 12 of the Corporations Act, as if subsection 12(1) of the Corporations Act included a reference to this deed and Gold Road was the designated body. ASX ASX Limited ABN 98 008 624 691 and, where the context requires, the financial market that it operates. Business Day a day that is not a Saturday, Sunday or a public holiday or bank holiday in Perth, Western Australia. Claim any claim, demand, legal proceedings or cause of action (including any claim, demand, legal proceedings or cause of action: 1 based in contract, including breach of warranty; 2 based in tort, including misrepresentation or negligence; 3 under common law or equity; or 4 under statute, including the Australian Consumer Law (being Schedule 2 of the Competition and Consumer Act 2010 (Cth) (CCA)) or Part VI of the CCA, or like provision in any state or territory legislation), in any way relating to this deed or the Transaction, and includes a claim, demand, legal proceedings or cause of action arising under an indemnity in this deed. Competing Proposal any proposal, agreement, arrangement or transaction (or expression of interest thereof), which, if entered into or completed, would result in a Third Party (either alone or together with any Associate): 1 directly or indirectly acquiring a Relevant Interest in, or have a right to acquire, a legal, beneficial or economic interest in, or control of, 20% or more of the Gold Road Shares or of the share capital of any material Subsidiary of Gold Road; Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 49 Term Meaning 2 acquiring Control of Gold Road or any material Subsidiary of Gold Road; 3 directly or indirectly acquiring or become the holder of, or otherwise acquiring or have a right to acquire, a legal, beneficial or economic interest in, or control of, all or a substantial part of Gold Road's business or assets or the business or assets of the Gold Road Group; 4 otherwise directly or indirectly acquiring or merging, or be involved in an amalgamation or reconstruction (as those terms are used in s413(1) of the Corporations Act), with Gold Road or a material Subsidiary of Gold Road; or 5 requiring Gold Road to abandon, or otherwise fail to proceed with, the Transaction, whether by way of takeover bid, members' or creditors' scheme of arrangement, reverse takeover, shareholder approved acquisition, capital reduction, buy back, sale or purchase of shares, other securities or assets, assignment of assets and liabilities, incorporated or unincorporated joint venture, dual-listed company (or other synthetic merger), deed of company arrangement, any debt for equity arrangement, recapitalisation, refinancing or other transaction or arrangement. For the avoidance of doubt, each successive material modification or variation of any proposal, agreement, arrangement or transaction in relation to a Competing Proposal will constitute a new Competing Proposal. Condition Precedent each of the conditions set out in clause 3.1. Confidential Information all information that: 1 is or has been disclosed to a party (the Recipient) (whether before or after the date of this deed) by or on behalf of the other party (the Discloser), or that is otherwise acquired or accessed directly or indirectly by or on behalf of the Recipient from or on behalf of the Discloser or any person engaged by the Discloser; 2 relates directly or indirectly to the Transaction, the Discloser or a Related Body Corporate of the Discloser, or any of its past, existing or future business, operations, administration or strategic plans; and 3 is in oral or visual form, or is recorded or stored in a Document, and includes all compilations, analyses, extracts, summaries or other documents prepared by the Recipient that contain, reflect, utilise or relate to any of the information referred to in items 1 and 2 of this definition. Consultation Notice has the meaning given in clause 3.4(a). Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 50 Term Meaning Control has the meaning given in section 50AA of the Corporations Act. Corporations Act the Corporations Act 2001 (Cth), as modified or varied by ASIC. Corporations Regulations the Corporations Regulations 2001 (Cth). Court the Supreme Court of Western Australia or such other court of competent jurisdiction under the Corporations Act agreed to in writing by GHPL and Gold Road. D&O Run Off Policy the directors' and officers' run-off insurance policy in respect of any Gold Road directors and officers and relevant former directors and officers of any Gold Road Group Member that applies for no less than a 7 year period following the Implementation Date and complies with the requirements in clause 8.3. De Grey Mining De Grey Mining Limited ABN 65 094 206 292. De Grey Mining Scheme the scheme of arrangement between De Grey Mining Limited and its shareholders under which NST will acquire 100% of the shares in De Grey Mining. Deed Poll a deed poll substantially in the form of Attachment 3 under which GHPL covenants in favour of the Scheme Shareholders to perform the obligations attributed to GHPL under the Scheme and the GHPL Guarantor guarantees GHPL's obligations. Director Share any Gold Road Share: 1 held by or on behalf of a Gold Road Board Member; or 2 listed as an indirect interest in the latest Appendix 3X or Appendix 3Y lodged by Gold Road with ASX in respect of each Gold Road Board Member. Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 51 Term Meaning Disclosure Materials 1 the documents and information contained in the data room made available by Gold Road to GHPL and its Related Persons in response to the due diligence request list that was attached to Gold Fields non-binding indicative offer to Gold Road the subject of the Gold Fields announcement on 24 March 2025, the index of which has been initialled by, or on behalf of, the parties for identification; and 2 written responses from Gold Road and its Related Persons to subsequent requests for further information made by GHPL and its Related Persons. Dispose means to sell, assign, transfer, part with the benefit of, declare itself a trustee in respect thereof, grant an Encumbrance, grant an option in respect thereof or otherwise deal with. Document includes any note, memorandum, record, report, financial information, summary, analysis, calculation, strategic assessment, market survey, business plan, computer program, computer record, circuit, circuit layout, drawing, specification, material, photocopy, scanned copy or any other means by which information may be stored or reproduced. Effective when used in relation to the Scheme, the coming into effect, under subsection 411(10) of the Corporations Act, of the order of the Court made under paragraph 411(4)(b) of the Corporations Act in relation to the Scheme. Effective Date the date on which the Scheme becomes Effective. Encumbrance includes: 1 a Security Interest; 2 right of first refusal or first offer, option, claim or contractual restriction; 3 a shareholders' agreement or voting agreement; 4 an escrow or hold-period created or granted by a party or its affiliate; 5 an agreement or option or any right capable of becoming an agreement or option to purchase or acquire (save in favour of a Gold Fields Group Member); or 6 any Right to Use, royalty (other than royalties to any Government Agency), caveat or other encumbrance, and includes any agreement to grant or create any of the foregoing or allow them to exist.

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![](exhibit414_sid015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 52 Term Meaning End Date GH 8 months after the date of this deed, or such other date as agreed in writing by the parties. Exclusivity Period the period from and including the date of this deed to the earlier of: 1 the date of termination of this deed; 2 the End Date; and 3 the Effective Date. Fairly Disclosed a reference to 'Fairly Disclosed' means disclosed to GHPL or any of its Related Persons, to a sufficient extent, and in sufficient detail, so as to enable a reasonable bidder (or one of its Related Persons) experienced in transactions similar to the Transaction and experienced in a business similar to any business conducted by the Gold Road Group, to identify the nature and scope of the relevant matter, event or circumstance (including, in each case, that the potential financial effect of the relevant matter, event or circumstance was reasonably ascertainable from the information disclosed). Financial Adviser any financial adviser retained by a party in relation to the Transaction or a Competing Proposal from time to time. Financial Indebtedness any debt or other monetary liability (whether actual or contingent) in respect of monies borrowed or raised or any financial accommodation including under or in respect of any: 1 bill, bond, debenture, note or similar instrument; 2 acceptance, endorsement or discounting arrangement; 3 guarantee; 4 finance or capital lease; 5 agreement for the deferral of a purchase price or other payment in relation to the acquisition of any asset or service; or 6 obligation to deliver goods or provide services paid for in advance by any financier. First Court Date the first day on which an application made to the Court for an order under subsection 411(1) of the Corporations Act convening the Scheme Meeting is heard or, if the application is adjourned or subject to appeal for any reason, the day on which the adjourned application is heard. GHPL Information information regarding the Gold Fields Group provided by GHPL to Gold Road in writing for inclusion in the Scheme Booklet, being: Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 53 Term Meaning 1 any letter from Gold Fields' Chairman; 2 information about GHPL, other Gold Fields Group Members, the businesses of the Gold Fields Group, GHPL's interests and dealings in Gold Road Shares, GHPL's intentions for Gold Road and Gold Road's employees, and funding for the Scheme; and 3 any other information required under the Corporations Act, Corporations Regulations or RG 60 to enable the Scheme Booklet to be prepared that the parties agree is 'GHPL Information' and that is identified in the Scheme Booklet as such. For the avoidance of doubt, the GHPL Information excludes the Gold Road Information and the Independent Expert's Report, and any description of the taxation effect of the Transaction on Scheme Shareholders prepared by an external adviser to Gold Road. GHPL Representations and Warranties the representations and warranties of GHPL set out in Schedule 2. Gold Fields Gold Fields Limited Reg. 1968/004880/06. Gold Fields Group Gold Fields and each of its Subsidiaries, and a reference to a Gold Fields Group Member or a member of the Gold Fields Group is to Gold Fields or any of its Subsidiaries. Gold Fields Indemnified Parties Gold Fields, its Subsidiaries and their respective directors, officers and employees. Gold Road Board the board of directors of Gold Road and a Gold Road Board Member means any director of Gold Road comprising part of the Gold Road Board. Gold Road Consolidated Tax Group the consolidated group of which Gold Road is the head company (where 'consolidated group' and 'head company' have the same meaning as in the Tax Act). Gold Road Group Gold Road and each of its Subsidiaries, and a reference to a Gold Road Group Member or a member of the Gold Road Group is to Gold Road or any of its Subsidiaries. Gold Road Indemnified Parties Gold Road, its Subsidiaries and their respective directors, officers and employees. Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 54 Term Meaning Gold Road Information information regarding the Gold Road Group prepared by Gold Road for inclusion in the Scheme Booklet that explains the effect of the Scheme and sets out the information prescribed by the Corporations Act and the Corporations Regulations, and any other information that is material to the making of a decision by Gold Road Shareholders whether or not to vote in favour of the Scheme, being information that is within the knowledge of each of the Gold Road Board Members, which for the avoidance of doubt comprises the entirety of the Scheme Booklet (and any information provided by Gold Road to GHPL, or obtained by GHPL from an announcement made by Gold Road to ASX or from a publicly available document lodged by it with ASIC, or which would be disclosed in a search of ASIC records or ASX announcements in relation to Gold Road or a Subsidiary of Gold Road (as relevant)), but does not include the GHPL Information, the Independent Expert's Report or any description of the taxation effect of the Transaction on Scheme Shareholders prepared by an external adviser to Gold Road. Gold Road Material Adverse Change an event, change, condition, matter, circumstance or thing occurring before, on or after the date of this deed (each a Specified Event) which, whether individually or when aggregated with all such events, changes, conditions, matters, circumstances or things that have occurred or are reasonably likely to occur, has had or would be considered reasonably likely to have: 1 a material adverse effect on the business, assets, liabilities, financial or trading position, profitability or prospects of the Gold Road Group taken as a whole; or 2 without limiting the generality of paragraph 1 above, the effect of a diminution in the value of the consolidated net assets of the Gold Road Group (exclusive of the NST Holding), taken as a whole, by at least 10% against what it would reasonably have been expected to have been but for such Specified Event, other than those events, changes, conditions, matters, circumstances or things: 3 required or permitted by this deed, the Scheme or the transactions contemplated by either; 4 that are Fairly Disclosed in the Disclosure Materials; 5 that were actually known to GHPL prior to the date of this deed (which does not include knowledge of the generic risk of the relevant event, change, condition, matter, circumstance or thing occurring, but does include knowledge of a specific risk of the relevant event, change, condition, matter, circumstance or thing occurring); 6 agreed to in writing by GHPL; 7 arising as a result of any act or omission of GHPL (or any member of the Gold Fields Group) in its capacity as "Manager" under the Joint Venture Agreement; 8 arising as a result of any generally applicable change in law (including subordinate legislation) or governmental policy; Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 55 Term Meaning 9 arising from changes in economic or business conditions that impact on Gold Road and its competitors in a similar manner (including material adverse changes or major disruptions to, or fluctuations in, domestic or international financial markets); 10 arising from an act of terrorism, war (whether or not declared), epidemic, or pandemic or the like; or 11 that Gold Road Fairly Disclosed in an announcement made by Gold Road to ASX, or a publicly available document lodged by it with ASIC, in the 12 month period prior to the date of this deed; or 12 which relate to the value of the NST Holding, and when determining whether a Gold Road Material Adverse Change has occurred, taking into account any amounts which are recoverable, or would reasonably be likely to be recoverable, under the Gold Road Group's insurance policies. Gold Road Performance Rights a right issued by Gold Road pursuant to the terms of the Gold Road Performance Rights Plan which entitles the holder to an unissued Gold Road Share, subject to the terms of the right. Gold Road Performance Rights Plan the Gold Road Resources Limited Employee Incentive Plan approved by Gold Road Shareholders on 18 May 2023. Gold Road Prescribed Occurrence other than as: 1 required or permitted by this deed, the Scheme or the transactions contemplated by either; 2 Fairly Disclosed in the Disclosure Materials; 3 agreed to in writing by GHPL; or 4 Fairly Disclosed by Gold Road in an announcement made by Gold Road to ASX, or a publicly available document lodged by it with ASIC, in the 12-month period prior to the date of this deed, the occurrence of any of the following on or after the date of this deed: 5 Gold Road converting all or any of its shares into a larger or smaller number of shares; 6 a member of the Gold Road Group resolving to reduce its share capital in any way; 7 a member of the Gold Road Group: • entering into a buy-back agreement; or • resolving to approve the terms of a buy-back agreement under the Corporations Act;

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![](exhibit414_sid016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 56 Term Meaning 8 a member of the Gold Road Group issuing shares, or granting an option over its shares, or agreeing to make such an issue or grant such an option, other than: • to a directly or indirectly wholly-owned Subsidiary of Gold Road; • the issue of Performance Rights the subject of Gold Road Shareholder approval to be sought at Gold Road's annual general meeting on 16 May 2025; or • the issue of shares upon the vesting and/or exercise of Gold Road Performance Rights; 9 a member of the Gold Road Group issuing or agreeing to issue securities convertible into shares; 10 a member of the Gold Road Group disposing, or agreeing to dispose, of the whole, or a substantial part, of its business or property; 11 a member of the Gold Road Group granting a Security Interest, or agreeing to grant a Security Interest, in the whole, or a substantial part, of its business or property; or 12 an Insolvency Event occurs in relation to a member of the Gold Road Group. Gold Road Regulated Event other than as: 1 required or permitted by this deed, the Scheme or the transactions contemplated by either; 2 Fairly Disclosed in the Disclosure Materials; 3 agreed to in writing by GHPL; 4 Fairly Disclosed by Gold Road in an announcement made by Gold Road to ASX, or a publicly available document lodged by it with ASIC, in the 12-month period prior to the date of this deed; or 5 as required pursuant to its obligations under the Joint Venture Agreement (including any cash calls in accordance with the terms of that agreement), the occurrence of any of the following on or after the date of this deed: 6 a Gold Road Group Member reclassifying, combining, splitting or redeeming or repurchasing directly or indirectly any of its shares; 7 a Gold Road Group Member acquiring or disposing of, or entering into or announcing any agreement for the acquisition or disposal of, any asset or business, or entering into any corporate transaction, which would or would reasonably be likely to involve a material change in: • the manner in which the Gold Road Group conducts its business; Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 57 Term Meaning • the nature (including balance sheet classification), extent or value of the assets of the Gold Road Group; or • the nature (including balance sheet classification), extent or value of the liabilities of the Gold Road Group; 8 GHPL becoming aware that the Gold Road Representation and Warranty in paragraph (j) of Schedule 3 is inaccurate; 9 Gold Road announcing, making, declaring, paying or distributing any dividend, bonus or other share of its profits or assets or returning or agreeing to return any capital to its members (whether in cash or in specie) (other than, for the avoidance of doubt, Gold Road announcing, making, declaring, paying or distributing the Special Dividend in accordance with clause 4.5); 10 Gold Road amending the terms of the Gold Road Performance Rights Plan; 11 a member of the Gold Road Group making any change to its constitution; 12 a member of the Gold Road Group commencing business activities not already carried out as at the date of this deed, whether by way of acquisition or otherwise; 13 a member of the Gold Road Group: • acquiring, leasing or disposing of; • agreeing, offering or proposing to acquire, lease or dispose of; or • announcing or proposing a bid, or tendering, for, any business, assets, entity or undertaking, the value of which exceeds $7,500,000 (individually or in aggregate); 14 a member of the Gold Road Group entering into a contract or commitment restraining a member of the Gold Road Group from competing with any person or conducting activities in any market; 15 other than drawing down on its existing debt facilities in order to fund payment of the Special Dividend (or a portion thereof), a member of the Gold Road Group: • entering into any contract or commitment (including in respect of Financial Indebtedness and including in respect of any new or renewed service or supply contract): – requiring payments by the Gold Road Group in excess of $500,000 (individually or in aggregate) other than any payment required by law; or – which has a term or renewed term of more than 12 months; • without limiting the foregoing, (i) agreeing to incur or incurring capital expenditure of more than $7,500,000 (individually or in aggregate) or (ii) incurring any Financial Indebtedness of an amount in excess of $7,500,000 (individually or in aggregate); Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 58 Term Meaning • waiving any material third party default where the financial impact on the Gold Road Group will be in excess of $7,500,000 (individually or in aggregate); or • accepting as a compromise of a matter less than the full compensation due to a member of the Gold Road Group where the financial impact of the compromise on the Gold Road Group is more than $7,500,000 (individually or in aggregate); 16 a member of the Gold Road Group providing financial accommodation other than to members of the Gold Road Group (irrespective of what form of Financial Indebtedness that accommodation takes) in excess of $7,500,000 (individually or in aggregate); 17 a member of the Gold Road Group entering into any agreement, arrangement or transaction with respect to derivative instruments (including, but not limited to, swaps, futures contracts, forward commitments, commodity derivatives or options) or similar instruments; 18 a member of the Gold Road Group being party to, bound by or subject to a Relevant Material Contract, unless before 8.00am on the Second Court Date: • each relevant party to the Relevant Material Contract provides Gold Road in writing a binding, irrevocable and unconditional waiver or release of its rights under the Material Contract that makes that contract a Relevant Material Contract (Relevant Release); and • the Relevant Release is not varied, revoked or qualified, and between the date of this deed and the 8.00am on the Second Court Date no party to any Material Contract (other than a Gold Fields Group Member), or a Related Body Corporate, Associate or affiliate of such a party, makes a statement to the effect that a Relevant Material Contract exists, unless the two foregoing bullets are satisfied before 8.00am on the Second Court Date; 19 other than the issue of Performance Rights subject to Gold Road Shareholder approval to be sought at Gold Road's annual general meeting on 16 May 2025, a member of the Gold Road Group entering into, or resolving to enter into, a transaction with any related party of Gold Road (other than a related party which is a member of the Gold Road Group), as defined in section 228 of the Corporations Act; 20 a member of the Gold Road Group entering into or materially altering, varying or amending any employment, consulting, severance or similar agreement or arrangement with one or more of its officers, directors, other executives or employees, or accelerating or otherwise materially increasing compensation or benefits for any of the above, in each case other than pursuant to: • contractual arrangements in effect on the date of this deed and which are contained in the Disclosure Materials; or Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 59 Term Meaning • Gold Road's policies and guidelines in effect on the date of this deed and which are contained in the Disclosure Materials, provided that the aggregate of all increases in compensation or benefits is no greater than $2,000,000; 21 a member of the Gold Road Group paying any of its officers, directors, other executives or employees a termination or retention payment, other than in accordance with contractual arrangements in effect on the date of this deed and which are contained in the Disclosure Materials; 22 a member of the Gold Road Group entering into any enterprise bargaining agreement other than in the ordinary course of business or pursuant to contractual arrangements in effect on the date of this deed and which are contained in the Disclosure Materials; 23 a member of the Gold Road Group entering into or amending in any material respect any agreement or arrangement relating to native title or access arrangements with regards to the Gold Road Tenements; 24 a member of the Gold Road Group: • amending in any material respect any agreement or arrangement with a Financial Adviser, or entering into an agreement or arrangement with a new Financial Adviser in respect of the Transaction or entering into a new agreement or arrangement with an existing Financial Adviser for the provision of services in respect of the Transaction or a Competing Proposal; or • other than the payment by Gold Road of any amount in accordance with the engagement terms with Financial Advisers disclosed in the Disclosure Materials, paying or agreeing to pay any discretionary incentive fee to any Financial Adviser or other professional adviser for the provision of services in respect of the Transaction or a Competing Proposal under any new or existing agreement or arrangement; 25 a member of the Gold Road Group changing any accounting policy applied by them to report their financial position other than any change in policy required by a change in accounting standards; or 26 a member of the Gold Road Group doing anything that would result in a change in the Gold Road Consolidated Tax Group. Gold Road Registry Computershare Investor Services Pty Ltd. Gold Road Representations and Warranties the representations and warranties of Gold Road set out in Schedule 3, as each is qualified by clause 7.5.

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![](exhibit414_sid017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 60 Term Meaning Gold Road Royalty the royalty referred to in the "Royalty Deed — Net Smelter Royalty — Gruyere Project" dated 6 November 2016. Gold Road Share a fully paid ordinary share in the capital of Gold Road. Gold Road Shareholder each person who is registered as the holder of a Gold Road Share in the Gold Road Share Register. Gold Road Share Register the register of members of Gold Road maintained in accordance with the Corporations Act. Gold Road Tenements the tenements described in Schedule 5. Government Agency any foreign or Australian government or governmental, semi- governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity (including any stock or other securities exchange), or any minister of the Crown in right of the Commonwealth of Australia or any State, and any other federal, state, provincial, or local government, whether foreign or Australian. Gruyere Project the Gruyere Gold Mine in Western Australia the subject of the Joint Venture Agreement. Implementation Date the fifth Business Day after the Scheme Record Date, or such other date after the Scheme Record Date as the parties agree in writing. Independent Expert the independent expert in respect of the Scheme appointed by Gold Road. Independent Expert's Report means the report to be issued by the Independent Expert in connection with the Scheme (including any update or supplementary report), setting out the Independent Expert's opinion whether or not the Transaction is in the best interest of Gold Road Shareholders and the reasons for holding that opinion. Insolvency Event means, in relation to an entity: 1 the entity resolving that it be wound up or a court making an order for the winding up or dissolution of the entity; 2 a liquidator, provisional liquidator, administrator, receiver, receiver and manager or other insolvency official being Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 61 Term Meaning appointed to the entity or in relation to the whole, or a substantial part, of its assets; 3 the entity executing a deed of company arrangement; 4 the entity ceases, or threatens to cease to, carry on substantially all the business conducted by it as at the date of this deed; 5 the entity is or becomes unable to pay its debts when they fall due within the meaning of the Corporations Act (or, if appropriate, legislation of its place of incorporation); or 6 the entity being deregistered as a company or otherwise dissolved. Joint Venture Agreement the joint venture agreement between Gold Road, Gruyere Mining Company Pty Ltd, Gold Road (Gruyere) Pty Ltd, Gruyere Management Pty Ltd and Gold Fields Australia Pty Ltd dated 6 December 2016, as amended, restated and assigned on 12 December 2017. Listed Portfolio Investments each of the following listed companies (or managed investment schemes) in which the Gold Road Group holds securities in (and for the avoidance of doubt, excluding the NST Holding): 1 56,541,384 fully paid ordinary shares in Yandal Resources Limited ABN 86 108 753 608; 2 30,480,662 fully paid ordinary shares in Iceni Gold Limited ABN 98 639 626 949; and 3 1,341,200 fully paid ordinary shares in Premier1 Lithium Limited ABN 16 637 198 531. Listing Rules the official listing rules of ASX. Material Contract 1 the Syndicated Facility Agreement dated 28 May 2024 between Gold Road and National Australia Bank Limited (as amended by the Amending Deed – Gold Road Syndicated Facility Agreement dated 2 May 2025); 2 Deed of Agreement regarding Gold Road's Exploratory and Ancillary Tenure on Yilka Country and Related Matters dated 23 December 2022 between Gold Road, Yilka Talintji Aboriginal Corporation RNTBC, Gold Road (North Yamarna) ty Ltd and Gold Road (South Yamarna) Pty Ltd; 3 the Joint Venture Agreement; 4 the Royalty Deed - Net Smelter Royalty - Gruyere Project dated 6 November 2016; 5 Deed of Amendment, Restatement and Assignment – Regional Co-operation Arrangement dated 12 December 2017; Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 62 Term Meaning 6 the Refining Agreement (Reference: REFM-027-2018) between Gold Corporation and Gruyere Management Pty Ltd; 7 the Quotation for Technical Services (Quote Number: 1038899- A3) from ALS Geochemistry dated 24 February 2025; 8 the Master Services Agreement (Contract Number: GOR2024TD) dated 12 March 2024 between Gold Road and Topdrill Pty Ltd; and 9 the Lease in respect of Level 2, Colin Street, West Perth dated August 2016 between Gold Road and Alsanto Nominees Pty Ltd as trustee for the Monaco Family Trust, Silvia Monaco and Marina Monaco (as varied and extended on 26 June 2019, 15 March 2021 and 9 May 2023). NST Northern Star Resources Limited ABN 43 092 832 892. NST Holding all of the shares in NST to be acquired by the Gold Road Group upon implementation of the De Grey Mining Scheme, which is expected to be approximately 49,258,234 ordinary shares in NST. NST Holding Value the value of the NST Holding on the Effective Date, with the value of such shareholding to be determined as follows: 1 by calculating the 5 day VWAP of the NST shares on the Effective Date; and 2 the VWAP will be calculated as the daily volume weighted average price of ordinary shares in NST as traded on ASX during the 5 trading days immediately prior to the Effective Date, but excluding any 'Crossing' transacted outside the 'Open Session State' or any 'Special Crossing' transacted at any time, each as defined in the Operating Rules, or any overseas trades or trades pursuant to the exercise of options over the relevant shares. Operating Rules the official operating rules of ASX. RG 60 Regulatory Guide 60 issued by ASIC in September 2020. Registered Address in relation to a Gold Road Shareholder, the address shown in the Gold Road Share Register as at the Scheme Record Date. Regulator's Draft the draft of the Scheme Booklet in a form which is agreed to between the parties and that is provided to ASIC for approval pursuant to subsection 411(2) of the Corporations Act. Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 63 Term Meaning Regulatory Approval a clearance, waiver, ruling, approval, relief, confirmation, exemption, consent or declaration set out in clause 3.1(a). Reimbursement Fee $37,100,000. Related Bodies Corporate has the meaning set out in section 50 of the Corporations Act. Related Person 1 in respect of a party or its Related Bodies Corporate, each director, officer, employee, adviser, agent or representative of that party or Related Body Corporate; and 2 in respect of a Financial Adviser, each director, officer, employee or contractor of that Financial Adviser. Relevant Interest has the meaning given in sections 608 and 609 of the Corporations Act. Relevant Material Contract means a Material Contract (which one or more members of the Gold Road Group are a party to or a beneficiary under) under which any party (other than a member of the Gold Road Group) to such Material Contract has the right (Relevant Right) to: 1 terminate, cancel or rescind that Material Contract or any party of it; 1 vary, amend or modify that Material Contract in a material respect; 2 exercise, enforce or accelerate any right under that Material Contract (including rights of pre-emption); or 3 benefit from the operation of a provision which automatically terminates, varies, amends or modifies that Material Contract, (including where that Relevant Right is subject to: (x) the satisfaction or failure of a contingency or condition; or (y) one or more of the Conditions Precedent being satisfied or waived; or (z) the effluxion of time) as a direct or indirect result of: 4 a Gold Fields Group Member entering into this deed; 5 a Gold Road Group Member performing its obligations under this deed; 6 any public announcement or public disclosure of the Transaction; 7 a Gold Fields Group Member acquiring, or acquiring a Relevant Interest in, any Gold Road Shares; 8 a Gold Fields Group Member acquiring control of Gold Road;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 64 Term Meaning 9 a Gold Fields Group Member implementing or seeking to implement any of its intentions for Gold Road as described in the Scheme Booklet; or 10 any Gold Road Board Member supporting the Scheme or making a recommendation that Gold Road Shareholders vote in favour of the Scheme. Right to Use includes any easement, restrictive covenant, lease or licence to use, access, explore or occupy. Scheme the scheme of arrangement under Part 5.1 of the Corporations Act between Gold Road and the Scheme Shareholders, the form of which is attached as Attachment 2, subject to any alterations or conditions made or required by the Court under subsection 411(6) of the Corporations Act and agreed to in writing by GHPL and Gold Road. Scheme Booklet the scheme booklet to be prepared by Gold Road in respect of the Transaction in accordance with the terms of this deed (including clause 5.2(a)) in a form agreed between the parties (acting reasonably) to be despatched to the Gold Road Shareholders and which must include or be accompanied by: 1 a copy of the Scheme; 2 an explanatory statement complying with the requirements of the Corporations Act, the Corporations Regulations and RG 60; 3 the Independent Expert's Report; 4 a copy or summary of this deed; 5 a copy of the executed Deed Poll; 6 a notice of meeting; and 7 a proxy form. Scheme Consideration the consideration to be provided by GHPL to each Scheme Shareholder for the transfer to GHPL of each Scheme Share, being for each Gold Road Share held by a Scheme Shareholder as at the Scheme Record Date: 1 an amount equal to A$2.52 per Gold Road Share; plus 2 an amount equal to each Scheme Shareholders' pro rata proportion of the NST Holding Value. Scheme Meeting the meeting of Gold Road Shareholders ordered by the Court to be convened under subsection 411(1) of the Corporations Act to consider and vote on the Scheme and includes any meeting Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 65 Term Meaning convened following any adjournment or postponement of that meeting. Scheme Record Date 7.00pm on the fifth Business Day after the Effective Date or such other time and date as the parties agree in writing. Scheme Shares all Gold Road Shares held by the Scheme Shareholders as at the Scheme Record Date. Scheme Shareholder a holder of Gold Road Shares recorded in the Gold Road Share Register as at the Scheme Record Date. Second Court Date the first day on which an application made to the Court for an order under paragraph 411(4)(b) of the Corporations Act approving the Scheme is heard or, if the application is adjourned or subject to appeal for any reason, the day on which the adjourned application or appeal is heard. Security Interest has the meaning given in section 12 of the Personal Property Securities Act 2009 (Cth). Special Dividend has the meaning given in clause 4.5(b). Specified Individual Duncan Gibbs and John Mullumby. Subsidiary has the meaning given in Division 6 of Part 1.2 of the Corporations Act, provided that an entity will also be taken to be a Subsidiary of another entity if it is controlled by that entity (as 'control' is defined in section 50AA of the Corporations Act) and, without limitation: 1 a trust may be a Subsidiary, for the purposes of which a unit or other beneficial interest will be regarded as a share; and 2 an entity may be a Subsidiary of a trust if it would have been a Subsidiary if that trust were a corporation. Superior Proposal a bona fide Competing Proposal: 1 of the kind referred to in any of paragraphs 2, 3, 4 or 5 of the definition of Competing Proposal; and 2 not resulting from a breach by Gold Road of any of its obligations under clause 11 of this deed (it being understood that any actions by the Related Persons of Gold Road not Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 66 Term Meaning permitted by clause 11 will be deemed to be a breach by Gold Road for the purposes hereof), that the Gold Road Board, acting in good faith, and after receiving written legal advice from its external legal advisers and written financial advice from its Financial Adviser, determines: 3 is reasonably capable of being valued and completed in a reasonable timeframe; and 4 would, if completed substantially in accordance with its terms, be more favourable to Gold Road Shareholders (as a whole) than the Transaction (and, if applicable, than the Transaction as amended or varied following application of the matching right set out in clause 11.5), in each case taking into account all terms and conditions and other aspects of the Competing Proposal (including any timing considerations, any conditions precedent, the identity of the proponent or other matters affecting the probability of the Competing Proposal being completed) and of the Transaction. Takeovers Panel the Australian Takeovers Panel. Tax Act the Income Tax Assessment Act 1997 (Cth). Third Party a person other than GHPL, its Related Bodies Corporate and its other Associates. Timetable the indicative timetable for the implementation of the Transaction set out in Attachment 1. Transaction the acquisition of the Scheme Shares by GHPL through implementation of the Scheme in accordance with the terms of this deed. Traditional Owners any indigenous person or traditional owner that has an interest in the land the subject of the Gold Road Tenements, including the Yilka People and the Cosmo Newberry Aboriginal Corporation. 2 Interpretation 2.1 Interpretation In this deed: Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 67 (a) headings and bold type are for convenience only and do not affect the interpretation of this deed; (b) the singular includes the plural and the plural includes the singular; (c) words of any gender include all genders; (d) other parts of speech and grammatical forms of a word or phrase defined in this deed have a corresponding meaning; (e) a reference to a person includes any company, partnership, joint venture, association, corporation or other body corporate and any Government Agency, as well as an individual; (f) a reference to a clause, party, schedule, attachment or exhibit is a reference to a clause of, and a party, schedule, attachment or exhibit to this deed; (g) a reference to any legislation includes all delegated legislation made under it and amendments, consolidations, replacements or re-enactments of any of them (whether passed by the same or another Government Agency with legal power to do so); (h) a reference to a document (including this deed) includes all amendments or supplements to, or replacements or novations of, that document; (i) a reference to '$', 'A$' or 'dollar' is to the lawful currency of Australia; (j) a reference to any time is, unless otherwise indicated, a reference to that time in Perth, Western Australia; (k) a term defined in or for the purposes of the Corporations Act, and which is not defined in clause 1.1 of this Schedule 1, has the same meaning when used in this deed; (l) a reference to a party to a document includes that party's successors and permitted assignees; (m) no provision of this deed will be construed adversely to a party because that party was responsible for the preparation of this deed or that provision; (n) any agreement, representation, warranty or indemnity in favour of two or more parties (including where two or more persons are included in the same defined term) is for the benefit of them jointly and severally; (o) a reference to a body (including an institute, association or authority), other than a party to this deed, whether statutory or not: (1) which ceases to exist; or (2) whose powers or functions are transferred to another body, is a reference to the body which replaces it or which substantially succeeds to its powers or functions; (p) a reference to an agreement other than this deed includes a deed and any legally enforceable undertaking, agreement, arrangement or understanding, whether or not in writing; (q) a reference to liquidation or insolvency includes appointment of an administrator, a reconstruction, winding up, dissolution, deregistration, assignment for the benefit of creditors, bankruptcy, or a scheme, compromise or arrangement with creditors (other than solely with holders of securities or derivatives), or any similar procedure or, where applicable, changes in the constitution of any partnership or Third Party, or death;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284080 Scheme Implementation Deed page 68 (r) if a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive of that day; (s) a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later; (t) if an act prescribed under this deed to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day; (u) a reference to the Listing Rules and the Operating Rules includes any variation, consolidation or replacement of these rules and is to be taken to be subject to any waiver or exemption granted to the compliance of those rules by a party; and (v) a reference to something being "reasonably likely" (or to a similar expression) is a reference to that thing being more likely than not to occur when assessed objectively. 2.2 Interpretation of inclusive expressions Specifying anything in this deed after the words 'include' or 'for example' or similar expressions does not limit what else is included. 2.3 Business Day Where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the next Business Day. 2.4 Listing requirements included as law A listing rule or business rule of a securities exchange will be regarded as a law, and a reference to such a rule is to be taken to be subject to any waiver or exemption granted to a party. 2.5 Obligation to use best or reasonable endeavours A reference to a party using or obligation on a party to use its best endeavours or reasonable endeavours or all reasonable endeavours does not oblige that party to: (a) pay money: (1) in the form of an inducement or consideration to a third party to procure something (other than the payment of immaterial expenses or costs, including costs of advisers, to procure the relevant thing); or (2) in circumstances that are commercially onerous or unreasonable in the context of this deed; (b) provide other valuable consideration to or for the benefit of any person; or (c) agree to commercially onerous or unreasonable conditions. 2064284080 Scheme Implementation Deed page 69 Schedule 2 GHPL Representations and Warranties GHPL represents and warrants to Gold Road (in its own right and separately as trustee or nominee for each of the other Gold Road Indemnified Parties) that: (a) GHPL Information: the GHPL Information provided for inclusion in the Scheme Booklet, as at the date the Scheme Booklet is despatched to Gold Road Shareholders, will be accurate in all material respects and will not contain any statement which is materially misleading or deceptive (with any statement of belief or opinion being honestly held and formed on a reasonable basis), including by way of omission from that statement; (b) basis of GHPL Information: the GHPL Information: (1) will be provided to Gold Road in good faith and on the understanding that Gold Road and each other Gold Road Indemnified Party will rely on that information for the purposes of preparing the Scheme Booklet and determining to proceed with the Transaction; and (2) will comply in all material respects with the requirements of the Corporations Act, the Corporations Regulations, RG 60, applicable Takeovers Panel guidance notes and the Listing Rules, and all information provided by or on behalf of GHPL to the Independent Expert will be prepared and provided in good faith and on the understanding that the Independent Expert will rely on that information for the purpose of preparing the Independent Expert's Report; (c) new information: it will, as a continuing obligation, provide to Gold Road all further or new information which arises after the Scheme Booklet has been despatched to Gold Road Shareholders until the date of the Scheme Meeting which is necessary to ensure that the GHPL Information is not misleading or deceptive (including by way of omission); (d) validly existing: it is a validly existing corporation registered under the laws of its place of incorporation; (e) authority: the execution and delivery of this deed by GHPL has been properly authorised by all necessary corporate action of GHPL, and GHPL has taken or will take all necessary corporate action to authorise the performance of this deed and the transactions contemplated by this deed; (f) power: it has full capacity, corporate power and lawful authority to execute, deliver and perform this deed and to carry out the transactions contemplated by this deed; (g) no default: neither this deed nor the carrying out by GHPL of the transactions contemplated by this deed does or will conflict with or result in the breach of or a default under: (1) any provision of GHPL's constitution; or (2) any writ, order or injunction, judgment, law, rule or regulation to which it is party or subject or by which it or any other Gold Fields Group Member is bound, Schedule 2 GHPL Representations and Warranties 2064284080 Scheme Implementation Deed page 70 and it is not otherwise bound by any agreement that would prevent or restrict it from entering into or performing this deed; (h) deed binding: this deed is a valid and binding obligation of GHPL, enforceable in accordance with its terms; (i) Insolvency Event or regulatory action: no Insolvency Event has occurred in relation to it or another Gold Fields Group Member, nor has any regulatory action of any nature of which it is aware been taken that would reasonably be likely to prevent or restrict its ability to fulfil its obligations under this deed, under the Deed Poll or under the Scheme; and (j) Reasonable basis: as at the date of this deed, GHPL has a reasonable basis to expect that it will have sufficient financing to satisfy its obligations to provide the Scheme Consideration in accordance with the terms of this deed, the Scheme and the Deed Poll; and (k) Financing: at 8.00am on the Second Court Date and on the Implementation Date, GHPL will have sufficient financing available to it on an unconditional basis (other than, in respect of the Second Court Date only, any conditions relating to the approval of the Scheme by the Court, or procedural or documentary matters which can only be satisfied or performed after the Second Court Date) to enable GHPL to satisfy its obligations to provide the Scheme Consideration in accordance with the terms of this deed, the Scheme and the Deed Poll. 2064284080 Scheme Implementation Deed page 71 Schedule 3 Gold Road Representations and Warranties Gold Road represents and warrants to GHPL (in its own right and separately as trustee or nominee for each of the other Gold Fields Indemnified Parties) that: (a) Gold Road Information: the Gold Road Information contained in the Scheme Booklet, as at the date the Scheme Booklet is despatched to Gold Road Shareholders, will be accurate in all material respects and will not contain any statement which is materially misleading or deceptive (with any statement of belief or opinion being honestly held and formed on a reasonable basis), including by way of omission from that statement; (b) basis of Gold Road Information: the Gold Road Information: (1) will be prepared and included in the Scheme Booklet in good faith and on the understanding that GHPL and each other Gold Fields Indemnified Party will rely on that information for the purposes of determining to proceed with the Transaction and considering and approving the GHPL Information; and (2) will comply in all material respects with the requirements of the Corporations Act, the Corporations Regulations, RG 60, applicable Takeovers Panel guidance notes and the Listing Rules, and all information provided by or on behalf of Gold Road to the Independent Expert will be prepared and provided in good faith and on the understanding that the Independent Expert will rely on that information for the purpose of preparing the Independent Expert's Report; (c) new information: it will, as a continuing obligation (but in respect of the GHPL Information, only to the extent that GHPL provides Gold Road with updates to the GHPL Information), ensure that the Scheme Booklet is updated or supplemented to include all further or new information which arises after the Scheme Booklet has been despatched to Gold Road Shareholders until the date of the Scheme Meeting which is necessary to ensure that the Scheme Booklet is not misleading or deceptive (including by way of omission); (d) validly existing: each member of the Gold Road Group is a validly existing corporation registered under the laws of its place of incorporation; (e) authority: the execution and delivery of this deed by Gold Road has been properly authorised by all necessary corporate action of Gold Road, and Gold Road has taken or will take all necessary corporate action to authorise the performance of this deed and the transactions contemplated by this deed; (f) power: it has full capacity, corporate power and lawful authority to execute, deliver and perform this deed and to carry out the transactions contemplated by this deed; (g) no default: neither this deed nor the carrying out by Gold Road of the transactions contemplated by this deed does or will conflict with or result in the breach of or a default under: (1) any provision of Gold Road's constitution; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 3 Gold Road Representations and Warranties 2064284080 Scheme Implementation Deed page 72 (2) any material term or provision of any Material Contract (including any financing arrangements) or any writ, order or injunction, judgment, law, rule or regulation to which it is party or subject or by which it or any other Gold Road Group Member is bound, and it is not otherwise bound by any agreement that would prevent or restrict it from entering into or performing this deed; (h) deed binding: this deed is a valid and binding obligation of Gold Road, enforceable in accordance with its terms; (i) continuous disclosure: as at the date of this deed, Gold Road is in compliance its continuous disclosure obligations under Listing Rule 3.1 and, other than for this Transaction, it is not relying on the carve-out in Listing Rule 3.1A to withhold any material information from public disclosure; (j) capital structure: its capital structure, including all issued securities as at the date of this deed, is as set out in Schedule 4 and it has not issued or granted (or agreed to issue or grant) any other securities, options, warrants, performance rights or other instruments which are still outstanding and may convert into Gold Road Shares other than as set out in Schedule 4 and no Gold Road Group Member is under any obligation to issue or grant, and no person has any right to call for the issue or grant of, any shares, options, warrants, performance rights or other securities or instruments in such Gold Road Group Member; (k) interest: the Disclosure Materials set out full details of any company, partnership, trust, joint venture (whether incorporated or unincorporated) or other enterprise in which Gold Road or another Gold Road Group Member owns or otherwise holds any interest; (l) Insolvency Event or regulatory action: no Insolvency Event has occurred in relation to it or another Gold Road Group Member, nor has any regulatory action of any nature of which it is aware been taken that would reasonably be likely to prevent or materially restrict its ability to fulfil its obligations under this deed or under the Scheme; (m) compliance: each member of the Gold Road Group has complied in all material respects with all Australian and foreign laws and regulations applicable to them and orders of Australian and foreign Government Agencies having jurisdiction over them and there is no judgment, injunction, order or decree binding on any member of the Gold Road Group that constitutes or would be likely to constitute a Gold Road Material Adverse Change; (n) material licences: the Gold Road Group has all material licences, authorisations and permits necessary for it to conduct the business of the Gold Road Group as it is being conducted as at the date of this deed, and no member of the Gold Road Group: (1) is in material breach of, or default under, any such licence, authorisation or permit; or (2) has received any notice in respect of the termination, revocation, variation or non-renewal of any such licence, authorisation or permit; (o) advisers: it has provided complete and accurate information regarding fee levels in all retainers and mandates with Financial Advisers, any Competing Proposals and any other transaction where such retainer or mandate is current, or under which the Gold Road Group still has obligations; (p) Disclosure Materials: it has collated and prepared all of the Disclosure Materials in good faith for the purposes of a limited due diligence process in accordance with the due diligence request list that was attached to Gold Fields' Schedule 3 Gold Road Representations and Warranties 2064284080 Scheme Implementation Deed page 73 non-binding indicated offer to Gold Road the subject of the Gold Fields announcement on 24 March 2025 (and any subsequent requests for information) and in this context, as far as Gold Road is aware: (1) the Disclosure Materials have been collated with all reasonable care and skill; (2) the information contained in the Disclosure Materials is accurate in all material respects; (3) the Disclosure Materials do not include information that is misleading in any material respect; and (4) other than in relation to the Gruyere Project, no information has been omitted from the Disclosure Materials that, in Gold Road's reasonable opinion, would render the Disclosure Materials misleading in any material respect; (q) all information: it is not aware of any information relating to the Gold Road Group or its respective businesses or operations (having made reasonable enquiries) as at the date of this deed that has or could reasonably be expected to give rise to a Gold Road Material Adverse Change that has not been disclosed in an announcement by Gold Road to ASX or in the Disclosure Materials; (r) not misleading: all information it has provided or will provide to the Independent Expert, as contemplated by clause 5.2(r) or otherwise, or to GHPL, is accurate and not misleading in all material respects, and it has not omitted any information required to make the information provided to the Independent Expert or GHPL not misleading in any material respect; (s) no contravention of Corporations Act or Listing Rules: neither ASIC nor ASX has made a determination against any member of the Gold Road Group for any contravention of the requirements of the Corporations Act or the Listing Rules or any rules, regulations or regulatory guides under the Corporations Act or the Listing Rules and, as far as Gold Road is aware, no event has occurred which reasonably could or would reasonably be likely to result in such a determination being made; (t) litigation: there are no current material actions, suits, arbitrations or legal or administrative proceedings against any member of the Gold Road Group and, as far as Gold Road is aware: (1) there are no (i) current, pending or threatened material claims, disputes or demands, or (ii) pending or threatened material actions, suits, arbitrations or legal or administrative proceedings, in each case against any member of the Gold Road Group; and (2) no member of the Gold Road Group is the specific focus of any material formal investigation by a Government Agency (not being an industry-wide investigation); (u) encumbrances: as at the date of this deed and other than any Security Interest disclosed in the Disclosure Materials or otherwise available from public searches, there is no Security Interest over all or any of the Gold Road Group's present or future assets or revenues; (v) no Gold Road Material Adverse Change: immediately prior to entry into this deed, no Gold Road Material Adverse Change has occurred; (w) Material Contracts: as far as Gold Road is aware as at the date of this deed, no member of the Gold Road Group is in material default under a Material Contract to which it is a party, and nothing has occurred which is (or would be Schedule 3 Gold Road Representations and Warranties 2064284080 Scheme Implementation Deed page 74 following the giving of notice or the lapse of time) an event of default or would give another party a termination right or right to accelerate any material right or obligation under any Material Contract; (x) financial statements: as far as Gold Road is aware as at the date of this deed, there has not been any event, change, effect or development that would require Gold Road to restate Gold Road's financial statements as disclosed to ASX, and Gold Road's financial statements for the financial year ended 31 December 2024: (1) comply with applicable statutory requirements and were prepared in accordance with the Corporations Act, the Accounting Standards and all other applicable laws and regulations; and (2) give a true and fair view of the financial position and the assets and liabilities of the Gold Road Group; and (y) change of control: other than as Fairly Disclosed, there are no Material Contracts or material leases to which a member of the Gold Road Group is a party which contain any change of control provisions that will be triggered by implementation of the Transaction. 2064284080 Scheme Implementation Deed page 75 Schedule 4 Gold Road details Security Total number on issue Gold Road Shares 1,086,399,060 Gold Road Performance Rights 5,875,541 Gold Road Performance Rights to be issued after 16 May 2025 (subject to approval by Gold Road Shareholders) 563,944

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Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 76 Schedule 5 Gold Road Tenements 1 Gruyere Joint Venture Tenement Joint Holders: Gold Road (Gruyere) Pty Ltd and Gruyere Mining Company Pty Ltd Tenement Number Tenement Type Status E 38/1964 Exploration Licence Granted E 38/2326 Exploration Licence Granted E 38/2415 Exploration Licence Granted M 38/435 Mining Lease Granted M 38/436 Mining Lease Granted M 38/437 Mining Lease Granted M 38/438 Mining Lease Granted M 38/439 Mining Lease Granted M 38/788 Mining Lease Granted M 38/814 Mining Lease Granted M 38/841 Mining Lease Granted M 38/1178 Mining Lease Granted M 38/1179 Mining Lease Granted M 38/1255 Mining Lease Granted M 38/1267 Mining Lease Granted M 38/1279 Mining Lease Application M 38/1302 Mining Lease Application L 38/186 Miscellaneous Licence Granted L 38/210 Miscellaneous Licence Granted L 38/227 Miscellaneous Licence Granted L 38/230 Miscellaneous Licence Granted L 38/235 Miscellaneous Licence Granted L 38/250 Miscellaneous Licence Granted L 38/251 Miscellaneous Licence Granted L 38/252 Miscellaneous Licence Granted L 38/253 Miscellaneous Licence Granted L 38/254 Miscellaneous Licence Granted L 38/255 Miscellaneous Licence Granted Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 77 Tenement Number Tenement Type Status L 38/256 Miscellaneous Licence Granted L 38/260 Miscellaneous Licence Granted L 38/266 Miscellaneous Licence Granted L 38/267 Miscellaneous Licence Granted L 38/268 Miscellaneous Licence Granted L 38/269 Miscellaneous Licence Granted L 38/270 Miscellaneous Licence Granted L 38/271 Miscellaneous Licence Granted L 38/272 Miscellaneous Licence Granted L 38/273 Miscellaneous Licence Granted L 38/274 Miscellaneous Licence Granted L 38/275 Miscellaneous Licence Granted L 38/276 Miscellaneous Licence Granted L 38/278 Miscellaneous Licence Granted L 38/279 Miscellaneous Licence Granted L 38/280 Miscellaneous Licence Granted L 38/281 Miscellaneous Licence Granted L 38/282 Miscellaneous Licence Granted L 38/283 Miscellaneous Licence Granted L 38/284 Miscellaneous Licence Granted L 38/285 Miscellaneous Licence Granted L 38/286 Miscellaneous Licence Granted L 38/293 Miscellaneous Licence Granted L 38/294 Miscellaneous Licence Granted L 38/295 Miscellaneous Licence Granted L 38/296 Miscellaneous Licence Granted L 38/297 Miscellaneous Licence Granted L 38/298 Miscellaneous Licence Granted L 38/299 Miscellaneous Licence Granted L 38/300 Miscellaneous Licence Granted L 38/301 Miscellaneous Licence Granted L 38/302 Miscellaneous Licence Granted L 38/303 Miscellaneous Licence Granted L 38/304 Miscellaneous Licence Granted L 38/305 Miscellaneous Licence Granted L 38/306 Miscellaneous Licence Granted L 38/307 Miscellaneous Licence Granted L 38/309 Miscellaneous Licence Granted Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 78 Tenement Number Tenement Type Status L 38/310 Miscellaneous Licence Granted L 38/311 Miscellaneous Licence Granted P 38/4196 Prospecting Licence Granted P 38/4197 Prospecting Licence Granted P 38/4401 Prospecting Licence Granted 2 Yamarna Gold Road 100% Tenement Holder: Gold Road (North Yamarna) Pty Ltd Tenement Number Tenement Type Status E 38/1083 Exploration Licence Granted E 38/1388 Exploration Licence Granted E 38/1858 Exploration Licence Granted E 38/1931 Exploration Licence Granted E 38/2178 Exploration Licence Granted E 38/2235 Exploration Licence Granted E 38/2249 Exploration Licence Granted E 38/2250 Exploration Licence Granted E 38/2319 Exploration Licence Granted E 38/2325 Exploration Licence Granted E 38/2356 Exploration Licence Granted E 38/2362 Exploration Licence Granted E 38/2446 Exploration Licence Granted E 38/2447 Exploration Licence Granted E 38/2735 Exploration Licence Granted E 38/2932 Exploration Licence Granted E 38/2964 Exploration Licence Granted E 38/2965 Exploration Licence Granted E 38/3041 Exploration Licence Granted E 38/3267 Exploration Licence Granted E 38/3275 Exploration Licence Granted E 38/3276 Exploration Licence Granted E 38/3285 Exploration Licence Granted E 38/3334 Exploration Licence Granted E 38/3410 Exploration Licence Granted E 38/3411 Exploration Licence Granted Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 79 Tenement Number Tenement Type Status M 38/1319 Mining Lease Application L 38/394 Miscellaneous Licence Application Tenement Holder: Gold Road (South Yamarna) Pty Ltd Tenement Number Tenement Type Status E 38/2291 Exploration Licence Granted E 38/2292 Exploration Licence Granted E 38/2293 Exploration Licence Granted E 38/2294 Exploration Licence Granted E 38/2355 Exploration Licence Granted E 38/2363 Exploration Licence Granted E 38/2531 Exploration Licence Granted E 38/3104 Exploration Licence Granted E 38/3106 Exploration Licence Granted E 38/3221 Exploration Licence Granted E 38/3223 Exploration Licence Granted L 38/236 Miscellaneous Licence Granted 3 Other Projects Tenement Holder: Abarta Laverton Pty Ltd Tenement Number Tenement Type Status E 3902269 Exploration Licence Granted E 3902270 Exploration Licence Granted E 3902271 Exploration Licence Granted E 3902272 Exploration Licence Granted E 3902273 Exploration Licence Granted E 3902274 Exploration Licence Granted E 3902275 Exploration Licence Granted E 3902276 Exploration Licence Granted E 3902302 Exploration Licence Granted E 3902303 Exploration Licence Granted E 3902304 Exploration Licence Granted E 3902308 Exploration Licence Granted E 3902309 Exploration Licence Granted E 3902343 Exploration Licence Granted

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 80 Tenement Number Tenement Type Status E 3902381 Exploration Licence Granted E 3902324 Exploration Licence Application E 3803454 Exploration Licence Granted E 3803854 Exploration Licence Application Tenement Holder: Gold Alpha Investments Pty Ltd Tenement Number Tenement Type Status EPM 28655 Exploration Licence (QLD) Granted EPM 28142 Exploration Licence (QLD) Granted EPM 28146 Exploration Licence (QLD) Granted EPM 28147 Exploration Licence (QLD) Granted EPM 28143 Exploration Licence (QLD) Granted EPM 28145 Exploration Licence (QLD) Granted EPM 28148 Exploration Licence (QLD) Granted EPM 28150 Exploration Licence (QLD) Granted EPM 28151 Exploration Licence (QLD) Granted EPM 28225 Exploration Licence (QLD) Granted EPM 28229 Exploration Licence (QLD) Granted EPM 28231 Exploration Licence (QLD) Granted EPM 28232 Exploration Licence (QLD) Granted EPM 28235 Exploration Licence (QLD) Granted E 09/2955 Exploration Licence Granted E 09/2953 Exploration Licence Granted E 09/2954 Exploration Licence Granted E 09/2214 Exploration Licence Granted E 09/2344 Exploration Licence Granted E 09/2345 Exploration Licence Granted E 39/2430 Exploration Licence Granted E 39/2431 Exploration Licence Granted E 39/2432 Exploration Licence Granted E 39/2530 Exploration Licence Application E 39/2483 Exploration Licence Application E 39/2484 Exploration Licence Application E 39/2485 Exploration Licence Application E 39/2486 Exploration Licence Application E 39/2478 Exploration Licence Granted E 39/2473 Exploration Licence Granted E 39/2474 Exploration Licence Granted E 39/2442 Exploration Licence Application E 39/2492 Exploration Licence Application E 39/2493 Exploration Licence Application Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 81 Tenement Number Tenement Type Status E 38/3959 Exploration Licence Application E 39/2509 Exploration Licence Application E 38/3899 Exploration Licence Application E 39/2512 Exploration Licence Application E 31/1406 Exploration Licence Application E 31/1408 Exploration Licence Application E 39/2516 Exploration Licence Application E 31/1416 Exploration Licence Application E 38/3870 Exploration Licence Application E 38/3894 Exploration Licence Application E 39/2413 Exploration Licence Application E 39/2414 Exploration Licence Application E 39/2425 Exploration Licence Application E 38/3900 Exploration Licence Application E 38/3914 Exploration Licence Application E 39/2434 Exploration Licence Application E 39/2528 Exploration Licence Application E 39/2529 Exploration Licence Application E 39/2471 Exploration Licence Application E 31/1385 Exploration Licence Application E 31/1417 Exploration Licence Application E 38/3963 Exploration Licence Application E 39/2533 Exploration Licence Application E 39/2534 Exploration Licence Application E 39/2539 Exploration Licence Application E 39/2542 Exploration Licence Application E 39/2543 Exploration Licence Application E 70/6628 Exploration Licence Granted E 70/6629 Exploration Licence Granted E 47/5123 Exploration Licence Application E 47/5229 Exploration Licence Application Tenement Holder: Guyer Well Gold Pty Ltd Tenement Number Tenement Type Status E 39/1988 Exploration Licence Granted E 39/1999 Exploration Licence Granted P 39/5762 Prospecting Licence Granted P 39/5764 Prospecting Licence Granted P 39/5785 Prospecting Licence Granted Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 82 Tenement Number Tenement Type Status P 39/5786 Prospecting Licence Granted Tenement Holder: Opaleye Minerals Pty Ltd Tenement Number Tenement Type Status E 39/2245 Exploration Licence Granted E 39/2246 Exploration Licence Granted Tenement Holder: Tasex Geological Services Pty Ltd and Yandan Gold Mines Pty Ltd Tenement Number Tenement Type Status E 51/1590 Exploration Licence Granted Tenement Holder: Tasex Geological Services Pty Ltd Tenement Number Tenement Type Status E 51/2016 Exploration Licence Granted Tenement Holder: Vampyr Resources Pty Ltd Tenement Number Tenement Type Status E 39/2220 Exploration Licence Granted E 39/2221 Exploration Licence Granted E 39/2295 Exploration Licence Granted E 39/2296 Exploration Licence Granted E 39/2297 Exploration Licence Granted E 39/2298 Exploration Licence Granted Tenement Holder: Yandan Gold Mines Pty Ltd Tenement Number Tenement Type Status E 51/1729 Exploration Licence Granted E 51/2045 Exploration Licence Granted G 51/28 General Purpose Lease Granted L 51/84 Miscellaneous Licence Granted M 51/555 Mining Lease Granted P 51/3180 Exploration Licence Granted E 47/4947 Exploration Licence Granted E 47/3327 Exploration Licence Granted E 47/3328 Exploration Licence Granted E 47/3329 Exploration Licence Granted E 47/4315 Exploration Licence Granted E 47/4316 Exploration Licence Granted E 47/4958 Exploration Licence Granted Schedule 5 Gold Road Tenements 2064284080 Scheme Implementation Deed page 83 Tenement Number Tenement Type Status E 47/4960 Exploration Licence Granted E 47/4952 Exploration Licence Granted E 47/4957 Exploration Licence Application E 47/4992 Exploration Licence Application E 51/1725 Exploration Licence Granted E 51/1726 Exploration Licence Granted E 51/1748 Exploration Licence Granted E 51/1749 Exploration Licence Granted E 51/1750 Exploration Licence Granted E 51/1751 Exploration Licence Granted E 51/1752 Exploration Licence Granted E 51/1753 Exploration Licence Granted E 51/1897 Exploration Licence Granted E 51/1920 Exploration Licence Granted E 51/1921 Exploration Licence Granted E 51/2023 Exploration Licence Granted E 51/2060 Exploration Licence Granted EL 5929 Exploration Licence (SA) Granted EL 6030 Exploration Licence (SA) Granted EL 6145 Exploration Licence (SA) Granted EL 6302 Exploration Licence (SA) Granted EL 6303 Exploration Licence (SA) Granted EL 6436 Exploration Licence (SA) Granted EL 6473 Exploration Licence (SA) Granted EL 6474 Exploration Licence (SA) Granted EL 6507 Exploration Licence (SA) Granted EL 6583 Exploration Licence (SA) Granted EL 6636 Exploration Licence (SA) Granted EL 6686 Exploration Licence (SA) Granted EL 6793 Exploration Licence (SA) Granted

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2064284080 Scheme Implementation Deed page 84 Signing page Executed as a deed Signed, sealed and delivered by Gruyere Holdings Pty Ltd by sign here ► sign here ► Company Secretary/Director Director print name print name Signed, sealed and delivered by Gold Road Resources Limited by sign here ► sign here ► Company Secretary/Director Director print name print name Signed sealed and delivered by Gold Fields Holdings Company Limited in the presence of its directors sign here ► sign here ► DIRECTOR DIRECTOR print name MIKE FRASER print name KELLY CARTER Seal SIGNED SIGNED SIGNED SIGNED SIGNED SIGNED /s/ Andrew Bywater Andrew Bywater /s/ Craig Bradshaw Craig Bradshaw /s/ Mike Fraser /s/ Kelly Carter /s/ Julie Jones Julie Jones Duncan Gibbs /s/ Duncan Gibbs 2064284080 Scheme Implementation Deed page 1 Attachment 1 Indicative Timetable Event Date Announcement and signing of scheme implementation deed 5 May 2025 Scheme Booklet provided to ASIC in draft July 2025 First Court hearing August 2025 Scheme Meeting September 2025 Second Court hearing September 2025 Effective Date September 2025 Record date for Special Dividend October 2025 Scheme Record Date October 2025 Payment of Special Dividend October 2025 Implementation Date October 2025 2064284080 Scheme Implementation Deed page 1 Attachment 2 Scheme of arrangement 1 The Esplanade Perth WA 6000 Australia GPO Box U1942 Perth WA 6845 Australia T +61 8 9211 7777 F +61 8 9211 7878 herbertsmithfreehills.com Scheme of Arrangement — Share Scheme Gold Road Resources Limited Scheme Shareholders

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064284287 Scheme of Arrangement - Share Scheme page 2 Scheme of arrangement — share scheme This scheme of arrangement is made under section 411 of the Corporations Act 2001 (Cth) Between the parties Gold Road Gold Road Resources Limited ABN 13 109 289 527 of Level 2, 26 Colin Street, West Perth WA 6005 Scheme Shareholders Each Gold Road Shareholder as at the Scheme Record Date 1 Definitions, interpretation and scheme components 1.1 Definitions Schedule 1 contains definitions used in this Scheme. 1.2 Interpretation Schedule 1 contains interpretation rules for this Scheme. 1.3 Scheme components This Scheme includes any schedule to it. 2 Preliminary matters (a) Gold Road is a public company limited by shares, registered in Australia, and is admitted to the official list of the ASX. Gold Road Shares are quoted for trading on the ASX. (b) GHPL is a wholly owned Subsidiary of Gold Fields and is registered in Australia. Gold Fields is a company incorporated in South Africa, with its shares listed on the Johannesburg Stock Exchange and its American depositary shares listed on the New York Stock Exchange. (c) If this Scheme becomes Effective: (1) GHPL must provide the Scheme Consideration to the Scheme Shareholders in accordance with the terms of this Scheme and the Deed Poll (and the GHPL Guarantor must guarantee GHPL's performance of those obligations); and 3 Conditions 2064284287 Scheme of Arrangement - Share Scheme page 3 (2) all the Scheme Shares, and all the rights and entitlements attaching to them as at the Implementation Date, must be transferred to GHPL, and Gold Road will enter the name of GHPL in the Share Register in respect of the Scheme Shares. (d) Gold Road and GHPL have agreed, by executing the Implementation Deed, to implement this Scheme. (e) This Scheme attributes actions to GHPL but does not itself impose an obligation on it to perform those actions. GHPL has agreed, by executing the Deed Poll, to perform the actions attributed to it under this Scheme, including the provision of the Scheme Consideration to the Scheme Shareholders (and the GHPL Guarantor has agreed, by executing the Deed Poll, to guarantee GHPL's performance of those obligations). 3 Conditions 3.1 Conditions precedent This Scheme is conditional on, and will have no force or effect until, the satisfaction of each of the following conditions precedent: (a) all the conditions in clause 3.1 of the Implementation Deed (other than the condition in the Implementation Deed relating to Court approval of this Scheme) having been satisfied or waived in accordance with the terms of the Implementation Deed; (b) neither the Implementation Deed nor the Deed Poll having been terminated in accordance with their terms before 8.00am on the Second Court Date; (c) approval of this Scheme by the Court under paragraph 411(4)(b) of the Corporations Act, including with any alterations made or required by the Court under subsection 411(6) of the Corporations Act and agreed to by GHPL and Gold Road; (d) such other conditions made or required by the Court under subsection 411(6) of the Corporations Act in relation to this Scheme and agreed to by GHPL and Gold Road having been satisfied or waived; and (e) the orders of the Court made under paragraph 411(4)(b) (and, if applicable, subsection 411(6)) of the Corporations Act approving this Scheme coming into effect, pursuant to subsection 411(10) of the Corporations Act on or before the End Date (or any later date Gold Road and GHPL agree in writing). 3.2 Certificate (a) Gold Road and GHPL will provide to the Court on the Second Court Date a certificate, or such other evidence as the Court requests, confirming (in respect of matters within their knowledge) whether or not all of the conditions precedent in clauses 3.1(a) and 3.1(b) have been satisfied or waived. (b) The certificate referred to in clause 3.2(a) constitutes conclusive evidence that such conditions precedent were satisfied, waived or taken to be waived. 4 Scheme 2064284287 Scheme of Arrangement - Share Scheme page 4 4 Scheme 4.1 Effective Date Subject to clause 4.2 and the satisfaction of the conditions precedent in clause 3.1, this Scheme will take effect on and from the Effective Date. 4.2 End Date This Scheme will lapse and be of no further force or effect if: (a) the Effective Date does not occur on or before the End Date; or (b) the Implementation Deed or the Deed Poll is terminated in accordance with its terms, unless Gold Road and GHPL otherwise agree in writing. 5 Implementation of this Scheme 5.1 Lodgement of Court orders with ASIC If the conditions precedent set out in clause 3.1 (other than the condition precedent in clause 3.1(e)) have been satisfied or waived, Gold Road must lodge with ASIC, in accordance with subsection 411(10) of the Corporations Act, an office copy of the Court order approving this Scheme as soon as possible after the Court approves this Scheme and in any event by 5.00pm on the first Business Day after the day on which the Court approves this Scheme. 5.2 Transfer of Scheme Shares On the Implementation Date: (a) subject to the provision of the Scheme Consideration in the manner contemplated by clauses 6.1(b) and 6.1(e), the Scheme Shares, together with all rights and entitlements attaching to the Scheme Shares as at the Implementation Date, must be transferred to GHPL, without the need for any further act by any Scheme Shareholder (other than acts performed by Gold Road as attorney and agent for Scheme Shareholders under clause 9.5), by: (1) Gold Road delivering to GHPL a duly completed Scheme Transfer, executed on behalf of the Scheme Shareholders by Gold Road, for registration; and (2) GHPL duly executing the Scheme Transfer, attending to the stamping of the Scheme Transfer (if required) and delivering it to Gold Road for registration; and (b) immediately following receipt of the Scheme Transfer in accordance with clause 5.2(a)(2), but subject to the stamping of the Scheme Transfer (if required), Gold Road must enter, or procure the entry of, the name of GHPL in the Share Register in respect of all the Scheme Shares transferred to GHPL in accordance with this Scheme. 6 Scheme Consideration 2064284287 Scheme of Arrangement - Share Scheme page 5 6 Scheme Consideration 6.1 Provision of Scheme Consideration (a) GHPL must, and the GHPL Guarantor must procure that GHPL does, by no later than the Business Day before the Implementation Date, deposit, or procure the deposit, in cleared funds an amount equal to the aggregate amount of the Scheme Consideration payable to all Scheme Shareholders (less the Withholding Amount as defined in clause 6.1(b)), into an Australian dollar denominated trust account with an ADI operated by Gold Road as trustee for the Scheme Shareholders (provided that any interest on the amounts deposited (less bank fees and other charges) will be credited to GHPL's account). (b) If GHPL determines (acting reasonably) that it is required by law or it is required to pay an amount to a Government Agency pursuant to Subdivision 14- D of Schedule 1 to the Taxation Administration Act 1953 (Cth) (in respect of the acquisition of the Scheme Shares from a Scheme Shareholder (a CGT Withholding Amount), GHPL is permitted to determine the amount of the CGT Withholding Amount, remit the CGT Withholding Amount to the relevant Government Agency within the time required under Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) and deduct the CGT Withholding Amount from the Scheme Consideration otherwise payable to the relevant Scheme Shareholders. The aggregate sum payable to that Scheme Shareholder shall not be increased to reflect the deduction of the CGT Withholding Amount and the net amount payable to those Scheme Shareholders to whom the CGT Withholding Amount relates shall be taken to be in full and final satisfaction of the amounts owing to those Scheme Shareholders. (c) GHPL acknowledges and agrees that it shall not pay any amounts to the Commissioner of Taxation under Subdivision 14-D with respect to a Scheme Shareholder where it receives an entity declaration from that Scheme Shareholder by no later than 5 Business Days prior to the Implementation Date, where: (1) the entity declaration is made in accordance with the requirements in section 14-225 of Subdivision 14-D and covers the Implementation Date (Entity Declaration); and (2) GHPL does not know the Entity Declaration to be false. (d) Subject to clause 6.1(f), on the Implementation Date, subject to funds having been deposited in accordance with clause 6.1(a), Gold Road must pay or procure the payment of the Scheme Consideration to each Scheme Shareholder from the trust account referred to in clause 6.1(a). (e) The obligations of Gold Road under clause 6.1(b) will be satisfied by Gold Road (in its absolute discretion, and despite any election referred to in clause 6.1(e)(1) or authority referred to in clause 6.1(e)(2) made or given by the Scheme Shareholder): (1) if a Scheme Shareholder has, before the Scheme Record Date, made a valid election in accordance with the requirements of the Gold Road Registry to receive dividend payments from Gold Road by electronic funds transfer to a bank account nominated by the Scheme Shareholder, paying, or procuring the payment of, the relevant amount in Australian currency by electronic means in accordance with that election;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Scheme Consideration 2064284287 Scheme of Arrangement - Share Scheme page 6 (2) paying, or procuring the payment of, the relevant amount in Australian currency by electronic means to a bank account nominated by the Scheme Shareholder by an appropriate authority from the Scheme Shareholder to Gold Road; or (3) dispatching, or procuring the dispatch of, a cheque for the relevant amount in Australian currency to the Scheme Shareholder by prepaid post to their Registered Address (as at the Scheme Record Date), such cheque being drawn in the name of the Scheme Shareholder (or in the case of joint holders, in accordance with the procedures set out in clause 6.2). (f) The Scheme Consideration payable to each Scheme Shareholder with a Registered Address in New Zealand will be paid to a bank account nominated by that Scheme Shareholder in the manner contemplated by clause 6.1(e)(1) or clause 6.1(e)(2) or other appropriate authority provided by the relevant Scheme Shareholder to Gold Road. If a Scheme Shareholder with a Registered Address in New Zealand has not nominated a bank account for receipt of payments, Gold Road may hold payment of the Scheme Consideration owed to that Scheme Shareholder until a valid bank account has been nominated by an appropriate authority from the Scheme Shareholder to Gold Road. (g) To the extent that, following satisfaction of Gold Road's obligations under clauses 6.1(b) and 6.1(f), there is a surplus in the amount held by Gold Road as trustee for the Scheme Shareholders in the trust account referred to in that clause, that surplus may be paid by Gold Road to GHPL. 6.2 Joint holders In the case of Scheme Shares held in joint names: (a) subject to clause 6.1(e), the Scheme Consideration is payable to the joint holders and any cheque required to be sent under this Scheme will be made payable to the joint holders and sent to either, at the sole discretion of Gold Road, the holder whose name appears first in the Share Register as at the Scheme Record Date or to the joint holders; and (b) any other document required to be sent under this Scheme, will be forwarded to either, at the sole discretion of Gold Road, the holder whose name appears first in the Share Register as at the Scheme Record Date or to the joint holders. 6.3 Fractional entitlements Where the calculation of the Scheme Consideration to be provided to a particular Scheme Shareholder would result in the Scheme Shareholder becoming entitled to a fraction of a cent, the fractional entitlement will be rounded down to the nearest whole cent. 6.4 Unclaimed monies (a) Gold Road may cancel a cheque issued under this clause 6 if the cheque: (1) is returned to Gold Road; or (2) has not been presented for payment within six months after the date on which the cheque was sent. (b) During the period of 12 months commencing on the Implementation Date, on request in writing from a Scheme Shareholder to Gold Road (or the Gold Road 7 Dealings in Gold Road Shares 2064284287 Scheme of Arrangement - Share Scheme page 7 Registry) (which request may not be made until the date which is 20 Business Days after the Implementation Date), Gold Road must reissue a cheque that was previously cancelled under this clause 6.4. (c) The Unclaimed Money Act 1990 (WA) will apply in relation to any Scheme Consideration which becomes 'unclaimed money' (as defined in sections 6, 8, 11 and 14 of the Unclaimed Money Act 1990 (WA)). 6.5 Orders of a court or Government Agency If written notice is given to Gold Road (or the Gold Road Registry) or GHPL (or the GHPL Registry) of an order or direction made by a court of competent jurisdiction or by another Government Agency that: (a) requires consideration to be provided to a third party (either through payment of a sum or the issuance of a security) in respect of Scheme Shares held by a particular Scheme Shareholder, which would otherwise be payable or required to be issued to that Scheme Shareholder by Gold Road in accordance with this clause 6, then Gold Road shall be entitled to procure that provision of that consideration is made in accordance with that order or direction; or (b) prevents Gold Road from providing consideration to any particular Scheme Shareholder in accordance with this clause 6, or the payment or issuance of such consideration is otherwise prohibited by applicable law, Gold Road shall be entitled to (as applicable) retain an amount, in Australian dollars, equal to the number of Scheme Shares held by that Scheme Shareholder multiplied by the Scheme Consideration until such time as provision of the Scheme Consideration in accordance with this clause 6 is permitted by that (or another) order or direction or otherwise by law. 7 Dealings in Gold Road Shares 7.1 Determination of Scheme Shareholders To establish the identity of the Scheme Shareholders, dealings in Gold Road Shares or other alterations to the Share Register will only be recognised if: (a) in the case of dealings of the type to be effected using CHESS, the transferee is registered in the Share Register as the holder of the relevant Gold Road Shares on or before the Scheme Record Date; and (b) in all other cases, registrable transfer or transmission applications in respect of those dealings, or valid requests in respect of other alterations, are received on or before the Scheme Record Date at the place where the Share Register is kept, and Gold Road must not accept for registration, nor recognise for any purpose (except a transfer to GHPL pursuant to this Scheme and any subsequent transfer by GHPL or its successors in title), any transfer or transmission application or other request received after such times, or received prior to such times but not in registrable or actionable form, as appropriate. 7.2 Register (a) Gold Road must register registrable transmission applications or transfers of the Scheme Shares that are received in accordance with clause 7.1(b) on or before 8 Quotation of Gold Road Shares 2064284287 Scheme of Arrangement - Share Scheme page 8 the Scheme Record Date provided that, for the avoidance of doubt, nothing in this clause 7.2(a) requires Gold Road to register a transfer that would result in a Gold Road Shareholder holding a parcel of Gold Road Shares that is less than a 'marketable parcel' (for the purposes of this clause 7.2(a) 'marketable parcel' has the meaning given in the Operating Rules). (b) If this Scheme becomes Effective, a holder of Scheme Shares (and any person claiming through that holder) must not dispose of, or purport or agree to dispose of, any Scheme Shares or any interest in them from the Scheme Record Date otherwise than pursuant to this Scheme, and any attempt to do so will have no effect and Gold Road shall be entitled to disregard any such disposal. (c) For the purpose of determining entitlements to the Scheme Consideration, Gold Road must maintain the Share Register in accordance with the provisions of this clause 7.2 until the Scheme Consideration has been paid to the Scheme Shareholders. The Share Register in this form will solely determine entitlements to the Scheme Consideration. (d) Subject to the provision of the Scheme Consideration in the manner contemplated by clauses 6.1(b) to 6.1(f), all statements of holding for Gold Road Shares (other than statements of holding in favour of GHPL) will cease to have effect after the Scheme Record Date as documents of title in respect of those shares and, as from that date, each entry current at that date on the Share Register (other than entries on the Share Register in respect of GHPL) will cease to have effect except as evidence of entitlement to the Scheme Consideration in respect of the Gold Road Shares relating to that entry. (e) As soon as possible on or after the Scheme Record Date, and in any event by 5.00pm on the first Business Day after the Scheme Record Date, Gold Road will ensure that details of the names, Registered Addresses and holdings of Gold Road Shares for each Scheme Shareholder as shown in the Share Register are available to GHPL in the form GHPL reasonably requires. 8 Quotation of Gold Road Shares (a) Gold Road must apply to ASX to suspend trading on the ASX in Gold Road Shares with effect from the close of trading on the Effective Date. (b) On a date on or after the Implementation Date to be determined by GHPL, and only after the provision of the Scheme Consideration in the manner contemplated by clauses 6.1(b) to 6.1(f), Gold Road must apply: (1) for termination of the official quotation of Gold Road Shares on the ASX; and (2) to have itself removed from the official list of the ASX. 9 General Scheme provisions 9.1 Consent to amendments to this Scheme If the Court proposes to approve this Scheme subject to any alterations or conditions: (a) Gold Road may, by its counsel or solicitors, consent on behalf of all persons concerned to those alterations or conditions to which GHPL has consented; and 9 General Scheme provisions 2064284287 Scheme of Arrangement - Share Scheme page 9 (b) each Scheme Shareholder agrees to any such alterations or conditions which Gold Road has consented to. 9.2 Scheme Shareholders' agreements and warranties (a) Each Scheme Shareholder: (1) agrees to the transfer of their Gold Road Shares together with all rights and entitlements attaching to those Gold Road Shares in accordance with this Scheme; (2) agrees to the variation, cancellation or modification of the rights attached to their Gold Road Shares constituted by or resulting from this Scheme; (3) agrees to, on the direction of GHPL, destroy any holding statements or share certificates relating to their Gold Road Shares; (4) who holds their Gold Road Shares in a CHESS Holding agrees to the conversion of those Gold Road Shares to an Issuer Sponsored Holding and irrevocably authorises Gold Road to do anything necessary or expedient (whether required by the Settlement Rules or otherwise) to effect or facilitate such conversion; (5) who holds their Gold Road Shares in an Issuer Sponsored Holding, agrees to complete and sign on behalf of the Scheme Shareholder any required form of transfer; (6) acknowledges and agrees that this Scheme binds Gold Road and all Scheme Shareholders (including those who do not attend the Scheme Meeting and those who do not vote, or vote against this Scheme, at the Scheme Meeting); and (7) consents to Gold Road and GHPL doing all things and executing all deeds, instruments, transfers or other documents as may be necessary or desirable to give full effect to this Scheme and the transactions contemplated by it. (b) Each Scheme Shareholder is taken to have warranted to Gold Road and GHPL on the Implementation Date, and appointed and authorised Gold Road as its attorney and agent to warrant to GHPL on the Implementation Date, that: (1) all their Gold Road Shares (including any rights and entitlements attaching to those shares) which are transferred under this Scheme will, at the date of transfer, be fully paid and free from all mortgages, charges, liens, encumbrances, pledges, security interests (including any 'security interests' within the meaning of section 12 of the Personal Property Securities Act 2009 (Cth)) and interests of third parties of any kind, whether legal or otherwise, and restrictions on transfer of any kind, and that they have full power and capacity to transfer their Gold Road Shares to GHPL together with any rights and entitlements attaching to those shares; ; and (2) they have no existing right to be issued any Gold Road Shares, Gold Road options, Gold Road performance rights, Gold Road convertible notes or any other Gold Road securities, and Gold Road undertakes that it will provide such warranty to GHPL as agent and attorney of each Scheme Shareholder.

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![](exhibit414_sid026.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 General Scheme provisions 2064284287 Scheme of Arrangement - Share Scheme page 10 9.3 Title to and rights in Scheme Shares (a) To the extent permitted by law, the Scheme Shares (including all rights and entitlements attaching to the Scheme Shares) transferred under this Scheme to GHPL will, at the time of transfer of them to GHPL vest in GHPL free from all mortgages, charges, liens, encumbrances, pledges, security interests (including any 'security interests' within the meaning of section 12 of the Personal Property Securities Act 2009 (Cth)) and interests of third parties of any kind, whether legal or otherwise and free from any restrictions on transfer of any kind. (b) Immediately upon the provision of the Scheme Consideration to each Scheme Shareholder in the manner contemplated by clauses 6.1(b) and 6.1(e), GHPL will be beneficially entitled to the Scheme Shares to be transferred to it under this Scheme pending registration by Gold Road of GHPL in the Share Register as the holder of the Scheme Shares. 9.4 Appointment of sole proxy Immediately upon the provision of the Scheme Consideration to each Scheme Shareholder in the manner contemplated by clauses 6.1(b) and 6.1(e), and until Gold Road registers GHPL as the holder of all Scheme Shares in the Share Register, each Scheme Shareholder: (a) is deemed to have appointed GHPL as attorney and agent (and directed GHPL in each such capacity) to appoint any director, officer, secretary or agent nominated by GHPL as its sole proxy and, where applicable or appropriate, corporate representative to attend shareholders' meetings, exercise the votes attaching to the Scheme Shares registered in their name and sign any shareholders' resolution or document; (b) must not attend or vote at any of those meetings or sign any resolutions, whether in person, by proxy or by corporate representative (other than pursuant to clause 9.4(a)); (c) must take all other actions in the capacity of a registered holder of Scheme Shares as GHPL reasonably directs; and (d) acknowledges and agrees that in exercising the powers referred to in clause 9.4(a), GHPL and any director, officer, secretary or agent nominated by GHPL under clause 9.4(a) may act in the best interests of GHPL as the intended registered holder of the Scheme Shares. 9.5 Authority given to Gold Road Each Scheme Shareholder, without the need for any further act: (a) on the Effective Date, irrevocably appoints Gold Road and each of its directors, officers and secretaries (jointly and each of them severally) as its attorney and agent for the purpose of enforcing the Deed Poll against GHPL and the GHPL Guarantor, and Gold Road undertakes in favour of each Scheme Shareholder that it will enforce the Deed Poll against GHPL and the GHPL Guarantor on behalf of and as agent and attorney for each Scheme Shareholder; and (b) on the Implementation Date, irrevocably appoints Gold Road and each of its directors, officers and secretaries (jointly and each of them severally) as its attorney and agent for the purpose of executing any document or doing or taking any other act necessary, desirable or expedient to give effect to this Scheme and the transactions contemplated by it, including (without limitation) executing the Scheme Transfer, 10 General 2064284287 Scheme of Arrangement - Share Scheme page 11 and Gold Road accepts each such appointment. Gold Road as attorney and agent of each Scheme Shareholder, may sub-delegate its functions, authorities or powers under this clause 9.5 to all or any of its directors, officers, secretaries or employees (jointly, severally or jointly and severally). 9.6 Binding effect of Scheme This Scheme binds Gold Road and all of the Scheme Shareholders (including those who did not attend the Scheme Meeting to vote on this Scheme, did not vote at the Scheme Meeting, or voted against this Scheme at the Scheme Meeting) and, to the extent of any inconsistency, overrides the constitution of Gold Road. 10 General 10.1 Stamp duty GHPL must (and the GHPL Guarantor unconditionally and irrevocably guarantees the obligation of GHPL to): (a) pay all stamp duties and any fines and penalties with respect to stamp duty in respect of this Scheme and the Deed Poll or the steps to be taken under this Scheme or the Deed Poll; and (b) indemnify each Scheme Shareholder against, any liability arising from failure to comply with clause 10.1(a). 10.2 Consent Each of the Scheme Shareholders consents to Gold Road doing all things necessary or incidental to, or to give effect to, the implementation of this Scheme, whether on behalf of the Scheme Shareholders, Gold Road or otherwise. 10.3 Notices (a) If a notice, transfer, transmission application, direction or other communication referred to in this Scheme is sent by post to Gold Road, it will not be taken to be received in the ordinary course of post or on a date and time other than the date and time (if any) on which it is actually received at Gold Road's registered office or at the office of the Gold Road Registry. (b) The accidental omission to give notice of the Scheme Meeting or the non- receipt of such notice by a Gold Road Shareholder will not, unless so ordered by the Court, invalidate the Scheme Meeting or the proceedings of the Scheme Meeting. 10.4 Governing law (a) This Scheme is governed by the laws in force in Western Australia. (b) The parties irrevocably submit to the non-exclusive jurisdiction of courts exercising jurisdiction in Western Australia and courts of appeal from them in respect of any proceedings arising out of or in connection with this Scheme. The parties irrevocably waive any objection to the venue of any legal process in 10 General 2064284287 Scheme of Arrangement - Share Scheme page 12 these courts on the basis that the process has been brought in an inconvenient forum. 10.5 Further action Gold Road must do all things and execute all documents necessary to give full effect to this Scheme and the transactions contemplated by it. 10.6 No liability when acting in good faith Each Scheme Shareholder agrees that neither Gold Road, GHPL, the GHPL Guarantor nor any director, officer, secretary or employee of any of those companies shall be liable for anything done or omitted to be done in the performance of this Scheme or the Deed Poll in good faith. 2064284287 Scheme of Arrangement - Share Scheme page 13 Schedule 1 Definitions and interpretation 1 Definitions The meanings of the terms used in this Scheme are set out below. Term Meaning ADI authorised deposit-taking institution (as defined in the Banking Act 1959 (Cth)). ASIC the Australian Securities and Investments Commission. ASX ASX Limited ABN 98 008 624 691 and, where the context requires, the financial market that it operates. Business Day a day that is not a Saturday, Sunday or a public holiday or bank holiday in Perth, Western Australia. CHESS the Clearing House Electronic Subregister System operated by ASX Settlement Pty Ltd and ASX Clear Pty Limited. CHESS Holding has the meaning given in the Settlement Rules. Corporations Act the Corporations Act 2001 (Cth), as modified or varied by ASIC. Court the Supreme Court of Western Australia, or such other court of competent jurisdiction under the Corporations Act agreed to in writing by GHPL and Gold Road. Deed Poll the deed poll substantially in the form of Attachment 1 under which GHPL covenants in favour of the Scheme Shareholders to perform the obligations attributed to GHPL under this Scheme (and the GHPL Guarantor guarantees GHPL's performance of those obligations).

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![](exhibit414_sid027.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284287 Scheme of Arrangement - Share Scheme page 14 Term Meaning Effective when used in relation to this Scheme, the coming into effect, under subsection 411(10) of the Corporations Act, of the Court order made under paragraph 411(4)(b) of the Corporations Act in relation to this Scheme. Effective Date the date on which this Scheme becomes Effective. End Date the date which is 8 months after the date of the Implementation Deed, or such other date as agreed in writing by Gold Road and GHPL. GHPL Gruyere Holdings Pty Ltd ABN 65 615 728 491. GHPL Guarantor Gold Fields Holdings Company Limited a limited liability company incorporated under the laws of the British Virgin Islands, Registration No. 651406. GHPL Register the register of shareholders maintained by GHPL or its agent. GHPL Registry [●]. Gold Fields Gold Fields Limited Reg. 1968/004880/06, a company incorporated in South Africa, with its shares listed on the Johannesburg Stock Exchange and its American depositary shares listed on the New York Stock Exchange. Gold Road Registry Computershare Investor Services Pty Ltd. Gold Road Share a fully paid ordinary share in the capital of Gold Road. Gold Road Shareholder each person who is registered as the holder of a Gold Road Share in the Share Register. Government Agency any foreign or Australian government or governmental, semi- governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity (including any stock or other securities exchange), or any minister of the Crown in right of the Commonwealth of Australia or any state, or any other federal, state, provincial, local or other government, whether foreign or Australian. Schedule 1 Definitions and interpretation 2064284287 Scheme of Arrangement - Share Scheme page 15 Term Meaning Implementation Date the fifth Business Day after the Scheme Record Date, or such other date after the Scheme Record Date as agreed in writing by Gold Road and GHPL. Implementation Deed the scheme implementation deed dated [insert date] between Gold Road, GHPL and the GHPL Guarantor relating to the implementation of this Scheme. Issuer Sponsored Holding has the meaning given in the Settlement Rules. Listing Rules the official listing rules of ASX. Operating Rules the official operating rules of ASX. NST Northern Star Resources Limited ABN 43 092 832 892. NST Holding all of the shares in NST held by the Gold Road Group, being [49,258,234] ordinary shares. NST Holding Value the value of the NST Holding on the Effective Date, with the value of such shareholding to be determined as follows: 1 by calculating the 5 day VWAP of the NST Holding on the Effective Date; and. 2 the VWAP will be calculated as the daily volume weighted average price of ordinary shares in NST as traded on ASX during the 5 trading days immediately prior to the Effective Date, but excluding any 'Crossing' transacted outside the 'Open Session State' or any 'Special Crossing' transacted at any time, each as defined in the Operating Rules, or any overseas trades or trades pursuant to the exercise of options over the relevant shares. Registered Address in relation to a Gold Road Shareholder, the address shown in the Share Register as at the Scheme Record Date. Scheme this scheme of arrangement under Part 5.1 of the Corporations Act between Gold Road and the Scheme Shareholders subject to any alterations or conditions made or required by the Court under subsection 411(6) of the Corporations Act and agreed to in writing by Gold Road and GHPL. Schedule 1 Definitions and interpretation 2064284287 Scheme of Arrangement - Share Scheme page 16 Term Meaning Scheme Consideration the consideration to be provided by GHPL to each Scheme Shareholder for the transfer to GHPL of each Scheme Share, being for each Gold Road Share held by a Scheme Shareholder as at the Scheme Record Date: 1 an amount equal to A$2.52 per Gold Road Share; plus 2 an amount equal to each Scheme Shareholders' pro rata proportion of the NST Holding Value. Scheme Meeting the meeting of the Gold Road Shareholders ordered by the Court to be convened under subsection 411(1) of the Corporations Act to consider and vote on this Scheme and includes any meeting convened following any adjournment or postponement of that meeting. Scheme Record Date 7.00pm on the fifth Business Day after the Effective Date or such other time and date as agreed in writing by Gold Road and GHPL. Scheme Shares all Gold Road Shares held by the Scheme Shareholders as at the Scheme Record Date. Scheme Shareholder a holder of Gold Road Shares recorded in the Share Register as at the Scheme Record Date. Scheme Transfer a duly completed and executed proper instrument of transfer in respect of the Scheme Shares for the purposes of section 1071B of the Corporations Act, in favour of GHPL as transferee, which may be a master transfer of all or part of the Scheme Shares. Second Court Date the first day on which an application made to the Court for an order under paragraph 411(4)(b) of the Corporations Act approving this Scheme is heard or, if the application is adjourned or subject to appeal for any reason, the day on which the adjourned application or appeal is heard. Settlement Rules the ASX Settlement Operating Rules, being the official operating rules of the settlement facility provided by ASX Settlement Pty Ltd. Share Register the register of members of Gold Road maintained by Gold Road or the Gold Road Registry in accordance with the Corporations Act. Subsidiary has the meaning given in Division 6 of Part 1.2 of the Corporations Act. Schedule 1 Definitions and interpretation 2064284287 Scheme of Arrangement - Share Scheme page 17 2 Interpretation In this Scheme: (a) headings and bold type are for convenience only and do not affect the interpretation of this Scheme; (b) the singular includes the plural and the plural includes the singular; (c) words of any gender include all genders; (d) other parts of speech and grammatical forms of a word or phrase defined in this Scheme have a corresponding meaning; (e) a reference to a person includes any company, partnership, joint venture, association, corporation or other body corporate and any Government Agency as well as an individual; (f) a reference to a clause, party, schedule, attachment or exhibit is a reference to a clause of, and a party, schedule, attachment or exhibit to, this Scheme; (g) a reference to any legislation includes all delegated legislation made under it and amendments, consolidations, replacements or reenactments of any of them (whether passed by the same or another Government Agency with legal power to do so); (h) a reference to a document (including this Scheme) includes all amendments or supplements to, or replacements or novations of, that document; (i) a reference to '$', 'A$' or 'dollar' is to Australian currency; (j) a reference to any time is, unless otherwise indicated, a reference to that time in Perth, Western Australia; (k) a term defined in or for the purposes of the Corporations Act, and which is not defined in clause 1 of this Schedule 1, has the same meaning when used in this Scheme; (l) a reference to a party to a document includes that party's successors and permitted assignees; (m) no provision of this Scheme will be construed adversely to a party because that party was responsible for the preparation of this Scheme or that provision; (n) any agreement, representation, warranty or indemnity in favour of two or more parties (including where two or more persons are included in the same defined term) is for the benefit of them jointly and severally; (o) a reference to a body, other than a party to this Scheme (including an institute, association or authority), whether statutory or not: (1) which ceases to exist; or (2) whose powers or functions are transferred to another body, is a reference to the body which replaces it or which substantially succeeds to its powers or functions; (p) if a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive of that day; (q) a reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later; (r) if an act prescribed under this Scheme to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next day; and

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![](exhibit414_sid028.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule 1 Definitions and interpretation 2064284287 Scheme of Arrangement - Share Scheme page 18 (s) a reference to the Listing Rules, Operating Rules or the Settlement Rules includes any variation, consolidation or replacement of these rules and is to be taken to be subject to any waiver or exemption granted to the compliance of those rules by a party. 3 Interpretation of inclusive expressions Specifying anything in this Scheme after the words 'include' or 'for example' or similar expressions does not limit what else is included. 4 Business Day Where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the next Business Day. 2064284287 Scheme of Arrangement - Share Scheme page 1 Attachment 1 Deed Poll See separate attachment. 2064284080 Scheme Implementation Deed page 1 Attachment 3 Deed poll 1 The Esplanade Perth WA 6000 Australia GPO Box U1942 Perth WA 6845 Australia T +61 8 9211 7777 F +61 8 9211 7878 herbertsmithfreehills.com Deed Share Scheme Deed Poll Gruyere Holdings Pty Ltd Gold Fields Holdings Company Limited

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![](exhibit414_sid029.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064284300 Share Scheme Deed Poll page 2 Share Scheme Deed Poll Date ► [●] 2025 This deed poll is made By Gruyere Holdings Pty Ltd ABN 65 615 728 491 of Level 4, 235 St Georges Terrace, Perth WA 6000 (GHPL) and Gold Fields Holdings Company Limited a limited liability company incorporated under the laws of the British Virgin Islands, Registration No. 651406 of 150 Helen Road, Sandown, Sandton, 2196 (GHPL Guarantor) in favour of each person registered as a holder of fully paid ordinary shares in Gold Road in the Share Register as at the Scheme Record Date. Recitals 1 Gold Road, GHPL and the GHPL Guarantor entered into the Implementation Deed. 2 In the Implementation Deed, GHPL agreed to make (and cause the GHPL Guarantor to make) this deed poll. 3 GHPL is making this deed poll for the purpose of covenanting in favour of the Scheme Shareholders to perform its obligations under the Implementation Deed and the Scheme. 4 GHPL Guarantor is making this deed poll for the purposes of covenanting in favour of the Scheme Shareholders to guarantee the due and punctual performance of GHPL of all of its obligations (including its financial obligations) under the Implementation Deed and the Scheme. This deed poll provides as follows: 1 Definitions and interpretation 2064284300 Share Scheme Deed Poll page 3 1 Definitions and interpretation 1.1 Definitions (a) The meanings of the terms used in this deed poll are set out below. Term Meaning First Court Date the first day on which an application made to the Court for an order under subsection 411(1) of the Corporations Act convening the Scheme Meeting is heard or, if the application is adjourned or subject to appeal for any reason, the day on which the adjourned application is heard. Implementation Deed the scheme implementation deed entered into between Gold Road, GHPL and the GHPL Guarantor dated [●] 2025. Scheme the scheme of arrangement under Part 5.1 of the Corporations Act between Gold Road and the Scheme Shareholders, substantially in the form set out in Attachment 1, subject to any alterations or conditions made or required by the Court under subsection 411(6) of the Corporations Act and agreed to in writing by GHPL and Gold Road. Gold Road Gold Road Resources Limited ABN 13 109 289 527. (b) Unless the context otherwise requires, terms defined in the Scheme have the same meaning when used in this deed poll. 1.2 Interpretation Sections 2, 3 and 4 of Schedule 1 of the Scheme apply to the interpretation of this deed poll, except that references to 'this Scheme' are to be read as references to 'this deed poll'. 1.3 Nature of deed poll GHPL and the GHPL Guarantor each acknowledges that: (a) this deed poll may be relied on and enforced by any Scheme Shareholder in accordance with its terms even though the Scheme Shareholders are not party to it; and (b) under the Scheme, each Scheme Shareholder irrevocably appoints Gold Road and each of its directors, officers and secretaries (jointly and each of them severally) as its agent and attorney to enforce this deed poll against GHPL and the GHPL Guarantor. 2 Conditions to obligations 2064284300 Share Scheme Deed Poll page 4 2 Conditions to obligations 2.1 Conditions This deed poll and the obligations of GHPL and the GHPL Guarantor under this deed poll are subject to the Scheme becoming Effective. 2.2 Termination The obligations of GHPL and the GHPL Guarantor under this deed poll to the Scheme Shareholders will automatically terminate and the terms of this deed poll will be of no force or effect if: (a) the Implementation Deed is terminated in accordance with its terms; or (b) the Scheme is not Effective on or before the End Date, unless GHPL, the GHPL Guarantor and Gold Road otherwise agree in writing. 2.3 Consequences of termination If this deed poll terminates under clause 2.2, in addition and without prejudice to any other rights, powers or remedies available to it: (a) GHPL and the GHPL Guarantor are released from their obligations to further perform this deed poll except those obligations contained in clause 7.1; and (b) each Scheme Shareholder retains the rights, powers and remedies they have against GHPL and the GHPL Guarantor in respect of any breach of this deed poll which occurred before it was terminated. 3 Scheme obligations 3.1 Undertaking to pay Scheme Consideration Subject to clause 2, GHPL undertakes in favour of each Scheme Shareholder to: (a) deposit, in cleared funds, by no later than the Business Day before the Implementation Date, an amount equal to the aggregate amount of the Scheme Consideration payable to all Scheme Shareholders under the Scheme into an Australian dollar denominated trust account operated by Gold Road as trustee for the Scheme Shareholders, except that any interest on the amounts deposited (less bank fees and other charges) will be credited to GHPL's account; and (b) undertake all other actions, and give each acknowledgement, representation and warranty (if any), attributed to it under the Scheme, subject to and in accordance with the terms of the Scheme. 3.2 Gold Field's obligations and guarantee Subject to clause 2, the GHPL Guarantor undertakes in favour of each Scheme Shareholder to guarantee the due and punctual performance of GHPL of its obligations under 3.1(a) and 7.1 of this deed, and all of its obligations (including its financial obligations) under the Scheme. 4 Warranties 2064284300 Share Scheme Deed Poll page 5 4 Warranties Each of GHPL and the GHPL Guarantor represents and warrants in favour of each Scheme Shareholder, that: (a) it is a corporation validly existing under the laws of its place of registration; (b) it has the corporate power to enter into and perform its obligations under this deed poll and to carry out the transactions contemplated by this deed poll; (c) it has taken all necessary corporate action to authorise its entry into this deed poll and has taken or will take all necessary corporate action to authorise the performance of this deed poll and to carry out the transactions contemplated by this deed poll; (d) this deed poll is valid and binding on it and enforceable against it in accordance with its terms; (e) this deed poll does not conflict with, or result in the breach of or default under, any provision of its constitution, or any writ, order or injunction, judgment, law, rule or regulation to which it is a party or subject or by which it is bound; and (f) no Insolvency Event has occurred in relation to it. 5 Continuing obligations This deed poll is irrevocable and, subject to clause 2, remains in full force and effect until: (a) GHPL and the GHPL Guarantor have fully performed their obligations under this deed poll; or (b) the earlier termination of this deed poll under clause 2. 6 Notices 6.1 Form of Notice A notice or other communication in respect of this deed poll (Notice) must be: (a) in writing and in English and signed by or on behalf of the sending party; and (b) addressed to GHPL and the GHPL Guarantor in accordance with the details set out below (or any alternative details nominated by GHPL and the GHPL Guarantor by Notice). GHPL Attention Company Secretary Address Level 4, 235 St Georges Terrace Perth WA 6000

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![](exhibit414_sid030.jpg)

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![](exhibit414_sid031.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064284300 Share Scheme Deed Poll page 10 Signing page Executed as a deed poll Signed, sealed and delivered by Gruyere Holdings Pty Ltd by sign here ► sign here ► Company Secretary/Director Director print name print name Signed sealed and delivered by Gold Fields Holdings Company Limited in the presence of its directors sign here ► sign here ► DIRECTOR DIRECTOR print name MIKE FRASER print name KELLY CARTER Seal 2064284300 Share Scheme Deed Poll page 11 Attachment 1 Scheme See separate attachment. 2064284080 Scheme Implementation Deed page 2 Attachment 4 Conditions Precedent certificate Certificate 2064284291.1 Conditions Precedent Certificate page 1 Conditions Precedent Certificate Gold Road Resources Limited ABN 13 109 289 527 (Gold Road) and Gruyere Holdings Pty Ltd ABN 65 615 728 491 (GHPL) certify, confirm and agree that each of the conditions precedent: 1 in clause 3.1 (other than the condition in clause 3.1(d) relating to Court approval) of the scheme implementation deed dated [insert date] between Gold Road, GHPL and Gold Fields Holdings Company Limited (SID) have been satisfied or are hereby waived by the relevant party (or parties) to the SID in accordance with the terms of the SID; and 2 in clauses 3.1(a) and 3.1(b) of the scheme of arrangement between Gold Road and the relevant Gold Road shareholders which appears in Annexure [insert] of Gold Road's scheme booklet dated [insert date] have been satisfied. This deed may be executed in any number of counterparts. All counterparts, taken together, constitute one instrument. Subject to applicable law, a counterpart may be signed electronically and may be in hard copy or electronic form. Dated: [insert date] Executed as a deed Signed by Gold Road Resources Limited by sign here ► sign here ► Company Secretary/Director Director print name print name Signed by Gruyere Holdings Pty Ltd by sign here ► sign here ► Company Secretary/Director Director print name print name

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## Exhibit 4.15

![](exhibit415_trustdeed2025001.jpg)

Execution version #22287139v7 Dated 13 May 2025 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. (as Issuer) and GOLD FIELDS LIMITED and GOLD FIELDS HOLDINGS COMPANY LIMITED and CITIBANK N.A., LONDON BRANCH (as Trustee) TRUST DEED constituting U.S.$750,000,000 5.854% Guaranteed Notes due 2032 issued by Windfall Mining Group Inc. / Groupe Minier Windfall Inc. guaranteed by Gold Fields Limited and Gold Fields Holdings Company Limited CERTAIN PORTIONS OF INFORMATION HAVE BEEN OMITTED FROM THIS EXHIBIT BECAUSE SUCH INFORMATION IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. OMITTED INFORMATION IS MARKED AS [\*\*\*] BELOW. i #22287139v7 **Table of Contents** Contents Page 1 Interpretation ............................................................................................................................... 1 2 Amount of the Notes and Covenant to Pay ................................................................................. 6 3 Guarantee and Indemnity ............................................................................................................ 7 4 Form of the Notes; Issue of the Notes ........................................................................................ 9 5 Stamp Duties and Taxes ........................................................................................................... 10 6 Further Issues ............................................................................................................................ 11 7 Application of Moneys received by the Trustee ........................................................................ 12 8 Covenant to Comply with Provisions......................................................................................... 13 9 Covenants ................................................................................................................................. 13 10 Remuneration and Indemnification of the Trustee .................................................................... 15 11 Provisions Supplemental to The Trustee Act 1925 and the Trustee Act 2000 .......................... 18 12 Trustee liable for negligence ..................................................................................................... 24 13 Illegality ..................................................................................................................................... 24 14 Waiver and Proof of Default ...................................................................................................... 24 15 Trustee not precluded from entering into Contracts .................................................................. 25 16 Modification ............................................................................................................................... 25 17 Appointment, Retirement and Removal of the Trustee ............................................................. 26 18 Communications........................................................................................................................ 27 19 Governing Law and Jurisdiction ................................................................................................ 28 20 Counterparts .............................................................................................................................. 28 21 Contracts (Rights of Third Parties) Act 1999 ............................................................................. 29 ii #22287139v7 Schedule 1 Form of Definitive Notes ..................................................................................................... 30 Schedule 2 Part I - Form of Unrestricted Global Note ........................................................................... 36 Schedule 2 Part II - Form of Original Restricted Global Note ............................................................... 43 Schedule 3 Provisions for meetings of Noteholders ............................................................................. 50 Schedule 4 Terms and Conditions of the Notes .................................................................................... 58 1 #22287139v7 This Trust Deed is made on 13 May 2025 between: (1) WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC, a corporation existing under the laws of the Province of Ontario, Canada with corporation number 1000516306 (the "Issuer"); (2) GOLD FIELDS LIMITED, a company incorporated under the laws of the Republic of South Africa with registered number 1968/004880/06 (the "Company"); (3) GOLD FIELDS HOLDINGS COMPANY LIMITED, a company continued under the laws of the British Virgin Islands with company number 651406 ("Gold Fields Holdings", together with the Company, the "Guarantors" and each a "Guarantor"); (4) CITIBANK N.A., LONDON BRANCH whose registered office is at Citibank Centre, Canada Square, Canary Wharf, London E14 5LB, the United Kingdom (the "Trustee", which expression shall, where the context so admits, include all persons for the time being the trustee or trustees of this Trust Deed). Whereas: (A) The Issuer has by a resolution of its Board of Directors passed on 28 March 2025 authorised the issue of the Notes (as defined in Clause 1.1 below) to be constituted by this Trust Deed. (B) The Company has by a resolution of its Board of Directors passed on 28 March 2025 resolved to guarantee the Notes upon and subject to the terms and conditions set out below. (C) Gold Fields Holdings has by a resolution of its Board of Directors passed on 28 March 2025 resolved to guarantee the Notes upon and subject to the terms and conditions set out below. (D) The Trustee has agreed to act as trustee of this Trust Deed on and subject to the terms and conditions of this Trust Deed. Now this Trust Deed witnesses and it is hereby agreed and declared as follows: 1 Interpretation 1.1 Definitions The following expressions shall have the following meanings: "Agents" means, in relation to the Notes, the Paying and Transfer Agents and the Registrar and, in relation to any Further Notes, means any agent appointed in relation to them; "Auditors" means the auditors for the time being of the Company or, if they are unable or unwilling to carry out any action requested of them under this Trust Deed, one of Deloitte & Touche, Ernst & Young or PwC as determined by the Company or if the Company does not make such determination, such other firm of accountants as may be nominated or approved in writing by the Trustee. "Clearstream, Luxembourg" means Clearstream Banking, S.A.; "Closing Date" means 13 May 2025;

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![](exhibit415_trustdeed2025002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 #22287139v7 "Conditions" means, in relation to the Notes, the terms and conditions set out in Schedule 4 as from time to time modified in accordance with this Trust Deed and, with respect to any Further Notes, the terms and conditions set out in a schedule to the supplemental trust deed constituting such Further Notes as any of the same may from time to time be modified in accordance with the provisions thereof and/or of this Trust Deed, and references in this Trust Deed to a particular numbered Condition shall, in relation to the Notes, be construed accordingly and shall, in relation to any Further Notes, be construed as a reference to the provision (if any) in the conditions thereof which corresponds to the particular Condition of the Notes; "DTC" means The Depository Trust Company; "Euroclear" means Euroclear Bank SA/NV; "Euronext Dublin" means the Irish Stock Exchange, trading as Euronext Dublin; "Event of Default" means any of the conditions, events or acts provided in Condition 9 which, if so required by this Condition, has been certified by the Trustee to be, in its opinion, materially prejudicial to the interests of the Noteholders to be conditions, events or acts upon the occurrence of which the Notes, subject only to notice by the Trustee as therein provided, become immediately due and repayable; "Extraordinary Resolution" has the meaning set out in the Conditions; "Further Notes" means any further bonds, notes or debentures issued in accordance with the provisions of Clause 6 and constituted by a deed supplemental to this Trust Deed; "GEM" means the Global Exchange Market of Euronext Dublin; "Global Note" means the Unrestricted Global Note or the Restricted Global Note, as applicable (and "Global Notes" shall be construed accordingly); "Guarantee" means the guarantee and indemnity of the Guarantors set out in Clause 3 and as amended from time to time pursuant to this Trust Deed; "Interest Payment Date" has the meaning provided in Condition 5(a); "London Business Day" means a day (other than a Saturday or Sunday) on which commercial banks are open for business in London; "Material Subsidiary" has the meaning set out in Condition 3; "Noteholder" and "holder" means the person in whose name is entered in the register of holders of such Notes as the holder thereof; "Notes" means the notes in registered form comprising the U.S.$750,000,000 5.854% guaranteed notes due 2032 of the Issuer, constituted by this Trust Deed or the principal amount thereof for the time being outstanding or, as the context may require, a specific number of them and includes any replacement Notes issued pursuant to Condition 13 and (except for the purposes of Clauses 4.1 to 4.5) the Global Notes; "outstanding" means, in relation to the Notes, all the Notes issued other than (a) those which have been redeemed in accordance with this Trust Deed, (b) those in respect of which the date for redemption in accordance with the Conditions has occurred and the redemption moneys 3 #22287139v7 (including all interest accrued on such Notes to the date for such redemption and any interest payable under Condition 5 after such date) have been duly paid to the Trustee or to the Principal Paying and Transfer Agent as provided in Clause 2 and remain available for payment against presentation and surrender of Notes, (c) those which have become void or those in respect of which claims have become prescribed under Condition 12, (d) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes pursuant to Condition 13, (e) (for the purpose only of determining how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 13, (f) those which have been purchased and cancelled as provided in Condition 6, (g) any Global Note to the extent that it shall have been exchanged for interests in another Global Note and any Global Note to the extent that it shall have been exchanged for definitive registered Notes pursuant to its provisions; provided that for the purposes of (i) ascertaining the right to attend any meeting of the Noteholders and vote at any such meeting or to participate in any Written Resolution or Electronic Consent, (ii) the determination of how many Notes are outstanding for the purposes of Conditions 9, 14 and 15 and Schedule 3 and (iii) the exercise of any discretion, power or authority which the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of the Noteholders and (iv) the determination by the Trustee whether any event, circumstance, matter or thing is materially prejudicial to the interests of the Noteholders or any of them, those Notes (if any) which are beneficially held by, or are held on behalf of, the Issuer or the Company or any subsidiary of the Company and not yet cancelled shall be deemed not to remain outstanding; "Paying and Transfer Agency Agreement" means, in relation to the Notes, the Paying and Transfer Agency Agreement dated 13 May 2025, as amended from time to time, between the Issuer, the Guarantors, the Trustee, the Paying and Transfer Agents and the Registrar whereby the initial Paying and Transfer Agents and the Registrar were appointed in relation to the Notes together with any agreement for the time being in force amending or modifying with the approval of the Trustee the aforesaid agreement; "Paying and Transfer Agent" means, in relation to the Notes, Citibank N.A., London Branch, in its capacity as Paying and Transfer Agent (in respect of the Notes) and, in relation to any Further Notes, the Paying and Transfer Agent appointed in respect of such Further Notes and in each case any successor paying and transfer agent; "Person" means any individual, corporation, partnership, joint venture, association, limited liability company, joint stock company, trust, unincorporated organisation or government or any agency or political subdivision thereof; "Potential Event of Default" means an event or act which, with the giving of notice, lapse of time, issue of a certificate and/or the fulfilment of any other requirement provided for in Condition 9, would constitute an Event of Default; "Registrar" means, in relation to the Notes, Citibank Europe plc or any successor Registrar appointed under the Paying and Transfer Agency Agreement and, in relation to any Further Notes which are or may be in registered form, such institution as shall be appointed Registrar for such Further Notes; 4 #22287139v7 "Regulation S Legend" means the transfer restriction legend set out in the Unrestricted Global Note and any definitive Note issued in respect thereof; "Restricted Global Note" means the registered global note representing Notes sold in the United States in reliance on Rule 144A under the Securities Act, in the form or substantially in the form set out in Schedule 2 Part II; "Rule 144A Legend" means the transfer restriction legend set out in the Restricted Global Note and any definitive Notes issued in respect thereof; "Securities Act" means the United States Securities Act of 1933, as amended; "specified office" means, in relation to any Agent, either the office identified with its name at the end of the Conditions or any other office approved by the Trustee and notified to the Noteholders pursuant to Clause 9.10 and Condition 17; "subsidiary" means, in respect of any entity, any company which is for the time being a subsidiary as defined in Chapter 1 of the South African Companies Act; "Successor" means, in relation to the Agents, such other or further person as may from time to time be appointed by the Issuer and/or the Guarantor as an Agent with the written approval of, and on terms approved in writing by, the Trustee and notice of whose appointment is given to Noteholders pursuant to Clause 9.10 and Condition 17; "this Trust Deed" means this Trust Deed, the Schedules (as from time to time altered in accordance with this Trust Deed) and any other document executed in accordance with this Trust Deed (as from time to time so altered) and expressed to be supplemental to this Trust Deed; "Trustee Acts" means the Trustee Act 1925 and the Trustee Act 2000; and "trust corporation" means a corporation entitled by rules made under the Public Trustee Act 1906 or entitled pursuant to any other comparable legislation applicable to a trustee in any other jurisdiction to carry out the functions of a custodian trustee. "Unrestricted Global Note" means the registered global note representing Notes sold outside the United States in reliance on Regulation S under the Securities Act, in the form or substantially in the form set out in Schedule 2 Part I; 1.2 Construction of Certain References References to: 1.2.1 costs, charges, remuneration or expenses shall include any amount in respect of value added tax, turnover tax or similar tax charged in respect thereof; 1.2.2 "pounds", "pounds sterling", "sterling", "£" and "p" shall be construed as references to the lawful currency for the time being of the United Kingdom; 1.2.3 "U.S. dollars" and "U.S.$" are references to the lawful currency for the time being of the United States of America; 1.2.4 "Rand", "R" and "ZAR" are references for the lawful currency for the time being of the Republic of South Africa; 5 #22287139v7 1.2.5 References to "principal" and/or "interest" include references to any Additional Amounts which may be payable under the Conditions; 1.2.6 Schedules, Clauses, sub-clauses, paragraphs and sub-paragraphs shall be construed as references to the Schedules to this Trust Deed and to the Clauses, sub-clauses, paragraphs and sub-paragraphs of this Trust Deed respectively; 1.2.7 guarantees or to an obligation being guaranteed shall be deemed to include references to indemnities or to an indemnity being given in respect thereof; 1.2.8 any action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall include, in respect of any jurisdiction other than England and Wales, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdiction as shall most nearly approximate thereto and any other similar, analogous or corresponding event under the insolvency laws of any applicable jurisdiction; 1.2.9 words denoting the singular shall include the plural also and vice versa; 1.2.10 words denoting one gender only shall include the other gender; 1.2.11 words denoting persons only shall include firms and corporations and vice versa; 1.2.12 any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; 1.2.13 a bank or an investment bank may include Citigroup Global Markets Limited, RBC Capital Markets, LLC or Scotia Capital (USA) Inc.; and 1.2.14 "approval not to be unreasonably withheld" or like references mean, in relation to the Trustee, that, in determining whether to give such approval, the Trustee shall have regard to the interests of the Noteholders only and any determination as to whether or not its approval is unreasonably withheld shall be made on that basis. 1.3 Conditions Words and expressions defined in the Conditions and not defined in the main body of this Trust Deed shall when used in this Trust Deed have the same meanings as are given to them in the Conditions. 1.4 Headings Headings shall be ignored in construing this Trust Deed. 1.5 Schedules The Schedules are part of this Trust Deed and shall have effect accordingly. 1.6 Enforceability If at any time any provision of this Trust Deed is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 #22287139v7 remaining provisions of this Trust Deed nor the legality, invalidity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 2 Amount of the Notes and Covenant to Pay 2.1 Amount of the Notes The aggregate principal amount of the Notes is limited to an amount not exceeding U.S.$750,000,000 (without prejudice to the validity of any replacement Notes issued pursuant to Condition 13 and without prejudice to Clause 6). 2.2 Covenant to Pay The Issuer will, on any date when the Notes or any of them become due to be redeemed in accordance with this Trust Deed or the Conditions, unconditionally pay to or to the order of the Trustee in U.S. dollars in New York City in same day funds the principal amount of the Notes becoming due for redemption on that date (together with interest, if any, in accordance with the Conditions) and will (subject to the Conditions) until such payment (both before and after any judgment or other order of a court of competent jurisdiction) unconditionally pay to the order of the Trustee as aforesaid interest on the aggregate principal amount of the Notes outstanding on the dates provided for in, and at the rate specified in Condition 5 provided that (1) every payment of any sum due in respect of the Notes made to or to the account of the Principal Paying and Transfer Agent as provided in the Paying and Transfer Agency Agreement shall, to such extent, satisfy such obligation in this Clause except to the extent that there is failure in its subsequent payment to the relevant Noteholders and (2) in the event that (following, if so required, due presentation of a Note) upon redemption, payment of the aggregate principal amount is improperly withheld or refused such Note will continue to bear interest as aforesaid until the day after the Noteholders have been or are deemed to have been notified of receipt by the Trustee or the Principal Paying and Transfer Agent of all sums due in respect of the Notes up to that day (except to the extent that there is a failure in the subsequent payment to the relevant holders under the Conditions). The Trustee will hold the benefit of this covenant on trust for the Noteholders. 2.3 Discharge Subject to Clause 2.4, any payment to be made in respect of the Notes by the Issuer, a Guarantor or the Trustee may be made as provided in the Conditions and any payment so made will (subject to Clause 2.4) to such extent be a good discharge to the Issuer, the Guarantor or the Trustee, as the case may be. 2.4 Payment after Default 2.4.1 At any time after a Potential Event of Default or an Event of Default has occurred and is continuing, or the Notes shall otherwise have become due and payable or the Trustee shall have received any money which it proposes to pay under Clause 7.1 to the Holders, the Trustee may: 7 #22287139v7 (i) by notice in writing to the Issuer, the Guarantors and the Agents, require the Agents, until notified by the Trustee to the contrary, so far as permitted by any applicable law: (a) to act thereafter as Agents of the Trustee under this Trust Deed and the Notes on the terms of the Paying and Transfer Agency Agreement (with consequential amendments as necessary and except that the Trustee's liability for the indemnification, remuneration and all other out-of-pocket expenses of the Agents will be limited to the amounts for the time being held by the Trustee in respect of the Notes on the terms of this Trust Deed and available for this purpose) and thereafter to hold all Notes and all moneys, documents and records held by them in respect of Notes to the order of the Trustee; or (b) to deliver all Notes, moneys, documents and records held by them in respect of the Notes to the Trustee or as the Trustee shall direct in such notice but this Clause shall be deemed not to apply to any documents or records which the relevant Agent is obliged not to release by any law or regulation; and/or (ii) by notice in writing to the Issuer or, where applicable, a Guarantor require it to make all subsequent payments in respect of the Notes to or to the order of the Trustee and not to the Principal Paying and Transfer Agent. With effect from the issue of any such notice to the Issuer or, where applicable, a Guarantor and until such time as the notice is withdrawn, proviso (1) to Clause 2.2 shall not apply. 3 Guarantee and Indemnity 3.1 Guarantee Each Guarantor (jointly and severally with the other Guarantors) unconditionally and irrevocably guarantees to the Trustee that if the Issuer does not pay any sum payable by it under this Trust Deed or the Notes by the time and on the date specified for such payment (whether on the normal due date, on acceleration or otherwise) such Guarantor will pay that sum to or to the order of the Trustee, in the manner provided in Clause 2.2 (or if in respect of sums due under Clause 10, in London in U.S. dollars in immediately available funds) before close of business on that date in the city to which payment or delivery is so to be made. Clause 2.2 will apply (with consequential amendments as necessary) to such payments other than those in respect of sums due under Clause 10. 3.2 Guarantors as Principal Debtors As between each Guarantor and the Trustee and the Noteholders but without affecting the Issuer's obligations, each Guarantor will be liable under this Clause as if it were the sole or principal debtor. Accordingly, it will not be discharged, nor will its liability be affected, by anything which would not discharge it or affect its liability if it were the sole or principal debtor (including (1) any time, waiver or consent at any time given to the Issuer or any other person, (2) any amendment to any other provisions of this Trust Deed or to the Conditions, (3) the making or 8 #22287139v7 absence of any demand on the Issuer or any other person for payment, (4) the enforcement or absence of enforcement of this Trust Deed or the Notes, (5) the taking, existence or release of any security, guarantee or indemnity, (6) the dissolution, amalgamation, reconstruction or reorganisation of the Issuer or any other person or (7) the illegality, invalidity or unenforceability of or any defect in any provision of this Trust Deed or the Notes or any of the Issuer's obligations under any of them). 3.3 Guarantors' Obligations Continuing Each Guarantor's obligations under this Trust Deed are and will remain in full force and effect by way of continuing security until no sum remains payable under this Trust Deed or the Notes. Furthermore, these obligations of each Guarantor are additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from such Guarantor or otherwise and may be enforced without first having recourse to the Issuer, any other person, any security or any other guarantee or indemnity. Each Guarantor irrevocably waives all notices and demands of any kind. 3.4 Exercise of Guarantors' Rights So long as any sum remains payable under this Trust Deed or the Notes: 3.4.1 any right of any Guarantor, by reason of the performance of any of its obligations under this Clause, to be indemnified by the Issuer or to take the benefit of or to enforce any security or other guarantee or indemnity, will be exercised and enforced by such Guarantor only in such manner and on such terms as the Trustee may require or approve; and 3.4.2 any amount received or recovered by such Guarantor (a) as a result of any exercise of any such right or (b) in the dissolution, amalgamation, reconstruction or reorganisation of the Issuer will be held on trust for the Trustee and immediately paid to the Trustee and the Trustee will hold it on the trusts set out in Clause 7.1. 3.5 Suspense Accounts Any amount received or recovered by the Trustee (otherwise than as a result of a payment by the Issuer to the Trustee in accordance with Clause 2 or any Guarantor to the Trustee in accordance with Clause 3) in respect of any sum payable by the Issuer under this Trust Deed or the Notes may be placed in a suspense account and kept there for so long as the Trustee thinks fit. 3.6 Avoidance of Payments Each Guarantor shall on demand indemnify the Trustee and each Noteholder against any cost, loss, expense or liability sustained or incurred by it as a result of it being required for any reason (including any bankruptcy, insolvency, winding-up, dissolution, or similar law of any jurisdiction) to refund all or part of any amount received or recovered by it in respect of any sum payable by the Issuer or, as the case may be, any Guarantor under this Trust Deed or any Note and shall in any event pay to it on demand (and shall make the relevant payment, within five business days in the jurisdiction of incorporation of such Guarantor, of such demand) the amount as refunded by it. 9 #22287139v7 3.7 Debts of Issuer If any moneys become payable by any Guarantor under this Guarantee, the Issuer will not (except in the event of the liquidation of the Issuer) so long as any such moneys remain unpaid, pay any moneys for the time being due from the Issuer to any Guarantor. 3.8 Indemnity As separate, independent and primary obligations, each Guarantor unconditionally and irrevocably agrees (1) that any sum which, although expressed to be payable by the Issuer under this Trust Deed or the Notes, is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer, any Guarantor, the Trustee or any Noteholder) not recoverable from such Guarantor on the basis of a guarantee will nevertheless be recoverable from it as if it were the sole or principal debtor and will be paid by it to the Trustee on demand and (2) as a primary obligation to indemnify and keep indemnified the Trustee and each Noteholder against any loss suffered by it as a result of any sum expressed to be payable by the Issuer under this Trust Deed or the Notes not being paid on the date and otherwise in the manner specified in this Trust Deed or any payment obligation of the Issuer under this Trust Deed or the Notes being or becoming void, voidable or unenforceable for any reason (whether or not now existing and whether or not now known or becoming known to the Trustee or any Noteholder), the amount of that loss being the amount expressed to be payable and not paid by the Issuer in respect of the relevant sum. 4 Form of the Notes; Issue of the Notes 4.1 The Global Notes On issue of the Notes, the Unrestricted Global Note and the Restricted Global Note will be issued representing the aggregate principal amount of the Notes and the Issuer (failing whom the Guarantors) shall procure that the appropriate entries be made in the register of Noteholders by the Registrar to reflect the issue of such Notes. The Unrestricted Global Note will be issued in the name of a common depositary for Euroclear and Clearstream, Luxembourg or its nominee and the Restricted Global Note will be issued in the name of Cede & Co. or another nominee of DTC. The issue of Global Notes in names other than those of the common depositary or its nominee or Cede & Co. or another nominee of the DTC, as the case may be, is restricted as provided in each Global Note. 4.2 Definitive Notes Definitive Notes in registered form in authorised denominations, if issued, will be delivered upon exchange of the Global Notes as provided therein. Such Notes may be printed or typed and need not be security printed unless otherwise required by applicable stock exchange requirements. 4.3 Form Definitive Notes and Global Notes will be in or substantially in the respective forms set out in Schedules 1 and 2. Definitive Notes will be endorsed with the Conditions. Definitive Notes issued in exchange for interests in the Restricted Global Note will bear the Rule 144A Legend and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 #22287139v7 Definitive Notes issued in exchange for interests in the Unrestricted Global Note will bear the Regulation S Legend. 4.4 Signature The Global Notes will be signed manually by one or more authorised directors or officers of the Issuer duly authorised for the purpose or manually by any duly authorised attorney of the Issuer and in any case will be authenticated manually by or on behalf of the Registrar. Definitive Notes (if issued) will be signed manually by one or more authorised directors or duly authorised officers of the Issuer and in any case will be authenticated manually by or on behalf of the Registrar. The Issuer may use the signature of any person who at the date of this Trust Deed is an authorised director of the Issuer even if at the time of issue of any Note (including the Global Notes) he no longer holds such office. Notes (including the Global Notes) so executed and authenticated will be binding and valid obligations of the Issuer. 4.5 Title Except as ordered by a court of competent jurisdiction or as required by law, the Issuer, the Guarantors, the Trustee, the Principal Paying and Transfer Agent and the Registrar may (a)(i) for the purpose of making payment thereon or on account thereof deem and treat the registered holder of any definitive Note and (ii) for the purpose of making payment thereon or on account thereof and, in the case of Notes represented by a Restricted Global Note and Notes represented by an Unrestricted Global Note, the exercise of voting rights, the giving of consents and the making of requests pursuant to this Trust Deed, deem and treat the registered holder of any Note, as the absolute owner thereof and of all rights thereunder free from all encumbrances, set-off or counterclaim, and shall not be required to obtain proof of such ownership or as to the identity of the registered holder, and (b) for all other purposes deem and treat: (a) the registered holder of any definitive Notes; and (b) each person for the time being shown in the records of DTC or such other additional or alternative clearing system approved by the Issuer, the Principal Paying and Transfer Agent and the Trustee, as having a particular nominal amount of Notes credited to his securities account, as the absolute owner thereof free from all encumbrances, set-off or counterclaim, and shall not be required to obtain proof of such ownership or as to the identity of the registered holder of any Global Note or Definitive Note. 5 Stamp Duties and Taxes 5.1 Stamp Duties etc. The Issuer (failing whom the Guarantors) will pay all stamp, issue, registration, documentary and other similar taxes, fees and duties, including interest and penalties, payable (a) in respect of the creation, issue and offering of the Notes, and the execution or delivery of this Trust Deed and (b) in any jurisdiction in connection with any action taken by or on behalf of the Trustee, or, as the case may be, (where entitled under this Trust Deed to do so) any Noteholder to enforce the obligations of the Issuer or the Guarantors under, or to resolve any doubt concerning, or for 11 #22287139v7 any other purpose in relation to this Trust Deed. The Issuer (failing whom the Guarantors) will also indemnify the Trustee and the Noteholders from and against all stamp, issue, registration, documentary or other taxes paid by any of them in any jurisdiction in relation to which the liability to pay arises directly as a result of any action taken by or on behalf of the Trustee or, as the case may be, (where entitled under Condition 15 to do so) the Noteholders to enforce the obligations of the Issuer and the Guarantors under this Trust Deed, the Paying and Transfer Agency Agreement or the Notes. 5.2 Change of Taxing Jurisdiction If the Issuer or any Guarantor, as the case may be, becomes subject generally to the taxing jurisdiction of a territory or any political sub-division thereof or any authority of or in that territory with power to tax other than or in addition to Canada, the British Virgin Islands, the Isle of Man or the Republic of South Africa or any political sub-division thereof or any such authority of or in such territory then the Issuer or such Guarantor, as the case may be, will (unless the Trustee otherwise agrees) give the Trustee an undertaking satisfactory to the Trustee in terms corresponding to the terms of Condition 8 with the substitution for, or (as the case may require) the addition to, the references in that Condition to Canada, the British Virgin Islands, the Isle of Man or the Republic of South Africa, as the case may be, of references to that other or additional territory or authority to whose taxing jurisdiction the Issuer or such Guarantor, as the case may be, has become so subject. In such event, references in this Trust Deed and the Notes to Canada, the British Virgin Islands, the Isle of Man or the Republic of South Africa will be read accordingly (including, for the avoidance of doubt, Condition 6(c)). 6 Further Issues 6.1 Liberty to Create The Issuer may from time to time without the consent of the Noteholders create and issue Further Notes having the same terms and conditions in all respects as the Notes (or in all respects except for the amount of and/or the date of first payment of interest on them) and so that such Further Notes shall be consolidated and form a single series with the Notes or any Further Notes. Any Further Notes that form a single series with the Notes will be issued with no more than a de minimis amount of original issue discount, or as part of a qualified re-opening (as defined in U.S. Treasury Regulation Section 1.1275-2(k)(3)), in each case for U.S. federal income tax purposes. 6.2 Means of Constitution Any Further Notes created and issued pursuant to the provisions of Clause 6.1 above shall be constituted by a trust deed supplemental to this Trust Deed. The Issuer and the Guarantors shall prior to the issue of any Further Notes to be so constituted execute and deliver to the Trustee a trust deed supplemental to this Trust Deed (if applicable duly stamped) and containing covenants by the Issuer and the Guarantors in the form mutatis mutandis of Clause 2 or, as the case may be, Clause 3 of this Trust Deed in relation to the principal amount and interest in respect of such Further Notes and such other provisions (corresponding to any of the provisions contained in this Trust Deed) as the Trustee shall require. 12 #22287139v7 6.3 Noting of Supplemental Deeds A memorandum of every such supplemental trust deed shall be endorsed by the Trustee on this Trust Deed and by the Issuer and the Guarantors on the duplicate(s) of this Trust Deed. 6.4 Notice of Further Issues Whenever it is proposed to create and issue any Further Notes, the Issuer shall give to the Trustee not less than seven days' notice in writing of its intention to do so, stating the amount of Further Notes proposed to be created or issued. 7 Application of Moneys received by the Trustee 7.1 Declaration of Trust All moneys received by the Trustee in respect of the Notes or amounts payable under this Trust Deed will, regardless of any appropriation of all or part of them by the Issuer or any Guarantor, as the case may be, be held by the Trustee (subject to the provisions of Clause 3.5 and Clause 7.2) upon trust to apply them: 7.1.1 first, in payment of all costs, charges, expenses and liabilities properly incurred by the Trustee and the Agents (including remuneration payable to the Trustee and the Agents) in carrying out their respective functions under this Trust Deed or the Agency Agreement, as applicable; 7.1.2 secondly, in payment of any amounts owing in respect of the Notes pari passu and rateably; and 7.1.3 thirdly, in payment of the balance (if any) to the Issuer for itself, or if any moneys were received from any Guarantor and to the extent of such moneys, to such Guarantor. Without prejudice to this Clause 7.1, if the Trustee holds any moneys which represent principal or interest or other sums in respect of Notes which have become void or in respect of which claims have become prescribed under Condition 12, the Trustee will hold such moneys upon the above trusts set out in Clause 7.1.1 and Clause 7.1.3. 7.2 Accumulation If the amount of the moneys at any time available for payment in respect of the Notes under Clause 7.1 is less than 10% of the principal amount of the Notes then outstanding, the Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income until the investments and the accumulations, together with any other funds for the time being under the control of the Trustee and available for such payment, amount to at least 10% of the principal amount of the Notes then outstanding and then such investments, accumulations and funds (after deduction of, or provision for, any applicable taxes) will be applied as specified in Clause 7.1. 7.3 Investment Any moneys which under this Trust Deed may be invested by the Trustee may be invested in the name or under the control of the Trustee in any investments for the time being authorised by 13 #22287139v7 English law for the investment by a trustee of trust moneys or in any other investments, whether or not similar thereto, which may be selected by the Trustee or by placing on deposit in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may, in its absolute discretion, think fit. If that bank is the Trustee or an associated company of the Trustee it shall not be liable to account for interest at a rate greater than that payable by it to a standard customer on a deposit of the type made. The Trustee may at any time vary or transpose any such investments for or into other such investments or convert any moneys so deposited into any other currency, and will not be responsible for any loss occasioned thereby, whether by depreciation in value, fluctuation in exchange rates or otherwise. 8 Covenant to Comply with Provisions The Issuer and each Guarantor hereby covenants with the Trustee that it will comply with and perform and observe all the provisions of this Trust Deed which are expressed to be binding on it. The Conditions shall be binding on each of the Issuer, the Guarantors and the Noteholders. The Trustee shall be entitled to enforce the obligations of the Issuer and each Guarantor under the Notes and the Conditions as if the same were set out and contained in this Trust Deed which shall be read and construed as one document with the Notes. The Trustee will hold the benefit of this Covenant upon trust for itself and the Noteholders according to its and their respective interests. The provisions contained in Schedule 3 shall have effect in the same manner as if herein set forth. 9 Covenants So long as any Note is outstanding, the Company covenants with the Trustee that it will: 9.1 Books of Account keep, and procure that each of its Material Subsidiaries keeps, proper books of account and: 9.1.1 at any time after the occurrence of an Event of Default or a Potential Event of Default or if the Trustee reasonably believes that such an event has occurred, so far as permitted by applicable law, allow the Trustee and anyone appointed by it to whom the Issuer and/or the Company has no reasonable objection, access to the books of account of the Issuer and/or the Company; and 9.1.2 for the purposes of making a determination under Condition 9(e)(i) and/or Condition 9(e)(ii), so far as permitted by applicable law, procure that each of its Material Subsidiaries will allow the Trustee and anyone appointed by it to whom the relevant Material Subsidiary has no reasonable objection, access to the books of account of the relevant Material Subsidiary; in each case at all reasonable times and upon giving reasonable prior notice during normal business hours. 9.2 Notice of Events of Default notify the Trustee in writing immediately upon becoming aware of the occurrence of any Event of Default or Potential Event of Default;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 #22287139v7 9.3 Information so far as permitted by applicable law, give to the Trustee such information as it reasonably requires for the performance and discharge of its functions; 9.4 Financial Statements etc. send to the Trustee as soon as reasonably practicable after the issue or publication thereof and in the case of audited annual financial statements in any event within 180 days of the end of each financial year, three copies in English of every balance sheet, profit and loss account, and if the Trustee so requests and within 14 days of any such request any report or other notice, statement or circular issued, or that legally or contractually should be issued, to the members or creditors (or any class of them) of the Company generally in their capacity as such, and in the case of the Company, drawn up in accordance with the rules of the relevant stock exchange on which it has its primary listing; 9.5 Certificate of Directors send to the Trustee, within 30 days after the Company's annual audited consolidated balance sheet and profit and loss account is made publicly available, and also within 14 London Business Days after any request by the Trustee a certificate of the Issuer and each Guarantor signed by any authorised signatory on behalf of the Issuer and each Guarantor (and, in the case of the Company, signed by two authorised signatories) to the effect that, having made all reasonable enquiries, to the best of the knowledge, information and belief of the Issuer or such Guarantor, as the case may be, as at a date (the "Certification Date") being not more than five days before the date of the certificate, no Potential Event or Default, no Event of Default or other breach of this Trust Deed has occurred since the Certification Date of the last such certificate (or if none) the date of this Trust Deed or, if such an event has occurred, giving details of it; 9.6 Notices to Noteholders send to the Trustee not less than four London Business Days before the date of publication, for the Trustee's approval (such approval not to be unreasonably delayed), a copy of the form of each notice to the Noteholders to be published in accordance with Condition 17 and upon publication two copies of each notice so published; 9.7 Further Acts so far as permitted by applicable law, do all such further things as may be reasonably necessary in the opinion of the Trustee to give effect to this Trust Deed; 9.8 Notice of Late Payment forthwith upon request by the Trustee give notice to the Noteholders of any unconditional payment to the Principal Paying and Transfer Agent or the Trustee of any sum due in respect of the Notes made after the due date for such payment; 9.9 Listing use all reasonable endeavours to maintain the listing of the Notes on the GEM. If, however, it is unable to do so, having used all reasonable endeavours, or if the Trustee agrees that the 15 #22287139v7 maintenance of such listing or admission to trading is unduly onerous and the Trustee is satisfied that the interests of the Noteholders would not be thereby materially prejudiced, the Issuer and each Guarantor will instead use all reasonable endeavours to obtain and maintain a listing of the Notes and/or admission to trading of the Notes, on such other stock exchange as they may (with the written approval of the Trustee, such approval not to be unreasonably withheld or delayed) decide; References in this Trust Deed to the "listing of the Notes on the GEM" shall be to Notes being or admitted to the Official List of Euronext Dublin and admitted to trading on the GEM; 9.10 Change in Agents give not less than 14 days' prior notice to the Noteholders of any future appointment or any resignation or removal of any Agent or of any change by any Agent of its specified office and not make any such appointment or removal without the prior written approval of the Trustee; 9.11 Notes held by the Issuer etc. send to the Trustee as soon as practicable after being so requested by the Trustee a certificate of the Issuer or a Guarantor signed by any authorised signatory on behalf of the Issuer or such Guarantor (and, in the case of the Company, signed by two authorised signatories) setting out the total number of Notes which, at the date of such certificate, were held by or on behalf of the Issuer or such Guarantor or any subsidiary of such Guarantor and which had not been cancelled; 9.12 Material Subsidiaries give to the Trustee at the same time as sending the certificate as referred to in Clause 9.5 or within ten days of a request by the Trustee, a report addressed to the Trustee by the Company listing those Subsidiaries of the Company which as at the last day of the last financial year of the Company or as at the date specified in such request were Material Subsidiaries; and 9.13 Rule 144A(d)(4) for so long as any of the Notes are "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act, the Company will, during any period in which it is neither subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, nor exempt from the reporting requirements of the Exchange Act pursuant to Rule 12g3-2(b) thereunder, provide to the holder or beneficial owner of such restricted securities or to any prospective purchaser of such restricted securities designated by such holder or beneficial owner, in each case upon the request of such holder, beneficial owner or prospective purchaser, the information required to be provided by Rule 144A(d)(4) under the Securities Act. 10 Remuneration and Indemnification of the Trustee 10.1 Normal Remuneration So long as any Note is outstanding, the Issuer, failing whom the Guarantors, will pay to the Trustee by way of remuneration for its services as trustee such sum as may from time to time be agreed between them. Such remuneration will accrue from day to day from the date of this Trust Deed and shall be payable on such dates as may be agreed between the Issuer, the 16 #22287139v7 Guarantors, and the Trustee. However, if any payment to a Noteholder of the moneys due in respect of any Note is improperly withheld or refused, such remuneration will continue to accrue as from the date of such withholding or refusal until payment to such Noteholder is duly made. 10.2 Extra Remuneration At any time after the occurrence of an Event of Default or a Potential Event of Default, the Issuer hereby agrees that the Trustee should be entitled to be paid additional remuneration calculated at its normal hourly rates in force from time to time. In any other case, if the Trustee finds it expedient in the interests of Noteholders or necessary, or is requested by the Issuer, to undertake duties which the Trustee considers to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, the Issuer, failing whom the Guarantors, will pay such additional remuneration as may be agreed between them (and which may be calculated by reference to the Trustee's normal hourly rates in force from time to time) or, failing agreement as to any of the matters in this Clause (or as to such sums referred to in Clause 10.1), as determined by an independent investment bank or securities firm of international repute in London or person (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer and the Guarantors or, failing such approval, nominated by the President for the time being of The Law Society of England and Wales, the expenses involved in such selection and approval and the fee of such independent investment bank or securities firm or person being borne by the Issuer. The determination of such independent investment bank or securities firm or person will, in the absence of manifest error, be conclusive and binding on the Issuer, the Guarantors, the Trustee and the Noteholders. 10.3 Payment and Default Interest All amounts payable pursuant to Clauses 10.1 and 10.2 shall be payable (in priority to payments to Noteholders) by the Issuer, failing whom the Guarantors, on such dates as may be agreed between the Issuer, the Guarantors and the Trustee, and shall carry interest at the rate of 2% per annum above the base rate from time to time of National Westminster Bank PLC from the due date therefor. 10.4 Expenses The Issuer or, failing whom, the Guarantors will also pay or discharge all duly documented costs, charges, liabilities and expenses properly incurred by the Trustee in relation to the preparation and execution of this Trust Deed and the carrying out of its functions under this Trust Deed including, but not limited to, legal and reasonable travelling expenses and any capital, stamp, registration, documentary or other taxes or duties properly paid by the Trustee in connection with any legal proceedings brought or contemplated by the Trustee against the Issuer or any Guarantor for enforcing any obligation under this Trust Deed, the Paying and Transfer Agency Agreement, or the Notes. 10.5 Payment of Expenses All such costs, charges, liabilities and expenses incurred and payments made by the Trustee will be payable or reimbursable by the Issuer, failing whom the Guarantors within 14 days of demand by the Trustee and: 17 #22287139v7 10.5.1 in the case of payments made by the Trustee prior to such demand will (if not paid within seven days of such demand) carry interest from the date on which the demand is made at the rate of 2% per annum over the base rate of National Westminster Bank PLC on the date on which such payments were made by the Trustee and 10.5.2 in all other cases (if not paid on the date specified in such demand or, if later, within 14 days of such demand) carry interest at such rate from the date on which the demand is made. 10.6 Indemnity The Issuer and the Guarantors will, jointly and severally, indemnify the Trustee in respect of all liabilities and expenses paid or properly incurred by it in the fulfilment of its obligations under this Trust Deed or by anyone appointed by it or to whom any of its functions may be delegated by it in the carrying out of its functions in the fulfilment of its obligations under this Trust Deed and against any loss, liability, cost, claim, action, demand or expense (including, but not limited to, all costs, charges and expenses paid or incurred in disputing or defending any of the foregoing) which any of them may incur or which may be made against any of them arising out of or in relation to or in connection with, its appointment or the exercise of its functions. 10.7 Currency Indemnity 10.7.1 Currency of Account and Payment U.S. Dollars (the "Contractual Currency") is the sole currency of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with this Trust Deed and the Notes, including damages, unless otherwise agreed between the Issuer and the Trustee from time to time. 10.7.2 Extent of Discharge An amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or on the enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Issuer or any Guarantor or otherwise), by the Trustee or any Noteholder in respect of any sum expressed to be due to it from the Issuer or the Guarantors will only discharge the Issuer or the Guarantors to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). 10.7.3 Indemnity If that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Trust Deed or the Notes, the Issuer, failing which the Guarantors, shall indemnify the recipient against any loss sustained by it as a result. In any event, the Issuer, failing which the Guarantors, shall indemnify the recipient against the cost of making any such purchase.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 #22287139v7 10.8 Provisions Continuing The provisions of Clauses 10.3, 10.5, 10.6 and 10.7 shall survive the satisfaction and discharge of the terms of this Trust Deed and will continue in full force and effect in relation to the Trustee even if it may have ceased to be Trustee in relation to claims which arose during the period of its appointment as Trustee. 11 Provisions Supplemental to The Trustee Act 1925 and the Trustee Act 2000 Section 1 of the Trustee Act 2000 shall not apply to this Trust Deed. Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. By way of supplement to the Trustee Acts it is expressly declared as follows: 11.1 Advice The Trustee may in relation to this Trust Deed act on the opinion or advice of, or any information obtained from, any expert or a certificate or report or confirmation of the Auditors or of any accountants, financial advisers, investment bank, lawyer or expert in each case whether or not addressed to the Trustee and whether their liability in relation thereto is limited by reference to a monetary cap, methodology or otherwise, and will not be responsible to anyone for any loss occasioned by so acting. Any such opinion, advice, certificate, report or information may be sent or obtained by letter or email transmission and the Trustee will not be liable to anyone for acting or not acting in good faith on any opinion, advice, certificate, report or information purporting to be conveyed by such means even if it contains some error or is not authentic. 11.2 Trustee to Assume Due Performance The Trustee need not notify anyone of the execution of this Trust Deed or do anything to ascertain whether any Event of Default or Potential Event of Default has occurred and, until it has actual knowledge or express notice to the contrary, the Trustee may assume that no such event has occurred and that the Issuer and the Guarantors are performing all their obligations under this Trust Deed and the Notes. 11.3 Resolutions of Noteholders The Trustee will not be responsible for having acted in good faith upon a resolution purporting: (i) to have been passed at a meeting of Noteholders in respect of which minutes have been made and signed, or (ii) to be a Written Resolution made in accordance with paragraph 22 of Schedule 3, even though it may later be found that there was a defect in the constitution of such meeting or the passing of such resolution or that such resolution was not valid or binding upon the Noteholders. 11.4 Certificate Signed by Directors The Trustee may call for and may accept as sufficient evidence of any fact or matter or of the expediency of any act a certificate of the Issuer or a Guarantor signed by any authorised signatories of the Issuer or such Guarantor (and, in the case of the Company, signed by two 19 #22287139v7 authorised signatories) on behalf of the Issuer or such Guarantor to any fact or matter upon which the Trustee may, in the exercise of any of its functions, require to be satisfied or to have information to the effect that, in the opinion of the person or persons so certifying, any particular act is expedient and the Trustee need not call for further evidence and will not be responsible for any loss that may be occasioned by acting on any such certificate. 11.5 Deposit of Documents The Trustee may deposit this Trust Deed and any other documents in any part of the world with any banker or banking company believed by it to be of good repute or entity whose business includes undertaking the safe custody of documents or with any lawyer or firm of lawyers believed by it to be of good repute and may pay all sums to be paid on account of or in respect of any such deposit provided that, unless in the opinion of the Trustee it is required in connection with the enforcement of any obligation of the Issuer or the Guarantors under this Trust Deed, the Paying and Transfer Agency Agreement or the Notes or otherwise in connection with the performance of the duties of the Trustee hereunder or thereunder or unless it comprises the holding or placing of such documents in the United Kingdom, the Trustee may not take any such action if a liability to stamp duty or other duties or taxes would thereby arise. 11.6 Custodians/Nominees The Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trusts constituted by this Trust Deed as the Trustee may determine, including for the purposes of depositing with a custodian this Trust Deed or any document relating to the trusts constituted by this Trust Deed; the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer. 11.7 Discretion of Trustee Save as expressly provided in this Trust Deed, the Trustee will have absolute and uncontrolled discretion as to the exercise of its functions hereby vested in the Trustee and will not be responsible for the exercise or non-exercise thereof nor for any loss, liability, cost, claim, action, demand, expenses or inconvenience which may result from their exercise or non-exercise, but, whenever the Trustee is under the provisions of this Trust Deed or the Notes bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound unless first indemnified and/or secured and/or prefunded to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages, expenses and liabilities which it may incur by so doing. 11.8 Agents Whenever it considers it expedient in the interests of the Noteholders, the Trustee may, in the conduct of its trust business, instead of acting personally, employ and pay an agent selected by it, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money). 20 #22287139v7 11.9 Delegation Whenever it considers it expedient in the interests of the Noteholders, the Trustee may delegate to any person and on any terms (including power to sub-delegate) all or any of its functions provided that the Trustee may not delegate the right to determine whether an Event of Default or Potential Event of Default has occurred unless prior to such delegation the Trustee provides to the Issuer and the Guarantors confirmation in writing that the Trustee has been advised by its legal advisers that it should delegate that right (with or without any other rights, trusts, powers, authorities and discretions) to another person or fluctuating body of persons because of a conflict of interest or possible conflict of interest and/or other similar circumstances which the Trustee might face, or be subjected to, as the trustee of this Trust Deed if it were not to delegate that right. 11.10 Forged Notes The Trustee will not be liable to the Issuer, the Guarantors or any Noteholder by reason of having accepted as valid or not having rejected any Note purporting to be such and later found to be forged or not authentic. 11.11 Confidentiality Unless ordered to do so by a court of competent jurisdiction, the Trustee shall not be required to disclose to any Noteholder any confidential financial or other information made available to the Trustee by the Issuer or any Guarantor and no Noteholder shall be entitled to take any action to obtain from the Trustee any such information. 11.12 Determinations Conclusive The Trustee may determine all questions and doubts arising in relation to any of the provisions of this Trust Deed. Every such determination, whether made upon such a question actually raised or implied in the acts or proceedings of the Trustee, will be conclusive in the absence of manifest error and shall bind the Issuer, the Guarantors, the Trustee and the Noteholders. 11.13 Currency Conversion Where it is necessary or desirable for any purpose in connection with the terms of this Trust Deed or the Conditions to convert any sum from one currency to another, it will (unless otherwise provided herein or required by law) be converted at such rate or rates, in accordance with such method and as at such date as may be specified by the Trustee but having regard to current rates of exchange, if available. Any rate, method and date so specified will be binding on the Issuer, the Guarantors and the Noteholders. 11.14 Events of Default The Trustee may determine whether or not an Event of Default or a Potential Event of Default is in its opinion capable of remedy and/or whether or not any event is in its opinion materially prejudicial to the interests of the Noteholders. Any such determination will be conclusive and binding upon the Issuer, the Guarantors and the Noteholders. 21 #22287139v7 11.15 Payment for and Delivery of Notes The Trustee will not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Notes, the exchange of the interests between the Notes represented by Global Notes or the delivery of definitive registered Notes to the persons entitled to them. 11.16 Notes held by the Guarantors etc. In the absence of knowledge or express notice to the contrary, the Trustee may assume without enquiry (other than requesting a certificate of the Issuer or any Guarantor under Clause 9.11) that no Notes are for the time being held by or on behalf of any of the Issuer, any Guarantor, or any subsidiary of any Guarantor. 11.17 Interests of Noteholders In connection with the exercise of its powers, trusts, authorities or discretions (including, but not limited to, those in relation to any proposed modification, waiver or authorisation of any breach or proposed breach of any of the Conditions or any of the provisions of this Trust Deed), the Trustee shall have regard to the interests of the Noteholders as a class and in particular, but without prejudice to the generality of the foregoing, shall not have regard to the consequences of such exercise for individual Noteholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or otherwise to the tax consequences thereof and the Trustee shall not be entitled to require, nor shall any Noteholder be entitled to claim from the Issuer, the Guarantors, or the Trustee, any indemnification or payment of any tax arising in consequence of any such exercise upon individual Noteholders. 11.18 Enforcement of Rights The Trustee need not take such steps to enforce any obligation owed to it as Trustee under this Trust Deed including, without limitation, under Condition 15 unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by Noteholders holding at least one quarter in principal amount of the Notes then outstanding and (b) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. 11.19 Breach of Undertakings The Trustee assumes no responsibility for ascertaining whether or not (i) a breach of any of the undertakings in Condition 11 shall have occurred or (ii) any such breach shall have been rectified. Unless and until the Trustee has actual knowledge of any of the above events it shall be entitled to assume that no such event has occurred. The Trustee shall not be liable for any loss arising from any determination or calculation made pursuant to the Conditions or from any failure or delay in making any such determination or calculation. 11.20 Responsibility for Agents etc. If the Trustee exercises reasonable care in selecting any custodian, agent, delegate or nominee appointed under this clause (an "Appointee"), it will not have any obligation to supervise the Appointee or be responsible for any loss, liability, cost, claim, action, demand or expense

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 #22287139v7 incurred by reason of the Appointee's acts, omissions, misconduct or default or acts, omissions, misconduct or default of any substitute appointed by the Appointee. 11.21 Incurrence of Financial Liability Nothing contained in this Trust Deed shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any power, rights, authority or discretion hereunder if it has grounds for believing the repayment of the funds or adequate indemnity against such risk or liability is not reasonably assured to it. 11.22 Independent Investment Bank The Trustee has no responsibility for the accuracy or otherwise of any determination made by an investment bank pursuant to the Conditions. 11.23 Reliance on Certification of Clearing System The Trustee may call for and shall be at liberty to accept and place full reliance on as sufficient evidence thereof and shall not be liable to the Issuer, the Guarantors or any Noteholder by reason only of either having accepted as valid or not having rejected any certificate or other document issued by any clearing system as to the nominal amount of the Notes beneficially owned by any person or any other matter (and any such certificate or other document so accepted by the Trustee shall, in the absence of manifest error, be conclusive and binding for all purposes) and any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system in accordance with its usual procedures and in which the holder of a particular nominal amount of the Notes is clearly identified together with the amount of such holding. 11.24 Legal Opinions The Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion relating to any Notes or for checking or commenting upon the content of any such legal opinion. 11.25 Trustee not Responsible The Trustee shall not be responsible for the legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto or any licence, consent or other authority for the legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto. In addition the Trustee shall not be responsible for the effect of the exercise of any of its powers, duties and discretions hereunder. 11.26 Right to Deduct or Withhold Notwithstanding anything contained in this Trust Deed, to the extent required by any applicable law, if the Trustee is or will be required to make any deduction or withholding from any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax as a consequence of performing its duties hereunder whether as principal, agent or otherwise, and whether by reason of any assessment, prospective assessment or other 23 #22287139v7 imposition of liability to taxation of whatsoever nature and whensoever made upon the Trustee, and whether in connection with or arising from any sums received or distributed by it or to which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or deposits from time to time representing the same, including any income or gains arising therefrom or any action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the Trustee shall be entitled to make such deduction or withholding or, as the case may be, to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to tax from the funds held by the Trustee upon the trusts of this Trust Deed. 11.27 Lists of Material Subsidiaries and Certificates relating to Material Subsidiaries A list or certificate of the Company provided to the Trustee under Clause 9.12 in relation to any Material Subsidiary shall be conclusive and binding on the Trustee and the Noteholders, and the Trustee shall be entitled to rely on such list and/or certificate absolutely without further investigation. 11.28 Expert Reports Any certificate or report of the Auditors of the Issuer or any Guarantor or any other expert or other person called for by or provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of these presents may be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or report and/or any engagement letter or other document entered into by the Trustee and/or the Auditors or any other expert or person in connection therewith contains a monetary limit or other limit on the liability of the Auditors or such other expert or other person in respect thereof. 11.29 Responsibility for Statements etc. The Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, or any other agreement or document relating to the transactions contemplated in this Trust Deed or under such other agreement or document. 11.30 Not bound to act The Trustee shall not be bound to take any action in connection with this Trust Deed or any obligations arising hereunder, including without prejudice to the generality of the foregoing, forming any opinion or employing any financial adviser, where it is not reasonably satisfied that the Issuer and/or the Guarantors will be able to indemnify and/or secure and/or prefund it against all liabilities which may be incurred in connection with such action and may demand prior to taking any such action that there be paid to it in advance such sums as it reasonably considers (without prejudice to any further demand) shall be sufficient so to indemnify and/or secure and/or prefund it and on such demand being made the Issuer (failing whom, the Guarantors) shall be obliged to make payment of all such sums in full. 24 #22287139v7 11.31 No Obligation to Monitor The Trustee shall be under no obligation to monitor or supervise the functions of any other person under this Trust Deed, the Notes or any other agreement or document relating to the transactions herein or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each such person is properly performing and complying with its obligations. 12 Trustee liable for negligence Nothing in this Trust Deed shall in any case in which the Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the provisions of this Trust Deed conferring on it any trusts, powers, authorities or discretions, relieve or indemnify it from or against any liability which by virtue of any rule of law would otherwise attach to it in respect of any gross negligence, fraud or wilful default, of which it or its officers and employees may be guilty in relation to its duties under this Trust Deed. Notwithstanding any provision of these presents to the contrary, the Trustee shall not in any event be liable for: a) loss of profit, loss of business, loss of goodwill, loss of opportunity, whether direct or indirect; or b) special, indirect, punitive or consequential loss or damage of any kind whatsoever, whether or not foreseeable, whether or not the Trustee can reasonably be regarded as having assumed responsibility at the time this Trust Deed is entered into, even if the Trustee has been advised of the likelihood of such loss or damage, unless the claim for loss or damage is made in respect of fraud on the part of the Trustee. 13 Illegality Notwithstanding anything else herein contained, the Trustee may refrain without liability from doing anything that would or might in its reasonable opinion be contrary to any law of any state or jurisdiction (including but not limited to the European Union, the United States of America or, in each case, any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of any such state or jurisdiction and may, without liability, do anything which is, in its reasonable opinion, necessary to comply with any such law, directive or regulation. The Trustee shall, as soon as reasonably practicable and insofar as legally permissible, inform the Issuer if, pursuant to this clause, it will refrain from doing anything hereunder. 14 Waiver and Proof of Default 14.1 Waiver The Trustee may, without the consent of the Noteholders and without prejudice to its rights in respect of any subsequent breach or Event of Default or Potential Event of Default, from time to time and at any time, if in its opinion the interests of the Noteholders will not be materially 25 #22287139v7 prejudiced thereby, waive or authorise, on such terms and conditions as seem expedient to it, any breach, continuing breach or proposed breach by the Issuer or any Guarantor of any of the provisions of this Trust Deed or the Notes or determine that any Event of Default or Potential Event of Default will not be treated as such for the purposes of this Trust Deed provided always that the Trustee will not do so in contravention of any express direction given by an Extraordinary Resolution but so that no such direction will affect any previous waiver, authorisation or determination previously given or made. Any such waiver, authorisation or determination will be binding on the Noteholders and, if the Trustee so requires, will be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 17. 14.2 Proof of Default If it is proved that as regards any specified Note the Issuer or any Guarantor has made a default in paying any sum due to the relevant Noteholder such proof will (unless the contrary be proved) be sufficient evidence that the same default has been made as regards all other Notes which are then payable. 15 Trustee not precluded from entering into Contracts Neither the Trustee, any of its subsidiary, holding or associated companies nor any director or officer of a corporation acting as a trustee, whether acting for itself or in any other capacity, will be precluded from becoming the owner of, or acquiring any interest in, or holding, or disposing of, any Notes or securities of the Issuer or any Guarantor or any of their respective subsidiary, holding or associated companies with the same rights as it would have had if the Trustee were not the Trustee or from entering into or being interested in any contracts or transactions with the Issuer or any Guarantor or any of their respective subsidiary, holding or associated companies or from acting on, or as depositary or agent for, any committee or body of holders of any securities of the Issuer or any Guarantor or any of their respective subsidiary, holding or associated companies and will not be liable to account for any profit resulting therefrom. 16 Modification The Trustee may agree, without the consent of the Noteholders, to (i) any modification of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Paying and Transfer Agency Agreement, any agreement supplemental to the Paying and Transfer Agency Agreement, the Notes, the Guarantees or the Conditions which in the Trustee's opinion is of a formal, minor or technical nature or is made to correct a manifest or (in the opinion of the Trustee) proven error or to comply with mandatory provisions of law, and (ii) any other modification to the Trust Deed, any trust deed supplemental to the Trust Deed, the Paying and Transfer Agency Agreement, any agreement supplemental to the Paying and Transfer Agency Agreement, the Notes, the Guarantees or the Conditions, and any waiver or authorisation of any breach or proposed breach, of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Paying and Transfer Agency Agreement, any agreement supplemental to the Paying and Transfer Agency Agreement, the Notes, the Guarantees or the Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Noteholders. Such power does not extend to any such modification as is mentioned in the proviso to paragraph 17 of Schedule 3. Any such modification, authorisation or waiver shall be binding on the Noteholders

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 #22287139v7 and, if the Trustee so requires, such modification shall be notified to the Noteholders promptly in accordance with Condition 17. 17 Appointment, Retirement and Removal of the Trustee 17.1 Appointment The Issuer will have the power of appointing new trustees but no person will be so appointed unless previously approved by an Extraordinary Resolution of Noteholders. A trust corporation will at all times be a Trustee and may be the sole trustee. Any appointment of a new trustee will be notified by the Issuer to the Noteholders as soon as practicable thereafter in accordance with Condition 17. 17.2 Retirement and Removal Any Trustee may retire at any time on giving not less than three months' prior notice in writing to the Issuer and the Guarantors without giving any reason and without being responsible for any costs occasioned by such retirement and the Noteholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of any sole trustee or sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee. If a sole trustee or sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause, the Issuer or, failing whom, the Guarantors will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee, but if the Issuer and the Guarantors have failed to do so within three months of such notice being given or since the date of such Extraordinary Resolution, the Trustee may exercise the power of appointing a successor trustee. 17.3 Co-Trustees The Trustee may, notwithstanding Clause 17.1, by notice in writing to the Issuer and the Guarantors appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act as an additional Trustee jointly with the Trustee: 17.3.1 if the Trustee considers such appointment to be in the interests of the Noteholders; 17.3.2 for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; or 17.3.3 for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against the Issuer or any Guarantor of either a judgment already obtained or any of the provisions of this Trust Deed. Subject to the provisions of this Trust Deed the Trustee may confer on any person so appointed such functions as it thinks fit. The Trustee may by notice in writing to the Issuer, the Guarantors and such person remove any person so appointed. At the request of the Trustee, the Issuer and the Guarantors will do all things as may be required to perfect such appointment or removal and each of them irrevocably appoints the Trustee to be its attorney in its name and on its behalf to do so. Such a person shall (subject always to the provisions of this Trust Deed) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee hereby) and such duties and obligations as shall be conferred or imposed by the instrument of appointment. 27 #22287139v7 Before appointing such person to act as a co-Trustee, the Trustee shall (unless it is not, in the opinion of the Trustee, reasonably practicable to do so) give notice to the Issuer of its intention to make such appointment (and the reason therefore). 17.4 Competence of a Majority of Trustees If there are more than two Trustees the majority of such Trustees will (provided such majority includes a trust corporation) be competent to carry out all or any of the Trustee's functions. 18 Communications Any communication to the Issuer, the Guarantors or the Trustee under this Deed shall be by fax, in writing delivered by hand or by electronic communication in the English language to the following addresses: in the case of the Issuer, to it at: Windfall Mining Group Inc. / Groupe Minier Windfall Inc. 66 Wellington Street West TD Bank Tower, Suite 5300 Toronto, Ontario, M5K 1E6 Canada E-mail: Attention: wiem.soufia@goldfields.com / c/o johan.pool@goldfields.com Wiem Soufia / c/o Johan Pool in the case of any Guarantor, to it at: c/o Gold Fields Limited 150 Helen Road Sandown Sandton South Africa 2196 E-mail: Attention: alex.dall@goldfields.com; kelly.carter@goldfields.com Alex Dall; Kelly Carter and in the case of the Trustee, to it at: Citibank Centre Canada Square Canary Wharf London E14 5LB Email: Attention: emea.at.debt@citi.com Trustee Agency and Trust Services Any such communication will be deemed received (if in writing) when delivered, (if by electronic communication) when the relevant receipt of such communication being read is given or where no read receipt is requested by the sender, at the time of sending, provided that no delivery failure notification is received by the sender within 24 hours of sending such communication; [\*\*\*] [\*\*\*] [\*\*\*] 28 #22287139v7 provided that any communication which is received (or deemed to take effect in accordance with the foregoing) after 5:00pm on a business day or on a non-business day in the place of receipt shall be deemed received at the opening of business on the next following business day in such place. 19 Governing Law and Jurisdiction 19.1 Governing Law This Trust Deed and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 19.2 Jurisdiction The courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Trust Deed (including in relation to a dispute relating to any non-contractual obligations arising out of or in connection with this Trust Deed) and the Notes and accordingly any suit, action or proceedings arising out of or in connection with this Trust Deed or the Notes (whether contractual or non-contractual) ("Proceedings") may be brought in the courts of England. The Issuer and each Guarantor irrevocably submits to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is for the benefit of each of the Trustee and the Noteholders and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). 19.3 Service of Process The Issuer and each Guarantor irrevocably appoints Law Debenture Corporate Services Limited at 8th Floor, 100 Bishopsgate, London, EC2N 4AG to receive, for it and on its behalf, service of process in any Proceedings in England. Such service shall be deemed completed on delivery to such process agent (whether or not it is forwarded to and received by the Issuer or the Guarantors, as the case may be). If for any reason such process agent ceases to be able to act as such or no longer has an address in England, the Issuer and each Guarantor irrevocably agrees to appoint a substitute process agent acceptable to the Trustee and shall immediately notify the Trustee of such appointment. Nothing shall affect the right to serve process in any other manner permitted by law. 20 Counterparts This Trust Deed and any trust deed supplemental hereto may be executed and delivered in any number of counterparts, all of which, taken together, shall constitute one and the same deed and any part to this Trust Deed or any trust deed supplemental hereto may enter into the same by executing and delivering a counterpart. 29 #22287139v7 21 Contracts (Rights of Third Parties) Act 1999 Other than in respect of Clause 9.13, a person who is not a party to this Trust Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Trust Deed. The parties to this Trust Deed shall have the right to amend, vary or rescind any provision of this Trust Deed without the consent of any such third party. In witness whereof this Trust Deed has been executed and delivered as a deed on the date stated at the beginning.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 #22287139v7 Schedule 1 Form of Definitive Notes On the front: ISIN: 144A: US973244AA44 CUSIP: 144A: 973244 AA4 Reg S: XS3046428408 Common Code: 144A: 305334685 Reg S: 304642840 [THE RULE 144A NOTES EVIDENCED HEREBY AND THE GUARANTEES IN RESPECT THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER AND ANY PERSON ACTING ON THE HOLDER'S BEHALF REASONABLY BELIEVE IS (A) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND (B) AWARE THAT THE OFFER, SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"), OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE RULE 144A NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING AND FOLLOWING RESTRICTIONS AND THAT NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALES OF THE RULE 144A NOTES EVIDENCED HEREBY OR THE GUARANTEES IN RESPECT THEREOF. THIS LEGEND WILL BE REMOVED UPON THE LATER OF (A) 13 MAY 2025 AND (B) THE DATE THAT IS TWELVE MONTHS AFTER THE LAST DATE ON WHICH WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC OR ANY OF ITS AFFILIATES WAS THE OWNER OF THE RULE 144A NOTES OR, IN EACH CASE, A SHORTER PERIOD AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT.] [THE REGULATION S NOTES EVIDENCED HEREBY AND THE GUARANTEES IN RESPECT THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND, PRIOR TO THE EXPIRATION OF 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF REGULATION S NOTES AND THE CLOSING DATE (THE "DISTRIBUTION COMPLIANCE PERIOD"), SUCH NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER 31 #22287139v7 AND ANY PERSON ACTING ON THE HOLDER'S BEHALF REASONABLY BELIEVE IS (A) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND (B) AWARE THAT THE OFFER, SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (IN WHICH CASE ADDITIONAL TRANSFER RESTRICTIONS MAY APPLY), (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE REGULATION S NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING AND FOLLOWING RESTRICTIONS. THIS LEGEND WILL BE REMOVED UPON THE TRANSFER OF THE REGULATION S NOTES EVIDENCED HEREBY AFTER THE END OF DISTRIBUTION COMPLIANCE PERIOD, AFTER WHICH THE REGULATION S NOTES EVIDENCED HEREBY SHALL NO LONGER BE SUBJECT TO THE RESTRICTIONS PROVIDED IN THIS LEGEND, PROVIDED THAT AT SUCH TIME AND THEREAFTER, THE OFFER OR SALE OF REGULATION S NOTES EVIDENCED HEREBY WOULD NOT BE RESTRICTED UNDER ANY APPLICABLE SECURITIES LAWS OF THE UNITED STATES OR OF THE STATES OR TERRITORIES OF THE UNITED STATES.] [UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THESE NOTES MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF: (I) THE DATE OF DISTRIBUTION OF THE NOTES; AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA]1 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. (a corporation existing under the laws of the Province of Ontario, Canada with corporation number 1000516306) U.S.$750,000,000 5.854% Guaranteed Notes due 2032 guaranteed by GOLD FIELDS LIMITED (incorporated as a public company in the Republic of South Africa with registered number 1968/004880/06) and GOLD FIELDS HOLDINGS COMPANY LIMITED (a company continued under the laws of the British Virgin Islands with company number 651406) 1 Legend to be applied to notes issued to any Canadian purchaser. 32 #22287139v7 The Notes represented by this certificate form part of a series designated as specified in the title (the "Notes") of Windfall Mining Group Inc. / Groupe Minier Windfall Inc. (the "Issuer"). The Notes are constituted by a trust deed dated 13 May 2025 (the "Trust Deed") between the Issuer, Gold Fields Limited and Gold Fields Holdings Company Limited (together, the "Guarantors") and Citibank N.A., London Branch as Trustee (the "Trustee"). The Notes are subject to, and have the benefit of, that Trust Deed and the terms and conditions (the "Conditions") endorsed hereon. Terms defined in the Trust Deed have the same meanings when used herein. The Issuer hereby certifies that [●] of [●] is, at the date hereof, entered in the register of Noteholders as the holder of Notes in the principal amount of U.S.$[●] ([●] United States dollars). For value received, the Issuer promises to pay the person who appears at the relevant time on the register of Noteholders as holder of the Notes in respect of which this Note is issued such amount or amounts as shall become due and payable from time to time in respect of such Notes and otherwise to comply with the Conditions. [The statements set forth in the legend above are an integral part of the Note or Notes in respect of which this certificate is issued and by acceptance thereof each holder agrees to be subject to and bound by the terms and provisions set forth in such legend.]2 This definitive registered Note is evidence of entitlement only. Title to the Notes passes only on due registration on the register of Noteholders and only the duly registered holder is entitled to payments in respect of this definitive registered Note. This definitive registered Note shall not be valid for any purpose until authenticated by or on behalf of the Registrar. This definitive registered Note and any non-contractual obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, English law. Issued as of 13 May 2025 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. By: 2 [Delete if there is no Regulation S Legend or Rule 144A Legend.] 33 #22287139v7 Certificate of Authentication Certified by or on behalf of the Registrar that the above-named holder is at the date hereof entered in the register of Noteholders as holder of the above-mentioned principal amount of Notes CITIBANK EUROPE PLC (as Registrar) By: Authorised Signatory Dated: On the back: [The Terms and Conditions of the Notes will be inserted]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 #22287139v7 FORM OF TRANSFER For value received the undersigned hereby sell(s), assign(s) and transfer(s) to .......................................................…………….................................................................................... ..........................................................................……………................................................................. (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS (INCLUDING POSTCODE OR EQUIVALENT) OF TRANSFEREE) U.S.$[ ] principal amount of the Notes represented by this certificate and all rights in respect thereof. [NOTE: INSERT [A] FOR TRANSFERS OF NOTES BEARING THE RULE 144A LEGEND TO TRANSFEREES THAT TAKE DELIVERY OF NOTES NOT BEARING THE RULE 144A LEGEND. INSERT [B] FOR TRANSFERS OF NOTES NOT BEARING THE RULE 144A LEGEND TO TRANSFEREES THAT TAKE DELIVERY OF NOTES BEARING THE RULE 144A LEGEND PRIOR TO THE EXPIRY OF THE DISTRIBUTION COMPLIANCE PERIOD.] [A] In connection with such request and in respect of such Notes, the undersigned hereby certifies that (i) such transfer has been effected in accordance with the transfer restrictions set forth in the Notes and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (ii) either: (A) such transfer has been effected pursuant to and in accordance with Rule 903 or Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly the undersigned hereby further certifies that: 1 the offer and sale of the Notes was not made to a person in the United States and such offer and sale was not targeted to an identifiable group of U.S. citizens abroad; 2 either (a) at the time the buy order was originated, the transferee was outside the United States or the undersigned and any person acting on its behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market (as defined in Regulation S) and neither the undersigned nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States; 3 no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; 4 the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 5 if the undersigned is an officer or director of the Issuer or a distributor, who is an affiliate of the Issuer or distributor solely by holding such position, such sale is made in accordance with the applicable provisions of Rule 904(b)(2) of Regulation S; or 35 #22287139v7 (B) the transfer has been effected pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder. [B] In connection with such request and in respect of such Notes, the undersigned hereby certifies that such transfer has been effected pursuant to and in accordance with Rule 144A under the Securities Act ("Rule 144A") and, accordingly, the undersigned hereby further certifies that the beneficial interest in such Notes is being transferred to a person that the undersigned reasonably believes is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person, and each such account is a "qualified institutional buyer" within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with the transfer restrictions set forth in the Notes and any applicable securities laws of any state of the United States or any other jurisdiction. Dated ........................... ................................... Signed .......................... Certifying Signature Notes: (i) The signature to this transfer must correspond with the name(s) as it/they appear(s) on the face of this Note. In the case of joint holders, each of the joint holders named on the Register must sign this form of transfer. (ii) A representative of the Noteholder should state the capacity in which he signs e.g. executor. (iii) The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require. (iv) This form of transfer must be accompanied by such documents, evidence or information as the Registrar may require. (v) Where the transferor is a corporation, this form of transfer shall be executed under its common seal or under the hand of two of its officers duly authorised in writing. 36 #22287139v7 Schedule 2 Part I - Form of Unrestricted Global Note THE REGULATION S NOTES EVIDENCED HEREBY AND THE GUARANTEES IN RESPECT THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND, PRIOR TO THE EXPIRATION OF 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF REGULATION S NOTES AND THE CLOSING DATE (THE "DISTRIBUTION COMPLIANCE PERIOD"), SUCH NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER AND ANY PERSON ACTING ON THE HOLDER'S BEHALF REASONABLY BELIEVE IS (A) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND (B) AWARE THAT THE OFFER, SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (IN WHICH CASE ADDITIONAL TRANSFER RESTRICTIONS MAY APPLY), (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE REGULATION S NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING AND FOLLOWING RESTRICTIONS. THIS LEGEND WILL BE REMOVED UPON THE TRANSFER OF THE REGULATION S NOTES EVIDENCED HEREBY AFTER THE END OF THE DISTRIBUTION COMPLIANCE PERIOD, AFTER WHICH THE REGULATION S NOTES EVIDENCED HEREBY SHALL NO LONGER BE SUBJECT TO THE RESTRICTIONS PROVIDED IN THIS LEGEND, PROVIDED THAT AT SUCH TIME AND THEREAFTER THE OFFER OR SALE OF REGULATION S NOTES EVIDENCED HEREBY WOULD NOT BE RESTRICTED UNDER ANY APPLICABLE SECURITIES LAWS OF THE UNITED STATES OR OF THE STATES OR TERRITORIES OF THE UNITED STATES. Common Code: 304642840 ISIN: XS3046428408 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. (a corporation existing under the laws of the Province of Ontario, Canada with corporation number 1000516306) U.S.$750,000,000 5.854% Guaranteed Notes due 2032 guaranteed by 37 #22287139v7 GOLD FIELDS LIMITED (incorporated as a public company in the Republic of South Africa with registered number 1968/004880/06) and GOLD FIELDS HOLDINGS COMPANY LIMITED (a company continued under the laws of the British Virgin Islands with company number 651406) The Notes in respect of which this Global Note is issued form part of the series designated as specified in the title (the "Notes") of Windfall Mining Group Inc. / Groupe Minier Windfall Inc. (the "Issuer"). The Issuer hereby certifies that Citivic Nominees Limited is, at the date hereof, entered in the register of Noteholders as the holder of Notes in the principal amount of U.S.$355,315,000 (Three hundred fifty five million three hundred fifteen thousand United States dollars) or such other amount as is shown on the register of Noteholders as being represented by this Unrestricted Global Note and is duly endorsed (for information purposes only) in the third column of Schedule A to this Unrestricted Global Note. For value received, the Issuer promises to pay the person who appears at the relevant time on the register of Noteholders as holder of the Notes in respect of which this Unrestricted Global Note is issued, such amount or amounts as shall become due and payable from time to time in respect of such Notes and otherwise to comply with the Conditions referred to below. The Notes are constituted by a Trust Deed dated 13 May 2025 (the "Trust Deed") between the Issuer, Gold Fields Limited and Gold Fields Holdings Company Limited (together, the "Guarantors") and Citibank N.A., London Branch as trustee (the "Trustee") and are subject to the Trust Deed and the terms and conditions (the "Conditions") set out in Schedule 4 to the Trust Deed, as modified by the provisions of this Unrestricted Global Note. Terms defined in the Trust Deed have the same meaning when used herein. This Unrestricted Global Note is evidence of entitlement only. Title to the Notes passes only on due registration of Noteholders and only the duly registered holder is entitled to payments on Notes in respect of which this Unrestricted Global Note is issued. Exchange Owners of beneficial interests in the Notes in respect of which this Unrestricted Global Note is issued will be entitled to have title to the Notes registered in their names and to receive individual definitive registered Notes if (1) either Euroclear or Clearstream, Luxembourg (or any other clearing system as shall have been designated by the Issuer and approved by the Trustee on behalf of which the Notes evidenced by this Unrestricted Global Note may be held) is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so or (2) there shall have occurred and be continuing an Event of Default or (3) instructions have been given for the transfer of an interest in the Notes evidenced by this Unrestricted Global Note to a person who would otherwise take delivery thereof in the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 #22287139v7 form of an interest in the Notes evidenced by the Restricted Global Note where the Restricted Global Note has been exchanged for definitive registered Notes. In such circumstances, the Issuer will cause sufficient individual definitive registered Notes to be executed and delivered to the Registrar for completion, authentication and despatch to the relevant Noteholders within 21 days following a request therefor by the holder of this Unrestricted Global Note. A person with an interest in the Notes represented by this Unrestricted Global Note must provide the Registrar with (i) a written order containing instructions and other such information as the Issuer and the Registrar may require to complete, execute and deliver such individual definitive registered Notes and (ii) a certificate to the effect that (other than in the case of (3) above) such person is not transferring its interest in this Unrestricted Global Note or in the case of (3) above where such transfer is within the Distribution Compliance Period, a certificate as required by the Agency Agreement. The Conditions are modified as follows in so far as they apply to the Notes represented by this Unrestricted Global Note is issued. The statements set out in the legend above are an integral part of the Note or Notes in respect of which this Unrestricted Global Note is issued and by acceptance hereof each holder or beneficial owner of the Notes evidenced by this Unrestricted Global Note or any owner of an interest in such Notes agrees to be subject to and bound by the terms of such legend. Meetings The holder hereof shall be treated as two persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having one vote in respect of each U.S.$1.00 principal amount of Notes represented by this Unrestricted Global Note. The Trustee may allow to attend and speak (but not to vote) at any meeting of Noteholders any accountholder (or the representative of any such person) of a clearing system with an interest in the Notes represented by this Unrestricted Global Note on confirmation of entitlement and proof of his identity. Redemption at the Option of the Issuer The option of the Issuer provided for in Condition 6(b) shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in, and containing the information required by, that Condition. Trustee's Powers In considering the interests of Noteholders the Trustee may, to the extent it considers it appropriate to do so in the circumstances, (a) have regard to such information as may have been made available to it by or on behalf of the relevant clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements in respect of Notes and (b) consider such interests on the basis that such accountholders were the holders of the Notes represented by this Unrestricted Global Note. Redemption at the Option of Noteholders The option of the Noteholders provided for in Condition 6(e) may be exercised by the holder of this Unrestricted Global Note giving notice to the Principal Paying and Transfer Agent within the time limits relating to the deposit of Notes with a Paying and Transfer Agent set out in that Condition, in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg, and stating the principal amount of Notes in respect of which the option is exercised and at the same time presenting 39 #22287139v7 this Unrestricted Global Note to the Principal Paying and Transfer Agent for notation accordingly in the Schedule hereto. Enforcement For the purposes of enforcement of the provisions of the Trust Deed against the Trustee, the persons named in a certificate of the holder of the Notes represented by this Unrestricted Global Note shall be recognised as the beneficiaries of the trusts set out in the Trust Deed to the extent of the principal amount of their interest in the Notes set out in the certificate of the holder as if they were themselves the holders of Notes in such principal amounts. Purchase and Cancellation Cancellation of any Note following its purchase will be effected by reduction in the principal amount of the Notes in the Register. Payments Payments of principal in respect of Notes represented by this Unrestricted Global Note will be made against presentation and, if no further payment falls to be made in respect of the Notes, surrender of this Unrestricted Global Note to or to the order of the Principal Paying and Transfer Agent or such other Agent as shall have been notified to the holder of this Unrestricted Global Note for such purpose. Transfers Transfers of interests in the Notes represented by this Unrestricted Global Note for interests in the Restricted Global Note shall be made in accordance with the Paying and Transfer Agency Agreement and in accordance with the operating procedures of the relevant clearing system and any such transfers at any time on or prior to the end of the Distribution Compliance Period may only be made upon presentation of a certificate as provided in the Agency Agreement. Notices So long as Notes are represented by this Unrestricted Global Note and this Unrestricted Global Note is held on behalf of Euroclear or Clearstream, Luxembourg, notices to the holders of such Notes may be given by delivery of the relevant notice to the relevant clearing system for communication by it to entitled accountholders in substitution for notification, as required by the Conditions except that, so long as the Notes are listed and/or admitted to trading, notices required to be given to the Noteholders pursuant to the Conditions shall also be published (if such publication is required) in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Notes are listed or admitted to trading. This Unrestricted Global Note shall not be valid for any purpose until authenticated by or on behalf of the Registrar. This Unrestricted Global Note and any non-contractual obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, English law. 40 #22287139v7 In Witness whereof the Issuer has caused this Unrestricted Global Note to be signed on its behalf. Dated 13 May 2025 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. By: Authorised Director 41 #22287139v7 Certificate of Authentication Certified that the above-named holder is at the date hereof entered in the register of Noteholders as holder of the above-mentioned principal amount of Notes. CITIBANK EUROPE PLC (as Registrar) By: Authorised Signatory Dated 13 May 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 #22287139v7 SCHEDULE A SCHEDULE OF INCREASE OR REDUCTION IN PRINCIPAL AMOUNT OF THE NOTES REPRESENTED BY THIS UNRESTRICTED GLOBAL NOTE IS ISSUED The following increases or reductions in the principal amount of the Notes represented by this Unrestricted Global Note have been made as a result of (i) redemption or purchase and cancellation of Notes or (ii) transfer of Notes (including transfers of interests between the Global Notes): Date of transfer/Redemption/ Purchase and cancellation /Issue (stating which) Amount of increase or decrease in principal amount of Notes represented by this Unrestricted Global Note Principal amount of Notes represented by this Unrestricted Global Note following such increase or decrease Notation made by or on behalf of the Principal Paying and Transfer Agent 43 #22287139v7 Schedule 2 Part II - Form of Original Restricted Global Note ISIN: US973244AA44 CUSIP: 973244 AA4 Common Code: 305334685 THE RULE 144A NOTES EVIDENCED HEREBY AND THE GUARANTEES IN RESPECT THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER AND ANY PERSON ACTING ON THE HOLDER'S BEHALF REASONABLY BELIEVE IS (A) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER AND (B) AWARE THAT THE OFFER, SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT ("REGULATION S"), OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. EACH HOLDER AND BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE RULE 144A NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING AND FOLLOWING RESTRICTIONS AND THAT NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALES OF THE RULE 144A NOTE EVIDENCED HEREBY OR THE GUARANTEES IN RESPECT THEREOF. THIS LEGEND WILL BE REMOVED UPON THE LATER OF (A) 13 MAY 2025 AND (B) THE DATE THAT IS TWELVE MONTHS AFTER THE LAST DATE ON WHICH WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. OR ANY OF ITS AFFILIATES WAS THE OWNER OF THE RULE 144A NOTES, OR, IN EACH CASE, A SHORTER PERIOD AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT. WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. (a corporation existing under the laws of the Province of Ontario, Canada with corporation number 1000516306) U.S.$750,000,000 5.854% Guaranteed Notes due 2032 guaranteed by GOLD FIELDS LIMITED (incorporated as a public company in the Republic of South Africa with registered number 1968/004880/06) 44 #22287139v7 and GOLD FIELDS HOLDINGS COMPANY LIMITED (a company continued under the laws of the British Virgin Islands with company number 651406) The Notes in respect of which this Restricted Global Note is issued form part of the series designated as specified in the title (the "Notes") of Windfall Mining Group Inc. / Groupe Minier Windfall Inc. (the "Issuer"). The Issuer hereby certifies that Cede & Co. is, at the date hereof, entered in the register of Noteholders as the holder of Notes in the principal amount of U.S.$394,685,000 (Three hundred ninety four million six hundred eighty five thousand United States dollars) or such other amount as is shown on the register of Noteholders as being represented by this Restricted Global Note and is duly endorsed (for information purposes only) in the third column of Schedule A to this Restricted Global Note. For value received, the Issuer promises to pay the person who appears at the relevant time on the register of Noteholders as holder of the Notes in respect of which this Restricted Global Note is issued such amount or amounts as shall become due and payable from time to time in respect of such Notes and otherwise to comply with the Conditions referred to below. The Notes are constituted by a Trust Deed dated 13 May 2025 (the "Trust Deed") between the Issuer, the Guarantors and Citibank N.A., London Branch as trustee (the "Trustee") and are subject to the Trust Deed and the terms and conditions (the "Conditions") set out in Schedule 4 to the Trust Deed, as modified by the provisions of this Restricted Global Note. Terms defined in the Trust Deed have the same meanings when used herein. This Restricted Global Note is evidence of entitlement only. Title to the Notes passes only on due registration in the register of Noteholders and only the duly registered holder is entitled to payments on Notes in respect of which this Restricted Global Note is issued. Exchange Owners of beneficial interests in the Notes in respect of which this Restricted Global Note is issued will be entitled to have title to the Notes registered in their names and to receive individual definitive registered Notes if (1) The Depository Trust Company ("DTC") (or any other clearing system as shall have been designated by the Issuer and approved by the Trustee on behalf of which the Notes evidenced by this Restricted Global Note may be held) notifies the Issuer that it is no longer willing or able to discharge properly its responsibilities as depositary with respect to the Notes, or ceases to be a "Clearing Agency" registered under the U.S. Securities Exchange Act of 1934, as amended, or is at any time no longer eligible to act as such and the Issuer is unable to locate a qualified successor within 90 days of receiving notice of such ineligibility on the part of DTC (or, as the case may be, such other clearing system) or (2) there shall have occurred and be continuing an Event of Default or (3) instructions have been given for the transfer of an interest in the Notes evidenced by this Restricted Global Note to a person who would otherwise take delivery thereof in the form of an interest in the Notes evidenced by the Unrestricted Global Note where the Unrestricted Global Note has been exchanged for definitive registered Notes. 45 #22287139v7 In such circumstances, the Issuer will cause sufficient individual definitive registered Notes to be executed and delivered to the Registrar for completion, authentication and despatch to the relevant Noteholders within 21 days following a request therefor by the holder of this Restricted Global Note. A person with an interest in the Notes represented by this Restricted Global Note must provide the Registrar with (i) a written order containing instructions and other such information as the Issuer and the Registrar may require to complete, execute and deliver such individual definitive registered Notes and (ii) a certificate to the effect that (other than in the case of (3) above) such person is not transferring its interest in this Restricted Global Note or in the case of (3) above, a certificate as required by the Agency Agreement. The Conditions are modified as follows in so far as they apply to the Notes represented by this Restricted Global Note is issued. The statements set out in the legend above are an integral part of the Note or Notes in respect of which this Restricted Global Note is issued and by acceptance hereof each holder or beneficial owner of the Notes evidenced by this Restricted Global Note or any owner of an interest in such Notes agrees to be subject to and bound by the terms of such legend. Meetings The holder hereof shall be treated as two persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having one vote in respect of each U.S.$1.00 principal amount of Notes represented by this Restricted Global Note. The Trustee may allow to attend and speak (but not to vote) at any meeting of Noteholders any accountholder (or the representative of any such person) of a clearing system entitled to Notes represented by this Restricted Global Note on confirmation of entitlement and proof of his identity. Redemption at the Option of the Issuer The option of the Issuer provided for in Condition 6(b) shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in, and containing the information required by, that Condition. Trustee's Powers In considering the interests of Noteholders the Trustee may, to the extent it considers it appropriate to do so in the circumstances, (a) have regard to such information as may have been made available to it by or on behalf of the relevant clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements in respect of Notes and (b) consider such interests on the basis that such accountholders were the holders of the Notes represented by this Restricted Global Note. Redemption at the Option of Noteholders The option of the Noteholders provided for in Condition 6(e) may be exercised by the holder of this Restricted Global Note giving notice to the Principal Paying and Transfer Agent within the time limits relating to the deposit of Notes with a Paying, Transfer and Conversion Agent set out in that Condition, in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg, and stating the principal amount of Notes in respect of which the option is exercised and at the same time presenting this Restricted Global Note to the Principal Paying and Transfer Agent for notation accordingly in the Schedule hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 #22287139v7 Enforcement For the purposes of enforcement of the provisions of the Trust Deed against the Trustee, the persons named in a certificate of the holder of the Notes represented by this Restricted Global Note shall be recognised as the beneficiaries of the trusts set out in the Trust Deed to the extent of the principal amount of their interest in the Notes set out in the certificate of the holder as if they were themselves the holders of Notes in such principal amounts. Purchase and Cancellation Cancellation of any Note following its purchase will be effected by reduction in the principal amount of the Notes in the Register. Payments Payments of principal in respect of Notes represented by this Restricted Global Note will be made against presentation and, if no further payment falls to be made in respect of the Notes, surrender of this Restricted Global Note to or to the order of the Principal Paying and Transfer Agent or such other Agent as shall have been notified to the holder of this Restricted Global Note for such purpose. Transfers Transfers of interests in the Notes represented by this Restricted Global Note for interests in the Unrestricted Global Note shall be made in accordance with the Paying, Transfer and Conversion Agency Agreement and in accordance with the operating procedures of the relevant clearing system and any such transfers may only be made upon presentation of a certificate as provided in the Agency Agreement. Notices So long as Notes are represented by this Restricted Global Note and this Restricted Global Note is held on behalf of DTC, notices to the holders of such Notes may be given by delivery of the relevant notice to DTC for communication by it to entitled accountholders in substitution for notification as required by the Conditions except that, so long as the Notes are listed and/or admitted to trading, notices required to be given to the Noteholders pursuant to the Conditions shall also be published (if such publication is required) in a manner which complies with the rules and regulations of any stock exchange or other relevant authority on which the Notes are listed or admitted to trading. This Restricted Global Note shall not be valid for any purpose until authenticated by or on behalf of the Registrar. This Restricted Global Note and any non-contractual obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, English law. 47 #22287139v7 In Witness whereof the Issuer has caused this Restricted Global Note to be signed on its behalf. Dated 13 May 2025 WINDFALL MINING GROUP INC. / GROUPE MINIER WINDFALL INC. By: Authorised Director 48 #22287139v7 Certificate of Authentication Certified that the above-named holder is at the date hereof entered in the register of Noteholders as holder of the above-mentioned principal amount of Notes. CITIBANK EUROPE PLC (as Registrar) By: Authorised Signatory Dated: 13 May 2025 49 #22287139v7 SCHEDULE A SCHEDULE OF INCREASE OR REDUCTION IN PRINCIPAL AMOUNT OF THE NOTES REPRESENTED BY THIS RESTRICTED GLOBAL NOTE IS ISSUED The following increases or reductions in the principal amount of the Notes represented by this Restricted Global Note have been made as a result of (i) redemption or purchase and cancellation of Notes or (ii) transfer of Notes (including transfers of interests between the Global Notes): Date of Transfer/ Redemption/Purchase and cancellation/Issue (stating which) Amount of increase or decrease in principal amount of Notes represented by this Restricted Global Note Principal amount of Notes represented by this Restricted Global Note following such increase or decrease Notation made by or on behalf of the Principal Paying and Transfer Agent

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 #22287139v7 Schedule 3 Provisions for meetings of Noteholders 1 1.1 A holder of a Note in registered form may by an instrument in writing in the form available from any Agent in English (a "form of proxy") signed by the holder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to any Paying and Transfer Agent not later than 48 hours before the time fixed for any meeting, appoint one or more named persons (each, a "proxy") to act on his or its behalf in connection with any meeting or proposed meeting of Noteholders. 1.2 A holder of a Note in registered form which is a corporation may, by delivering to any Paying and Transfer Agent not later than 48 hours before the time fixed for any meeting a resolution in English of its directors or other governing body, authorise any person to act as its representative (a "representative") in connection with any meeting or proposed meeting of Noteholders. 1.3 A proxy or representative or sub-proxy appointed under paragraph 1.4 so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with any meeting or proposed meeting of Noteholders specified in such appointment, to be the holder of the Notes to which such appointment relates and the holder of the Notes shall be deemed for such purposes not to be the holder. 1.4 If the holder of a Note is DTC or a nominee of DTC, such nominee or DTC may appoint proxies in accordance with and in the form used by DTC as part of its usual procedures from time to time in relation to meetings of Noteholders. Any proxy so appointed may by an instrument in writing in the form in the English language available from the specified office of the Principal Paying and Transfer Agent, or in such other form as approved by the Trustee, signed by the proxy or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to the Principal Paying and Transfer Agent not later than 24 hours before the time fixed for any meeting or communicated to the Principal Paying and Transfer Agent by electronic means in accordance with its usual procedures appoint any person (the "sub-proxy") to act on his or its behalf in connection with any meeting or proposed meeting of Noteholders provided that any such appointment certifies that no other person has been appointed as a sub-proxy in respect of the relevant Notes and that no voting instruction has been given in relation to those Notes. All references to "proxy" or "proxies" in this Schedule other than in this paragraph shall be read so as to include references to "sub-proxy" or "sub-proxies". 1.5 For so long as the Notes are eligible for settlement through DTC's book-entry settlement system, the Issuer may fix a record date for the purpose of any meeting, provided such record date is no more than 10 days prior to the date fixed for such meeting. The person in whose name a Note is registered on the record date shall be the holder for the purposes of the relevant meeting. 2 The Issuer, each Guarantor and the Trustee at any time may, and the Trustee (subject to its being indemnified to its satisfaction against all costs and expenses thereby occasioned) upon a request in writing of Noteholders holding not less than one-tenth in principal amount of the Notes for the time being outstanding shall, convene a meeting of Noteholders. Whenever any such 51 #22287139v7 party is about to convene any such meeting it shall forthwith give notice in writing to each other party of the day, time and place of the meeting and of the nature of the business to be transacted at it. Every such meeting shall be held at such time and place as the Trustee may approve. 3 At least 21 days' notice (exclusive of the day on which the notice is given and of the day on which the meeting is held) specifying the day, time and place of meeting shall be given to the Noteholders. A copy of the notice shall in all cases be given by the party convening the meeting to each of the other parties. Such notice shall also specify, unless in any particular case the Trustee otherwise agrees, the nature of the resolutions to be proposed. 4 A meeting that has been validly convened in accordance with paragraph 2 above, may be cancelled by the person who convened such meeting by giving at least 5 days' notice (exclusive of the day on which the notice is given or deemed to be given and of the day of the meeting) to the Noteholders (with a copy to the Trustee where such meeting was convened by the Issuer or the Guarantors or to the Issuer and Guarantors where such meeting was convened by the Trustee). Any meeting cancelled in accordance with this paragraph 4 shall be deemed not to have been convened. 5 A person (who may, but need not, be a Noteholder) nominated in writing by the Trustee may take the chair at every such meeting but if no such nomination is made or if at any meeting the person nominated shall not be present within 15 minutes after the time fixed for the meeting the Noteholders present shall choose one of their number to be chairman, failing which the Issuer may appoint a chairman. The chairman of an adjourned meeting need not be the same person as was chairman of the original meeting. 6 At any such meeting any two or more persons present in person holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than one-tenth in principal amount of the Notes for the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be two or more persons present in person holding Notes or voting certificates or being proxies or representatives and holding or representing more than 50% in principal amount of the Notes for the time being outstanding provided that at any meeting the business of which includes any of the matters specified in the proviso to paragraph 17 the quorum shall be two or more persons present in person holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than two-thirds in principal amount of the Notes for the time being outstanding. 7 If within 45 minutes from the time fixed for any such meeting a quorum is not present the meeting shall, if convened upon the requisition of Noteholders, be dissolved. In any other case it shall stand adjourned (unless the Issuer, the Guarantors and the Trustee agree that it be dissolved) for such period, not being less than 14 days nor more than 42 days, and to such place, as may be decided by the chairman. At such adjourned meeting two or more persons present in person holding Notes or voting certificates or being proxies or representatives (whatever the principal amount of the Notes so held or represented) shall form a quorum and may pass any resolution and decide upon all matters which could properly have been dealt with at the meeting from which 52 #22287139v7 the adjournment took place had a quorum been present at such meeting provided that at any adjourned meeting at which is to be proposed an Extraordinary Resolution for the purpose of effecting any of the modifications specified in the proviso to paragraph 17 the quorum shall be two or more persons so present holding Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than one-third in principal amount of the Notes for the time being outstanding. 8 The chairman may with the consent of (and shall if directed by) any meeting adjourn such meeting from time to time and from place to place but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 9 At least 10 days' notice (exclusive of the day on which the notice is given or deemed to be given and of the day of the adjourned meeting) of any meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and such notice shall state the quorum required at such adjourned meeting. It shall not, however, otherwise be necessary to give any notice of an adjourned meeting. 10 Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairman shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) which he may have as a Noteholder or as a holder of a voting certificate or as a proxy or representative. 11 At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chairman, the Issuer, any Guarantors, the Trustee or by one or more persons holding one or more Notes or voting certificates or being proxies or representatives and holding or representing in the aggregate not less than one-fiftieth in principal amount of the Notes for the time being outstanding, a declaration by the chairman that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 12 If at any meeting a poll is so demanded, it shall be taken in such manner and (subject as provided below) either at once or after such an adjournment as the chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the continuation of the meeting for the transaction of any business other than the question on which the poll has been demanded. 13 Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without adjournment. 14 The Issuer, the Guarantors and the Trustee (through their respective representatives) and their respective financial and legal advisers may attend and speak at any meeting of Noteholders. No one else may attend at any meeting of Noteholders or join with others in requesting the convening of such a meeting unless he is the holder of a Note or a voting certificate or is a proxy or a representative. 53 #22287139v7 15 At any meeting on a show of hands every person who is present in person and who produces a Note or voting certificate or is a proxy or a representative shall have one vote and on a poll every person who is so present shall have one vote in respect of each U.S.$1.00 (or, in the case of meetings of holders of Notes denominated in another currency, as the Trustee in its absolute discretion may decide) in principal amount of the Notes so produced or represented by the voting certificate so produced or in respect of which he is a proxy or a representative. Without prejudice to the obligations of proxies named in any block voting instruction, any person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way. 16 The proxy need not be a Noteholder. 17 A meeting of Noteholders shall, subject to the Conditions, in addition to the powers given above, but without prejudice to any powers conferred on other persons by this Trust Deed, have power exercisable by Extraordinary Resolution: 17.1 to sanction any proposal by the Issuer, any Guarantor or the Trustee for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the Noteholders against the Issuer or any Guarantor or against any of its property whether such rights shall arise under this Trust Deed or otherwise; 17.2 to sanction any scheme or proposal for the exchange, substitution or sale of the Notes for, or the cancellation of the Notes in consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any Guarantor or any other body corporate formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash; 17.3 to assent to any modification of this Trust Deed or the Conditions that relate to the rights appertaining to the Notes which shall be proposed by the Issuer, any Guarantor or the Trustee; 17.4 to authorise anyone to concur in and do all such things as may be necessary to carry out and to give any authority, direction or sanction which under this Trust Deed or the Notes is required to be given by Extraordinary Resolution; 17.5 to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interests of the Noteholders and to confer upon such committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution; 17.6 to approve a person proposed to be appointed as a new Trustee and to remove any Trustee; 17.7 to approve the substitution of any entity for the Issuer (or any previous substitute) as principal debtor under this Trust Deed; and 17.8 to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust Deed or the Notes; provided that the special quorum provisions contained in the proviso to paragraph 6 and, in the case of an adjourned meeting, in the proviso to paragraph 7 shall apply in relation to any Extraordinary Resolution for the purpose of paragraph 17.2 or 17.7 or for the purpose of making

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 #22287139v7 any modification to the provisions contained in this Trust Deed or the Notes which would have the effect of: 17.8.1 modifying the maturity of the Notes or the dates on which interest is payable in respect of the Notes; 17.8.2 reducing or cancelling the principal amount, or interest on, the Notes; 17.8.3 changing the currency of any payment in respect of the Notes; 17.8.4 modifying the provisions contained in this Schedule concerning the quorum required at any meeting of Noteholders or the majority required to pass an Extraordinary Resolution; 17.8.5 amending the terms of the Guarantees; or 17.8.6 amending this proviso. 18 An Extraordinary Resolution passed at a meeting of Noteholders duly convened and held in accordance with this Trust Deed shall be binding upon all the Noteholders, whether or not present at such meeting and whether or not they vote in favour, and each of the Noteholders shall be bound to give effect to it accordingly. The passing of any such resolution shall be conclusive evidence that the circumstances of such resolution justify the passing of it. 19 The expression "Extraordinary Resolution" means a resolution passed (a) at a meeting of Noteholders duly convened and held in accordance with these provisions by a majority consisting of not less than three-quarters of the votes cast (b) by a Written Resolution or (c) by an Electronic Consent. 20 Minutes of all resolutions and proceedings at every such meeting shall be made and entered in the books to be from time to time provided for that purpose by the Issuer, the Guarantors or the Trustee and any such minutes, if purporting to be signed by the chairman of the meeting at which such resolutions were passed or proceedings transacted or by the chairman of the next succeeding meeting of Noteholders, shall be conclusive evidence of the matters contained in them and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been so made and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted. 21 A resolution in writing signed by or on behalf of the holders of not less than three-quarters in principal amount of the Notes then outstanding who for the time being are entitled to receive notice of a meeting (a "Written Resolution") shall for all purposes be as valid as an Extraordinary Resolution passed at a meeting of Noteholders convened and held in accordance with the provisions of this Trust Deed. Such resolution in writing may be in one document or several documents in like form each signed by or on behalf of one or more of the Noteholders. For so long as the Notes are in the form of a Global Note held on behalf of one or more of Euroclear, Clearstream, Luxembourg, DTC or an alternative clearing system, then, in respect of any resolution proposed by the Issuer, the Guarantors or the Trustee: 21.1 Electronic Consent: where the terms of the resolution proposed by the Issuer, the Guarantors or the Trustee (as the case may be) have been notified to the Noteholders through the relevant clearing system(s) as provided in sub-paragraphs (i) and/or (ii) below, each of the Issuer, the 55 #22287139v7 Guarantors and the Trustee shall be entitled to rely upon approval of such resolution given by way of electronic consents communicated through the electronic communications systems of the relevant clearing system(s) to the Paying and Transfer Agent or another specified agent and/or the Trustee in accordance with their operating rules and procedures by or on behalf of the holders of not less than 75% in nominal amount of the Notes outstanding (the "Required Proportion") ("Electronic Consent") by close of business on the Relevant Date. Any resolution passed in such manner shall be binding on all Noteholders, even if the relevant consent or instruction proves to be defective. None of the Issuer, the Guarantors or the Trustee shall be liable or responsible to anyone for such reliance; (i) When a proposal for a resolution to be passed as an Electronic Consent has been made, at least 10 days' notice (exclusive of the day on which the notice is given and of the day on which affirmative consents will be counted) shall be given to the Noteholders through the relevant clearing system(s). The notice shall specify, in sufficient detail to enable Noteholders to give their consents in relation to the proposed resolution, the method by which their consents may be given (including, where applicable, blocking of their accounts in the relevant clearing system(s)) and the time and date (the "Relevant Date") by which they must be received in order for such consents to be validly given, in each case subject to and in accordance with the operating rules and procedures of the relevant clearing system(s). (i) If, on the Relevant Date on which the consents in respect of an Electronic Consent are first counted, such consents do not represent the Required Proportion, the resolution shall, if the party proposing such resolution (the "Proposer") so determines, be deemed to be defeated. Such determination shall be notified in writing to the other party or parties to the Trust Deed. Alternatively, the Proposer may give a further notice to Noteholders that the resolution will be proposed again on such date and for such period as shall be agreed with the Trustee (unless the Trustee is the Proposer). Such notice must inform Noteholders that insufficient consents were received in relation to the original resolution and the information specified in sub-paragraph (i) above. For the purpose of such further notice, references to "Relevant Date" shall be construed accordingly. For the avoidance of doubt, an Electronic Consent may only be used in relation to a resolution proposed by the Issuer, the Guarantors or the Trustee which is not then the subject of a meeting that has been validly convened in accordance with paragraph 2 above, unless that meeting is or shall be cancelled or dissolved; and 21.2 Written Resolution: where Electronic Consent is not being sought, for the purpose of determining whether a Written Resolution has been validly passed, the Issuer, the Guarantors and the Trustee shall be entitled to rely on consent or instructions given in writing directly to the Issuer, the Guarantors and/or the Trustee, as the case may be, (a) by accountholders in the clearing system(s) with entitlements to such Global Note and/or, (b) where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction by the person identified by that accountholder as the person for whom such entitlement is held. For the purpose of establishing the entitlement to give any such consent or instruction, the Issuer, the Guarantors and the Trustee shall be entitled to rely on any certificate or other document issued by, in the case of (a) above, Euroclear, Clearstream, Luxembourg, DTC or any other relevant alternative clearing system (the "relevant clearing system") and, in the case of (b) 56 #22287139v7 above, the relevant clearing system and the accountholder identified by the relevant clearing system for the purposes of (b) above. Any resolution passed in such manner shall be binding on all Noteholders, even if the relevant consent or instruction proves to be defective. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream, Luxembourg's CreationOnline system) in accordance with its usual procedures and in which the accountholder of a particular principal or nominal amount of the Notes is clearly identified together with the amount of such holding. None of the Issuer, the Guarantors nor the Trustee shall be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by any such person and subsequently found to be forged or not authentic. 22 A Written Resolution or Electronic Consent shall take effect as an Extraordinary Resolution. A Written Resolution and/or Electronic Consent will be binding on all Noteholders, whether or not they participated in such Written Resolution and/or Electronic Consent. 23 Subject to all other provisions contained in this Trust Deed the Trustee may without the consent of the Noteholders prescribe such further regulations regarding the holding of meetings of Noteholders and attendance and voting at them as the Trustee may in its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such regulations and requirements as the Trustee thinks reasonable so as to satisfy itself that persons who purport to requisition a meeting in accordance with paragraph 2 or who purport to make any requisition to the Trustee in accordance with this Trust Deed are in fact entitled to do so. 24 If and whenever the Issuer shall have issued more than one series of Notes, the foregoing provisions of this Schedule shall have effect subject to the following modifications: 24.1 a resolution which in the opinion of the Trustee affects one series only of the Notes shall be deemed to have been duly passed if passed at a separate meeting of the holders of the Notes of that series; 24.2 a resolution which in the opinion of the Trustee affects more than one series of the Notes but does not give rise to a conflict of interest between the holders of Notes of any of the series so affected shall be deemed to have been duly passed if passed at a single meeting of the holders of the Notes of all the series so affected; 24.3 a resolution which in the opinion of the Trustee affects more than one series of the Notes and gives or may give rise to a conflict of interest between the holders of the Notes of any of the series so affected shall be deemed to have been duly passed only if it shall be duly passed at separate meetings of the holders of the Notes of each series so affected; and 24.4 to all such meetings as aforesaid all the preceding provisions of this Schedule shall mutatis mutandis apply as though references therein to Notes and holders were references to the Notes of the series or group of series in question and to the holders of such Notes respectively. 24.5 If the Issuer shall have issued and have outstanding (a) Notes which are not denominated in United States dollars or (b) more than one series of Notes denominated in United States dollars but in differing denominations, the following provisions shall apply. In the case of any meeting of holders of Notes of more than one currency the principal amount of such Notes not denominated 57 #22287139v7 in United States dollars shall (i) for the purposes of paragraph 3 above be the equivalent in United States dollars at the spot rate of a bank nominated by the Trustee for the conversion of the relevant currency or currencies into United States dollars on the seventh dealing day prior to the day on which the request in writing is received by the Trustee and (ii) for the purposes of paragraphs 6, 7, 11 and 15 above (whether in respect of the meeting, or any adjourned such meeting or any poll resulting therefrom) be the equivalent in United States dollars at such spot rate on the seventh dealing day (as defined above) prior to the day of such meeting or, if applicable, the taking of such poll. In such circumstances, and where separate series of Notes denominated in United States dollars but of different denominations are to be treated together for the purposes of this Schedule, on any poll each person present shall have one vote for every complete one United States dollar of Notes (converted as above) which he holds. 25 Nothing in this Trust Deed shall prevent any of the proxies named in any block voting instruction or form of proxy from being a director, managing director, officer or representative of, or otherwise connected with, the Company or any of its subsidiaries. 26 References in this Schedule to Agents shall, where the context requires, be taken to be references to the Paying and Transfer Agent.

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58 #22287139v7 Schedule 4 Terms and Conditions of the Notes 59 TERMS AND CONDITIONS OF THE NOTES The following, save for the paragraphs in italics, are the terms and conditions of the Notes which will be endorsed on the Notes in definitive form (if issued). The issue of the U.S.$750,000,000 5.854 per cent. Guaranteed Notes due 2032 (the "Notes", which expression shall, except where otherwise indicated, include any Further Notes) was (save in respect of any Further Notes) authorised by a resolution of the Board of Directors of Windfall Mining Group Inc. / Groupe Minier Windfall Inc. (the "Issuer") passed on 28 March 2025. The giving of the guarantee by each of Gold Fields Limited (the "Company" or a "Guarantor") and Gold Fields Holdings Company Limited (a "Guarantor" and, together with the Company, the "Guarantors") in respect of the Notes was authorised by resolutions of the Board of Directors of Gold Fields Limited passed on 28 March 2025 and the Board of Directors of Gold Fields Holdings Company Limited passed on 28 March 2025, respectively. The Notes are constituted by a trust deed (the "Trust Deed") dated on or about the Closing Date among the Issuer, the Guarantors and Citibank N.A., London Branch (the "Trustee", which expression shall include all persons for the time being the trustee or trustees under the Trust Deed) as trustee for the holders (as defined below) of the Notes. The statements set out in these Terms and Conditions (the "Conditions") are summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the forms of the Notes. The Noteholders (as defined below) are entitled to the benefit of, and are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and are deemed to have notice of those applicable to them of the Paying and Transfer Agency Agreement dated on or about the Closing Date (the "Agency Agreement") relating to the Notes among the Issuer, the Guarantors, the Trustee, Citibank N.A., London Branch (the "Principal Paying and Transfer Agent", which expression shall include any successor as Principal Paying and Transfer Agent under the Agency Agreement), the Paying and Transfer Agents for the time being (such persons, together with the Principal Paying and Transfer Agent, being referred to below as the "Paying and Transfer Agents", which expression shall include their successors as Paying and Transfer Agents under the Agency Agreement) and Citibank Europe plc in its capacity as registrar (the "Registrar", which expression shall include any successor as registrar under the Agency Agreement). Electronic copies of the Trust Deed and the Agency Agreement are available upon request to the Trustee, the Paying and Transfer Agents and the Registrar. Capitalised terms used but not defined in these Conditions shall have the meanings attributed to them in the Trust Deed unless the context otherwise requires or unless otherwise stated. 1 Form, Denomination, Title, Status and Guarantees (a) Form and Denomination The Notes are in registered form, serially numbered, in principal amounts of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof ("authorised denominations"). (b) Title Title to the Notes will pass by transfer and registration as described in Condition 4. The holder (as defined below) of any Note will (except as otherwise required by law or as ordered by a court of competent jurisdiction) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or its theft or loss (or that of the related certificate, as appropriate) or anything written on it or on the certificate representing it (other than a duly executed transfer thereof)) and no person will be liable for so treating the holder. 60 (c) Status of the Notes The Notes constitute direct, unconditional, unsubordinated and (subject to Condition 2) unsecured obligations of the Issuer and rank pari passu without any preference among themselves, and (subject as aforesaid and save for certain obligations required to be preferred by law) with all other present and future unsubordinated obligations of the Issuer from time to time outstanding. (d) The Guarantees The payment of all amounts payable in respect of the Notes and all other moneys payable under or pursuant to the Trust Deed and the due and punctual performance by the Issuer of all its other obligations under the Trust Deed and the Notes have been fully, unconditionally and irrevocably guaranteed on a joint and several basis by the Guarantors in the Trust Deed (the "Guarantees"). The obligations of each Guarantor under its Guarantee are direct, unconditional, unsubordinated and (subject to the provisions of Condition 2) unsecured obligations of such Guarantor and (subject as aforesaid and save for certain obligations required to be preferred by law) rank equally with all other present and future unsecured and unsubordinated obligations of such Guarantor from time to time outstanding. 2 Negative Pledge From and including the date of the Trust Deed and for so long as any of the Notes remain outstanding, neither the Issuer nor any Guarantor will, and the Company will not permit any Material Subsidiary to, create or permit to subsist any Encumbrance, other than Permitted Encumbrances, over any of its assets, present or future, to secure any present or future Capital Markets Indebtedness, or guarantee or indemnity in respect of Capital Market Indebtedness, of the Issuer, any Guarantor, or any Material Subsidiary unless, at the same time, or prior thereto, the Issuer's or, as the case may be, the Guarantor's obligations under the Notes and the Trust Deed, either: (a) are secured equally and rateably therewith and any such instrument shall expressly provide therefor; or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by an Extraordinary Resolution of the Noteholders, The Issuer and/or the Guarantors shall be entitled but not obliged, to form, or procure the formation of, a trust or trusts or appoint, or procure the appointment of, an agent or agents to hold any such rights of security for the benefit or on behalf of such Noteholders. 3 Definitions In these Conditions (unless the context otherwise requires): "Additional Amounts" has the meaning provided in Condition 8. "Business Day" means a day (other than a Saturday or Sunday) on which commercial banks are open for business in New York City. "Capital Markets Indebtedness" means any indebtedness for money borrowed or interest thereon in the form of bonds, notes, debentures, loan stock or other similar securities that are, or are capable of being, quoted, listed or ordinarily dealt with in any stock exchange, over the counter or other securities market, having an original maturity of at least 365 days from its date of issue. 61 "Capital Stock" of a Person means all equity interests in such Person, including any common stock, preferred stock, limited liability or partnership interests (whether general or limited), and all warrants or options with respect to, or other rights to purchase, the foregoing, but excluding indebtedness convertible into equity. "Change of Control" means the occurrence of one or more of the following: (A) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of consolidation, amalgamation or merger), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than to the Company or one of its Subsidiaries; or (B) the consummation of any transaction (including, without limitation, any consolidation, amalgamation, or merger or other combination (including by way of a scheme of arrangement)) the result of which is that any "person" (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50 per cent. of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or (C) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control for the purposes of this definition if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company's Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50 per cent. of the Voting Stock of such holding company. "Change of Control Repurchase Event" means the occurrence of both a Change of Control and a Rating Event. "Change of Control Repurchase Event Period" means the period commencing on the occurrence of the Change of Control Repurchase Event and ending 60 days following the Change of Control Repurchase Event or, if later, 60 days following the date on which a Change of Control Repurchase Event Notice as required by Condition 6(e) is given. "Closing Date" means 13 May 2025. "Consolidated EBITDA" means, in respect of any Measurement Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance Subsidiary), before, without duplication and all as calculated in accordance with GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in preparation of the financial statements of the Company for the year ended 31 December 2024: (i) any provision on account of normal, deferred and royalty taxation;

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62 (ii) any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of Indebtedness for Borrowed Money; (iii) any other interest received or receivable by any member of the Group on any deposit or bank account; (iv) any non-cash adjustments to the environment rehabilitation and/or reclamation expenses; (v) any amount attributable to the amortisation of intangible assets and depreciation of tangible assets; (vi) any non-cash gains or losses relating to and resulting from the marked to market valuation of derivative and/or financial instruments; (vii) any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments; (viii) any gains or losses recognised on the attributable share of results of associates after tax, but including any dividends received in cash by any member of the Group from such an associate; (ix) any share-based payments; (x) any other extraordinary or exceptional items; and (xi) any other material non-cash gain or loss that needs to be accounted for under GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in preparation of the financial statements of the Company for the year ended 31 December 2024. For any company that is not a Subsidiary of the Group but in which any member of the Group directly or indirectly owns an equity interest of more than 20 per cent. of the issued share capital (an "Associate"), the Company may include in the Consolidated EBITDA the percentage of the equity interest of the amount that would be the EBITDA of the Associate. "Encumbrances" means: (A) the sale, transfer or otherwise disposal by the Issuer, any Guarantor or any Material Subsidiary of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by the Issuer, any Guarantor or any Material Subsidiary; or (B) the sale, transfer or otherwise disposal by the Issuer, any Guarantor or any Material Subsidiary of any of its receivables on recourse terms; or (C) any mortgage, pledge, lien, assignment or cession in securitatem debiti conferring security, hypothecation, security interest, preferential right or trust arrangement creating real rights of security or other encumbrance securing any obligation of any person but excluding statutory preferences and any security interest arising by operation of law; or (D) the execution of any other preferential arrangement (whether conditional or not and whether relating to existing or to future assets and including any title, transfer and retention agreement) by the Issuer, any Guarantor or any Material Subsidiary, having the effect of creating a security interest creating real rights of security to a creditor or any agreement or arrangement to give any form of security creating real rights of security to a creditor but excluding statutory preferences and any security interest arising by operation of law. "Exchange Act" means the United States Securities Exchange Act of 1934, as amended. 63 "Final Maturity Date" means 13 May 2032. "Financial Indebtedness" means (without double counting) any indebtedness for or in respect of: (a) moneys borrowed; (b) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force as at the Closing Date, have been treated as an operating lease); (e) receivables sold or discounted (other than any receivables to the extent they are sold on a non- recourse basis); (f) the amount of liability in respect of any purchase price for assets or services the payment of which is deferred where the deferral of such price is either: (i) used primarily as a method of raising credit; or (ii) not made in the ordinary course of business; (g) any agreement or option to re-acquire an asset if one of the primary reasons for entering into such agreement or option is to raise finance; (h) any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; (i) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account); (j) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; (k) any amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the Maturity Date; and (l) the amount of any liability in respect of any guarantee or indemnity for any of its items referred to in paragraphs (a) to (k) above. "Fitch" means Fitch Ratings, Inc. and its successors. "Further Notes" means any further Notes issued pursuant to Condition 18 and consolidated and forming a single series with the then outstanding Notes. "GAAP" means the generally accepted accounting principles set out in IFRS Accounting Standards. "Group" means the Company and its Subsidiaries and "member of the Group" shall be construed accordingly. "Indebtedness" means any indebtedness in respect of monies borrowed (including but not limited to indebtedness in the form of bonds, notes, debentures) and (without double counting) guarantees and/or 64 indemnities given, whether present or future, actual or contingent, excluding any intra-group indebtedness due to any Subsidiary of the Company. "Indebtedness for Borrowed Money" means Financial Indebtedness save for any indebtedness for or in respect of paragraphs (i) and (j) of the definition of "Financial Indebtedness". "Interest Payment Date" has the meaning provided in Condition 5(a). "Investment Grade" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's) or a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. "Make-Whole Amount" has the meaning provided in Condition 6(b). "Material Subsidiary" means (i) at any time, a member of the Group which had EBITDA (determined on the same basis as "Consolidated EBITDA") or gross assets in its most recently ended financial year (on a consolidated basis taking into account it and its subsidiaries only) of 10 per cent. or more of Consolidated EBITDA (but including, for these purposes only, the net income of any Project Finance Subsidiaries) or gross assets of the Group (calculated by reference to the most recent set of audited consolidated financial statements of the Group), as applicable, in each case determined by reference to the latest audited financial statements of such member of the Group (consolidated in the case of a member of the Group which itself has subsidiaries), and (ii) Gold Fields Orogen Holding (BVI) Limited only for so long as it remains as an obligor under the Group's U.S.$1,200,000,000 revolving credit facility (or any refinancing thereof) and the issuer of any of the U.S. $500,000,000 6.125 per cent. Guaranteed Notes due 2029 (or any refinancing thereof) which remain outstanding, provided that: (i) if, in the case of any member of the Group which itself has subsidiaries, no consolidated financial statements are prepared and audited, its Consolidated EBITDA and gross assets shall be determined on the basis of pro forma consolidated financial statements of the relevant member of the Group and its subsidiaries, prepared for this purpose by the Company; (ii) if any intra-Group transfer or reorganisation takes place, the audited financial statements of the relevant member of the Group and all relevant members of the Group shall be adjusted by the Company in order to take into account such intra-Group transfer or reorganisation; and (iii) the audited financial statements of the Group and any relevant member of the Group shall be adjusted by the Company to take account of the acquisition or disposal of any member of the Group or any business of any member of the Group, after the date at which the audited financial statements of the Group are made up, and provided further that a certificate of two authorised signatories of the Company that, in their opinion, a member of the Group is or is not, or was or was not, at any particular time or during any particular period, a Material Subsidiary may be relied upon by the Trustee and, if so relied upon, shall, in the absence of manifest or proven error, be conclusive and binding on all concerned. "Measurement Period" means each period of 12 (twelve) months ending on the last day of the Company's financial year and each period of 12 (twelve) months ending on the last day of the first half of the Company's financial year. "Mining Charter" means the broad-based socio-economic empowerment charter, as amended, revised and/or restated and shall include the Broad-Based Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry, 2018, gazetted by the Minister of Mineral Resources on 27 September 2018. 65 "Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors. "MPRDA" means the South African Mineral and Petroleum Resources Development Act, No. 28 of 2002. "Noteholder" and "holder" means the person in whose name a Note is registered in the Register (as defined in Condition 4(a)). "Par Call Date" has the meaning provided in Condition 6(b)(i). "Permitted Encumbrances" means: (A) any Encumbrance existing as at the date of the Trust Deed; (B) any Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary; (C) any other Encumbrance created with the prior approval of an Extraordinary Resolution of the Noteholders. "Person" means any individual, corporation, partnership, joint venture, association, limited liability company, joint stock company, trust, unincorporated organisation or government or any agency or political subdivision thereof. "Pricing Date" means 6 May 2025. "Project Finance Borrowings" means any indebtedness to finance (or refinance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets which is incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or refinance) available to that Project Finance Subsidiary for the payment, repayment and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to successful completion of the relevant completion tests applicable to such project guarantees from any one or more members of the Group. "Project Finance Subsidiary" means a single purpose company whose sole business is a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of an asset or assets which has incurred Project Finance Borrowings. "Rand" and "ZAR" means the lawful currency of the Republic of South Africa. "Rating Agency" means each of Moody's and S&P and, if the Notes become rated by Fitch after the Closing Date, Fitch; provided that if either of Moody's or S&P ceases to provide rating services to issuers or investors, the Issuer or the Company may appoint a replacement for such a Rating Agency that is acceptable to the Trustee. "Rating Category" means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); (ii) with respect to Moody's, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or Moody's used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and – for S&P; 1, 2 and 3 for Moody's; or the equivalent gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation). Any change in the outlook of a rating will not constitute a change in gradation. "Rating Event" means the occurrence of the events in (a) or (b) of this definition on any date during the period commencing on the earlier of (1) the occurrence of a Change of Control; or (2) the first public notice of the

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66 occurrence of a Change of Control or the intention of the Company to effect a Change of Control (provided that, in the case of a public notice of the intention of the Company to effect a Change of Control, a Change of Control actually occurs), and ending 60 days after the occurrence of a Change of Control (which 60-day period will be extended following the occurrence of a Change of Control so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any Rating Agency, such consideration having been publicly announced within the period ended 60 days following the Change of Control), (a) if the Notes are rated on the Ratings Date by at least two Rating Agencies as Investment Grade, the rating of the Notes shall be reduced so that the Notes are no longer rated Investment Grade by at least two Rating Agencies, or (b) if the Notes are rated on the Ratings Date by fewer than two Rating Agencies as Investment Grade, the rating of the Notes by at least one Rating Agency shall be reduced by one or more gradations (including gradations within Rating Categories, as well as between Rating Categories). Notwithstanding the foregoing, a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if (i) the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee or the Company in writing at its request that the reduction was the result, in whole or in part, of the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Rating Event) or (ii) the rating of the Notes by the Rating Agencies making the reduction in rating to which this definition would otherwise apply is within the relevant period provided above subsequently upgraded to a rating that is the same or higher than the rating provided by such Rating Agencies on the Ratings Date. "Ratings Date" means the earlier of (1) the occurrence of a Change of Control; or (2) the first public notice of the occurrence of such Change of Control or the intention of the Company to effect such Change of Control. "Redemption Date" means, when used with respect to any Note to be redeemed, the date fixed for such redemption by or pursuant to the Trust Deed. "Relevant Date" means, in respect of any Note, whichever is the later of (i) the date on which payment in respect of it first becomes due and (ii) if any amount of the money payable is improperly withheld or refused, the date on which payment in full of the amount outstanding is made or (if earlier) the date on which notice is duly given to the Noteholders in accordance with Condition 17 that, upon further presentation of the Note, where required pursuant to these Conditions, being made, such payment will be made, provided that such payment is in fact made upon such presentation. "S&P" means Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. "Securities Act" means the United States Securities Act of 1933, as amended. "South African Companies Act" means the Companies Act, No. 71 of 2008, or any modification, amendment, re-enactment or replacement thereof. "Subsidiary" means, in respect of any entity, any company which is for the time being a subsidiary as defined in Chapter 1 of the South African Companies Act. "Tax Redemption Date" has the meaning provided in Condition 6(c). "Tax Redemption Notice" has the meaning provided in Condition 6(c). "Treasury Rate" has the meaning provided in Condition 6(b). "U.S. dollar" and "U.S.$" means the lawful currency of the United States of America. 67 "Voting Stock" of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. Reference to any provision of any statute shall be deemed also to refer to any statutory modification or re- enactment thereof or any statutory instrument, order or regulation made thereunder or under any modification or re-enactment. 4 Registration and Transfer of Notes (a) Registration The Issuer will cause a register (the "Register") to be kept at the specified office of the Registrar outside the United Kingdom on which will be entered the names and addresses of the holders of the Notes and the particulars of the Notes held by them and of all transfers and redemptions of Notes. (b) Transfer Notes may, subject to the terms of the Agency Agreement and to Conditions 4(c) and 4(d), be transferred in whole or in part in an authorised denomination by lodging the relevant Note (with the form of application for transfer in respect thereof duly executed and duly stamped where applicable) at the specified office of the Registrar or any Paying and Transfer Agent. No transfer of a Note will be valid unless and until entered on the Register. A Note may be registered only in the name of, and transferred only to, a named person (or persons, not exceeding four in number). The Registrar will within seven Business Days of any duly made application for the transfer of a Note, deliver a new Note to the transferee (and, in the case of a transfer of part only of a Note, deliver a Note for the untransferred balance to the transferor), at the specified office of the Registrar, or (at the risk and, if mailed at the request of the transferee or, as the case may be, the transferor otherwise than by ordinary mail, at the expense of the transferee or, as the case may be, the transferor) mail the Note by uninsured mail to such address as the transferee or, as the case may be, the transferor may request. (c) Formalities Free of Charge Such transfer will be effected without charge subject to (i) the person making such application for transfer paying or procuring the payment of any taxes, duties and other governmental charges in connection therewith, (ii) the Registrar being satisfied with the documents of title and/or identity of the person making the application and (iii) such reasonable regulations as the Issuer may from time to time agree with the Registrar and the Trustee. (d) Closed Periods Neither the Issuer nor the Registrar will be required to register the transfer of any Note (or part thereof) (i) during the period of 15 days immediately prior to the Final Maturity Date or any earlier date fixed for redemption of the Notes pursuant to Condition 6(b) or 6(c); (ii) in respect of which a Noteholder has exercised its right to require redemption pursuant to Condition 6(e); and (iii) during the period of 15 days ending on (and including) any Record Date (as defined in Condition 7(c)) in respect of any payment of interest on the Notes. 5 Interest (a) Interest Rate The Notes bear interest from and including the Closing Date at the rate of 5.854 per cent. per annum calculated by reference to the principal amount thereof and payable semi-annually in equal instalments 68 in arrear on 13 May and 13 November in each year (each an "Interest Payment Date"), commencing on 13 November 2025. The amount of interest payable in respect of a Note for any period which is not an Interest Period shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed. "Interest Period" means the period beginning on (and including) the Closing Date and ending on (but excluding) 13 November 2025 (being the first Interest Payment Date) and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date or the date of redemption, as applicable. (b) Accrual of Interest Each Note will cease to bear interest from (and including) the due date for redemption thereof unless, upon due presentation thereof, payment of principal is improperly withheld or refused, in which event such Notes will continue to bear interest as provided in the Trust Deed. 6 Redemption and Purchase (a) Final Redemption Unless previously purchased and cancelled or redeemed, the Notes will be redeemed at their principal amount on the Final Maturity Date. The Notes may only be redeemed at the option of the Issuer prior to the Final Maturity Date in accordance with Condition 6(b) or Condition 6(c). (b) Redemption at the Option of the Issuer (i) Prior to 13 March 2032 (2 (two) months prior to the Maturity Date) (the "Par Call Date"), the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, on giving not less than 10 nor more than 60 days' notice to the Trustee and to the Noteholders in accordance with Condition 17, on the date specified in such notice, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (A) (1) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming that the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months or in the case of an incomplete month, the number of days elapsed) at the Treasury Rate plus 30 basis points less (2) interest accrued to the Redemption Date, and (B) 100% of the principal amount of the Notes to be redeemed (the "Make-Whole Amount"), plus, in either case, accrued and unpaid interest thereon to the Redemption Date. (ii) At any time on or after the Par Call Date, on giving not less than 10 nor more than 60 days' notice to the Trustee and to the Noteholders in accordance with Condition 17, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, on the date specified in such notice, at a redemption price equal to 100 per cent. of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date. "Treasury Rate" means, with respect to any Redemption Date, the yield determined by the Issuer, or on its behalf by a person designated by it, in accordance with the following two paragraphs: The Treasury Rate shall be determined by the Issuer, or its designee, after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under 69 the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Issuer, or its designee, shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. If on the third Business Day preceding the Redemption Date H.15 TCM is no longer published, the Issuer, or its designee, shall calculate the Treasury Rate based on the rate per annum equal to the semi- annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuer, or its designee, shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer, or its designee, shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Issuer's, or its designee's, actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. In the case of a partial redemption, selection of the Notes for redemption will be made on a pro rata basis or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $200,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the Noteholder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are represented by one or more Global Certificates and held in or on behalf of a clearing system or clearing systems (other than DTC), beneficial interests in such Notes shall be partially redeemed on a pro rata basis in accordance with the rules and procedures of the applicable clearing system(s). For so long as the Notes are represented by one or more Global Certificates and held in or on behalf of DTC, beneficial interests in such Notes shall be partially redeemed on a pro rata pass- through distribution of principal basis in accordance with DTC's procedures.

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70 (c) Redemption for Taxation Reasons The Notes may be redeemed in whole but not in part for a redemption price equal to 100 per cent. of the principal amount of the Notes plus accrued and unpaid interest (including any Additional Amounts) to, but excluding, the date fixed for redemption (the "Tax Redemption Date"), at the option of the Issuer, upon giving not less than 10 days' nor more than 60 days' notice (a "Tax Redemption Notice") to the Trustee and to Noteholders in accordance with Condition 17, if the Issuer determines that as a result of (i) any change in or amendment to the laws, or any regulations or rulings promulgated under the laws of a Relevant Jurisdiction, as defined below, or (ii) any change in official position regarding the application or interpretation of the laws, regulations or rulings referred to above (including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the Pricing Date (or, in the case that a successor entity has assumed the obligations of the Issuer or any Guarantor, after the date of such assumption), the Issuer or any Guarantor, as the case may be, is or will become obligated to pay Additional Amounts with respect to the Notes pursuant to Condition 8; provided such obligation cannot be avoided by the Issuer or such Guarantor, as the case may be, taking reasonable measures available to it (including, in the case of a Guarantor, if a Guarantor could provide funds to the Issuer and the Issuer could make payment without Additional Amounts, or if payment could be made by another Guarantor without payment of Additional Amounts). No such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or a Guarantor, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of the Notes were then due. Prior to giving the notice of the redemption of the Notes pursuant to the foregoing, the Issuer will deliver or procure that there is delivered to the Trustee (a) a certificate signed by two duly authorised officers of the Issuer stating that the Issuer is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred, and (b) an opinion of independent legal counsel of recognised standing with respect to the change or amendment referred to and the obligation to pay Additional Amounts (but, for the avoidance of doubt, not the amounts referred to in the proviso above). The Trustee shall be entitled to accept such certificate and opinion as sufficient evidence of the circumstances referred to in (i) and (ii) above, in which event they shall be conclusive and binding on the holders of the Notes. The term "Relevant Jurisdiction" as used herein means Canada, the British Virgin Islands or the Republic of South Africa or any political subdivision or taxing authority thereof or therein, as the case may be, or any other jurisdiction in which the Issuer or any Guarantor (including any successor entity) is resident for tax purposes or any political subdivision or taxing authority thereof or therein. (d) Optional Redemption and Tax Redemption Notices Any notice provided by the Issuer under Condition 6(b) and any Tax Redemption Notice shall be irrevocable. (e) Redemption at the Option of Noteholders If a Change of Control Repurchase Event occurs, unless the Issuer has exercised its right to redeem the Notes as described in Condition 6(b) or Condition 6(c) above in full, the holder of each Note will have the right to require the Issuer to redeem that Note on the Change of Control Repurchase Event Put Date at 101 per cent. of its principal amount, together with accrued and unpaid interest (if any) (including Additional Amounts) to, but excluding, such date. To exercise such right, the holder of the relevant Note must deliver such Note to the specified office of any Paying and Transfer Agent, together with a duly 71 completed and signed notice of exercise in the form for the time being currently obtainable from the specified office of any Paying and Transfer Agent (a "Change of Control Put Exercise Notice"), at any time during the Change of Control Repurchase Event Period. The "Change of Control Repurchase Event Put Date" shall be the fourteenth calendar day after the expiry of the Change of Control Repurchase Event Period. Following the occurrence of a Change of Control Repurchase Event, the Issuer shall give notice or procure that notice is given to the Trustee and the Noteholders in accordance with Condition 17 (a "Change of Control Repurchase Event Notice") within 14 days of the first day on which it becomes so aware. Such notice shall contain a statement informing Noteholders of their entitlement to exercise their rights to require redemption of their Notes pursuant to this Condition 6(e). Such notice shall also specify: (i) the last day of the Change of Control Repurchase Event Period; and (ii) the Change of Control Repurchase Event Put Date; The Change of Control Repurchase Event Notice, if given prior to the date of occurrence of the Change of Control, will state that the offer is conditioned on the occurrence of the Change of Control on or prior to the Change of Control Repurchase Event Put Date. Payment in respect of any such Note shall be made by transfer to a U.S. dollar account maintained with a bank in New York City as specified by the relevant Noteholder in the relevant Change of Control Put Exercise Notice. A Change of Control Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem all Notes the subject of Change of Control Put Exercise Notices delivered as aforesaid on the Change of Control Repurchase Event Put Date. The Issuer will not be required to give a Change of Control Repurchase Event Notice if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for such a Change of Control Repurchase Event Notice made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under its offer. To the extent that the provisions of any applicable securities or corporate laws or regulations conflict with the Change of Control Repurchase Event provisions in this Condition 6(e), the Issuer and the Company may comply with such applicable securities or corporate laws and regulations and will not be deemed to have breached their obligations under the Change of Control Repurchase Event provisions in this Condition 6(e) by virtue of such conflict. (f) Purchase Subject to any applicable stock exchange requirements, the Issuer or any Guarantor or any Subsidiary of the Company or any affiliate (as defined in Rule 144 under the Securities Act) of the Company may at any time purchase Notes in the open market or otherwise at any price. Notes so purchased may be held or resold (provided that such resale is outside the United States in reliance upon Regulation S under the Securities Act) or surrendered for cancellation. (g) Cancellation All Notes which are redeemed and all Notes purchased and surrendered for cancellation by the Issuer, a Guarantor or any Subsidiary of a Guarantor will be cancelled and may not be reissued or resold. All Notes purchased by any affiliate (as defined in Rule 144 under the Securities Act) of the Company may not be offered, resold, pledged or otherwise transferred if, upon such offer, resale, pledge or transfer, such Notes would be "restricted securities" as defined in Rule 144 of the Securities Act. 72 (h) Multiple Notices If more than one notice of redemption is given pursuant to this Condition 6, the first of such notices to be given shall prevail. 7 Payments (a) Principal Payment of the principal in respect of the Notes and accrued interest payable on a redemption of the Notes other than on an Interest Payment Date will be made to the person or persons shown in the Register at the close of business on the Record Date and subject to the surrender of the Notes at the specified office of the Registrar or of any of the Paying and Transfer Agents. (b) Interest and other Amounts (i) Payments of interest due on an Interest Payment Date will be made on such Interest Payment Date to the persons shown in the Register at close of business on the Record Date (whether or not redeemed at any time thereafter). (ii) Payments of all amounts other than as provided in Condition 7(a) and (b)(i) will be made as provided in these Conditions. (c) Record Date "Record Date" means the seventh Business Day before the due date for the relevant payment. (d) Payments Each payment in respect of the Notes pursuant to Condition 7(a) and (b)(i) will be made by transfer to a U.S. dollar account maintained with a bank in New York City. (e) Payments subject to fiscal laws All payments in respect of the Notes are subject in all cases (without prejudice to the terms set forth in Condition 8) to any applicable fiscal or other laws and regulations. No commissions or expenses shall be charged to the Noteholders in respect of such payments. (f) Delay in payment Noteholders will not be entitled to any interest or other payment for any delay after the due date in receiving the amount due (i) as a result of the due date not being a business day or (ii) if the Noteholder is late in surrendering the relevant Note. (g) Business Days In this Condition, "business day" means any day (other than a Saturday or Sunday) on which banks and foreign exchange markets are open for business in London and New York City and, in the case of presentation or surrender of a Note, in the place of the specified office of the Registrar or relevant Paying and Transfer Agent, to whom the relevant Note is presented or surrendered. (h) Agents, etc. The initial Paying and Transfer Agents and the Registrar and their initial specified offices are listed below. The Issuer reserves the right under the Agency Agreement at any time, with the prior written approval of the Trustee, to vary or terminate the appointment of any Paying and Transfer Agent or the Registrar and appoint additional or other Paying and Transfer Agents or another Registrar, provided that 73 it will maintain (i) a Principal Paying and Transfer Agent, (ii) a Paying and Transfer Agent having its specified office in London and (iii) a Registrar with a specified office outside the United Kingdom. Notice of any change in the Paying and Transfer Agents or the Registrar or their specified offices will promptly be given by or on behalf of the Issuer to the Noteholders in accordance with Condition 17 and to the Trustee. (i) Fractions When making payments to Noteholders, if the relevant payment is not of an amount which is a whole multiple of the smallest unit of the relevant currency in which such payment is to be made, such payment will be rounded down to the nearest such unit. 8 Taxation All payments made in respect of the Notes or the Guarantees shall be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by or within any Relevant Jurisdiction or any jurisdiction through which payment is made (together with Relevant Jurisdictions, a "Relevant Taxing Jurisdiction"), unless such withholding or deduction is required by law. In that event, the Issuer or (as the case may be) the relevant Guarantor, in each case including any successor entity of the Issuer or of any Guarantor, shall pay such additional amounts ("Additional Amounts") so as to result in the receipt by the Noteholders of such amounts as would have been received by them if no such withholding or deduction had been required. However, the obligation to pay Additional Amounts shall not apply to: (a) any present or future tax, assessment or other governmental charge that would not have been so imposed but for: (i) the existence of any present or former connection between the Noteholder or beneficial owner of such Note and the Relevant Taxing Jurisdiction other than merely holding such Note, or receiving of amounts in respect of the Note or Guarantees, or enforcing the Note or Guarantees; or (ii) the presentation by the Noteholder of any Note, where presentation is required, for payment on a date more than 30 days after the later of the date on which payment became due and payable or the date on which payment thereof is duly provided for, except to the extent that the Noteholder would have been entitled to such Additional Amounts if it had presented such Note for payment on any date within such 30-day period; or (iii) the failure of the Noteholder or beneficial owner to comply with a timely request of the Issuer or a Guarantor, as the case may be, addressed to the Noteholder, to provide information to the Issuer or such Guarantor, as the case may be, concerning the nationality, residence or identity of the Noteholder or beneficial owner of that Note, if and to the extent that due and timely compliance with such request would have reduced or eliminated any withholding or deduction as to which Additional Amounts would otherwise have been payable to such holder or beneficial owner; or (iv) the presentation of any Note for payment, where presentation is required, where the payment can be made without such withholding or deduction by the presentation of the Note for payment to at least one other paying agent; (b) any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property tax or any similar tax, assessment or governmental charge;

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74 (c) any tax, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments on or in respect of any Note or Guarantee (other than Canadian taxes imposed under regulation 803 to the Income Tax Act (Canada)); (d) any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any Treasury regulations thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any legislation, regulations or official guidance implementing such an intergovernmental agreement); (e) any combination of the items listed above; or (f) any payment to a Noteholder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of a payment to the extent that such payment would be required by the laws of the Relevant Taxing Jurisdiction (or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interestholder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the holder thereof. Whenever there is mentioned in any context the payment of principal of, and any premium or interest on, or Make-Whole Amount in respect of, any Note or under any Guarantees, such mention shall be deemed to include payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 9 Events of Default The Trustee at its discretion may, and if so requested in writing by the holders of at least one-quarter in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the Noteholders shall (subject in each case to being indemnified and/or secured and/or prefunded to its satisfaction), give notice to the Issuer that the Notes are, and they shall accordingly thereby immediately become, due and repayable at their principal amount together with accrued interest if any of the following events (each an "Event of Default") shall have occurred and be continuing: (a) Non-payment (i) The Issuer or any Guarantor fails to pay any interest or Additional Amounts in respect of the Notes when due and such failure continues for a period of 30 days; or (ii) the Issuer or any Guarantor fails to pay any principal or premium in respect of the Notes when due (and, if not all of the Notes are then due, such failure continues for three Business Days); or (b) Breach of Other Obligations The Issuer or any Guarantor does not perform or comply with any one or more of its other obligations under the Notes or the Trust Deed (other than any obligation for the payment of any interest or any other amount in respect of the Notes or any breach of Condition 2) which default or breach is incapable of remedy or, if in the opinion of the Trustee capable of remedy, is not in the opinion of the Trustee remedied within 30 days (or such longer period as the Trustee may permit) after written notice of such default or breach shall have been given to the Issuer or the Company by the Trustee requiring the same to be remedied; or 75 (c) Negative Pledge The Issuer or any Guarantor or any Material Subsidiary fails to remedy a breach of Condition 2 by any of them and such failure continues for a period of 7 (seven) Business Days after receipt by the Issuer of written notice from the Trustee requiring the same to be remedied; or (d) Cross-Default (i) Any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary is not paid when due and payable, or where there is an applicable grace period, on the expiry of such grace period; or (ii) Any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); or (iii) Any commitment for any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary is cancelled or suspended by a creditor of any such company as a result of an event of default (however described); or (iv) Any Encumbrance over any assets of the Issuer or any Guarantor or any Material Subsidiary is enforced, provided that in each case no event shall constitute an Event of Default unless the aggregate amount of Indebtedness or commitment for Indebtedness falling within paragraphs (i) to (iv) above (or benefitting from such Encumbrance), exceeds U.S.$100,000,000 (one hundred million United States dollars) (or its equivalent in any other currency or currencies); or (e) Insolvency (i) The Issuer or any Guarantor or any Material Subsidiary is unable to or admits inability to pay its debts as they fall due (by reason of financial difficulties), suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with any one or more classes of its creditors with a view to the general readjustment or rescheduling of its Indebtedness which, in the case of a Material Subsidiary, could reasonably be expected to have a material adverse effect on the ability of the Company and its subsidiaries taken as a whole to meet the payment obligations under the Notes; or (ii) The fair value of the assets of the Issuer or any Guarantor or any Material Subsidiary is less than its liabilities (taking into account contingent and prospective liabilities) which in the case of the Issuer or any Guarantor or any Material Subsidiary could reasonably be expected to have a material adverse effect on the ability of the Company and its subsidiaries taken as a whole, to meet the payment obligations under the Notes; or (iii) A moratorium is declared in respect of any indebtedness of the Issuer or any Guarantor or any Material Subsidiary; or (iv) An order is made or an effective resolution passed for the winding-up, liquidation or dissolution of the Issuer or any Guarantor or any Material Subsidiary, and such order or resolution is not stayed or discharged within 90 days, except for any such order or resolution made or requested for the purposes of and followed by a reconstruction, amalgamation, reorganisation, merger or consolidation (i) on terms approved by the Trustee or by an Extraordinary Resolution of the Noteholders, or (ii) in the case of a Material Subsidiary, whereby the undertaking and assets of the Material Subsidiary are transferred to or otherwise vested in the Issuer or a Guarantor or a Subsidiary of the Company; or 76 (f) Insolvency Proceedings Any corporate action, legal proceedings or other similar procedure or step is taken in relation to: (i) the suspension of payments, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Issuer, any Guarantor or any Material Subsidiary; or (ii) a composition, compromise, assignment or arrangement with any creditor or class of creditors of any the Issuer, any Guarantor or any Material Subsidiary; or (iii) the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar officer in respect of the Issuer, any Guarantor or any Material Subsidiary or any of their assets, and any such procedure or proceedings are not contested in good faith nor discharged within 30 days (or such shorter period provided for contesting such procedure or proceedings under the laws of the relevant jurisdiction); or (g) Governmental Intervention By or under the authority of any government: (i) the management of the Issuer or any Guarantor or any Material Subsidiary is wholly or partially displaced or the authority of such company in the conduct of its business is wholly or partially taken over; or (ii) all or a majority of the issued shares of the Issuer or any Guarantor or any Material Subsidiary or material part of its revenues or assets is seized, nationalised, expropriated or compulsorily acquired, provided that the implementation of the MPRDA (including the Mining Charter, the Code of Good Practice for the Minerals Industry and the Housing and Living Condition Standard for the Mining Industry published in accordance with the MPRDA) and the implementation of the Mineral and Petroleum Resources Royalty Act, No.28 of 2008, in each case substantially in its form as at the Closing Date shall not constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this Condition 9(g)(ii); or (h) Unlawfulness It is or becomes unlawful for the Issuer or any Guarantor to perform any of its obligations under the Notes or the Trust Deed or such obligations cease to be legal, valid, binding or enforceable obligations; or (i) Other The Company ceases to own, directly or indirectly, more than 50 per cent. of the Voting Stock of the Issuer; provided that, in the case of paragraphs (b) to (d) inclusive, (g) and (h), in the case of the Issuer or the Company, and (b) to (h) inclusive, in the case of any Guarantor (other than the Company) or any Material Subsidiary, the Trustee shall have certified that, in its opinion, such event is materially prejudicial to the interests of the Noteholders. Until the Trustee has actual or express knowledge to the contrary, the Trustee may assume that no Event of Default has occurred. 10 Consolidation, Amalgamation or Merger 77 The Issuer and the Company will not consolidate with, merge or amalgamate into or transfer its properties and assets substantially as an entirety to any corporation or convey or transfer its properties and assets substantially as an entirety to any person (the consummation of any such event, a "Merger"), unless: (i) the corporation formed by such Merger or the person that acquired such properties and assets shall expressly assume, by a supplemental trust deed in form and substance satisfactory to the Trustee, all obligations of the Issuer or the Company under the Trust Deed and the Notes and the performance of every covenant and agreement applicable to it contained therein; (ii) immediately after giving effect to any such Merger, no Event of Default or Potential Event of Default (as defined in the Trust Deed) shall have occurred or be continuing or would result therefrom as confirmed to the Trustee by (i) a certificate of two authorised signatories of the Company and (ii) a certificate of two authorised signatories of the corporation that would result from such Merger or, as the case may be, a certificate from any such person referred to above; and (iii) the corporation formed by such Merger, or the person that acquired such properties and assets, shall expressly agree, among other things, not to redeem the Notes pursuant to Condition 6(c) as a result of it becoming obliged to pay any Additional Amounts as provided or referred to in Condition 8 arising solely as a result of such Merger. 11 Undertakings The Company will, save with the approval of an Extraordinary Resolution or with the prior written approval of the Trustee where, in the opinion of the Trustee, it is not materially prejudicial to the interests of the Noteholders to give such approval: (i) procure that the Issuer shall not become domiciled or resident in or subject generally to the taxing authority of any jurisdiction (other than Canada) unless the Issuer would not thereafter be required pursuant to then current laws and regulations to withhold or deduct for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of such jurisdiction or any political subdivision thereof or therein having power to tax in respect of any payment on or in respect of the Notes; and (ii) file all reports required to be filed under Section 13 or 15(d) of the Exchange Act. 12 Prescription Claims against the Issuer and any Guarantor for payment in respect of the Notes shall be prescribed and become void unless made within 10 years (in the case of principal) or five years (in the case of interest) from the appropriate Relevant Date in respect of such payment and thereafter any principal, interest or other sums payable in respect of such Notes shall be forfeited and revert to the Issuer or the Guarantor, as the case may be. Claims in respect of any other amounts payable in respect of the Notes shall become void unless made within 10 years following the due date for payment thereof. 13 Replacement of Notes If any Note is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Paying and Transfer Agent in London for the time being subject to all applicable laws and stock exchange requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes must be surrendered before replacements will be issued. 14 Meetings of Noteholders, Modification and Waiver

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78 (a) Meetings of Noteholders The Trust Deed contains provisions for convening meetings of Noteholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions or any provisions of the Trust Deed. Such a meeting may be convened by the Issuer, any Guarantor or the Trustee and shall be convened by the Issuer if required in writing by Noteholders holding not less than 10 per cent. in principal amount of the Notes for the time being outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution will be two or more persons holding or representing more than 50 per cent. in principal amount of the Notes for the time being outstanding, or at any adjourned meeting two or more persons being or representing Noteholders whatever the principal amount of the Notes so held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (i) to modify the maturity of the Notes or the dates on which interest is payable in respect of the Notes, (ii) to reduce or cancel the principal amount of, or any premium or interest on, the Notes, (iii) to change the currency of any payment in respect of the Notes, (iv) to amend the terms of the Guarantees, or (v) to modify the provisions concerning the quorum required at any meeting of Noteholders or the majority required to pass an Extraordinary Resolution, in which case the necessary quorum will be two or more persons holding or representing not less than two- thirds, or at any adjourned meeting not less than one-third, in principal amount of the Notes for the time being outstanding. Any Extraordinary Resolution duly passed shall be binding on Noteholders (whether or not they were present at the meeting at which such resolution was passed). An "Extraordinary Resolution" is a resolution in respect of which not less than three-quarters of the votes cast shall have been in favour at a meeting of Noteholders duly convened and held in accordance with the Trust Deed. The Trust Deed provides that a resolution in writing signed by or on behalf of the holders of not less than three-quarters in principal amount of the Notes then outstanding who for the time being are entitled to receive notice of a meeting shall for all purposes be as valid as an Extraordinary Resolution passed at a meeting of Noteholders convened and held in accordance with the provisions of the Trust Deed. Such resolution in writing may be in one document or several documents in like form each signed by or on behalf of one or more of the Noteholders. (b) Modification and Waiver The Trustee may agree, without the consent of the Noteholders, to (i) any modification of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Notes, the Guarantees or these Conditions which in the Trustee's opinion is of a formal, minor or technical nature or is made to correct a manifest or (in the opinion of the Trustee) proven error or to comply with mandatory provisions of law, and (ii) any other modification to the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Notes, the Guarantees or these Conditions (except as mentioned in the Trust Deed), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Notes, the Guarantees or these Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Noteholders. (c) Entitlement of the Trustee In connection with the exercise of its functions (including but not limited to those referred to in this Condition) the Trustee shall have regard to the interests of the Noteholders as a class and, in particular 79 but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Noteholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and the Trustee shall not be entitled to require, nor shall any Noteholder be entitled to claim, from the Issuer or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders. 15 Enforcement The Trustee may at any time, at its discretion and without notice, take such proceedings against the Issuer and/or any Guarantor as it may think fit to enforce the provisions of the Trust Deed and the Notes, but it shall not be bound to take any such proceedings or any other action in relation to the Trust Deed or the Notes unless (i) it shall have been so directed by an Extraordinary Resolution of the Noteholders or so requested in writing by the holders of at least one-quarter in principal amount of the Notes then outstanding, and (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. No Noteholder shall be entitled to proceed directly against the Issuer or any Guarantor unless the Trustee, having become bound so to proceed, fails so to do within a reasonable period and the failure shall be continuing. 16 The Trustee The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including relieving it from taking proceedings unless indemnified and/or secured and/or prefunded to its satisfaction. The Trustee is entitled to enter into business transactions with the Issuer and/or the Guarantors and any entity related to the Issuer and/or the Guarantors without accounting for any profit resulting therefrom. The Trustee may rely without liability to Noteholders on a report, confirmation or certificate of any accountants, financial advisers or investment bank, whether or not addressed to it and whether their liability in relation thereto is limited (by its terms or by any engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee shall be obliged to accept and be entitled to rely on any such report, confirmation or certificate where the Issuer or the Guarantors procure delivery of the same pursuant to its obligation to do so under a condition hereof and such report, confirmation or certificate shall be binding on the Issuer, the Guarantors, the Trustee and the Noteholders in the absence of manifest or proven error. The Trustee is not obliged to monitor or supervise the functions of the Issuer and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each of the Issuer and the Guarantor are properly performing and complying with their obligations. 17 Notices All notices regarding the Notes will be valid if published in one leading daily newspaper in the United Kingdom (which is expected to be the Financial Times) or, if this is not possible, in one other leading English language daily newspaper with general circulation in Europe. The Issuer shall also ensure that all notices are duly published in a manner which complies with the rules and regulations of any stock exchange on which the Notes are for the time being listed and/or admitted to trading. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication. If publication as provided above is not practicable, notice will be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve. So long as the Notes are represented by one or more global notes and such global notes are held on behalf of a clearing system, notices to Noteholders shall instead be deemed to have been given by delivery of the relevant notice to the relevant clearing system for communication by it to entitled accountholders. 18 Further Issues 80 The Issuer may from time to time without the consent of the Noteholders create and issue further notes, bonds or debentures either having the same terms and conditions in all respects as the outstanding notes, bonds or debentures of any series (including the Notes) (or in all respects except for the first payment of interest on them and so that such further issue shall be consolidated and form a single series with the outstanding notes, bonds or debentures of any series (including the Notes)) or upon such terms as to interest, premium, redemption and otherwise as the Issuer may determine at the time of their issue. Any further notes, bonds or debentures forming a single series with the outstanding notes, bonds or debentures of any series (including the Notes) constituted by the Trust Deed or any deed supplemental to it shall, and any other notes, bonds or debentures may, with the consent of the Trustee, be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Noteholders and the holders of notes, bonds or debentures of other series in certain circumstances where the Trustee so decides. Any further notes, bonds or debentures that have the same CUSIP, ISIN or other identifying number as the Notes will be issued with no more than a de minimis amount of original issue discount or as part of a "qualified reopening" for U.S. federal income tax purposes. 19 Contracts (Rights of Third Parties) Act 1999 No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties) Act 1999. 20 Governing Law and Jurisdiction (a) Governing Law The Trust Deed, the Agency Agreement and the Notes, and any non-contractual obligations arising out of or in connection with them, are governed by, and shall be construed in accordance with, English law. (b) Jurisdiction The courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with the Trust Deed and the Notes and accordingly any legal action or proceedings arising out of or in connection with the Trust Deed or the Notes ("Proceedings") may be brought in such courts. Each of the Issuer and the Guarantors has in the Trust Deed irrevocably submitted to the jurisdiction of such courts and has waived any objection to Proceedings in such courts whether on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. These submissions are made for the benefit of the Trustee and each of the Noteholders and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). (c) Agent for Service of Process Each of the Issuer and the Guarantors have, pursuant to the Trust Deed, irrevocably appointed Law Debenture Corporate Services Limited at 8th Floor, 100 Bishopsgate, London, EC2N 4AG as its authorised agent for service of process in England. Service upon the Process Agent is to be deemed valid service upon the Issuer and each Guarantor whether or not the process is forwarded to or received by the Issuer or the Guarantors. Nothing herein or in the Trust Deed shall affect the right to serve process in any other manner permitted by law. By: /s/ Elenor Siebring Name: Elenor Siebring Authorised Signatory in the presence of By: /s/ Vinit Desai Name: Vinit Desai

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![](exhibit415_trustdeed2025022.jpg)

in the presence of By: /s/ Alexander Dall Name: Alexander Dall Authorised Signatory in the presence of By: /s/ Alan Gibson Name: Alan Gibson in the presence of By: /s/ Alexander Dall Name: Alexander Dall Authorised Signatory in the presence of By: /s/ Alan Gibson Name: Alan Gibson By: Rose Robinson Name: /s/ Rose Robinson Vice President /s/ Rose Robinson Rose Robinson

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## Exhibit 8.1

**Exhibit 8.1**

**LIST OF SIGNIFICANT SUBSIDIARIES OF GOLD FIELDS LIMITED (AS OF 31 DECEMBER 2025)**

GFL Mining Services Limited, incorporated in South Africa

Gold Fields Australia Proprietary Limited, incorporated in Australia

Gold Fields Australasia (BVI) Limited, incorporated in the British Virgin Islands

Gold Fields Group Services Proprietary Limited, incorporated in South Africa

Gold Fields Operations Limited, incorporated in South Africa

GFI Joint Venture Holdings Proprietary Limited, incorporated in South Africa

Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands

Gold Fields Corona (BVI) Limited, incorporated in the British Virgin Islands

Gold Fields La Cima S.A., incorporated in Peru

Gold Fields Holdings Company Limited, incorporated in the British Virgin Islands

Gold Fields Ghana Limited, incorporated in Ghana

Abosso Goldfields Limited, incorporated in Ghana

Gold Fields Netherlands Coöperatief U.A., incorporated in the Netherlands

Gold Fields Netherlands Services BV, incorporated in the Netherlands

Corporate International Holdings BV, incorporated in the Netherlands

Agnew Holding Company (Pty) Limited, incorporated in Australia

St. Ives Holding Company (Pty) Limited, incorporated in Australia

GSM Holding Company (Pty) Limited, incorporated in Australia

St. Ives Gold Mining Company (Pty) Limited, incorporated in Australia

Agnew Gold Mining Company (Pty) Limited, incorporated in Australia

GSM Mining Company (Pty) Limited, incorporated in Australia

Newshelf 899 Proprietary Limited, incorporated in South Africa

Gruyere Holdings Pty Ltd, incorporated in Australia

Gruyere Mining Company Pty Ltd, incorporated in Australia

Minera Gold Fields Salares Norte SpA, incorporated in Chile

Gold Fields Salares Norte Holdings Pty Limited, incorporated in Australia

Gold Fields Windfall Holdings Inc., incorporated in Canada

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS**

I, Mike Fraser, the Chief Executive Officer of Gold Fields Limited, certify that:

**1.**I have reviewed this annual report on Form 20-F of Gold Fields Limited;

**2.**Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

**3.**Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

**4.**The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

**5.**The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 30 March 2026

<u>/s/Mike Fraser</u><br>Mike Fraser<br>Chief Executive Officer

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATIONS**

I, Alex Dall, the Chief Financial Officer of Gold Fields Limited, certify that:

**1.**I have reviewed this annual report on Form 20-F of Gold Fields Limited;

**2.**Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

**3.**Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

**4.**The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

**5.**The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 30 March 2026

<u>/s/ Alex Dall</u><br>Alex Dall<br>Chief Financial Officer

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)**

In connection with the annual report on Form 20-F of Gold Fields Limited (the "**Company**") for the period ended 31 December 2025 as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), I, Mike Fraser, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

**1.**The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

**2.**The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: 30 March 2026

<u>/s/Mike Fraser</u><br>Mike Fraser<br>Chief Executive Officer

## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)**

In connection with the annual report on Form 20-F of Gold Fields Limited (the "**Company**") for the period ended 31 December 2025 as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), I, Alex Dall, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

**1.**The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

**2.**The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: 30 March 2026

<u>/s/ Alex Dall</u><br>Alex Dall<br>Chief Financial Officer

## Exhibit 96.2

![](exhibit962_tarkwatrs001.jpg)

Goldfields.com Technical Report Summary of Mineral Reserves and Mineral Resources at the end of the fiscal year ended 31 December 2025 for Gold Fields Limited – Tarkwa Gold Mine – Ghana The effective date of this report is 30 March 2026 EXHIBIT 96.2 **Table of Contents** 1 Executive Summary 5 1.1 Property description and ownership 5 1.2 Geology and mineralisation 6 1.3 Exploration, development and operation status 6 1.4 Mineral resource estimates 6 1.5 Mineral reserve estimates 6 1.6 Summary capital and operating cost estimates 7 1.7 Permitting requirements 7 1.8 QP conclusions and recommendations 8 2 Introduction 8 2.1 Registrant 8 2.2 Terms of reference and purpose 8 2.3 Sources of information and data 8 2.4 QP details and personal inspection 8 2.5 Version 9 3 Property description 9 3.1 Location 9 3.2 Area 9 3.3 Mineral titles, claims, mineral rights, leases and options 9 3.4 Mineral rights 10 3.5 Encumbrances 11 3.6 Other significant factors and risks 11 3.7 Royalties or similar interests 11 4 Accessibility, climate, local resources, infrastructure and physiography 12 4.1 Topography, elevation and vegetation 12 4.2 Access 12 4.3 Climate 12 4.4 Infrastructure, personnel and supplies 12 5 History 14 5.1 Previous operators 14 5.2 Exploration and development by previous operators 14 6 Geological setting, mineralisation and deposit 14 6.1 Regional, local, and property geology 14 6.2 Mineral deposit types 19 7 Exploration 20 7.1 General exploration 20 7.1.1 QP interpretation of the exploration information 20 7.2 Drilling 20 7.2.1 Type and extent 21 7.2.2 Procedures 22 7.2.3 Results 24 7.3 Hydrogeology 24 7.4 Geotechnical 25) 25 7.5 Density 26 8 Sample preparation, analyses and security 28 8.1 Site sample preparation, QAQC and security 28 8.2 Laboratory sample preparation and analysis procedures 28 8.3 QA/QC of laboratory sample preparation and analysis 29 8.4 QP opinion on the adequacy and appropriateness of data 30 8.4.1 Adequacy of sample preparation, security, and analytical procedures 30 8.4.2 Unconventional analytical procedures 30 9 Data verification 30 9.1 Procedures 30 9.2 Limitations or failure to conduct verification 30 9.3 Property-specific verification details 31 9.4 QP opinion on adequacy of data 31 10 Mineral processing and metallurgical testing 31 10.1 Testing and procedures 31 10.2 Relevant results 32 10.3 Plant sampling 35 10.4 Deleterious elements 35 10.5 Metallurgical Risks 36 10.5.1 Sample Representativity 36 10.5.2 Laboratory Test Methods and Scale-up 36 10.5.3 Deleterious Elements 36 10.6 QP opinion on adequacy and appropriateness of data 37 11 Mineral resource estimates 37 11.1 Key estimation assumptions, parameters, methods and modifying factors 37 11.1.1 Geological model and interpretation 37 11.1.2 Block modelling 38 11.1.3 Compositing and domaining 38 11.1.4 Top cuts 38 11.1.5 Variography 39 11.1.6 Grade estimation 40 11.1.7 Selective mining units 40 11.1.8 Model validation 40 11.1.9 Cut-off grades 41 11.1.10 Reasonable prospects for economic extraction 41 11.2 Mineral resources as of 31 December 2025 41 11.2.1 Comparison of 31 December 2025 with 31 December 2024 Mineral resource 42 11.3 Classification criteria 43 11.4 Uncertainty underlying the resource 44 12 Mineral reserve estimates 44 12.1 Level of assessment 44 12.2 Mineral reserve estimation criteria and modifying factors 45 12.2.1 Recent mine performance 45 12.2.2 Key assumptions and parameters 45 12.2.3 Cut-off grades 47 12.2.4 Mine design and planning 47 12.2.5 Mining schedule 47 12.2.6 Processing schedule 49 12.2.7 Economic assessment 49 12.3 Mineral reserves as of 31 December 2025 49 12.3.1 Comparison of 31 December 2024 with 31 December 2025 Mineral reserves 50 12.4 Classification criteria 51 13 Mining methods 51 13.1 Geotechnical and hydrogeological models and other parameters 51 13.2 Mining parameters 52 13.3 Salient Mining Features 52 13.4 Equipment and labour requirements 52 13.5 Final mine outline 52 14 Processing and recovery methods 53 14.1 Flow sheet selection and design 53 14.2 Recent process plant performance 55 14.3 Process plant requirements 55 14.4 Processing Risks 55 14.4.1 Major Equipment Failure 56 14.4.2 Plant Operational Management 56 14.4.3 Operating Costs, Plant Consumables and Reagents 56 15 Infrastructure 56 15.1 Required infrastructure 56 15.1.1 Access and shipping 57 15.1.2 Water management, supply and storage 58 15.1.3 Tailings storage facilities (TSF) 58 15.1.4 Waste storage facilities 60 15.1.5 Power supply 60 15.1.6 Camp and medical facilities 60 15.1.7 Other infrastructure 60 16 Market studies 61 16.1 Market information 61 16.2 Required material contracts 62 17 Environmental studies, permitting and plans, negotiations, or agreements with local individuals or groups 62 17.1 Results of environmental studies 62 17.2 Waste and tailings disposal, site monitoring and water management 62 17.2.1 Tailings storage facilities (TSF) 62 17.2.2 Waste rock dumps 64 17.2.3 Water management 64 17.3 Project permitting 64 17.4 Plans, negotiations, or agreements with local individuals or groups 66 17.5 Mine closure 66 17.6 QP opinion on the adequacy of current plans 67 17.7 Commitments to ensure local procurement and hiring 67 18 Capital and operating costs 67 18.1 Capital cost estimates 67 18.2 Operating cost estimates 67 18.3 Accuracy of estimates 68 19 Economic analysis 69 19.1 Key assumptions 69 19.2 Results of the economic analysis 71 19.3 Sensitivity analysis 71 19.4 Book Value 71 20 Adjacent properties 72 21 Other relevant data and information 72 22 Interpretations and conclusions 73 22.1 Interpretations and conclusions 73 22.2 Risks 73 23 Recommendations 75 24 References 75 25 Reliance on information provided by the Registrant 75 26 Definitions 75 27 Signature Page 80

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![](exhibit962_tarkwatrs002.jpg)

1 Executive Summary This technical report summary is prepared for Gold Fields Limited (Gold Fields or the Group or the Registrant), a production stage issuer. It highlights significant information focusing on property ownership, mineral resources and mineral reserves. The report complies with the Securities and Exchange Commission (SEC) disclosure requirements under Subpart 229.1300 of Regulation S-K - Disclosure by Registrants Engaged in Mining Operations. The effective date of this Technical Report Summary (TRS) is 30 March 2026. Unless otherwise specified, all currency is in United States dollars ($), and measurements are metric, except for troy ounces (oz). Tarkwa Gold Mine is a production stage property in Ghana. 1.1 Property description and ownership Tarkwa gold mine is located approximately 300 kilometres (km) by road west of Accra, the capital of Ghana, West Africa. (Figure 1.1.1). Figure 1.1.1: Location of Tarkwa Gold Mine in Ghana Source: Tarkwa CPR, 2025 Gold Fields Ghana Ltd (GFGL) was incorporated in Ghana in 1993 as the legal entity holding the Tarkwa concession exploration and mining rights over a total area of 19,866 ha. The major components of the Tarkwa mining and processing operation are: • Four large open pits: Pepe-Mantraim, Teberebie, Akontansi and Kottraverchy. • A large ore stockpile and 'spent ore' on the South Heap Leach Pad. • A 14.7 Mt per annum carbon-in-leach (CIL) process plant. • Tailings storage facilities (TSF). • A Genser power plant. • Centralised administrative office, engineering and equipment workshops and residential villages. 1.2 Geology and mineralisation The Tarkwa orebodies are located within the Tarkwaian System, which forms a significant portion of the stratigraphy of the Ashanti Belt which is a broadly synclinal structure of Proterozoic age in south-western Ghana. The geology of the Tarkwa orebodies is dominated by the Banket series, subdivided into footwall and barren hanging wall quartzites, separated by a sequence of mineralised conglomerates and pebbly quartzites. The stratigraphy of the individual quartzite units is well established, with auriferous reefs interbedded with barren immature quartzites. Structurally, the Tarkwaian belt has been subject to moderate folding and at least five episodes of deformation. Generally, the reefs dip between 15 and 35 degrees except at the Pepe North and Kottraverchy open pits, where the limbs of the anticline steepen to 70 degrees. 1.3 Exploration, development and operation status Tarkwa gold mine is a well-established mining operation and exploration activities are focused on discovery and mineral resource development necessary to support the exploration pipeline and life of mine extension opportunities. Four large open pits currently exploit the stacked, narrow auriferous conglomerates using conventional drill and blast with truck and shovel methods. Tarkwa gold mine utilises contractor mining and haulage to the processing facility. Momentum on waste stripping is closely monitored to ensure that the ore bodies are opened-up timeously to expose the ore as required by the mine plan and schedule. A total of 2,597 exploration holes have been drilled on the Tarkwa concession, of which 2,155 were drilled by GFGL (692 RC and 1,505 DD with an additional 94 deflections completed on the DD holes). A further 228 DD holes were drilled on the Tarkwa concession prior to 1993 and an additional 214 DD holes on the northern Teberebie concession area prior to 2000. An annual budget of $1.5 million was approved for 2025 to assess geophysics anomalies across two target (Greater Kobada and Kottraverchy North) areas. The recent production performance of Tarkwa is summarised in Table 12.2.1. 1.4 Mineral resource estimates The mineral resources exclusive of mineral reserves are summarized in Table 1.4.1. Open pit mineral resources are confined to pit shells that are defined by the mineral resource metal prices, costs and relevant modifying factors used for the estimates. The point of reference for the mineral resource estimates is in-situ. The pit shells consider selective mining units and include estimates of any material below cut-off grade (dilution or waste) that needs to be mined to extract the prospective portion of the mineral resource. The mineral resources are 90% attributable to Gold Fields and are net of production depletion up to 31 December 2025. Table 1.4.1: Tarkwa gold mine - summary of attributable gold mineral resources as at 31 December 2025 based on a gold price of $2,300/oz Resources (exclusive of Mineral reserves) Cutoff grades Metallurgical recovery Amount/ Grade Amount (kt) Au/ (g/t Au) Au/ (koz Au) (g/t Au) (%) Open pit Mineral resources OP measured Mineral resources 4,254 1.6 221 0.25 – 0.31 91.3 – 98.0 OP indicated Mineral resources 55,776 1.2 2,205 0.25 – 0.31 91.1 – 97.4 OP measured + indicated Mineral resources 60,030 1.3 2,426 0.25 – 0.31 91.1 – 98.0 OP inferred Mineral resources 14,490 1.6 735 0.25 – 0.31 89.2 – 97.8 Stockpile Mineral resources SP measured Mineral resources 74 0.3 1 0.26 94.9 SP indicated Mineral resources SP measured + indicated Mineral resources 74 0.3 1 0.26 94.9 SP inferred Mineral resources Total Mineral Resources Total Measured mineral resources 4,328 1.6 222 0.25 – 0.31 91.3 – 98.0 Total indicated Mineral resources 55,776 1.2 2,205 0.25 – 0.31 91.1 – 97.4 Total measured + indicated Mineral resources 60,104 1.3 2,426 0.25 – 0.31 91.1 – 98.0 Total inferred Mineral resources 14,490 1.6 735 0.25 – 0.31 89.2 – 97.8 Source: Tarkwa CPR, 2025 1.5 Mineral reserve estimates The Tarkwa gold mine mineral reserves as at 31 December 2025 are summarised in Table 1.5.1. The Tarkwa mineral reserves are 90% attributable to Gold Fields and are net of production depletion up to 31 December 2025. The point of reference for the mineral reserves is on the ROM ore delivered to the processing facility. Table 1.5.1: Tarkwa gold mine – summary of attributable gold mineral reserves as at 31 December 2025 based on a gold price of $2,000/oz Amount/ Grades/ Amount/ Cutoff grades/ Metallurgical recovery/ (kt) (g/t Au) (koz Au) (g/t Au) (%) Open Pit Mineral Reserves OP proved Mineral reserves 33,774 1.3 1,431 0.41 83.0 – 93.0 OP probable Mineral reserves 117,009 1.1 4,230 0.41 83.0 – 93.0 OP total Mineral reserves 150,784 1.2 5,660 0.41 83.0 – 93.0 Stockpile Mineral Reserves SP proved Mineral reserves 11,464 0.7 263 0.41 93 SP probable Mineral reserves 53,964 0.4 694 0.29 90 SP total Mineral reserves 65,429 0.5 957 0.29 – 0.41 90.0 – 93.0 Total Mineral reserves Total proved Mineral reserves 45,238 1.2 1,694 0.41 83.0 – 93.0 Total probable Mineral reserves 170,974 0.9 4,924 0.29 – 0.41 83.0 – 93.0 Total Tarkwa Mineral Reserves 216,212 1.0 6,617 0.29 – 0.41 83.0 – 93.0 Source: Tarkwa CPR, 2025 1.6 Summary capital and operating cost estimates Major budgeted capital cost items forecast to 2035 for the 31 December 2025 mineral reserve plan are summarised in Table 1.6.1. Table 1.6.1: Sustaining and project capital expenditure estimate (100% basis) Tarkwa gold mine 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Capital $ million 322.2 381.7 255.1 295.2 329.3 443.6 433.5 275.4 344.4 256.7 198.0 Notes: a. The detailed capital cost schedule is presented in Table 18.2.1. Source: Tarkwa CPR, 2025 Table 1.6.2: Operating costs estimate (100% basis) Tarkwa gold mine 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Operating costs $ million 495.8 476.4 517.6 413.3 446.3 381.4 366.4 523.4 470.5 545.4 612.8 Notes: a. The detailed operating cost schedule is presented in Table 18.3.1. b. This operating cost summary estimate is for the mineral reserve LOM schedule. Source: Tarkwa CPR, 2025 As part of the Reclamation Security Agreement with the Government of Ghana through the EPA, the closure bond was updated in 2025. The bond comprised a cash deposit of $45.7 million and bank guarantee of $36.8 million. This was posted with Absa bank Ghana and is available to finance the closure cost. The bond is due to be updated in 2026 and will be adjusted to $107.2 million to equal the total liability estimate at the end of December 2025. 1.7 Permitting requirements The key operating environmental and technical permits for the operation are respectively issued by the Ghana Environmental Protection Authority (EPA) and the Minerals Commission depending on type. The environmental and water use permits listed below are in place and are valid up to December 2028. • Water Abstraction – Groundwater. • Water Discharge. • Pit Dewatering. The permits for the construction and operation of the Tailings Storage Facility (TSF) 2 stage 9 and TSF 5 Stage 3 were approved in 2024 and are valid until construction is completed. The Environmental certificate for the operation expired in January 2025. The mine updated the Environmental Management Plan (EMP) for 2025-2027 and submitted to EPA in December 2024 for consideration and approval. The EPA reviewed the document and submitted review comments in January 2026 to be used to finalize the EMP. The EMP certificate fee has since been paid to EPA. The certificate when issued will expire in January 2028. Permits required in 2026 include the TSF 5 extended wall raise and the TSF 1 Stage 12 wall raise. Environmental management at Tarkwa is conducted within the framework of an ISO 14001 certified environmental management system (EMS). The foundation of the EMS is Tarkwa's Environmental Policy, which is aligned with the Gold Fields Limited Sustainability Policy. 1.8 QP conclusions and recommendations The Tarkwa gold mine mineral reserves currently support a 17-year life of mine plan to 2042 that values the operation at a net present value of $226 million at a DCF discount rate of 11% and a reserve gold price of $2,000/oz. Gold Fields' commitment to materiality, transparency and competency in its mineral resources and mineral reserves disclosure to regulators and in the public domain is of paramount importance to the qualified person (QP). The QP is satisfied that this report meets these objectives and has no further recommendations regarding this disclosure. The Registrant's Executive Committee and Board of Directors continue to endorse the Registrant's internal and external review and audit assurance protocols. This Technical Report Summary should be read in totality to gain a full understanding of Tarkwa's mineral resource and mineral reserve estimation and disclosure process, including data integrity, estimation methodologies, modifying factors, mining and processing capacity and capability, confidence in the estimates, economic analysis, risk and uncertainty and overall projected property value. However, to ensure consolidated coverage of the Property's primary internal controls in generating mineral resource and mineral reserve estimates, a key point summary is provided in Section 21 for reference. 2 Introduction 2.1 Registrant This technical report summary is prepared for Gold Fields Limited, a production stage issuer. 2.2 Terms of reference and purpose Tarkwa Gold Mine is a production stage property in Ghana. This TRS focuses on property ownership, mineral resources and mineral reserves. The report complies with the Securities and Exchange Commission (SEC) disclosure requirements under Subpart 229.1300 of Regulation S-K - Disclosure by Registrants Engaged in Mining Operations. No exploration targets are presented in this TRS. 2.3 Sources of information and data This technical report summary incorporates data from exploration campaigns, geological studies, and technical assessments conducted by the Registrant, its qualified persons, subject matter experts, and third-party specialists engaged by the Property as cited throughout this Report and listed in Chapter 24. This technical summary report is principally based on information disclosed in a Competent Persons' Report for the Property. Reliance was also placed on certain economic, marketing and legal information beyond the expertise of the qualified persons used in the determination of modifying factors. Any information provided by the Registrant cited in this TRS is listed in Section 25. Exploration results are included in the mineral resource and mineral reserve. 2.4 QP details and personal inspection The qualified persons responsible for the preparation of this Technical Report Summary are listed in Table 2.4.1. All the qualified persons are eligible members in good standing of a recognised professional organisation (RPO) within the mining industry and have at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that the qualified person is undertaking on behalf of the Registrant at the time this Technical Report Summary was prepared. The recognised professional organisation affiliation in good standing has been reviewed by Gold Fields. The qualified persons have been appointed by Gold Fields. Table 2.4.1: List of qualified persons Incumbent Employer Position Affiliation in good standing Relevant experien ce (years) Details of inspection Responsibility for which chapters Alex Trueman Gold Fields VP: Geology Group qualified person mineral resources and mineral reserves MAusIMM (CP Geo) 110730 P.Geo. EGBC 149753 33 Last attended the property 24-26 October 2025 and inspected open pit mining activities, stockpiles, and held discussions with key technical staff. Alex Trueman has been supervising the preparation of this technical report summary. This Technical Report Summary has been reviewed by Alex Trueman. Chapters 1-26

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Rachel Proud Gold Fields VP: Long Term Planning, Group qualified person for mineral reserves FAusIMM - 336591 25 Has attended site 27th to 31st Jan 2025 and 11th to 18th Jul 2025. Assisted with BPR or business process review for 2025 operating plan – efficiency and cost reduction goals. Reviewing geology process and working with LTP team in Tarkwa Long Term Planning - Mineral reserves. Chapters 1-5, 10 & 12-26 Daniel Hillier Gold Fields VP: Metallurgy & Processing qualified person FAusIMM CP - 227106 35 Has attended site on 4th to 13th of Nov 2025 Metallurgy & Processing Chapters 1-4, 10, 14 & 18-26 Johan Boshoff Gold Fields VP: Tailings, Hydrology, & Closure qualified person FAusIMM - 1007564 30 Has attended site during May 2025. Attended ITRB meeting. Tailings, Hydrology, & Closure. Chapters 1-4, 15.1, 15.3, 15.5, 15.6, 17.3, 17.3.1, 17.3.3, 17.5, table 18 (closure), table 19.1.2 & 21-26 Peter Andrews Gold Fields VP: Geotechnical & Backfill qualified person MAusIMM CP - 302255 29 Has attended site on 27th Jan to 1st Feb 2025. OP inspections, review monitoring systems, and hydrogeology & review of geotechnical wall optimisation. Geotechnical & Backfill. Chapters 1-4, 7.3, 7.4, 13, 15.2, 17.3.2 & 21-26 Notes: The qualified persons attended site during 2025 for mineral reserve and mineral resource reviews, and the mineral reserves and mineral resources were reviewed according to the Chapter 21 description. 2.5 Version The maiden Technical Report Summary for Tarkwa gold mine was filed 31 December 2021. The second update of the Tarkwa gold mine TRS was filed 31 December 2022 (EDGAR 30 March 2023) and this is the third release for the Tarkwa gold mine. This TRS for the Tarkwa mineral reserves and mineral resources 31 December 2025 EDGAR 30 March 2026. 3 Property description The Tarkwa open pit commenced in 1999 with south and north heap leach and later included the 13.5 Mtpa CIL processing plant and modern surface infrastructure. Tarkwa has an annual major and critical item condition survey to focus reliability and minimise down time and a comprehensive maintenance strategy that includes regular equipment refurbishment or replacement. The Tarkwa mine design and scheduling include sustaining capital to support the remaining LOM mineral reserve. Tarkwa has contractors that conduct mining operations and who are responsible for maintaining and modernising the mining fleet. The present condition of the property, and its equipment, facilities and infrastructure are in mid-life condition. 3.1 Location The Tarkwa Gold Mine is located in south-western Ghana, about 300 km by road west of the capital city Accra, at latitude 5°19'37" N and longitude 2°01'17" W (Tarkwa Process plant). The Property consists of the Tarkwa open pit mining and processing operation on the Tarkwa concession and the adjacent northern portion of the Teberebie concession acquired in August 2000 Figure 3.4.1 shows location of Tarkwa and the material assets. The mine is served by a main road, which connects it to the port of Takoradi some 60 km to the southeast. Most supplies are transported by truck to the property. The AngloGold Ashanti Iduapriem gold mine is approximately 6km south west of the Tarkwa gold mine. 3.2 Area The Tarkwa property comprises exploration and mineral rights over a total area of 19,866 ha. 3.3 Mineral titles, claims, mineral rights, leases and options GFGL holds mining leases in respect of its operations at Tarkwa see Table 3.4.1 for detail. The map of Tarkwa mineral leases is shown in Figure 3.4.1 and the mineral leases are listed in Table 3.4.1. The mineral leases cover all the declared mineral reserves. GFGL has legal entitlement to the minerals being disclosed upon with no known impediments. Table 3.4.1: List of Tarkwa mineral leases Location Mining Lease ID Mining Leases Expiry date Unblocked area Blocked area Cadastral / block system (ha) (km²) (km²) (no. of blocks) Tarkwa WR 637/97 (ML1) 2,227 17 April, 2027 22.27 10.92 52 Tarkwa WR 640/97 (ML4) 3,420 17 April, 2027 34.20 32.97 157 Tarkwa WR 639/97 (ML3) 4,951 17 April, 2027 49.51 47.04 224 Tarkwa WR 638/97 (ML2) 4,299 17 April, 2027 42.99 46.62 222 Tarkwa WR 641/97 (ML5) 4,338 17 April, 2027 43.38 43.89 209 Teberebie WR 1518/96 1,590 (Includes 1,520/96) 14 May, 2043 15.90 17.22 82 Note: An application was filed in November 2025 to the Minerals Commission for the extension of the mining leases which expire in 2027. Source: Tarkwa CPR, 2025 Figure 3.4.1: Tarkwa mineral lease map Source: Tarkwa CPR, 2025 The Government of Ghana through the Minerals Commission has implemented a lease boundary system called the cadastral (block) system in which all leases were converted into block sizes of a minimum 5" x 5" size. Under this new system, the 208.25 km² belonging to GFGL translates to 946 blocks (198.66 km²). 3.4 Mineral rights Under the Constitution of Ghana, the ownership of all minerals in their natural state in Ghana is with the Republic of Ghana, and all minerals are vested in the President on behalf of and in trust for the people. Under Ghanaian law, neither a landowner nor any other person may search for minerals or mine on any land without having been granted a mineral right by the Minister responsible for mines. The Minerals and Mining Law 1986 (PNDCL 153) (as amended) under which the mineral rights to GFGL were granted has been repealed and replaced by the Minerals and Mining Act, 2006 (Act 703) which came into effect on 31 March 2006. However, Act 703 provides that leases, permits and licenses granted or issued under the repealed laws will continue under those laws unless the Minister responsible for minerals provides otherwise by regulation. Therefore, unless and until such regulations are passed in respect of GFGL's mineral rights, PNDCL 153 will continue to apply to GFGL's current operations in Ghana. Act 703 further provides that even if a mineral right is made subject to its provisions, it shall not have the effect of increasing the holder's costs or financial burden for a period of five years from Act 703 coming into effect. Under the provisions of PNDCL 153, the size of an area in respect of which a mining lease may be granted cannot exceed 50 km² for any single grant or 150 km² in the aggregate for any company. GFGL's mining leases cover approximately 198.66 km² which was acquired before the restrictions were put in place and GFGL is therefore not affected by this later directive. The Fees and Charges (Miscellaneous Provisions) Act, 2022 (Act 1080) imposes an annual ground rent on mining concessions of approximately U.S.$1.37 per acre payable to the Government of Ghana. Three forms of mineral rights are recognised under Ghanaian law. The first is a reconnaissance licence that entitles the holder to search for minerals by geochemical, geophysical and geological means but does not permit drilling or excavation. The second is a prospecting licence that allows the holder to search for minerals and permits, among other things, such excavation as may be necessary for prospecting and the third a mining lease which entitles the holder to extract minerals. A licence is required for the export, sale or other disposal of minerals and the permission of the Chief Inspector of Mines is required to remove minerals obtained by the holder of a mineral right. Under Ghanaian law, the Government has a pre-emptive right to purchase gold produced and all products derived from the refining or treatment of minerals at fair market value. However, under the Property's Development Agreement the Property is entitled to export and sell its entire production of gold and by-products. In Ghana, from the 10th of March 2026, mining companies are required to pay a royalty rate on a sliding scale from 5 % to 12 % to the Government, based on gold price. From 1 January 2017 a Development Agreement, to be reviewed in 2027, was signed between GFGL and the Government of Ghana and included a statutory royalty to be paid dependent on the gold price and is estimated annually on the sliding scale shown in Table 3.5.1. A royalty rate of 4 % applied based on the average gold price for the LOM mineral reserve period. Table 3.5.1: Royalty rate schedule Royalty rate Average annual gold price Low value High value 3.0 % $0.00 $1,299.99 3.5 % $1,300.00 $1,449.99 4.0 % $1,450.00 $2,299.99 5.0 % $2,300.00 Unlimited Source: Tarkwa CPR, 2025 Mineral rights and/or mining rights are subject to the necessary approvals and permits discussed in Section 17. In December 2025, legislation was also introduced under the Minerals and Mining (Royalties) Regulations 2025 to increase the applicable gold royalty rate from a sliding scale of 3-5% to 5-12%. Whilst these changes (if passed) will not apply to Tarkwa until after April 2027. 3.5 Encumbrances Tarkwa received no penalties, sanctions or fines that relate to the underlying tenure or assets. The Tarkwa mining concessions have a total annual fee of U.S.$946,000. As at 31 December 2025, no significant encumbrances to the property existed. Chapter 17 discloses the remediation and reclamation guarantees that are pertinent to Tarkwa. 3.6 Other significant factors and risks Save as described elsewhere in this report, including in relation to the renewal of Tarkwa's mining leases, the qualified person is not aware of any other significant factors or risks that affect access, title, or the right or ability to perform work on the Property and therefore execute the LOM mineral reserve plan. The qualified person has relied on information provided by the Registrant in preparing their findings and conclusions regarding other significant factors and risks and they are not aware of any other current or pending licensing or legal matters that may have an influence on the rights to explore or mine for minerals at Tarkwa gold mine, though this conclusion is subject to the outcome of the lease renewal process as described in Section 22.2 and specified in Section 25. 3.7 Royalties or similar interests Apart from the Development Agreement linked statutory royalty to be calculated annually, as described in Section 3.5, there are no other third-party royalty or similar interests held by the Registrant at the Property. 4 Accessibility, climate, local resources, infrastructure and physiography 4.1 Topography, elevation and vegetation The topography across Tarkwa's property is characterised by a series of ridges and valleys within a generally low-lying plain. Elevations range from 60 m to 300 m above sea level. No major rivers traverse the mining area. The vegetation cover is a mixture of tropical rainforest and semi-deciduous forest. Most of the original rainforest has been cut for timber or cleared for farming. Dense secondary growth has reclaimed abandoned fields and this covers most of the steep ridges. Deforestation due to subsistence farming has altered the vegetation cover in the mine environs to secondary forest, scrub and cleared land. The principal crops grown include cocoa, plantain, pineapple, cassava, maize, yam, oil palm and coffee. There is no primary forest on the property. 4.2 Access The mine is located 4 km west of the town of Tarkwa with a population of 62,762 (Tarkwa township and its catchment area, according to the 2021 Ghana Statistical Services (GSS) Census) with access roads and good infrastructure and is connected by asphalt road to the port of Takoradi, 90 km to the southeast on the Atlantic coast. The nearest major airport is at Takoradi. 4.3 Climate Tarkwa has a tropical climate characterised by distinct rainy seasons with an average annual rainfall of 1,965 mm. The two normal periods of heavy rainfall are from April to July and from October to November, with a dry season from December to March. Although minor disruptions to operations are experienced during the wet season, there have been no long-term constraints nor anticipated long-term constraints on production at any particular time during the year. Allowances are made in the mining schedule for periods of heavy rainfall and fog and appropriate water management logistics and procedures are in place in the open pits to mitigate the impact of heavy rainfall. Average monthly temperatures range between a maximum of 28 °C and 34 °C and a minimum of 22 °C and 24 °C. Tarkwa regularly conducts climate change risk and vulnerability assessments, and develops adaptation and mitigation plans to address and identified risks. Currently, there are no extreme climate conditions that are experienced that materially affect operations. 4.4 Infrastructure, personnel and supplies Tarkwa is an extensive open pit gold mining operation with associated infrastructure and facilities that operate year-round. Tarkwa major infrastructure owned and operated by GFGL includes two rock crushers, a 14.7 Mt per annum CIL process plant, two completed heap leach facilities, several large waste dumps, tailings storage facilities (TSF), haul roads, administration centres and residential villages (Figure 4.4.1). The process plant and main administration offices are located north of the Akontansi open pit. The process plant consists of a SAG mill, ball mill and conventional CIL gold recovery circuit. Tarkwa has four purpose-built engineered TSFs (TSF 1, 2, 3 and 5). TSF 1, 2 and 5 are active, while TSF 3 is inactive and undergoing decommissioning. The facilities are in the mine concession's northern extremities and about 1.5 km northwest of the process plant. Tarkwa has existing heavy mining equipment (HME) fleet maintenance workshops currently being used by the mining contractor and fuel storage facilities, as well as supporting offices and stores. Water for processing is taken from the supernatant ponds of the tailing's storage facilities and surface raw water from the Pepe Water storage dam. Potable water is from underground boreholes. This mineral reserve and mineral resource execution plan requires the relocation of some of the main infrastructure. The Genser, HME and explosives magazine will be moved to outside the mineral reserve and mineral resource shells. The open pit will be within 100m of the process plant fence. The qualified person is of the opinion that the relocation of some of the main infrastructure supports the mineral reserve and mineral resource. See Figure 13.2.1. for final mineral reserve shell and infrastructure location. As at 31 December 2025, 570 workers were employed at Tarkwa, with an additional 4,640 contractors, a total of 5,209.

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Figure 4.4.1: Tarkwa operating sites, infrastructure and mineral lease Source: Tarkwa CPR, 2025 Power supply to Tarkwa mine is via a 55MW on-site power plant managed by Genser Energy Ghana limited (GEGL). BUI Power Authority (BPA) service as the mine's back up power source via the Ghana Grid Company Limited (GRIDCo). GEGL and BPA supply 94% and 6% respectively of Tarkwa's electricity demand. The average power demand of the mine is 44 MW and the average monthly consumption is 25 GWh. Most supplies are transported by truck to the property. Employees are accommodated in four owned residential areas as well as privately owned houses in the adjoining town of Tarkwa. Recreational facilities include two clubs, restaurant, swimming pool, golf course, tennis court, gymnasium and squash court. The nearest community, adjacent to the property, is the Brahabobom community, with a population of 3,026 (GSS Census 2021). Takoradi is the nearest city to Tarkwa, located along the Atlantic coast and about 60 km southeast of Tarkwa. Takoradi has a population of approximately 245,382 (GSS Census 2021) and includes the nearest major airport to the property. Further details regarding the infrastructure are provided in Section 15. 5 History 5.1 Previous operators Sinking of the Abontiakoon vertical shaft near Tarkwa town was completed in 1935 and a central mill with a capacity of 30,000 t/month was constructed in the following four years. Several small mining companies operated the Abontiakoon concession, but in 1960 all workings were abandoned and allowed to flood. In 1961, production restarted under the State Gold Mining Corporation and in 1963 the Tarkwa mines were renamed Tarkwa Goldfields Limited. The Apinto shaft was sunk in the mid-seventies. GFGL signed a management contract with the Ghanaian government to operate the mine in 1993 and in 1996 completed a feasibility study on an open pit/heap leach operation. In 1998, the initial Tarkwa Phase 1 development was completed for an open pit operation, mining 14.5 Mt per annum (including 4.7 Mt per annum of heap leach feed ore). In 1999, the Tarkwa Phase 2 expansion was completed to increase the mining rate to 20.7 Mt per annum and heap leach feed ore production up to 7.2 Mt per annum. All underground operations and the associated processing plant ceased production. In 2000, GFGL acquired the northern area of Teberebie and mining production was increased to 36 Mt per annum. Tarkwa is under 100% Gold Fields Management since 2000. 5.2 Exploration and development by previous operators Historic exploration is no longer material to the current mining operations at Tarkwa. 6 Geological setting, mineralisation and deposit 6.1 Regional, local, and property geology Regional Geology Southwestern Ghana The majority of Ghana is underlain by metamorphosed Palaeoproterozoic (~2300-1900 Ma) rocks of the volcano-sedimentary Birimian Supergroup and the overlying clastic sedimentary Tarkwaian Group. The Tarkwa orebodies are located within the Tarkwaian System, which forms a significant portion of the stratigraphy of the Ashanti Belt in southwest Ghana. The Ashanti Belt is a north-easterly striking, broadly synclinal structure made up of Lower Proterozoic sediments and volcanics underlain by metavolcanics and metasediments of the Birimian Supergroup. The Tarkwaian stratigraphy comprises a thick sequence of folded, faulted, metamorphosed sandstones, conglomerates and shales, indicative of deposition into a rift setting. The contact between the Birimian and the Tarkwaian is commonly marked by zones of intense shearing and is host to several significant shear-hosted gold deposits including Prestea, Bogoso and Obuasi. The Tarkwaian Group unconformably overlies the Birimian Supergroup and is characterised by low grade (lower greenschist) metamorphism and a predominance of coarse grained, immature sedimentary units. It is subdivided into four major units, which from oldest to youngest are: • Kawere Series (250-700 m) – poorly sorted, polymictic conglomerates and quartzites with no significant mineralisation. • Banket Series – comprises well sorted conglomerates, made up of Birimian quartz pebbles and volcanic clasts, with interbedded cross-bedded sandstones. Contains significant gold mineralisation including the Tarkwa orebodies. In the Pepe area, the Banket Series is approximately 32 m thick and at Kottraverchy up to 270 m thick. • Tarkwa Phyllite Series (120-140 m) – fine grained chloritic siltstones, mudstones and schists with no significant mineralisation. The series grades upwards into the Huni Sandstone. • Huni Series (1,370 m) – fine grained massive quartzites interbedded in places by phyllites and intruded by later stage dolerites and with no significant mineralisation. The regional geology is shown in Figure 6.1.1 with a regional stratigraphic column in Figure 6.1.2. Figure 6.1.1: Regional geology of the Ashanti Belt, south-western Ghana Source: Tarkwa CPR, 2025 Figure 6.1.2: Regional generalised stratigraphic column, south-western Ghana Source: Tarkwa CPR, 2025 Tarkwa Geology Southwestern Ghana The local geology at Tarkwa is dominated by the Banket Series, which can be further sub-divided into a footwall and hanging wall barren quartzite, separated by a sequence of mineralised conglomerates and pebbly quartzites (Figure 6.1.4). The stratigraphy of the individual quartzite units is well established with auriferous reefs interbedded by barren immature quartzites. The units thicken to the west and are laterally extensive throughout the deposit. However the package thins towards the source area in the east, where reworking of the lower conglomeratic horizons occurred during periodic episodes of basin uplift. Palaeocurrent flow parameters indicate a sedimentological-fluvial flow from the east to southeast proximal to the source area.

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Figure 6.1.3: Local geology of Tarkwa gold mine area Source: Tarkwa CPR, 2025 Structurally, the Tarkwaian belt has been subject to moderate folding, and at least five episodes of deformation (D2-D6). Originally, deposition of the Tarkwaian Group sediments occurred into a long, narrow basin with the western fault-bounded contact forming an extensional half-graben environment with associated low to steep angle normal faulting. Subsequent compression and folding led to the development of thrust faults and reversing of previous normal faults. The final stages involved further thrusting in a south-westerly direction. The ore bodies at Tarkwa are cut by numerous predominantly reverse faults, which generally run perpendicular to the strike. Initially, zoning and structural interpretation using borehole sections extracted from the drillhole database is carried out prior to modelling of the individual reef horizons at Tarkwa (using Surpac and Leapfrog software). 3D wireframe planes of the structural discontinuities (faults) are constructed during the structural interpretation and all new drillholes are assigned to structural zones. Several igneous intrusions cross cut the reef ore bodies and these can result in areas being sterilised. The major intrusions are also modelled as 3D wireframes that are used to cut the initial reef wireframes to ensure ore is removed from the sterilised areas. Tarkwa Sedimentology The major gold bearing horizons are locally termed Afc, A1 A3, B2, C, E, F2, F4 and G. These vary in thickness from 1.5 m to 10 m thick and dip at 15-25 degrees (Figure 6.1.4). Gold is mainly concentrated in the matrix of the conglomerate and pebbly conglomerate units. Figure 6.1.4: Figure Tarkwa Stratigraphic Column Source: Tarkwa CPR, 2025 Sedimentological studies of the detailed stratigraphy within individual A reefs and A-Footwall reefs units led to the recognition of both lateral and vertical facies variations. The modelling of these units also resulted in the identification of a cycle of events from initial channel formation and rapid down cutting of the central channel (basin down warp time units T1 and T2) through a period of uplift and reworking (T3, Figure 6.1.5). Finally, a period of meandering channel bars and flow reduction led to the development of low-grade conglomerates with silty interbeds (T4). The T3 sequence is recognised as the principal episode of gold deposition and concentration within these reefs. The C, E and G reefs style of sedimentation differs from that of the channelised A reefs to more localised sheet flood dominated alluvial fan deposits. Figure 6.1.5: Schematic diagram showing lateral and vertical facies variations within the A and A Footwall reefs Source: Tarkwa CPR, 2025 Tarkwa lithology – Kobada The major lithological units present in the relatively small hydrothermal-style Kobada pit area comprise immature pebbly sandstones, poorly sorted conglomerate, fine-grained sandstones, a highly altered feldspathic sandstone unit and a micro-diorite which hosts gold mineralisation. The polymictic conglomerate horizon situated stratigraphically above the mineralised micro-diorite is a reliable stratigraphic marker unit. Tarkwa weathering The weathering profile affects the porosity of the ore and varies from surface due to fluctuations in groundwater levels, generally from 1 m to 40 m below surface. Faulting, fracturing and primary lithological permeabilities modify the depth to porosity relationship. Individual core samples taken at 50 cm intervals are composited per reef zone and a manual method of contouring the different porosity values (P Codes) is used per reef. These contours are then used as constraints for estimating the P Code values into the mineral resource block models per reef to inform the metallurgical response and recovery criteria for the modifying factors. See Section 11.1.3 for more information. 6.2 Mineral deposit types The Tarkwa orebody comprises a series of planar meta-sedimentary palaeoplacer deposits (2,132-2,095 Ma old), broadly similar to those mined in the Witwaterstrand Basin of South Africa (2,900-2,700 Ma old) with haematite being the dominant heavy mineral at Tarkwa as opposed to pyrite in the Witwatersrand deposits. The mineral association of the reefs is consistent throughout all the open pits. The predominant gangue minerals are quartzite (83-90 wt %), muscovite (6-12 wt%) and kaolinite (1-3 wt%). The presence of kaolinite is an indication of the degree of superficial weathering of the orebody. Iron oxide, predominantly haematite, is the most common non-silicate gangue mineral found in most parts of the deposit, varying between 2-3 wt%, along with minor magnetite. There are also trace amounts of todorokite (a hydrous manganese oxide, <1 wt%) and copper. Sulphur exists in very minor quantities. It is especially associated with quartz veining at Pepe North and the Pepe West Limb area, most of which has already been mined out. The concentrations are too low to have any detrimental effect on gold cyanidation or the environment. The reefs are interbedded with barren quartzite zones. The major gold bearing horizons are (Figure 6.1.5): Figure 6.1.5: Major Gold Bearing Horizons Source: Tarkwa CPR, 2025 • Afc – up to 3.0 m thick, only occurs in the west and sub crops against the A1 in the east. Well sorted with rounded clasts of quartzite and visible gold. The Afc sub-outcrops against the A1 package at Akontansi East and is therefore not developed in the Pepe-Teberebie area. • A1 – between 2-7 m thick, moderately to poorly sorted conglomerate and thin quartzites with occasional visible gold. • A3 – up to 7 m thick, moderately sorted thin discontinuous conglomerate lenses within a package of cross stratified quartzites, visible gold is rare. In the Pepe-Teberebie area, the A2 quartzite unit is too thin to be mined separately, and the A1, A2 and A3 units are mined as a combined A reef package. • CDE – up to 8 m thick and can be subdivided into the lower C reef and upper E reef, both of which are conglomeratic and are separated by the D reef quartzite. • F2 – a variably developed polymictic gravel up to 2 m thick, essentially a marker horizon, except in the east where it carries low grades; and G – varies from a 2-6 m thick poorly sorted conglomerate with clasts of quartzite and phyllite. Tarkwa geological modelling is based on the exploration DD and RC data from grade control drilling. Pit mapping data, most commonly in the form of survey pick-ups of geological structures and reef boundary contacts, is incorporated into the structural interpretation. 7 Exploration There are no exploration targets disclosed hence no risk of misleading spacial with mineral resources or mineral reserves. Only Tarkwa samples are used to complete this disclosure. There are no exploration targets disclosed hence no exploration mining or exploration modifying factors. There are no exploration targets disclosed hence no quality or quantities or grade ranges. There are no exploration targets requiring mining samples thus no exploration target maps. There are no exploration targets size of grain sampling or sample distribution. There are no exploration targets requiring mining and treatment. There are no exploration targets requiring various types of mineralization. 7.1 General exploration Tarkwa is a well-established mining operation and exploration activities are focused on discovery and mineral resource development necessary to support the exploration pipeline and life of mine extension opportunities. At Tarkwa, drilling at Kottraverchy North and Greater Kobada IP and Resistivity targets were completed in testing out anomalous zones. The Kottraverchy underground mining proof of concept phase 1 study was reviewed and completed. A budget of $3.9 million has been approved for 2026 to drill 6 km of diamond and reverse-circulation holes across two key target areas (Akontansi and Greater Kobada). Additional funds will support geophysical data collection at Samahu and Fanti North. This program focuses on evaluating early-stage targets for structurally controlled hydrothermal orebodies. 7.1.1 QP interpretation of the exploration information The qualified Person is of the opinion that the exploration to date supports the LOM mineral reserve. 7.2 Drilling

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7.2.1 Type and extent Drilling at Tarkwa is completed by diamond core (DD) and reverse circulation percussion (RC) methods. The DD drilling is primarily undertaken with HQ and NQ diameter core using a standard tube. PQ diameter core has also been used for metallurgical sampling purposes. The RC drillholes are primarily drilled with 5" – 5.5" diameter drill bits. Due to the relatively flat dip of the strata, the majority of DD and RC holes are drilled vertically but are occasionally inclined in more steeply dipping areas. Inclined DD holes are also drilled for geotechnical purposes. The Kottraverchy underground directional diamond drilling, targeting higher grade (circa 3.5g/t) steeply dipping conglomerate reefs, is on hold during 2025 while a scoping study is completed to motivate the next phase of infill drilling. On the Tarkwa open pit palaeoplacer deposits, diamond drilling (DD) is initially carried out on a wide-spaced grid of 200 m along strike and 100 m down dip (400 m x 200 m in some lower grade variability areas). This grid is in-filled to a spacing of 100 m x 100 m or 50 m x 100 m. RC may be used for the infill drilling. A Tarkwa locality map for the 2025 exploration activity is provided in Figure 7.2.1. The qualified person is of the opinion of the 2025 exploration programs and results is: a. All procedures and parameters applied to the surveys and investigations are appropriate for the style of mineralisation being prospected. b. The exploration programs have confirmed continuity of geology and controls on gold mineralisation in key areas. c. There were no material variations encountered during the exploration programs. d. Based on the 2025 exploration and results. A register of individual drill results would be too voluminous, potentially misleading and not relevant to the current discloser of mineral resources and mineral reserves. All relevant drillholes are incorporated in geological models and have been used to underpin mineralisation estimates and models. An additional 128 off-concession exploration boreholes have been included in the Tarkwa database for the purpose of defining geological continuity at the lease boundaries. Figure 7.2.1: Locality Map of 2025 Exploration Activities Tarkwa Source: Tarkwa CPR, 2025 7.2.2 Procedures All Tarkwa DD drill core and RC chips are logged by GFGL Geologists and is directly imported into a Datashed® database. DD holes are logged according to standard lithological codes on the properties standard sedimentological drillhole log sheets for palaeoplacer deposits. Specific emphasis is placed on recognising sedimentary contacts, fining and coarsening cycles, as well as structural discontinuities. In case of DD data, preliminary zoning of stratigraphic horizons is made during the data capture phase in the field. The final stratigraphic zoning is completed after loading of all assay data into the primary database. Preliminary zoning, lithology, assay and structural data is plotted along a downhole stratigraphic profile. This profile is used to finalise the zoning at the core storage facility using the retained half core as a reference. During logging, core bedding angles of lithologic units are measured with a correction factor applied for apparent thicknesses to obtain the true thicknesses of each reef horizon. RC drillhole chips are logged in 1 m intervals according to the same lithological codes. Matrix grain sizes, colour, sample condition, penetration rates and sample weights are captured in conjunction with the lithological codes. The logged and zoned DD holes are used as templates during zoning of RC chip data. Structural features, zone thicknesses, lithological and grade profiles from all drillholes and in- pit mapping data are considered when finalising the RC drillhole stratigraphic zones. The logging at Tarkwa is both quantitative and qualitative. Photographs have been taken of all DD split core since 2011 (Figure 7.2.2). Figure 7.2.2: Example of diamond drill core photo Source: Tarkwa CPR, 2025 Two survey methods are currently used at Tarkwa for topographical and drillhole collar surveys: • Traversing by total station with an accuracy of one second of arc. The technique employed is the three-tripod system with an acceptable closure within 10 mm. • Real Time Kinematic (RTK) Global Positioning System (GPS) surveying where there is no vegetation cover to an accuracy within 4 cm. Drillholes are completed at various azimuths and dips depending on the geometry of the target orebody. Downhole surveys are carried out on all DD holes and a Reflex downhole set (Reflex Ez-trac) and Reflex orientation setup (Reflex Ez-mark) are used to conduct downhole survey and drillhole orientation, respectively. If any of the surveys are suspect, a re-survey is requested. No downhole surveys are carried out on the vertical RC holes which are drilled to a maximum depth of 130 m. Average deviations in DD downhole surveys are 1 ° (1.7 m) at 100 m depth. All survey data is captured into a Datashed® database. RC holes are sampled at 1 m intervals, while DD holes are sampled based on geology criteria. The minimum interval is 0.2 m to a maximum 1 m. The drill core is logged and halved with one half sent to the laboratory for assaying and the other half retained for quality control (QC) and validation purposes. DD sample recovery is accurately measured. The average sample recovery for RC is 85 %, while the average sample recovery for DD is 90 %. In general, there were no issues related to poor sample recovery rendering samples unrepresentative. Where voids are encountered (e.g., old underground or artisanal workings), the gap is logged in the DD or RC drillhole logs. Tarkwa during RC drilling, each sample collected is weighed and the weight and sample condition recorded on the drillhole log. The recoveries are monitored for each sample and the drilling is stopped if expected recoveries fall below 80 % on three consecutive samples. No bias is observed in these lower recovery samples or wet samples in the data set. This is supported by the reconciliation of production to the grade control model, which is well within acceptable industry limits. Cores and half cores are stored on site at the Tarkwa core yard, a dedicated facility for storage of exploration drill cores. RC sample rejects are also stored at the core yard until all assays have been returned and have been subjected to QA-QC analysis. Once data validation has been completed, RC rejects are routinely disposed of. RC chips are selected on an ad-hoc basis depending on their relevance and these are then kept on site in chip trays for future reference. The qualified person is of the opinion that exploration and mineral resource extension drilling is: a. All drilling and exploration field activities are supervised to ensure health and safety and maintain appropriate technical standards. b. The drillhole surveys are adequate by type and length for the intended purpose. c. Utilising orientated core significantly enhances recorded information to assist with 3D modelling. d. The drillhole database and subsequent modelling aligns to core recovery losses and should not cause material errors. e. Post QA/QC screening and validation exploration results are incorporated into the estimation of mineral resources; the categorisation of mineral resource described in Chapter 11. f. Validated exploration results are used in the mineral resource estimation. g. Individual exploration drillhole information is not viewed as significant or material to the mineral resource and mineral reserve disclosure at Tarkwa and consequently exploration data is not presented in its entirety. h. All exploration activities, including drilling, database management, validation and QA/QC, prior to incorporating relevant data into the resource modelling and estimation process, is viewed as sufficient, appropriate, technically assured and suitable to support mineral resources. 7.2.3 Results A total of 5.8 km of drilling was completed across 59 locations at the Kottraverchy North and Greater Kobada areas. The program was designed to identify structurally controlled ore bodies and to validate the geophysical anomalies by evaluating the extent, grade, and continuity of gold mineralization within the targeted zones. Drilling at Huniso and Tebe confirmed the established stratigraphy and geological features. The area is dominated by a thick clay sequence and barren sulphides, which may account for the elevated IP responses recorded. Assay results returned no significant mineralized intercepts. The gravel layer currently mined through alluvial operations is believed to have been transported from the east by the Huni River. Drilling to date indicates that the IP anomalism in the area does not correlate with any identifiable ore body. In Greater Kobada, drilling confirmed the presence of a mafic intrusive unit at the west of the Kobada pit dipping eastward. This unit contains quartz–tourmaline veins and cubic sulphides, a geological association commonly linked to mineralizing processes. The intrusive unit was intersected in ten drill holes, but only one returned meaningful mineralization. Overall, the intrusive unit exhibits weak, discontinuous, and irregular mineralization compared with the better-developed mineralized zones at Kobada Main. 7.3 Hydrogeology Pumping tests are conducted as the main method of obtaining valuable hydrogeological information necessary to characterise the groundwater system on the mine. Pumping of wells stresses the aquifer and creates a cone of depression in the rock units. The hydraulic properties of the hydrogeological units within Tarkwa influence the nature of the draw down cone. Therefore, the aquifer parameters are obtained by monitoring the manner in which an area of drawdown expands. Alternatively, the falling head slug test is also done to help determine hydraulic conductivity in the immediate vicinity of the holes. The test assumes homogeneity of formation within the vicinity of the hole. The hydrogeological characteristics of the general Tarkwa area reflect data collated from the initial site in December 1995 by Golder for Teberebie Goldfields and ongoing hydrological data collection to the present day. A regional groundwater survey was followed by Mine scale airlift, pumping and packer testing to establish initial hydrogeological parameters and including an initial hydrogeological database. Based on these a generalised hydrogeological model was established for the Tarkwa area. The study requirements included: Targeted pumping and airlift testing; piezometer installation; enhancement of hydrogeological database and 3D model; initial assessment of depressurisation and dewatering requirements. Data from stream flows and location These locations were determined after the site had been entirely mapped and stream patterns and directions were identified. Approximate measurements of stream flow direction were carried out at three different locations with the stream flow pattern in the valleys and throughout the mine site estimated from the range of measured stream flow rates of 1 L/s to 90 L/s. It should be noted that these ranges of flows do not reflect the maximum downstream flow out of the concession area and the wet season flows. Observations of the stream flow assessment at Tarkwa can be summarised as: • Direction of flow within the concession area is generally towards the south. • Majority of flow passes to the west of the Teberebie Ridge. • Flows through the Mantraim eastern valley pass to the Awunaben area. • Relevant streams were diverted with channels and perimeter drains before mining of the pits and they have very minimal or no impact on the mining operations. • Flows recorded in the streams are considered to represent baseflow conditions. Data from exploration boreholes Various exploration boreholes were selected and converted into piezometers for measuring the level of the groundwater level (free water surface). These boreholes are open systems and therefore standpipe piezometers were installed in them. These are measured on monthly basis to determine whether there are any changes or not in the free groundwater surface. Piezometers have been installed at various locations around the pits and measurements have been consistent with previous information. Rainwater has not had significant impact on the groundwater level. New piezometers are always drilled and installed whenever existing ones are mined out due to push backs. Rainfall data Rainfall monitoring data have been made available using rain gauge measurement from several points. Rainfall patterns have generally not changed from historic patterns. Various monitoring points have also been set up across site. Comparison of rainfall figures over a 10- year period indicates higher values in 2014 with Akontansi Ridge recording the highest rainfall, while Pepe recorded the lowest value within the same year. This information indicates localised variations of rainfall pattern across site. Significant local variations are recorded within the rainfall patterns, with rain at a particular pit while no rain is recorded at a different pit at Tarkwa. Current rainfall events have been consistent with historic information. Hydrogeology assessment summary The hydrogeology of the area has been assessed from the available data and is summarised as follows: • A major water table lies at valley level. It does not appear that the valley is perched and there is a basic continuity between the groundwater in the valleys and the rock mass.

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• Minor seepage is evident from within the ridge system, at least in the Teberebie Ridge area where groundwater exits in the pit face at around the site elevation. • There was evidence of artesian pressures within the fault system between Mantraim and Awunaben experienced during drilling of a water well. • The permeability of the fault zone between Awunaben and Mantraim has been assessed from the water well test to be 5.4\*10-6 m/ s. Packer tests in drillholes within the fault zone returned variable results, with one indicating a permeability of 3\*10-6 m/s. • Slight seepages (0.5 L/s to 1.0 L/s) were evident from exploration drillholes located towards the base of the Teberebie Ridge, approximately 10 m to 15 m above the valley floor level on the eastern side. • The estimated permeabilities from the packer tests in the Mantraim series of exploration drillholes ranged from 1.8\*10-8 m/s to 1.4\*10-6 m/s, with an overall mean of 2.6\*10-6 m/s. Test results indicated a general tightness of the of the rock mass, although some areas also showed the openness of the rock mass structure, from a free flowing to tight rock mass. It is anticipated that such range of rock mass conditions could occur throughout the excavation with limited seepage in the tight rock mass and seepage points or small flows within the open textured rock mass. From the packer testing the rock mass can be described as relatively low permeability. Higher flows are usually expected within the fault bounded areas. The qualified persons is of the opinion the hydrology is: a. Tarkwa has reliance on appropriate hydrogeological studies conducted at all relevant sites b. Hydrology is not viewed as presenting a material risk to Tarkwa or the mineral resource and mineral reserve estimates. 7.4 Geotechnical Tarkwa dedicated geotechnical data is collected for geotechnical pit design purposes. This may vary from logging of diamond core, to mapping of exposed surfaces once excavation starts. These geotechnical holes are planned along the periphery of the pit to intercept major and discrete structures that could have a detrimental effect on slope stability. Representative samples are collected and sent to the laboratory for testing. Ongoing data collection and testing on selected exploration holes is carried out to increase data density. Tarkwa geotechnical sampling for the various tests is guided by the mine's sampling protocols as captured in the slope management plan. The main tests that are required for the determination of rock mass properties are the uniaxial and triaxial compressive tests. Uniaxial compressive test (UCS) The Uniaxial compressive strength (UCS) test is used to determine the uniaxial compressive strength (unconfined compressive strength), the Young's modulus and Poisson's ratio. The following processes ensure reliable results are obtained from the UCS test: 1. Selected samples are free of defects. 2. The samples must be circular cylinders with the height twice the core diameter. 3. The ends of the samples must be flat within 0.02 mm. 4. The samples must not be stored for more than 30 days and they must be tested at their natural moisture content. During the testing, uniaxial load is applied to the specimen at a constant stress rate of 0.5 Mpa/sec to 1.0 Mpa/sec by using a universal testing machine. Axial load and radial or circumferential strains are recorded throughout the test. All samples are photographed, and all visible defects logged before testing. After testing, the samples are photographed again, and all failure planes logged. Triaxial compressive test (TCS) Frictional angle (Ø) and cohesion (c) which are the shear strength parameters for intact rocks are determined by triaxial testing. Rock samples are loaded axially and radially by a confining pressure which is kept constant. Steps undertaken to obtain reliable results are: 1. The maximum confining pressure must be half of the unconfined compressive strength of the sample. 2. The test is repeated for at least five different confining pressures. 3. At least two tests are required to be conducted for each confining pressure. The rock mass parameters adopted for the numerical analyses are largely based on laboratory test results. The key assumptions for the rock mass properties are stated below: 1. The uniaxial compressive strength values are the 25th percentile values. 2. The adopted mi values are the 25th percentile values. 3. Rock mass properties were estimated using the Hoek Brown failure criteria. 4. To determine cohesion and frictional angles for two intervals of confining stress, a bilinear Mohr-Coulomb envelop was fitted on a nonlinear Hoek-Brown curve. A representative number of all (uncut) resource diamond drilling, preferably HQ core size, is geotechnically logged and sampled for laboratory testing. In addition, targeted, dedicated triple-tube geotechnical holes are required for any study. These are planned by the responsible geotechnical department. Tarkwa guidelines for open pit studies are a minimum of one drillhole per 100 m of pit crest, or one drillhole pierce point per 4 ha of pit slope surface. Entire recovered orientated core is logged to determine representative rock mass. Table 7.4.1: Required representative samples for laboratory testing Tarkwa Type of test Samples Underground Open pit Direct Shear (For weathered rock, saprolite, fault gouge, etc.) 5 per domain ý þ Uniaxial Compressive Strength (UCS) (With Youngs Modulus and Poisson's ratio determination) 5 per lithology þ þ Triaxial Compressive Tests (5 suites at four confining pressures) 20 per lithology þ þ Brazilian Tensile Strength 5 per lithology þ ý Acoustic Emission (AE) 3 per site þ ý Notes: a. Tarkwa has completed this testing for the life of mine mineral reserve and has ongoing testing of new discoveries. b. Domains and lithologies are based on core logging. c. Additional sample testing is requested if required. Source: Tarkwa CPR, 2025 All materials testing is performed in accordance with International Society for Rock Mechanics, ISRM, (1978) standards. A summary of material testing parameters for Tarkwa can be seen in Table 7.4.2 below. Table 7.4.2: Tarkwa material testing parameters Material UCS (MPA) Density (ƴ) Kg/ Rock Mass Friction Φ(degrees) Rock Mass Cohesion C (Kpa) Young Modulus E (Gpa) Poisson Ratio ⴄ Permeability K (m/s) Overburden and soft rock 20-50 2200 28-32 25-65 1-3 0.28-0.32 2\*10-5 Intermediate rock 75-120 2400 32-36 130-170 8-12 0.22-0.28 2\*10-6 Hard rock 150-180 2700 38-42 350-450 15-25 0.18-0.22 2\*10-7 Intrusive (soft) 1 1800 18-22 20-40 0.8-1.2 0.35-0.45 1\*10-7 Intrusive (Hard) 100 2500 34-38 80-120 3.7 0.32-0.38 5\*10-8 Source: Tarkwa CPR, 2025 The qualified person is of the opinion the geotechnical work is: a. Tarkwa has completed all appropriate testing for the current life of mine reserve and continues to test all new significant discoveries. b. Geotechnical domains and lithologies are based on core logging and modelled by the Geology department. c. Sample testing is adequate for the purposes of this disclosure. d. The quality of the sampling and laboratory testing is adequate to support the mineral resource and mineral reserve estimates. 7.5 Density Rock density is a critical input to the resource block model and for determining the tonnage of an orebody. It therefore impacts the total mineral resource deposit. Consequently, independent porosity and density determinations are estimated from DD core samples for most resource areas (Table 7.5.1, Table 7.5.2 and Table 7.5.3). This is done at the SGS laboratory in Tarkwa using a hydrostatic immersion (wax-immersion) method. The weathering has affected rocks near the surface by oxidation with consequent clay alteration, which in turn affects the porosity, density and metallurgical characteristics of the deposit. Including accounting for void spaces. From the outset, Tarkwa Mine has sought to model the weathering alteration characteristics of the deposit. Initially, a qualitative visual estimate was used to gauge porosity, which was subsequently updated to a wetting test where the quantity and rate of water absorption was measured. The procedure currently in use is a direct measurement of the porosity percentage, or void space, through an immersion technique. The method used is based on an International Standard Method ISO 5017. The statistical analyses of initial test results done on Tarkwa drill cores shows a 94 % linear correlation between Bulk Density and Apparent Porosity. Gold dissolution tests on cores and crushed ore samples show a more scattered trend, however, a clear relationship exists between apparent porosities and gold dissolution characteristics. Six thousand porosity and bulk density determinations have been made on 5 cm core samples taken every 50 cm in the various reef units and in some of the intervening quartzite beds, from 1,070 drillholes at Pepe, Mantraim, Akontansi and Kottraverchy. The weathering profile, and porosity, of the ore varies from surface. This relates to the fluctuations in groundwater levels, which generally vary from 1 m to 40 m. Faulting, fracturing and primary lithological permeability modify the depth to porosity relationship. Individual samples taken at 50 cm intervals are composited per reef zone and Tarkwa uses a manual method of contouring the different porosity values (P Codes) per reef. These contours are then used as constraints for estimating the P Code values into the block models per reef. The specific gravity and dissolution factors are assigned directly from the P code values for each reef. These are also tested with new drilling data during infill campaigns. The tables used to assign these densities and dissolutions for the various pits are shown below. Table 7.5.1: Tarkwa Density – Akontansi Akontansi Porosity Table PCODE REEF-Specific Gravity Dissolution (%)G E C CDE A3 A1 Afc Afc3 Afc1 0 2.69 2.66 2.66 2.66 2.66 2.67 2.68 2.68 2.68 43.75 1 2.66 2.65 2.65 2.65 2.65 2.65 2.66 2.66 2.66 53.5 2 2.66 2.63 2.63 2.63 2.61 2.61 2.61 2.61 2.61 68.13 3 2.63 2.57 2.57 2.57 2.61 2.61 2.61 2.61 2.61 76.44 4 2.57 2.54 2.54 2.54 2.61 2.61 2.61 2.61 2.61 80.85 5 2.54 2.5 2.5 2.5 2.45 2.45 2.43 2.43 2.43 86.73 Source: Tarkwa CPR, 2025 Table 7.5.2: Tarkwa Density – Pepe, Teberebie Pepe Porosity Table PCODE REEF-Specific Gravity Dissolution (%)A C E F2 G 0 2.69 2.69 2.69 2.67 2.69 53.50 1 2.60 2.66 2.66 2.65 2.66 60.33 2 2.54 2.60 2.58 2.58 2.60 72.03 3 2.60 2.60 2.58 2.58 2.60 78.88 4 2.57 2.60 2.58 2.58 2.60 82.80 5 2.48 2.46 2.44 2.38 2.47 86.73 Teberebie Porosity Table PCODE REEF-Specific Gravity Dissolution (%)A CDE C E F24 F2 F4 G 0 2.69 2.69 2.69 2.69 2.67 2.67 2.67 2.69 43.75 1 2.60 2.66 2.66 2.66 2.65 2.65 2.65 2.66 53.50 2 2.64 2.60 2.60 2.58 2.58 2.58 2.58 2.60 68.13 3 2.60 2.60 2.60 2.58 2.58 2.58 2.58 2.60 76.44 4 2.57 2.60 2.60 2.58 2.58 2.58 2.58 2.60 80.85 5 2.48 2.46 2.46 2.44 2.38 2.38 2.38 2.47 86.73 Source: Tarkwa CPR, 2025 Table 7.5.3: Tarkwa Density – Kottraverchy Kottraverchy Porosity Table PCODE REEF-Specific Gravity Dissolution (%)A CDE C E F24 F2 F4 G 0 2.69 2.66 2.66 2.66 2.66 2.67 2.68 2.68 2.68 43.75 1 2.66 2.65 2.65 2.65 2.65 2.65 2.66 2.66 2.66 53.5 2 2.66 2.63 2.63 2.63 2.61 2.61 2.61 2.61 2.61 68.13 3 2.63 2.57 2.57 2.57 2.61 2.61 2.61 2.61 2.61 76.44 4 2.57 2.54 2.54 2.54 2.61 2.61 2.61 2.61 2.61 80.85 5 2.54 2.5 2.5 2.5 2.45 2.45 2.43 2.43 2.43 86.73 Source: Tarkwa CPR, 2025 The weathering profile, and hence the porosity of the ore, varies from surface due to fluctuations in groundwater levels which generally vary from 1 m to 40 m. Faulting, fracturing and primary lithological permeabilities modify the depth to porosity relationship. Individual core samples taken at 50 cm intervals are composited per reef zone and a manual method of contouring the different porosity values (P Codes) is used per reef for the metallurgical response factors. The qualified person is of the opinion the density work is: a. The bulk density testing is adequate for the intended purpose and the tonnage estimation based on the bulk densities appear to have little bias. b. Bulk densities are consistent with lithology and ore types estimated over a ±25-year mining history. 8 Sample preparation, analyses and security 8.1 Site sample preparation, QAQC and security For DD core: • A geologist is responsible for measuring, marking, logging and determination of sample positions. The geologist provides the sampler with the required sample depths ensuring that discrete lithologies are sampled separately where possible and sufficient sample is available for assay with a minimum 15 cm length for NQ diameter half core samples. • A maximum of 25 cm to 30 cm half core samples are taken in ore zones. In the waste zones 30 cm – 50 cm half core samples are taken for 1 m above and below each ore zone. Prior to sampling, the core is cut in half along split lines using a diamond blade core saw. The split line connects all the low node points of the average apparent dip. The core is cut so that the blade passes through both split lines to produce two half cylinders of equal dimension. • A sampler then tickets and bags the upper half of the split core for assay and completes the drillhole sampling record provided by the geologist, including information regarding the sample number, date submitted and batch number. QA/QC assurance samples are added to each batch submission to ensure that sufficient sampling process verification techniques are applied. • The remaining half cores (reference cores) are returned to the core boxes for storage. The borehole sampling record is captured on the logging computer and then synchronised with the main database by the database administrator on completion of the ticketing and bagging, prior to despatch to the assay laboratory. • All sampled half drill core is stored together with non-mineralised whole core in ultraviolet resistant plastic or aluminium core trays at the core storage facility on the mining lease area. All DD sample pulps are retrieved from the assay laboratory and stored at the core storage facility. For RC chips: • Sampling during drilling and grade control is carried out on vertical 1 m composites with sampling starting in the hanging wall of the uppermost reef horizon and continuing below the footwall of the lowermost package. • Sample delivered from the cyclone by the drill contractor is weighed before the material is tipped into the splitter. These weights are recorded on the logging tablet along with the state of the sample (dry or wet). The recoveries are monitored for each sample and the drilling is stopped if expected recoveries fall below 80 % on three consecutive samples. • A single tier splitter is used to split the sample on a 50:50 basis. Both portions of the initial split are reloaded through the splitter to ensure sample homogenisation. The sample is then reduced in volume using the splitter, with the alternating reject portion being discarded at each pass until a representative sample split of 2-3 kg is obtained. • The reject portion is bagged and stored in the field until the assay batch results have been received and accepted before being discarded. The other split is bagged and sent to the assay laboratory for analysis. In general, wet samples are only encountered when initially intersecting the water table (two to three metres). • In the case of wet samples, the sample is allowed to settle and the sample bag is pierced at the top to prevent the samples from being washed out. After draining the water, the sample is tipped onto a clean plastic bag and thoroughly mixed. It is then flattened and sampled on a regular grid pattern. • The RC assay pulps are stored at the assay laboratory's storage facility for a minimum period of three months. A small percentage of the RC pulps are retrieved for the purposes of blind resubmission. • Before samples are sent to the laboratory, the samplers are required to label the plastic sample bags with a permanent, black/blue marker pen with unique identification numbers. • A labelled ticket with the identification number is also stapled to the inside of each split sample bag. The samples are then sent to the laboratory in a batch. Sample Submission protocol: • Generally, the Laboratory collects samples from the mine and transports these to their laboratory. • A despatch sheet is prepared by the QA/QC person, which include the number of samples, the method of analysis required and the types of samples. • A waybill is also prepared which is signed by either the QA/QC Manager or Chief Resource Geologist with a SOX stamp. • The number of samples is confirmed by the Laboratory representative by signing on the sample sheet attached to the despatch sheet. • Laboratory representatives are pre-registered in the Gold Fields Identification System. • Samples are then handed over to the laboratory representative, who sends the samples, the despatch sheet and waybill to Protection Services for verification and signing. 8.2 Laboratory sample preparation and analysis procedures The primary laboratory used for both DD and RC drillhole sample analysis is SGS Tarkwa. SGS is an independent ISO17025 accredited laboratory (certified by the South African National Accreditation System (SANAS). The conformance certificate is ISO 9001:2015. Process production samples are analysed at the mine site laboratory, with SGS used as an umpire laboratory. Samples received at SGS Tarkwa are first sorted and any anomaly is disclosed together with the supplied documentation. The samples are subsequently dried to a maximum of 105 °C, crushed, split to the required weight and milled to 75 µm.

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For samples analysed by fire assay (FA): • 50 g sample aliquot is taken using mat rolling. • Flux is added with appropriate proportion placed in crucibles. • The crucibles are loaded into a furnace and melted at a temperature of 1,050 °C. • The molten sample is then poured and allowed to cool to form a glass slag at the top and lead with the heavy minerals at the base. • The glass slag is knocked off and the lead button placed in cupels for cupellation. • After cupellation, the prill is digested initially with nitric acid followed by hydrochloric acid. • The solution is made to an appropriate volume and analysed by Atomic Absorption Spectrometry (AAS). For samples analysed by bottle roll leach: • A 500 g sample is mixed with an equal proportion of water (500 mL). • One tablet of cyanide is then placed in the solution and bottle rolled for four hours. • The solution is allowed to settle and an appropriate volume (20 mL) of aliquot is taken. 4 mL of Di Iso Butyl Ketone (DIBK) is added to the solution and shaken vigorously for at least 30 seconds and analysed for gold by AAS. • The grade of the original solid is estimated from the solid/solution ratio and the AAS reading. The qualified person has reviewed the certificates and is of the opinion that the analytical laboratories are certificated and have effective process and protocol in place to ensure quality control and assurance and minimise any material errors. 8.3 QA/QC of laboratory sample preparation and analysis To monitor QA/QC, Tarkwa has a comprehensive "Best Practice" QC system, comprising written procedures and monitoring by the Geology group, coupled with internal and external audits. The QA/QC procedures, audits, round-robin benchmarking, as well as the submission of blanks and standards are specified, and full documentation is kept on site at Tarkwa. QC samples are submitted within laboratory batches allowing for monitoring of the drilling, sampling and laboratory sample preparation techniques as well as for analytical accuracy and precision. The different types of QC samples are summarised in Table 8.3.1. Table 8.3.1: Quality control sample types Sample description QC stage Comments Field duplicate Sample source and sampling in the field Monitors the sampling process in the field Laboratory duplicate Sample Preparation at Milling Stage Monitors the sampling of aliquot Coarse crush duplicate Sample Preparation after crushing, but before pulverised Monitors the splitting of the splitting after crushing Standard/blank Fields Monitors the accuracy of results and contamination Pulp re-assay Analytical Checks the precision, or repeatability, of results Pulp umpire Analytical (at the end of a program) Checks the precision and accuracy of the results compared to other labs Source: Tarkwa CPR, 2025 The following protocols and checks are undertaken: • Six standards (including Certified Reference Material (CRM from Rock Lab) and field blanks) are inserted in every 50-sample batch. • A duplicate sample is produced for 5 % of all samples taken (1 in 20), which involves the production of two samples from the same sample interval during initial sample collection at the drill site. This provides information on sample repeatability and sampling error. • The laboratory produces a repeat sample for 2.5 % of all samples (1 in 40) from the initial coarse reject, to check for laboratory preparation errors. • The laboratory produces a repeat sample for 5 % of all samples (1 in 20) from the initial pulp reject, to check for laboratory preparation errors. • All samples with assay >=3.0 g/t Au are re-assayed to check that the gold is fully digested during the Rapid Cyanide Leach process, which is the same as the Bottle roll leach procedure, and the values are accurate. DD samples with assay >5 g/t Au are re-assayed for accuracy. • Each batch of 50 assays includes one standard and one blank. Also, on average, two duplicates and two repeats are inserted. • 5 % (1 in 20) sample pulps are blind and are re-assayed by SGS to check analytical precision. • Pulp rejects of the samples sent to SGS are returned and 20 % of these are submitted to the umpire laboratory Intertek. The Laboratory Certified reference material is inserted by the laboratory for them to check the accuracy of their system. • The QA/QC procedures, audits, round-robin benchmarking, as well as the submission of blanks and standards are specified, and full documentation is kept on site at Tarkwa. • QA/QC reports are reviewed on weekly basis by the Database Geologist and Geology Manager. Any issues highlighted by the reports are immediately brought to the attention of the Assay Laboratory Manager and Chief Chemist. • It is expected that Field Duplicates return a bias equal or below 5 % and HARD of 20 % at the 90th percentile and when, these results are not met, it is brought to the attention of the field geologists and samplers so that they can intervene to improve the sampling process. • It is expected that Lab Crusher Duplicates return a bias equal or below 5 % and HARD of 20 % at the 90th percentile and when, these results are not met, the lab's attention is brought to it for discussion and improvement. • It is expected that Lab Pulp Repeats return a bias equal or below 5 % and HARD of 10 % at the 90th percentile and when, these results are not met, the lab's attention is brought to it for discussion and improvement. • Standard results are plotted in a control chart with Upper and Lower Limits being ±3SD and every standard that falls out is re- assayed with 5 primary samples before and after the failed standard. Only a maximum of 5 % bias is allowed. • Field pulp and coarse bank results are plotted in a control chart with Upper Limit being five times the lower detection limit, which is 0.01 ppm. On a monthly basis, a laboratory audit is conducted by the Database Administrator and the Database Geologist. Any issues are also discussed during these visits. Tarkwa's borehole sampling protocol and QA/QC procedures are reviewed internally by the Gold Fields group technical team during internal audits. They have also been reviewed by Agoratek International (D. Francois-Bongarcon) in 2000 and 2004, as well as during annual mineral resource audits undertaken by Snowden and Optiro. The most recent external audit was conducted by Golder and Associates in December 2021. The scheduled external audit for 2024 has been completed in 2025. The qualified person considers the sample preparation, sample analysis and quality control procedures and quality assurance actions to be adequate, conventional in methodology and representative of industry leading practice. All the procedures are appropriate to ensure the validity and integrity of the analytical results. The sample preparation and security procedures have been reviewed. The sample preparation is found to be adequate with effective supervision and in line with industry leading standards. No material bias is indicated that could potentially impact the sampling preparation and analysis. Sample security enforcement is reliable with low consequence if in the unlikely event of security protocols failure. 8.4 QP opinion on the adequacy and appropriateness of data 8.4.1 Adequacy of sample preparation, security, and analytical procedures The qualified person is of the opinion that the sample preparation, security and analytical process does not present a risk to the Tarkwa mineral reserve or mineral resource. 8.4.2 Unconventional analytical procedures No unconventional or novel analytical procedures have been followed at Tarkwa or used in the mineral reserve and mineral resource. 9 Data verification 9.1 Procedures Gold Fields applies industry-standard practices, emphasising compliance through established protocols, audits, and verification procedures. Key components include measures to verify data validity, accuracy, completeness, timing, and segregation of duties. Geological data from field activities and laboratories are verified using specialised data entry and database management systems. These systems facilitate daily validation, with dedicated personnel correcting errors and approving data entries. These protocols aim to minimise material errors and align with industry standards. Drillhole data is electronically stored using secure database software with validation tools that detect overlapping intervals, excessive deviations, and depth inconsistencies. Non-compliant data is excluded from estimates. Comparisons between drilling techniques assess potential biases, and historical data without QA/QC is evaluated against recent data to determine suitability. Sampling processes use structured data management tools to capture and monitor information. Laboratory dispatches link data via electronic files containing assay and quality control details. QA/QC measures include blank sample checks, duplicate validations, and analytical method comparisons. External audits periodically confirm data integrity. Survey data undergoes manual checks, including re-surveying drillhole collars using differential GPS systems and verification with licensed surveyors. Additional validation methods, such as gyroscopic surveys, may be applied to improve confidence. Data with unresolved errors or verification concerns is excluded from evaluations. 9.2 Limitations or failure to conduct verification The data verification process adheres to industry practices, and no failures to conduct verifications have been identified. Verification steps were consistently applied, including data screening, validation, and quality assurance measures. Historical data without QA/QC protocols was assessed through statistical comparisons with recent data to identify trends, inconsistencies, or biases. Discrepancies were either addressed through additional verification steps or excluded from use. Some uncertainties remain, such as the fact that older data cannot be fully validated. Survey methods generally produce reliable results, with alternative techniques employed where necessary to improve confidence. 9.3 Property-specific verification details Each property may have unique verification procedures, limitations, or actions that are material to data accuracy and reliability evaluation. For this property: • No material deviations from standard verification procedures were identified. • All data validation steps followed established protocols and adhered to industry standards. 9.4 QP opinion on adequacy of data The Qualified person reviewed the verification protocols and considers them adequate to ensure data accuracy, reliability, compliance with industry standards, and minimisation of material errors. 10 Mineral processing and metallurgical testing 10.1 Testing and procedures Background The predominant gold ores contributing to the Tarkwa life of mine mineral reserve comprise material in order of decreasing contribution Akontansi pit, Pepe/Mantraim pit and the South Heap Leach (SHL) tailings material. Relatively minor contributions to the plant feed over the life of mine come from low-grade surface stockpiles, Kottraverchy pit, and Teberebie pit. Oxide ores within the main Tarkwa pits that were historically treated using heap leaching have since been depleted, and all remaining ore is fresh. The heap leaching facility is closed, and only the milling/CIL circuit remains operational. From a metallurgical response perspective, the Tarkwa mineral reserves are considered as being grouped into three different types (Main Tarkwa pits, Kobada and the SHL tailings), with each described in the following sections. Akontansi, Teberebie, Kottraverchy and Pepe/Mantraim pits (Main Tarkwa pits) and low-grade surface stockpiles Geologically, the Tarkwa orebodies typically consist of a series of planar meta-sedimentary palaeoplacer deposits broadly similar to those mined in the Witwatersrand Basin of South Africa but with magnetite being the dominant heavy mineral at Tarkwa as opposed to pyrite within the Witwatersrand deposits. Mineralisation and gold deportment of the reefs are consistent throughout the all the main Tarkwa open pits (Akontansi, Teberebie, Kottraverchy and Pepe/Mantraim). The predominant gangue minerals are quartzite (83-90 wt%), muscovite (6-12 wt%) and kaolinite (1-3 wt%). Sulphur exists in very minor quantities and is associated with quartz veining in the Pepe North and the Pepe West Limb areas, most of which is already mined out. The sulphide concentration in the fresh ore is relatively low. The Tarkwa milling/CIL plant has been processing fresh ores from the main Tarkwa pits for many years, with relatively low variability in throughput and consistently high metallurgical recoveries (approximately 97 % since commissioning of the new gravity circuit late in 2018). This is typical when treating such large scale palaeoplacer deposits. The existing low-grade stockpiles represent an accumulation of lower grade material mined from the main Tarkwa pits over several years. More recent metallurgical testwork associated with these main Tarkwa pits is limited to the recently defined Ulap Extension cutback, which is a north-eastern extension of the Akontansi pit. This testwork program is discussed in the following sections. Plant performance expectations (volume throughput, metal recovery and costs) to process the remaining fresh ores from the main Tarkwa pits are therefore based on recent historical actual plant performance and related empirical data. Kobada pit The Kobada project is situated approximately 2.5 km south of Akontansi pit and 2.7 km south-west of the Pepe/Mantraim and Teberebie pits. With respect to geology, Kobada is a structurally controlled deposit, which formed at the contact zone between the Banket Footwall and the Kawere Sandstone, that developed during late stage of deformation. Gold emplacement was constrained within a bedding parallel micro-diorite that experienced an incremental introduction of hydrothermal fluids. The micro-diorite hosted gold mineralisation that is located below a conglomeratic stratigraphic marker horizon and it is characterised by the presence of quartz-tourmaline veins, sulphides, silicification and sericitisation. Due to the significant geological and mineralisation differences between the ores associated with the Kobada hydrothermal deposit and the main Tarkwa palaeoplacer deposits, a dedicated metallurgical testwork program was undertaken, to better estimate plant performance whilst processing the mined Kobada ores. This testwork program is discussed in the following sections. South Heap Leach Tailings The South Heap Leach (SHL) tailings contributed approximately 60 Mt at a grade of 0.40 g/t to the end-2024 reserve at Tarkwa. This material is heap leached crushed ore (i.e., tailings), with size distribution of approximately 80% passing 9 mm, remaining after the closure of the leaching pads. The original ore source for the heap leach material was the main Tarkwa pits. Due to the prior recovery of gold associated with the original heap leach operation, a dedicated sampling and metallurgical testwork program was carried out on these tailings, to better estimate plant performance whilst reclaiming and processing this material through the CIL plant. A discussion of this testwork program is included in the following sections. Importantly, based on the current planning parameters and cost assumptions, the option to re-process the SHL material at the end of the LOM plan continues to show a positive net realisable value (NRV) confirming economic viability. Notably, the SHL cutoff grade does not exceed the current in situ cutoff grade for the pits. In addition, the SHL volume has been surveyed to confirm the total tonnage to be processed. The qualified person is of the opinion that there has been no known or documented alteration of the material through weathering that necessitates any further metallurgical testwork to confirm gold content. Akontansi Pit Underlap Extension (Ulap) 2019 Testwork In 2019, eight core samples from the proposed Ulap orebody extension were submitted under commercial terms to the University of Mines and Technology in Tarkwa for metallurgical testwork. The testwork program included the following: • Head analysis, including multi-elemental scan and quantified x-ray diffraction (QXRD) analyses. • Comminution characteristics - rock SG, Bond BWI (Ball Work Index) and SMC SAG milling parameters. • Gravity (Knelson followed by mercury amalgamation) / cyanide leaching (direct leach) of gravity tails. The samples were selected from diamond drill core in order to obtain single continuous mineralised intercepts (including expected internal and external ore dilution) from a known single spatial location representing single geological domains and lithologies. The relevant results are summarised in Section 10.2. Kobada 2016 Testwork In 2016 six core samples from the Kobada project area were submitted to the University of Mines and Technology in Tarkwa for metallurgical testwork. The testwork program included the following: • Head analysis, including multi-elemental scan and quantified x-ray diffraction (QXRD) analyses. • Comminution characteristics - rock SG, Bond BWI (Ball Work Index) and SMC SAG milling parameters. • Gravity (Knelson followed by mercury amalgamation) / cyanide leaching (direct leach) of gravity tails. • Acid mine drainage (AMD) analysis, being Total S, Acid Neutralisation Capacity (ANC), Net Acid Generation (NAG), Total Acid Production Potential (TAPP), Net Acid Production Potential (NAPP), Net Acid Generation (NAG) and pH. The samples were selected from diamond drill core to obtain single continuous mineralised intercepts (including expected internal and external ore dilution) from a known single spatial location representing single geological domains and lithologies. The relevant results are summarised in Section 10.2. South Heap Leach Tailings 2012 Testwork In 2012 ninety-two (92) drill sample composites from the South Heap Leach facility were submitted to the University of Mines and Technology in Tarkwa for bottle roll metallurgical testwork. The testwork program included the following: • Head analysis. • 106 µm P80 grind, followed by cyanide leaching (direct leach). • Size-by-size analysis. The relevant results are summarised in Section 10.2. 10.2 Relevant results The following sections summarise key results from the Ulap (2019), Kobada (2016) and SHL (2012) Tarkwa University of Mines and Technology testwork programs, and describes the approaches taken to estimate recoveries and mill throughputs for the LOM mineral reserve plan. Ulap Table 10.2.1 provides a summary of the key species assays of the metallurgical samples used for the Ulap study. Some observations of the data in Table 10.2.1 suggest that the organic carbon concentration is slightly enriched in general for Ulap, with copper (Cu) and silver (Ag) enriched in the A-Fresh and H-Fresh samples. Table 10.2.2 shows a summary of hardness test results for the Ulap area samples. The SAG and Ball work index results are reasonably consistent with hardness test results undertaken on the Tarkwa plant feed samples (June 2016). Table 10.2.1: Ulap metallurgical samples head analyses – key species Sample name Total sulphur (%) Sulphide sulphur (%) Total carbon (%) Organic carbon (%) Inorganic carbon (%) Ag (ppm) Cu (ppm) As (ppm) Sb (ppm) Pb (ppm) Hg (ppm) Cd (ppm) A-Oxide. Trans <0.05 <0.01 0.18 0.18 <0.01 <1 9.8 3 <3 4 <1 <0.3 A-Fresh 0.05 <0.01 0.15 0.13 <0.01 40 4200 <2 <3 5 <1 0.3 B-Fresh <0.05 <0.01 0.14 0.13 <0.01 <1 5.5 <2 <3 3 <1 <0.3

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C-Fresh <0.05 <0.01 0.16 0.16 <0.01 <1 6.1 <2 <3 4 <1 0.3 E-Fresh <0.05 0.01 0.23 0.20 0.03 <1 25 <2 <3 1 <1 <0.3 F-Fresh <0.05 0.01 0.15 0.18 0.02 <1 20 <2 <3 3 <1 <0.3 G-Fresh <0.05 <0.01 0.24 0.23 0.02 <1 6.6 <2 <3 3 <1 <0.3 H-Fresh 0.07 0.04 0.17 0.16 <0.01 700 9900 <2 <3 6 <1 0.4 Source: Tarkwa CPR, 2025 Table 10.2.2: Ulap metallurgical samples hardness test results Sample IDs Rock SG (t/m³) Drop weight index (Axb) SAG Work Index, Mia (kWh/t) Bond Ball Work Index (kWh/t) A-Oxide. Trans 2.66 79.5 11.3 13.1 A-Fresh 2.68 37.9 20.6 15.2 B-Fresh 2.67 76.3 11.6 12.1 C-Fresh 2.68 57.6 14.6 13.1 E-Fresh 2.67 52.5 15.6 14.2 F-Fresh 2.67 58.5 14.4 14.5 G-Fresh 2.68 57.6 14.6 13.4 H-Fresh 2.68 64.8 13.3 14.5 Average 2.68 61.2 14.0 13.6 Source: Tarkwa CPR, 2025 Table 10.2.3 provides a summary of the gravity/leach test results for the Ulap samples, with grind size P80 of 106 µm. The test results returned recoveries between 95.1 % to 98.1 %, which is reasonably consistent with the Tarkwa plant's historical performance when processing ores from the Tarkwa main pits. Table 10.2.3: Ulap metallurgical samples gravity/leach test results Sample Estimated head grade (Au g/t) Gravity recovery (%) Final tails grade (Au g/t) Overall recovery (%) Lime (kg/t) Cyanide (kg/t) A-Oxide. Trans 2.50 50.9 0.07 97.2 0.75 0.35 A-Fresh 1.63 51.0 0.08 95.1 0.45 0.15 B-Fresh 1.30 35.5 0.04 96.9 0.63 0.26 C-Fresh 2.57 57.6 0.05 98.1 0.50 0.14 E-Fresh 2.22 30.1 0.06 97.3 0.55 0.18 F-Fresh 2.65 50.2 0.08 97.0 0.56 0.16 G-Fresh 1.57 28.8 0.06 96.2 0.54 0.28 H-Fresh 1.08 56.5 0.04 96.3 0.55 0.21 Source: Tarkwa CPR, 2025 Leach recoveries are high, despite the presence of some organic carbon in the samples in the absence of activated carbon. The cyanide consumption for samples A-Fresh and H-Fresh is relatively low, despite the high concentrations of copper in the samples. This indicates that the copper is not significantly reacting with the added cyanide during leaching. In summary, the metallurgical testwork for the Ulap samples has returned results that are reasonably consistent with the recent historical Tarkwa plant feed characteristics and performance. As such, it is recommended that the processing assumptions adopted for Ulap ores for the end-2022 reserves are the same as those used for ore from the main Tarkwa pit. Kobada Table 10.2.4 provides a summary of the key species assays of the metallurgical samples used for the Kobada study. The samples (which were jointly selected by geological and metallurgical representatives) were composited from diamond drill core to obtain single continuous mineralised intercepts, including expected internal and external ore dilution, from a known single spatial location, and where possible representing single geological domains and lithologies. Table 10.2.4: Kobada metallurgical samples head analyses – key species Sample name Total sulphur (%) Sulphide sulphur (%) Total carbon (%) Organic carbon (%) Inorgani c carbon (%) Ag (ppm) Cu (ppm) As (ppm) Sb (ppm) Pb (ppm) Hg (ppm) Cd (ppm) GDKD058 0.32 0.28 1.95 0.13 6.85 <1 53 310 <3 8 <1 <0.3 GDKD059 0.57 0.47 2.14 0.06 10.4 <1 55 1600 3 10 <1 0.6 GDKD060 0.58 0.52 2.03 0.05 9.9 <1 38 320 <3 8 <1 <0.3 GDKD061 0.38 0.14 1.85 0.07 8.9 <1 49 82 <3 7 <1 <0.3 GDKD065 0.51 0.24 2.06 0.11 9.75 <1 59 38 3 9 <1 <0.3 GDKD066 0.42 0.33 1.92 0.11 9.05 <1 53 64 <3 8 <1 <0.3 Source: Tarkwa CPR, 2025 Some observations of the data in Table 10.2.4 suggest that the organic carbon concentration is slightly elevated at Kobada, with elevated arsenic (As) in the samples from GDKD059, GDKD060 and GDKD061. All Kobada samples are significantly enriched in inorganic carbon (i.e., carbonates). A summary of hardness test results for the Kobada samples is presented in Table 10.2.5 the bond ball work index results are generally slightly softer than typical fresh Tarkwa pit ores and hardness test results undertaken on the Tarkwa plant feed samples (June 2016). Table 10.2.5: Kobada metallurgical samples hardness test results Sample name Rock SG (t/m³) Bond Ball Work Index (kWh/t) GDKD058 2.65 12.7 GDKD059 2.63 12.7 GDKD060 2.63 12.6 GDKD061 2.65 10.7 GDKD065 2.64 12.0 GDKD066 2.62 11.9 Average 2.64 12.1 Source: Tarkwa CPR, 2025 Table 10.2.6 provides a summary of the gravity/leach test results for the Kobada samples, with grind size P80 of 106 µm. No gravity recovery step was included in the testing procedure, as the Tarkwa plant was not equipped with a gravity circuit at the time that the study was undertaken. The Tarkwa plant is now equipped with a gravity circuit. The testwork results returned recoveries between 84.2 % to 94.0 %, which is lower than the Tarkwa plant's historical performance while processing ores from the Tarkwa main pits. This is anticipated based on the significant geological and mineralisation differences between Kobada and the main Tarkwa pits. Table 10.2.6: Kobada metallurgical samples gravity/leach test results Sample name Estimated head grade (Au g/t) Final tails grade (Au g/t) Overall recovery (%) Lime (kg/t) Cyanide (kg/t) GDKD058 3.16 0.19 94.0 1.17 0.32 GDKD059 2.02 0.32 84.2 1.25 0.37 GDKD060 2.88 0.18 93.8 1.17 0.34 GDKD061 4.66 0.31 93.3 1.02 0.35 GDKD065 0.85 0.08 90.5 1.31 0.40 GDKD066 2.18 0.19 91.3 1.13 0.34 Average 2.63 0.21 91.9 1.18 0.35 Source: Tarkwa CPR, 2025 Given the significant geological differences encountered at Kobada coupled with the lower recoveries from the testwork undertaken, a dedicated recovery estimation model was developed for mineral reserve cutoff grade calculations and plant production forecasting using the testwork results: • Kobada recovery = (Au – 0.1089 \* Au^0.6761-0.01) / Au \* 100 • Where, Au=gold head grade (g/t) Maximum recovery estimation model is constrained to 94.0 %, being the highest test result obtained from the testwork. South Heap Leach. Cyanide leaching testwork was undertaken on ninety-two (92) drill composite samples by the Tarkwa University of Mines and Technology in 2012. These were collected from a combination of air core and RC drilling at the South Heap Leach facility. After grinding the heap leach tailings samples to 80 % passing (P80) 106 µm, leaching extraction results ranged from 80 % to 100 %, with an average of 92.6 %. Financial assessments and mill feed scheduling for the life of mine mineral reserve, assumes that an average recovery of 90 % is achieved for the South Heap Leach facility material. The mill throughput rate estimated and scheduled for processing the South Heap Leach facility material is 14.5 Mt per annum, which is slightly higher than that adopted for treating ores from the main Tarkwa Pits. The higher throughput is assumed to be achievable based on the relatively fine crush size distribution of the material to be fed (P80 of approximately 8 mm), coupled with the potential to slightly coarsen the milled product grind size distribution, due to the relatively low head grade of the material. Main Tarkwa Pits The metallurgical characteristics of the main Tarkwa open pits (Akontansi, Teberebie, Kottraverchy and Pepe/Mantraim) for the life of mine plan are assumed based upon recent actual plant performance results. The gold recovery estimation relationship is based upon a natural logarithm model fit to the monthly reconciled plant results from January 2021 through to March 2024, shown in Figure 10.2.1. Figure 10.2.1: Tarkwa monthly plant recovery model fit chart Source: Tarkwa CPR, 2025 The mill throughput estimate for scheduling the processing of ores mined from the main Tarkwa pits is 14.7 Mt per annum. This is based on 2024 plant performance, with 12.4 Mt processed from January to October 2024. 10.3 Plant sampling Plant feed tonnage is measured via weigh scales (weightometers) on the mill feed conveyors. Plant feed is sampled for moisture determination only. Leach feed and residue samples are taken automatically using two stage automatic samplers. In certain cases, hand cut samples are collected. Shift composites are accumulated and prepared in accordance with site-specific procedures. The analytical laboratory for carrying out the process plant sample analysis is situated on the mine site. Management of the onsite laboratory is contracted out to SGS who are ISO 14001 compliant. The samples undergo preparation and analysis by slurry pressure filtration (to separate the solids and solution), solids oven drying, splitting, pulverisation, weighing, aqua regia digestion, DIBK extraction and AAS reading. Laboratory QA/QC checks are carried out at the SGS laboratory in Tarkwa, Ghana. In accordance with the Gold Fields Plant Metal Accounting Standard, a gold in circuit inventory is undertaken monthly to reconcile (by mass balance) the back-calculated gold grade of the mill feed with the mill feed grade estimates obtained using daily plant samples and assays. The monthly variance between the assayed grade and the back-calculated grade is monitored, and an investigation is initiated if this variance exceeds the minimum allowable levels (thresholds) outlined in the Gold Fields Plant Metal Accounting Standard. 10.4 Deleterious elements The testwork procedures include elemental and mineralogical analysis for elements that could be deleterious to plant recovery (e.g., arsenic, tellurium, antimony, organic carbon). The Tarkwa and Kobada pit metallurgical samples tested contain some levels of organic matter (carbon), with concentrations ranging from 0.05 % to 0.23 % (refer to Table 10.2.1 and Table 10.2.4). The levels are relatively low compared to other (non-Gold Fields) known problematic preg-robbing ores, and based on the testwork results, the activity of the natural carbon at Tarkwa appears to be relatively low. The Tarkwa and Kobada pit metallurgical recovery tests were undertaken as direct cyanidation leaching tests (not carbon-in-leach) therefore providing potentially conservative recoveries in the presence of active organic matter. Three of the Kobada metallurgical samples contained arsenic at concentrations greater than 100 ppm. Sample GKD059 had the highest arsenic grade of 1,600 ppm and had the lowest gold leach recovery of 84.2 %. There is no known high density multi-elemental assay data for the Tarkwa deposits or Kobada, so it is not possible to develop a geological distribution model for species other than gold. 10.5 Metallurgical Risks In the opinion of the qualified person, the combination of a well-established processing plant with a known operating history of treating ores mined from the associated mining leases, together with the recent metallurgical testwork undertaken to assess core samples selected from future local mineralisation areas (as outlined in the previous report sections), provides a reasonable basis for estimating the associated metallurgical and processing modifying factors underpinning the Tarkwa mineral reserves. However, the reader should be aware that some uncertainty remains that could introduce risk. These are discussed in detail in the following sections. 10.5.1 Sample Representativity Metallurgical sample selection is an important aspect of the process of converting mineral resources into reserves. The results of the testwork undertaken on those samples are often directly used as inputs into plant performance estimates used for mineral reserve financial evaluations. Therefore, it is important that the selected metallurgical samples are representative and that they cover a suitable range of gold head grades. The samples must also consider the various geological lithologies and domains expected to be encountered, and they must appropriately incorporate any anticipated internal and external material dilution expected during the mining process. Individually testing different head grades ranges and geological domains improves the ability to gauge the metallurgical response to expected variability within the orebody. This allows for better judgments and estimates to be made on how the material to be processed will perform in the processing plant. As new potentially economic mineralised areas are identified at the mine, the site's exploration geologists and metallurgists will select several representative core composite samples for each new mineralisation area and submit these to a commercial metallurgical laboratory for a defined testwork programme including, head assays, recovery and physical property analyses. While care is taken with the sample selection process, there are practical constraints to samples numbers due to core availability and the costs of testwork. Specifically for Tarkwa, the availability of drill core samples representative of future ores is significantly constrained due to a structural damage incident at the core farm which eliminated all available historical drill core. Based on this it is not possible for the qualified person to guarantee that the proposed reserves have been fully representatively sampled, and therefore some inherent uncertainty will remain. The recovery estimation models used for mineral reserve determination at Tarkwa were developed based upon both recent past plant performance and metallurgical testwork results, as discussed in this report chapter. 10.5.2Laboratory Test Methods and Scale-up The laboratory test results require scale-up to estimate performance through the industrial processing facility. In the case of Tarkwa mineral reserves for the main open pits, the assumed plant parameters are based upon recent historical plant performance, while the recovery predictions for the South Heap Leach facility material and Kobada pit are based upon results obtained from the metallurgical testing. The metallurgical testing regime adopted has been specifically tailored to provide results that reasonably and practically represent the actual installed processing facility. This regime has been developed from experience gained over many years of undertaking such work at several Gold Fields operations, culminating in eventual mining, and processing of ores that have been historically metallurgically tested. There is potential risk associated with the delivery of these metallurgical testing results. This is a result of differences between laboratory methods and full-scale processes, and miscellaneous unidentified errors associated with the testing procedures. The selected laboratory (Tarkwa University of Mines and Technology, Ghana) that has undertaken the metallurgical testwork is not certified by any standards association, but is well regarded by the qualified person and has an established history of performing well for Gold Fields both at Tarkwa and elsewhere. Furthermore, samples analysed by the Tarkwa University of Mines and Technology are used to characterise processing parameters and are not incorporated into any geological or grade models produced for Tarkwa. The University is local to the mine, and support of local facilities is important in maintaining good relationships with the community. Despite reasonable efforts and care in the application of laboratory testwork scale-up factors and determination of recovery estimation modelling methods from historical plant results, there remains some inherent uncertainty in predictions of future actual performance of the industrial facility. 10.5.3 Deleterious Elements The routine metallurgical testwork programs include detailed head analysis (multi-element ICP-MS scan) and mineralogical analyses to check for the presence and quantities of potential deleterious elements to the plant, such as mercury, arsenic, organic carbon, antimony, tellurium, base metals, etc. Whilst this assessment is carried out on the limited number of metallurgical composite samples, it is not typically undertaken on individual exploration samples. The multi-elemental assay results obtained from the metallurgical samples are used as a guide to identify if there are any deleterious elements at high enough concentrations that would be of reasonable concern and that could materially impact plant performance. If such a species is identified then the option to submit a larger number of individual exploration samples for detailed analysis, to better quantify and locate the deleterious species, is readily available.

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However, given the relatively low number of metallurgical samples checked for deleterious elements, it means that some inherent risk remains to unexpectedly encounter such a species during subsequent mining and processing operations, despite such elements not being identified during metallurgical testing. 10.6 QP opinion on adequacy and appropriateness of data The qualified person is of the opinion that the data, sampling, and analytical procedures used are conventional industry practice and that analysis is expected to be reasonable for recovery estimation, noting the information, constraints and risks described in Section 10. 11 Mineral resource estimates Tarkwa's mineral resources undergo an initial assessment through the application of a range of assumed technical and economic factors to ensure reasonable prospects for economic extraction. The open pit mineral resource is constrained to an optimal pit shell defined by a mineral resource gold price of $2,300/oz and relevant unit costs and modifying factors. The in-situ cutoff grade has modifying factors applied and all material within the pit shell above the estimated cutoff grade is judged to meet the requirement of having reasonable prospects for economic extraction. The point of reference for the mineral resources is over a mining width, with dilution applied to the selection of the optimised pit shell. The grades and tonnages are disclosed in-situ and undiluted and mineral resources are 90 % attributable to Gold Fields. 11.1 Key estimation assumptions, parameters, methods and modifying factors Valid samples are used when estimating mineral resource. Non valid samples are excluded from estimation and are thus not materially influence estimates. There are no exploration targets estimated. There are no deleterious or co elements to be estimated. 11.1.1 Geological model and interpretation Geological modelling is initially based on the exploration DD data and forms the basis of the mineral resource estimate. However, where closer spaced RC drilling has been carried out for grade control purposes, the assay results and drill logs from the RC data are combined with the DD data. In-pit mapping data, most commonly in the form of survey pickups of geological structures and reef boundary contacts, is incorporated into the structural interpretation. Conglomerate horizons that host the gold mineralisation can be visually identified and they are sampled to an accuracy of a few centimetres in DD holes. Reef thickness estimates are accurate in DD holes and accurate to within approximately 1 m in RC holes. Logging of RC holes is performed on 1 m composite samples. The orebodies at Tarkwa are cut by numerous predominantly reverse faults, which generally run perpendicular to strike and are predominantly reverse faults. Initially, structural interpretations using sections extracted from the drillhole database is carried out prior to the modelling of the individual reef horizons. 3D wireframe planes of the structural discontinuities (faults) are constructed during the structural interpretation. Several igneous intrusions cut the orebodies. These can cause areas to be sterilised for mining. The major intrusions are identified during exploration and subsequent infill RC drilling and are modelled as 3D wireframes. One of two processes is used for modelling each individual reef horizon within the orebody: • In the first process, each reef is modelled as a series of 3D hanging wall and foot wall surface section strings using the results from the available drilling. These are projected past the modelled structural wireframe surfaces and are linked to create closed wireframes. • Each reef is modelled as a 3D wireframe based on interpolation of the reef thickness. The first stage is to create a footwall surface by triangulation using reef intersection points in each drillhole and projecting the modelled surface beyond discontinuities. The vertical thickness of the reef is then estimated for each drillhole and this variable is interpolated into a 25 m x 25 m grid using an ID2 sample weighting. The interpolated vertical thickness value is added to the elevation attribute of the foot wall triangulation surface to create a series of 25 m x 25 m spaced points. These are then triangulated to create a physical hanging wall surface. The surface is checked to ensure that all the borehole intersection points have been honoured. Hanging wall and foot wall surface boundary strings are used to close the footwall and hanging wall surfaces and create a 3D wireframe model. The 3D wireframes produced by either method are cut on the structural discontinuities and igneous intrusions to prevent duplication or overestimation of reef volumes. The first method described above produces more reliable results in structurally complex areas but takes longer to complete. Both methods can produce auditable wireframes and both methods are currently applied as appropriate. An additional aspect to the mineral resource estimation process is the modelling of specific sedimentological domains within individual stratigraphic units. The domaining procedure uses several sedimentological and grade distribution characteristics to define the domain boundaries of each reef. The 3D geological wireframes for each reef are used to constrain the block model and obtain an estimate of the reef volume. Cross sections showing current topography, DD and RC drillholes with wireframe interpretations are documented during preparation for internal and external review audits. These documents are stored with the wireframes and block model data in electronic format. With regards to the interpretations, several factors are noted by the qualified person: a. Minor intrusions do occur which are not picked up during initial exploration drilling at 100 m spacing. However, these are usually identified during subsequent closer spaced grade control drilling and in-pit mapping. The inclusion of grade control drilling and mapping in the modelling process has led to changes in the position of certain stratigraphic units in some areas when compared to the initial model based on wide spaced (100 m – 200 m) exploration drilling. This is largely due to the presence of small-scale structures. b. In rare instances, these changes can manifest as changes in the elevation of the individual reefs by up to 20 m due to revised interpretations adjacent to complex structures. This will influence the stripping ratio in the immediate area and therefore affect the pit optimisation. Reconciliations to date have shown that this has translated to overall gains in ore tonnage. The reasons for tonnage gains are: ◦ un-modelled strike changes between the DD model and the combined RC/DD model; and/or ◦ the overestimation of volume caused by the 1 m sample intervals used in the sampling of the RC drillholes compared to the precision achieved when the ore is mined during production. The exploration drilling does not accurately define the location and shape of the orebody on a local (grade control) scale. However, grade control drilling adequately confirms local changes, and currently runs approximately 6 to 9 months ahead of mining. This enables the geology modelers to adjust the model in a timely manner to accommodate for changes to the geological model between exploration and grade control for incorporation into the annual mine planning process. 11.1.2 Block modelling 3D block models of the in-situ mineralisation are constructed based on the geological interpretations. Separate block models are prepared for each deposit: Pepe-Mantraim-Teberebie, Akontansi, Kottraverchy and Kobada. The block models utilise sub-celling to ensure that the block model volume closely represents the volume of the wireframe model. At the end of the modelling process, the volume is depleted to account for mined out volumes. The block models are essentially a set of specifically sized "3D blocks" that represent a discretised (approximated) in-situ mineralised orebody that is generated by filling a geologically interpreted wireframe model. The block size used for each model is 50 m x 50 m x 3 m. The block models utilise proportions to ensure the block model volume closely represents the volume of the wireframe model. At the end of the modelling process, the volume is depleted to account for already mined out material. 11.1.3 Compositing and domaining One metre gold grade composites are produced from the reef hanging wall intersection. The compositing process is optimised to ensure that minimal data is excluded by allowing composite lengths to vary. Statistical studies are most meaningful when dealing with data from geologically homogenous populations. To assign data effectively to the various spatially defined geological populations, Sedimentological studies of the detailed stratigraphy within potential reef units have led to the recognition of both vertical and lateral facies variations. The data shows variations in both grade and thickness along the palaeoflow direction (strike) of the orebody. Full reef compositing for grade and thickness is done for each individual reef horizon. A combination of these two attributes is also computed to obtain the accumulation. Changes in gold accumulation, gold grade and reef thickness along the flow direction are further used to delineate geologically homogeneous local facies or geozones. These geozones or domains are used to constrain the statistical and geostatistical analyses on a soft boundary domaining basis. The hard domain boundaries are relaxed by 50 metres into the adjacent domains to form the soft domain boundaries. Bulk density The weathering profile, hence, porosity of the ore, varies from surface due to fluctuations in groundwater levels which generally vary from 1 m to 40 m. Faulting, fracturing and primary lithological permeabilities modify the depth to porosity relationship. Individual core samples taken at 50 cm intervals are composited per reef zone and a manual method of contouring the different porosity values (P Codes) is used per reef. These contours are then used as constraints for estimating the P Code values into the block models per reef. The specific gravity and dissolution factors are assigned directly from the P code values. Specific gravity ranges from 2.37-2.69 t/m³ and dissolution ranges from 44-87 %. The models reconcile well with surveyed tonnages and heap leach recoveries. Stockpiled ore is assigned a specific gravity of 2.0 t/m³. Unmineralised, waste material below the weathering surface is assigned a specific gravity of 2.65 t/m³. This interface between weathered and fresh material typically sits 20 to 30 m below surface. Lower values of 2.3 t/m³ to 1.6 t/m³ are assigned to material above the weathered/fresh interface surface. All the values are based on historical field measurements and they are periodically validated. All dilution skins assume the specific gravity of the mineralised zone. 11.1.4 Top cuts Top cuts are used to control grade outliers during estimation. Grades above a selected threshold are capped to a selected threshold, therefore retaining the high-grade nature locally whilst constraining the influence of the outlier on the estimation. Top cuts are determined per domain through analysis of probability plots, histograms and by reviewing the samples at the top end of the grade distribution. Descriptive statistics are applied to develop an understanding of the statistical characteristics and sample population distribution relationships. Histograms and probability plots (to evaluate the normality and lognormality of the distribution) are used to establish an understanding of the statistical relationships within each reef domain. In most cases, the number of high-grade values is less than 2 % of the population and these are "top cut" for the purpose of appropriate and realistic semi-variogram modelling and evaluation. • Akontansi top cuts range from 2.5 g/t to 18 g/t • Pepe, Atuabo, Mantraim, Teberebie, Awunaben (PAMTA) top cuts range from 2.5 g/t to 30 g/t Table 11.1.1: Summary of mineral resource estimation parameters Pit Domai n Search distances a Min, Max samples Parent cell sizes (X, Y, Z) Estimato r Sample types Composit e length Top cuts b Akontansi 11 343m x 176m x 30m 25, 50 50m x 50m x 3m SK RC/DD 1m 999 21 260m x 133m x 30m 25, 50 50m x 50m x 3m SK RC/DD 1m 30 31 260m x 133m x 30m 25, 50 50m x 50m x 3m SK RC/DD 1m 999 41 261m x 129m x 30m 25, 50 50m x 50m x 3m SK RC/DD 1m 13 51 261m x 129m x 30m 25, 50 50m x 50m x 3m SK RC/DD 1m 12 Kottraverchy 11 205m x 93m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 13 213m x 104m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 13 208m x 101m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 21 299m x 150m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 22 256m x 147m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 23 256m x 147m x 30m 30, 60 50m x 50m x 3m SK RC/DD 1m 15 Pepe/ Mantraim 81 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 30 82 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 30 83 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 30 91 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 10 92 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 10 93 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 10 Teberebie 11 300m x 151m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 30 21 300m x 151m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 9 31 300m x 151m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 10 41 387m x 198m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 999 51 311m x 153m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 21 61 232m x 136m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 25 71 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 18 72 494m x 249m x 30m 40, 60 50m x 50m x 3m SK RC/DD 1m 18 Kobada 11 120.8m x 54.9m x 1m 6, 12 10m x 10m x 1m SK RC/DD 1m 65 21 110m x 52.5m x 1m 6, 12 10m x 10m x 1m SK RC/DD 1m 20 31 110m x 52.5m x 1m 6, 12 10m x 10m x 1m SK RC/DD 1m 16 Notes: a. Based on variogram model and reef orientation, varies by domain/reef. The search distances for only the primary reef are shown in the table. b. Based on statistical analysis by domain/reef, varies by domain/reef. The range of top cuts is shown in the table. c. SK refers to the Simple kriging technique which is finally used which is further post-processed to obtain recoverable mineral resources for pit optimisation. The ordinary kriging technique (OK) is also run for further checks d. 999 in the table represents areas where no top cuts are applied Source: Tarkwa CPR, 2025 11.1.5 Variography A variogram is a description of the spatial continuity of the data. The estimation methods employed at Tarkwa rely on the properties of the variograms and therefore this is an important aspect of the estimation process. Variogram studies are carried out on composited data for individual domains. The variogram analysis is used to evaluate the spatial continuity of the mineralisation and to create a three- dimensional 3D model of how grades change with distance. The analysis of the variography is used to determine the search parameters in the grade estimation process. Variogram studies are carried out on composited data for individual domains. A search region or ellipse is defined based on observed directional grade continuity and is usually oriented in agreement with geological observations. Surpac software is used to model the ellipse angles for variogram modelling using the ZXYLLL Datamine angles of rotation axes. The parameters used for both the downhole and planar variograms are setup in tables in the Minesoft RES database. Historically, two- structure anisotropic variograms have been modelled in all areas at Tarkwa, with the major axis direction defined by the palaeo directions or by secondary reworking of reef horizons during episodes of uplift (often perpendicular to the palaeoflow directions). The first structure in the variograms is associated with the local channelling within the braided river system during conglomerate deposition (15 m – 60 m). The long-range structures may be up to 500 m in the more channelised reefs but generally range from 200 m – 400 m. During anisotropy determination, all angles are checked, and the final ellipse angles are rechecked once the major direction for variogram modelling has been selected. The qualified person is of the opinion that the variographies are practical reflection of the spatial continuity of the respective mineralization grades and their application to the geostatistical analysis is adequate to minimize uncertainty and to derive appropriate resource block models for use by the planning engineers to complete both mine design and production scheduling. 11.1.6 Grade estimation Grade is estimated using the Gold Fields Minesoft RES system. Gold grade is interpolated into 50 m x 50 m x 3 m (W x Lx H) blocks using simple kriging (SK) and ordinary kriging (OK) to generate the panel estimation grade models. A minimum of 20 composites are used for estimation, which may increase depending on reef thicknesses. If the number of composites used to estimate a block is insufficient, the zone mean for the geological-grade domain is used for SK. The boundary of the domain is treated as a hard boundary for estimation of the local mean. Search parameters are based on the individual semi-variograms produced for each reef in each of the domains. A dip-domain model is created for each domain based on the strike and dip of the triangulation surfaces of a particular reef model within the domain. The dip model is used to correct apparent thickness to true thickness when performing dilution calculations in the block model. No corrections for true thickness are made in the primary database. Kriging is carried out using all available data (both RC and DD composites) within the search radius. However, the algorithm treats the domain boundary as a soft boundary and for blocks near the edge of the domain, the search can include composites within a 50 m skin of the adjoining domain (i.e., a soft boundary). This is expected to reduce the edge effect and any conditional bias for blocks around the edge of the domain. The SK panel grades are used for post-processing of the recoverable resources used for mine planning and mineral resource disclosure. SK estimates produce higher kriging efficiencies for the panel estimates in most relevant areas of the operation, and especially in areas of limited data. Post processing using an Indirect Localised Conditioning method for seven cutoffs ranging from 0.5 g/ t - 2.0 g/t Au is carried out for the estimation of recoverable resources using selective mining unit (SMU) size of 10 m x 5 m x 3 m. The SMU size is based on an assumption of a 25 m x 25 m grade control drill spacing and a lognormal grade distribution (the original 50 m x 50 m x 3 m panel estimates are run based on untransformed data). For the purposes of resource disclosure, a tonnage factor of +10 % is applied to that portion of the resource that is informed by DD drillholes only, with a minimum DD spacing of 100 m x 100 m. A factor is also applied to the proportion of waste to account for the increased tonnage of ore within the block (i.e., the waste tonnage is reduced to maintain total tonnage within the block). A tonnage factor of -5 % is applied to the portions of the model informed by a combination of DD and RC drillholes. These tonnages factors are based on historical production reconciliations. 11.1.7 Selective mining units The selective mining unit (SMU) size (i.e., the smallest volume of material on which ore / waste classification is determined and is defined according to practical mining selectivity based on a combination of mine design and the mining equipment configuration) of 10 m x 5 m x 3 m is selected in consideration of the mining equipment, mining method and mining selectivity, together with the geology of the orebody as well as the size at which reliable kriging estimates can be produced based on and an assumed RC grade control drilling grid of 25 m x 25 m. 11.1.8 Model validation Visual inspection and documented model reconciliation reviews/ disclosure are the main validation procedures employed. This includes a review of sections and plans where models are checked for proper coding of drillhole intervals and block model cells. Interpolated grades are examined relative to drillhole composite values. The Minesoft RES® software produces audit trail log reports at each stage of the modelling process to validate that the process has run correctly. The log file reports include krige model average outputs, including average raw data versus average krige values, minimum and maximum values and SK versus OK values. Additional checks are performed on the krige block models to ensure that grades are correctly assigned to the model cells, including: • Viewing the composite drillhole data with the block model cells to check that the grade values in the drillholes correspond to block model cell values. • The number of samples used in the estimation, kriging efficiencies, regression slopes, block distance from samples and search values. • Comparative statistics • Global bias and local trends in the estimate • Swath plots a one-dimensional graph in a specific direction of interest Recent reconciliation performance at Tarkwa is summarised in Table 11.1.2 below: Table 11.1.2: Tarkwa mineral resource reconciliation Grade control model GCM Resource model (RM) GCM vs. RM Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces 2025 Q1 2,809,938 1.32 119,026 2,702,144 1.25 108,767 104% 105% 109% 2025 Q2 2,333,997 1.25 94,115 2,492,438 1.25 100,006 94% 100% 94% 2025 Q3 2,658,165 1.55 132,263 2,709,697 1.48 129,297 98% 104% 102% 2025 Q4 2,233,032 1.46 104,814 2,461,701 1.47 116,496 91% 99% 90% Total 10,035,132 1.43 461,900 10,365,980 1.36 454,560 97% 105% 102% Source: Tarkwa CPR, 2025

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11.1.9 Cut-off grades Cutoff grades are influenced by the operating strategy, modifying factors, design and scheduling and certain costs including the ore / waste cost differential. These are estimated annually in alignment with the Gold Fields cutoff grade guidelines. The cutoff grades for the open pit mineral resources by deposit are summarised in Table 11.1.3. Table 11.1.3: Tarkwa open pit resource cutoff grades Open pits Resource cutoff (g/t Au) RoM Resource mining recovery (%) Resource mining dilution (cm)1 Akontansi 0.25 94.6 30/20 Pepe_Mantraim 0.25 94.6 30/20 Teberebie 0.25 94.6 30/20 Kottraverchy 0.25 94.7 30/20 Kobada 0.31 83.3 30/20 Notes: 1. Dilution is 30 cm within hanging wall and 20 cm from the footwall. Source: Tarkwa CPR, 2025 The open pit resources are constrained to an optimal shell defined by a resource price of $2,300/oz, and relevant unit costs and modifying factors. Optimisation of the resource pit shell carried out using Geovia Whittle software. The cutoff grade is estimated for the material within the pit shell using the following formula: [Ore Premium Mining Costs ($/t) + Process Costs ($/t) + Site G&A Costs ($/t)] [Price x (100 % - Ad valorem Royalty Rate) – All product related costs] x PRF x MCF x 0.03215075 Where: • Ore Premium Mining Costs cover adjustments in ore haulage distances and differences in ore and waste drill and blast costs. All other mining costs are accounted for during the pit shell generation phase. • Process Costs including sustaining capital. • Site G&A Costs including off-site general and administration (G&A) costs directly related to site (e.g., accounting or payroll services). • Price is the gold price per ounce ($2,300/oz). • The ad valorem Royalty Rate is 4 %. The royalties may be adjusted as the mineral reserve price increases. • All product related costs include management fees, refining costs and contributions to the Gold Fields Foundation per ounce. • PRF is the plant recovery factor or metallurgical recovery as a percentage estimated at a grade close to the cutoff grade. • MCF is the mine call factor or the percentage of actual mill produced metal against the claim of metal produced. • 0.03215075 is the ratio of troy ounces per gram or 31.1034768 grams per troy ounce. • Mining dilution and mining recovery is used to get the cutoff grades from 'run-of-mine' (ROM) to in-situ. In-situ is the point of reference for mineral resources All material within the pit shells is generated using the estimated cutoff grade and is judged to have reasonable prospects for economic extraction. The mineral resource is declared at an in-situ grade and tonnage within an optimum, diluted pit shell (i.e., dilution is applied during the pit optimisation process but the undiluted tonnes and grade of the in-situ mineralisation are disclosed). The parameters are the similar for the mineral reserve (Section 12.2) with the main exception being the gold price. The mineral resources and mineral reserves gold prices are described in section 16. 11.1.10 Reasonable prospects for economic extraction The qualified person has concluded that reasonable prospects for economic extraction have been demonstrated through the application of an appropriate level of consideration of the potential viability of the mineral resources. These considerations include a reasoned assessment of the geological, mining, shell selection,, metallurgical, processing, legal, infrastructural, environmental, marketing, socio- political and economic assumptions which, in the opinion of the qualified person, are likely to influence the prospect of economic extraction. Although all permitting may not be finalised for some mineral resources, the qualified person is of the opinion that permitting is expected to be granted based on existing processes and protocols. However, this conclusion is subject to the material legal assumption that Tarkwa's mining leases. five of which are due to expire in April 2027, will be renewed on terms that permit the continued execution of the LOM mineral reserve plan. To the extent that the mining leases are not renewed, or are renewed on terms materially less favorable than those currently in place, the reasonable prospects for economic extraction of some or all of the mineral resources could be adversely affected. See Section 22.2 for additional information on the renewal of the Tarkwa mining leases and associated risks. 11.2 Mineral resources as of 31 December 2025 The mineral resources exclusive of mineral reserves are summarized in Table 11.2.1. The mineral resources are 90 % attributable to Gold Fields and are net of production depletion up to 31 December 2025. The point of reference for the mineral resource estimates is in-situ. The pit shells consider selective mining units and include estimates of any material below cut-off grade (dilution or waste) that needs to be mined to extract the prospective portion of the mineral resource. Table 11.2.1: Tarkwa summary of gold mineral resources at the end of the fiscal year ended 31 December 2025 based on a gold price of $2,300/oz Resources (exclusive of Mineral reserves) Cutoff grades Metallurgical recovery Amount/ Grade Amount (kt) Au/ (g/t Au) Au/ (koz Au) (g/t Au) (%) Open pit Mineral resources OP measured Mineral resources 4,254 1.6 221 0.25 – 0.31 91.3 – 98.0 OP indicated Mineral resources 55,776 1.2 2,205 0.25 – 0.31 91.1 – 97.4 OP measured + indicated Mineral resources 60,030 1.3 2,426 0.25 – 0.31 91.1 – 98.0 OP inferred Mineral resources 14,490 1.6 735 0.25 – 0.31 89.2 – 97.8 Stockpile Mineral resources SP measured Mineral resources 74 0.3 1 0.26 94.9 SP indicated Mineral resources SP measured + indicated Mineral resources 74 0.3 1 0.26 94.9 SP inferred Mineral resources Total Tarkwa Mineral Resources Total measured Mineral resources 4,328 1.6 222 0.25 – 0.31 91.3 – 98.0 Total indicated Mineral resources 55,776 1.2 2,205 0.25 – 0.31 91.1 – 97.4 Total measured + indicated Mineral resources 60,104 1.3 2,426 0.25 – 0.31 91.1 – 98.0 Total inferred Mineral resources 14,490 1.6 735 0.25 – 0.31 89.2 – 97.8 Source: Tarkwa CPR, 2025 Audits and reviews The Tarkwa mineral resource was completed by site personnel and the estimate was subject to internal review and scrutiny by the relevant qualified persons and regional technical and financial disciplines, and peer reviewed for technical assurance and compliance in disclosure by Gold Fields' Group Technical (GT), Sustainable Development and Finance teams. The mineral resource for Tarkwa was externally and independently reviewed during Q4 of 2025 in support of the mineral resource inclusive of mineral reserves (IMR) and mineral resource exclusive of reserves (EMR) disclosed at 31 December 2025. SRK verified and validated both the IMR and EMR as determined by Tarkwa to the expected reporting accuracy. They consider the mineral resources for Tarkwa to have been prepared using industry practice with a high level of technical diligence. Aside the external audit review, further reviews have been done internally. The resources are disclosed in accordance with the SAMREC code (2016), Section 12 of the JSE Listing Rules and SEC SK-1300 requirements. On this basis no fatal flaws were identified and a certificate of reporting compliance was issued by SRK. The mineral resource estimate is underpinned by appropriate mineral resource Management processes and protocols to ensure requisite corporate governance in respect of the intent of the Sarbanes-Oxley Act of 2002 (SOX). Technical and operating procedures that have been developed on site are designed to be compliant with the SOX framework as adopted by the Gold Fields' mineral resource Management, resource and reserve estimation, disclosure and auditing. The Property uses Quartex RCubed® propriety software in combination with SharePoint to ensure accuracy, governance and auditability in the disclosure of mineral resources and mineral reserves. 11.2.1 Comparison of 31 December 2025 with 31 December 2024 Mineral resource The net difference in attributable measured and indicated mineral resources between 31 December 2024 and 31 December 2025 is -1225 koz gold or -34 %. The corresponding changes for inferred mineral resources are 548 koz gold or 293 %. See Table 11.2.1 There is no change due to mined depletion for exclusive mineral resources. Measured and indicated mineral resource moved to mineral reserve and reducing by an overall (-34%). Other major impacts on the mineral resource were due to increase in resource gold price, increase in costs and changes to the pit shell resulting from changes to the pit stand-off distance from the plant. Attributable mineral resources exclusive of mineral reserves year on year change The following table sets out attributable mineral resources exclusive of mineral reserves of Tarkwa as at 31 December 2025 compared to 31 December 2024. Table 11.4.1: Mineral resource variance from 31 December 2024 to 31 December 2025 Measured and Indicated Mineral Resources Inferred Mineral Resources Unit % Change Gold % Change Gold As at 31 December 2024 ................. koz 3,651 187 Production depletion (2025) ............. koz Stockpile .............................................. koz Gold price ............................................ koz 61 2,215 58 109 Operating cost .................................... koz -19 -678 -93 -174 Discovery ............................................. koz Resource model update .................... koz -1 -29 Inclusion / exclusion ........................... koz -75 -2,733 327 613 Indesign material ................................ koz Acquisitions ......................................... koz Disposals ............................................. koz As at 31 December 2025 koz -34 2,426 293 735 Source: Tarkwa CPR, 2025 For the year ended 31 December 2024, changes in mineral resources exclusive of mineral reserves at Tarkwa were primarily driven by price shell selection. The mineral reserve shell increased materially with the mineral resource shell moving ahead of the mineral reserve shell. The position of the mineral resource 2025 is not the same as the the position of the mineral resource 2024. 11.3 Classification criteria Tarkwa's in-situ mineral resources are classified as either measured, indicated or inferred in accordance with the definitions in SK 1300. Only measured and indicated mineral resources are modified to generate mineral reserves. Geological considerations include mineralisation continuity and grade. Increasing levels of geoscientific knowledge and confidence are generally based on geological understanding, grade continuity, drillhole/sample spacing, sample data quality, estimation quality, physical characteristics, mining development (i.e., amount of exposed and mapped mineralisation) and a reconciliation to mining history. The measured category also requires adjacent face sampling and mapping. Classification at Tarkwa is based on drillhole density, and geological confidence of both structural and geological domains. Kriging efficiencies, regression slopes and 90 % confidence limits of the mean estimate are also considered during resource classification. Although kriging efficiencies and confidence limits provide reasonable guidelines for resource classification, geological confidence remains the guiding principle in the classification process. Geological confidence in the geological model is based on commonly accepted geological interpretation practices for the Tarkwa palaeoplacer stratabound orebody. In general, the following criteria are used as a guide to definition of resource classification. • Measured mineral resource: Up to 25 m x 25 m RC drill spacing and/or 100 m x 100 m DD drill spacing, but also depending on face sampling, mapping, geological and grade continuity. 25 m x 25 m RC drilling is always undertaken before mining commences. • Indicated mineral resource: Maximum DD drill spacing of 200 m on strike and 100 m on dip, but also depending on geological and grade continuity. • Inferred mineral resource: Maximum drill spacing of 400 m on strike and 200 m on dip, but also depending on geological and grade continuity. Surface sources are comprised of lower grade stockpiles. Tarkwa estimates and disclose stockpiles in mineral reserve. The surface sources are supported by adequate sampling, survey and end of month reconciliation and they are therefore classified as measured mineral resources. The mineral resource classification criteria by resource area are summarised in Table 11.1.4. Table 11.1.4: Tarkwa mineral resource classification criteria by area Mineral resource Mineral resource category Nominal drillhole grid spacing range length (m) x width (m) Geological setting Pepe, Atuabo Mantraim Teberebie and Awunaden Inferred 400 x 200 Palaeoplacer Indicated 200 x 100 Measured 25 x 25 to 100 x 100 Kottraverchy Inferred 100 x 200 Palaeoplacer Indicated 100 x 100 Measured 25 x 25 to 100 x 100 Akontansi Inferred 400 x 200 Palaeoplacer Indicated 200 x 100 Measured 25 x 25 to 100 x 100 Kobada Inferred 40 x 40 Hydrothermal Indicated 40 x 20 Measured 10 x 10 Source: Tarkwa CPR, 2025 Stockpile tonnages are based on survey measurement and grade estimates are based on trucking records and sample grades collected during the mine life and are therefore considered sufficiently accurate to be classified as measured mineral resources. Active pit stockpiles are surveyed every month and necessary adjustments are made for end of each month. Run-of-mine (ROM) stockpile tonnages are reconciled to survey volumes every quarter. 11.4 Uncertainty underlying the resource The qualified person is of the opinion that: a. Inferred mineral resources have at least an even chance of converting to indicated mineral resources through continued exploration, additional empirical data and evolving geoscientific modelling. b. The mineral resource demonstrates reasonable prospects for economic extraction over the indicated study time frame c. Routine mine reconciliation monitoring and discloser, as a minimum on a quarterly basis utilising the Group's Mine Reconciliation Reporting standard, provides empirical data to endorse the classification criteria applied The qualified person is of the opinion that, whilst effort and care are taken with the resource estimation and classification processes, increase in geological knowledge and available data will reduce the level of uncertainty, and therefore some inherent uncertainty will remain. The qualified person is of the opinion that the geological continuity is expected to improve with additional exploration and that the Inferred mineral resource has an even chance of becoming Indicated mineral resource. 12 Mineral reserve estimates The mineral resource models for each ore body is disclosed in section 11 have been used for this mineral reserve and mineral resource disclosure. 12.1 Level of assessment Tarkwa's mineral reserves are that portion of the mineral resources which, as technical and economic studies have demonstrated and with the support of annualised life of mine planning, scheduling and costing, can justify economically viable extraction. The mineral reserves are based on appropriately detailed and engineered life of mine plans and are supported by relevant studies completed to a minimum pre-feasibility study level. The life of mine plan is based on measured and indicated mineral resources converted through the application of appropriate modifying factors to derive mineral reserves estimates. A pre-feasibility study has an estimated accuracy for operating and capital costs of ±25 % with a contingency of no more than 15 %. All mine designs and scheduling are undertaken by experienced mining engineers using appropriate mine planning software and incorporates relevant modifying factors, cutoff grades and the results from other techno-economic investigations. Mining rates, fleet productivities, operational and plant capacities and constraints are accounted for in the plan and are typically based on historical performance trends. All geotechnical protocols and constraints are accounted for in the plan, including the provision for suitable mining geometries, mining losses, mining recovery and dilution. The point of reference for the mineral reserves is ore delivered to the processing facility, also known as the run-of-mine or ROM. Provision is also made for sufficient waste rock and tailings storage with plans in place to meet the life of mine requirements. The Properties mine closure plans comply with in-country legal requirements and are approved by the regulator. Integrated mine closure plans provide appropriate cost parameters for operational and life of mine planning as well as end of life mine closure commitments. The qualified person is of the opinion the mineral reserve estimates is: a. The modifying factors are based on recent mining and processing extraction history and performance and are reasonable and appropriate to derive the reserves from the resources and minimise any estimation errors. The modifying factors are aligned with leading industry technical practice, for example, blended process recovery is used in the reserve estimate. b. Tarkwa has grown its mineral reserves net of depletion over the past three disclosure cycles. The reserves for this cycle increased primarily due to an increase in the gold price assumption from US$1,500/oz to US$2,000/oz, adjustments in shell revenue factor selection, a reduction in the standoff distance to 200 meters from the process plant fence, and an increase in bench height from 18 meters to 24 meters. Infrastructure, environmental, permitting, closure, utilities and baseline studies are all aligned to support continued mineral reserves growth. Tarkwa's study pipeline is proactive and maintains a focus on progressing all key work integral to supporting ongoing life of mine extensions to avoid any potential production delays. For example, a study has been completed to extend tailings disposal capacity.

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c. The measured and indicated mineral resources are sufficient in terms of geoscientific confidence to complete final life of mine designs. However, it is usual to complete a final phase of infill drilling to determine a high confidence 'mine defined' resource supported by detailed geoscientific information prior to detailed production scheduling. d. The disclosed mineral reserve is at a 'point in time' of the life of mine plan as at 31 December 2025. It is supported by technically valid and economically viable mine designs and schedules. The techno-economic work does not exceed the estimated error of ±25 % and or require more than 15 % contingency for both operating and capital costs. e. Environmental compliance and permitting requirements have been assessed in detail, with supporting baseline studies and relevant preliminary internal impact assessments completed. Detailed tailings disposal, waste disposal, reclamation and mine closure plans are incorporated into the life of mine plan. f. The life of mine plan, in total, is completed to a minimum pre-feasibility level of study. 12.2 Mineral reserve estimation criteria and modifying factors 12.2.1 Recent mine performance The recent performance of the Tarkwa mine is summarised in Table 12.2.1. Table 12.2.1: Tarkwa - recent operating statistics Units 2025 2024 2023 2022 Total mined kt 92,417 98,078 90,245 87,631 Waste mined kt 81,767 82,533 72,721 73,585 Ore mined kt 10,649 15,546 17,524 14,046 Mined grade g/t Au 1.23 1.21 1.21 1.21 Strip ratio (tonnes) waste:ore 7.7:1 5.3:1 4.1:1 5.2 Tonnes treated kt 15,007 14,926 14,102 14,016 Head grade g/t Au 1.02 1.16 1.3 1.21 Yield g/t Au 0.98 1.12 1.2 1.18 Plant recovery factor % 96 97.0 97.0 97.1 Total gold production koz Au 474 537 551 532 kg Au 14,759 16,709 17,140 16,534 Gold price received $/oz 3,464 2,413 1,950 1,806 Operating cost $/oz 1,034 956 837 771 Total cash cost $/oz 1,374 1,175 1,695 764 Capital expenditure $ million 249 207 216 229 $/oz 525 384 393 431 All in sustaining cost (AISC) $/oz 2,049 1,629 1,293 1,248 Total Employees Costed (TEC) number 5,209 5,380 4,958 4,458 Notes: a. The operating statistics are based on annual fiscal year measurements. Source: Tarkwa CPR, 2025 12.2.2 Key assumptions and parameters Diluted planning resource block models are used by the planning engineers for optimisation, mine design and production scheduling. No additional dilution or ore loss is applied in the optimisation process since they are included in the modifying factors which are applied to the diluted planning resource. Assumptions for the application of modifying factors include their application per structural domain, lithology type, mineralisation style, mining method and metallurgical response type etc. The assumptions and parameters considered in the mineral reserve estimate are summarised in Table 12.2.2 and have been derived from historical performance. Table 12.2.2: Tarkwa – summary of material modifying factors Units 2025 2024 2023 2022 Gold price (Reserve) $/oz 2,000 1,500 1,400 1,400 Dilution skin above reef cm and g/t Au 30 cm and 0.15 g/t Au 30 cm and 0.15 g/t Au 30 cm and 0.15 g/t Au 30 cm and 0.15 g/t Au Dilution skin below reef cm and g/t Au 20 cm and 0.15 g/t Au 20 cm and 0.15 g/t Au 20 cm and 0.15 g/t Au 20 cm and 0.15 g/t Au Tonnage factor % -5 % for RC & DD informed areas, +10 % for DD informed areas -5 % for RC & DD informed areas, +10 % for DD informed areas -5 % for RC & DD informed areas, +10 % for DD informed areas -5 % for RC & DD informed areas, +10 % for DD informed areas Grade Factor % No grade factors are used i.e., 100 % for RC & DD informed areas, 100 % for DD informed areas No grade factors are used i.e., 100 % for RC & DD informed areas, 100 % for DD informed areas No grade factors are used i.e., 100 % for RC & DD informed areas, 100 % for DD informed areas No grade factors are used i.e., 100 % for RC & DD informed areas, 100 % for DD informed areas Mining recovery - open pits % 100 100 100 100 Mine call factor % 98 98 97 97 Plant recovery fresh ore % Rec Curve Rec Curve Rev Curve See reference needed Plant recovery oxide ore % 97.2 Processing throughput per year Mt per annum 14.7 14.6 14 14.0 Pit wall batter angles - Oxides degrees 30-55 45-55 Pit wall batter angles - Fresh degrees 55-90 75-90 Bench Height m 12-18 12-18 Notes: a. The 2025 fiscal modifying factors are valid as at 31 December 2025. b. The cutoff grades are the lowest grade of mineralised rock which determines as to whether it is economic to recover its gold content by further concentration, estimated as per the Gold Fields cutoff grade guidance on methodology and protocol; see Section 11.1.9 for mineral resource and section 12.2.3 for mineral reserve for more information on cutoff grade estimation methodology. c. Relevant modifying factors are disclosed in ranges and vary based on the open pit being considered and estimated unit costs for depth mined and distance hauled. d. Geotechnical and hydrogeological factors are discussed in Chapter 13 and section 7. e. Details of the forecast operating and capital expenditures are provided in section 18. Source: Tarkwa CPR, 2025 Mining dilution is applied to all resource models; hence, additional dilution factors are not applied in the Whittle optimisation. Figure 12.2.1 illustrates the 30 cm and 20 cm dilution skins applied to the hanging wall and the footwall contacts, respectively. The sum of 50 cm dilution skin is applied to the resource at an average grade of 0.15 g/t. This has proven to be a realistic and reliable modifier applied over many years. Figure 12.2.1: Illustration of dilution skins applied to reef zones Source: Tarkwa CPR, 2025 Operating expenditures comprise: • Cash Cost Components: these include direct mining costs, direct processing costs, direct G&A (general and administration) costs, consulting fees, management fees, transportation and realisation charges. • Total Cash Costs: these include additional components such as royalties (excluding taxes where appropriate). • Total Working Costs: these include terminal separation liabilities, reclamation and mine closure costs (the net difference between the total environmental liability and the current trust fund provision) but exclude the salvage value on closure and non-cash items such as depreciation and amortisation. • Total Costs: these include total working costs plus net movement in working capital plus capital expenditure. • Major Capital Projects: In addition to long-term capital projects, the life of mine capital expenditure programs generally include detail based on approved expenditure programs. Mining costs are based on unit rates for the preceding 6 to 12 months actual snapshot, applied to the planned physicals, with alignment to the key cost centres that drive the operating costs. Processing costs include tailings and waste disposal costs, as well as the cost of maintaining key on-mine infrastructure. See table 18.3.1. for operating cost detail. G&A costs are largely based on the required and necessary technical and administrative support services required to sustain current and future mining production. In most instances these are assigned with fixed and variable cost components per tonne of ore within both the reserve estimation and corresponding financial models. Gold sale costs are assigned as variable with ounces sold in the financial model. Rehabilitation and appropriate mine closure costs are included following completion of mining. See section 17 for detail on closure funding. Details of the forecast operating and capital expenditures are provided in section 18. Capital expenditure estimates are disclosed in table 18.2.1. 12.2.3 Cut-off grades Cutoff grades are influenced by the operating strategy, cost base and design and scheduling. They are therefore estimated annually in alignment with the cutoff grade guidelines. The purpose of the guideline is to ensure consistency in the cutoff definitions and cutoff processes across all the Registrant's properties. Cutoff grades are not only estimated globally for a mining operation, but also for separate ore deposits and mining areas depending on factors such as ore type, mining method, haul distances, recoveries and the mining, processing and general and administration costs. The cutoff grades used for the open pit mineral reserve estimate are calculated using the same methodology described in Section 11.1.10 at a gold price of $2,000/oz. The cutoff grades are estimated by deposit as summarised in Table 12.2.3. Table 12.2.3: Tarkwa open pit reserves cutoff grades Description BECO Grade (g/t) Minimum Recovery (%) Recovery Formula Akontansi 0.29 93.0 96.046 x Au0.03586 Kottraverchy 0.29 93.0 96.046 x Au0.03586 Pepe 0.29 93.1 96.046 x Au0.03586 Teberebie 0.29 93.1 96.046 x Au0.03586 Kobada 0.35 84.5 Au - 0.1089 x Au0.6761-0.01) / Au x 100 Stockpiles 0.30 93.2 96.046 x Au0.03586 Notes: a. The cutoffs are estimated based on the mineral reserve price, mineral reserve modifying factors and are not expected to change materially over the life of mine reserve. b. The cutoff grades, price and modifying factors are incorporated in the estimation of the mineral reserve shell. c. The qualified person is of the opinion that the design of the selected mineral reserve shells used in the mineral reserve estimation minimise estimation errors. Source: Tarkwa CPR, 2025 12.2.4 Mine design and planning The mine planning process involves pit optimisations in Whittle software to generate a series of nested pits from which an optimal shell is selected. Prior to the optimisation in Whittle, the block model is prepared in Surpac software by applying technical (e.g., slopes zones) and economic (e.g., mining and processing cost) parameters to the model. Detailed designs of the selected shell are undertaken in Surpac software taking cognisance of the recommended geotechnical parameters and constraints to ensure safety of personnel and equipment as well as the stability of the pit walls. Various iterations are done until an acceptable level of correlation is achieved between the optimal shell and the detailed mine design. The batter face angles are 45 ° - 55 ° and 75 ° - 90 ° in oxide and fresh, respectively. The ramps are designed at 10 % gradient and are 25 m – 30 m wide. The Akontansi open pit mine design is shown in Figure 12.2.2. Figure 12.2.2: Akontansi pit design Source: Tarkwa CPR, 2025 Details on the mining methods are provided in Chapter 13 12.2.5 Mining schedule The Registrant's annual mine planning process is anchored by a corporate planning calendar that sets out the sequence of events to be followed that ensures a strong linkage between the strategic planning phase and the life of mine plan itself that defines the mineral reserves. The overall planning process schedules key work to be completed and stage gated before subsequent work can be continued. It includes the metal prices, geology and estimation models, resource models, mine design, depletion schedules, environmental and social aspects, capital and operating costs and finally the cashflow model and financial valuation. The mineral reserve estimates are based on an appropriately detailed and engineered life of mine plan that is supported by relevant studies completed to a minimum PFS level of work. All design and scheduling is completed by experienced engineers using appropriate mine planning software and incorporates all relevant modifying factors, the use of cutoff grades and the results from other techno- economic investigations. Mining rates, fleet productivities and all key operational and plant capacities and constraints are accounted for in the plan and are typically based on historical performance trends. All geotechnical protocols and constraints are accounted for in the plan, including the provision for suitable mining geometries and ground support, mining losses in pillars, mining recovery and mining dilution. The provision of sufficient waste storage and tailings capacity is engineered into the plans to meet the life of mine requirements. Mine planning is primarily driven by personnel at the mine who are best positioned to determine the technical and commercial objectives for the site based on the parameters, objectives and guidelines issued by the corporate office. The site-based planning is supported by Group Technical (GT) and the corporate finance and sustainable development teams which provide overall oversight and assurance. Open pit mine design and scheduling is based on 3D mineral resource block models. The ore is assigned to selective mining unit (SMU) mining shapes based on equipment size and practical selectivity. The SMUs are accumulated into ore dig plans. The selected pit shells are subjected to detailed mine design and extraction sequencing to optimise the waste: ore strip ratio and with benches recovering ore above the reserve cutoff grade. The open pits are sequenced to derive the best possible integrated plan and to blend feed to the plant to assist with life of mine tail end management. Mine scheduling is completed using Alastri software. The yearly maximum vertical rate of advance (VRA) is restricted to 72 m per annum. The equipment assumptions and constraints applied to the mining schedule are summarised in Table 12.2.4. Table 12.2.4: Mining equipment assumptions (efficiencies and constraints) Parameters Unit Value No. of Equipment Equipment availability Excavators & shovels % 85 15 Dump trucks % 82-85 97 Drill rigs % 81 27 Equipment utilisation Excavators & shovels % 82 15 Dump trucks % 82 97 Drill rigs % 82 27 Liebherr 9200 t/hr 1,200 5 Liebherr 9350 t/hr 1,500 1 Liebherr 9400 t/hr 1,600 6 CAT 6040 t/hr 1,600 3 Sandvik DP1500i drill m/hr 25 22 Sandvik DP1600i drill m/hr 25 5 Truck factors Cat 777F t / load 90 45 Cat 785C/D t / load 135 52 Rain delays hr/annum 744 744 Notes: a. The estimated mining equipment fleet is expected to vary over the life of mine based on the open pit to underground mining ratios. b. The heavy mobile equipment fleet is renovated based on manufacturers specification or on regular maintenance records. c. The qualified person is of the opinion that the mining fleet supports the life of mine mineral reserves. Source: Tarkwa CPR, 2025 A time-based economic evaluation is undertaken of the completed mining and processing schedule to ensure economic viability of the mineral reserve life with the requisite rehabilitation and end of life mine closure costs also incorporated into the financial assessment. The Qualified person is of the opinion that the mine plan and schedule incorporate appropriate assessment of all relevant technical, environmental, social and financial aspects to ensure the mineral reserve complies with the SK rule instructions and requirements. After reasonable assessment there is no unresolved material matter that could have a significant impact on the mines ability to execute the mineral reserve plan. The mine plan and schedule incorporate consideration of the following key criteria: • Production depletion up to 31 December 2025. • Application of cutoff grades to determine mineable ore. • Application of appropriate modifying factors to convert mineral resource to mineral reserve. • Allocation of suitable mining equipment and costs. • Incorporation of realistic mining rates and efficiencies. • Practical and realistic mine design and mining methods. • Integrated production scheduling taking account of capacities, constraints and bottlenecks. • Integrated project management and execution. • Security of water and energy for the life of mine.

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• Provision for mine rehabilitation and mine closure costs. • Consideration of all environmental, social and legal aspects to enable life of mine plan execution. • Appropriate life of mine tail end management. • Security of current and future land tenure and agreements, permits and licenses. • Life of mine cashflow model and economic viability. 12.2.6 Processing schedule See section 14 for processing schedule. 12.2.7 Economic assessment The basis for establishing economic viability is discussed in section 19. Gold Price The mineral reserves gold price of $2,000/oz is detailed in particularity in Chapter 16, Market Studies. The qualified person is of the opinion that the gold price applied to the estimation of the mineral reserves is reasonable and suitable for life of mine planning. Risks Tarkwa has consistently delivered on production and cashflow plans under both the previous 'owner mining' and the current 'contractor mining' operational models. However, a number of operational, geotechnical and regulatory risks remain relevant to the continued delivery of the LOM mineral reserve plan, including: • Contractor risk: Contractor performance, especially in terms of equipment availability and utilisation, is a potential risk. This risk is mitigated by ensuring adherence to comprehensive maintenance and equipment replacement plans. However, as noted in Section 22.2, operations utilising contract mining are subject to broader risks including contract execution, disputes and litigation, and regulatory and labour risks. • Geotechnical and hydrogeological risk: There is a risk of pit wall instability as the pits increase in depth, which leads to higher pit walls, greater exposure to geotechnical instability, and a higher propensity for seismic events and hydrogeological impacts. Geotechnical instabilities in open pit operations can be difficult to predict and are often affected by risks and hazards outside Gold Fields' control, such as severe weather and rainfall (including the high rainfall pattern at Tarkwa), which may lead to periodic floods, mudslides and wall instability. The Tarkwa operation has developed a dewatering plan for water management in and around the pits and has put in place mitigation measures such as controlled blasting, geotechnical mapping and radar monitoring technology, though there is no guarantee that these measures will effectively predict geotechnical instabilities or prevent damage to operations. • Tailings storage: To mitigate any tailings storage capacity constraints, the mine has developed a long-term tailings construction schedule with a corresponding budget and financial provisions, which are in line with the planned throughput of the processing plant. • Lease renewal: The LOM mineral reserve plan assumes the continuation of mining operations at Tarkwa beyond April 2027. As noted in Section 22.2, five of Gold Fields' six mining leases and its existing Development Agreement are due to expire in April 2027. To the extent that the mining leases are not renewed, or are renewed on terms that are less favourable than those currently in place, the ability to execute the LOM mineral reserve plan as currently contemplated could be materially affected. The life of mine mineral reserve plan increases strip over time. see the Gold Fields Form-20F for updated annual risks identified. 12.3 Mineral reserves as of 31 December 2025 The Tarkwa mineral reserves as at 31 December 2025 are summarised in Table 12.3.1. The mineral reserves are 90 % attributable to Gold Fields and are net of production depletion up to 31 December 2025. The point of reference for the mineral reserves is on the ROM ore delivered to the processing facility. Table 12.3.1: Tarkwa - summary of gold mineral reserves at 31 December 2025 based on a gold price of $2,000/oz Amount/ Grades/ Amount/ Cutoff grades/ Metallurgical recovery/ (kt) (g/t Au) (koz Au) (g/t Au) (%) Open Pit Mineral Reserves OP proved Mineral reserves 33,774 1.3 1,431 0.41 83.0 – 93.0 OP probable Mineral reserves 117,009 1.1 4,230 0.41 83.0 – 93.0 OP total Mineral reserves 150,784 1.2 5,660 0.41 83.0 – 93.0 Stockpile Mineral Reserves SP proved Mineral reserves 11,464 0.7 263 0.41 93 SP probable Mineral reserves 53,964 0.4 694 0.29 90 SP total Mineral reserves 65,429 0.5 957 0.29 – 0.41 90.0 – 93.0 Total Mineral reserves Total proved Mineral reserves 45,238 1.2 1,694 0.41 83.0 – 93.0 Total probable Mineral reserves 170,974 0.9 4,924 0.29 – 0.41 83.0 – 93.0 Total Tarkwa Mineral reserves 216,212 1.0 6,617 0.29 – 0.41 83.0 – 93.0 Source: Tarkwa CPR, 2025 Audits and reviews The mineral reserves estimate was subject to internal review and scrutiny by the relevant qualified persons and regional technical and financial disciplines, and peer reviewed for technical assurance and compliance in disclosure by Gold Fields' Group Technical (GT), Sustainable Development and Finance teams. The mineral reserves is underpinned by appropriate mineral resources management processes and protocols to ensure requisite corporate governance in respect of the intent of the Sarbanes-Oxley Act of 2002 (SOX). Technical and operating procedures developed on site are designed to be compliant with the SOX framework as adopted by Gold Fields' Group mineral resource and mineral reserve Committee for and mineral reserve estimation, disclosure and auditing. The scheduled reserve external audit for 2024 has been postponed and completed in 2025 and completed by AMC Consultants Pty Ltd (UK). External mineral reserve audits are performed on a minimum rolling three-year cycle for assets that are material to Gold Fields financial position. The last external mineral reserve independent audit was completed by AMC Consultants during the last quarter of 2025. AMC concluded that the process used to generate the mineral reserves estimates is consistent with good industry practice and the estimates were appropriate. No material issues were identified in the review which is in line with previous external reviews, a certificate of reporting compliance was issued also in 2025. Gold Fields uses Quartex RCubed® propriety software in combination with SharePoint® to ensure accuracy, governance and auditability in the consolidation and discloser of mineral reserves and mineral resources. Audits and reviews completed at Tarkwa during 2023 to 2025 included: Site based internal peer reviews, validation and reconciliation of geology models, wireframes, estimates process and outputs with senior geology MRM staff and department managers. Ongoing routine integrated routine drilling, sampling, geology audits, reviews and coaching of geological staff by senior geologists and MRM department heads to ensure due process and SOX compliance in line with site and Gold Fields' documented processes, procedures and methodologies. Group technical (GT) audits and review of geology, estimation, and mine planning models. Gold Fields Group geology technical team reviews and site visits for validation and compliance evaluation of the mineral resources and mineral reserves process, detail and output. Other audits at Tarkwa include: • ISO14001 surveillance audit by recognised external auditors. • OHSAS 45001 certification audit by recognised external auditors. • TSF annual geotechnical audit • Global Reporting Initiative third party (KPMG) • Ongoing routine internal audits (Gold Fields Internal Audit) • Annual external financial and non-financial data audits (PWC) • Sustainable Development Audit (ERM) • External Closure Cost and Rehabilitation audit (PWC) • SOX compliance (Gold Fields Internal Audit) • External SOX compliance (PWC) • Ghana Mineral Commission audits • ISO27001 Certification No significant adverse findings or any material non-compliances were recorded from any of the audits. Ongoing compliance with minor improvement, adjustments and best practice continue to be implemented. Records of audits are filed electronically on site in relevant departments and folders with major audit signoffs reported in the Gold Fields annual discloser. 12.3.1 Comparison of 31 December 2024 with 31 December 2025 Mineral reserves The net difference in mineral reserves between 31 December 2024 and 31 December 2025 is 2780 koz gold or 72 %, see Table 12.5.1. The overall increase in mineral reserves is primarily due to; • Price increase from US$1,500/oz to US$2,000/oz • Shell revenue factor selection • Standoff decreased to 200 meters from process plant fence • Increase from 18 meter to 24 meter benches Table 12.5.1: Net difference in mineral reserves between 31 December 2024 and 31 December 2025 Proved and Probable Mineral reserve Unit % Change Reserve Gold on ROM As at 31 December 2024 koz 3,838 Production depletion (2025) koz -10 -394 Stockpile koz -2 -61 Gold price koz 75 2,883 Production cost koz -9 -331 Discovery - Exploration koz Conversion koz 0 -13 Inclusion / exclusion koz 18 696 Acquisition koz Disposal koz As at 31 December 2025 koz 72 6,617 Notes: Rounding of figures may result in minor computational discrepancies. Source: Tarkwa CPR, 2025 12.4 Classification criteria Tarkwa's mineral reserves are classified as either proven or probable in accordance with the definitions in SK 1300. mineral reserves statements include only measured and indicated mineral resources modified to produce mineral reserves contained in the mineral reserve plan. In general, proven mineral reserves are derived from a measured mineral resource and existing stockpiles. The probable mineral reserve is derived from indicated mineral resource material. No measured mineral resource is reported as probable mineral reserve. No inferred mineral resource is used in the life of mine plan mineral reserve estimation and all inferred gold is excluded from the mineral reserve. 13 Mining methods Tarkwa does not currently have any underground mining opportunities hence also no underground modifying factors. Tarkwa does not have any underground cooling requirements. The schedule has been smoothed to the infrastructure and machinery capacities annually. 13.1 Geotechnical and hydrogeological models and other parameters Geotechnical models Determination of rock slope parameters for Tarkwa is largely based on historical, empirical, structural assessment and numeric modelling. This is necessary to ensure that all designs conform to acceptable design criteria for the mine. Mapping and core logging data, observations from previous mining and sound engineering judgment are also useful in the determination of the rock slope parameters. Site visits by Gold Fields Group Technical and adhoc reviews by Geotechnical Review Board members provides independent, expert oversight and opinions on the currently implemented designs. Any potential hazards identified are managed by advanced radar slope monitoring systems and robust geotechnical hazard management systems. Any adverse interaction between significant geological structures and the pit wall slopes have been factored into the slope stability analysis and on the inter ramp and overall scale criteria. Geotechnical domains are created to evaluate the conditions expected to affect the rock mass during mining. This allows for the definition and subdivision of the rock mass based on similar geomechanical characteristics. It is based on the formulation of a comprehensive geotechnical model which comprise structural, rock mass, hydrogeological and geological components. The geotechnical model domains are further sub-divided into sectors with similar characteristics based on the strength of the material, orientation of the controlling structures and potential failures which controls the bench-batter configuration. Geotechnical hazards are identified, evaluated and analysed through visual inspections, slope monitoring, mapping and risk assessments. Hazards are managed through robust geotechnical hazard management systems. Hazard maps are generated and these are periodically updated. The controls for managing the hazards are communicated to ensure the safety of personnel and equipment. Slope monitoring systems also assist with the management of these hazards. Hydrogeological models The hydrogeology of the Tarkwa mine area occurs in distinct hydraulically connected aquifer systems; an upper weathered zone aquifer, a deeper un-weathered aquifer, fractured zones and dyke contacts. The fresh quartzites, conglomerates, siltstones and dolerite intrusives within Tarkwa do not have adequate primary porosity. They are largely inherently impermeable unless fractured or weathered. Groundwater occurrence is therefore associated with the development of secondary porosity and permeability. The zones of secondary permeability are often discrete and irregular and occur as fractures, faults, lithological contacts and zones of deep weathering. The Tarkwa dewatering strategy is targeted at achieving multiple benches at different depths prior to the start of each rainy season. This sequence of mining facilitates the establishment of sumps at lower pit elevations to serve as collection points for rainwater, which mitigates the risk of flooding and the impact of rains on production. There are also surface drains and sumps constructed along the perimeter of the pits to control the inflow of water from the surroundings. In addition, wells, piezometers and depressurisation holes are used to monitor and lower the phreatic levels. The controlled sequence of mining facilitates the establishment of sumps at lower pit elevations to serve as collection points for rainwater. This creates an opportunity for mining activities to be carried out at relatively higher elevations whilst water is being pumped out from the lower elevations. Tarkwa's dewatering plan focusses on the availability of pumps and the establishment of sumps prior to the start of the wet season. The average water discharge capacity is about 40 Mm³. Water pumped from Akontansi Central, Ridge and Ulap pits is released into the environment after appropriate environmental clearance. Water pumped from Teberebie pit and cutback and Mantraim is pumped into the environment by means of a lined drain. Flood management trigger-action-response plans are in place at the site. The dewatering strategy is targeted at achieving multiple benches at different depths prior to the start of each rainy season to facilitate the establishment of sumps at lower pit elevations. These serve as collection points for rainwater to mitigate the risk of flooding and any significant impact of rains on production. The qualified person is of the opinion is that all appropriate geotechnical and hydrogeological parameters have been suitably considered and risk assessed to support the mining method selection and extraction sequencing at Tarkwa and this information is embedded in the sites ground control management plan which is routinely updated as new empirical information becomes available. 13.2 Mining parameters In open pit mining, access to the orebody is achieved by stripping the overburden in benches of fixed height to expose the ore below. This is most typically achieved by drilling and blasting an area, loading the broken rock with excavators into dump trucks and hauling the rock and/or soil to dumps. The overburden material is placed on designated waste rock dumps. Extraction of the orebody involves a similar activity as for stripping the overburden. Lines are established on the pit floor demarcating ore from waste material and the rock is then drilled and blasted. Post blasting, the ore is loaded into dump trucks, based on a defined 'dig plan'. The dig plan demarcates the position of the ore and waste boundaries post the heave and throw movement caused by the blasting. Ore is hauled to interim stockpiles or directly to the crusher at the process plant, while the waste is hauled to waste rock dumps. Mining at Tarkwa is carried out using conventional selective open pit mining methods which have been highly successful over the life of asset. Backhoe excavators are used to select waste from the ore, and vice versa, to an average accuracy of 30 cm on the hanging wall and 20 cm on the footwall of a reef. Ore is classified as either run-of-mine (ROM) or low grade. The ROM is delivered to one of two primary crushers while the low-grade ore is stockpiled near the primary crushers. Waste, on the other hand, is hauled to the designated waste dump. Capital waste stripping usually precedes ore mining. Oxide materials in the upper elevations of the pit are free-dug or blasted at relatively low powder factors. These free digging zones are relatively small in volume. Fresh rock and transitional zones are drilled and blasted. Generally, Nonel detonators are used in blasting both oxide and fresh material. However, in areas where there are constraints such as proximity to a community, electronic blasting is used to mitigate the impact of blasting in such zones. Presplit wall control methods and trim blasting are also used where appropriate in the fresh zones where appropriate, to ensure pit wall stability. Truck allocation (dispatching) is done using a GPS assisted Modular Mining Fleet Management System (FMS). The mine uses Connected Mine, an intranet-based system, to access and retrieve equipment performance and production data from the FMS for analysis and disclosure. Tarkwa's mineral reserve is based on a contractor mining model, with the contractor undertaking drilling, blasting, loading, hauling and all other associated ancillary activities required for safe and efficient production. The qualified person is of the opinion that the mineral reserve modifying factors including strip ratios and the open pit cutoff grades are realistic and appropriate for life of mine planning. Further, the mining fleet configuration, equipment specifications, practical mining rates, selective mining unit dimensions, mining dilution and mining recovery assumptions and inputs to the mine design and schedule are suitable in support of the mineral reserve estimates and present no material risk. 13.3 Salient Mining Features The Salient features for this mineral reserve plan is described in section 12 and section 21. The modifying factors including governmental and permitting are in section 17. The mine design parameters are presented in section 12.2 mineral reserve estimation parameters. These modifying factors, unit costing, scheduling on mineral reserve, capital estimates, operating cost estimates, closure costs that are applicable to the mineral reserve are appropriately incorporated into the economic assessment presented in section 19. Modifying factors range from estimates of mining dilution and mining recovery based on YOY reconciliations for the time frame of the mineral reserve with closure. 13.4 Equipment and labour requirements The list of equipment required for execution of the life of mine plan is in Chapter 12.2.6 and Table 12.2.4. The excavators are planned at 85 % availability while the availability of the haul trucks ranges between 82 % and 85 %. The drill rigs are planned at an 81 % availability. The planned utilisation for all major equipment is 82 %. These assumptions to the mine plan have proved appropriate and realistic over many years of production. Tarkwa's mining operation is a continuous 24-hour operation with 2 x 12-hour shifts and three crews on rotation. See Table 12.2.1 for workforce detail. 13.5 Final mine outline The final open pit reserve outline is displayed below in Figure 13.2.1.

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See Figure 13.2.1 for a plan of the Tarkwa Property showing operating sites, TSF's, WSF's, SHL, pits, general site infrastructure and mine lease boundary. Figure 13.2.1: Final Pit Life of Mine mineral reserve Tarkwa Source: Tarkwa CPR, 2025 14 Processing and recovery methods 14.1 Flow sheet selection and design The 14 Mt per annum Tarkwa CIL process plant is a conventional crush-grind-leach circuit as all ore sources are amenable gold extraction using cyanide. A schematic process flow sheet for the process plant is shown in Figure 14.1.1. Figure 14.1.1: Schematic flow diagram of Tarkwa mill process plant Source: Tarkwa CPR, 2025 Ore is transported from the mine pits to the crusher pad and tipped directly or reloaded by front-end loaders into an Allis Gyratory Superior 54" x 75" gyratory crusher. The crushed ore (80 % passing 150 mm) then passes into a bin, which feeds an apron feeder. The apron feeder feeds the ore via a dual stockpile system consisting of the original coarse ore stockpile and a new auxiliary stockpile with a combined live storage capacity of 45,000 t (30 hours). Additional ore transported from the pits to the crusher pad is directly tipped by dump trucks or reloaded by front-end loaders into the NHL 50" x 65" M Π Sandvik Superior primary gyratory crusher. The crushed product (80 % passing 150 mm) gravitates to a 1,829 m x 6,815 m D4 Jacques A Terex apron feeder, which feeds two secondary screens via a conveyor. The oversize from the two 2,440 mm x 7,320 mm Nordberg double deck scalping screens of aperture sizes 50 mm and 32 mm for the upper and lower deck respectively feed two Superior gyratory secondary crushers (S6000). The undersize joins the final product to the new CIL auxiliary stockpile via a series of overland conveyors. The secondary crushing product is fed to the tertiary hopper via series of conveyors. Ore withdrawn from this hopper is fed by six 750 mm x 1,800 mm Nordberg vibratory feeders to six 2.4 m x 7.3 m Nordberg double deck scalping screens operating in closed circuit with six tertiary H4000 hydrocone crushers. The oversize from the upper and lower decks (32 mm and 25 mm respectively) feed the tertiary crushers and the discharge from the tertiary crushers is conveyed back to the tertiary bin. The undersize from the tertiary screens join the final crushing product (80 % passing 25 mm) to the new CIL auxiliary stockpile. Underneath each stockpile is a reclaim tunnel, with apron feeders that feed onto a conveyor belt, which in turn feeds the milling circuit. The mill feed consists of 30 % fine material from the NHL crushing circuit and 70 % coarse material from the CIL crusher. The milling circuit consists of a SAG and ball mill with recycle crushing in closed circuit with the SAG mill. The SAG mill has an Effective Grinding Length (EGL) of 42 feet with an internal diameter of 27 feet and 14 MW of installed power (2 x 7,000 kW twin drive motors). The ball mill has an EGL of 36 feet with an internal diameter of 26 feet and 14 MW of installed power (2 x 7,000 kW twin drive motors). The milling circuit is operated at a capacity of 1,600 t/hr (1 Mt/month). The crushed ore from the dual stockpile system is fed into the SAG mill where the primary milling is performed. The SAG mill discharge is screened at 12 mm with the oversize fraction being fed to a recycle crusher. The crushed product is recycled to the SAG mill feed. The SAG mill discharge screen undersize is classified in a cluster of consisting of twelve 26-inch Krebs cyclones with the underflow reporting to the ball mill feed. The ball mill discharge is classified as a cluster of twenty-six 20-inch Krebs cyclones with the underflow reporting back to the ball mill feed. The overflow from both cyclone clusters reports to three 32 m Outotec thickeners via the linear trash removal screens. During 2018 Gold Fields added a gravity recovery circuit to the Tarkwa plant, with the aim to increase plant recoveries. The gravity circuit consisted of 3x 48" Knelson concentrators and an Acacia Reactor. Following the successful results achieved by the addition of this circuit, during 2020 Gold Fields added an additional 2x Knelson concentrators. The cyclone overflow slurry is thickened from 25 % solids to 55 % solids in the thickeners from where it is pumped to the CIL tanks. The clear water from the thickener overflow is reused in the plant. The CIL consists of two trains of eight tanks in series fed from a common leach tank. Seven of these tanks in each train contain activated carbon for gold adsorption. Cyanide is added to the circuit to ensure stability of the dissolved gold complex which is then adsorbed onto the carbon. The residue slurry overflowing the last CIL tank forms the tailing, which is analysed for weak acid dissociable (WAD) cyanide with an online analyser and then pumped to any of the three active TSFs (TSF 1, 2 and 5). The carbon loaded with gold is recovered over the loaded carbon screen where it is cleaned of slurry. The loaded carbon passes into a 15 t acid wash column where it is washed with hydrochloric acid solution to remove calcium. The gold is recovered from the loaded carbon in two 15 t elution circuits of which applies the AARL stripping method. The eluted carbon is passed through the regeneration kiln, which operates at a temperature of 700 °C to remove any organic foulants from the carbon. The gold bearing solution from the elution circuits is pumped through the electrowinning cells where the gold plates onto stainless steel cathodes as gold particles. The gold is then removed from the cathodes with high pressure sprays and dried before being smelted in an induction furnace at 1,400 °C. Fluxes are added before smelting to assist in the separation of the impurities from the gold. The molten gold is then poured into moulds and allowed to cool down. Once the doré bar is cooled it is cleaned, stamped and transported to a refinery. An allowance for the recovery of lock-up gold has been made based on the design lock-up of 200 kg and this gold will be recovered as part of final closure of the operation. Generally adequate attention is given to sampling and sample preparation and acceptable accounting procedures are in place. The Tarkwa gold processing plant, originally constructed in 2004 and upgraded in 2009, was installed with modern automated control systems and has been reasonably well maintained and updated. As per the mineral reserves plan, there is no further major plant upgrades planned or required. On-going normal maintenance and upgrade activities will be required and are planned for. 14.2 Recent process plant performance The recent performance of the Tarkwa process plant is provided in Table 12.2.1. 14.3 Process plant requirements The key process plant requirements estimated for the mineral reserve life of mine plan are summarised in Table 14.3.1. Table 14.3.1: Tarkwa process plant – key requirements Sources Units 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Ore Processed kt 14,702 14,698 14,769 14,677 14,694 14,727 14,768 14,727 14,727 14,727 14,768 Plant Power draw MWhr 351,591 351,482 353,180 350,973 351,397 352,185 353,150 352,185 352,185 352,185 353,150 Grinding Media t 22,642 22,635 22,744 22,602 22,629 22,680 22,742 22,680 22,680 22,680 22,742 Lime t 8,086 8,084 8,123 8,072 8,082 8,100 8,122 8,100 8,100 8,100 8,122 Sodium Cyanide t 2,941 2,940 2,954 2,935 2,939 2,945 2,954 2,945 2,945 2,945 2,954 Caustic t 1,898 1,897 1,907 1,895 1,897 1,901 1,906 1,901 1,901 1,901 1,906 Activated Carbon t 588 588 591 587 588 589 591 589 589 589 591 Hydrochloric Acid kL 803 803 807 802 803 804 807 804 804 804 807 Peroxide kL 6 6 6 6 6 6 6 6 6 6 6 Flocculants t 147 147 148 147 147 147 148 147 147 147 148 SMBS t 0 0 0 0 0 0 0 0 0 0 0 Oxygen kL 0 0 0 0 0 0 0 0 0 0 0 Raw Water kL 0 0 0 0 0 0 0 0 0 0 0 New Fresh Water kL 0 0 0 0 0 0 0 0 0 0 0 Plant Employees No. 233 233 233 233 233 233 233 233 233 233 233 Source: Tarkwa CPR, 2025 The key process plant requirements estimated for the mineral reserve life of mine plan are summarised in Table 14.3.1. 14.4 Processing Risks In the opinion of the qualified person, the combination of a well-established processing plant with a known operating history of treating ores mined from the associated mining leases, together with the recent metallurgical testwork programs assessing core samples selected from future local mineralisation areas (as outlined in the previous report sections), provides a reasonable basis for estimating the associated metallurgical and processing modifying factors underpinning the Tarkwa mineral reserves. However, the reader should be aware that uncertainties remain, and some key potential areas of risk and uncertainty remain and are discussed in the following sections. 14.4.1 Major Equipment Failure Industrial mineral processing plants consist of a series of dedicated unit processes, e.g., crushing, grinding, leaching, carbon-in-leach (CIL) and carbon elution. There is inherent risk associated with catastrophic failure of one (or more) of the key equipment items associated with these unit processes. This could lead to a significant period of plant downtime until repairs are completed, resulting either in the inability of the processing plan or forecast not being achieved and/or higher operational costs being incurred. Catastrophic failures could be associated with the structural, mechanical, or electrical components of the key processing equipment items. Key equipment items could include the crushers, grinding mills, or leach/CIP tanks. Risk amelioration activities to reduce the likelihood of such occurrences adopted by Tarkwa includes: • Dedicated on-site maintenance department which undertakes condition monitoring activities, preventative maintenance and repairs. • Critical spares (e.g., spare mill motors and gearboxes). • Contingency operational plans (e.g., contract/mobile crushing plant, leach/CIP tank by-passing). • Fire suppression systems. • Insurances. Decisions associated with asset management, critical spares, insurances, etc. are outside the responsibility and accountability of the qualified person. It is considered that some inherent risk and uncertainty associated with catastrophic failure of processing equipment remains. 14.4.2 Plant Operational Management The processing facilities are managed and operated by dedicated teams of personnel, who are required to make many operational and maintenance decisions daily. These decisions can directly impact the performance of the plant while processing the future mineral reserves. For example, a decision to process ores at a higher throughput could result in a coarser grind size from the grinding circuit, resulting in a lowering of the plant recoveries. Similarly, the choice to operate the leaching circuit at lower free cyanide concentrations to reduce cyanide usage rates, could also result in lower plant recoveries than planned. It needs to be recognised that plant management and the associated decisions made by plant operating personnel, are outside the responsibility and accountability of the qualified person, and that such decisions and actions taken by plant management can influence the achieved performance of the plant (e.g., throughput, costs, availability and recoveries). 14.4.3 Operating Costs, Plant Consumables and Reagents The operating cost of the processing plant represents a significant cost element to the overall financial evaluation of the reserve's life of mine plan. The processing facilities use relatively large quantities of power, reagents and consumables, including fuels, cyanide, grinding steel media, lime, caustic, etc. The estimation of future processing costs is required as input into the cutoff-grade calculations and economic assessments of the mineral resources and mineral reserves and estimation of processing costs require certain assumptions to be made concerning consumption rates of consumables, as well as unit prices and inflation rates. Metallurgical testing undertaken on the future mineral reserves provides reasonable guidance of potential reagent consumption rates and mill throughput expectations, and this information is considered and reviewed by the plant metallurgist and the qualified person. Tarkwa, like many other operating gold processing plants that have a reasonable operating history, do not allow for a discreet operating cost contingency in their future operating cost forecast. The absence of contingency is considered by the qualified person as being a common and reasonable approach to operational process plant cost forecasting. Consumables, commodity pricing and inflation are subject to external influences that are outside the control or predictive capability of the qualified person. Further to this, operational decisions made by plant management, or unexpected variances in the nature of the ores being processed could unexpectedly impact reagent and consumables usage rates. Such variances are outside the control or predictive expectations of the qualified person. The qualified person's opinion is that all appropriate parameters have been suitably considered and risk assessed to support the processing and recovery methods incorporated in the Tarkwa mineral reserve plan. The processing flow sheet, plant design, equipment and specifications are all within demonstrated operating ranges experienced at the mine over an extended operating history. Meeting all requirements for energy, water, process materials and staff are viewed as reasonable. 15 Infrastructure Details on each major item of non-process infrastructure is discussed in this section. See Figure 15.1.1 for a plan of the Tarkwa Property showing operating sites, TSF's, WSF's, SHL, open pits, general site infrastructure and mine lease boundary. 15.1 Required infrastructure The infrastructure is complete for the Tarkwa property. The Genser power, explosives magazine and HME workshop will be moved during the course of this LoM mineral reserve.

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Figure 15.1.1: Tarkwa Infrastructure - End of Reserve Source: Tarkwa CPR, 2025 15.1.1 Access and shipping There is a tarred road connecting the main Tarkwa town to the residence and recreational facilities. An untarred road connects the residences to the main mining areas and offices. The mine is served by a main road, which connects it to the port of Takoradi some 60 km to the southeast. Most supplies are transported by truck to the property. The main airport is at Takoradi with an international airport at Accra, the capital of Ghana. 15.1.2 Water management, supply and storage Tarkwa is located in a high rainfall area; hence, there is a positive water balance, which means that water security for the mineral reserve is assured. This is anchored in the corporate strategy of increasing water reuse and recycling while reducing freshwater intake. Excess water is treated using water clarifier units with a capacity of about 2,000 cubic metres per hour, and wastewater is recycled for reuse. A Reverse Osmosis Unit is employed to treat water that is not needed for processing, and this is discharged when it meets the Water Effluent Discharge Standard. Potable water supply is mainly from groundwater boreholes. Water from boreholes located at various points in the mine is pumped through treatment systems to all mine areas, including the camp, offices, workshops and the process plant, for portable purposes. 15.1.3 Tailings storage facilities (TSF) Background Tarkwa currently operates four purpose-built engineered TSFs: TSF 1, 2, 3 and 5. TSFs 1, 2 and 5 are active, while TSF 3 is closed and undergoing rehabilitation. The facilities are located about 1.5 km northwest of the process plant. TSFs 1, 2 and 3 are typical hillside valley impoundments. A sloping east-west trending ridge provides containment with earth fill, rockfill embankments constructed parallel to the ridge. Short earth fill and rockfill embankments constructed at right angles to the main embankments abut into the ridge to complete containment. TSF 1 is in the process of being transitoned from upstream to downstream method of raise construction with TSF 2 having been successfully transitioned. TSF 5 is a paddock-type impoundment raised downstream using run-of-mine waste rock. TSF 5 is also fully lined with an HDPE geomembrane. SLR Consulting (SLR) is the Engineer of Record (EoR) for TSFs 1, 2, 3 and 5. The TSF locations are depicted in Figure 15.1.2 below. Figure 15.1.2: Tarkwa TSFs Source: Tarkwa CPR, 2025 GISTM The GISTM self-assessment results for all four TSFs were disclosed in August 2025. A program to maintain GISTM compliance has been established and is underway in collaboration with the Engineer of Record and other key stakeholders. LoM Tailings Capacity TSF 1 was commissioned in 2004 and has been in operation for about 21 years. The facility covers a footprint area of ~135 ha and has an ultimate capacity of 90.0 Mt. The starter embankment was constructed to an elevation of 88.5 mRL. Ten staged raises have subsequently been completed after its establishment. The most recent raise (Stage 11A) was a two-metre lift during which the confining embankments were raised in a centreline manner from the Stage 10 elevation of 109.5 mRL to 111.5 mRL. The construction of Stage 11A, including the eastern buttress, was completed in August 2022 and provided an additional capacity of 3.4 Mt. TSF 2 was constructed as part of the CIL expansion project in 2008. SLR Consulting (previously Metago Environmental Engineers) designed and oversaw the construction of this facility. The facility was designed with an ultimate capacity of 88 Mt. A recently approved extended raise design increased the ultimate capacity by an additional 91 Mt. The TSF 2 starter embankment was constructed to an elevation of 73 mRL, an initial embankment height of 15 m, and a crest width of 46 m. In 2010, the second phase of the starter embankment was completed to an elevation of 80 mRL. The third and fourth four-metre raises were completed in July 2012 and November 2014. The fifth four-metre raise to 92 mRL was carried out in September 2016, and Stage 6 raise to 97 mRL was completed in December 2018. Transition from upstream to downstream method of raise construction on the perimeter walls begun after the Stage 6. The facility begun being transitioned from upstream to downstream method of raise construction with the Stage 7 construction. The Stage 7 wall raise to 101 mRL was completed in February 2022 utlising the centreline method of raise construction as part of the transition process. This was followed by the Stage 8 downstream raise to elevation 105 mRL completed in July 2023. The Stage 9 construction works, second downstream raise, was completed in May 2025 at an elevation of 111.5 mRL. The facility has a current surface area of ~190 ha. A contract to design TSF 3 to the west of TSF 2 was awarded to Metago, and preparatory groundwork and stream diversion works commenced in 2010. The facility currently covers a surface area of ~127 ha, and its design ultimate capacity is 35 Mt. The Stage 2 raise, comprising a 3.75 m lift to 76.25 mRL, was completed in June 2015. The final lift to 80 mRL was completed in April 2017, and the available capacity was depleted in 2019. The decommissioning process on TSF 3 commenced soon after with grassing of the dry beach to reduce fugitive dust generation, removal of the slurry pipelines, and introduction of nitrogen-fixing plants. Tree crops and plants were introduced in 2021. TSF 5 is located between the north wall of TSF 1 and the south wall of the NHL pads. Construction commenced in February 2016 and was completed in February 2018. Deposition commenced in 2018. Stage 1 was constructed to an elevation of 80 mRL and yielded a storage capacity of ~11.5 Mt. The facility is fully lined with an HDPE geomembrane liner and raised downstream. Construction of the Stage 2 raise was completed in June 2022. TSF 5 was recommissioned in June 2022 after a fallow period due to the remediation of the sinkhole that occurred in early 2021. The Stage 3 lift construction was completed for deposition in September 2023. Stage four construction expected to raise the embankment to elevation 105.0 mRL is currently underway. The current TSF available LOM capacity is 171 Mt and is expected to provide tailings storage to 2036. A study has been commissioned and is currently ongoing to develop TSF designs for additional storage capacity beyond 2036. QP assessment The qualified person is of the opinion that the tailings infrastructure for the Tarkwa operation is fit for the life of mine reserve estimation and that the mineral reserve quantities are tested against available tailings capacities. 15.1.4 Waste storage facilities The planning of waste rock dumps is based on several factors, primarily to minimise haul distances. In addition to environmental and strategic planning criteria, the geotechnical factors accounted for in dump planning and design are mainly concerned with the dump foundations and dump material properties. See Figure 13.2.1 for locations of waste rock dumps (waste storage facilities WSF). Waste dumps at Tarkwa mine are constructed under the Environmental Protection Authority (EPA) and Minerals Commission (MINCOM) guidelines. These are designed to certain degrees of stability and reliability. Dumps are generally segregated with oxide dumps, which are usually separated from transitional and fresh waste materials. In areas where these must be combined, the rock will form the foundation (base), which is overlain by the oxide material. Dumps are designed at 15 m lifts with an inter-lift berm of approximately 15 m, sufficient to achieve an overall slope of 2.5:1 (22 degrees) angle. This requirement is critical to reduce the sedimentation of surface waters during the active life of the waste rock dump. Dump lifts (operational and final) are designed wherever practical, with a minimum of 1:200 gradients away from dump faces and towards natural ground or the access ramp for free-standing dumps not built laterally from natural ground. This requirement ensures that rainwater collecting on the dump will naturally flow away from dump slopes and towards the natural ground. Due to the shallow dipping (15-25 º) of the footwalls, the Tarkwa mine uses them as footwall waste dumps. A windrow (safety band) of at least 2 m high is constructed just outside the active mining level to safeguard against boulders that may roll out further than anticipated from dump toes. The surface asperity of the footwall slopes is generally rough undulating and generally free from clayey material, this provides more competent dump foundations than natural hillsides. Footwall dumps are generally constructed at approximately 30 m high. These are mostly rocky dumps. Very weak and clayey waste are not dumped unto footwalls, from where such material may wash down onto pit floors during rainstorms. 15.1.5 Power supply The mine has four Independent Power Producer (IPP) gas turbines with a total generation capacity of about 40 MW. This ensures that the mine takes 94 % of electricity for mine consumption from the IPP. Tarkwa's monthly power consumption is about 25 GWh. The average demand is 38 MW. The Genser will be moved away from the open pit for this mineral reserve. Any remaining power consumption requirements are supplied from the grid. Ghana's electricity generation company VRA, the bulk transporter GridCo, and Ghana's distribution company ECG supplies power to Tarkwa. Power is supplied from three different areas at two voltage levels: 161 kV from Prestea and Takoradi to the plant area, and 33 kV to the mine village substation. An internal 11 kV overhead line network distributes power to the various plants. The mine village electricity distribution system is a combination of 11 kV aerial bundle conductors and mini-subs connected to a ring network. Emergency power generation systems are installed at strategic positions to facilitate power to essential and critical machinery and equipment in the event of a mains power failure. 15.1.6 Camp and medical facilities Employees (especially those required for continuous operation and attending to emergencies) are accommodated in four GFGL-owned accommodation areas namely Green Compound, AVS, Apinto Ridge and the Atuabo view, as well as privately owned houses in the town of Tarkwa. Recreational facilities include two recreation clubs, restaurant, swimming pool, golf course, tennis court, gymnasium and squash court. The mine also has a fully equipped hospital and a school located within the mine accommodation. 15.1.7 Other infrastructure Other infrastructure on site includes: • HME fleet maintenance workshops currently being used by the mining contractor. • Fuel storage facilities. • Offices and stores. • Genser gas power generation plant is also located next to the HME workshop. Notwithstanding the age, all surface infrastructure and equipment are adequately maintained and equipped. In conjunction with planned maintenance programs and specific remedial action systems, the general infrastructure is considered sufficient to satisfy the requirements of the mineral reserve plan.

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The qualified person is of the opinion that, notwithstanding the age, all surface infrastructure and equipment are adequately maintained and equipped. In conjunction with planned maintenance programs and specific remedial action systems, the infrastructure for the Tarkwa mining operation is considered sufficient to satisfy the requirements of the mineral reserve plan, and the quantities have been tested and satisfied for dump and disposal capacities. 16 Market studies 16.1 Market information A review of metal prices for planning purposes is undertaken annually to monitor any significant changes in price trends or exchange rates that would warrant re-calibrating the price deck before the Strategic Planning process transitions into the Business Planning cycle. This review of the metal price deck has taken account of the prevailing economic, commodity price and exchange rate (Fx) trends, together with market consensus forecasts, in addition to consideration of the Gold Fields' strategy and expectations for the operations. Our strategy is to (1) mitigate annual volatility by holding planning metal prices as long as warranted to support stability in mine planning, notably regarding the underground MSO and open pit shell selections; (2) maintain appropriate margins on spot and long-term price forecasts to support the Group's BSC metrics; (3) protect against accelerating mining sector inflation and, (4) to confirm a separate gold price to be used specifically for the Operational Pan (budget) revenue streams and cashflows in Q3 each year. The outcome of the pricing analysis was to use a gold price of $2,000/oz for mineral reserves and $2,300/oz for gold mineral resources for disclosure of estimates as shown below in Table 16.1.1. Table 16.1.1: Mineral reserves and mineral resources metal prices Metal Unit December 2025 Metal price Deck Mineral reserve 31 Dec 2025 Mineral resource 31 Dec 2025 Gold $/oz 2000 2300 Source: Tarkwa CPR, 2025 Sensitivity analyses on gold price for project financial evaluation is done to provide flexibility/range analysis for all regional studies and site growth opportunities and for investment purposes. The mineral resources gold price premium to the mineral reserves price is circa 15 % and the differential is in general alignment to our peer group and gold industry standard practice. The mineral resource premium is to provide information on each operation's potential at higher gold prices and to indicate possible future site infrastructure and mining footprint requirements. GFGL has an existing refining, sales & marketing agreement (the Refinery Agreement) with MKS. The Refinery Agreement is an arm's length transaction negotiated by the parties acting independently and the terms meet all requirements under applicable law. Gold Fields' treasury department in South Africa sells all the refined gold produced by the Property. On collection of the unrefined gold from the mine site, the relevant operating Property will notify Gold Fields' treasury department of the estimated refined gold content, expressed in troy ounces, available for sale. After such confirmation, the treasury department sells the refined gold to authorised counterparties at a price benchmarked against the London Bullion Market Association (LBMA) PM gold auction price. Gold Fields may periodically use commodity or derivative instruments to protect against low gold prices with respect to its production. Variations in gold price, currency fluctuations and world economics can potentially impact on the revenue received. No derivative instruments are in place at the date of this report. Most gold production is used for jewellery and for investment purposes, in the latter case because the market views it as a store of value against inflation. In addition, certain physical properties of gold, including its malleability, ductility, electric conductivity, resistance to corrosion and reflectivity, make it the metal of choice for several industrial and electronic applications. See the Gold Fields marketing section of the IAR. Supply of gold consists of new production from mining, the recycling of gold scrap and releases from existing stocks of bullion. Mine production represents the most important source of supply, typically comprising 75 % each year. Annual demand requires more gold than is newly mined and the shortfall is made up from recycling. Management believes that long-term gold supply dynamics and global socio-political and economic trends will support the gold price at levels above $2,000 per ounce in the long-term. The market for gold is relatively liquid compared to other commodity markets, with London being the world's largest gold trading market. Gold is also actively traded via futures and forward contracts. The price of gold has recently been significantly affected by macroeconomic factors, such as inflation, exchange rates, reserves policy and by global political and economic events (including in the context of recent developments in Iran and more broadly in the Middle East region), rather than simple supply/demand dynamics. Gold is often purchased as a store of value in periods of price inflation and weakening currency. Metal Price history Gold prices London Metals Exchange afternoon close • Gold spot 30 December 2025 - $4,367.80/oz • Gold spot 12 month average - $3,435.09/oz • Gold spot 24 month average - $2,908.63/oz • Gold spot 36 month average - $2,588.57/oz • Gold spot 60 month average - $2,274.02/oz 16.2 Required material contracts The Registrant has all required material contracts in place. Refining services are based on well-established long-term agreements and expediting gold sales over the life of the asset does not represent any significant uncertainty. The services and goods supply contracts (e.g., diesel, cyanide, etc.) necessary to develop the Property as planned, are in place and have the capability to support the projected cashflow period. All such material contracts are arm's length transactions negotiated by parties independently and are in compliance with applicable law. 17 Environmental studies, permitting and plans, negotiations, or agreements with local individuals or groups Climate change is an integral consideration of the mineral reserves generation process and incorporating relevant costs associated with climate change, primarily decarbonisation, mitigation and adaptation to the changing climate, is a key theme for the Registrant and the Property. Increasing frequency of extreme weather due to climate change could pose operational challenges for Tarkwa, as more intense rainfall may test the capacity of pit dewatering and TSF systems while prolonged droughts could affect water availability. In addition, evolving international ESG standards may require increased expenditure, such as higher reclamation requirements or reductions in greenhouse gas emissions. Climate change assessments have been conducted, and while no extreme climate trends, such as significantly increasing rainfall intensity or temperature anomalies, have been observed that would materially affect operations, climate-related risks remain a forward-looking consideration that could exacerbate other environmental risks, including flooding, erosion, dust generation, or water scarcity. To enhance resilience, the mine is implementing climate adaptation measures, including designing water management systems for higher rainfall scenarios, upsizing drainage infrastructure, maintaining substantial water harvesting capacity to buffer dry periods, planting trees to combat erosion, and diversifying water supply. The mine also tracks its carbon footprint with the aim of reducing diesel consumption per tonne mined, aligning environmental performance with cost efficiency. Overall, Tarkwa's climate remains conducive to year-round mining with routine wet-season adjustments, and governance controls are strengthened through ongoing compliance with ISO standards and independent audits to proactively identify and address ESG gaps. 17.1 Results of environmental studies Environmental management at Tarkwa is conducted within the framework of the ISO14001:2015 certified Environmental Management System (EMS). The foundation of the EMS is the Tarkwa Environmental Policy, which is aligned with the Gold Fields Limited Environmental Policy. Current environmental studies at Tarkwa mine include a biodiversity study, Acid Rock Drainage, update of the water management plan and water balance and an update of the mine closure plan and closure cost estimate. Tarkwa has expanded the environmental studies in the EIS through conducting a Biodiversity Assessment, from which a Biodiversity Management Plan has been produced. The Biodiversity Management Plan aims to guide the management of flora and fauna in active mining areas. See chapter 17.5 for closure details The qualified person is of the opinion, after due consultation with in-house experts, that current plans to address issues relating to environmental compliance, permitting and communities are adequate. 17.2 Waste and tailings disposal, site monitoring and water management 17.2.1 Tailings storage facilities (TSF) Consequence classification The GISTM consequence classifications of the TSFs are as follows: • TSF 1 – Very High • TSF 2 – Very High • TSF 3 – Very High • TSF 5 – Very High Regarding storm holding capacity, the TSFs are designed as closed circuits with enough capacity to contain extreme storm events commensurate with their classification. The TSFs pond freeboard measurements are recorded to confirm the adequacy of storm holding capacity. Pond freeboard measurements were within the design and regulatory limits. Adequate beach lengths from confining embankments were also maintained. The elevation of the TSF ponds at the complex is controlled by electrical submersible and skid- mounted pumps, complemented by emergency diesel pumps when required. The elevation is monitored daily using a level gauge mounted at the decant stations and confirmed with month-end GPS measurements. Phreatic surface The phreatic surfaces within the embankments and tailings are monitored using vibratory wire piezometers. All the piezometer trigger levels are being evaluated through a Trigger Action Response Plan (TARP) evaluated as part of EoR monthly and quarterly operational reviews. Embankment movement Tarkwa is in the process of complementing embankment movement measurements with In-place Inclinometers (IPI) and Shape Acceleration Arrays (SAA). Drilling and installation at 4 locations at TSF 1 have been completed. Monitoring and calibration of the installed units are ongoing. A Geomos setup comprising an autonomous total station and a set of prisms is also used to monitor deformations along the TSF 1 and 5 walls. Groundwater Several boreholes have been established around the downstream perimeter of the TSF Complex and are sited to intercept any pollution plumes from the existing TSFs. Water samples are collected from these boreholes and tested monthly as part of the operations' groundwater monitoring regime. Laboratory testing includes physical parameters, nutrients, chemicals and dissolved trace metals. Results indicate non-contamination of the groundwater systems from the TSFs. This was confirmed by comparing results to baseline and the EPA portable water threshold limits. Sampling was undertaken at about 21 points along the downstream areas of the Complex. Water levels within the boreholes are also measured monthly to check groundwater level fluctuations. Stability A buttress has been previously completed along the TSF 1 east wall to improve the stability and factors of safety of the wall to achieve the ANCOLD minimum requirements. The recommendation was made as part of the Stage 11A design, the construction of which was completed in 2022. The next raise, TSF 1 Stage 12, and subsequent future raises will utilise the downstream raise construction method along the east wall further extending the buttress. For the TSF 1 north wall, buttressing and slope geometry adjustments have been implemented as part of the TSF 5 Stage 4 raise to reduce the probability of failure at the north wall. The post-seismic factor of safety along the TSF 2 west wall after completion of the Stage 8 wall raise was below the minimum requirements. The failure plane along which the minimum factor of safety has been calculated did not result in a loss of containment failure. However, a buttress was designed by SLR, the EoR for TSF 2, to improve the factor of safety beyond the minimum requirements. The buttress was then constructed to ensure the Stage 8 embankment achieved the minimum factors of safety. This buttress has since been extended with careful physical and instrumentation monitoring to cater for the current Stage 9 and planed future development. The area is also routinely monitored for any signs of movement, with no distress detected or evident. TSFs 3 and 5 have factors of safety above the minimum requirements of L.I. 2182 and ANCOLD. WAD Cyanide WAD Cyanide levels at the TSF Complex remain below the compliance limit of 50 ppm prescribed by the ICMC. As a result, no exceedances were recorded. Construction Construction of the TSF 1 Stage 11A and TSF 2 Stage 9 wall raises was completed in April 2022 and May 2025, respectively. The TSF 5 Stage 4 wall raise which commenced in April 2025 is ongoing and nearing completion. It comprised downstream raise construction along the east and west embankments and construction of intermediate zones against the TSF 1 north wall and North heap leach pad which serves as the south and north embankments of the TSF 5. HDPE liner was also deployed and installed along the embankment's prepared upstream slopes tying into the Stage 2 HDPE to provide containment. A rockfill buttress was also constructed along the TSF 1 North to improve the FoS to meet ANCOLD requirement The TSF 2 Stage 9 construction early works comprising rockfill along the north wall and buttress works along the west embankment, commenced in January 2024. The raise construction followed the buttress construction works and was completed in April 2025. It comprised construction of intermediate and low permeability zones against the outer rockfill along the north and west embankments, clearing, grubbing, and construction of a new access road along the south phyllite ridge and raising of the facility under-drain towers to the new crest elevation. The TSFs at Tarkwa are well managed from a dam safety and governance perspective. Audits and inspections As part of their EoR responsibilities, SLR Consulting undertakes quarterly and annual audits of the TSFs. In addition, Independent Tailings Review Board (ITRB) meetings are held on-site annually. The recent inspection, audit and meeting yielded no dam safety concerns. However, some operational deficiencies and governance items need to be addressed. Glocal has also been contracted to undertake independent third-party quarterly and annual environmental audits of the facilities. Glocal's quarterly audits and findings, per the TSF permit conditions, are submitted to the Ghana Environmental Protection Authority (EPA). In addition to the regular EoR and third-party audits, ERM undertook a third party GISTM verification audit for Tarkwa's TSFs in 2025. P a g e 63 \| #NUM_PAGES# 17.2.2 Waste rock dumps Testwork of waste rock by subjecting samples to acid-base accounting is ongoing. Results to date show no indication of the potential for significant ARD generation from mine waste. These results are confirmed by ongoing environmental monitoring, and no special measures have been necessary. In line with the mine's concurrent rehabilitation policy, the Sustainability function re-slopes portions of waste rock dumps (WRD) that have reached completion stage. The re-sloped phases are then covered with subsoil or oxide material and topsoil as per regulatory requirements. Construction of crest and stone pitched drains are other rehabilitation activities that are done on re-sloped WRD phases before the completion of revegetation on the phases. Rehabilitation maintenance activities such as weeding, pruning, replacement of dead seedlings, pest control and fertiliser application, are done on an ongoing basis at the mine. Cost estimates for WRD phases that are not at the completion stage for concurrent rehabilitation are captured in the mine's closure cost estimates every year. The qualified person is of the opinion that the waste rock dumps at Tarkwa are adequate for this mineral reserve plan. Regular waste rock inspections are performed to assess safety. 17.2.3 Water management The Water Resources Commission (WRC) was established through an Act (Act 522) in 1996 and was given the mandate to regulate all activities relating to water in Ghana. The Legislative Instrument (LI) 1692 indicates what needs to be permitted by the WRC. Any activity that is carried out by the mine on any water body be it a stream or a wetland will need to be permitted by the WRC. This includes abstraction, diversion, damming or discharge into the water body. Also required to be permitted is any activity on groundwater, including boreholes used for domestic purposes and supplementing the process plant. Tarkwa is required to indicate the estimated volume of water it intends to use for the years within the permit cycle and the WRC is mandated to charge a fee. The mine has valid groundwater abstraction, water discharge and pit dewatering permits are currently valid. Tarkwa has constructed numerous silt traps to prevent sediment load from entering streams in the mine concession. Sediment control dams are also constructed at selected vantage points. Currently, there are three clarifiers on the mine (CIL and NHL) and a water treatment plant to improve the quality of water recycled for reuse or discharge from the mine. Additional containment bunds and contingency pond storage exist within the process plant to provide emergency storage and containment of spilled tailings material. In many of the pits, water level rises may spill into natural watercourses. Pit water quality meets applicable standards and Tilapia fish are multiplying. This supports the favourable projections for future water quality and future use of the pits for fish farming. Ground water boreholes both shallow and deep have been drilled around the tailings storage and the heap leach facilities to monitor groundwater quality and serve as surveillance monitoring networks to detect any possible pollution of groundwater and enable the mine to adopt the appropriate mitigation measures. Currently there is no significant impact on groundwater quality which can be attributed to mining operations. Potable water for the mine and residential areas is abstracted from boreholes located at the plant site and the residential area. An external consultant has reviewed the site-wide water balance. Tarkwa's strategy is to maximise water reuse and recycling while reducing freshwater usage and discharging minimum volumes where necessary. The qualified person is of the opinion that the procedures, monitoring and execution of the water management plan are adequate for supporting the life of mine mineral reserve estimate. 17.3 Project permitting The EPA Act, 1994 (Act 490) and the Environmental Assessment Regulations, 1999 (LI 1652) regulate activities that affect the environment in Ghana and are administered by the Environmental Protection Authority (EPA). Mining companies are also required under the Minerals and Mining Act, 2006 (Act 703), Minerals and Mining (Amendment) Act, 2015 (Act 900), and their attendant Minerals and Mining Regulations (e.g., LI 2182, 2012) to have due regard to the effect of their operations on the environment, and to take steps to prevent pollution of the environment. Under Schedule 2 of the Environmental Assessments Regulations (LI 1652, 1999), mining is considered an undertaking for which registration, environmental impact assessment and permitting are mandatory. Therefore, Mining companies are required to obtain an environmental permit before commencing mining operations and an environmental certificate within 24 months of the commencement of operations after submitting an environmental management plan (EMP). To obtain a permit, the EPA requires the submission of a completed environmental assessment registration form (Form EA 2), which should provide an overview and preliminary environmental assessment of the proposed undertaking. After receipt and review of the application, the EPA undertakes a review and issues a screening report which stipulates a determination by the Authority that an application, at the initial assessment, is approved, objected to, requires the submission of a preliminary environmental report or the submission of an environmental impact statement (EIS). This decision is usually communicated to the applicant within 25 days from the date of receipt of the application for an environmental permit. In respect of a proposed mining undertaking, the Property shall submit an EIS which shall be outlined in a scoping report to the Authority. A scoping report sets out the scope or extent of the environmental impact assessment to be carried out by the applicant. It includes a draft term of reference indicating the essential issues to be addressed in the environmental impact statement. Upon receipt of a scoping report, the Authority shall examine it and inform the applicant within 25 days of the receipt of the report whether it is acceptable or not.

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Where the Authority accepts a scoping report, it requests the applicant to submit an environmental impact statement based on it. Where a scoping report is not acceptable to the Authority, the Authority advises the applicant to revise the report as appropriate and resubmit it. Where an applicant has been asked to submit an EIS, it is the responsibility of the applicant to advertise the Scoping Notice to the general public and make available copies of the scoping report for inspection by the general public in the locality of the proposed undertaking. • The Regulations require the EPA to advertise the EIS and to hold a public hearing if it appears that, there is "great adverse public reaction" to the proposed activities, to hear comments and objections from interested and affected parties. The EIS may therefore be reviewed in the light of these comments, and may be approved, or returned to the applicant for modification and re-submission. Once the EIS, if required, is approved, the EPA issues an environmental permit for the project. Environmental permits, which are valid for 18 months from the date of issue, normally contain several conditions and commitments made in the EIS documents and these are considered legal commitments. Within 24 months after the commencement of operations, and every three years thereafter, the Property must submit an environmental management plan (EMP) to the EPA that describes how the Property will manage the environmental aspects of the project over the following three years. Resource Other reporting conditions stipulated in environmental reports include the submission of monthly environmental monitoring returns, annual environmental reports and on a biennial basis, a biennial costed reclamation and closure plan and any other specialized report that the Authority may request. • In addition to an environmental permit and environmental certificate, several other authorisations may be required, as indicated below: ◦ Ghana Minerals Commission (MINCOM) issues a Mining Operating Permit for all mining projects on an annual basis. A mine cannot operate in Ghana without this approval. ◦ Road construction requires approval from the Ghana Highway Authority and the EPA. ◦ Water abstraction, pit dewatering and water discharge permits are required by the Water Resource Commission (WRC) to sink boreholes, impound water and abstract groundwater or surface water, dewater pits and discharge water into a receiving environment. Permission is also required from the WRC for diversion of watercourses. • Should mining take place within a Forest Reserve, permission is required from the Forestry Services Division, in accordance with the Environmental Guidelines for Mining in Productive Forest Reserves (2001). The guidelines also require that the EPA hold a public hearing at the end of scoping (this is in addition to the one required at the end of the EIA). • Approval is required from the EPA and Land Valuation Board for the relocation of people, dwellings and crop compensation. • Chemical purchases require the EPA's Chemical Clearance Certificate on an annual basis. • Various building and construction permits, from various regulators, typically development permits from the Regional and District Assemblies, like Tarkwa-Nsuaem Municipality. • Factory facilities on the mine site like the OTR Tyre Re-tread Facility, require approval from the Factories Inspectorate Division (Ministry of Employment and Social Welfare), which administers the Factories, Offices and Shops Act 1970. In line with the requirements of the EPA Act of 1994 (Act 490), the Authority may suspend or revoke an Environmental Permit, or Environmental Certificate, in certain circumstances, including where the holder breaches any of the provisions of the Ghanaian Regulations, or of the conditions of the permit or certificate, or where the holder fails to comply with any of its mitigation commitments in the EMP. Tarkwa operates in accordance with Ghanaian environmental requirements, as administered by the EPA, and the WRC, as applicable, and holds the required Environmental Permits and valid Environmental Certificates. A summary of all current significant Tarkwa permits is provided in Table 17.1.1. Mining operations are required by Ghana's environmental laws to rehabilitate disturbed lands as a result of mining operations, pursuant to a Reclamation Security Agreement (RSA), reclamation criteria and action plan agreed with the Ghanaian environmental authorities. This obligation is secured by posting reclamation bonds, which serve as a security deposit against default. Reclamation bonds are assessed every two years (biennially) based on the agreed upon estimated rehabilitation costs incurred to date and expected to be incurred during the two years until the next reclamation plan is submitted to the EPA. The Environmental certificate for the operation expired in January 2025. The mine updated the Environmental Management Plan (EMP) for 2025-2027 and submitted to EPA in December 2024 for consideration and approval. The EPA reviewed the document and submitted review comments in January 2026 to be used to finalize the EMP. The EMP has since been finalized, and the permit fee has been paid to EPA. The certificate when issued will expire in January 2028. This process is expected to continue for the duration of the LOM mineral reserve. Gold Fields is obliged to provide security to the EPA as a guarantee against the reclamation of disturbed land because of its operations. Tarkwa have a bank guarantee, a restricted cash account established in line with EPA requirements and has set aside cash as part of their financial provision for closure. Table 17.1.1: List of Tarkwa permits Date issued Title Purpose Status Comment October 2021 Tailings Storage Facility 1 (TSF 1) Stage 11A Wall Raise Construction and operation of TSF 1 Stage 11A wall raise Construction Completed. Both EPA and Minerals Commission Approvals obtained May 2021 TSF 2 Stage 7 Wall Raise Construction and operation of the TSF 2 Stage 7 wall raise Construction On-going Construction ongoing. Both EPA and Minerals Commission Approvals obtained August 2021 TSF 5 Annex Construction and operation of a new TSF (TSF 5 Annex) New Project Permit Fee Paid – Awaiting Issuance of Permit June 2022 Akontansi Ulap Pit Expansion Extend the mining of the Akontansi Ulap pit New Project Supplementary EIS and permit fee paid– Awaiting Issuance of Permit January 2023 TSF 2 Stage 8 Wall Raise Construction and operation of TSF 2 Stage 8 wall raise Construction On-going Both EPA and Minerals Commission Approvals obtained January 2023 Water Use Permit. Ground Water Abstraction Abstract groundwater for both domestic and industrial use Permit Renewed Valid Until December 2025 January 2023 Water Use Permit Pit Dewatering Dewater pits for mining activities Permit Renewed Valid Until December 2025 January 2023 Water Use Permit – Discharge Discharge water that arises within the applicable GSA Standards Permit Renewed Valid Until December 2025 September 2023 TSF Stage 3 wall raise Construction and operation of the TSF 5 Stage 3 wall raise Construction Completed. Both EPA and Mineral Commission Approvals obtained July 2024 TSF 2 Stage 9 wall raise Construction and operation of TSF 2 Stage 9 wall raise Construction Completed. Both the EPA and the Minerals Commission obtained approval Notes: a. The qualified person has selected significant permits to demonstrate permitting. b. The qualified person is of the opinion that the licenses are in good standing and that any current or future licensing can and will be obtained for the mineral reserve or the mineral resource. c. The qualified person is of the opinion that Tarkwa has a good standing with licensing authorities, community groups and that licensing is not expected to be material to mineral reserves or mineral resources. d. Tarkwa is conducting continuous rehabilitation and has a large closure liability. The qualified person is of the opinion that the closure estimates and duration are reasonable and practical and that appropriate funding provisions are in place to expedite all obligations. Source: Tarkwa CPR, 2025 17.4 Plans, negotiations, or agreements with local individuals or groups Large resettlement programs, in line with good international practice, were carried out in collaboration with the local community and authorities. Tarkwa maintains a positive relationship with nearby communities. Sustainable development responsibilities for the operations are split between the Environment, Health and Safety, and Community Relations Departments at the operation and the Corporate Affairs and Social Development Offices in Accra. Particular attention is paid to engagement with stakeholders such as the Municipal Assembly, Traditional Authority, NGOs and the media in sustainable development activities. The Registrant and Property are committed to ensuring that the host communities realise genuine and lasting benefits from its presence. To achieve this, the Gold Fields Foundation ensures development of the nine catchment communities. The Foundation is funded by $1/ oz of gold produced and a 1.5 % pre-tax profit. The Foundation supports development programs in education, health, water and sanitation, agriculture, micro-enterprises and infrastructure. The programs are extensively discussed with beneficiary communities for their buy-in prior to implementation. As at the end of 2025, the total SED spend amounted to of $5.62million. This has been invested in various socio-economic development programs in the Registrant and Properties' primary stakeholder communities during the fiscal year. The mine sets annual targets for host community procurement and employment. 17.5 Mine closure Tarkwa submitted an up-to-date integrated mine closure plan (2024-2025) to the EPA and Minerals Commission in April 2024, with a revised plan due for submission in quarter one of 2026. The plan is developed based on legal requirements and Gold Fields guidance, which aligns with the ICMM's Integrated Mine Closure: Good Practice Guide. The mine ensures that closure planning is incorporated into the earliest stages of mine planning and business plan (short, medium, and mineral reserve) so that closure risks and opportunities are captured from the start and proactively managed throughout the mine's life to meet environmental, social, and economic considerations. The Closure Plan outlines the baseline and knowledge base, defines closure vision, objectives and principles, closure risks and opportunities, agreed upon closure activities, post-mine land uses and success criteria. It also covers the required stakeholder engagements for developing the closure plan, progressive closure actions (including social transition), closure cost and bond provisions, the monitoring and maintenance and data management systems, including post-closure water monitoring, sudden and tempory closure response programs, the closure relinquishment protocols and key closure governance tools. Commitment to EIS, EMP, and Environmental Permit schedules is considered a compliance obligation and is included in the mine closure liability estimates. The operation adheres to a three-year progressive rehabilitation schedule developed in line with the approved Mine Closure Plan and the Group's annual rehabilitation target of 85%. To ensure effective implementation, all necessary resources are allocated, and performance is consistently tracked against the set objectives. Each year, Tarkwa updates its Day of Assessment (DoA) and Life of Mine (LoM) closure cost estimates using the Standardised Reclamation Cost Estimator (SRCE) model, which reflects both actual and anticipated disturbances as well as changes in closure requirements. As of December 2025, Tarkwa's total DoA reclamation liability amounts to $107.2 million, while the LoM liability is $131.9 million. Tarkwa's closure cost estimates are consistent with the 2003 Reclamation Security Agreement (RSA) and Ghana's Minerals and Mining (Health, Safety and Technical) Regulations (LI 2182, 2012). Under the RSA, Gold Fields must provide security to the Environmental Protection Authority (EPA) to guarantee reclamation of disturbed land. To meet this obligation, Tarkwa has set aside a total provision of $123 million, comprising a $36.8 million bank guarantee with ABSA and $86.2 million in cash. Of the cash provision, $45.7 million is held in restricted accounts jointly managed with the EPA, while $40.5 million is maintained in unrestricted accounts controlled by the mine. The bond will be updated in 2026 to $107.2 million, aligning with the total DoA liability estimate at the end of December 2025. The qualified person is of the opinion that the closure estimates and duration are reasonable and practical and appropriate plans, including continuous rehabilitation and funding provisions, are in place, as regulated, to support the execution of the life of the mine plan mineral reserve and to meet the closure liabilities. 17.6 QP opinion on the adequacy of current plans The qualified person is of the opinion that the studies and permitting are either in place or will have reasonable prospect of being in place for the duration of the LOM mineral reserve and if required, may be extended for future mineral resources. 17.7 Commitments to ensure local procurement and hiring Tarkwa is actively pursuing local hiring, with a 98% Ghanian workforce, and local procurement with the aspiration for enduring value after mining. 18 Capital and operating costs 18.1 Capital cost estimates Based on disclosed mineral reserves, capital expenditures will continue until 2042. The capital expenditures are based on detailed requirements and assessment for the next two years. Capital estimates beyond the first two years are based on pre-feasibility or better estimates for infrastructure, equipment and development requirements for individual projects, with nominal allowances made for general overheads and processing capital requirements. Table 18.2.1 summarises the forecast sustaining and project capital costs for Tarkwa. Table 18.2.1: Sustaining and project capital costs forecast (100 %) Tarkwa Capital cost item Units 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Mining MP&D $ million 24.7 44.7 30.8 Capitalized Waste $ million 243.7 279.4 192.0 267.0 286.4 374.0 400.4 215.8 283.2 196.1 158.9 Sustaining (incl. TSFs) $ million 50.8 54.8 27.9 25.8 41.0 69.2 33.0 58.8 61.1 60.6 39.1 G&A Capital $ million 3.0 2.7 4.5 2.4 1.9 0.4 0.1 0.8 0.1 Exploration $ million Capital costs $ million 322.2 381.7 255.1 295.2 329.3 443.6 433.5 275.4 344.4 256.7 198.0 2037 2038 2039 2040 2041 2042 Mining MP&D $ million Capitalized Waste $ million 144.9 245.9 169.6 146.3 12.6 Sustaining (incl. TSFs) $ million 39.1 39.1 23.6 6.1 6.1 2.5 G&A Capital $ million Exploration $ million Capital costs $ million 184.0 284.9 193.2 152.3 18.6 2.5 Notes: a. The capital costs are based on the 31 December 2025 life of mine schedule for proven and mineral reserves and are on 100 % basis. b. No inferred mineral resource is included in the mineral reserve processing schedule or techno-economic evaluation. c. Tailing storage facilities are costed according to the mineral reserve requirements. Source: Tarkwa CPR, 2025 18.2 Operating cost estimates Operating costs are based on the 2025 plant and infrastructure operational and business plan cost schedules until 2042, inclusive of overheads and mining rates. Operating costs are divided into: • Tarkwa's mining operations are based on contractor mining, which means that mining costs are mainly driven by contract rates. These vary depending on the volume of material mined, pit depth and other factors considered during the tender process. In addition, Tarkwa's owner mining and technical services costs and dayworks are included in the mining cost. • Mining costs, including ore handling costs: Mining costs are based on approved contractor rates from the primary mining contractors being BCM for Zone 1 (Teberebie and Pepe) and E&P for Zone 2 (Akontansi, Kottraverchy and Kobada). Other costs (e.g., G&A) are derived from past costs (i.e., 2025 actual) and anticipated future escalations. The 2025 mineral reserve surface sources costs are based on approved contracts rates (E&P). These are disclosed per location and distance to the crushers. • Processing costs, including tailings and waste disposal costs: For 2026 and beyond, processing costs are based on 2025 actuals and escalations. • Centrally allocated costs: For 2026 and beyond, administration costs (G&A) are based on 2025 actual costs and escalations where necessary. • The G&A cost is made up of onsite and offsite overhead costs. The onsite cost includes all service departments on the mine, including human resource, finance, community affairs, environment, safety and protection services. Offsite costs include Accra office overhead costs, management fees and Gold Fields charges. The operating costs forecast is summarised in Table 18.3.1. Table 18.3.1: Operating costs forecast (100 %) Tarkwa Operating cost item Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Mining $ million 254.7 226.8 268.1 160.3 186.5 117.2 109.3 272.2 217.9 293.9 363.1 Processing $ million 153.7 157.0 157.2 160.6 167.4 171.8 164.8 158.8 160.2 159.2 157.4 G&A Operating $ million 87.4 92.6 92.3 92.3 92.3 92.3 92.3 92.3 92.3 92.3 92.3 Other operating costs $ million Operating costs $ million 495.8 476.4 517.6 413.3 446.3 381.4 366.4 523.4 470.5 545.4 612.8 2037 2038 2039 2040 2041 2042 Mining $ million 335.3 162.6 162.3 84.9 161.4 Processing $ million 157.7 166.5 167.1 175.0 164.6 61.4 G&A Operating $ million 92.3 92.3 93.7 90.6 93.1 31.0 Other operating costs $ million Operating costs $ million 585.3 421.4 423.1 350.5 419.1 92.5 Notes: a. The operating costs are based on the 31 December 2025 life of mine schedule for mineral reserves and are on 100 % basis. b. No inferred mineral resource is included in the life of mine processing schedule or techno-economic evaluation. c. Exploration costs required to replace depleted mineral reserves are not included in this techno-economic assessment. d. Costs are first principles based on the mineral reserve life of mine schedule. e. This operating cost summary estimate is for the mineral reserve life of mine schedule. Source: Tarkwa CPR, 2025 Post life of mine closure is to be completed in 2043 and costs are estimated at $4.9 m provided for in support of the mineral reserve. The qualified person is of the opinion about capital and operating costs is summarised below: a. The financial schedule is linked to the life of mine plan to ensure the provision of capital is coupled to when the major budgeted items need to be funded. b. The capital and operating costs applied are appropriate to derive a realistic and meaningful mineral reserve financial model that supports the mineral reserve. c. The capital, operating and closure cost estimation levels of accuracy meet the minimum pre-feasibility study requirements at an estimated accuracy of ±25 % and require no more than 15 % contingency. The specific engineering estimation methods have an accuracy equal to or better than this range. d. Tarkwa has improved capital estimation and capital delivery through the application of Group Capital Standards and capital projects review by a select team with improved implementation planning. Gold Fields also perform regular post investment reviews across all major capital studies and share key learnings. e. Gold Fields' two-year business planning cycle captures operating and capital costs along with key physicals and revenue. The business plans are internally reviewed, presented to the Executive Committee for approval, prior to sanctioning by the Gold Fields board of directors. The business plans are aligned with the Registrant's strategic direction and equate to the first two years of the life of mine plan. f. Capital expenditure, once sanctioned, must follow the Registrant's capital disclosure standard. Monthly and quarterly reviews are held to assess capital programs, operating unit costs, mine physicals, plan execution and revenue streams. g. Operating unit costs are based on recent valid historical performance and where necessary take account of future changing circumstances that are anticipated to impact future operating costs. 18.3 Accuracy of estimates Capital and operating costs for Tarkwa are based on items incorporated in the life of mine plan to secure the disclosed mineral reserve. The operating and capital cost estimates are based on consideration of recent historic performance and the components of the mineral reserve life of mine plan to generate a realistic and appropriate life of mine financial model for operating and capital costs. The levels of accuracy are the same as or better than a pre-feasibility study at an estimated accuracy of ± 25 % and require no more than 15 % contingency. The specific engineering estimation methods are equal to or better than estimated above. Gold Fields' two-year business planning cycle captures operating and capital costs along with key physicals and revenue. The business plans are internally reviewed and presented to the executive for approval prior to being sanctioned by the Gold Fields board of

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directors. The business plans are aligned with the Registrant's strategic direction for operating properties and provide the base for the first two years of the life of mine mineral reserve plan. 19 Economic analysis 19.1 Key assumptions, parameters and methods The economic analysis that confirms the cashflow, revenue, financial viability and valuation for Tarkwa is based on: • Taxable income is calculated in terms of local relevant legislation. • A real base case discount rate which is determined by the Gold Fields Corporate Finance team annually. • The discounted cashflow (DCF) applied to post-tax, pre-finance cashflows and disclosed in financial years ending and including 2035. The input parameters for the economic analysis are based on: • The mineral reserves disclosed in Section 12.3, with no inferred mineral resources included in the economic analysis. • The mining and processing schedule disclosed in Section 12.3. and Section 10 • Metallurgical process recoveries disclosed in Section 12.3. and Section 10 • Capital costs disclosed in Section 18.2. • Operating costs disclosed in Section 18.3. • Royalty rates disclosed in Section 3.5. • A mineral reserve gold price of $2,000/oz as discussed in Section 16. • A discount rate of 11.0%. • A corporate tax rate of 32.5 %. The mineral reserve physical, operating cost and capital cost inputs, including rehabilitation, leasing and closure costs and revenue assumptions for the economic analysis to and including 2035 are summarised in Table 19.1.1. Table 19.1.1: LOM mineral reserve physical, operating cost and capital cost inputs and revenue assumptions 100 % basis Sources Units 2026 2027 2028 2029 2030 2031 2032 2033 2034 Open Pit LOM Processed mineral reserve koz 396 390 500 159 309 264 460 504 495 Recovery % 96 96 97 94 95 95 97 97 97 Sold koz 380 375 483 150 295 252 444 487 478 Stockpiles LOM Processed mineral reserve koz 126 108 51 204 95 116 59 16 27 Recovery % 96 96 97 94 95 95 97 97 97 Sold koz 121 103 50 192 91 111 57 15 26 Total Sold koz 501 478 533 342 386 362 501 503 504 Costs, Revenue and Cashflow Revenue $ million 1,003.0 955.8 1,065.5 684.2 772.2 724.2 1,001.8 1,005.2 1,007.1 Operating Costs $ million 495.8 476.4 517.6 413.3 446.3 381.4 366.4 523.4 470.5 Capital Costs $ million 322.2 381.7 255.1 295.2 329.3 443.6 433.5 275.4 344.4 Other $ million 39.6 33.8 32.6 27.4 24.2 31.5 21.3 37.1 8.1 Royalties $ million Government levies $ million 46.2 37.6 43.6 28.6 30.6 29.1 39.1 40.2 40.3 Rehabilitation & Closure $ million 6.0 4.8 4.8 4.4 4.0 4.0 4.0 3.1 0.0 Interest (if applicable) $ million Total Costs (Excl. Taxes) $ million 909.8 934.2 853.8 768.9 834.4 889.6 864.3 879.2 863.2 Taxes $ million 21.5 25.0 86.5 9.3 0.0 0.0 0.0 18.6 40.3 Cashflow $ million 71.7 -3.4 125.3 -94.1 -62.1 -165.4 137.5 107.4 103.6 Discounted cashflow at 11.0 % (NPV) $ million 68.0 -2.9 96.5 -65.3 -38.9 -93.2 69.8 49.1 42.7 Unit 2035 2036 2037 2038 2039 2040 2041 2042 Open Pit LOM Processed mineral reserve koz 400 431 460 367 383 194 376 Recovery % 96 96 96 96 96 94 96 Sold koz 383 414 442 352 368 183 360 Stockpiles LOM Processed mineral reserve koz 19 1 8 75 80 136 61 83 Recovery % 96 96 96 96 96 94 96 91 Sold koz 18 1 7 72 77 129 58 76 Total Sold koz 401 415 450 424 445 311 419 76 Costs, Revenue and Cashflow Revenue $ million 801.6 830.0 899.7 848.0 890.3 622.6 837.3 151.9 Operating Costs $ million 545.4 612.8 585.3 421.5 423.1 350.5 419.1 92.5 Capital Costs $ million 256.7 198.0 184.0 284.9 193.2 152.3 18.6 2.5 Other $ million 31.6 20.8 30.7 16.0 24.9 30.2 11.9 55.6 Royalties $ million Government levies $ million 32.7 33.1 35.8 34.1 35.5 25.8 32.8 8.9 Rehabilitation & Closure $ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest (if applicable) $ million Total Costs (Excl. Taxes) $ million 866.5 864.7 835.8 756.5 676.6 558.8 482.4 159.4 Taxes $ million 4.2 0.0 0.0 18.9 56.1 15.2 93.0 10.2 Cashflow $ million -69.2 -34.7 64.0 72.6 157.7 48.6 261.9 -17.7 Discounted cashflow at 11.0 % (NPV) $ million -25.7 -11.6 19.3 19.7 38.5 10.7 52.0 -3.2 Notes: a. The capital costs are based on the 31 December 2025 LOM mineral reserve schedule for proved and probable mineral reserves only. The mineral resource and exploration required to replace depletion is not included in this techno-economic assessment. b. No inferred mineral resources are included in the life of mine processing schedule or techno-economic evaluation. Source: Tarkwa CPR, 2025 The attributable gold, free-cashflow (FCF) and Net Present Value (NPV) for the Tarkwa LOM mineral reserve is summarised in Table 19.1.2. Table 19.1.2: Gold Fields 90 % Attributable Gold, FCF and NPV Sources Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 90 % Attributable gold koz 451.3 430.1 479.5 307.9 347.5 325.9 450.8 452.3 453.2 90 % Cashflow $ million 64.5 -3.4 112.8 -94.1 -62.1 -165.4 123.8 96.7 93.2 Unit 2035 2036 2037 2038 2039 2040 2041 2042 90 % Attributable gold koz 360.7 373.5 404.9 381.6 400.6 280.2 376.8 68.4 90 % Cashflow $ million -69.2 -34.7 57.6 65.3 141.9 43.7 235.7 -17.7 Discounted cashflow at 11.0 % (NPV) $ million 178.9 Source: Tarkwa CPR, 2025 The expenditure for the Environmental, Social and Governance (Sustainable Development) commitments in the LOM mineral reserve is included in Table 19.1.1 to cover post reserve rehabilitation and closure costs. 19.2 Results of the economic analysis Tarkwa's NPV based on discounting the cashflow in Table 19.1.1 at a 11.0 % discount rate is $226 million. Given the mine is operating and cashflow positive, the IRR and payback period are not relevant measures for the Property. 19.3 Sensitivity analysis Various sensitivity analyses were performed to ascertain the impact of changes in discount rates, operating cost forecasts and gold prices on NPV. Table 19.3.1 to Table 19.3.5 illustrates the different NPVs at a range of discount rates, operating cost forecasts and gold prices. Table 19.3.1: NPV sensitivity to changes in gold price Gold Price - real -15 % -10 % -5 % 0 % +5 % +10 % +15 % +33% Gold Price ($/oz) 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,500 NPV ($ million) -645 -329 -36 226 476 717 900 1,361 Source: Tarkwa CPR, 2025 Table 19.3.2: NPV sensitivity to changes in grade Grade -15 % -10 % -5 % 0 % +5 % +10 % +15 % NPV ($ million) -645 -329 -36 226 476 717 956 Source: Tarkwa CPR, 2025 Table 19.3.3: NPV sensitivity to changes in capital costs Capital costs -15 % -10 % -5 % 0 % +5 % +10 % +15 % NPV ($ million) 482 399 314 226 137 49 -40 Source: Tarkwa CPR, 2025 Table 19.3.4: NPV sensitivity to changes in operating costs Operating costs -15 % -10 % -5 % 0 % +5 % +10 % +15 % NPV ($ million) 639 505 369 226 77 -71 -226 Source: Tarkwa CPR, 2025 Table 19.3.5: NPV sensitivity to changes in discount rate Discount Rate 4.0% 7.0% 11.0% 15.0% NPV ($ million) 442 324 226 167 Notes: NPV measured at 11.0 % discount rate Source: Tarkwa CPR, 2025 The qualified person is of the opinion that: a. The key assumptions, input parameters and methods applied to the economic analysis are realistic, appropriate and suitable for LOM mineral reserve and financial modelling. b. The techno-economic model is correctly based on the relevant mineral reserve mine plan physicals. c. The recent historic assumptions used to test the mineral reserve economic assumptions are appropriate. d. The material assumptions have been found to be valid and used correctly in the techno-economic studies. The discounted cashflow confirms economic viability with a NPV of $226 million at a discount rate of 11.0 %. e. The techno-economic study for the mineral reserves excludes all inferred mineral resource material. 19.4 Book Value The economic analysis disclosed in Chapter 19 is in relation to the attributable mineral reserves only and excludes mineral resources and lower grade material. The assumptions, parameters and cashflows are only intended to support the mineral reserve declaration for the operation. Certain assumptions and estimates might differ from the long-term outlook or actual results of the operation, including the commodity prices used, which are materially different from current spot prices. Changes in these assumptions may result in significant changes to mine plans, cost models and the NPV of the operation. The mineral reserves will therefore by nature, not necessarily represent the total future economic benefit that can be derived from the Property. Net Book value of property plant and equipment consists mainly of land holdings, equipment at the process plant, mine infrastructure, mine development and mineral and surface rights. Tarkwa book value was $1.021 billion for 31 December 2025. on a 100 % basis. 20 Adjacent properties AngloGold Ashanti's (AGA) Iduapriem Gold Mine (Iduapriem) is directly to the south of the Tarkwa Mine and mining the same ore bodies on strike of Teberebie and Kottraverchy, whilst the Damang Gold Mine is to the north. Both properties are currently operating. Damang is owned and operated by Abosso Goldfields Limited (AGL) of which GFGL holds a 90% interest and the Ghanaian Government the remaining 10%. AGL manages five Prospecting Licences (renewal currently pending) as well as two Mining Leases, namely the Damang Mining Lease and the Lima South Mining Lease covering 8,710 ha. No Mineral Reserves were disclosed for 2024 or 2025 at Damang, as processing of remaining SPs is not economic under conservative Reserve gold pricing. Damang will be handed back to the Ghanaian Government in April 2026. According to AGA's website, Iduapriem is wholly owned by AGA. Iduapriem comprises four mining leases covering 13,967 ha. As with Tarkwa, Iduapriem is located within the Tarkwaian Group which forms part of the West African Craton. The qualified person is unable to verify the information listed for the properties adjacent to Tarkwa, and notes that this information is not necessarily indicative of the mineralisation on the Property that is the subject of this Technical Report Summary. Tarkwa is essentially standalone and has no or little reliance of neighbouring properties, and the proximity of any legal workings are not expected to interact in any way with Tarkwa. There are no overlapping lease and permit areas. In addition, it was not possible to verify the publicly disclosed information pertaining to Iduapriem. 21 Other relevant data and information Metal equivalents have not been disclosed. Gold Fields' commitment to materiality, transparency and competency in its disclosure of its mineral resources and mineral reserves to regulators and in the public domain is of paramount importance to the qualified person and the Registrants Executive Committee and Board of Directors continue to endorse the Registrant's internal and external review and audit assurance protocols. This Technical Report Summary should be read in totality to gain a full understanding of Tarkwa's mineral resource and mineral reserve estimation and disclosure process, including data integrity, estimation methodologies, modifying factors, mining and processing capacity and capability, confidence in the estimates, economic analysis, risk and uncertainty and overall projected property value. However, to ensure consolidated coverage of the Registrant's primary internal controls in generating mineral resource and mineral reserve estimates the following key point summary is provided: a. A comprehensive quality assurance and quality control (QA/QC) protocol is embedded at Tarkwa and all Gold Fields operations. It draws on industry leading practice for data acquisition and utilises national standards authority accredited laboratories which are regularly reviewed. Analytical QA/QC is maintained and monitored through the submission of sample blanks, certified reference material and duplicates and umpire laboratory checks. b. Group Technical (GT) is responsible for delivering technical excellence across geology; mining; long-term planning; geotechnical and backfill; metallurgy and processing; tailings, hydrology, and closure; asset management, energy and technology; and capital and projects. GT owns the estimation, governance, and reporting of resources and reserves, ensuring accuracy, transparency, and compliance. Through regular site engagements that combine assurance and active technical support, GT verifies estimates, aligns work with protocols, and addresses technical challenges in collaboration with QPs and SMEs. By integrating advanced technologies and rigorous review processes, GT drives robust, reliable, and value-driven resource and reserve reporting to support sustainable operations and informed decision-making. c. Independent audit review of fixed infrastructure is conducted annually with the appointed insurance auditor focused on plant, machinery and mine infrastructure risks. An effective structural and corrosion maintenance program with benchmark inspections is in place supported by equipment condition monitoring major critical component spares. Focus areas include the primary jaw crusher, ball mill shell or motor failure, structural failure of plant or conveyor, process tank failure and large transformer failure. Critical spares are well resourced and there are no large items not supported by on-site spares holdings. d. Mobile equipment is largely owned and well maintained by the mining contractor and there is some spare capacity in most of the fleets, or alternatively, hire units are readily available in the region. e. Processing controls include the preparation of quarterly plant metal accounting reconciliation reports by the mine sites which are reviewed by the VP Metallurgy in the GTS team. Any monthly reconciliation variance outside the limits provided within the Gold Fields Plant Metal Accounting Standard is flagged for follow up assessment and remediation if warranted. f. Tarkwa has a tailings management plan that promotes risk minimisation to operators and stakeholders over the lifecycle of each tailings storage facility (TSF). Tarkwa's TSF's are operated in accordance with the Registrants Group TSF Management Standards which are aligned with the Global Industry Standard on Tailings Management (GISTM, 2020) and the International Council on Metals & Mining's (ICMM) Position Statement on preventing catastrophic failure of TSFs (December 2016). Active TSFs are subject to an independent, external audit every three years, as well as regular inspections and formal dam safety reviews by formally appointed Engineers of Record (EoR). Further improvements in tailings management are expected through achievement of compliance with the independently developed GISTM. g. The integration of Environmental, Social and Governance (ESG) themes into the estimation process continues as an important consideration for modifying factors, reasonable prospects for economic extraction (RPEE) assessments and to underpin the

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integrity of the mineral resources and mineral reserves. ESG issues and priorities are fully considered in the life of mine plan with particular emphasis on tailings management, integrated mine closure planning, security of energy and water and the social and regulatory license to operate. h. Gold Fields also follows an embedded process of third-party reviews to provide external, expert, independent assurance regarding mineral resource and mineral reserve estimates and compliance with relevant discloser rules and codes. In line with Gold Fields policy, every material property is reviewed by an independent third-party on average no less than once every three years, or when triggered by a material year-on-year change. Certificates of compliance are received from the companies that conduct the external audits which are also configured to drive continuous improvement in the estimation process. i. Importantly, Gold Fields endorses a well embedded risk and control matrix (RACM) configured to provide an annual assessment of the effectiveness of the registrants' internal controls concerning the life of mine planning process and mineral resource and mineral reserve estimation and disclosure. j. The internal controls include coverage of the following (inter alia): i. Reasonableness of parameters and assumptions used in the mineral resource and mineral reserve estimation process. ii. Reasonableness of the interpretations applied to the geological model and estimation techniques. iii. Integrity in the mine design and scheduling, including reasonableness of the mine planning assumptions, modifying factors, cutoff grades, mining and processing methods and supporting key technical inputs such as year on year reconciliation, geotechnical, mining equipment, infrastructure, water, energy and economic analysis. iv. Provision of the necessary skills, experience and expertise at the mine sites and the Regions to undertake and complete the work with the required level of technical ability and competency, including professional registration as a qualified person. v. Alignment with the SK 1300 rule (guidance and instruction) for the disclosure of mineral resources and mineral reserves. vi. Review of the disclosure of the registrants' mineral resources and mineral reserves process. k. Because of its inherent limitations, internal controls may not prevent or detect all errors or misstatements. Also, projections of any valuation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate. RCubed® is a proprietary cloud-based disclosure system adopted by Gold Fields to enhance the level governance and data security concerning mineral resource and mineral reserve disclosure across all Registrants properties. It ensures transparency and auditability for all data verification checks, information stage gating, the approvals process and confirmation of qualified person credentials. The RCubed® disclosure system is being incorporated into the SOX RACM matrix to support the mineral resource and mineral reserve disclosure. 22 Interpretations and conclusions 22.1 Interpretations and conclusions Tarkwa continues to operate as a world-class, long-life surface mining operation with robust mineral reserves supporting a 17-year life-of- mine (LOM). The current LOM mineral reserve is based on in-pit mining activities continuing until 2041, the SHL material is then treated fully through the CIL plant until 2042. It is estimated that the current mineral reserves will be depleted in 2042 (17 years). Potential life extensions to the open pits will require additional exploration and completion of relevant studies. On-lease palaeoplacer exploration, resource extensional and infill drilling will continue and more conversion to mineral reserves is envisaged proximal to the Akontansi Ulap south, as well as the Teberebie down dip extension of the existing pits. Tarkwa's exploration program in 2022 remained focused on the on-lease palaeoplacer potential by delineating new resources upgrading known resource areas at Ulap East and South, Teberebie East and Akontansi-Ridge. Efforts will be made to test early-stage targets with the view to defining additional gold mineral resources which could potentially be of higher grade and lower strip ratio for conversion to mineral reserves. As constraining pit shells expand under increased gold price and increased operating efficiencies reduce mining costs, opportunities for mineral resource conversion in the near-mine space, is also envisaged. Tarkwa's exploration programme in 2024 focused on drilling the Kottraverchy underground mining proof of concept volume; and follow up activities on a few exploration targets located in the hydrothermal type mineralisation area near Kobada and north of Kottraverchy. 22.2 Risks The views expressed in this Technical Report Summary are based on the fundamental assumption that the required management resources and management skills are in place to achieve the LOM mineral reserve plan projections for Tarkwa. Climate change is an integral part of the mineral reserve generation process. Incorporating relevant costs associated with climate change, primarily decarbonisation, mitigation and adaptation to the changing climate, is a key theme for the Registrant. Integration of these key elements into the mineral reserve process is being carried out progressively and simultaneously across all of Gold Fields' sites. The mineral reserve estimates contained in this report should not be interpreted as assurances of the economic life or the future profitability of Tarkwa. Mineral reserves are by definition estimates based on the factors and assumptions described herein, thus future mineral reserve estimates may need to be revised. For example, if production costs increase or metal prices decrease, a portion of the current mineral resources, from which the mineral reserves are derived, may become uneconomic resulting in a reduction in mineral reserves. The LOM mineral reserve plans include forward-looking technical and economic parameters and involve a number of risks and uncertainties that could cause actual results to differ materially. The LOM mineral reserve plan for Tarkwa has been reviewed in detail for appropriateness, reasonableness and viability, including the existence of and justification for departure from historical performance. The qualified person is of the opinion and considers that the techno-economic model and the financial cashflow model are based on sound reasoning, engineering judgement and it is a technically achievable mine plan, within the context of the risks associated with the gold mining industry. The LOM mineral reserve plan includes forward-looking technical and economic parameters and involve various risks and uncertainties that could cause actual results to differ materially. The business of gold mining by its nature involves significant risks and hazards, including environmental hazards and industrial accidents. Hazards associated with Gold Fields' mining operations generically include: • Ground and surface water pollution as a result of spillage or seepage from tailings storage facilities, heap leach processing operations and the use of hazardous substances to facilitate the gold extraction process. • Contractor mining performance. • Incidents associated with the operation of large waste and ore transportation equipment. • Incidents associated with ore blasting operations. • Failure of the open pit walls. • Failure of a TSF embankment and inundation of downstream areas. • Production disruptions due to inclement weather. • Incidents associated with operating waste rock dumps, production stockpiles and associated crushing and conveyor equipment. The occurrence of any of these hazards could delay or impact production, increase production costs and result in certain liability for Tarkwa. The operation may also be subject to a range of operational, infrastructure and labour risks, including actions by labour groups or other interested parties who object to perceived conditions at the mines or to the perceived environmental impacts. These actions may delay or halt production or may create negative publicity. They include amongst others: • The inability of the operation to hire and retain sufficient technically skilled employees may result in its business being adversely affected. Tarkwa has historically had a relatively low labour turnover and Ghana generally has sufficient skilled labour to support the mining industry so this risk is low. • Gold Fields relies on contract mining at its Tarkwa operation. Operations utilising contract mining are subject to a number of risks, including contract execution, disputes and litigation, and regulatory and labour risks, which could result in additional costs and liabilities, particularly in stressed labour markets. Mining contractors are also vulnerable to issues relating to commerciality, liquidity and solvency, which may result in Gold Fields providing additional financial support to its mining contractors. Such issues may be particularly acute in volatile macroeconomic or hyperinflationary environments. • A proportion of Tarkwa's mining contractors are unionised and participated in a "go-slow" at the Tarkwa mine in December 2025 during a wage negotiation process. There is no guarantee that similar or other industrial actions will not be taken in the future. • Power stoppages, fluctuations and power cost increases may adversely affect the financial viability of the Mines. This is offset by a direct link into the VRA power circuit and the onsite establishment of an independent power plant in 2016. • Illegal mining operations in the vicinity of the Property could disrupt mining operations. There are however no illegal operations on site. Financial risks are assessed through sensitivity analysis. The Tarkwa operation is also subject to risks associated with the renewal of its mining leases and its Development Agreement, which could render continued mining at Tarkwa less economical or limit Gold Fields' ability to continue mining at Tarkwa altogether. The key risks in this regard include: • Five of Gold Fields' six mining leases and its existing Development Agreement at Tarkwa are due to expire in April 2027, and there is no guarantee that these will be renewed, or if renewed, that the terms will be as favourable as those currently in place • The Government of Ghana has indicated its intention to progress material amendments to the Minerals and Mining Act (Act 703), including the introduction of a maximum term of 10 years for mining lease renewals and the abolition of development agreements. The existing Development Agreement is of significant importance to the Tarkwa operation as it provides a range of fiscal concessions and includes key stabilising provisions in relation to taxes, royalties and other matters. • To the extent that the Tarkwa mining leases are renewed on terms that are less favourable than those currently in place (including as a result of the abolition of development agreements and any changes to the applicable fiscal regime), Gold Fields' costs at Tarkwa could increase materially, including through higher taxes and royalties and the loss of other fiscal concessions. For example, legislation was introduced under the Minerals and Mining (Royalties) Regulations 2025 to increase the applicable gold royalty rate from a sliding scale of 3-5% to 5-12%. This change will apply to Tarkwa after April 2027 and its applicability will depend on the terms of any development agreement renewal. • If the Tarkwa mining leases are not renewed by the Government of Ghana, Gold Fields would be required to cease mining operations at Tarkwa entirely. The major risks specific to Tarkwa are based on a formal risk review and assessment and are summarised below. Senior management review and update the risk register on routine basis, which is reported to Group on a quarterly basis. Tarkwa Key Risks • Renewal of the five mining leases under the Tarkwa property lease which expire in 2027, and the terms of any such renewal • Renewal of the Development Agreement, which expires in 2027 • Costs rise above business plan reserve cut-off grades • Safety consequence events resulting in harm to people and business interruption. • Impact of fiscal and government policy changes • Replacement of resources and reserves • Main mining contractor relationship Notes: See "Risks related to Gold Fields' operations and industry" section of the current Gold Fields Form 20-F and the current IAR for emerging and perceived risk. 23 Recommendations The Tarkwa mineral reserves currently support a 17-year LOM mineral reserve plan that values the operation at an NPV of $226 million using 11% discount rate and the mineral reserve gold price of $2,000/oz. It is recommended that further exploration is carried out on reef extensions which have good probability of extending mine life, while the longer term hydrothermal mineralisation potential is assessed as described in the exploration section. The Tarkwa mineral resource and mineral reserve are reasonable estimates. The qualified person is of the opinion that there are no additional phases of work required to enhance this disclosure. 24 References The primary reference documents that have written consent to be used by the appointed Gold Fields Lead Qualified Persons Technical Report Summary are. Primary reference is the Tarkwa Competent Person Report 31 December 2025 for mineral Resources and mineral reserves. This report has written consent from Alex Trueman who is the Gold Fields appointed Lead Competent Person or Qualified person for Tarkwa Gold Mine. Alex Trueman has accepted responsibility for the Competent Person Report 31 December 2025 for mineral resource and mineral reserves as a whole. The Tarkwa Competent Person Report 31 December 2025 for mineral resources and mineral reserves is referred to in this document as "Tarkwa CPR, 2025". International Society for Rock Mechanics, ISRM, (1978) standards the Ulap (2019), Kobada (2016) and SHL (2012) Tarkwa University. 2021 PHC General Report Vol 3A_Population of Regions and Districts_181121 25 Reliance on information provided by the Registrant In the preparation of this TRS, the qualified person relied upon information provided by the Registrant and other internal specialists with regards to governmental factors as well as legal matters outside the expertise of the qualified person, such as statutory and regulatory interpretations affecting the mine plan. The qualified person has identified information provided by the Registrant for Tarkwa that requires noting under the reliance on information provided. • The qualified person has relied on the legal and governmental information provided by the the Registrant with respect to the 2027 renewal of the Tarkwa Mining Licence and the expected extension to the end of the 2025 mineral reserve. 26 Definitions Adequate geological evidence When used in the context of mineral resource determination, means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. Conclusive geological evidence When used in the context of mineral resource determination, means evidence that is sufficient to test and confirm geological and grade or quality continuity. Cut-off grade Is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cutoff grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cutoff grade include net smelter return, pay limit and break-even stripping ratio. Development stage issuer Is an issuer that is engaged in the preparation of mineral reserves for extraction on at least one material property. Development stage property Is a property that has mineral reserves disclosed, pursuant to this subpart, but no material extraction. Economically viable When used in the context of mineral reserve determination, means that the qualified person has determined, using a discounted cashflow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under reasonable Investment and market assumptions. Exploration results Are data and information generated by mineral exploration programs (i.e., programs consisting of sampling, drilling, trenching, analytical testing, assaying and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of mineral resources or mineral reserves. A Registrant must not use exploration results alone to derive estimates of tonnage, grade and production rates, or in an assessment of economic viability. Exploration stage issuer Is an issuer that has no material property with mineral reserves disclosed. Exploration stage property Is a property that has no mineral reserves disclosed. Exploration target Is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a mineral resource. Feasibility study Is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. 1. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a preliminary feasibility study (or pre- feasibility study). It must contain mining, infrastructure and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. 2. The confidence level in the results of a feasibility study is higher than the confidence level in the results of a preliminary feasibility study (or pre-feasibility study). Terms such as full, final, comprehensive, bankable, or definitive feasibility study are equivalent to a feasibility study. Final market study Is a comprehensive study to determine and support the existence of a readily accessible market for the mineral. It must, at a minimum, include product specifications based on final geologic and metallurgical testing, supply and demand forecasts, historical prices for the preceding five or more years, estimated long term prices, evaluation of competitors (including products and estimates of production volumes, sales and prices), customer evaluation of product specifications and market entry strategies or sales contracts. The study must provide justification for all assumptions, which must include assumptions concerning the material contracts required to develop and sell the mineral reserves. Indicated mineral resource Is that part of a mineral resource for which quantity and grade or quality are estimated based on adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to probable mineral reserve. Inferred mineral resource Is that part of a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

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Initial assessment Is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves. Investment and market assumptions When used in the context of mineral reserve determination, includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes and costs that are necessary to determine the economic viability of the mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable. Limited geological evidence When used in the context of mineral resource determination, means evidence that is only sufficient to establish that geological and grade or quality continuity are more likely than not. Material Has the same meaning as under Part 230.405 or Part 240.12b-2. The term material, when used to qualify a requirement for the furnishing of information as to any subject, limits the information required to those matters to which there is a substantial likelihood that a reasonable investor would attach importance in determining whether to purchase the security registered. Material of economic interest When used in the context of mineral resource determination, includes mineralisation, including dumps and tailings, mineral brines and other resources extracted on or within the earth's crust. It does not include oil and gas resources resulting from oil and gas producing activities, as defined in Part 210.4-10(a)(16)(i) of this chapter, gases (e.g., helium and carbon dioxide), geothermal fields and water. Measured mineral resource Is that part of a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. Mineral reserve Is an estimate of tonnage and grade or quality of indicated mineral resources and measured mineral resources that in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral resource Is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralisation, considering relevant factors such as cutoff grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. Modifying factors Are the factors that a qualified person must apply to indicated mineral resources and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured mineral resources and indicated mineral resources to proven mineral reserves and probable mineral reserves. These factors include but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. Preliminary feasibility study (or pre-feasibility study) Is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. 1. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated mineral resources and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. 2. A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an Initial assessment. Preliminary market study Is a study that is sufficiently rigorous and comprehensive to determine and support the existence of a readily accessible market for the mineral. It must, at a minimum, include product specifications based on preliminary geologic and metallurgical testing, supply and demand forecasts, historical prices for the preceding five or more years, estimated long term prices, evaluation of competitors (including products and estimates of production volumes, sales and prices), customer evaluation of product specifications and market entry strategies. The study must provide justification for all assumptions. It can, however, be less rigorous and comprehensive than a final market study, which is required for a full Feasibility study. Probable mineral reserves Is the economically mineable part of an indicated mineral resource and, in some cases, a measured mineral resource. Production stage issuer Is an issuer that is engaged in material extraction of mineral reserves on at least one material property. Production stage property Is a property with material extraction of mineral reserves. Proven mineral reserve Is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. Qualified person Is an individual who is: 1. A mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the Registrant; and 2. An eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. For an organisation to be a recognised professional organisation, it must: i. Be either: A. An organisation recognised within the mining industry as a reputable professional association; or B. A board authorised by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; ii. Admit eligible members primarily on the basis of their academic qualifications and experience; iii. Establish and require compliance with professional standards of competence and ethics; iv. Require or encourage continuing professional development; v. Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and vi. Provide a public list of members in good standing. Relevant experience Means, for purposes of determining whether a party is a qualified person, that the party has experience in the specific type of activity that the person is undertaking on behalf of the Registrant. If the qualified person is preparing or supervising the preparation of a technical report concerning exploration results, the relevant experience must be in exploration. If the qualified person is estimating, or supervising the estimation of mineral resources, the relevant experience must be in the estimation, assessment and evaluation of mineral resource and associated technical and economic factors likely to influence the prospect of economic extraction. If the qualified person is estimating, or supervising the estimation of mineral reserves, the relevant experience must be in engineering and other disciplines required for the estimation, assessment, evaluation and economic extraction of mineral reserves. 1. Relevant experience also means, for purposes of determining whether a party is a qualified person, that the party has experience evaluating the specific type of mineral deposit under consideration (e.g., coal, metal, base metal, industrial mineral, or mineral brine). The type of experience necessary to qualify as relevant is a facts and circumstances determination. For example, experience in a high-nugget, vein-type mineralisation such as tin or tungsten would likely be relevant experience for estimating mineral resources for vein-gold mineralisation, whereas experience in a low grade disseminated gold deposit likely would not be relevant. Note 1 to paragraph (1) of the definition of relevant experience: It is not always necessary for a person to have five years' experience in every type of deposit to be an eligible qualified person if that person has relevant experience in similar deposit types. For example, a person with 20 years' experience in estimating mineral resources for a variety of metalliferous hard-rock deposit types may not require as much as five years of specific experience in porphyry-copper deposits to act as a qualified person. Relevant experience in the other deposit types could count towards the experience in relation to porphyry-copper deposits.. 2. For a qualified person providing a technical report for mineral resource estimates, relevant experience also requires, in addition to experience in the type of mineralisation, sufficient experience with the sampling and analytical techniques, as well as extraction and processing techniques, relevant to the mineral deposit under consideration. Sufficient experience means that level of experience necessary to be able to identify, with substantial confidence, problems that could affect the reliability of data and issues associated with processing. 3. For a qualified person applying the modifying factors, as defined by this section, to convert mineral resources to mineral reserves, relevant experience also requires: i. Sufficient knowledge and experience in the application of these factors to the mineral deposit under consideration; and ii. Experience with the geology, geostatistics, mining, extraction and processing that is applicable to the type of mineral and mining under consideration. 27 Signature Page Qualified person Signature Date Alex Trueman /s/ Alex Trueman 30 March 2026 Rachel Proud /s/ Rachel Proud 30 March 2026 Daniel Hillier /s/ Daniel Hillier 30 March 2026 Johan Boshoff /s/ Johan Boshoff 30 March 2026 Peter Andrews /s/ Peter Andrews 30 March 2026

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