Gold Fields (NYSE:GFI) management said it delivered a “very, very strong” set of financial year 2025 results, pointing to higher production, stronger cash generation, and increased shareholder returns, while also highlighting cost inflation pressures and key regulatory items in Ghana as near-term focus areas.
2025 performance: production up 18% and cash generation strengthened
Management reported attributable production of 2.44 million ounces, up 18% year over year, with all-in costs and all-in sustaining costs (AISC) within guidance and only marginally higher than 2024. Executives attributed the modest cost increases primarily to higher sustaining capital, increased royalties, and stronger producer currencies, partly offset by the benefit of higher ounces produced and “higher quality ounces” from Salares Norte.
On profitability, management said headline earnings increased 170% year over year to $2.6 billion.
Safety and ESG: safety improvement plan progress; zero serious environmental incidents
The company emphasized safety as a key highlight, saying it achieved a “safe delivery” during the year and that its safety improvement plan is “starting to deliver positive outcomes.” Management reported seven serious injuries in 2025 and said the results reinforced the need to keep focusing on safety performance.
On broader ESG metrics, executives said Gold Fields recorded zero serious environmental incidents for the seventh consecutive year. The company also reported progress on gender diversity, with women representing 27% of employees and 28% of leadership roles, including 20% of women in core operating roles.
Gold Fields said it achieved full conformance with the Global Industry Standard on Tailings Management (GISTM). In water stewardship, it reported 74% water recycling against a 73% target. On decarbonization, management cited a 15% absolute emissions reduction against its 2026 baseline, and said it is considering changing its decarbonization target to an intensity-based approach following a midterm review of 2030 targets.
Asset-level drivers: Salares Norte ramp-up and mixed performance across operations
Management highlighted Salares Norte as a key contributor in 2025, saying the mine achieved commercial production in the third quarter and reached steady-state production during the fourth quarter. Executives said operations were uninterrupted despite similar weather conditions to 2024, reflecting winter preparation efforts. For 2026, Gold Fields reiterated guidance (as previously disclosed at its Capital Markets Day) of 525,000 to 550,000 ounces of gold equivalent at an AISC of $450 to $600 per ounce, with focus areas including maintaining steady-state throughput, advancing the Chinchilla capture and relocation program, and preparing for Agua Amarga pioneering and pre-strip activities in the second half of 2026.
In Australia, Gold Fields discussed operational updates across several sites:
- Gruyere: Attributable production increased, aided by consolidation to 100% ownership in Q4 and higher tonnes milled. Management said it achieved record material movement (up 37% year over year in tonnes mined), driven by accelerated Stage 5 waste stripping, and record mill throughput of 9.6 million tonnes.
- Granny Smith: Production declined as planned as development was prioritized, including infrastructure spending on ventilation and energy reticulation. All-in cost increased 14% due largely to higher capital spending, including a renewable energy microgrid, while AISC was down 5% year over year.
- Agnew: Attributable production rose 7% due to improved mine and processed grades. Capital spending increased 21%, contributing to a 14% increase in costs, linked to development of the Barren Lands underground mine and brownfield exploration.
- St Ives: Management cited higher tonnes milled and improved yield as more fresh material was processed relative to stockpiles. In Q&A, management said mined grades were lower year over year partly due to processing material from certain open pits, while yields benefited from more mined material displacing stockpile feed.
In South Africa, South Deep production increased nearly 16%, driven by improved mining grades and improved stope turnover. Management said South Deep’s fixed-cost nature provided leverage, translating into significant free cash flow growth.
In Ghana, Damang production fell 28% after mining stopped early in 2025, with the operation processing stockpiles that carried lower yields. Tarkwa production declined 12% as the mine prioritized waste stripping and waste movement over ore mining, with lower grades contributing to lower ounces. Despite this, management said Tarkwa free cash flow increased more than 100%, attributing the improvement largely to higher gold prices.
Capital allocation and shareholder returns: record base dividend and added buyback
Gold Fields said it revamped its capital allocation framework in November and now targets returning 35% of free cash flow before discretionary investments. For 2025, management declared a record base dividend of ZAR 25.50 per share for the full year, comprising an interim dividend of ZAR 7.00 per share and a final dividend of ZAR 18.50 per share payable in the first quarter of 2026.
The company also announced additional shareholder returns totaling $353 million, including:
- a special dividend of ZAR 4.50 per share (taking total dividends for the year to ZAR 30.00 per share), and
- a $100 million share buyback to be executed over the next 12 months.
Management said total shareholder returns for 2025 were approximately ZAR 31.90 per share, a 220% increase from 2024, and characterized the yield as industry-leading (about 6.3%). Executives also said the company will allocate an additional $250 million to its “top-up” program over the next two years, increasing the program to around $750 million.
Addressing why the buyback is $100 million relative to the company’s market capitalization, management said shareholder preferences vary by region, with some North American shareholders preferring buybacks. Executives described the buyback as a small portion of total returns and a “low-risk entry” into repurchasing shares.
Growth priorities: Windfall path to FID and Gold Road acquisition integration
Gold Fields said it completed the acquisition of Gold Road Resources in the third quarter, consolidating 100% of Gruyere and surrounding tenements for a net $1.4 billion. For 2026, management said the focus will be on advancing studies to optimize the deposit, evaluating ways to accelerate access to higher-grade material, and increasing drilling across the Yamarna land package.
On Windfall, management reiterated a plan to target final investment decision (FID) in mid-2026. Key 2026 deliverables include finalizing the execution plan, obtaining the main environmental approval by the end of the first half, completing secondary permitting approvals by the end of June, and signing an impact benefit agreement (IBA). Management said it plans to clear the site and establish core infrastructure for the start of 2027, begin plant construction in the first half of 2027, start commissioning in the back end of 2028, and deliver first gold in 2029.
In response to questions about Windfall capital cost confidence, management said feasibility work supporting the environmental approval was completed two to three years ago and that current work is focused on optimizing underground mining. Executives said the biggest capital risks include exchange rates and contractor productivity. The company also noted labor pressure remains most evident in Australia, particularly among mining contractors.
Gold Fields said it spent $129 million on brownfield exploration in 2025, contributing to a 9% increase in reserves and an addition of about 4 million ounces. It also reported $101 million in greenfield exploration spending, including a $35 million equity investment in Founders Metals for exposure to the Antino Gold Project in Suriname.
For 2026, management reaffirmed guidance consistent with its Capital Markets Day disclosures: production of 2.4 million to 2.6 million ounces; total capital of $1.9 billion to $2.1 billion; AISC of $1,800 to $2,000; and all-in costs of $2,275 to $2,300, with changes largely reflecting foreign exchange and royalties.
In Q&A, management identified cost inflation as a key KPI challenge, alongside progressing the Tarkwa lease renewal and managing the transition at Damang. On Ghana’s proposed royalty changes, management said the bill is before Parliament and, if not withdrawn, is expected to pass into law within weeks. Executives said Tarkwa’s current lease includes stability provisions that should protect the operation until lease expiry in April 2027, but acknowledged potential impacts beyond that timeframe and said discussions with government are at an early stage.
About Gold Fields (NYSE:GFI)
Gold Fields (NYSE: GFI) is a Johannesburg‑based gold mining company that operates as an international producer of gold. Listed on multiple exchanges and traded in the United States via American Depositary Receipts under the ticker GFI, the company focuses on the exploration, development, extraction and processing of gold-bearing ore and the sale of refined gold products. Its operations span several regions, serving global bullion markets and supplying gold for both investment and industrial uses.
The company’s core activities include mine development and underground and open‑pit mining, ore treatment and refining, and ongoing exploration to replace reserves.
