Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

Name	Symbol	Market	Type
Gold Fields Ltd	NYSE:GFI	NYSE	Depository Receipt

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	-0.87	-4.86%	17.02				22,623	13:11:16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rules 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

Dated 18 February 2021

Commission File Number: 001-31318

GOLD FIELDS LIMITED

(Translation of registrant’s name into English)

150 Helen Rd.

Sandown, Sandton 2196

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(1): _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by

Regulation S-T Rule 101(b)(7): _____

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

GOLD FIELDS LIMITED

Dated: 18 February 2021

By:

/s/ Nicholas J. Holland

Name:

Nicholas J. Holland

Title:

Chief Executive Officer

Media Release

Reviewed Results

Year ended 31 December 2020

SALIENT FEATURES

US$631

million*

cash inflow

US$868

million

mine cash flow

2.236

million

ounces of

attributable gold production

US$1,079

per ounce of

all-in cost

US$977**

per ounce of

all-in sustaining costs

*After all capital expenditure, exploration and project expenses at Salares Norte.

**Revised interpretation guidance (World Gold Council).

STATEMENT BY NICK HOLLAND,

CHIEF EXECUTIVE OFFICER

As I write my final quarterly message as the CEO of Gold Fields (my
52

report), I reflect on the most unusual year we have experienced.

The COVID-19 pandemic has changed life as we knew it, but we have
adapted to what appears to be a new normal. Our teams around the
world have done an incredible job of prioritising the health and safety of
our employees.

Despite the challenges and disruptions experienced during the past
12 months, the integrity of our operations has been maintained while
putting our people first. Overall, Gold Fields has delivered a strong set
of results for 2020, with production and costs both within the revised
guidance. The impact of COVID-19 on the operations was limited to less
than 100koz (Cerro Corona and South Deep). Normalising the production
for this, the Group would have exceeded the original guidance.

Some of the operational highlights for the year include:

• Delivery at Damang – in line with previous guidance, Damang had a

strong H2 2020 as it moved into the heart of the main orebody. Damang
is expected to have a good couple years ahead as it delivers on the
cutback.

• •Gruyere – The mine is starting to hit its targets and we expect a strong

performance in 2021. The JV partners are now starting to think about
long term potential beyond the current reserve life.

• South Deep – The mine has shown continuous improvement through

2020 and the team now has a good handle on the operation and the
different activities in the mining value chain. Had it not been for the
COVID-19 disruptions, the mine would have exceeded its original
production guidance. For 2021, we expect a strong increase in
production (+27%) to 290koz. Looking ahead, we are reasonably
confident that we can add another 20-30% over the coming years
(3 – 4 years).

• Salares Norte – Construction activities were relatively unaffected by

COVID-19 and the project remained largely on schedule. Both mining
and construction of the plant commenced in January 2021.

• Tarkwa – Our exploration activities are starting to bear fruit, with

exciting future prospects.

While 2021 is set to be another strong year for Gold Fields, we must be
cautious of the ongoing impact of COVID-19. Many countries around
the world are undergoing second waves of the virus and it is difficult to

predict how long these will persist. However, there is much hope placed
on the vaccines that are currently being rolled out. Over the coming
weeks and months, we will develop strategies on how we can make these
vaccines available to our people as soon as is practical. We are working
with Governments, industry forums and advisors on the best solution for
vaccine rollouts. We are starting to assess the impact on the business,
operationally and on our people, of a more prolonged pandemic.

COVID-19 update

The COVID-19 pandemic continues to challenge our lives and our business
in many ways and is set to continue to do so in the coming months. The
so-called second wave of COVID-19 infections, which started in late 2020,
has taken a terrible toll at Gold Fields. As at 15 February 2021, nine of our
employees or contractors have passed away as a result of their COVID-19
infections, eight of them at South Deep. In addition, one executive at
Galiano Gold, our JV partners in the Asanko mine in Ghana, died after
contracting the virus. These are tragic losses and our heartfelt condolences
go out to the family members, friends and colleagues of these men. So far
we have had a total of 2,705 positive cases in the Group, of which 170 are
currently active with 5 receiving care in hospitals.

The large number of positive cases reflects the high prevalence rate of
the pandemic in neighbouring communities at our operations in Peru,
Ghana and South Africa. The situation is exacerbated in South Africa by
the high number of migrant workers from rural areas and neighbouring
countries, where the virus often remains undetected. There have been
no cases to date at our Australian mines.

Amid the so-called second wave of infections we have further strengthened
our efforts to protect our workforce and assist our communities and
governments in mitigating the impact of the pandemic. During 2020 our
operations spent approximately US$30m on COVID-19 related initiatives
and interventions such as specialised camp accommodation, testing
equipment and facilities, additional labour costs and transport facilities.
A further US$3m was spent on donations to assist governments and
communities in their fight against the pandemic.

We continue to implement comprehensive testing at our operations,
strictly apply all government protocols and regulations, and enforce
social distancing, sanitisation and other measures to curb the spread of
the virus. Remote working and travel restrictions also remain in place,
while we actively communicate and educate our workers and community
members on the pandemic and how to fight it.

JOHANNESBURG. 18 February 2021: Gold Fields Limited (NYSE & JSE: GFI) announced normalised profit for year ended

31 December 2020 of US$879m (US$1.00 per share). This compared with normalised profit of US$343m (US$0.42 per share) for
the year ended 31 December 2019.

A final dividend number 93 of 320 SA cents per share (gross) is payable on 15 March 2021, giving a total dividend for the year
ended 31 December 2020 of 480 SA cents per share (gross).

Gold Fields Results

2020

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

COVID-19 report (as at 15 February 2021)

Total

Tested

71,482

Positive

2,705

Negative

68,621

Awaiting results*

156

Active cases*

155

Hospitalised*

Recovered

2,541

Died

* Note: “Awaiting results”, “Active cases” and “Hospitalised” refers to the current figures

Numbers exclude Asanko/Galiano

2020 in review

Regrettably, we had one fatality during 2020 at our South Deep mine.
Abel Magajane, a shaft timberman, died after an underground mining
incident on 3 June 2020. In addition, the total recordable injury frequency
rate (TRIFR) for the Group regressed and the number of serious injuries
increased in 2020. Our goal remains no fatalities or serious injuries and
we have redoubled our safety efforts in the light of these setbacks. Gold
Fields recorded no Level 3 – 5 environmental incidents for 2020, as was
the case for 2019.

Attributable gold equivalent production for 2020 was 2,236koz, a 2%
increase YoY (FY2019: 2,195koz), within the revised guidance range of
2,200-2,250koz. Original guidance of 2.275Moz – 2.315Moz was revised
in May 2020 to account for the impact of COVID-19 on the operations,
mainly South Deep and Cerro Corona.

AIC for 2020 was US$1,079/oz, marginally higher than 2019 (FY2019:
US$1,064/oz) and within the revised guidance range of US$1,070/oz –
US$1,090/oz. AISC for the year was US$977/oz (FY2019: US$897/oz),
again within the revised guidance range of between US$960/oz and
US$980/oz.

Headline earnings for 2020 increased more than fourfold to US$729m or
US$0.83 per share (2019: US$163m or US$0.20 per share). Normalised
earnings for the year more than doubled to US$879m or US$1.00 per
share (2019: US$343m or US$0.42 per share).

In line with our dividend policy of paying out 25% to 35% of normalised
earnings as dividends, we declared a final dividend of 320 SA cents per
share. This takes the total dividend declared for the year to 480 SA cents
per share (FY2019: 160 SA cents per share).

A combination of strong operational performance and an increase in the
gold price drove a significant increase in cash flow from operating activities
less net capital expenditure, environmental payments, lease payments
and redemption of Asanko preference shares of US$631m from US$249m
generated during 2019. Mine cash flow for the year, which excludes project
capital, was US$868m, compared to US$552m in 2019.

During 2020, there was a significant decrease in the net debt, ending
the year at US$1.069bn and a net debt to EBITDA ratio of 0.56x. This
compares with a net debt balance of US$1.664bn and a net debt to
EBITDA ratio of 1.29x at the end of December 2019. Excluding lease
liabilities, the core net debt was US$640m at the end of FY2020.

Regional overview

Ghana

Total production increased by 3% to 862koz in 2020 from 840koz in 2019,
primarily driven by the continued build-up in production at Damang. As
expected, Damang had a much improved H2 2020 as it moved into the
heart of the main orebody. All-in costs increased by 2% to US$1,060/oz
in 2020 from US$1,039/oz in 2019. The region produced net cash flow
(excluding Asanko) of US$252m in 2020 compared to US$174m in 2019.

Australia

Gold Fields’ Australian operations delivered another strong operational
performance in 2020, once again surpassing the 1Moz annual production
level. Gold production increased by 11% to 1,017koz from 914koz in 2019,
with Gruyere contributing for the full year in 2020. All-in cost decreased
by 2% to A$1,388/oz (US$957/oz) from A$1,418/oz (US$986/oz) in 2019.
The Australia region generated net cash inflow of US$498m (A$723m) in
2020, a more than threefold increase from the US$139m in 2019.

Peru

Cerro Corona was the operation in the group that was most impacted
by COVID-19 from a production perspective. Equivalent gold production
decreased by 29% to 207.1koz from 292.7koz in 2019, mainly due
to the COVID-19 related disruptions and the lower copper price.
Consequently, total all-in costs per equivalent ounce increased by 38%
to US$1,119 per equivalent ounce from US$810 per equivalent ounce
in 2019. Despite the challenges, Cerro Corona generated net cash of
US$84m, which is more or less the same as 2019.

South Africa

South Deep was the other operation that was materially impacted
by COVID-19. Most of the impact was during H1 2020, with the mine
recovering well in H2 2020. Gold production at South Deep increased
by 2% to 7,056kg (226.9koz) from 6,907kg (222.1koz) in 2019, which
was marginally ahead of revised guidance of 7,000kg. Total all-in cost
increased by 13% to R663,635/kg (US$1,260/oz) from R585,482/kg
(US$1,259/oz) in 2019, primarily due to the increase in sustaining capital
during 2020 (as guided).

Encouragingly, South Deep generated net cash of US$34m (R558m) in
2020, more than double that generated in 2019.

Update on Salares Norte

Construction activities at Salares Norte were relatively unaffected
by the COVID-19 pandemic during 2020 and the project remained
largely on schedule. US$151m was spent on Salares Norte in 2020,
including district exploration of US$30m, initial capex of US$97m and
prepayments accounting for the majority of the balance. At the end of
December 2020, engineering progress was 97.2% complete, ahead of
the planned 90.0%.

At 31 December 2020, construction progress stood at 15.6% vs. plan
of 9.9%, contributing towards total project progress of 27.0% coming
in slightly ahead of plan of 24.4%. Camp Phase I construction was
completed during Q3 2020 while Phase II construction was three months
ahead of schedule at year-end. The mass earthworks contract was
awarded at the end of May, with the contractor commencing activities
on 21 September and completing the diversion channel earthworks
and precast installation by year-end. The mining contractor completed
mobilisation and began pioneering works on 1 October, as planned. Pre
stripping of the pit and construction of the processing plant commenced
during January 2021, in line with the project’s construction schedule.

At the end of December 87% of the project Estimate at Completion
(EAC) budget (excluding remaining contingency) had a fixed and firm
price (excluding inflation factors) through contracts and purchase orders
awarded, significantly reducing the risk of price differences.

Salares Norte controls 84,000ha of mineral rights in the Salares Norte
district and has carried out extensive district-wide exploration within a
20km radius of the plant site. During 2020, a total of 17,504 district
exploration metres were drilled, focusing on the Horizonte Project, while
more work was also done on step-out potential at Agua Amarga North
and Brecha West targets near the Salares Norte project.

Chakana

During February 2021, Gold Fields increased its strategic shareholding
in Canadian listed, Chakana Copper Corp. from 16.8% to 19.99% for
C$2.9m (~US$2.3m) through its participating in a wider private placement
equity capital raise by that company. Chakana Copper Corp. is currently
advancing the prospective Soledad copper-gold-silver project located in
the Ancash region of Peru. The proceeds of the raise will be used for
the accelerated exploration and development of the high-grade project.

Gold Fields Results

2020

Since restarting its 15,000m Phase 3 drill program on 15 August 2020,
Chakana has announced three new discoveries at Paloma East, Paloma
West, and at the Huancarama Breccia Complex where drilling is ongoing.
We continue to see Peru as a prospective region given the paucity of
exploration in the highly prospective Andean belt.

Regulus resources

Gold Fields optioned certain of its green fields exploration claims in the
Cerro Corona mine district to Canadian listed, Regulus Resources Inc.
during February 2021. The agreement grants Regulus the right to procure
a 60% joint venture interest in Gold Fields’ claims upon successful
completion of US$3.5m exploration expenditure within a 3-year period,
with Gold Fields retaining a 40% joint venture interest.

Gold Fields retains a discretionary right to subsequently increase its joint
venture interest to a controlling 60% and reduce Regulus’ position to 40%
for a cash payment of US$7.5m and US$5m in exploration commitments
over a further 5-year period. A successful claw back also grants Gold
Fields the right to direct that any ore mined from the joint venture be
processed at its nearby Cerro Corona facilities.

The arrangement allows Gold Fields the flexibility to maintain operational
focus within the Cerro Corona mine footprint, whilst opening the
exploration search space for additional ore sources in partnership with
Regulus who will be exploring the properties as part of its pre-existing
focus on its copper-gold Anatakori project immediately bordering our
district exploration claims. Gold Fields will monitor earn-in exploration
progress through its participation in a joint technical Advisory Committee
and will assess its claw back in future as appropriate.

Mineral reserves and mineral resources

In 2020, the Group had another good year with regards to reserve and
resource replacement. Some of the significant developments, include:
Group Resources increased 1% YoY, post depletion

• South Deep resources increased 4% due to lower cut-off grades (COG)

(NoW area 3.4 to 3.0g/t and SoW area 3.8 to 3.3g/t) and geology model
updates.

• Australia resources increased 5%, with Agnew and St Ives increasing

by 26% and 13%,respectively.

Group Reserves increased 2% YoY, post depletion

• Australia reserves increased 8% YoY, with Agnew and St Ives increasing

19% and 17%, respectively.

• South Deep had a 6% increase due primarily to lower COG and updated

mine design and schedule.

believe that the reserves and resources attributable to Asanko are
material to the reserves and resources of the Gold Fields group taken
as a whole. Gold Fields will assess the work when it is completed by
Galliano in order to determine whether in its view, an updated reserve
and resource can be reported in H2 2021 or at the end of the year in
accordance with its normal reporting cycle.

ESG priorities

In recent years, successful management of environmental, social and
governance (ESG) issues has become a critical consideration for our
stakeholders. These stakeholders, particularly investors, are increasingly
expecting that the impact and management of ESG issues is disclosed
transparently and fully aligned with the strategy of the business.

Our ESG priorities are associated with wide-ranging objectives and
strategic intents outlined in the table below. These high-level priorities
and goals will be incorporated in an ESG Charter with detailed 2025
targets to be released later this year.

Year ended

Managed

Attributable

December 2020

Gold equivalent resources

Moz

149.1

116.0

Gold equivalent reserves

Moz

56.1

52.1

December 2019

Gold equivalent resources

Moz

148.7

115.7

Gold equivalent reserves

Moz

55.2

51.3

As at end-2020, 20.5Moz of Gold Fields’ attributable gold equivalent
Reserves (excluding Gold Fields’ 45% interest in the Asanko Gold Mine)
were outside South Africa, representing 39% of the Group’s Reserve base.

Our 2020 Reserve and Resource declaration excludes our 45% in the
Asanko JV but is included in the 2019 estimates.

Our JV partner, Galiano, has informed Gold Fields that an updated
Mineral Resource and Reserve Estimate is expected to be released
in H2 2021 for Asanko. The Mineral Resource and Reserve Estimate
is expected to incorporate new exploration and infill drilling, updated
modifying factors, and updated geological modelling. As a result, Gold
Fields is not in a position to provide a reserve and resource estimate for
Asanko as at 31 December 2020. Gold Fields has excluded reserve
and resource estimates for Asanko at this time. Gold Fields does not

Gold Fields again placed the top South African and fourth best mining
company, among 75 surveyed, in the annual Dow Jones Sustainability
Index (DJSI), behind Teck, Newmont and Anglo American. Gold Fields
has consistently achieved a Top 5 metals and mining ranking in the
DJSI since it started participating in 2011.

Strategic
Priorities

Objectives

Strategic Intents

Partnering to ensure

the safety, health

and well-being of

our workforce and

alleviating such

impacts on our

communities

Elimination of

fatalities, serious

injuries, illnesses

and mental harm that

could arise from our

mining activities

1. Eliminate fatalities.

2. Eliminate vehicular incidents

by implementing advanced

collision avoidance

technologies.

3. Significantly reduce

underground exposure to

diesel particulate matter.

4. Minimise health and

environmental impacts on our

host communities.

Build a diverse and

inclusive workplace

Increase the

proportion of women

and Indigenous

people in our

workforce

5. Increase the proportion of

women in our workforce,

including women in

leadership and women in

mining in all our operating

regions.

Unlocking business,

community and

stakeholder value

Maximise in-country

and host community

employment and

procurement

6. Maximise Group host

community employment.

7. Maximise Group host

community procurement

spend.

8. Maximise Group in-country

procurement.

Pursuing

decarbonisation and

building resilience to

climate change in line

with our commitment

to the Paris

Agreement on Climate

Change

Reduce carbon

emissions, freshwater

use and exposure

to climate-related

risks to operations,

stakeholders and the

environment

9. Continue pursuing carbon

emissions reductions at all

our operations.

10. Increase Group renewable

energy use and include at

least 20% renewables in all

new projects.

11. Introduce electric vehicles in

our underground operations.

12. Reduce fresh water use

and optimise Group water

recycling and reuse levels.

Full compliance with

the 2020 Global

Industry Standard on

Tailings Management

(GISTM)

Safe and responsible

tailings management

13. Achieve and maintain

compliance with the GISTM

as committed to by ICMM

members.

Gold Fields Results

2020

Outlook and 2021 guidance

As previously guided, 2021 is going to be a big capital expenditure year
for Gold Fields, given the peak spending at Salares Norte as well as the
increase in sustainable capex for the Group. This increase in sustaining
capex will enable us to spend on key projects that will allow us to sustain
our production base of 2.00Moz to 2.50Moz for the next 8-10 years.

The COVID-19 pandemic is expected to continue to impact our lives and
businesses in 2021, with many parts of the world experiencing second
waves. The effective roll-out of the vaccine creates additional uncertainty.

For 2021, attributable gold equivalent production is expected to be
between 2.30Moz and 2.35Moz. AISC is expected to be between
US$1,020/oz and US$1,060/oz, with AIC expected to be US$1,310/oz
to US$1,350/oz. If we exclude the very significant project capex at
Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz.
The exchange rates used for our 2021 guidance are: R/US$15.50 and
US$/A$0.75.

Total capex for the Group for the year is expected to be US$1.177bn.
Sustaining capital is expected to be US$538m, with non-sustaining capex
expected to be US$639m. The largest component of the capex budget for
the year is Salares Norte, with the US$508m expected to be spent. We
expect Salares Norte to be at 70% completion by the end of 2021.

The other increases are driven by specific projects at some of our core
operations. These include the development of a second decline at the
Wallaby Underground mine at Granny Smith (A$51m), plant modifications
and increased development at Agnew to enhance the longer-term outlook
(A$38m), and finally increased new mine development, tailings facility
expansion and underground infrastructure expenditure at South Deep
(US$22m).

Group production and costs have been flexed for inherent operating
risks which relate to all or some of the mines. The risk of stoppages due
to COVID-19 has not been factored into any guidance estimates in the
group. The extent to which COVID-19 impacts on either production or
costs is indeterminable at this stage.

Succession

As has been announced, Chris Griffith will be taking over from me
as CEO on 1 April. I feel that I am leaving the business in a healthy
position with a strong executive committee in place and an accomplished
successor taking the reins.

I would like to take this opportunity to thank the Board, the Executive team
and all the people at Gold Fields for their dedication and commitment
through all my years at the company. Each and every one of you has
been an important part of the success of Gold Fields.

Yours in health and safety

Nick Holland

Chief Executive Officer

18 February 2021

Gold Fields Results

2020

Figures in millions unless otherwise stated

December

2020

September

2020

December

2019

December

2020

December

2019

KEY STATISTICS

United States Dollars

Quarter

Year ended

Gold produced*

oz (000)

593

557

590

2,236

2,195

Tonnes milled/treated

000

10,700

10,433

10,519

42,706

38,342

Revenue (excluding Asanko)

US$/oz

1,866

1,921

1,482

1,768

1,388

Cost of sales before gold inventory change

and amortisation and depreciation (excluding

Asanko) US$/tonne

All-in sustaining costs

US$/oz

971

964

864

977

897

Total all-in cost

US$/oz

1,113

1,070

974

1,079

1,064

Net debt

US$m

1,069

1,159

1,664

1,069

1,664

Net debt (excluding lease liabilities)

US$m

640

796

1,331

640

1,331

Net debt to EBITDA ratio

0.56

0.68

1.29

0.56

1.29

Cash flow from operating activities less

net capital expenditure, environmental

payments, lease payments and

redemption of Asanko preference shares

US$m

631

249

Profit attributable to owners of the parent

US$m

723.0

161.6

Profit per share attributable to owners of

the parent

US c.p.s.

Headline earnings attributable to owners

of the parent

US$m

729.3

162.7

Headline earnings per share attributable

to owners of the parent

US c.p.s.

Normalised profit attributable to owners of

the parent

US$m

878.8

343.4

Normalised profit per share attributable to

owners of the parent

US c.p.s.

100

* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.

Refer to pages 33 and 34.

At 31 December 2020, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep in South Africa (96.67%), Cerro Corona in Peru (99.5%), Gruyere
JV (50%) and Asanko JV (45% equity share).

Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7% of Group production.
Figures may not add as they are rounded independently.

Pro forma financial information

This media release 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 all relevant accounting standards. To the extent that these
measures are not extracted from the segment disclosure included in the reviewed condensed consolidated financial statements of Gold Fields Limited
for the year ended 31 December 2020, these measures constitute pro-forma financial information in terms of the JSE Listings Requirements and are
the responsibility of the Group’s Board of Directors. 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 key non-IFRS measures used include normalised profit, net debt, adjusted EBITDA, free cash flow margin, cash flow from operating activities less
net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares, all-in sustaining and total all-in costs.
The applicable criteria on the basis of which this information has been prepared is set out in the notes accompanying the media release.

This pro-forma financial information has been reported on by the Group’s auditors, being PricewaterhouseCoopers Inc. Their unqualified reporting
accountant’s report thereon is available for inspection at the Company’s registered address.

STOCK DATA FOR THE YEAR ENDED DECEMBER 2020

Number of shares in issue

NYSE – (GFI)

– at 31 December 2020

883,333,518

Range – Year

US$4.00 – US$14.54

– average for the year

878,661,474

Average Volume – Year

7,556,679 shares/day

Free float

100 per cent

JSE LIMITED – (GFI)

ADR ratio

1:1

Range – Year

ZAR63.97 – ZAR255.69

Bloomberg/Reuters

GFISJ/GFLJ.J

Average volume – Year

3,951,270 shares/day

Gold Fields Results

2020

CERTAIN FORWARD-LOOKING STATEMENTS

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

• changes in the market price of gold, and to a lesser extent copper and silver;

• material changes in the value of Rand and non-U.S. dollar currencies;

• difficulties, operational delays, cost pressures and impact from labour relations following its restructuring at the South Deep operation in South Africa;

• the ability of the Group to comply with requirements that it provide benefits to affected communities;

• the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new

legislation affecting mining and mineral rights;

• court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mineral rights legislation and

the treatment of health and safety claims;

• the challenges associated with replacing annual mineral reserve and resource depletion as well as growing its reserve and resource base to extend

the life of operations;

• the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures;

• the success of the Group’s business strategy, development activities and other initiatives, particularly at Damang and the Salares Norte project;

• changes in technical and economic assumptions underlying Gold Fields’ mineral reserve estimates;

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

• changes in health and safety regulations that could lead to claims or liability for regulatory breaches;

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

• loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation among Historically Disadvantaged

Persons in management positions;

• power cost increases as well as power stoppages, fluctuations and usage constraints;

• regulation of greenhouse gas emissions and climate change;

• high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive conditions;

• the ability of the Group to protect its information technology and communication systems and the personal data it retains as well as the failure of

such systems;

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

• the occurrence of future acid mine drainage related pollution;

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

deposits;

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

• downgrades in the credit rating of South Africa and its impact on Gold Fields’ ability to secure financing;

• reliance on outside contractors to conduct some of its operations;

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

• the inability to modernise operations and remain competitive within the mining industry;

• the effects of regional re-watering at South Deep;

• the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;

• actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields’ operations that leads to censure, penalties

or negative reputational impacts;

• the occurrence of labour disruptions and industrial actions;

• the adequacy of the Group’s insurance coverage;

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

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

• the costs and burdens associated with tenements in Australia which are subject to native title claims, including any compensation payable to native

title holders;

• the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);

• the identification of a material weakness in disclosure and internal controls over financial reporting;

• difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, for shareholders outside South Africa;

• liquidity risks in trading ordinary shares on JSE Limited;

• Gold Fields’ ability to pay dividends or make similar payments to its shareholders; and

• shareholders’ equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields’ filings with the Johannesburg Stock Exchange and
the United States Securities and Exchange Commission, including the Integrated Annual Report 2019 and the annual report on Form 20-F for the fiscal
year ended 31 December 2019. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Gold Fields Results

2020

Year ended 31 December 2020 compared with year
ended 31 December 2019

Results for the Group

Safety

We reported in our H1 results the tragic death of Abel Magajane at
South Deep on 3 June 2020.

Regrettably, the total recordable injury frequency rate (TRIFR) for the
Group regressed and the number of serious injuries increased in 2020.
Our goal remains no fatalities or serious injuries and we have redoubled
our safety efforts in the light of these setbacks. Despite the travel
restrictions enforced by COVID-19, we continued to roll-out training of
our Courageous Safety Leadership programme in all regions.

To further improve safety at our operations we have also started looking
at implementing advanced collision avoidance technologies to eliminate
vehicular incidents. In terms of health, our priority will be to reduce
diesel particulate matter exposure underground through, among others,
improved ventilation and exhaust filters, procurement of low-emission
machinery, low sulphur fuel and continuing training and monitoring. We
are also trialling electric vehicles in Australia. The latter initiative will also
hold benefits in terms of reduced carbon emissions.

Year ended

Fatalities

TRIFR

2.40

2.19

Serious injuries

Total Recordable Injury Frequency rate (TRIFR). (TRIFR) = (Fatalities + Lost Time

Injuries

+ Restricted Work Injuries

+ Medically Treated Injuries

) x 1,000,000/ number

of hours worked.

A Lost Time Injury (LTI) is 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.
The employee or contractor is unable to perform any functions.

A Restricted Work Injury (RWI) is 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. The employee or contractor can still perform some of his duties.

A Medically Treated Injury (MTI) is 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/re-treatment.

A serious injury, as per the Gold Fields definition, is an injury that incurs 14 or more

days lost and results in, among others, bone fractures, internal haemorrhage, head
trauma, loss of limbs or part of limbs, permanent loss or permanent disfigurement.

Environmental

No Level 3 – 5 environmental incidents were reported for 2020, as was
the case for 2019, while the number of Level 2 incidents reduced from
37 in 2019 to 11 in 2020. This is a critical achievement as it signals not
only sound environmental stewardship, but also limited impact of our
operations on neighbouring communities.

An inaugural Group-wide Environmental, Health and Safety (EHS)
Scorecard was launched during 2020. The EHS Scorecard includes both
leading and lagging performance indicators to improve performance at
an operational level. All operations met or exceeded their target of at
least 80% compliance with the Scorecard.

Tailings management

The Global Industry Standard on Tailings Management (GISTM)
was launched on 5 August 2020 by the Principles for Responsible
Investment, the United Nations Environment Programme and the
International Council on Mining & Metals (ICMM). We and all other
ICMM members have committed that all tailings facilities with “Extreme”
or “Very high” consequence category ratings will be in conformance with
the GISTM by 5 August 2023 and that all other tailings facilities that we
operate that are not in a state of safe closure will be in conformance with
the GISTM by 5 August 2025. Soon after the launch, we commenced a
detailed site specific analysis of each TSF against the new standard to
identify gaps and confirm our compliance roadmap.

Water management

Reducing fresh water usage and optimising Group water recycling/
reuse are key strategic intents for the company and we are making
good progress on these. Fresh water withdrawal was 9.97 gigalitres
(GL) in 2020 compared with 14.2GL in 2019 mainly due to a decrease in
water withdrawal at Tarkwa, South Deep and Cerro Corona. At Tarkwa,

process water is now reused for cooling at the power plant and for
mixing explosives and some chemicals. At South Deep, treated sewage
effluent is now utilised in the gold extraction process and the mine
upgraded its potable water pipeline to reduce losses. At Cerro Corona,
recycling/reuse increased due to lower rainfall during 2020 compared to
2019. Water recycled/reused was 71% of total water use in 2020, well
ahead of the ICMM guidelines and higher than the 68% in 2019.

Gold Fields achieved an A ranking by the Carbon Disclosure Project
(CDP) NGO for its water reporting disclosure, one of only 106 high-
performing companies. This is the first time Gold Fields has achieved an
A ranking. Its ranking in previous years ranged from B to A-.

Energy management and climate change

Group energy spend was US$257m (16% of operating costs) in 2020
compared with US$300m (20% of operating costs) in 2019, driven
mainly by lower fuel spend following the oil price decline in 2020.
Energy intensity was 5.6GJ/oz (2019: 5.7GJ/oz) and 72MJ/t processed
(2019: 66MJ/t). Total energy consumption during 2020 rose by 5% to
13,126 terajoules (TJ) (2019: 12,498TJ). Energy efficiency initiatives
at our operations saved 1,085TJ. Initiatives included compressor and
pumping optimisation at South Deep, haulage efficiencies at Gruyere,
use of variable speed tailings pumps at Damang and fan optimisation
at Granny Smith.

Despite higher total energy consumption, scope 1 and 2 CO

emissions

remained unchanged at 1.45 million tonnes in 2020, due to the
commissioning of the renewable microgrids at Agnew and Granny
Smith. CO

emissions intensity increased 4% to 7.9kg CO e/t mined

from the 7.7kg CO

e/t reported for 2019.

We will continue to pursue carbon emission reductions at all our
operations, in part by continuing our successful roll-out of renewable
energy projects. The Agnew microgrid is supplied power by 18MW
wind turbines, 16MW gas turbines, 4MW solar and 14MWh battery
energy storage system. Granny Smith has a 7MW solar power plant
supplementing the gas power plant. During 2020, renewable electricity
averaged 38% of total electricity supply at Agnew, 5% at Granny Smith,
8% for the Australia region and 3% of total Group electricity. These
percentages are set to increase this year.

The Gruyere mine has also announced plans to add a 13MW solar farm
and 4.4MW battery storage to its current gas engines. The microgrid
is set to be up and running by end-2021. As part of the construction of
our Salares Norte mine in Chile, which commenced in 2020, a 25.9MW
hybrid energy solution, comprising a 9.9MW solar power plant and
thermal power, will be installed.

Gold Fields continues to engage with the National Energy Regulator of
South Africa (NERSA) to finalise the regulatory process for the approval
of a 40MW solar plant at its South Deep mine. A decision by the full
NERSA Board is expected over the next few weeks, after its electricity
subcommittee recommended approval of the project in early February.
South Deep has requested and received a cost estimate letter from
South Africa’s national energy utility Eskom and has submitted the
budgetary quote letter. Eskom will provide consent in line with NERSA
requirements post a site meeting to be held in the coming weeks.

Gold Fields published its second climate change report for the 2019
financial year in line with the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD). Gold Fields also
included the Sustainability Accounting Standards Board (SASB) key
performance metrics in our non-financial data reporting for the first time.

Year ended

Environmental Incidents Level 3 – 5

—

Water recycled/reused (% of total)

71.4

68.0

Fresh water withdrawal (GL)

10.0

14.2

Energy consumption (PJ)

13.1

12.5

Energy intensity (MJ/t mined)

72.2

66.0

emissions (kt)

1,454

1,456

emissions intensity (kg CO /t mined)

7.9

7.7

Relates to operations only.

Petajoules (1 PJ=1,000,000MJ).

CO emissions comprise Scope 1 and 2 emissions .

Environmental

2020

2019

Safety

2020

2019

Gold Fields Results

2020

Social

2020

2019

Social

Gold Fields continues to focus on maximising in-country and host
community economic impact. The Group’s value distribution to national
economies was US$2.849bn in 2020 compared with US$2.577bn in
2019. Gold Fields procurement from in-country suppliers, excluding
corporate procurement spend, was US$1.779bn in 2020 (96% of total
procurement).

Gold Fields aims to sustain the value delivered to host communities
through employment, procurement and social investments. The
Group host community workforce totalled 8,752 people – 53% of total
workforce in 2020 (2019: 9,269 host community workforce, 55% of total
workforce). Group host community procurement spend in 2020 was
US$536m – 29% of total spend compared with 34% spend in 2019.
The decrease was due to the impact of the COVID-19 pandemic and a
change of mining contractor at Damang.

Gold Fields invested US$16.8m in socio-economic development (SED)
projects in our host communities in 2020, compared with US$21.0m in
2019. The reduction was due to project delays as a result of COVID-19
restrictions. The SED investments are funded through Gold Fields’
foundations, trusts and operations.

A key priority for Gold Fields is to build a diverse and inclusive workplace
by increasing the participation of women and Indigenous People in our
workforce. At the end of 2020 women comprised 20% of Gold Fields’
workforce, the same level as in 2019. Training spend for 2020 was
US$6.8m, compared with US$10.1m for 2019 (restated). Gold Fields
was once again a constituent of the Bloomberg Gender-Equality Index
for 2021.

Our first Report to Stakeholders was released in October last year,
providing details of our relationships and value shared with our
key stakeholders – employees, communities, shareholders and
governments.

we also continued to pay our SME suppliers during the shut-down.
Furthermore, our operations and employees have actively supported
host communities and governments to assist their efforts in controlling
the pandemic and assisting people in need. These donations totalled
over US$3m across the Group.

Our management teams are dealing with the challenges of the pandemic
extremely well, maintaining sustainable and profitable production while
at the same time safeguarding the health and safety of their employees.

Key activities to ensure safe operations include:

• Strict adherence to all government regulations/protocols;

• Closure of offices and imposition of travel restrictions;

• Standard operating procedures on return to work;

• Social distancing, sanitisation and mask wearing mandatory;

• Counselling and mental wellness support initiatives;

• Regular communication to employees about COVID-19;

• A dedicated COVID-19 information portal; and

• Social media awareness and communication campaigns for

employees, communities and others.

In all our operating regions, except Australia, our operations have
facilitated PCR tests for our employees and contractors, enabling us to
quickly isolate and assist those affected.

Following are country reports on the impact of the pandemic and actions
taken by our operations during 2020.

Peru

Impact on our workforce

Year ended

COVID-19 report

The COVID-19 pandemic continues to challenge our lives and our
business in many ways and is set to continue to do so in the coming
months. The so-called second wave of COVID-19 infections, which
started in late 2020, has taken a terrible toll at Gold Fields. As at 15
February 2021, 9 of our employees or contractors have passed away
as a result of their COVID-19 infections. In addition, Galiano Gold, our
JV partner in the Asanko gold mine in Ghana, reported one fatality. So
far we’ve had a total of 2,705 positive cases in the Group, (excluding
Galiano), of which 155 are currently active with 5 receiving care in
hospitals.

The financial and operational impacts of the pandemic on our Company
are further discussed in the CEO Statement as well as the Group’s and
mines’ financial results.

The large number of positive cases reflects the high prevalence rate of
the pandemic in neighbouring communities at our operations in Peru,
Ghana and South Africa. There have been no cases to date at our
Australian mines.

Since the start of the pandemic in March 2020, a Group Exco COVID-19
Crisis Management Team has met regularly to coordinate actions and
strategies to mitigate the impact of the pandemic on operations. Regular
meetings of the Risk Committee of the Board have also been held to
provide governance oversight. Support to employees and contractors,
with particular attention to their health and wellness, have been a focus.
Regional and site committees have performed similar roles.

Combined the operations spent approximately US$30m on COVID-19
related initiatives and interventions such as specialised camp
accommodation, testing equipment and facilities, additional labour
costs and transport facilities. Where our mines were forced to shut down
or curtail their activities due to government regulations, we continued
to pay at least the monthly base pay for all employees, In South Africa

* Note: “Awaiting results”, “Active cases” and “Hospitalised” refers to the current figures

As at 15 February 2021, we have had a total of 960 COVID-19 cases
among employees and contractors at Gold Fields offices and sites. One
employee sadly passed away after contracting the virus.

Mitigating actions

Peru has high rates of infections, which increased again in December,
and while mining continues to be an essential industry, intra-provincial
and international travel restrictions are, by and large, still operational.

Since the beginning of the COVID-19 pandemic, Gold Fields has
implemented strict protocols to avoid and mitigate its impact on Gold
Fields personnel and contractors, both in the Lima office and at the
Cerro Corona mine in Peru and the Salares Norte project in Chile.

For Cerro Corona to be allowed to operate, the existing protocols
require the full screening of incoming shift personnel before starting the
shift change, as well as testing on site. These procedures apply to both
Gold Fields staff and contractors. Charter flights and exclusive buses
have been in use since the beginning of the pandemic.

The Cerro Corona workforce has been configured to operate in small
groups (working cells of 3 – 13 people) to minimise mixing, so that,
in the event of a positive case at the site, contact tracing is more
effective. Shift schedules have been modified to longer times on site to
mitigate the impact of the 2

wave of infections. When positive cases

are detected, they are isolated at a fully equipped quarantine facility on
site. Workers have also been issued with COVID-19 prevention kits for
their families. These actions were in addition to the hygiene protocols,
sanitisation and other educational programmes introduced at the mine.

By end-January 2021, Gold Fields Peru has made almost US$1m in
donations to communities and government organisations in the form of
PPE, sanitation campaigns in communities, food and medical supplies,
etc. Cerro Corona has also sponsored educational programmes on
local community radio.

COVID-19 report Peru (as at 15 February 2021)

Total

Tested

40,205

Positive

960

Negative

39,255

Awaiting results*

Active cases*

Hospitalised*

Recovered

915

Died

Host community procurement (% of total)

Host community workforce (% of total)

Socio-economic development spending (US$m)

16.8

21.0

Women in workforce (%)

Training spend (US$m)

6.8

10.1

Gold Fields Results

2020

Cost and production impact

Cerro Corona’s COVID-19 additional direct related costs in 2020
were US$14.5m. Additional costs include capex for new site facilities
US$5.7m, such as dining rooms and PCR testing facilities, PCR and
serology tests and charter flights. The estimated production impact was
a loss of 46,000oz, mostly during Q2 2020. We adjusted our original
market guidance for 2020 accordingly in May.

Although at the beginning of the pandemic, provincial borders were
closed, Cerro Corona engaged with the authorities to enable transport
of concentrate to the Port of Salaverry. Since then vessels have been
loaded uninterrupted with concentrate from the mine.

Chile

Impact on our workforce

COVID-19 report Chile (as at 15 February 2021)

Total

Tested

12,194

Positive

190

Negative

11,991

Awaiting results*

Active cases*

Hospitalised*

Recovered

189

Died

* Note: “Awaiting results”, “Active cases” and “Hospitalised” refers to the current figures

As at 15 February 2021, we have had a total of 190 COVID-19 cases
among employees and contractors, of which 21 were detected on the
Salares Norte site.

Mitigating actions

Our Salares Norte project has similar access protocols on site as
Cerro Corona in Peru. The protocols require full PCR tests in the week
employees and contractors are scheduled on site. Only negative cases
are permitted to bus to the project site, and once at the project, all
workers are directed to working cells of 3 – 13 people.

If a worker at Salares Norte is reported to have symptoms, they are
directed to the near-by town of Copiapo, where the worker is isolated
and placed under quarantine and, depending on the health status
directed home for quarantine, or to a hospital for treatment.

Salares Norte spent about US$244,000 during 2020 to assist communities
and local authorities in fighting the pandemic, including donations of
equipment and PPE to the local hospital in Diego de Almagro.

Cost and production impact

The extra costs related to COVID-19 initiatives and programmes
totalled US$4.6m for the year, of which US$3.7m was committed to
additional camp infrastructure and US$900,000 on testing, PPE and
extra transportation. Construction of the mine was not interrupted and
commenced in Q4 2020, with contractor deliveries and work plans
having not been materially impacted by the pandemic. However, the
management team demobilised the remaining exploration teams on site
to ensure physical distancing in the camp.

Australia

Impact on our workforce

As at 15 February 2021, there have been no recorded cases of
COVID-19 at Gold Fields mine sites, the Perth regional office, or any
mining operation in Western Australia.

This is reflective of the stringent COVID-19 management by Australia’s
national and state governments. Even single cases have resulted in
extensive lockdowns of impacted areas. Mining has been designated
an “essential’ industry by the federal and state governments. COVID-19
testing in Australia remains the responsibility of medical service
providers and designated testing clinics across the country.

The size of Western Australia, the relatively small population, and remote
mine sites have been to the region’s advantage. Three of four mine sites
are located in very remote areas and the majority of our employees and
contractors are based on Fly In/Fly Out roster arrangements.

Mitigation actions

Since March 2020, a crisis management team at the Perth office
has coordinated daily crisis management, implemented responses,
developed communications plans and provided direction and guidance
to sites. Infectious disease management plans and an appointed
infectious disease manager are in place at each site.

Work rosters at the mines were initially changed to a predominantly two
weeks on/two weeks off rotation, but reverted to previous arrangements
from July. Similarly, charter flights were initially increased to site with
maximum 60% loading and strict check-in and health check/declarations
in place. As from July 2020 flight arrangements have reverted to normal
travel, with sanitation procedures in place.

At our four mine sites, additional protocols have been put in place,
such as physical distancing, increased sanitation and general hygiene
measures and additional catering services personnel. As from July, all
Perth office employees, which up until then had worked from home,
returned to the office, though the Company has also approved over 50%
of employees to work on flexible work arrangements.

Gold Fields in Australia has donated A$280,000 to assist charitable
organisations during the pandemic, including Foodbank and Lifeline
with A$100,000 each.

Cost and production impact

While there have been no production losses in the Australia region,
additional costs totalled A$10.5m for 2020. These costs are mainly due
to deliberate over-recruitment for critical production roles, additional
charter flights, additional catering services arrangements and medical
personnel.

South Africa

Impact on our workforce

COVID-19 report South Deep (as at 15 February 2021)

Total

Tested

13,483

Positive

995

Negative

12,370

Awaiting results*

118

Active cases*

Hospitalised*

Recovered

957

Died

* Note: “Awaiting results”, “Active cases” and “Hospitalised” refers to the current figures

As at 15 February 2021, 8 employees and contractors have passed
away at South Deep due to illnesses linked to COVID-19. All but one of
them died after December 2020, when the second wave of infections
spread in South Africa. Currently, South Deep has had a total of 995
positive cases, of which 30 are active.

The rise in cases at South Deep reflects the high number of positive
COVID-19 infections in neighbouring communities, which has been
exacerbated by the high number of migrant workers returning after the
Christmas holiday from rural areas and neighbouring countries, where
the virus often remains undetected.

Mitigation actions

South Deep continues to manage the COVID-19 pandemic, through a
comprehensive plan, aligned with guidelines and regulations issued by
the South African Government, the World Health Organisation and other
institutions.

The government closed all mining activities in March, but subsequently
starting easing lockdown levels and restrictions, starting with a return to
50% labour force capacity levels in April before allowing a gradual return
to full capacity by June 2020.

For the mine to operate, it has to follow government departments’
standard operating procedures (SOPs) and Code of Practice (COP).
The mine’s own SOPs and COP have been aligned to these. South
Deep continues to engage with the Minerals Council of South Africa to
collaborate and share best practice within the industry.

Gold Fields Results

2020

The impact of COVID-19 on site is mitigated primarily through rigorous
on-site testing and screening. An employee self-declaration form,
submitted via the WhatsApp social media platform, provides an access
permit on successful completion and temperature monitoring.

The mine has purchased testing equipment which provides for about 80
tests a day. Mine medical protocols provide for COVID-19 positive and
investigated cases to be quarantined at home or at the mine’s isolation
and quarantine facility managed by an external provider. A mine case
manager monitors all cases and contact tracing.

Shaft schedules and rosters have also been amended to ensure
physical distancing in vertical transport of employees underground.

Support for local community ranges from food donations to assisting
local government in their anti-COVID-19 programmes. South Deep and
Corporate Office directors, managers and employees made a R15m
donation to South Africa’s Solidarity Fund, aimed at offering social and
economic support to organisations and businesses impacted by the
pandemic.

Cost and production impact

In May, South Deep was forced to revise its gold production targets
down from 8,000kg to 7,000kg for 2020 as a result of the various
lockdowns imposed by government.

Operational costs incurred as a result of COVID-19 interventions were
R86m in 2020 and included costs related to PPE, sanitisers, medical
supplies, testing equipment and kits, and alterations to buildings to set
up the mines quarantine and isolation facilities.

West Africa

Impact on our workforce

COVID-19 report Ghana (as at 15 February 2021)

Total

Tested

5,573

Positive

560

Negative

4,988

Awaiting results*

Active cases*

Hospitalised*

Recovered

480

Died

* Note: “Awaiting results”, “Active cases” and “Hospitalised” refers to the current figures

As at 15 February 2021, we have had a total of 560 COVID-19 cases
among employees and contractors, of which 80 are currently active.
We have had no death at our Tarkwa and Damang mines, but at the
Asanko mine, managed by Galiano Gold, Galiano COO Josephat
Zvaipa passed away after contracting COVID-19.

Mitigation actions

After an initial surge in cases, mostly among contractors at the Tarkwa
and Damang mines, Gold Fields Ghana has successfully managed its
COVID-19 cases and contained the spread of the virus at the mine sites
and the Accra office. During December 2020 and January 2021, when
the country experienced a pick-up in COVID-19 infections, there has
been a slight rise in the number of cases at our mines, but these have
been picked up and isolated speedily.

Strict adherence to government and company protocols is key, including
contact tracing, testing and isolation, full-body sanitising, appointing
host community COVID-19 ambassadors, and travel restrictions,
among others. A new four weeks-on, two weeks-off roster system was
introduced to ensure less exposure by our employees to the virus
outside the workplace, but the system has since reverted to the pre-
pandemic roster schedule. Employees of the two major contractors
(E&P and BCM) are subject to the same protocols, and, where feasible,
are kept separate from Gold Fields employees.

The mines’ isolation facilities have 86-bed capacity, with two facilities
located at Tarkwa and one at Damang. The mines are seeking to
conduct testing in-house, but have been delayed pending approval by
the authorities.

Community support programmes and donations have been channelled
via the Gold Fields Ghana Foundation. During 2020, the Foundation
has spent about US$910,000, on items and supplies to local clinics and
community organisations, including ambulances, sanitisers and PPE.

Cost and production impact

Gold Fields Ghana to date has spent just over US$2m on programmes
and infrastructure to deal with the pandemic, including the community
donations. On-site measures include isolation facilities, increased
busing and testing facilities. Production output during 2020 was not
affected.

Revenue

Attributable equivalent gold production, (including Asanko) increased by
2% from 2.195Moz in 2019 to 2.236Moz in 2020. Attributable equivalent
gold production at Asanko decreased marginally from 113,000oz in
2019 to 112,500oz in 2020. Revenue from Asanko is not included in
Group revenue as Asanko results are equity accounted.

During 2020, a decision was taken to align the production month-end
with the calendar month-end, which resulted in a once-off addition of 10
production days in H1 2020. The impact of the extra production days is
estimated at 45koz, while the lost production from COVID-19 related
stoppages is approximately 78koz, comprising South Deep at 32koz
and Cerro Corona at 46koz.

At the South Africa region, production at South Deep increased by 2%
from 6,907kg (222,100oz) in 2019 to 7,056kg (226,900oz) in 2020.
The increase was due to the productivity improvement programmes
introduced in 2019 starting to bear fruit, despite the operation being
negatively impacted by COVID-19 restrictions. Gold sold increased by
2% from 6,907kg (222,100oz) to 7,056kg (226,900oz).

Attributable gold production at the West African operations (including
Asanko), increased by 3% from 767,700oz in 2019 to 786,900oz in 2020
mainly due to increased production at Damang as mining progressed
into the main ore body at the Damang Pit Cutback (DPCB). Managed
gold produced and sold at Tarkwa increased by 1% from 519,100oz in
2019 to 526,300oz in 2020. At Damang, managed gold produced and
sold increased by 7% from 208,400oz in 2019 to 223,000oz in 2020.
Gold production at Asanko decreased marginally from 113,000oz (45%
basis) in 2019 to 112,500oz (45% basis) in 2020. Gold sold decreased
by 2% from 112,000oz (45% basis) to 109,700oz (45% basis).

Attributable equivalent gold production at Cerro Corona in Peru,
decreased by 29% from 291,300oz in 2019 to 206,100oz in 2020 mainly
as a result of COVID-19 restrictions on production (46Koz) and a lower
price factor (22Koz), as well as lower grades mined in line with the
current year plan. Total managed gold equivalent production decreased
by 29% from 292,700oz in 2019 to 207,100oz in 2020. Gold equivalent
ounces sold decreased by 31% from 296,900oz to 205,500oz.

Gold production at the Australian operations increased by 11% from
914,300oz in 2019 to 1,016,800oz in 2020 mainly due to the inclusion of
Gruyere for a full year in 2020 with the operation reaching commercial
levels of production at the end of September 2019. At St Ives, gold
production increased by 4% from 370,600oz in 2019 to 384,900oz
in 2020. Gold sold increased by 8% from 363,300oz to 393,800oz.
At Agnew, gold production increased by 6% from 219,400oz in 2019
to 233,300oz in 2020. Gold sold increased by 6% from 219,600oz to
233,500oz. At Granny Smith, gold production decreased by 2% from
274,800oz in 2019 to 269,600oz in 2020. Gold sold decreased by 3%
from 274,800oz to 265,200oz. At Gruyere gold production (100% basis)
increased by 161% from 99,100oz in 2019 to 258,200oz in 2020. The
Group’s share of gold production at Gruyere increased by 161% from
49,500oz in 2019 to 129,100oz in 2020. Gold sold increased by 280%
from 33,700oz in 2019 to 128,000oz in 2020.

The average US Dollar gold price achieved by the Group (excluding
Asanko) increased by 27% from US$1,388/eq oz in 2019 to US$1,768/
eq oz in 2020. The average Rand gold price increased by 41% from
R659,111/kg to R928,707/kg. The average Australian Dollar gold price
increased by 27% from A$2,007/oz to A$2,551/oz. The average US Dollar
gold price for the Ghanaian operations (excluding Asanko) increased by
28% from US$1,387/oz in 2019 to US$1,773/oz in 2020. The average
equivalent US Dollar gold price, net of treatment and refining charges,
for Cerro Corona increased by 34% from US$1,344/eq oz in 2019 to
US$1,795/eq oz in 2020. The average US Dollar/Rand exchange rate
weakened by 13% from R14.46 in 2019 to R16.38 in 2020. The average
Australian/US Dollar exchange rate weakened by 1% from A$1.00 =
US$0.70 to A$1.00 = US$0.69.

Gold equivalent ounces sold (excluding Asanko) increased by 3% from
2.14Moz in 2019 to 2.20Moz in 2020.

Revenue increased by 31% from US$2,967m in 2019 to US$3,892m in
2020 due to the higher gold sold and higher gold price received.

Gold Fields Results

2020

Cost of sales before amortisation and depreciation

Cost of sales before amortisation and depreciation increased by 5%
from US$1,424m in 2019 to US$1,489m in 2020.

At the South Africa region, at South Deep, cost of sales before amortisation
and depreciation increased by 7% from R3,503m (US$242m) in 2019 to
R3,751m (US$229m) in 2020 mainly due to increased volumes mined
and processed as well as inflationary increases.

At the West Africa region, (excluding Asanko), cost of sales before
amortisation and depreciation increased by 3% from US$457m in 2019
to US$469m in 2020 mainly due to a 10Mt increase in operational waste
tonnes mined (capital waste tonnes decreased by 17Mt) at Damang
following the intersection of the main orebody, partially offset by a gold-
in-process credit to cost of US$59m in 2020 compared with gold-in-
process credit of US$23m in 2019. The gold-in-process movement for
2020 at Tarkwa was a US$2m charge to cost and at Damang it was a
US$61m credit to cost compared to a US$14m credit to cost at Tarkwa
and a US$9m credit to cost at Damang in 2019. In line with the current
year plan Tarkwa is supplementing ore feed to the plant with lower
grade stockpile material, while Damang is adding lower grade ore to
the stockpile.

At the South America region, at Cerro Corona, cost of sales before
amortisation and depreciation decreased by 5% from US$162m in
2019 to US$154m in 2020 mainly due to a 4Mt decrease in operational
tonnes mined.

At the Australia region, cost of sales before amortisation and
depreciation increased by 14% from A$808m (US$562m) in 2019 to
A$924m (US$637m) in 2020 mainly due to the inclusion of Gruyere for a
full year in 2020 with the mine reaching commercial levels of production
at the end of September 2019 as well as inflationary increases at the
other three operations.

Amortisation and depreciation

Amortisation and depreciation for the Group increased by 8% from
US$610m in 2019 to US$661m in 2020 mainly due to the inclusion of
Gruyere with the mine reaching commercial levels of production at the
end of September 2019.

Other

Net interest expense for the Group increased by 29% from US$82m
in 2019 to US$106m in 2020 mainly due to lower interest capitalised
in 2020 with the Damang Pit Cutback project reaching commercial
levels of production in 2020 and Gruyere being in production for the
full 2020 year. Net interest expense of US$106m comprised of interest
expense of US$106m and lease interest of US$22m, partially offset by
interest income of US$9m and interest capitalised of US$13m in 2020.
In 2019, interest expense of US$113m and lease interest of US$19m
were partially offset by interest income of US$7m, interest capitalised of
US$41m and lease interest capitalised of US$2m.

The share of results of equity accounted investees after taxation (before
the impairment as described below) increased from US$3m in 2019 to
US$47m in 2020. The equity accounted earnings of Asanko in 2020 of
US$49m compared with US$4m in 2019. The increase is mainly due
to the higher gold price in 2020. The balance under share of results
of equity accounted investees after taxation relates to expenditure
incurred at FSE.

The share of results of equity accounted investees – impairment
of Asanko related to an impairment of US$50m of the Asanko Gold
Mine following the identification of an impairment trigger. Due to the re-
evaluation of the geological modelling by our JV partner, Galiano, Gold
Fields is not in a position to provide a reserve and resource estimate
for Asanko as at 31 December 2020. Taking this into consideration,
management has modelled various scenarios for the Asanko Life of
Mine (LOM) in order to determine their best estimates of the future cash
flows of the Asanko gold mine. The various LoM scenario runs were
undertaken in an attempt to model Asanko’s future cash flows in the
absence of a revised Resource and Reserve for 31 December 2020.
These scenarios are based on the pre-feasibility study completed in
2019, in order to declare a Reserve at 31 December 2019, but were
modified where appropriate to reflect prevailing circumstances.

The gain on foreign exchange of US$9m in 2020 compared with a
loss of US$5m in 2019 and related to the conversion of offshore cash
holdings into their functional currencies.

The loss on financial instruments of US$239m in 2020 comprised a loss
on hedges of US$240m and a gain on valuation of options of US$1m.
The loss on hedges of US$240m includes realised losses of US$417m,
partially offset by unrealised gains and prior year mark-to-market
reversals of US$177m. The realised losses of US$417m comprised
losses realised on the South Deep gold hedge of R1,563m (US$95m),
the Australian gold hedge of A$292m (US$201m), the Australian oil
hedge of A$5m (US$3m) the Ghanaian gold hedge of US$115m and
the Ghanaian oil hedge of US$7m, partially offset by realised gains
of US$4m on the Chilean currency hedge. The unrealised gains and
prior year mark-to-market reversals of US$177m comprised gains on
the South Deep hedge of R176m (US$11m), the Australian gold hedge
of A$106m (US$73m), the Ghanaian gold hedge of US$36m and the
Chilean currency hedge of US$86m, partially offset by a loss on the
Peruvian copper hedge of US$14m, the Ghanaian oil hedge of US$10m
and the Australian oil hedge of A$7m (US$5m).

In 2020, the gain on valuations of options of US$1m relates to the
Maverix warrants.

In 2019, the US$238m comprised US$245m losses on hedges and
US$7m gain on the mark-to-market on Maverix warrants. The US$245m
included US$132m realised losses and US$113m unrealised losses.
The realised losses of US$132m comprised losses realised on the
South Deep gold hedge of R220m (US$15m), the Australian gold
hedge of A$163m (US$113m) and Australian currency hedge of A$22m
(US$14m), partially offset by gains made on the Ghanaian oil hedge of
US$5m, Ghanaian gold hedge of US$2m and Australian oil hedge of
A$4m (US$3m).

The unrealised losses of US$113m comprised losses on the South Deep
gold hedge of R153m (US$11m), the Ghanaian gold hedge of US$39m,
the Australian gold hedge of A$94m (US$66m), the Ghanaian oil hedge
of US$3m and Australian oil hedge of A$1m (US$1m), partially offset by
a gain on Australian currency hedge of A$12m (US$7m).

In 2019, the gain on valuations of options of US$7m relates to the
Maverix warrants.

Share-based payments for the Group decreased by 29% from US$21m
in 2019 to US$15m in 2020 mainly due to the vesting of the 2020 share-
based instruments during 2020. The long-term incentive plan increased
by 467% from US$9m in 2019 to US$51m in 2020 due to the current
mark-to-market valuation of the plan reflecting current performance as
well as the allocation in 2020.

Other costs for the Group decreased by 22% from US$50m in 2019
to US$39m in 2020 and mainly related to lower spend due to the
completion of the Damang road in 2019.

Exploration and project expenses

Exploration and project expenses decreased by 40% from US$84m in
2019 to US$50m in 2020 mainly due to lower exploration spend as a
result of the approval of the feasibility study of Salares Norte and the
subsequent capitalisation of costs to the project as from 1 April 2020.
The US$50m spend in 2020 included US$30m spend at Salares Norte
which relates to exploration and project expenses. The balance of
US$20m related to exploration at the other operations.

Non-recurring items

Non-recurring income of US$34m in 2020 compared with non-recurring
expenses of US$24m in 2019.

Non-recurring income of US$34m in 2020 mainly includes:

• US$24m income related to a submission of VAT claims for expenses

incurred from 2010 to June 2020 at Salares Norte to the Chilean
tax authority which become claimable from the commencement of
construction;

• net reversal of impairment of FSE of US$62m and is limited to

previous impairments recognised. The reversal of impairment of FSE
was based on the fair value less cost of disposal of the investment
which was indirectly derived from the market value of Lepanto
Consolidated Mining Company;

• expected credit loss against a contractor loan of US$29m at Tarkwa;

• US$10m impairment of drilling costs at Damang. Based on technical

and economic parameters of various studies, all assets related to the
Amoanda-Tomento corridor were impaired;

• US$2m write-off of redundant assets in Peru;

• donations made to various bodies in response to COVID-19 of US$3m;

• a cost arising on the rehabilitation year-end adjustments of US$2m; and

• other costs of US$5m mainly related to the capital raising in

February 2020.

Gold Fields Results

2020

The non-recurring expenses for 2019 included:

• a positive silicosis provision adjustment (US$2m/R23m);

• net impairment of FSE of US$10m. The impairment of FSE was

based on the fair value less cost of disposal of the investment which
was indirectly derived from the market value of Lepanto Consolidated
Mining Company;

• profit on sale of Maverix holding of US$15m;

• loss on repurchase of 2020 bond of US$5m;

• contract termination cost of US$13m at Damang; and

• a cost arising on the rehabilitation year-end adjustments of US$13m.

Royalties

Government royalties for the Group increased by 42% from US$74m in
2019 to US$105m in 2020 in line with the higher revenue.

Taxation

The taxation charge for the Group of US$433m in 2020 compared with
US$176m in 2019. Normal taxation increased by 92% from US$191m
in 2019 to US$367m in 2020 in line with the higher profit before tax.
The deferred tax charge of US$66m in 2020 compared with a credit of
US$15m in 2019.

Profit

Net profit attributable to owners of the parent of the Group of US$723m
or US$0.82 per share in 2020 compared with net profit of US$162m or
US$0.20 per share in 2019.

Headline earnings attributable to owners of the parent of the Group
of US$729m or US$0.83 per share in 2020 compared with headline
earnings of US$163m or US$0.20 per share in 2019.

Normalised profit for the Group of US$879m or US$1.00 per share in
2020 compared with US$343m or US$0.42 per share in 2019.

Normalised profit

Normalised profit reconciliation for the Group is calculated as follows:

Year ended

Profit for the period attributable to owners

of the parent

723.0

161.6

Non-recurring items

(34.1)

23.8

Tax effect of non-recurring items

(6.1)

(7.8)

Non-controlling interest effect of non-

recurring items

(3.8)

(0.9)

Share of results of equity accounted

—

investees – Asanko impairment

49.5

(Gain)/loss on foreign exchange

(8.6)

5.2

Tax effect of gain on foreign exchange

1.9

(0.3)

Non-controlling interest effect of gain on

foreign exchange

0.6

—

Loss on financial instruments

238.9

238.0

Tax effect of loss on financial instruments

(76.1)

(73.8)

Non-controlling interest effect of loss on

financial instruments

(6.4)

(2.4)

Normalised profit attributable to owners of
the parent

878.8

343.4

Normalised profit is considered an important measure by Gold Fields of the profit realised
by the Group in the ordinary course of operations. In addition, it forms the basis of the
dividend pay-out policy. Normalised profit is defined as profit excluding gains and losses
on foreign exchange, financial instruments and non-recurring items after taxation and
non-controlling interest effect.

Cash flow

Cash inflow from operating activities of US$1,257m in 2020 compared
with US$893m in 2019. The increase of 41% was mainly due to a
higher profit before royalties and taxation. This was partially offset by
higher royalties and taxation payments of US$381m in 2020 compared
to US$254 in 2019, as well as an investment in working capital of
US$172m in 2020 compared to US$25m in 2019. The investment
in working capital of US$172m in 2020 was due to an increase in
prepayments, a US$66m build-up of gold-in-process mainly at Damang
as well as a fifth creditor cycle payment as a result of the change to a
calendar month end.

Dividends paid of US$145m in 2020 compared with US$48m in 2019
and comprised dividends paid to owners of the parent of US$138m and
related to the final 2019 and interim 2020 dividend, as well as dividends
paid to non-controlling interest holders of US$8m.

Cash outflow from investing activities increased by 36% from US$447m
in 2019 to US$607m in 2020. Capital expenditure decreased by 5%
from US$613m in 2019 to US$584m in 2020.

Sustaining capital expenditure, (excluding Asanko), increased by 27%
from US$323m in 2019 to US$409m in 2020, while non-sustaining
capital expenditure (excluding Asanko), decreased by 40% from
US$290m in 2019 to US$175m in 2020. This movement is mainly
attributable to Australia where projects like Invincible South and
Hamlet North at St Ives, Zone 110-120 at Granny Smith and Gruyere
development all turned cash flow positive resulting in a movement from
growth to sustaining capital expenditure in accordance with the revised
World Gold Council interpretation. Growth expenditure of US$175m for
2020 comprised US$97m at Salares Norte, US$41m at the Australian
operations, US$26m at Cerro Corona, US$6m at Damang and US$5m
at South Deep. Growth expenditure of US$290m in 2019 comprised
US$207m at the Australian operations, US$71m at Damang and
US$12m at Cerro Corona.

In the South Africa region at South Deep, capital expenditure increased
by 68% from R479m (US$33m) in 2019 to R804m (US$49m) in 2020
mainly due to the Doornpoort expansion project, the purchase of new
TM3 equipment and the recommencement of the growth development
programme.

At the West Africa region, (excluding Asanko), capital expenditure
decreased by 17% from US$202m in 2019 to US$167m in 2020. At
Tarkwa, capital expenditure increased by 18% from US$125m in 2019
to US$147m in 2020 due to higher capital waste tonnes mined. Capital
expenditure at Damang decreased by 74% from US$76m in 2019 to
US$20m in 2020 mainly due to lower capital waste tonnes mined.

Capital expenditure at Asanko (on a 100% basis) amounted to
US$69m in 2020 compared with US$60m in 2019. The Asanko capital
expenditure is not included in the Group capital expenditure.

At the South America region at Cerro Corona, capital expenditure
decreased by 11% from US$56m in 2019 to US$50m in 2020 mainly
due to the impact of COVID-19 restrictions on construction activities.

At Salares Norte, capital expenditure increased by 100% to US$97m
in 2020 from US$nil in 2019 due to the approval of the feasibility study
and commencement of capitalisation of the project from 1 April 2020.

At the Australia region, capital expenditure decreased by 30% from
A$458m (US$319m) in 2019 to A$319m (US$220m) in 2020. At St
Ives, capital expenditure decreased by 24% from A$141m (US$98m)
to A$107m (US$74m) mainly due to the development of the Invincible
and Hamlet North underground mines in 2019. At Agnew, capital
expenditure decreased by 31% from A$109m (US$76m) in 2019 to
A$75m (US$52m) in 2020 mainly due to expenditure on the new
accommodation village in 2019. At Granny Smith, capital expenditure
decreased by 8% from A$104m (US$72m) in 2019 to A$96m (US$66m)
in 2020 mainly due to a decrease in capitalised drilling cost. At Gruyere,
capital expenditure decreased by 61% from A$104m (US$72m) in
2019 to A$41m (US$28m) in 2020. The 2019 capital expenditure was
primarily to complete the Gruyere construction project and stripping
activities at the Gruyere pit.

Proceeds on disposal of assets of US$1m in 2020 compared with
disposal of assets of US$4m in 2019.

Purchase of investments of US$1m in 2020 related to a purchase of
3.4m shares in Lefroy Exploration Ltd and compared with US$7m in
2019 (related to Chakana Copper).

In 2019, purchase of Asanko of US$20m related to the additional
purchase of preference shares in accordance with the Joint Venture
transaction with Asanko Gold Inc. which was completed on 31 July 2018.

Redemption of Asanko preference shares amounted to US$38m in
2020 compared to US$10m in 2019.

Proceeds on disposal of Maverix amounted to US$67m in 2019 and
related to the sale of the Group’s 19.9% holding in Toronto-listed gold
and royalty streaming company Maverix.

Proceeds on disposal of subsidiary amounted to US$6m in 2019 and
related to the sale of Norperuana.

Loan advanced to contractors in Ghana for fleet replacement in 2020
amounted to US$68m. These loans are interest bearing, secured and
are recoupable over three years (2021 – 2024).

US$’m

2020

2019

Gold Fields Results

2020

Proceeds on disposal of investments in 2020 amounted to US$23m
and related to the sale of 81m shares in ASX-listed Cardinal Resources
Limited. Proceeds on disposal of investments in 2019 of US$113m
related to the disposal of the Group’s holdings in Red 5, Gold Road and
Bezant Resources.

Environmental payments increased from US$7m in 2019 to US$9m in
2020.

Cash inflow from operating activities less net capital expenditure,
environmental payments, redemption of Asanko preference shares and
lease payments of US$631m in 2020 compared with a cash inflow of
US$249m in 2019 mainly due to higher inflow from operating activities
and lower capital expenditure.

The US$631m cash flow from operating activities less net capital
expenditure, environmental payments, redemption of Asanko preference
shares and lease payments in 2020 comprised: US$868m net cash
generated by the eight mining operations (after royalties, taxes, capital
expenditure and environmental payments) plus redemption of Asanko
preference shares of US$38m, less US$92m of net interest paid,
US$151m at Salares Norte on exploration and construction capital, as
well as US$32m on non-mine based costs mainly due to working capital
movements.

The Salares Norte expenditure of US$151m comprises the following:

US$’m

Exploration expenditure
Capital expenditure
Investment into working capital

(30)

(97)

(24)

Total spend

(151)

The US$249m inflow in 2019 comprised: US$414m net cash

Statement of financial position

Net debt decreased from US$1,664m at 31 December 2019 to US$1,069m
at 31 December 2020.

Net debt excluding lease liabilities decreased from US$1,331m in 2019
to US$640m in 2020.

Net debt is defined by the Group as total borrowings and lease liabilities less cash and
cash equivalents.

Net debt/adjusted EBITDA

The net debt/adjusted EBITDA ratio of 0.56x in 2020 compared with
1.29x in 2019.

Adjusted EBITDA

Adjusted EBITDA for calculating net debt/adjusted EBITDA is based
on the year ended 31 December 2020 profit, which is determined as
follows in US$ million:

US$’m

December

2020

Revenue

3,892

Cost of sales before amortisation and depreciation

(1,489)

Exploration and project costs

(50)

Realised hedge losses*

(417)

Other costs*

(26)

Adjusted EBITDA

1,910

Adjusted EBITDA is defined by the Group as profit or loss for the year adjusted for
interest, taxation, amortisation and depreciation and certain other costs.

* Based on information underlying the reviewed condensed consolidated financial

statements of Gold Fields Limited for the year ended 31 December 2020.

Free cash flow margin

generated by the eight mining operations (after royalties, taxes,
capital expenditure and environmental payments), less US$86m of
net interest paid, US$55m for exploration mainly at Salares Norte (this
excludes any mine based brownfields exploration which is included in
the US$414m above), as well as US$24m on non-mine based costs.
Included in the US$414m above is US$71m capital expenditure on the
Damang reinvestment project and A$96m (US$67m) on growth capital
expenditure at Gruyere. If these two amounts are excluded, then the
mining operations generated US$552m in net cash.

Net cash outflow flow from financing activities of US$140m in 2020
compared with US$105m in 2019. The outflow in 2020 related to shares
issued of US$249m and loan drawdowns of US$689m, partially offset
by repayment of US$1,014m on offshore loans (including the 2020 bond
of US$602m) and payment of lease payments of US$64m. The outflow
in 2019 related to the repayment of US$1,604m on offshore and local
loans and US$38m from lease payments, partially offset by a drawdown
of US$1,538m.

The net cash inflow for the Group of US$364m in 2020 compared
with US$294m in 2019. After accounting for a translation adjustment
of US$8m on non-US Dollar cash balances, the cash inflow in 2020
was US$372m. The cash balance of US$887m in 2020 compared with
US$515m in 2019.

All-in sustaining and total all-in cost

The Group all-in sustaining costs increased by 9% from US$897/oz
in 2019 to US$977/oz in 2020 mainly due to higher sustaining capital
expenditure, higher cost of sales before amortisation and depreciation
and higher royalties (due to higher gold price realised), partially offset
by higher gold sold.

Total all-in cost increased by 1% from US$1,064/oz in 2019 to
US$1,079/oz in 2020 due to higher cost of sales before amortisation
and depreciation, higher sustaining capital expenditure and higher
royalties, partially offset by higher gold sold and lower non-sustaining
capital expenditure.

Royalties paid increased by US$12/oz or 31% from US$39/oz in 2019
to US$51/oz in 2020.

COVID-19 related costs are estimated at approximately US$12/oz for
2020 and are included in the AISC and AIC.

The free cash flow (FCF) margin is revenue less cash outflow divided by

revenue expressed as a percentage.

The FCF for the Group for the year ended 2020 is calculated as follows:

Year ended

US$’m

US$/oz

Revenue

3,748.0

1,771

Less: Cash outflow

(2,710.8)

(1,281)

AIC

(2,258.3)

(1,067)

Adjusted for:
Share-based payments (non-cash)

14.5

Long-term employee benefits (non-cash)

51.3

Exploration, feasibility and evaluation costs
outside of existing operations*

31.4

Non-sustaining capital expenditure
(Damang reinvestment and Salares Norte)

102.8

Revenue hedge (realised)*

(411.3)

(194)

Redemption of Asanko preference shares

37.5

Tax paid (excluding royalties which is
included in AIC above)

(278.7)

(132)

Free cash flow

1,037.2

490

FCF margin

28%

Gold sold only – 000’oz

2,116.7

Revenue from income statement at US$3,892.1m less revenue from Cerro Corona by-

products in AIC at US$144.1m equals US$3,748.0m.

AIC for the Group of US$2,402.7m less AIC for Asanko of US$144.4m.

Free cash flow does not agree with cash flows from operating activities less capital

expenditure in the statement of cash flows on page 26 mainly due to working capital
adjustments and non-recurring items included in the statement of cash flows.

Calculated by dividing revenue by gold sold only.

* Based on information underlying the reviewed condensed consolidated financial

statements of Gold Fields Limited for the year ended 31 December 2020.

The FCF margin of 28% in 2020 at a gold price of US$1,771/oz
compared with 21% in 2019 at a gold price of US$1,399/oz.

Gold Fields Results

2020

Review of Operations

Year ended December 2020 compared with
year ended December 2019

Figures may not add as they are rounded independently.

South Africa region

South Deep

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

1,136

1,060

Waste mined

000

tonnes

11%

Total tonnes

000

tonnes

1,221

1,138

Grade mined –
underground reef

g/t

6.31

6.17

Grade mined –
underground total

g/t

5.86

5.75

Gold mined

7,161

6,546

000’oz

230.2

210.4

Destress

35,545

26,606

34%

Development

3,548

4,412

(20)%

Secondary support

9,504

12,794

(26)%

Backfill

322,823

426,338

(24)%

Ore milled – underground
reef

000

tonnes

1,154.3

1,098.5

Ore milled – underground
waste

000

tonnes

55.3

52.9

Ore milled – surface

000

tonnes

1,048.1

514.7

104%

Total tonnes milled

000

tonnes

2,257.6

1,666.1

36%

Yield – underground reef

g/t

6.01

6.21

(3)%

Surface yield

g/t

0.11

0.16

(33)%

Total yield

g/t

3.13

4.15

(25)%

Gold produced

7,056

6,907

000’oz

226.9

222.1

Gold sold

7,056

6,907

000’oz

226.9

222.1

AISC – revised
interpretation guidance
(WGC November 2018)

R/kg

651,514

585,482

11%

US$/oz

1,237

1,259

(2)%

AIC

R/kg

663,635

585,482

13%

US$/oz

1,260

1,259

—%

Sustaining capital
expenditure

718.4

479.1

50%

US$m

43.9

33.1

32%

Non-sustaining capital
expenditure

85.5

—

—%

US$m

5.2

—

—%

Total capital expenditure

803.9

479.1

68%

US$m

49.1

33.1

48%

Net cash flow

557.8

221.2

152%

US$m

34.1

15.3

123%

Despite the impact of COVID-19, South Deep showed improvements
in most key measures during FY2020 compared to FY2019. These
improvements are attributed to productivity improvement programmes
introduced in 2019 starting to bear fruit and the effective protocols put in
place to manage and mitigate the impacts of COVID-19. It is estimated
that South Deep lost approximately 32Koz due to COVID-19 related
stoppages in 2020, partially offset by ten additional production days as
a result of the change in the production calendar.

Capital expenditure is expected to increase by approximately R430m
(US$22m) mainly due to growth capital on new mine development. In
addition, the expansion of the Doornpoort tailings facility will commence
in 2021 and investment in certain underground infrastructure to support
the increase in production is required.

Dec

2020

Dec

2019

Variance

Ore mined increased by 7% to 1,136 kilo tonnes in 2020 from 1,060 kilo
tonnes in 2019. North of Wrench increased its contribution YOY from
60% to 65%, while current mine reduced its contribution from 40% to
35% as part of the focus to transition the mine from current mine to North
of Wrench. Gold production increased by 2% to 7,056kg (226,900oz) in
2020 from 6,907kg (222,100oz) in 2019. The increased gold production
was due to improved volume and grade mined.

Destress meters developed increased by 27% to 3,156m in 2020 from
2,489m in 2019 and reef horizon development meters decreased by
20% to 3,548m in 2020 from 4,412m in 2019 as a result of opening
access to destress areas in 2019 allowing focus to move to destress
development. Waste mined increased by 11% to 86 tonnes in 2020 from
77 tonnes in 2019 predominantly as growth capital development was
ramped up in the last quarter of 2020.

Secondary support decreased by 26% and backfill by 24% in 2020 as
these activities were reinstated later than production post the COVID-19
lockdown restrictions. The period ended December 2019 included the
catch-up secondary support and backfill not repeated in 2020.

Surface re-mining and processing increased dramatically by 104% due
to fully utilising the separate processing circuit to maximise value from
this operation and supplying sufficient underground backfill quantities.
Total yield was negatively impacted by the increased surface re-mining
volumes and the treatment of other low-grade sources towards the
end of Q4 2020. Total yield decreased by 25% to 3.13g/t in 2020 from
4.15g/t in 2019 comprising 3% reduction in the underground reef yield
and 33% reduction in the surface yield.

Total all-in cost increased by 13% to R663,635/kg (US$1,260/oz) in 2020
from R585,482/kg (US$1,259/oz) in 2019 due to higher cost of sales
before amortisation and depreciation and higher capital expenditure,
partially offset by higher gold sold.

Capital expenditure increased by 68% to R804m (US$49m) in 2020
from R479m (US$33m) in 2019 as explained below.

Sustaining capital expenditure increased by 50% to R718m (US$44m)
in 2020 from R479m (US$33m) in 2019 mainly due to the purchase
of new TM3 equipment (R124m), the refurbishment of existing fleet
(R47m), phase 1 of the Newtrax equipment conditioning monitoring
and tracking system implementation and IT infrastructure upgrades
(R53m). Non-sustaining capital expenditure increased to R86m (US$5m)
in 2020 from Rnil (US$nil) in 2019. This increase was due to the
recommencement of the growth development.

South Deep generated net cash of R558m (US$34m) in 2020 compared
to R221m (US$15m) in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 9,000kg (289,300 ounces);

• Destress square metres ~ 48,370 square metres;

• Development metres ~ 9,067 metres (including ~ 4,618 metres

Destress development, 2,939 metres from Reef horizon development
and 1,510 metres from growth capital);

• Sustaining capital expenditure ~ R889m (US$57m);

• Non-sustaining capital expenditure ~ R345m (US$22m);

• All-in sustaining costs ~ R620,000/kg (US$1,240/oz); and

• Total all-in cost ~ R660,000/kg (US$1,320/oz).

Gold Fields Results

2020

West Africa region

Ghana

Dec

2020

Dec

2019

Variance

Gold produced

000’oz

861.7

840.4

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

1,027

942

AIC

US$/oz

1,060

1,039

Net cash flow

US$m

252.0

173.8

45%

Total production increased by 3% to 862koz in 2020 from 840koz in 2019
mainly due to increased production at Damang as mining progressed
into the main ore body at the Damang Pit Cutback (DPCB).

All-in cost increased by 2% to US$1,060/oz in 2020 from US$1,039/oz
in 2019.

The region produced net cash flow (excluding Asanko) of US$252m in
2020 compared to US$174m in 2019. Gold Fields received US$38m on
the redemption of preference shares from Asanko in 2020. If included
the total cash flow in 2020 would be US$290m. Gold Fields received
US$10m on the redemption of preference shares from Asanko in 2019.
If included the total cash flow in 2019 would be US$184m.

Tarkwa

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

11,877

15,029

(21)%

Waste (Capital)

000

tonnes

48,271

35,331

37%

Waste (Operational)

000

tonnes

28,756

42,163

(32)%

Total waste mined

000

tonnes

77,027

77,494

(1)%

Total tonnes mined

000

tonnes

88,904

92,523

(4)%

Grade mined

g/t

1.40

1.23

14%

Gold mined

000’oz

533.3

594.4

(10)%

Strip ratio

waste/

ore

6.5

5.2

26%

Tonnes milled

000

tonnes

14,234

13,749

Yield

g/t

1.15

1.17

(2)%

Gold produced

000’oz

526.3

519.1

Gold sold

000’oz

526.3

519.1

AISC – revised

interpretation guidance

(WGC November 2018) US$/oz

1,017

958

AIC

US$/oz

1,017

958

Sustaining capital

expenditure

US$m

147.2

125.5

17%

Non-sustaining

expenditure

US$m

—

—%

Total capital expenditure

US$m

147.2

125.5

17%

Net cash flow

US$m

186.1

150.0

24%

Gold production increased by 1% to 526,300oz in 2020 from 519,100oz
in 2019 mainly due to higher tonnes milled. The higher tonnes milled
were mainly due to the ten additional production days as a result of the
change in the production calendar. Realised yield decreased by 2% to
1.15/t in 2020 from 1.17g/t in 2019 due to feeding lower grade stockpiles
to supplement ore tonnes mined. Ore rehandled from stockpiles was
3,993kt at a head grade of 0.76g/t in 2020 compared to 368kt at a head
grade of 0.80g/t in 2019.

Total tonnes mined, including capital waste stripping, decreased by 4%
to 88.9Mt in 2020 from 92.5Mt in 2019 in line with the 2020 business
plan. Ore mined decreased by 21% to 11.9Mt in 2020 from 15.0Mt in
2019 due to increased focus on capital waste mining in line with the
business plan, and strategy to feed more medium grade stockpiles.
Operational waste decreased by 32% to 28.8Mt in 2020 from 42.2Mt
in 2019.

All-in cost increased by 6% to US$1,017/oz in 2020 from US$958/oz in
2019 due to higher royalty tax (related to the higher gold price received)
and higher capital expenditure, partially offset by higher gold sold and
lower cost of sales before amortisation and depreciation.

Capital expenditure increased by 17% to US$147m in 2020 from
US$126m in 2019 due to higher capital waste mined.

Tarkwa generated net cash flow of US$186m in 2020 compared to
US$150m in 2019 mainly due to a higher gold sold and price received.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 510,000 ounces;

• Capital expenditure ~ US$174m;

• All-in sustaining costs ~ US$1,075/oz; and

• Total all-in cost ~ US$1,075/oz.

Damang

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

6,680

4,680

43%

Waste (Capital)

000

tonnes

17,250

(100)%

Waste (Operational)

000

tonnes

22,541

12,168

85%

Total waste mined

000

tonnes

22,549

29,418

(23)%

Total tonnes mined

000

tonnes

29,229

34,098

(14)%

Grade mined

g/t

1.62

1.58

Gold mined

000’oz

347.4

237.9

46%

Strip ratio

waste/

ore

3.4

6.3

(46)%

Tonnes milled

000

tonnes

4,798

4,645

Yield

g/t

1.45

1.40

Gold produced

000’oz

223.0

208.4

Gold sold

000’oz

223.0

208.4

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

1,008

809

25%

AIC

US$/oz

1,035

1,147

(10)%

Sustaining capital

expenditure

US$m

13.8

5.8

138%

Non-sustaining

expenditure

US$m

6.1

70.5

(91)%

Total capital expenditure

US$m

19.9

76.3

(74)%

Net cash flow

US$m

65.9

23.8

177%

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard.

Gold production increased by 7% to 223,000oz in 2020 from 208,400oz
in 2019 mainly due to higher yield and mill throughput due to the ten
additional production days as a result of the change in the production
calendar. Yield increased by 4% to 1.45g/t in 2020 from 1.40g/t in 2019.
The improvement was as a result of the higher feed grade delivered
as mining in the Damang Pit Cutback (DPCB) transitioned through the
Huni Sandstone lithology (characterised by scattered mineralisation)
into the more consistently mineralised Tarkwa Phyllite lithology during
the second half (H2) of 2020.

Gold Fields Results

2020

Total tonnes mined decreased by 14% to 29.2Mt in 2020 from 34.1Mt in
2019 in line with the plan due to the completion of capital waste stripping
at DPCB and depletion of the Amoanda and Saddle pits.

Capital waste tonnes, included in total waste tonnes, decreased by
100% to nil in 2020 from 17.3Mt in 2019 due to the completion of capital
waste stripping following the intersection of the main orebody at the
DPCB. Operational waste tonnes subsequently increased by 85% to
22.5Mt in 2020 from 12.2Mt in 2019. Strip ratio decreased by 46% to 3.4
in 2020 from 6.3 in 2019 due to mining in exposed ore zones.

Ore tonnes mined increased by 43% to 6.7Mt in 2020 from 4.7Mt in
2019 as a result of mining in the main ore body at the DPCB. This
is in line with the mining sequence as per the Damang reinvestment
project (DRP) whereby more ore tonnes are mined during the current
stage to ensure enough ore is available for a consistent plant feed at
approximately 4.5Mt per annum going forward as mining progresses
deeper into the pit and physical space at the bottom of the pit becomes
confined.

Gold mined increased by 46% to 347koz in 2020 from 238koz in 2019
due to the combined impact of higher ore tonnes and grade mined from
the Damang pit.

Given the plant capacity constraint, 4.8Mt of the ore tonnes mined were
processed in 2020 with the balance added to the stockpile. The closing
balance of the stockpile increased to 3.3Mt at an average grade of
1.07g/t in 2020 from 1.3Mt at an average grade of 0.79g/t in 2019.

All-in cost decreased by 10% to US$1,035/oz in 2020 from US$1,147/oz
in 2019 due to higher gold sold and lower capital expenditure, partially
offset by higher cost of sales before amortisation and depreciation and
higher royalty tax (related to the higher gold price received).

Capital expenditure decreased by 74% to US$20m in 2020 from
US$76m in 2019. Non-sustaining capital expenditure decreased by
91% to US$6m in 2020 from US$71m in 2019. The decrease in capital
expenditure is mainly due to the lower capital waste tonnes mined.

Damang generated net cash flow of US$66m in 2020 compared to
US$24m in 2019 due to higher revenue resulting from higher gold sold
and higher gold prices received.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 275,000 ounces;

• Sustaining capital expenditure ~ US$13m;

• Growth capital expenditure ~ US$10m;

• All-in sustaining costs ~ US$730/oz; and

• Total all-in cost ~ US$790/oz.

Asanko (Equity accounted Joint Venture)

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

6,193

5,071

22%

Waste (Capital)

000

tonnes

4,974

9,032

(45)%

Waste (Operational)

000

tonnes

33,298

16,687

100%

Total waste mined

000

tonnes

38,272

25,719

49%

Total tonnes mined

000

tonnes

44,465

30,791

44%

Grade mined

g/t

1.45

1.52

(5)%

Gold mined

000’oz

287.9

247.9

16%

Strip ratio

waste/

ore

6.2

5.1

21%

Tonnes milled

000

tonnes

5,943

5,498

Yield

g/t

1.31

1.42

(8)%

Gold produced

000’oz

249.9

251.0

—%

Gold sold

000’oz

243.8

248.9

(2)%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

1,114

1,112

—%

AIC

US$/oz

1,316

1,214

Sustaining capital

expenditure

US$m

28.7

43.5

(34)%

Non-sustaining

expenditure

US$m

40.5

16.1

152%

Total capital expenditure

US$m

69.3

59.6

16%

Net cash flow

US$m

65.5

42.0

56%

All figures in table on a 100% basis.

Gold production decreased marginally to 249,900oz (100% basis) in
2020 from 251,000oz (100% basis) in 2019, of which 112,500oz was
attributable to Gold Fields. The decrease was mainly due to lower yield
which decreased by 8% to 1.31g/t in 2020 from 1.42g/t in 2019.

Gold mined increased by 16% to 287,900oz (100% basis) in 2020 from
247,900oz (100% basis) in 2019 as more volume was mined at slightly
lower grade which resulted in similar gold produced, given the process
plant capacity constraints.

Total tonnes mined increased by 44% to 44.5Mt in 2020 from 30.8Mt
in 2019 due to bringing on line two new pits namely Esaase South and
Akwasiso Cut 2 pits with higher strip ratios to make up for the Nkran pit
ore losses. This came as a result of the failure of Nkran western wall
and early closure of the pit. In addition higher tonnes were mined in
2020 to provide flexibility and open up ore sources for 2021.

All-in cost increased by 8% to US$1,316/oz in 2020 from US$1,214/oz in
2019 due to increase in cost of sales before amortisation and depreciation.
This was driven by the 44% higher tonnes mined in 2020.

Total capital expenditure (100% basis) increased by 16% to US$69m
in 2020 from US$60m in 2019 due to increased expenditure on Tetrem
relocation project (RAP), exploration at Miridani North and Akwasiso
Cut 3.

Asanko generated net cash flow of US$66m in 2020 compared to
US$42m in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 235 000 ounces;

• All-in sustaining costs ~ US$1 235/oz; and

• Total all-in cost ~ US$1 400/oz.

This is based on provisional numbers provided to us by Galiano Gold as
we do not have an approved business plan.

We have not conducted a detailed review of these numbers.

These numbers will be updated later in the year as and when new
information comes to light.

Gold Fields Results

2020

South America region
Peru

Cerro Corona

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

7,303

8,024

(9)%

Waste mined

000

tonnes

10,921

14,317

(24)%

Total tonnes mined

000

tonnes

18,225

22,341

(18)%

Grade mined – gold

g/t

0.85

1.05

(19)%

Grade mined – copper

per cent

0.42

0.51

(16)%

Gold mined

000’oz

200.2

270.0

(26)%

Copper mined

000

tonnes

31,014

40,625

(24)%

Tonnes milled

000

tonnes

6,796

6,718

Gold recoveries

per cent

65.3

65.6

—%

Copper recoveries

per cent

87.6

88.8

(1)%

Yield – Gold

g/t

0.57

0.75

(24)%

– Copper

per cent

0.38

0.49

(22)%

– Combined

eq g/t

0.95

1.35

(30)%

Gold produced

000’oz

119.4

156.2

(24)%

Copper produced

tonnes

24,857

31,318

(21)%

Total equivalent gold

produced

000’

eq oz

207.1

292.7

(29)%

Total equivalent gold sold

000’

eq oz

205.5

296.9

(31)%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

484

381

27%

AISC

US$/

eq oz

984

761

29%

AIC

US$/oz

715

472

51%

AIC

US$/

eq oz

1,119

810

38%

Sustaining capital

expenditure

US$m

23.6

43.7

(46)%

Non-sustaining

expenditure

US$m

26.3

12.4

111%

Total capital expenditure

US$m

49.9

56.1

(11)%

Net cash flow

US$m

83.8

85.9

(2)%

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard.

Since 15 March 2020, the Cerro Corona operation has been impacted
by the State of Emergency declared by the Peruvian Government in
response to the COVID-19 pandemic, by implementing a quarantine (to
varying degrees), which restricted the team’s ability to transport people
and concentrate. In addition, the new government restrictions and the
company health protocols implemented in response to the pandemic,
have limited the capacity at the camp, which has negatively impacted
the mining operation and construction projects.

Gold production decreased by 24% to 119,400oz in 2020 from 156,200oz
in 2019, while copper production decreased by 21% to 24,900 tonnes in
2020 from 31,300 tonnes in 2019, both mainly explained by lower head
grades processed as lower grade stockpiles were used to supplement
fresh ore mined due to the COVID-19 restrictions. As a consequence,
equivalent gold production decreased by 29% to 207,100oz in 2020 from
292,700oz in 2019 due to lower gold and copper grades processed,

expenditure, partially offset by lower cost of sales before amortisation
and depreciation and lower capital expenditure. All-in cost per equivalent
ounce increased by 38% to US$1,119 per equivalent ounce in 2020
from US$810 per equivalent ounce in 2019 due to lower equivalent
ounces sold, partially offset by lower cost of sales before amortisation
and depreciation and lower capital expenditure.

Total capital expenditure decreased by 11% to US$50m in 2020
from US$56m in 2019 mainly due to the quarantine decreed by the
government relating to COVID-19, which restricted the construction
activities at the tailings dam and Arpon’s waste storage facility.
Additional camp and dining room facilities were constructed during 2020
at a cost of US$6m in order to increase capacity at site as a result of the
COVID-19 regulations implemented.

Cerro Corona generated net cash of US$84m in 2020 compared with
US$86m in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold equivalents produced ~ 220,000 ounces;

• Gold produced ~ 130,000 ounces;

• Copper tonnes produced ~ 24,700 tonnes;

• Sustaining capital expenditure ~ US$30m;

• Growth capital expenditure ~ US$28m;

• Copper price ~ US$5,800 per tonne;

• Gold price ~ US$1,600/oz;

• All-in sustaining costs ~ US$1,030/eq oz;

• Total all-in cost ~ US$1,190/eq oz;

• All-in sustaining costs ~ US$780/oz; and

• Total all-in cost ~ US$1,060/oz.

Chile

Salares Norte

US$151m was spent on Salares Norte in 2020, including exploration
and project expenses of US$30m, initial capital expenditure of US$97m
and prepayments accounting for the majority of the balance (refer table
on page 13). At the end of December 2020, engineering was 97.2%
complete, ahead of the planned 90.0%.

Guidance

The estimate for 2021 is as follows:

• Growth capital expenditure ~ US$508m; and

• Exploration expenditure ~ US$27m.

Australia region

approximately 46Koz due to COVID-19 related stoppages and 22Koz

due to the lower price factor, partially offset by ten additional production

days as a result of the change in the production calendar in 2020.

The 2030 LoM strategy included the stockpiling of approximately 1.1Mt
of low grade material in 2020, but as a result of the COVID-19 impact
on production, low grade stockpiles were used to supplement the ore
feed in 2020. The result of this was that low grade stockpiles only
increased by 0.4Mt from 4.9Mt in 2019 to 5.3Mt in 2020. Cerro Corona
will continue to build up low grade stockpiles over the next three years.

All-in cost per gold ounce increased by 51% to US$715/oz in 2020 from
US$472/oz in 2019 mainly due to lower by-product credits as a result
of lower copper sold, lower gold sold and additional COVID-19 related

* Includes Australia consolidated tax paid and working capital movements of A$186.3m

(US$128.5m) in 2020 and A$74.7m (US$51.9m) in 2019, respectively.

together with a lower price factor. The price factor was 3.5 in 2020
compared to 4.4 in 2019. It is estimated that Cerro Corona lost

Gold produced

000’oz

1,016.8

914.3

11%

AISC – revised

interpretation guidance

(WGC November 2018)

A$/oz

1,331

1,192

12%

US$/oz

917

829

11%

AIC

A$/oz

1,388

1,418

(2)%

US$/oz

957

986

(3)%

Net cash flow*

A$m

722.5

199.1

263%

US$m

498.1

138.5

260%

Gold Fields Results

2020

Gold production increased by 11% to 1,017koz in 2020 from 914koz in
2019 mainly due to the inclusion of Gruyere for a full year in 2020, with
the operation reaching commercial levels of production at the end of
September 2019.

All-in cost decreased by 2% to A$1,388/oz (US$957/oz) in 2020 from
A$1,418/oz (US$986/oz) in 2019.

The region produced net cash flow of A$723m (US$498m) in 2020
compared with A$199m (US$139m) in 2019. The 2019 cash flow
included A$96m (US$67m) of growth capital at Gruyere.

St Ives

Dec

2020

Dec

2019

Variance

Underground

Ore mined

000

tonnes

1,737

1,328

31%

Waste mined

000

tonnes

772

926

(17)%

Total tonnes mined

000

tonnes

2,510

2,254

11%

Grade mined

g/t

5.26

4.09

29%

Gold mined

000’oz

294.1

174.6

68%

Surface

—%

Ore mined

000

tonnes

2,331

3,752

(38)%

Surface waste (Capital)

000

tonnes

2,699

3,622

(25)%

Surface waste

(Operational)

000

tonnes

5,880

5,538

Total waste mined

000

tonnes

8,579

9,161

(6)%

Total tonnes mined

000

tonnes

10,910

12,913

(16)%

Grade mined

g/t

1.72

1.77

(3)%

Gold mined

000’oz

129.2

213.3

(39)%

Strip ratio

waste/

ore

3.7

2.4

51%

Total (Underground and Surface)

Total ore mined

000

tonnes

4,069

5,080

(20)%

Total grade mined

g/t

3.24

2.38

36%

Total tonnes mined

000

tonnes

13,420

15,167

(12)%

Total gold mined

000’oz

423.2

387.9

Tonnes milled

000

tonnes

4,817

4,466

Yield – underground

g/t

4.31

3.82

13%

Yield – surface

g/t

1.38

1.98

(30)%

Yield – combined

g/t

2.49

2.58

(4)%

Gold produced

000’oz

384.9

370.6

Gold sold

000’oz

393.8

363.3

AISC – revised

interpretation guidance

(WGC November 2018)

A$/oz

1,223

1,176

US$/oz

843

818

AIC

A$/oz

1,266

1,385

(9)%

US$/oz

873

963

(9)%

Sustaining capital

expenditure

A$m

89.8

65.5

37%

US$m

61.9

45.6

36%

Non-sustaining capital

expenditure

A$m

16.7

75.9

(78)%

US$m

11.5

52.8

(78)%

Total capital expenditure

A$m

106.5

141.4

(25)%

US$m

73.5

98.3

(25)%

Net cash flow (pre-tax)

A$m

382.5

158.2

142%

US$m

263.7

110.0

140%

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard.

Gold production increased by 4% to 384,900oz in 2020 from 370,600oz
in 2019 with an 8% increase in tonnes milled, partially offset by a 4%
decrease in yield. The higher tonnes milled were mainly due to the ten
additional production days as a result of the change in the production
calendar.

At the underground operations, ore mined increased by 31% to 1.7Mt
in 2020 from 1.3Mt in 2019 with Hamlet North brought into production
early in 2020. Ore tonnes mined from Invincible increased to 1.3Mt from
1.0Mt in 2019 and Hamlet increased to 0.4Mt from 0.1Mt in 2019. Cave
Rocks produced 0.2Mt in 2019 prior to closure. The overall underground
grade mined increased by 29% to 5.26g/t in 2020 from 4.09g/t in 2019
with average grade of ore extracted from Hamlet North at 8.54g/t and
4.32g/t from the Invincible mine. Waste mined decreased by 17% to
772,000t in 2020 from 926,000t in 2019 due to decreased development
from Invincible Mine.

At the open pits total ore tonnes mined decreased by 38% to 2.33Mt in
2020 from 3.75Mt in 2019. Stage 6 of the Invincible open pit was completed
during 2019, bringing mining of the Invincible open pit to an end. In 2020,
all open pit ore was sourced from the Neptune pit stages 5 and 6.

All-in cost decreased by 9% to A$1,266/oz (US$873/oz) in 2020 from
A$1,385/oz (US$963/oz) in 2019 mainly due to lower capital expenditure
and increased gold sold, partially offset by higher cost of sales before
amortisation and depreciation and higher royalty tax (related to the
higher gold price received).

Capital expenditure decreased by 25% to A$107m (US$74m) in 2020
from A$141m (US$98m) in 2019. During 2019 the Invincible South and
Hamlet North underground mines were being developed.

The increase in sustaining capital expenditure and decrease in non-
sustaining capital expenditure was due to the reclassification of
development cost at Invincible South and Hamlet North Mines. Invincible
South turned cash flow positive in Q4 of 2019 and Hamlet North in Q1
of 2020, which resulted in capital costs moving from non-sustaining to
sustaining in accordance with World Gold Council guidelines.

St Ives generated pre-tax net cash flow of A$383m (US$264m) in 2020
compared with A$158m (US$110m) in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 360,000 ounces;

• Sustaining capital expenditure ~ A$110m (US$83m);

• Growth capital expenditure ~ A$19m (US$14m);

• All-in sustaining costs ~ A$1,360/oz (US$1,020/oz); and

• Total all-in cost ~ A$1,410/oz (US$1,060/oz).

Gold Fields Results

2020

Agnew

Dec

2020

Dec

2019

Variance

Underground ore mined

000

tonnes

1,294

1,284

Underground waste mined

000

tonnes

750

678

11%

Total tonnes mined

000

tonnes

2,044

1,961

Grade mined –
underground

g/t

5.78

5.71

Gold mined

000’oz

240.4

235.5

Tonnes milled

000

tonnes

1,357

1,231

10%

Yield

g/t

5.35

5.55

(4)%

Gold produced

000’oz

233.3

219.4

Gold sold

000’oz

233.5

219.6

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,475

1,391

US$/oz

1,017

967

AIC

A$/oz

1,528

1,656

(8)%

US$/oz

1,053

1,152

(9)%

Sustaining capital
expenditure

A$m

63.0

51.3

23%

US$m

43.5

35.7

22%

Non-sustaining capital
expenditure

A$m

12.3

58.2

(79)%

US$m

8.5

40.5

(79)%

Total capital expenditure

A$m

75.3

109.5

(31)%

US$m

51.9

76.1

(32)%

Net cash flow (pre-tax)

A$m

191.6

16.3

1078%

US$m

132.1

11.3

1068%

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard.

Gold production increased by 6% to 233,300oz in 2020 from 219,400oz
in 2019 due to increased ore tonnes processed mainly due to the ten
additional production days as a result of the change in the production
calendar.

Underground waste mined increased by 11% to 750,000t in 2020 from
678,000t in 2019 following development of the Kath Lode at Waroonga
mine in 2020.

Tonnes processed increased by 10% to 1.36Mt in 2020 from 1.23Mt in
2019, including 56,700t of stockpiled material containing 7,800oz. The
increase in processed ore can be attributed to the additional production
days and increased crusher availability through improved maintenance
practices.

All-in cost decreased by 9% to A$1,528/oz (US$1,053/oz) in 2020 from
A$1,656/oz (US$1,152/oz) in 2019 due to lower capital expenditure and
increased gold sold, partially offset by increased cost of sales before
amortisation and depreciation and higher royalty tax (related to the
higher gold price received).

Capital expenditure decreased by 31% to A$75m (US$52m) in 2020 from
A$109m (US$76m) in 2019 driven by a 79% decrease in non-sustaining
capital expenditure to A$12m (US$9m) in 2020 from A$58m (US$41m)
in 2019. Additional expenditure was incurred in 2019 to establish the
new accommodation village A$32m (US$22m) and development of the
Waroonga North decline A$5m (US$3m). In addition non sustaining
exploration drilling reduced by A$6m (US$4m) from 2019.

Sustaining capital expenditure increased by 23% to A$63m (US$44m)
in 2020 from A$51m (US$36m) in 2019 due to increased mine
development at Waroonga.

The second stage of the electricity supply project was concluded in
2020, with EDL commissioning the 13MW battery plant in March 2020
and the 18MW wind farm in May 2020. More than 50% of Agnew’s
energy needs are now generated from renewable and low-carbon
sources. The completed micro-grid consists of a 23MW power station
which integrates solar with gas, diesel generation, the new battery plant
and wind farm, it is owned and operated by EDL, who will recoup its
investment via the electricity supply agreement with Agnew.

Agnew generated pre-tax net cash flow of A$192m (US$132m) in 2020
compared with A$16m (US$11m) in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 240,000 ounces;

• Sustaining capital expenditure ~ A$72m (US$54m);

• Growth capital expenditure ~ A$41m (US$31m);

• All-in sustaining costs ~ A$1,450/oz (US$1,090/oz); and

• Total all-in cost ~ A$1,625/oz (US$1,220/oz).

Capital expenditure is expected to increase by approximately A$38m
in 2021 mainly due to a crusher circuit upgrade, development of
exploration drives at New Holland and Waroonga, a ventilation upgrade
at Waroonga and an increase in exploration drilling.

Granny Smith

Dec

2020

Dec

2019

Variance

Underground ore mined

000

tonnes

1,700

1,712

(1)%

Underground waste mined

000

tonnes

637

631

Total tonnes mined

000

tonnes

2,336

2,342

—%

Grade mined –
underground

g/t

5.32

5.29

Gold mined

000’oz

290.9

291.1

—%

Tonnes milled

000

tonnes

1,719

1,753

(2)%

Yield

g/t

4.88

4.88

—%

Gold produced

000’oz

269.6

274.8

(2)%

Gold sold

000’oz

265.2

274.8

(3)%

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,360

1,081

26%

US$/oz

938

752

25%

AIC

A$/oz

1,465

1,325

11%

US$/oz

1,010

922

10%

Sustaining capital
expenditure

A$m

68.6

36.7

87%

US$m

47.3

25.5

85%

Non-sustaining capital
expenditure

A$m

27.8

67.2

(59)%

US$m

19.1

46.7

(59)%

Total capital expenditure

A$m

96.4

103.8

(7)%

US$m

66.4

72.2

(8)%

Net cash flow (pre-tax)

A$m

224.3

134.3

67%

US$m

154.7

93.4

66%

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard

Gold production decreased by 2% to 269,600oz in 2020 from 274,800oz
in 2019 due to 2% reduction in tonnes milled compared to 2019.

All-in cost increased by 11% to A$1,465/oz (US$1,010/oz) in 2020
from A$1,325/oz (US$922/oz) in 2019. With the mining of deeper ore
zones additional cost was incurred for paste fill, support and hauling.
Furthermore, additional contractor labour cost and employee flight
and accommodation cost were incurred in 2020 due to the COVID-19
pandemic. Royalty tax was also higher as a result of the higher gold
price received. The production cost increases and lower gold sold were
partially off-set by lower capital expenditure in 2020.

Capital expenditure decreased by 7% to A$96m (US$66m) in 2020 from
A$104m (US$72m) in 2019 due to decreased exploration drilling cost
in 2020.

Gold Fields Results

2020

The increase in sustaining capital expenditure and decrease in non-
sustaining capital expenditure was due to the reclassification of the
Zone 110/120 areas which turned cash flow positive during H1 2020
which resulted in capital costs moving from non-sustaining to sustaining
in accordance with World Gold Council guidelines.

Granny Smith generated pre-tax net cash flow of A$224m (US$155m)
in 2020 compared with A$134m (US$93m) in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 265,000 ounces;

• Sustaining capital expenditure ~ A$116m (US$87m);

• Growth capital expenditure ~ A$31m (US$23m);

• All-in sustaining costs ~ A$1,475/oz (US$1,110/oz); and

• Total all-in cost ~ A$1,600/oz (US$1,200/oz).

Capital expenditure is expected to increase by approximately A$51m
in 2021 due to the development of a second decline into the Wallaby
ore body allowing more efficient ore and waste extraction as well as
expenditure on a new tailings facility.

Gruyere

Dec

2020

Dec

2019

Variance

Ore mined

000

tonnes

8,088

6,761

20%

Waste (Capital)

000

tonnes

15,135

12,902

17%

Waste (Operational)

000

tonnes

3,224

187

1621%

Total waste mined

000

tonnes

18,359

13,089

40%

Total tonnes mined

000

tonnes

26,447

19,850

33%

Grade mined

g/t

1.09

0.87

25%

Gold mined

000’oz

282.6

189.2

49%

Strip ratio

waste/

ore

2.3

1.9

17%

Tonnes milled

000

tonnes

8,108

3,278

147%

Yield

g/t

0.99

0.94

Gold produced

000’oz

258.2

99.1

161%

Gold sold

000’oz

255.9

67.4

279%

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,337

1,316

US$/oz

921

915

AIC

A$/oz

1,350

4,170

(68)%

US$/oz

931

2,900

(68)%

Sustaining capital
expenditure – 50% basis

A$m

38.9

7.5

422%

US$m

26.8

5.2

417%

Non-sustaining capital
expenditure – 50% basis

A$m

1.7

96.2

(98)%

US$m

1.2

66.9

(98)%

Total capital expenditure –
50% basis

A$m

40.6

103.7

(61)%

US$m

28.0

72.1

(61)%

Net cash flow – 50%
basis (pre-tax)

A$m

110.4

(79.5)

239%

US$m

76.1

(55.3)

238%

Mine physicals in table on a 100% basis.

The comparatives for the year ended 31 December 2019 have been updated to the New

Interpretation of the WGC AIC standard.

Gold production increased by 161% to 258,200oz in 2020 from 99,100oz
in 2019. Production commenced in July 2019, with commercial
production achieved by the end of September 2019.

Total tonnes mined increased by 33% to 26.45Mt in 2020 from 19.85Mt
in 2019. Ore tonnes mined increased by 20% to 8.1Mt in 2020 from
6.8Mt in 2019 and total waste tonnes mined increased by 40% to 18.4Mt
in 2020 from 13.1Mt in 2019.

All-in cost decreased by 68% to A$1,350/oz (US$931/oz) in 2020
from A$4,170/oz (US$2,900/oz) in 2019. All-in cost for 2019 included
construction capital up to achieving commercial levels of production.

Capital expenditure (on a 50% basis) decreased by 61% to A$41m
(US$28m) in 2020 from A$104m (US$72m) in 2019. The 2019 capital
expenditure was primarily incurred to complete the Gruyere construction
project and stripping activities at the Gruyere pit.

Gruyere generated pre-tax net cash flow (on a 50% basis) of A$110m
(US$76m) in 2020 compared with a cash outflow of A$80m (US$55m)
in 2019.

Guidance

The estimate for 2021 is as follows:

• Gold produced ~ 280,000 ounces (100%);

• Sustaining capital expenditure ~ A$54m (US$41m) (50%);

• Growth capital expenditure ~ A$3m (US$2m) (50%);

• All-in sustaining costs ~ A$1,310/oz (US$985/oz); and

• Total all-in cost ~ A$1,330/oz (US$1,000/oz).

Gold Fields Results

2020

Corporate

Final cash dividend

In line with the Company’s dividend policy, the Board has approved
and declared a final dividend number 93 of 320 SA cents per ordinary
share (gross) in respect of the year ended 31 December 2020. The
final dividend will be subject to the Dividend Withholding Tax of 20 per
cent. In accordance with paragraphs 11.17(a) (i) and 11.17(c) of the JSE
Listings Requirements, the following additional information is disclosed:

• The dividend has been declared out of income reserves;

• The gross local dividend amount is 320 SA cents per ordinary share

for shareholders exempt from dividends tax;

• The Dividend Withholding Tax of 20 per cent (twenty per centum) will

be applicable to this dividend;

• The net local dividend amount is 256 SA cents per ordinary share for

shareholders liable to pay the dividends tax;

• Gold Fields currently has 883,578,092 ordinary shares in issue; and

• Gold Fields’ income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the final
dividend:

• Final dividend number 93: 320 SA cents per share;

• Last date to trade cum-dividend: Tuesday, 9 March 2021;

• Sterling and US Dollar conversion date: Wednesday, 10 March 2021;

• Shares commence trading ex-dividend: Wednesday, 10 March 2021;

• Record date: Friday, 12 March 2021; and

• Payment of dividend: Monday,15 March 2021.

Share certificates may not be dematerialised or rematerialised between
Wednesday, 10 March 2021 and Friday, 12 March 2021, both dates
inclusive.

Granny Smith Mine Renewable Resource

Gold Fields reinforced its commitment to lower carbon operations with
the completion of one of the world’s largest renewable energy microgrids
for the Granny Smith gold mine in Western Australia.

The new hybrid power system, which has been integrated with an
existing gas fired power station, is powered by more than 20,000 solar
panels and supported by a 2 MW/1 MWh battery system. Once fully
operational, it will reduce the mine’s fuel consumption by 10-13% – the
equivalent of removing 2,000 cars from the road.

In total, the solar, thermal and battery storage assets will produce
around 18 GWh of energy every year, with carbon emissions at the mine
expected to be reduced by approximately 9,500 tCO

-e.

The Agnew mine now operates with a 56MW renewable microgrid and
was the first in Australia to power a mine with wind-generated electricity.
The project comprises five wind turbines, a solar farm, battery system
and off-grid gas/diesel engine power plant.

Gold Fields Ranked Top SA Mining Company in the
2020 DJSI

Gold Fields was again ranked the top South African mining company in
the prestigious Dow Jones Sustainability Index (DJSI).

Gold Fields was ranked 4th among 75 mining companies and 2nd
among gold mining companies. Canada’s Teck Resources was the
metals and mining industry leader based on its score of 90. Gold Fields’
score was 80, more than double the industry average of 39. Gold Fields
has consistently achieved a Top 5 metals and mining ranking in the
DJSI since it started participating in 2011.

The 2020 DJSI scorecard, which was released this week, measures
a range of environmental, social and governance (ESG) management
practices through an annual assessment of the world's 1,400 largest
companies. The DJSI assessment is carried out by SAM, a subsidiary
of ratings agency S&P Global.

Australia’s largest hybrid renewable microgrid takes
top honours in international awards

Global distributed energy producer EDL’s Agnew Hybrid Renewable
Project in Western Australia edged out competition from around the
world to be named Engineering Solution of the Year at the 2020 Global
Energy Awards. The ground-breaking 56MW microgrid at Gold Fields’
Agnew gold mine incorporating wind, solar and thermal generation
and battery storage was recognised at the 2020 Asian Power Awards
(Innovative Power Technology of the Year – Australia) and 2020
Australian Engineering Excellence Awards (WA Division).

Gruyere to expand with renewable energy hybrid
microgrid

The Gruyere installation of a renewable energy hybrid microgrid will
increase the mine’s power capacity to enable plant throughput up to a
targeted 10 million tonnes per annum (Mtpa). Phase 1 is an installation
of an additional 4MW gas engine by mid-2021. Phase 2 is installation
of a 13MW solar farm and 4.4MW battery energy storage system by the
end of 2021.

The benefits of the sustainable power expansion at Gruyere include
reduction of carbon emissions by an estimated 16,000 tCO

-e per

annum, anticipated 5% power supply unit cost saving (MWh) at
current gas market prices, ameliorating gas power generation capacity
constraints, including the derating of gas engine performance at high
ambient temperature and enabling increased plant throughput up to the
target of 10 Mtpa.

Outlook and 2021 guidance

The COVID-19 pandemic is expected to continue to impact our lives
and businesses in 2021, with many parts of the world experiencing
second waves. The effective roll-out of the vaccine creates additional
uncertainty.

For 2021, attributable gold equivalent production is expected to be
between 2.30Moz and 2.35Moz. AISC is expected to be between
US$1,020/oz and US$1,060/oz, with AIC expected to be US$1,310/oz to
US$1,350/oz. If we exclude the very significant project capex at Salares
Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange
rates used for our 2021 guidance are: R/US$15.50 and US$/A$0.75.

Total capex for the Group for the year is expected to be US$1.177bn.
Sustaining capital is expected to be US$538m, with non-sustaining
capex expected to be US$639m. The largest component of the capex
budget for the year is Salares Norte, with the US$508m expected to
be spent. We expect Salares Norte to be at 70% completion by the end
of 2021.

The above is subject to safety performance which limits the impact
of safety-related stoppages and the forward looking statement on
pages 6 and 46.

Gold Fields Results

2020

Year ended 2019

US$’m

Basis of preparation

The condensed consolidated financial statements as set out on
pages 22 to 32 are prepared in accordance with the requirements of
the JSE Limited Listings Requirements for preliminary reports and
the requirements of the Companies Act of South Africa. The Listings
Requirements require preliminary reports to be prepared in accordance
with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS)
and the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the
Financial Reporting Standards Council and to also, as a minimum,
contain the information required by IAS 34 Interim Financial Reporting.

The condensed consolidated financial statements do not include all the
disclosures required for complete annual financial statements prepared
in accordance with IFRS as issued by the International Accounting
Standards Board. The condensed consolidated financial statements
are prepared on a going concern basis. The Board is satisfied that the
liquidity and solvency of the Company is sufficient to support the current
operations for the next 12 months.

The condensed consolidated financial statements are presented in
United States Dollars, which is Gold Fields Limited’s presentation
currency. The accounting policies applied in the preparation of these
condensed consolidated financial statements are in terms of International
Financial Reporting Standards and are consistent with those applied in
the previous annual financial statements.

Pro forma financial information

The preliminary financial statements contain 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. These measures constitute proforma financial information
in terms of the JSE Listings Requirements and are the responsibility
of the Group’s Board of Directors. 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.

The key non-IFRS measures used and defined in the media release
include:

• Normalised profit which is defined as profit excluding gains and losses

on foreign exchange, financial instruments and non-recurring items
after taxation and non-controlling interest effect;

• Net debt which is calculated as borrowings plus the current portion of

borrowings and lease liabilities less cash and cash equivalents;

• Cash flow from operating activities less net capital expenditure,

environmental payments, lease payments and redemption of Asanko
preference shares;

• Adjusted EBITDA is required to be determined in terms of loan and

revolving credit facilities agreements to evaluate compliance with debt
covenants;

• Free cash flow margin is used as key metric in the determination of the

long-term incentive plan; and

• All-in sustaining costs and total all-in-costs are presented to provide

transparency into the costs associated with producing and selling an
ounce of gold and is a common measure presented within the mining
industry.

Auditor’s review

The condensed consolidated financial statements of Gold Fields
Limited for the year ended 31 December 2020 have been reviewed by
the company’s auditor, PricewaterhouseCoopers Inc.

The auditor’s report does not necessarily report on all of the information
contained in this media release. Shareholders are therefore advised
that in order to obtain a full understanding of the nature of the auditor’s
engagement they should refer to page 47 of the media release for a
copy of the auditor’s report.

The pro-forma financial information has been reported on by the
Group’s auditors, being PricewaterhouseCoopers Inc. Their unqualified
reporting accountant’s report thereon is available for inspection at the
Company’s registered address.

Silicosis and tuberculosis class and individual actions

The Settlement Agreement in the silicosis and tuberculosis class action
litigation has become operational on 10 December 2019. A settlement
trust, known as the Tshiamiso Trust, has been 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 TB (or their dependants where the mineworker

has passed away) are compensated. The Board of Trustees are chaired
by Professor May Hermanus as an independent trustee.

Over the course of 2020, the Tshiamiso Trust worked to create the
capacity and establish the systems to begin to deliver on its mandate.
However, the COVID-19 pandemic has had a significant impact on the
work of the Trust. During October 2020, the Trust identified a test group
of potential claimants. On 3 December 2020, the Trust made its first
payments to 6 of these claimants. Each recipient received R250 000.

Information on the progress in the implementation of the
object of the Tshiamiso Trust and other details can be found at

https://www.tshiamisotrust.com

Provision raised

Gold Fields has provided for the estimated cost of the above settlement
based on actuarial assessments and the provisions of the Settlement
Agreement. At 31 December 2020, the provision for Gold Fields’ share
of the settlement of the class action claims and related costs amounted
to US$18m (R269m). The nominal value of this provision is US$23m
(R339m).

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.

Placing of ordinary shares

On 12 February 2020, Gold Fields successfully completed the placing
of 41,431,635 new ordinary, no par value shares with existing and new
institutional investors at a price of R90.20 per share. Gross proceeds
of approximately R3.7bn (US$249.0m) were raised through the placing.
The net proceeds from the placing will be used to continue pre-
development work and commence construction of the Salares Norte
project.

Syndicated revolving credit facilities extension

In July 2020 Gold Fields exercised a one year extension request for the
US$1.2bn bank syndicated revolving credit facilities.

The final uptake of the one year extension for Tranche A and B of the
US$1.2bn RCF was US$870m. Tranche A, a US$600m three year RCF
terminates 25 July 2022, US$485m has been extended to 25 July 2023.
Tranche B, a US$600m five year RCF terminates on 25 July 2024,
US$485m has been extended to 25 July 2025.

Repayment of 2020 bond

The outstanding bonds in the amount of US$750m of Gold Fields US$1bn
4.875% Guaranteed Notes issued in 2010 and due in 2020 were redeemed
by Gold Fields Orogen Holding (BVI) Limited on 7 October 2020 from a
combination of cash of US$358m and drawing down US$392m from the
US$ revolving credit facility.

Segment reporting

The net profit/(loss) per the income statement reconciles to the net
profit/(loss) in the segmental operating and financial results as follows:

Year ended 2020

US$’m

Net profit

745.4

– Operating segments

748.5

– Corporate and projects

(3.1)

Net profit

174.7

– Operating segments

380.7

– Corporate and projects

(206.0)

Additional notes include:

• Debt maturity ladder on page 27;

• Reconciliation of headline earnings with net profit/(loss) on page 28;

• Fair value hierarchy on page 29; and

• Hedging/derivatives on page 30.

Nick Holland

Chief Executive Officer

18 February 2021

Gold Fields Results

2020

The condensed consolidated financial statements for the year ended 31 December 2020 have been prepared by the corporate accounting staff of Gold Fields Limited headed by
Tzvet Ilarionova, the Group Financial Controller. This process was supervised by Paul Schmidt, the Group Chief Financial Officer.

THE PRELIMINARY FINANCIAL STATEMENTS ARE PRESENTED ON A CONDENSED
CONSOLIDATED BASIS.

INCOME STATEMENT

United States Dollars

Year ended

Revenue

3,892.1

2,967.1

Cost of sales

(2,150.4)

(2,033.5)

Cost of sales before amortisation and depreciation

(1,489.1)

(1,423.5)

Cost of sales before gold inventory change and amortisation and depreciation

(1,554.6)

(1,466.5)

Gold inventory change

65.5

43.0

Amortisation and depreciation

(661.3)

(610.0)

Net interest expense

(105.8)

(81.9)

Equity accounted (loss)/income, after taxation

(2.6)

3.1

Share of results of equity accounted investees, after taxation

46.9

3.1

Share of results of equity accounted investees – Asanko impairment

(49.5)

—

Gain/(loss) on foreign exchange

8.6

(5.2)

Loss on financial instruments

(238.9)

(238.0)

Share-based payments

(14.5)

(20.5)

Long-term incentive plan

(51.3)

(9.1)

Other costs, net

(38.7)

(49.8)

Exploration and project expenses

(49.7)

(84.4)

Profit before royalties, taxation and non-recurring items

1,248.8

447.8

Non-recurring items

34.1

(23.8)

Profit before royalties and taxation

1,282.9

424.0

Royalties

(105.0)

(73.7)

Profit before taxation

1,177.9

350.3

Mining and income taxation

(432.5)

(175.6)

Normal taxation

(366.5)

(190.6)

Deferred taxation

(66.0)

15.0

Profit for the year

745.4

174.7

Attributable to:

Owners of the parent

723.0

161.6

Non-controlling interest

22.4

13.1

Diluted profit attributable to owners of the parent

719.3

161.6

Profit per share (cents) attributable to owners of the parent

Diluted profit per share (cents) attributable to owners of the parent

Non-IFRS measures and other disclosures

Non-recurring items:

Profit on disposal of Maverix

—

14.6

(Loss)/profit on disposal of assets

(0.2)

1.2

Restructuring costs

(2.0)

(0.6)

Damang – contract termination

(1.1)

(13.1)

Salares VAT

23.9

—

COVID-19 donations

(2.7)

—

Loss on buy-back of bond

—

(5.0)

Silicosis provision adjusted

(0.3)

1.6

Tarkwa expected credit loss

(29.0)

—

Reversal of impairment/(impairment) of FSE

62.3

(9.6)

Impairment of investments and assets

(11.7)

(0.2)

Other

(5.1)

(12.7)

Total non-recurring items

34.1

(23.8)

Taxation on items above

6.1

7.8

Non-recurring items after tax

40.2

(16.0)

Headline earnings attributable to owners of the parent

729.3

162.7

Diluted headline earnings attributable to owners of the parent

725.6

162.7

Headline earnings per share (cents) attributable to owners of the parent

Diluted headline earnings per share (cents) attributable to owners of the parent

Normalised profit attributable to owners of the parent

878.8

343.4

Normalised profit per share (cents) attributable to owners of the parent

100

US Dollar/South African Rand conversion rate

16.38

14.46

Australian Dollar/US Dollar conversion rate

0.69

0.70

Figures may not add as they are rounded independently.

Figures in millions unless otherwise stated

Dec 2020

(Reviewed)

Dec 2019

(Audited)

Gold Fields Results

2020

STATEMENT OF COMPREHENSIVE INCOME

United States Dollars

Year ended

Profit for the year

Other comprehensive income, net of tax

Equity investments at FVOCI – net change in fair value*
Taxation on above item*

Foreign currency translation adjustments

745.4

58.4

174.7

54.3

50.8

(1.2)

8.8

8.9

(23.1)

68.5

Total comprehensive income for the year

803.8

229.0

Attributable to:

– Owners of the parent

– Non-controlling interest

781.4

22.4

215.9

13.1

803.8

229.0

* Items that will not be reclassified to profit or loss.

Items can be subsequently reclassified to profit or loss.

STATEMENT OF FINANCIAL POSITION

United States Dollars

Non-current assets

5,713.0

5,460.2

Property, plant and equipment

4,771.2

4,657.1

Other non-current assets

220.8

210.5

Equity accounted investees

233.3

172.0

Investments

147.9

155.1

Loan advanced – contractors

68.4

—

Long-term financial assets

31.4

—

Deferred taxation

240.0

265.5

Current assets

1,730.4

1,069.9

Other current assets

843.6

554.9

Cash and cash equivalents

886.8

515.0

Assets held for sale

29.4

31.2

Total assets

7,472.8

6,561.3

Total equity

3,828.2

2,908.7

Non-current liabilities

2,728.1

2,284.8

Deferred taxation

499.9

433.6

Borrowings

1,443.4

1,160.9

Environmental rehabilitation provisions

361.9

370.3

Lease liabilities

364.8

287.7

Long-term employee benefits

33.4

11.5

Long-term financial liabilities

7.3

—

Other long-term provisions

17.4

20.8

Current liabilities

916.5

1,367.8

Other current liabilities

735.0

637.7

Current portion of borrowings

83.5

684.9

Current portion of employee benefits

33.8

—

Current portion of lease liabilities

64.2

45.2

Total equity and liabilities

7,472.8

6,561.3

US Dollar/South African Rand conversion rate

14.69

14.00

Australian Dollar/US Dollar conversion rate

0.77

0.70

Non-IFRS measures and other disclosures

Net debt

1,069.1

1,663.7

Net debt (excluding lease liabilities)

640.1

1,330.8

Figures in millions unless otherwise stated

Dec 2020

(Reviewed)

Dec 2019

(Audited)

Figures in millions unless otherwise stated

Dec 2020

(Reviewed)

Dec 2019

(Audited)

Gold Fields Results

2020

STATEMENT OF CHANGES IN EQUITY

United States Dollars

Year ended

Figures in millions unless otherwise stated

Stated
capital

Other

reserves

Retained

earnings

Non-

controlling

interests

Total

equity

Balance at 31 December 2019 (Audited)

3,622.5

(2,035.5)

1,190.0

131.7

2,908.7

Total comprehensive income

—

58.4

723.0

22.4

803.8

Profit for the year

—

723.0

22.4

745.4

Other comprehensive income

—

58.4

—

58.4

Dividends declared

—

(137.7)

(10.1)

(147.8)

Transaction with non-controlling interests holder*

—

(19.7)

19.7

—

Share-based payments

—

14.5

—

14.5

Shares issued

249.0

—

249.0

Balance at 31 December 2020 (Reviewed)

3,871.5

(1,962.6)

1,755.6

163.7

3,828.2

* On 6 December 2020, per the South Deep BEE transaction an interest of 3.33% in the South Deep mine vested to the BEE non-controlling interest holders

United States Dollars

Figures in millions unless otherwise stated

Stated
capital

Other

reserves

Retained

earnings

Non-

controlling

interests

Total

equity

Balance at 31 December 2018 (Audited)

3,622.5

(2,110.3)

1,073.9

120.8

2,706.9

Total comprehensive income

—

54.3

161.6

13.1

229.0

Profit for the year

—

161.6

13.1

174.7

Other comprehensive income

—

54.3

—

54.3

Dividends declared

—

(45.5)

(2.2)

(47.7)

Share-based payments

—

20.5

—

20.5

Balance at 31 December 2019 (Audited)

3,622.5

(2,035.5)

1,190.0

131.7

2,908.7

Gold Fields Results

2020

STATEMENT OF CASH FLOWS

United States Dollars

Year ended

Cash flows from operating activities

1,256.7

892.7

Profit before royalties and taxation

1,282.9

424.0

Amortisation and depreciation

661.3

610.0

Silicosis payment

(3.5)

(4.6)

Other non-cash items

(129.9)

143.4

South Deep BEE dividend

(1.1)

(1.4)

Change in working capital

(171.8)

(24.6)

Royalties and taxation paid

(381.2)

(254.1)

Dividends paid

(145.3)

(47.7)

Owners of the parent

(137.7)

(45.5)

Non-controlling interest holders

(7.6)

(2.2)

Cash flows from investing activities

(607.4)

(446.8)

Capital expenditure – additions

(583.7)

(612.5)

Capital expenditure – working capital

(7.1)

—

Proceeds on disposal of property, plant and equipment

0.7

3.7

Purchase of investments

(0.6)

(6.5)

Purchase of Asanko

—

(20.0)

Redemption of Asanko Preference shares

37.5

10.0

Proceeds on disposal of Maverix

—

66.8

Proceeds on disposal of subsidiary

—

6.2

Loan advanced – contractors

(68.4)

—

Proceeds on disposal of investments

22.9

112.6

Contributions to environmental trust funds

(8.7)

(7.1)

Cash flows from financing activities

(139.8)

(104.6)

Loans received

689.8

1,538.0

Loans repaid

(1,014.2)

(1,604.3)

Payment of lease liabilities

(64.4)

(38.3)

Shares issued

249.0

—

Net cash inflow

364.2

293.6

Translation adjustment

7.6

1.7

Cash and cash equivalents at beginning of the year

515.0

219.7

Cash and cash equivalents at end of the year

886.8

515.0

Non-IFRS measures and other disclosures

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

631.0

248.5

Figures in millions unless otherwise stated

Dec 2020

(Reviewed)

Dec 2019

(Audited)

Gold Fields Results

2020

DEBT MATURITY LADDER (Reviewed)

Figures in millions unless otherwise stated

31 Dec

2021

31 Dec

2022

31 Dec

2023

31 Dec

2024

31 Dec

2029

Total

Uncommitted loan facilities

Rand million

1,535.0

—

1,535.0

US Dollar million

—

Rand debt translated to Dollar

104.5

—

104.5

Total (US$m)

104.5

—

104.5

Committed loan facilities

US Dollar million

250.0

165.0

435.0

662.0

931.4

2,443.4

Rand million

—

2,500.0

—

2,500.0

A$ Dollar million

—

500.0

—

500.0

Rand debt translated to Dollar

—

170.2

—

170.2

A$ Dollar debt translated to Dollar

—

384.7

—

384.7

Total (US$m)

250.0

165.0

989.9

662.0

931.4

2,998.3

Total (US$m) – Uncommitted and committed
loan facilities

354.5

165.0

989.9

662.0

931.4

3,102.8

Utilisation – Uncommitted loan facilities

Rand million

—

US Dollar million

—

Rand debt translated to Dollar

—

Total (US$m)

—

Utilisation – Committed loan facilities
(including US Dollar bond)

US Dollar million

83.5

68.8

181.2

497.0

496.4

1,326.9

Rand million

—

A$ Dollar million

—

260.0

—

260.0

Rand debt translated to Dollar

—

A$ Dollar debt translated to Dollar

—

200.0

—

200.0

Total (US$m)

83.5

68.8

381.2

497.0

496.4

1,526.9

Total (US$m) – Utilisation –

Uncommitted and committed loan facilities

83.5

68.8

381.2

497.0

496.4

1,526.9

Exchange rate : US$1.00 = R14.69 and US$1.00 = A$0.77 being the closing rate at 31 December 2020

Gold Fields Results

2020

RECONCILIATION OF HEADLINE EARNINGS

United States Dollars

Year ended

Net profit attributable to owners of the parent
Loss/(profit) on disposal of assets

Taxation effect on disposal of assets
Profit on disposal of Maverix

(Reversal of impairment)/impairment of FSE
Impairment of investments and assets and other

Taxation on impairment of investments and assets

Non-controlling interest effect on impairment of investments and assets

723.0

0.2

(0.1)

—

(62.3)

78.1

(8.9)

(0.7)

161.6

(1.2)

0.4

(33.8)

9.6

35.1

(9.0)

—

Headline earnings

729.3

162.7

Headline earnings per share – cents

Based on headline earnings as given above divided by 878,661,474 (December 2019 – 827,386,603) being the
weighted average number of ordinary shares in issue.

Profit on disposal of Maverix of US$14.6m under non-recurring items comprises profit on disposal of associate of US$33.8m, partially offset by a loss on derecognition of the investment

in Maverix designated at fair value through profit or loss of US$19.2m.

Includes write-off of exploration and evaluation assets in Australia and impairment of Asanko.

Figures in millions unless otherwise stated

Dec 2020

(Reviewed)

Dec 2019

(Audited)

Gold Fields Results

2020

Figures in millions unless
otherwise stated

December 2020

December 2019

FAIR VALUE HIERARCHY (Reviewed)

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 year ended 31 December 2020 and 2019.

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 Dollars

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Financial assets measured

at fair value

Environmental trust funds

7.4

—

7.4

—

7.2

—

7.2

—

Trade receivables from

provisional copper sales

23.7

—

23.7

—

22.8

—

22.8

—

Investments – listed

42.4

—

47.9

—

Asanko redeemable

preference shares

92.6

—

92.6

95.5

—

95.5

Warrants

12.9

—

12.9

—

11.7

—

11.7

—

Gold and foreign currency

derivative contracts

(2019: oil derivative contracts)

113.3

—

113.3

—

1.1

—

1.1

—

Financial assets not

measured at fair value

Environmental trust funds

71.9

—

71.9

—

62.3

—

62.3

—

Financial liabilities

measured at fair value

Copper and oil derivative

contracts (2019: gold and

foreign currency derivative

contracts)

29.1

—

29.1

—

127.6

—

127.6

—

Financial liabilities not

measured at fair value

Borrowings

1,689.8

1,156.3

—

533.5

1,952.4

1,700.4

—

252.0

Environmental trust funds

The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature
of the fund's underlying investments.

Trade receivables from provisional copper sales

Valued using quoted market prices based on the forward London Metal Exchange (“LME”) and, as such, classified within Level 2 of the fair value
hierarchy.

Listed investments

Comprise equity investments in listed entities and therefore valued using quoted market prices in active markets.

Asanko redeemable preference shares

The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model. The key inputs used in the valuation of
the fair value were market related interest rates and expected redemption period.

Warrants

Warrants are measured at fair value through profit or loss. The fair value is determined using a standard European call option format based on a
standard option theory model.

Oil, gold, copper and foreign exchange derivative contracts

The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward
prices, interest rates and volatility.

Borrowings

The 5-year notes and the 10-year notes (2019: 2020 notes, 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 using market related interest rates and are classified within
Level 3 of the fair value hierarchy.

Gold Fields Results

2020

HEDGING/DERIVATIVES (Reviewed)

The Group’s policy is to remain unhedged to the gold 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.

Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.

Derivative instruments*

Ghana – Oil hedge

In June 2019 fixed price ICE Gasoil cash settled swap transactions were entered into for a total of 123.2 million litres of diesel for the period January 2020 to
December 2022 based on 50% of usage over the specified period. The average swap price is US$575 per metric tonne (equivalent to US$75.8 per barrel).
At the time of the transactions, the average Brent swap equivalent over the tenor was US$59.2 per barrel.

At the reporting date, the mark-to-market value on the hedge was negative US$10.0m with a realised loss of US$6.8m and unrealised loss of
US$10.1m for the year ended 31 December 2020.

Ghana – Gold hedge

In June 2019, a total of 275,000oz of the expected production for 2020 for the Ghanaian region was hedged for the period January 2020 to December
2020 using cash settled zero-cost collars (175,000oz) and average rate forwards (100,000oz). The average strike prices are US$1,364/oz on the floor and
US$1,449/oz on the cap. The average strike price on the forwards is US$1,382/oz.

In 2019, 100,000oz of the expected production for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash settled
zero cost collars. The average strike prices are US$1,400/oz on the floor and US$1,557/oz on the cap.

At the reporting date, the mark-to-market value on the hedge was nil as all instruments had matured, with a realised loss of US$114.6m, partially offset
by an unrealised gain and prior year mark-to-market reversals of US$36.4m of for the year ended 31 December 2020.

Australia – Oil hedge

In June 2019 fixed price Singapore 10ppm Gasoil cash settled swap transactions were entered into for a total of 75.0 million litres of diesel for the
period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$74.0 per barrel. At the time
of the transactions, the average Brent swap equivalent over the tenor was US$57.4 per barrel.

At the reporting date, the mark-to-market value on the hedge was negative A$6.6m (US$5.1m) with a realised loss of A$4.9m (US$3.4m) and an
unrealised loss of A$8.0m (US$5.5m) for the year ended 31 December 2020.

Australia – Gold hedge

In January 2019, a total of 456,000oz of the expected production for the Australian region was hedged for the period January 2019 to December 2019
using cash settled zero cost collars. The average strike prices are A$1,800/oz on the floor and A$1,869/oz on the cap.

In June 2019, a total of 480,000oz of the expected production for 2020 for the Australian region was hedged for the period January 2020 to December
2020 using cash settled zero cost collars (270,000oz) and average rate forwards (210,000oz). The average strike prices are A$1,933/oz on the floor
and A$2,014/oz on the cap. The average strike price on the forwards is A$1,957/oz.

In the first six months of 2020, 400,000oz of the expected production for 2021 was hedged for the period January 2021 to December 2021 using
bought puts.

Between July and October 2020, an additional 600,000oz of the expected production for 2021 was hedged for the period January 2021 to December 2021
using bought puts. The average strike price of the total 1,000,000oz hedged is A$2,190/oz.

At the reporting date, the mark-to-market value on the remaining puts was a positive A$35.5m (US$27.3m) with a realised loss relating to all instruments
of A$292.2m (US$201.4m), partially offset by an unrealised gain and prior year mark-to-market reversals of A$104m (US$71.8m) for the year ended
31 December 2020.

South Africa – Gold hedge

In June 2019, a total of 200,000oz of the expected production for 2020 for South Deep was hedged for the period January 2020 to December 2020
using cash settled zero cost collars (100,000oz) and average rate forwards (100,000oz). The average strike price is R660,000/kg on the floor and
R727,000/kg on the cap. The average strike price is R681,400/kg on the forwards.

At the reporting date, the mark-to-market value on the hedge was nil as all instruments had matured with a realised loss of R1,562.6m (US$95.4m),
partially offset by an unrealised gain and prior year mark-to-market reversals of R176m (US$10.7m) for the year ended 31 December 2020.

Salares Norte – Currency hedge

In March 2020, a total notional amount of US$544.5m was hedged at a rate of CLP/US$836.45 for the period July 2020 to December 2022.

At the reporting date of 31 December 2020 the mark-to-market value on the hedge was a positive US$86.0m with a realised gain of US$5.2m and an
unrealised gain of US$86.0m for the year ended 31 December 2020.

La Cima – Copper hedge

In October and November 2020, a total of 24,000 metric tonnes of copper were hedged using cash settled zero cost collars. The hedges are for the
period January 2021 to December 2021 and represent the total planned production for 2021. The average strike price is US$6,525/Mt on the floor and
US$7,382/Mt on the cap.

At the reporting date of 31 December 2020 the mark-to-market valuation on the hedge was a negative US$14.0m.

Outstanding hedges

At 31 December 2020, the following hedges are outstanding:

• Australia gold – 1,000,000oz using bought puts at an average strike price of A$2,190/oz for the period January 2021 to December 2021.

• Australia oil – a total of 51.6 million litres of diesel at an average swap price is US$74.0 per barrel using fixed price Singapore 10ppm Gasoil cash

settled swap transactions for the period January 2021 to December 2022.

• Ghana oil – a total of 86.4 million litres of diesel at an average swap price is US$75.8 per barrel using fixed price ICE Gasoil cash settled swap

transactions for the period January 2021 to December 2022.

• Peru – 24,000 metric tonnes of copper using cash settled zero cost collars at average strike price is US$6,525/Mt on the floor and US$7,382/Mt on

the cap for the period January 2021 to December 2021.

• Chile – a total notional amount of US$484.9m at a rate of CLP/US$836.45 for the period January 2021 to December 2022.

* Have not been designated for hedge accounting and are accounted for as derivative financial instruments in the income statement.

Gold Fields Results

2020

SEGMENTAL OPERATING AND FINANCIAL RESULTS

United States Dollars

Figures in millions unless otherwise stated

Total
Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total
Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South

Africa Region

West Africa

Region

South

America

Region

Ghana

Peru

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Operating results (Unreviewed)

Ore milled/treated

Year 2020

42,706

40,032

2,258

21,707

14,234

4,798

2,674

6,796

(000 tonnes)

Year 2019

38,342

35,868

1,666

20,868

13,749

4,645

2,474

6,718

Yield

Year 2020

1.7

3.1

1.2

1.1

1.4

1.3

0.9

(grams per tonne)

Year 2019

1.8

1.9

4.1

1.3

1.2

1.4

Gold produced

Year 2020

2,312.4

2,200.0

226.9

861.7

526.3

223.0

112.5

207.1

(000 managed equivalent ounces)

Year 2019

2,269.5

2,156.5

222.1

840.4

519.1

208.4

113.0

292.7

Gold sold

Year 2020

2,311.8

2,202.1

226.9

858.9

526.3

223.0

109.7

205.5

(000 managed equivalent ounces)

Year 2019

2,249.8

2,137.8

222.1

839.4

519.1

208.4

112.0

296.9

Gold price received

Year 2020

1,765

1,768

1,763

1,766

1,763

1,798

1,715

1,795

(dollar per equivalent ounce)

Year 2019

1,387

1,388

1,418

1,384

1,388

1,384

1,369

1,344

Cost of sales before gold inventory change

Year 2020

101

and amortisation and depreciation (dollar

per tonne)

Year 2019

148

All-in-sustaining costs

Year 2020

969

961

1,237

1,027

1,017

1,008

1,114

484

(dollar per ounce) revised interpretation

Year 2019

885

873

1,259

942

958

809

1,112

381

Total all-in-cost

Year 2020

1,014

999

1,260

1,060

1,017

1,035

1,316

715

(dollar per ounce)

Year 2019

997

985

1,259

1,039

958

1,147

1,214

472

Financial results (US$ millions) (Reviewed)

Revenue

Cost of sales before amortisation and
depreciation

Cost of sales before gold
inventory change and
amortisation and depreciation

– Gold inventory change

Amortisation of mining assets

Other expenses

Profit/(loss) before royalties
and taxation

Royalties, mining and
income taxation

– Normal taxation

– Royalties

– Deferred taxation

Profit/(loss) before
non-recurring items

Non-recurring items

Net profit/(loss)

Capital expenditure

The average US Dollar/Rand exchange rates were US$1 = R16.38 for 2020 and US$1 = R14.46 for 2019.
The average Australian/US Dollar exchange rates were A$1 = US$0.69 for 2020 and A$1 = US$0.70 for 2019.
Figures may not add as they are rounded independently.

Year 2020

4,080.2

3,892.1

400.1

1,516.7

927.7

400.8

188.2

368.8

Year 2019

3,120.0

2,966.7

314.8

1,162.0

720.4

288.3

153.3

399.0

Year 2020

(1,583.4)

(1,489.3)

(229.0)

(562.9)

(297.0)

(171.9)

(94.1)

(154.4)

Year 2019

(1,513.9)

(1,423.4)

(242.2)

(547.5)

(315.4)

(141.7)

(90.4)

(162.5)

Year 2020

(1,661.9)

(1,554.7)

(227.2)

(634.8)

(294.5)

(233.1)

(107.1)

(158.3)

Year 2019

(1,555.1)

(1,466.4)

(245.9)

(569.0)

(329.8)

(150.4)

(88.7)

(168.4)

Year 2020

78.5

65.5

(1.8)

71.8

(2.4)

61.2

13.0

3.9

Year 2019

41.3

43.0

3.7

21.4

14.4

8.8

(1.7)

6.0

Year 2020

(672.2)

(649.3)

(29.1)

(266.7)

(168.2)

(75.6)

(22.9)

(77.6)

Year 2019

(642.0)

(599.0)

(32.9)

(278.7)

(181.8)

(53.9)

(43.0)

(92.6)

Year 2020

(516.7)

(514.4)

(91.1)

(128.5)

(83.9)

(42.3)

(2.3)

(32.2)

Year 2019

(304.6)

(296.5)

(35.2)

(80.4)

(43.5)

(28.9)

(8.0)

(17.7)

Year 2020

1,307.9

1,239.1

50.9

558.5

378.7

111.0

68.8

104.6

Year 2019

659.6

647.8

4.5

255.4

179.7

63.9

11.8

126.3

Year 2020

(511.5)

(502.1)

(15.9)

(238.2)

(173.9)

(54.9)

(9.4)

(48.4)

Year 2019

(252.8)

(245.3)

1.8

(111.2)

(78.3)

(25.4)

(7.5)

(43.0)

Year 2020

(347.8)

—

(129.6)

—

(52.2)

Year 2019

(184.5)

—

(72.5)

—

(56.3)

Year 2020

(114.4)

(105.0)

(2.0)

(62.5)

(37.1)

(16.0)

(9.4)

(5.6)

Year 2019

(81.4)

(73.7)

(1.6)

(43.9)

(25.8)

(10.3)

(7.7)

(5.5)

Year 2020

(49.3)

(13.9)

(46.1)

(7.2)

(38.9)

—

9.4

Year 2019

13.1

12.9

3.4

5.2

20.1

(15.1)

0.2

18.7

Year 2020

796.5

737.0

35.0

320.3

204.8

56.1

59.4

56.2

Year 2019

406.8

402.5

6.4

144.2

101.4

38.4

4.3

83.3

Year 2020

(47.9)

0.3

(42.2)

(31.3)

(10.9)

—

(2.3)

Year 2019

(26.1)

0.8

(13.1)

(0.1)

(13.0)

—

(0.2)

Year 2020

748.5

689.1

35.3

278.1

173.5

45.2

59.4

53.9

Year 2019

380.7

376.4

7.2

131.1

101.3

25.5

4.3

83.1

Year 2020

(517.0)

(485.8)

(49.1)

(198.2)

(147.2)

(19.9)

(31.2)

(49.9)

Year 2019

(636.6)

(609.8)

(33.1)

(228.6)

(125.5)

(76.3)

(26.8)

(56.1)

Gold Fields Results

2020

SEGMENTAL OPERATING AND FINANCIAL RESULTS

United States Dollars

Figures in millions unless otherwise stated

United States Dollars

Australian Dollars

South

African

Rand

Australia

Region

Australia

Region

South
Africa

Region

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

South

Deep

Operating results (Unreviewed)

Ore milled/treated (000 tonnes)

Year 2020

11,946

4,817

1,357

1,719

4,054

11,946

4,817

1,357

1,719

4,054

2,258

Year 2019

9,089

4,466

1,231

1,753

1,639

9,089

4,466

1,231

1,753

1,639

1,666

Yield (grams per tonne)

Year 2020

2.6

2.5

5.3

4.9

1.0

2.6

2.5

5.3

4.9

1.0

3.1

Year 2019

3.1

2.6

5.5

4.9

0.9

3.1

2.6

5.5

4.9

0.9

4.1

Gold produced (000 managed equivalent
ounces)

Year 2020

1,016.8

384.9

233.3

269.6

129.1

1,016.8

384.9

233.3

269.6

129.1

7,056

Year 2019

914.3

370.6

219.4

274.8

49.5

914.3

370.6

219.4

274.8

49.5

6,907

Gold sold (000 managed equivalent
ounces)

Year 2020

1,020.5

393.8

233.5

265.2

128.0

1,020.5

393.8

233.5

265.2

128.0

7,056

Year 2019

891.4

363.3

219.6

274.8

33.7

891.4

363.3

219.6

274.8

33.7

6,907

Gold price received (dollar per equivalent
ounce)

Year 2020

1,759

1,756

1,762

1,758

1,762

2,551

2,547

2,557

2,551

2,557

928,707

Year 2019

1,396

1,390

1,387

1,396

1,517

2,007

1,998

1,994

2,007

2,181

659,111

Cost of sales before gold inventory
change and amortisation and
depreciation (dollar per tonne)

Year 2020

116

168

144

1,648

Year 2019

134

192

129

2,135

All-in sustaining costs
(dollar per ounce) revised
interpretation

Year 2020

917

843

1,017

938

921

1,331

1,223

1,475

1,360

1,337

651,514

Year 2019

829

818

967

752

683

1,192

1,176

1,391

1,081

983

585,482

Total all-in-cost
(dollar per ounce)

Year 2020

957

873

1,053

1,010

931

1,388

1,266

1,528

1,465

1,350

663,635

Year 2019

986

963

1,152

922

684

1,418

1,385

1,656

1,325

983

585,482

Financial results (US$ millions) (Reviewed)

Revenue

Year 2020

1,794.7

691.4

411.5

466.4

225.4

2,603.8

1,003.0

597.0

676.7

327.2

6,552.9

Year 2019

1,244.2

504.9

304.5

383.7

51.2

1,789.1

726.0

437.8

551.7

73.6

4,552.5

Cost of sales before amortisation and
depreciation

Year 2020

(637.1)

(234.1)

(162.8)

(167.1)

(73.1)

(924.1)

(339.5)

(236.1)

(242.5)

(106.1)

(3,750.6)

Year 2019

(561.6)

(228.7)

(162.0)

(157.2)

(13.7)

(807.5)

(328.8)

(232.9)

(226.1)

(19.7)

(3,502.6)

Cost of sales before gold inventory
change and amortisation and
depreciation

Year 2020

(641.6)

(240.7)

(157.3)

(170.2)

(73.4)

(930.7)

(349.1)

(228.2)

(246.9)

(106.5)

(3,721.7)

Year 2019

(571.8)

(231.2)

(164.5)

(156.9)

(19.1)

(822.1)

(332.5)

(236.6)

(225.6)

(27.5)

(3,556.3)

– Gold inventory change

Year 2020

4.5

6.6

(5.4)

3.1

0.3

6.6

9.6

(7.9)

4.5

0.4

(28.9)

Year 2019

10.2

2.5

2.6

(0.3)

5.4

14.6

3.6

3.7

(0.5)

7.8

53.7

Amortisation of mining assets

Year 2020

(298.8)

(433.4)

(476.0)

Year 2019

(237.8)

(341.9)

(475.7)

Other expenses

Year 2020

(264.9)

(384.3)

(1,492.0)

Year 2019

(171.3)

(246.3)

(508.5)

taxation

Year 2020

593.9

862.0

834.3

Year 2019

273.4

393.2

65.7

Royalties, mining and income taxation

Year 2020

(208.9)

(303.1)

(260.9)

Year 2019

(100.5)

(144.5)

26.6

– Normal taxation

Year 2020

(166.0)

(240.8)

—

Year 2019

(55.7)

(80.1)

—

– Royalties

Year 2020

(44.3)

(64.2)

(32.8)

Year 2019

(30.5)

(43.9)

(22.8)

– Deferred taxation

Year 2020

1.3

2.0

(228.1)

Year 2019

(14.2)

(20.5)

49.4

items

Year 2020

384.9

558.9

573.5

Year 2019

172.9

248.7

92.3

Non-recurring items

Year 2020

(3.8)

(5.4)

5.2

Year 2019

(13.7)

(19.7)

12.1

Year 2020

381.2

553.4

578.6

Year 2019

159.3

229.0

104.4

Capital expenditure

Year 2020

(219.8)

(73.5)

(51.9)

(66.4)

(28.0)

(318.8)

(106.5)

(75.3)

(96.4)

(40.6)

(803.9)

Year 2019

(318.8)

(98.3)

(76.1)

(72.2)

(72.1)

(458.4)

(141.4)

(109.5)

(103.8)

(103.7)

(479.1)

At the Australian operations, as a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the Australian operations are entitled
to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below cost of sales.

For Australia, all financial numbers are in Australian Dollar.

For South Africa, all financial numbers are in Rand and Rand per kilogram.

Includes post commercial level data only.

Figures may not add as they are rounded independently.

Gold Fields Results

2020

ALL-IN COST (Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Total

Group

Including

Equity

Accounted

Joint

Venture

Total
Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total
Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South

Africa
Region

West Africa

Region

South

America

Region

Ghana

Peru

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Cost of sales before gold
inventory change and
amortisation and depreciation

Gold inventory change

Royalties

Realised gains/(losses) on
commodity cost hedges

Community/social
responsibility costs

Non-cash remuneration –
share-based payments

Cash remuneration

(long-term incentive plan)

Other

By-product credits

Rehabilitation amortisation
and interest

Sustaining capital expenditure

Lease payments

All-in sustaining costs

Realised gains/losses on capital cost
hedges

Non-cash remuneration (share based
payments)

Cash remuneration (long term incentive
plan)

Lease payments

Exploration, feasibility
and evaluation costs

Non-sustaining capital
expenditure

Total all-in cost

Total all-in sustaining cost

Gold only ounces sold

– (000 ounces)

AISC per ounce of gold sold
US$/oz

Total all-in cost

Gold only ounces sold

– (000 ounces)

AIC per ounce of gold sold
US$/oz

The comparatives for the year ended 31 December 2019 have been updated to the New Interpretation of the WGC AIC standard.

Includes Gold Fields 45% share of deferred stripping of US$6.7m (100% basis US$14.8m) and US$15.3m (100% basis US$34.0m) for the year ended 31 December 2020 and

31 December 2019, respectively.

Year 2020

(1,661.9)

(1,554.7)

(227.2)

(634.7)

(294.5)

(233.1)

(107.1)

(158.3)

Year 2019

(1,553.5)

(1,553.4)

(1,466.4)

(245.9)

(567.2)

(329.8)

(150.4)

(87.0)

(168.4)

Year 2020

78.5

65.5

(1.8)

71.8

(2.4)

61.2

13.0

3.9

Year 2019

41.6

43.0

3.7

21.8

14.4

8.8

(1.4)

6.0

Year 2020

(114.4)

(105.0)

(2.0)

(62.5)

(37.1)

(16.0)

(9.4)

(5.6)

Year 2019

(81.4)

(73.7)

(1.6)

(43.9)

(25.8)

(10.3)

(7.7)

(5.5)

Year 2020

(10.2)

—

(6.8)

(4.7)

(2.1)

—

Year 2019

8.5

—

5.4

3.9

1.5

—

Year 2020

(12.4)

(0.7)

(7.9)

(5.9)

(2.0)

—

(3.9)

Year 2019

(18.2)

(18.0)

(1.7)

(13.0)

(11.7)

(1.2)

(0.1)

(3.4)

Year 2020

(14.3)

(6.6)

0.6

(2.8)

(2.9)

—

(1.5)

Year 2019

(20.5)

(9.8)

0.8

(5.2)

(3.4)

(1.8)

—

(1.1)

Year 2020

(49.2)

(41.7)

(6.1)

(12.7)

(8.8)

(3.9)

—

(5.3)

Year 2019

(9.1)

(6.7)

(1.8)

(2.2)

(1.5)

(0.7)

—

(0.4)

Year 2020

(1.0)

—

(1.0)

—

(1.0)

—

Year 2019

(5.3)

(4.4)

—

(4.4)

Year 2020

148.3

147.9

0.6

1.8

1.3

0.1

0.4

144.1

Year 2019

168.5

168.2

0.3

2.1

1.6

0.1

0.4

165.1

Year 2020

(24.6)

(24.4)

(0.1)

(8.6)

(6.2)

(2.1)

(0.2)

(6.7)

Year 2019

(20.3)

(20.1)

(19.7)

(0.2)

(6.0)

(4.2)

(1.4)

(0.4)

(5.8)

Year 2020

(422.0)

(420.9)

(408.0)

(43.9)

(174.0)

(147.2)

(13.8)

(12.9)

(23.6)

Year 2019

(341.2)

(339.8)

(320.2)

(33.1)

(150.9)

(125.5)

(5.8)

(19.6)

(43.8)

Year 2020

(91.8)

(89.9)

(84.0)

(0.1)

(44.4)

(26.5)

(11.9)

(5.9)

(1.1)

Year 2019

(65.7)

(57.0)

(48.4)

(0.1)

(31.4)

(15.4)

(7.3)

(8.7)

(1.0)

Year 2020

(2,175.0)

(2,156.8)

(2,034.6)

(280.7)

(881.9)

(535.0)

(224.7)

(122.2)

(58.1)

Year 2019

(1,894.3)

(1,870.1)

(1,745.6)

(279.7)

(790.5)

(497.4)

(168.6)

(124.5)

(60.8)

Year 2020

5.2

—

Year 2019

—

Year 2020

(0.2)

—

Year 2019

—

Year 2020

(2.1)

—

Year 2019

—

Year 2020

(0.9)

—

Year 2019

—

Year 2020

(36.8)

(5.4)

(1.4)

—

(3.9)

—

(3.9)

(1.4)

Year 2019

(56.4)

(6.4)

(2.2)

—

(4.2)

—

(4.2)

(2.2)

Year 2020

(192.9)

(96.2)

(77.9)

(5.2)

(24.3)

—

(6.1)

(18.2)

(26.3)

Year 2019

(298.2)

(230.1)

(222.9)

—

(77.7)

—

(70.5)

(7.2)

(12.4)

Year 2020

(2,402.7)

(2,258.4)

(2,114.0)

(285.9)

(910.1)

(535.0)

(230.8)

(144.4)

(85.9)

Year 2019

(2,248.9)

(2,106.6)

(1,970.7)

(279.7)

(872.4)

(497.4)

(239.0)

(136.0)

(75.4)

Year 2020

(2,175.0)

(2,156.8)

(2,034.6)

(280.7)

(881.9)

(535.0)

(224.7)

(122.2)

(58.1)

Year 2019

(1,894.3)

(1,870.1)

(1,745.6)

(279.7)

(790.5)

(497.4)

(168.6)

(124.5)

(60.8)

Year 2020

2,226.4

2,116.7

226.9

858.9

526.3

223.0

109.7

120.2

Year 2019

2,112.6

2,000.6

222.1

839.4

519.1

208.4

112.0

159.7

Year 2020

977

969

961

1,237

1,027

1,017

1,008

1,114

484

Year 2019

897

885

873

1,259

942

958

809

1,112

381

Year 2020

(2,402.7)

(2,258.4)

(2,114.0)

(285.9)

(910.1)

(535.0)

(230.8)

(144.4)

(85.9)

Year 2019

(2,248.9)

(2,106.6)

(1,970.7)

(279.7)

(872.4)

(497.4)

(239.0)

(136.0)

(75.4)

Year 2020

2,226.4

2,116.7

226.9

858.9

526.3

223.0

109.7

120.2

Year 2019

2,112.6

2,000.6

222.1

839.4

519.1

208.4

112.0

159.7

Year 2020

1,079

1,014

999

1,260

1,060

1,017

1,035

1,316

715

Year 2019

1,064

997

985

1,259

1,039

958

1,147

1,214

472

Gold Fields Results

2020

Figures in millions unless otherwise stated

Cost of sales before gold inventory change and amortisation and depreciation

Gold inventory change

Royalties

Realised gains/losses on commodity cost hedges

Community/social responsibility costs

Non-cash remuneration – share-based payments

Cash remuneration (long-term incentive plan)

Other

By-product credits

Rehabilitation amortisation and interest

Sustaining capital expenditure

Lease payments

All-in sustaining costs

Realised gains/losses on capital cost hedges

Non-cash remuneration (share based payments)

Cash remuneration (long term incentive plan)

Lease payments

Exploration, feasibility and evaluation costs

Non-sustaining capital expenditure

Total all-in cost

Total all-in sustaining cost

Gold only ounces sold – (000 ounces)

AISC per ounce of gold sold US$/oz

Total all-in cost

Gold only ounces sold – (000 ounces)

AIC per ounce of gold sold US$/oz

ALL-IN COST (Unreviewed)

WORLD GOLD COUNCIL INDUSTRY STANDARD

United States Dollars

Australia

Region

Australia

Corporate

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

and

projects

Year 2020

(641.6)

(240.7)

(157.3)

(170.2)

(73.4)

—

Year 2019

(571.8)

(231.2)

(164.5)

(156.9)

(19.1)

—

Year 2020

4.5

6.6

(5.4)

3.1

0.3

—

Year 2019

10.2

2.5

2.6

(0.3)

5.4

—

Year 2020

(44.3)

(17.1)

(10.1)

(11.5)

(5.5)

—

Year 2019

(30.5)

(12.5)

(7.3)

(9.5)

(1.3)

—

Year 2020

(3.4)

(1.6)

(1.1)

(0.7)

—

Year 2019

3.1

1.9

0.6

0.5

—

Year 2020

—

Year 2019

—

Year 2020

(2.8)

(0.8)

(0.6)

(0.8)

(0.6)

(7.8)

Year 2019

(4.3)

(1.7)

(1.2)

(1.3)

(0.1)

(10.7)

Year 2020

(17.6)

(6.4)

(4.5)

(5.0)

(1.7)

(7.5)

Year 2019

(2.3)

(0.9)

(0.6)

(0.7)

(0.1)

(2.4)

Year 2020

—

Year 2019

—

(0.9)

Year 2020

1.8

0.9

0.3

0.2

0.4

—

Year 2019

1.0

0.6

0.3

0.1

—

Year 2020

(9.1)

(3.6)

(1.7)

(2.1)

(1.6)

—

Year 2019

(8.1)

(4.0)

(1.8)

(1.6)

(0.6)

(0.3)

Year 2020

(179.5)

(61.9)

(43.5)

(47.3)

(26.8)

(1.1)

Year 2019

(111.9)

(45.6)

(35.7)

(25.5)

(5.2)

(1.4)

Year 2020

(44.3)

(7.5)

(13.6)

(14.3)

(8.9)

(1.9)

Year 2019

(24.4)

(6.3)

(4.6)

(11.3)

(2.2)

(8.6)

Year 2020

(936.2)

(332.1)

(237.4)

(248.7)

(117.9)

(18.2)

Year 2019

(739.2)

(297.2)

(212.4)

(206.5)

(23.0)

(24.1)

Year 2020

—

5.2

Year 2019

—

Year 2020

—

(0.2)

Year 2019

—

Year 2020

—

(2.1)

Year 2019

—

Year 2020

—

(0.9)

Year 2019

—

Year 2020

—

(31.4)

Year 2019

—

(50.0)

Year 2020

(40.3)

(11.5)

(8.5)

(19.1)

(1.2)

(96.7)

Year 2019

(140.0)

(52.8)

(40.5)

(46.7)

—

(68.1)

Year 2020

(976.5)

(343.6)

(245.9)

(267.9)

(119.1)

(144.3)

Year 2019

(879.2)

(350.0)

(252.8)

(253.3)

(23.1)

(142.2)

Year 2020

(936.2)

(332.1)

(237.4)

(248.7)

(117.9)

(18.2)

Year 2019

(739.2)

(297.2)

(212.4)

(206.5)

(23.0)

(24.1)

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

Year 2019

891.4

363.3

219.6

274.8

33.7

—

Year 2020

917

843

1,017

938

921

—

Year 2019

829

818

967

752

683

—

Year 2020

(976.5)

(343.6)

(245.9)

(267.9)

(119.1)

(144.3)

Year 2019

(879.2)

(350.0)

(252.8)

(253.3)

(23.1)

(142.2)

Year 2020

1,020.5

393.8

233.5

265.2

128.0

Year 2019

891.4

363.3

219.6

274.8

33.7

—

Year 2020

957

873

1,053

1,010

931

—

Year 2019

986

963

1,152

922

684

—

The comparatives for the year ended 31 December 2019 have been updated to the New Interpretation of the WGC AIC standard.

Gold Fields Results

2020

ALL-IN SUSTAINING COSTS AND ALL-IN COST GROSS

OF BY-PRODUCT CREDITS PER EQUIVALENT OUNCE

OF GOLD SOLD (Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Total

Group

Including

Equity

Accounted

Joint

Venture

Total
Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total
Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South

Africa
Region

West Africa

Region

South

America

Region

Ghana

Peru

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

All-in sustaining costs

Year 2020

(per table on page 33)

Year 2019

(2,175.0)

(1,894.3)

(2,156.8)

(1,870.1)

(2,034.6)

(1,745.6)

(280.7)

(279.7)

(881.9)

(790.5)

(535.0)

(497.4)

(224.7)

(168.6)

(122.2)

(124.5)

(58.1)

(60.8)

Year 2020

(148.3)

(147.9)

(0.6)

(1.8)

(1.3)

(0.1)

(0.4)

(144.1)

Add back by-product credits

Year 2019

(168.5)

(168.2)

(0.3)

(2.1)

(1.6)

(0.1)

(0.4)

(165.1)

All-in sustaining costs gross of

Year 2020

(2,323.3)

(2,305.1)

(2,182.5)

(281.2)

(883.7)

(536.3)

(224.8)

(122.6)

(202.2)

by-product credits

Year 2019

(2,062.8)

(2,038.6)

(1,913.8)

(280.0)

(792.6)

(499.0)

(168.7)

(124.9)

(225.9)

Year 2020

2,311.8

2,202.1

226.9

858.9

526.3

223.0

109.7

205.5

Gold equivalent ounces sold

Year 2019

2,249.8

2,137.8

222.1

839.4

519.1

208.4

112.0

296.9

AISC gross of by-product

Year 2020

1,005

997

991

1,240

1,029

1,019

1,008

1,118

984

credits per equivalent

ounce of gold – US$/eq oz

Year 2019

917

906

895

1,261

944

961

810

1,115

761

All-in cost

Year 2020

(2,402.7)

(2,258.4)

(2,114.0)

(285.9)

(910.1)

(535.0)

(230.8)

(144.4)

(85.9)

(per table on page 33)

Year 2019

(2,248.9)

(2,106.6)

(1,970.7)

(279.7)

(872.4)

(497.4)

(239.0)

(136.0)

(75.4)

Year 2020

(148.3)

(147.9)

(0.6)

(1.8)

(1.3)

(0.1)

(0.4)

(144.1)

Add back by-product credits

Year 2019

(168.5)

(168.2)

(0.3)

(2.1)

(1.6)

(0.1)

(0.4)

(165.1)

Year 2020

(2,551.0)

(2,406.7)

(2,261.9)

(286.5)

(911.9)

(536.3)

(230.8)

(144.8)

(230.0)

All-in cost gross of by-product credits

Year 2019

(2,417.4)

(2,275.1)

(2,138.9)

(280.0)

(874.5)

(499.0)

(239.1)

(136.4)

(240.5)

Year 2020

2,311.8

2,202.1

226.9

858.9

526.3

223.0

109.7

205.5

Gold equivalent ounces sold

Year 2019

2,249.8

2,137.8

222.1

839.4

519.1

208.4

112.0

296.9

AIC gross of by-product

Year 2020

1,103

1,041

1,027

1,263

1,062

1,019

1,035

1,320

1,119

credits per equivalent

ounce of gold – US$/eq oz

Year 2019

1,074

1,011

1,000

1,261

1,042

961

1,148

1,218

810

The comparatives for the year ended 31 December 2019 have been updated to the New Interpretation of the WGC AIC standard.

Gold Fields Results

2020

ALL-IN SUSTAINING COSTS AND ALL-IN COST GROSS

OF BY-PRODUCT CREDITS PER EQUIVALENT OUNCE

OF GOLD SOLD (Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Total

Australia

Region

Corporate

and

projects

Australia

St Ives

Agnew

Granny

Smith

Gruyere

50%

All-in sustaining costs
(per table on page 34)

Year 2020

Year 2019

(936.2)

(739.2)

(332.1)

(297.2)

(237.4)

(212.4)

(248.7)

(206.5)

(117.9)

(23.0)

(18.2)

(24.1)

Year 2020

(1.8)

(0.9)

(0.3)

(0.2)

(0.4)

—

Add back by-product credits

Year 2019

(1.0)

(0.6)

(0.3)

(0.1)

—

All-in sustaining costs gross of by-product

Year 2020

(938.0)

(333.0)

(237.8)

(248.9)

(118.3)

(18.2)

credits

Year 2019

(740.2)

(297.8)

(212.7)

(206.6)

(23.1)

—

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

Gold equivalent ounces sold

Year 2019

891.4

363.3

219.6

274.8

33.7

—

AISC gross of by-product credits per

Year 2020

919

846

1,018

938

925

—

equivalent

ounce of gold – US$/eq oz

Year 2019

830

820

969

752

685

—

All-in cost

Year 2020

(976.5)

(343.6)

(245.9)

(267.9)

(119.1)

(144.3)

(per table on page 34)

Year 2019

(879.2)

(350.0)

(252.8)

(253.3)

(23.0)

(142.2)

Year 2020

(1.8)

(0.9)

(0.3)

(0.2)

(0.4)

—

Add back by-product credits

Year 2019

(1.0)

(0.6)

(0.3)

(0.1)

—

Year 2020

(978.3)

(344.5)

(246.2)

(268.0)

(119.5)

(144.3)

All-in cost gross of by-product credits

Year 2019

(880.2)

(350.6)

(253.1)

(253.4)

(23.1)

(142.2)

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

Gold equivalent ounces sold

Year 2019

891.4

363.3

219.6

274.8

33.7

—

AIC gross of by-product credits per

Year 2020

959

875

1,055

1,010

934

—

equivalent ounce of gold – US$/eq oz

Year 2019

987

965

1,153

922

685

—

The comparatives for the year ended 31 December 2019 have been updated to the New Interpretation of the WGC AIC standard.

Gold Fields Results

2020

UNDERGROUND AND SURFACE (Unreviewed)

United States Dollars

Imperial ounces with metric tonnes
and grade

Total Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South
Africa

Region

West

Africa

Region

South

America

Region

Australia

Region

Ghana

Peru

Australia

South

Deep

Total Tarkwa Damang

Asanko

45%

Cerro

Corona

Total

St Ives Agnew

Granny

Smith

Gruyere

50%

Tonnes mined (000 tonnes)

– underground ore

Year 2020

5,867

1,136

—

4,731

1,737

1,294

1,700

—

Year 2019

5,384

1,060

—

4,323

1,328

1,284

1,712

—

– underground waste

Year 2020

2,245

—

2,159

772

750

637

—

Year 2019

2,312

—

2,235

926

678

631

—

– surface ore

Year 2020

35,022

32,236

—

21,344

11,877

6,680

2,787

7,303

6,376

2,331

—

4,044

Year 2019

37,148

34,865

—

21,991

15,029

4,680

2,282

8,024

7,132

3,752

—

3,380

– total

Year 2020

43,134

40,347

1,221

21,344

11,877

6,680

2,787

7,303

13,266

4,841

2,044

2,336

4,044

Year 2019

44,843

42,561

1,138

21,991

15,029

4,680

2,282

8,024

13,690

6,006

1,961

2,342

3,380

Grade mined (grams per tonne)

– underground ore

Year 2020

5.6

6.3

—

5.4

5.3

5.8

5.3

—

Year 2019

5.3

6.2

—

5.0

4.1

5.7

5.3

—

– surface ore

Year 2020

1.3

—

1.5

1.4

1.6

1.4

0.9

1.3

1.7

—

1.1

Year 2019

1.3

—

1.3

1.2

1.6

1.5

1.0

1.3

1.8

—

0.9

– total

Year 2020

1.8

1.9

5.9

1.5

1.4

1.6

1.4

0.9

3.1

3.2

5.8

5.3

1.1

Year 2019

1.7

5.8

1.3

1.2

1.6

1.5

1.0

2.7

2.4

5.7

5.3

0.9

Gold mined (000 ounces)

– underground ore

Year 2020

1,055.6

230.2

—

825.4

294.1

240.4

290.9

—

Year 2019

911.6

210.4

—

701.2

174.6

235.5

291.1

—

– surface ore

Year 2020

1,480.9

1,351.4

— 1,010.3

533.3

347.4

129.6

200.2

270.5

129.2

—

141.3

Year 2019

1,521.8

1,410.2

—

943.9

594.4

237.9

111.6

270.0

308.0

213.3

—

94.6

– total

Year 2020

2,536.6

2,407.0

230.2 1,010.3

533.3

347.4

129.6

200.2 1,095.9

423.2

240.4

290.9

141.3

Year 2019

2,433.5

2,321.9

210.4

943.9

594.4

237.9

111.6

270.0 1,009.2

387.9

235.5

291.1

94.6

Ore milled/treated (000 tonnes)

– underground ore

Year 2020

6,051

1,154

—

4,897

1,821

1,357

1,719

—

Year 2019

5,549

1,098

—

4,450

1,467

1,231

1,753

—

– underground waste

Year 2020

—

Year 2019

—

– surface ore

Year 2020

36,600

33,926

1,048

21,707

14,234

4,798

2,674

6,796

7,050

2,996

—

4,054

Year 2019

32,740

30,266

515

20,868

13,749

4,645

2,474

6,718

4,639

2,999

—

1,639

– total

Year 2020

42,706

40,032

2,258

21,707

14,234

4,798

2,674

6,796

11,946

4,817

1,357

1,719

4,054

Year 2019

38,342

35,868

1,666

20,868

13,749

4,645

2,474

6,718

9,089

4,466

1,231

1,753

1,639

Yield (grams per tonne)

– underground ore

Year 2020

5.0

6.0

—

4.8

4.3

5.3

4.9

—

Year 2019

5.0

6.2

—

4.7

3.8

5.5

4.9

—

– surface ore

Year 2020

1.1

0.1

1.2

1.1

1.4

1.3

0.9

1.2

1.4

—

1.0

Year 2019

1.3

0.2

1.3

1.2

1.4

1.6

2.0

—

0.9

– combined

Year 2020

1.7

3.1

1.2

1.1

1.4

1.3

0.9

2.6

2.5

5.3

4.9

1.0

Year 2019

1.8

1.9

4.1

1.3

1.2

1.4

3.1

2.6

5.5

4.9

0.9

Gold produced (000 ounces)

– underground ore

Year 2020

978.2

223.2

—

755.0

252.1

233.3

269.6

—

Year 2019

893.8

219.4

—

674.3

180.1

219.4

274.8

—

– surface ore

Year 2020

1,334.2

1,221.8

3.6

861.7

526.3

223.0

112.5

207.1

261.9

132.8

—

129.1

Year 2019

1,375.7

1,262.8

2.6

840.4

519.1

208.4

113.0

292.7

240.0

190.5

—

49.5

– total

Year 2020

2,312.4

2,200.0

226.9

861.7

526.3

223.0

112.5

207.1 1,016.8

384.9

233.3

269.6

129.1

Year 2019

2,269.5

2,156.5

222.1

840.4

519.1

208.4

113.0

292.7

914.3

370.6

219.4

274.8

49.5

Cost of sales before gold inventory
change and amortisation and
depreciation (dollar per tonne)

– underground

Year 2020

114

178

—

116

—

Year 2019

124

213

—

101

134

—

– surface

Year 2020

—

Year 2019

—

– total

Year 2020

101

116

Year 2019

148

134

Gold Fields Results

2020

Review of Operations

Quarter ended 31 December 2020 compared with
quarter ended 30 September 2020

Figures may not add as they are rounded independently.

South Africa region

South Deep

000

Ore mined

tonnes

000

Waste mined

tonnes

000

Total tonnes

tonnes

Grade mined –

underground reef

g/t

Grade mined –

underground total

g/t

Gold mined

000’oz

Destress

Development

Secondary support

Backfill

Ore milled –

000

underground reef

tonnes

Ore milled –

000

underground waste

tonnes

000

Ore milled – surface

tonnes

000

Total tonnes milled

tonnes

Yield – underground reef

g/t

Surface yield

g/t

Total yield

g/t

Gold produced

000’oz

Gold sold

000’oz

AISC – revised

R/kg

interpretation guidance

(WGC November 2018)

US$/oz

AIC

R/kg

US$/oz

Sustaining capital

expenditure

US$m

Non-sustaining capital

expenditure

US$m

Total capital expenditure

US$m

304

341

(11)%

81%

349

366

(5)%

6.30

6.37

(1)%

5.49

5.94

(8)%

1,915

2,174

(12)%

61.6

69.9

(12)%

10,054

10,533

(5)%

1,012

995

2,577

3,322

(22)%

68,821

113,027

(39)%

324

329

(2)%

551%

380

228

67%

741

563

32%

5.76

6.07

(5)%

0.13

0.08

54%

2.58

3.59

(28)%

1,914

2,019

(5)%

61.5

64.9

(5)%

1,965

2,049

(4)%

63.2

65.9

(4)%

734,814

572,447

28%

1,443

1,055

37%

761,455

583,344

31%

1,494

1,075

39%

357.1

130.6

173%

22.1

7.7

186%

52.3

22.3

134%

3.2

1.3

142%

409.4

152.9

168%

25.4

9.1

180%

South Deep ramped up production post COVID-19 lockdown and
interruptions and has maintained momentum.

Gold production decreased by 5% to 1,914kg (61,500oz) in the
December quarter from 2,019kg (64,900oz) in the September quarter
as a result of milling lower reef tonnes at lower grade as per plan.

Gold mined decreased by 12% to 1,915kg (61,600oz) in the December
quarter from 2,174kg (69,900oz) in the September quarter mainly as a
result of a planned maintenance upgrade of the main shaft man winder
brake which had a consequential impact on mining activities in the last
two weeks of December.

Reef yield decreased by 5% to 5.76g/t in the December quarter from
6.07g/t in the September quarter due to treating lower grade material,
which was impacted by ore phasing between broken and trammed tonnes.

Development increased by 2% to 1,012m in the December quarter from
995m in the September quarter, while destress decreased by 5% to
10,054m

in the December quarter from 10,533m

in the September

quarter. Seismicity related stoppages impacted destress progress,
however, destress resources were diverted to development.

Secondary support and backfill decreased quarter-on-quarter by 22%
and 39%, respectively. The reduction in backlog secondary support is in
line with the business plan. Whilst there is a reduction in backfill placed,
priority voids have been filled with only 30,000m³ available for filling.

All-in cost increased by 31% to R761,455/kg (US$1,494/oz) in the
December quarter from R583,344/kg (US$1,075/oz) in the September
quarter mainly driven by less gold sold, higher cost of sales before
amortisation and depreciation and higher capital expenditure relating
to cash flow phasing attributable to supply chain constraints as a
result of COVID-19 in the previous quarter. The main drivers behind
the increase was delivery of fleet (R96m), man winder drum upgrade
(R28m), construction of a plant perimeter wall (R13m), the expansion
and civils for on-site power generation (R12m) and the increase in new
mine development quarter-on-quarter (R25m).

West Africa region
Ghana

Dec

2020

Sept

2020

Variance

Ore mined

000

tonnes

2,922

2,613

12%

Waste (Capital)

000

tonnes

14,016

12,804

Waste (Operational)

000

tonnes

4,938

6,281

(21)%

Total waste mined

000

tonnes

18,954

19,085

(1)%

Total tonnes mined

000

tonnes

21,876

21,698

Strip ratio

waste/

ore

6.5

7.3

(11)%

Grade mined

g/t

1.54

1.40

10%

Gold mined

000’oz

144.6

117.7

23%

Tonnes milled

000

tonnes

3,452

3,468

—%

Yield

g/t

1.15

1.14

—%

Gold produced

000’oz

127.2

127.3

—%

Gold sold

000’oz

127.2

127.3

—%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

996

1,099

(9)%

AIC

US$/oz

996

1,099

(9)%

Sustaining capital

expenditure

US$m

38.2

41.5

(8)%

Non-sustaining

expenditure

US$m

—

—%

Total capital expenditure

US$m

38.2

41.5

(8)%

Gold production decreased marginally to 127,200oz in the December
quarter from 127,300oz in the September quarter. Realised yield
increased to 1.15g/t in the December quarter from 1.14g/t in the
September quarter.

Total tonnes mined, including capital waste stripping, increased by 1%
to 21.9 million tonnes in December quarter from 21.7 million tonnes
in September quarter due to improved equipment performance. Ore
mined increased by 12% to 2.9 million tonnes in December quarter from

2.6 million tonnes in September quarter. Capital waste increased by
9% to 14.0 million tonnes in the December quarter from 12.8 million
tonnes in the September quarter. Operational waste decreased by 21%
to 4.9 million tonnes in December quarter from 6.3 million tonnes in
September quarter due to increased focus on capital waste mining to
exposed ore for January 2021.

Dec

2020

Sept

2020

Variance

Gold Fields Results

2020

The additional gold mined as a result of the December quarter face
positions was stockpiled in order to sustain gold production in 2021
as the focus on capital waste strip continues. Stockpile on hand at the
end of the December quarter was 9.9Mt at an average grade of 0.83g/t
compared to 10.5Mt at an average grade of 0.76g/t at the end of the
September quarter.

All-in cost decreased by 9% to US$996/oz in the December quarter
from US$1,099/oz in the September quarter due to lower cost of sales
before amortisation and depreciation and lower capital expenditure.

Capital expenditure decreased by 8% to US$38.2m in the December
quarter from US$41.5m in the September quarter.

Dec

2020

Sept

2020

Variance

Ore mined

000

tonnes

2,204

2,265

(3)%

Waste (Capital)

000

tonnes

—

—%

Waste (Operational)

000

tonnes

5,254

5,609

(6)%

Total waste mined

000

tonnes

5,254

5,609

(6)%

Total tonnes mined

000

tonnes

7,458

7,874

(5)%

Strip ratio

waste/

ore

2.4

2.5

(4)%

Grade mined

g/t

1.81

1.57

15%

Gold mined

000’oz

128.0

114.6

12%

Tonnes milled

000

tonnes

1,205

1,167

Yield

g/t

1.89

1.65

15%

Gold produced

000’oz

73.3

61.9

19%

Gold sold

000’oz

73.3

61.9

19%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

824

710

16%

AIC

US$/oz

824

732

13%

Sustaining capital

expenditure

US$m

4.9

5.3

(7)%

Non-sustaining

expenditure

US$m

—

1.4

(100)%

Total capital expenditure

US$m

4.9

6.6

(26)%

Gold production increased by 19% to 73,300oz in the December quarter
from 61,900oz in the September quarter mainly due to higher yield and
mill throughput. Yield increased by 15% to 1.89g/t in the December
quarter from 1.65g/t in the September quarter due to higher grades
mined from Damang Pit Cutback (DPCB), as mining progressed into
the main ore body. The ore mined from DPCB was predominantly within
the highly mineralised lithologies after mining transitioned through the
bulk of the remaining Huni Sandstone during the quarter.

Total tonnes mined decreased by 5% to 7.5Mt in the December quarter
from 7.9Mt in the September quarter in line with the plan. Ore tonnes
mined also decreased by 3% to 2.2Mt in the December quarter from
2.3Mt in the September quarter.

Ore tonnes mined remained higher than tonnes processed. This is
in line with the mining sequence as per the Damang reinvestment
project (DRP) whereby more ore tons are mined during the current
stage to ensure enough ore is available for a consistent plant feed at
approximately 4.5Mt per annum going forward as mining progresses
deeper into the pit and physical space at the bottom of the pit becomes
confined.

Gold mined increased by 12% to 128.0koz in the December quarter
from 114.6koz in the September quarter due to higher grade mined in
the exposed ore areas.

Mined grade increased by 15% to 1.81g/t in the December quarter from
1.57g/t in the September quarter due to mining in the main orebody at
DPCB.

The December quarter gold mined of 128koz is on the back of 2.2Mt
mined at a grade of 1.81g/t. Given the plant capacity constraint and
timing of mining, only 1.2Mt was fed to the plant. Medium and lower
grades of ore were stockpiled while prioritising the highest grade ore
through the plant.

All-in cost increased by 13% to US$824/oz in the December quarter
from US$732/oz in the September quarter mainly due to higher cost
of sales before amortisation and depreciation resulting from a lower
gold in process credit of US$21m in the December quarter compared to
US$41m in the September quarter. This increase was partially offset by
higher gold sold and lower capital expenditure.

Sustaining capital expenditure decreased by 7% to US$4.9m in the
December quarter from US$5.3m in the September quarter due to
timing of expenditure. Non-sustaining capital expenditure decreased by
100% to nil in the December quarter from US$1.4m in the September
quarter due to timing of expenditure as the Far East Tailings Storage
Facility (FETSF) was completed ahead of schedule.

Asanko (Equity accounted Joint Venture)

Dec

2020

Sept

2020

Variance

Ore mined

000

tonnes

1,964

958

105%

Waste (Capital)

000

tonnes

1,175

3,161

(63)%

Waste (Operational)

000

tonnes

10,597

8,160

30%

Total waste mined

000

tonnes

11,772

11,321

Total tonnes mined

000

tonnes

13,736

12,279

12%

Strip ratio

waste/

ore

6.0

11.8

(49)%

Grade mined

g/t

1.42

1.35

Gold mined

000’oz

89.4

41.6

115%

Tonnes milled

000

tonnes

1,438

1,467

(2)%

Yield

g/t

1.42

1.04

37%

Gold produced

000’oz

65.6

49.0

34%

Gold sold

000’oz

60.7

53.9

12%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

1,174

1,488

(21)%

AIC

US$/oz

1,418

1,760

(19)%

Sustaining capital

expenditure

US$m

9.7

7.0

40%

Non-sustaining

expenditure

US$m

12.5

12.1

Total capital expenditure

US$m

22.2

19.1

17%

All figures in table on a 100% basis.

Gold production increased by 34% to 65,600oz (100% basis) in the
December quarter from 49,000oz (100% basis) in the September
quarter mainly due to higher yield. Yield increased by 37% to 1.42g/t in
the December quarter from 1.04g/t in the September quarter.

Total tonnes mined increased by 12% to 13.7Mt in the December
quarter from 12.3Mt in the September quarter on the back of improved
contractor equipment performance. Ore tonnes mined increased by
105% to 2Mt in the December quarter from 1Mt in the September
quarter as more ore was exposed and mined from Esaase main and
Akwasiso pits.

Waste tonnes mined increased by 4% to 11.8Mt in the December quarter
from 11.3Mt in the September quarter. This was in line with sustained
waste stripping for exposure of ore source.

Gold Fields Results

2020

All-in cost decreased by 19% to US$1,418/oz in the December quarter
from US$1,760/oz in the September quarter due to higher ounces sold
and lower cost of sales before amortisation and depreciation, partially
offset by higher capital expenditure.

Sustaining capital expenditure increased by 40% to US$9.7m in the
December quarter from US$7.0m in the September quarter mainly
due to timing of expenditure on the TSF raise. Non-sustaining capital
expenditure increased by 4% to US$12.5m in the December quarter
from US$12.1m in the September quarter due to timing of expenditure
on the Tetrem re-allocation project (Tetrem RAP).

South America region

Peru

Cerro Corona

A waste recovery plan commenced in the December quarter, which
included the development of the 5th mining front by increasing the
mining fleet (1 excavator and 8 trucks). However, irrespective of the
fact that total tonnes mined increased by 22% to 5.3Mt in the December
quarter from 4.3Mt in the September quarter, it was not possible to
achieve the recovery plan due to the COVID-19 2nd wave and the
abnormally high impact of the rainy season. The objective of the waste
recovery plan is to mitigate part of the COVID-19 impacts during 2020
and recover part of the 9Mt delayed tonnes. The recovery will take place
over the next 3 years, at a rate of 3Mtn per year of accelerated stripping
and low grade stockpile build-up

Gold yield decreased by 13% to 0.48g/t in the December quarter from
0.56g/t in the September quarter although gold grade mined was higher
by 11%. The decrease was mainly due to a decrease in gold recovery of
12% due to the high arsenic content and the processing of about 0.4Mt
of low grade stockpiles The copper yield increased by 3% to 0.37% in
the December quarter from 0.36% in the September quarter on the back
of an increase in copper head grade processed at a similar recovery.

All-in cost per gold ounce increased by 40% to US$834/oz in the
December quarter from US$594/oz in the September quarter driven by
higher operating expenses due to higher tonnes mined, negative impact
of inventory, drawdown of low grade ore and higher capital expenditure
driven by accelerated construction of waste storage facilities and
infrastructure relocation as part of the 2030 LoM plan, partially offset by
higher gold ounces sold. All-in cost per equivalent ounce increased by
21% to US$1,392 per equivalent ounce in the December quarter from
US$1,146 per equivalent ounce in the September quarter due to the
same reasons above.

Chile
Salares Norte
Gold Fields spent US$65m at Salares Norte during Q4 2020 comprising
US$55m in capital expenditure, US$8m on exploration and US$2m
investment in working capital. Construction progressed 6.8% during
the quarter vs. plan of 5.0%, while total project progress was also
ahead of plan at 7.6% (plan: 6.3%). Detailed engineering progressed
11.9% during the quarter against plan of 7.0%, contributing to project
engineering being 97.2% complete at 31 December (plan: 90.0%).

Camp Phase II construction remained three months ahead of schedule
throughout the course of Q4 and an additional dormitory was built to
accommodate COVID-19 distancing protocols. Diversion channel
earthworks and precast installation were completed during the quarter,
while the mine pioneering works and equipment mobilisation progressed
as planned and positioned the team to begin pre stripping activities in
January 2021. Mass earthworks construction began in earnest during
Q4 2020 with the contractor focusing their efforts on the plant and truck
shop areas.

During Q4 2020, Gold Fields spent US$8.4m on district exploration and
drilled a total of 2,815 metres.

Gold equivalent gold production decreased by 5% to 47,900oz in the
December quarter from 50,500oz in the September quarter due to lower
tonnes processed and lower gold recovery as a result of higher arsenic
content.

Dec

2020

Sept

2020

Variance

Ore mined

000

tonnes

1,343

1,700

(21)%

Waste mined

000

tonnes

3,975

2,645

50%

Total tonnes mined

000

tonnes

5,319

4,345

22%

Grade mined – gold

g/t

0.96

0.87

11%

Grade mined – copper

per cent

0.47

0.40

17%

Gold mined

000’oz

41.5

47.5

(13)%

Copper mined

000

tonnes

6,265

6,799

(8)%

Tonnes milled

000

tonnes

1,680

1,751

(4)%

Gold recovery

per cent

59.1

67.1

(12)%

Copper recovery

per cent

87.2

87.2

—%

Yield – Gold

g/t

0.48

0.56

(13)%

– Copper

per cent

0.37

0.36

– Combined

eq g/t

0.89

0.90

(1)%

Gold produced

000’oz

25.0

30.1

(17)%

Copper produced

tonnes

5,895

5,973

(1)%

Total equivalent gold

produced

000’

eq oz

47.9

50.5

(5)%

Total equivalent gold sold

000’

eq oz

51.9

40.6

28%

AISC – revised

interpretation guidance

(WGC November 2018)

US$/oz

513

271

90%

AISC

US$/

eq oz

1,220

953

28%

AIC

US$/oz

834

594

40%

AIC

US$/

eq oz

1,392

1,146

21%

Sustaining capital

expenditure

US$m

9.6

5.2

85%

Non-sustaining

expenditure

US$m

8.4

7.4

13%

Total capital expenditure

US$m

18.0

12.6

43%

Gold Fields Results

2020

Australia region

St Ives

Dec

2020

Sept

2020

Variance

Underground

Ore mined

000

tonnes

428

467

(8)%

Waste mined

000

tonnes

167

161

Total tonnes mined

000

tonnes

596

628

(5)%

Grade mined

g/t

5.15

5.64

(9)%

Gold mined

000’oz

70.9

84.7

(16)%

Surface

Ore mined

000

tonnes

446

461

(3)%

Surface waste (Capital)

000

tonnes

883

7952%

Surface waste
(Operational)

000

tonnes

751

1,628

(54)%

Total waste mined

000

tonnes

1,634

1,639

—%

Total tonnes mined

000

tonnes

2,080

2,100

(1)%

Grade mined

g/t

2.74

1.76

56%

Gold mined

000’oz

39.2

26.1

51%

Strip ratio

waste/ore

3.7

3.6

Total (Underground and
Surface)

Total ore mined

000

tonnes

874

929

(6)%

Total grade mined

g/t

3.92

3.71

Total tonnes mined

000

tonnes

2,676

2,728

(2)%

Total gold mined

000’oz

110.1

110.8

(1)%

Tonnes milled

000

tonnes

1,180

1,122

Yield – underground

g/t

4.26

4.18

Yield – surface

g/t

1.64

1.24

32%

Yield – combined

g/t

2.80

2.51

12%

Gold produced

000’oz

106.4

90.5

18%

Gold sold

000’oz

109.8

86.9

26%

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,123

1,071

US$/oz

816

785

AIC

A$/oz

1,160

1,149

US$/oz

843

839

Sustaining capital
expenditure

A$m

23.7

15.0

58%

US$m

17.2

11.2

54%

Non-sustaining capital
expenditure

A$m

4.1

6.7

(39)%

US$m

3.0

4.7

(36)%

Total capital
expenditure

A$m

27.8

21.7

28%

US$m

20.2

15.8

28%

Gold production increased by 18% to 106,400oz in the December
quarter from 90,500oz in the September quarter due to increased total
tonnes processed and increased grade of open pit ore mined.

Grade mined from the underground mines decreased by 9% to 5.15g/t
in the December quarter from 5.64g/t in the September quarter due to
reduced volumes from the high-grade areas of the Hamlet North mine.

Capital waste tonnes mined in the open pits increased to 883,000t in
the December quarter from 11,000t in the September quarter, with pre-
strip activities at Neptune stage 7 pit commencing during the December
quarter. Operational waste tonnes decreased by 54% to 0.75Mt in the
December quarter from 1.6Mt in the September quarter with emphasis
on pre-strip activities at Neptune stage 7 pit.

Surface mined grade increased by 56% to 2.74g/t in the December
quarter from 1.76g/t in the September quarter with high grade ore
sourced from Neptune stage 6 pit.

All-in cost increased by 1% to A$1,160/oz (US$843/oz) in the December
quarter from A$1,149/oz (US$839/oz) in the September quarter
due to increased capital expenditure and higher cost of sales before
amortisation and depreciation, partially offset by increased gold sold.

Capital expenditure increased by 28% to A$28m (US$20m) in the
December quarter from A$22m (US$16m) in the September quarter
following the commencement of Neptune stage 7 pre-strip activities
during the December quarter. Non-sustaining capital expenditure
decreased by 39% to A$4m (US$3m) in the December quarter from
A$7m (US$5m) in the September quarter due to decreased near mine
exploration drilling in the December quarter.

Agnew

Dec

2020

Sept

2020

Variance

Underground ore mined

000

tonnes

296

297

—%

Underground waste mined

000

tonnes

170

184

(7)%

Total tonnes mined

000

tonnes

466

480

(3)%

Grade mined –
underground

g/t

6.89

6.39

Gold mined

000’oz

65.5

61.0

Tonnes milled

000

tonnes

324

334

(3)%

Yield

g/t

6.26

5.78

Gold produced

000’oz

65.3

62.1

Gold sold

000’oz

69.6

58.4

19%

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,226

1,448

(15)%

US$/oz

893

1,039

(14)%

AIC

A$/oz

1,244

1,513

(18)%

US$/oz

907

1,085

(16)%

Sustaining capital
expenditure

A$m

13.2

16.8

(21)%

US$m

9.7

12.0

(19)%

Non-sustaining capital
expenditure

A$m

1.2

3.8

(67)%

US$m

1.0

2.7

(63)%

Total capital
expenditure

A$m

14.4

20.6

(30)%

US$m

10.7

14.7

(27)%

Gold Fields Results

2020

Granny Smith

Gruyere

2020

2020 Variance

000

Dec

2020

Sept

2020

Variance

Underground ore mined

000

tonnes

424

405

Underground waste mined

000

tonnes

165

180

(9)%

Total tonnes mined

000

tonnes

589

586

Grade mined –
underground

g/t

5.28

5.63

(6)%

Gold mined

000’oz

72.0

73.3

(2)%

Tonnes milled

000

tonnes

417

425

(2)%

Yield

g/t

4.96

5.06

(2)%

Gold produced

000’oz

66.4

69.1

(4)%

Gold sold

000’oz

68.8

62.5

10%

AISC – revised
interpretation guidance
(WGC November 2018)

A$/oz

1,413

1,342

US$/oz

1,023

965

AIC

A$/oz

1,463

1,451

US$/oz

1,062

1,044

Sustaining capital
expenditure

A$m

18.9

18.4

US$m

13.7

13.0

Non-sustaining capital
expenditure

A$m

3.4

6.8

(49)%

US$m

2.7

4.9

(46)%

Total capital expenditure

A$m

22.3

25.1

(11)%

US$m

16.3

18.0

(9)%

Gold production decreased by 4% to 66,400oz in the December quarter
from 69,100oz in the September quarter due to decreased grades
mined and processed.

Grade mined decreased by 6% to 5.28g/t in the December quarter from
5.63g/t in the September quarter with lower grade stopes mined during
the quarter, in line with the mining sequence. In addition, high grade
development ore was mined in the September quarter.

All-in cost increased by 1% to A$1,463/oz (US$1,062/oz) in the
December quarter from A$1,451/oz (US$1,044/oz) in the September
quarter due to higher cost of sales before amortisation and depreciation,
partially offset by lower capital expenditure and an increase in gold sold.

Capital expenditure decreased by 11% to A$22m (US$16m) in the
December quarter from A$25m (US$18m) in the September quarter.
Non-sustaining capital expenditure decreased by 49% to A$3m (US$3m)
in the December quarter from A$7m (US$5m) September quarter due to
decreased non sustaining exploration drilling in the December quarter.

Mine physicals in table on a 100% basis.

Gold production increased by 27% to 70,800oz in the December quarter
from 55,900oz in the September quarter due to increased grade of ore
mined and processed, as well as increased ore processed.

Mining activity increased during the quarter, following a build-up of
contractor mobile equipment on site during the September quarter with
mining operations moving into Stages 2 and 3.

Ore tonnes mined increased by 22% to 2.27Mt in the December quarter
from 1.86Mt in the September quarter with the bulk of ore from Stage
1 of the pit.

Capital waste mined increased by 10% to 5.66Mt in the December
quarter from 5.14Mt in the September quarter with pre-strip activities at
Stages 2 and 3 of the pit continuing.

Operational waste mined decreased by 26% to 0.41Mt in the December
quarter from 0.55Mt in the September quarter due to the lower strip ratio
of Stage 1 of the pit.

Yield increased by 14% to 1.05g/t in the December quarter from 0.92g/t
in the September quarter following the increased grade of ore mined
from Stage 1 of the pit.

Tonnes processed increased by 12% to 2.11Mt in the December quarter
from 1.89Mt in the September quarter with increased availability at the
processing plant following an extended planned shutdown and a ball
mill bearing failure in the September quarter.

All-in cost decreased by 12% to A$1,340/oz (US$971/oz) in the
December quarter from A$1,518/oz (US$1,085/oz) in the September
quarter due to higher gold sold and lower capital expenditure, partially
offset by higher cost of sale before amortisation and depreciation.

Capital expenditure (on a 50% basis) decreased by 6% to A$12m
(US$9m) in the December quarter from A$13m (US$9m) in the
September quarter with a reduction in costs associated with the first
tailings facility lift which is now complete.

000

Ore mined

tonnes

000

Waste (Capital)

tonnes

000

Waste (Operational)

tonnes

000

Total waste mined

tonnes

000

Total tonnes mined

tonnes

Grade mined

g/t

Gold mined

000’oz

waste/

Strip ratio

ore

000

Tonnes milled

tonnes

Yield

g/t

Gold produced

000’oz

Gold sold

000’oz

AISC – revised

A$/oz

interpretation guidance

(WGC November 2018)

US$/oz

AIC

A$/oz

US$/oz

Sustaining capital

A$m

expenditure – 50% basis

US$m

Non-sustaining capital

A$m

expenditure – 50% basis

US$m

Total capital expenditure –

A$m

50% basis

US$m

2,268

1,858

22%

5,656

5,140

10%

407

548

(26)%

6,063

5,688

8,331

7,546

10%

1.18

1.03

15%

86.4

61.4

41%

2.7

3.1

2,106

1,889

12%

1.05

0.92

14%

70.8

55.9

27%

69.2

56.8

22%

1,324

1,505

(12)%

960

1,076

(11)%

1,340

1,518

(12)%

971

1,085

(11)%

11.7

12.7

(8)%

8.4

8.9

(5)%

0.6

0.3

59%

0.4

0.3

57%

12.3

13.1

(6)%

8.8

9.2

(3)%

Gold Fields Results

2020

SALIENT FEATURES AND COST BENCHMARKS

United States Dollars

Figures are in millions
unless otherwise stated

Total
Mine

operations

including

equity

accounted

Joint Venture

Total
Mine

operations

excluding

equity

accounted

Joint Venture

South

African
Region

West Africa

Region

South

America
Region

Ghana

Peru

South

Deep

Asanko

Total Tarkwa

Damang

45%

Cerro

Corona

Operating results

Dec 2020

10,700

10,053

741

5,304

3,452

1,205

647

1,680

Ore milled/treated

(000 tonnes)

Sept 2020

Dec 2019

10,433

10,519

9,773

9,861

563

5,295

5,254

3,468

3,426

1,167

1,171

660

657

1,751

1,722

Dec 2020

1.8

2.6

1.3

1.1

1.9

1.4

0.9

Yield (grams per tonne)

Sept 2020

1.7

1.8

3.6

1.2

1.1

1.6

1.0

0.9

Dec 2019

1.8

3.8

1.2

1.1

1.2

1.4

1.3

Dec 2020

613.0

583.4

61.5

230.1

127.2

73.3

29.5

47.9

Gold produced (000 managed

equivalent ounces)

Sept 2020

Dec 2019

576.3

607.3

554.2

577.6

64.9

69.4

211.2

197.5

127.3

120.9

61.9

46.9

22.0

29.8

50.5

70.8

Dec 2020

625.7

598.4

63.2

227.9

127.2

73.3

27.3

51.9

Gold sold (000 managed equivalent

ounces)

Sept 2020

Dec 2019

556.1

610.9

531.9

581.2

65.9

73.5

213.5

197.5

127.3

120.9

61.9

46.9

24.3

29.7

40.6

74.8

Dec 2020

(405.8)

(384.3)

(67.0)

(118.6)

(57.2)

(40.0)

(21.4)

(47.6)

Cost of sales before amortisation and

depreciation (million)

Sept 2020

Dec 2019

(368.4)

(402.2)

(337.7)

(377.9)

(58.6)

(60.7)

(137.0)

(148.2)

(77.6)

(75.6)

(28.6)

(48.4)

(30.7)

(24.2)

(28.1)

(42.1)

Cost of sales before gold inventory

Dec 2020

change and amortisation and
depreciation (dollar per tonne)

Sept 2020

Dec 2019

102

107

Dec 2020

(128.2)

(123.8)

(22.1)

(47.4)

(38.2)

(4.9)

(4.4)

(9.6)

Sustaining capital (million)

Sept 2020

(107.9)

(104.8)

(7.7)

(49.9)

(41.5)

(5.3)

(3.1)

(5.2)

Dec 2019

(88.8)

(86.7)

(7.6)

(32.1)

(30.1)

0.1

(2.1)

(16.6)

Dec 2020

(24.3)

(18.7)

(3.2)

(5.6)

—

(5.6)

(8.4)

Non-sustaining capital (million)

Sept 2020

(28.1)

(22.7)

(1.3)

(6.8)

—

(1.4)

(5.4)

(7.4)

Dec 2019

(42.5)

(39.9)

—

(10.3)

—

(7.7)

(2.6)

(7.6)

Dec 2020

(152.5)

(142.5)

(25.3)

(53.0)

(38.2)

(4.9)

(10.0)

(18.0)

Total capital expenditure (million)

Sept 2020

(136.0)

(127.5)

(9.0)

(56.7)

(41.5)

(6.7)

(8.5)

(12.6)

Dec 2019

(131.3)

(126.6)

(7.6)

(42.4)

(30.1)

(7.6)

(4.7)

(24.2)

Dec 2020

964

954

1,443

962

996

824

1,174

513

All-in sustaining costs

(dollar per ounce)

Sept 2020

Dec 2019

956

854

930

847

1,055

932

1,030

1,024

1,099

989

710

1,149

1,488

969

271

412

Dec 2020

1,007

988

1,494

991

996

824

1,418

834

Total all-in cost (dollar per ounce)

Sept 2020

1,011

975

1,075

1,068

1,099

732

1,760

594

Dec 2019

932

923

932

1,082

989

1,313

1,094

628

Average exchange rates were US$1 = R15.61, US$1 = R16.91 and US$1 = R14.78 for the December 2020, September 2020 and December 2019 quarters, respectively.

The Australian/US Dollar exchange rates were A$1 = US$0.73, A$1 = US$0.72 and A$1 = US$0.68 for the December 2020, September 2020 and December 2019 quarters, respectively.
Figures may not add as they are rounded independently.

Equity accounted Joint Venture.

Includes Gold Fields 45% share of deferred stripping of US$3.3m and US$1.5m (100% basis US$7.3m and US$3.4m) for the December 2020 and September 2020 quarters, respectively.

Gold Fields Results

2020

SALIENT FEATURES AND COST BENCHMARKS (continued)

United States Dollars

Australian Dollars

South

African

Rand

Figures are in millions
unless otherwise stated

Australia

Region

Australia

Region

South

Africa
Region

Australia

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

South

Deep

Operating results

Dec 2020

2,974

1,180

324

417

1,053

2,974

1,180

324

417

1,053

741

Ore milled/treated

(000 tonnes)

Sept 2020

Dec 2019

2,825

2,980

1,122

1,145

334

338

425

471

944

1,026

2,825

2,980

1,122

1,145

334

338

425

471

944

1,026

563

Dec 2020

2.9

2.8

6.3

5.0

1.0

2.9

2.8

6.3

5.0

1.0

2.6

Yield (grams per tonne)

Sept 2020

2.7

2.5

5.8

5.1

0.9

2.7

2.5

5.8

5.1

0.9

3.6

Dec 2019

2.8

2.9

5.1

4.7

1.1

2.8

2.9

5.1

4.7

1.1

3.8

Dec 2020

273.4

106.4

65.3

66.4

35.4

273.4

106.4

65.3

66.4

35.4

1,914

Gold produced (000 managed equivalent

ounces)

Sept 2020

Dec 2019

249.6

269.6

90.5

107.8

62.1

55.7

69.1

71.1

28.0

35.0

249.6

269.6

90.5

107.8

62.1

55.7

69.1

71.1

28.0

35.0

2,019

2,159

Dec 2020

282.8

109.8

69.6

68.8

34.6

282.8

109.8

69.6

68.8

34.6

1,965

Gold sold (000 managed equivalent

ounces)

Sept 2020

Dec 2019

236.2

265.2

86.9

101.9

58.4

62.5

71.1

28.4

33.7

236.2

265.2

86.9

101.9

58.4

62.5

71.1

28.4

33.7

2,049

2,286

Dec 2020

(172.6)

(62.3)

(43.2)

(47.3)

(19.9)

(237.6)

(85.6)

(59.3)

(65.3)

(27.3)

(1,055.4)

Cost of sales before amortisation and

depreciation (million)

Sept 2020

Dec 2019

(144.7)

(151.2)

(48.2)

(53.1)

(40.5)

(44.2)

(38.7)

(40.2)

(17.3)

(13.7)

(199.6)

(221.0)

(65.7)

(77.9)

(56.3)

(64.6)

(53.6)

(58.8)

(23.9)

(19.7)

(990.1)

(897.3)

Cost of sales before gold inventory change

Dec 2020

123

111

168

152

1,429

and amortisation and depreciation (dollar
per tonne)

Sept 2020

Dec 2019

115

124

101

159

182

141

122

1,726

1,581

Dec 2020

(49.1)

(17.2)

(9.7)

(13.7)

(8.4)

(67.6)

(23.7)

(13.2)

(18.9)

(11.7)

(357.1)

Sustaining capital (million)

Sept 2020

(45.1)

(11.2)

(12.0)

(13.0)

(8.9)

(62.9)

(15.0)

(16.8)

(18.4)

(12.7)

(130.6)

Dec 2019

(32.6)

(12.1)

(5.9)

(9.3)

(5.2)

(47.5)

(17.7)

(8.8)

(13.6)

(7.5)

(112.1)

Dec 2020

(7.1)

(3.0)

(1.0)

(2.7)

(0.4)

(9.3)

(4.1)

(1.2)

(3.4)

(0.6)

(52.3)

Non-sustaining capital (million)

Sept 2020

(12.6)

(4.7)

(2.7)

(4.9)

(0.3)

(17.7)

(6.7)

(3.8)

(6.8)

(0.3)

(22.3)

Dec 2019

(24.6)

(11.7)

(0.2)

(12.7)

—

(36.4)

(17.2)

(0.7)

(18.5)

—

Dec 2020

(56.2)

(20.2)

(10.7)

(16.4)

(8.8)

(76.9)

(27.8)

(14.4)

(22.3)

(12.3)

(409.4)

Total capital expenditure (million)

Sept 2020

(57.7)

(15.9)

(14.7)

(17.9)

(9.2)

(80.6)

(21.7)

(20.6)

(25.2)

(13.0)

(152.9)

Dec 2019

(57.2)

(23.8)

(6.1)

(22.0)

(5.2)

(83.9)

(34.9)

(9.5)

(32.1)

(7.5)

(112.1)

Dec 2020

903

816

893

1,023

960

1,243

1,123

1,226

1,413

1,324

734,814

All-in sustaining costs (dollar per ounce)

Sept 2020

931

785

1,039

965

1,076

1,288

1,071

1,448

1,342

1,505

572,447

Dec 2019

775

702

939

787

683

1,131

1,028

1,374

1,150

983

443,563

Dec 2020

928

843

907

1,062

971

1,276

1,160

1,244

1,463

1,340

761,455

Total all-in cost (dollar per ounce)

Sept 2020

984

839

1,085

1,044

1,085

1,363

1,149

1,513

1,451

1,518

583,344

Dec 2019

868

817

943

966

684

1,269

1,197

1,385

1,411

983

443,563

Average exchange rates were US$1 = R15.61, US$1 = R16.91 and US$1 = R14.78 for the December 2020, September 2020 and December 2019 quarters, respectively.

Gold Fields Results

2020

UNDERGROUND AND SURFACE

Total Mine

South

operations

Africa

America

including Region

West Africa Region

Region

Australia Region

equity

Ghana

Peru

Australia

accounted

Imperial ounces with metric

Joint

South

Asanko

Cerro

Granny

Gruyere

tonnes and grade

Venture

Deep

Total Tarkwa Damang

45%

Corona

Total

St Ives Agnew

Smith

50%

Tonnes mined

Dec 2020

1,452

304

—

1,148

428

296

424

—

(000 tonnes)*

– underground ore

Sept 2020

Dec 2019

1,511

1,452

341

302

—

1,169

1,150

467

380

297

333

405

437

—

Dec 2020

547

—

502

167

170

165

—

– underground waste

Sept 2020

550

—

525

161

184

180

—

Dec 2019

528

—

514

237

118

158

—

Dec 2020

8,933

—

6,010

2,922

2,204

884

1,343

1,580

446

—

1,134

– surface ore

Sept 2020

8,399

—

5,309

2,613

2,265

431

1,700

1,390

461

—

929

Dec 2019

9,253

—

4,966

3,351

983

633

2,273

2,014

919

—

1,095

Dec 2020

10,932

349

6,010

2,922

2,204

884

1,343

3,231

1,041

466

589

1,134

– total

Sept 2020

10,460

366

5,309

2,613

2,265

431

1,700

3,085

1,090

480

586

929

Dec 2019

11,233

317

4,966

3,351

983

633

2,273

3,677

1,536

451

595

1,095

Grade mined

Dec 2020

5.8

6.3

—

5.6

5.1

6.9

5.3

—

(grams per tonne)

Sept 2020

– underground ore

Dec 2019

5.9

5.3

6.4

6.5

—

5.8

5.0

5.6

4.3

6.4

5.7

5.6

5.2

—

Dec 2020

1.5

—

1.6

1.5

1.8

1.4

1.0

1.6

2.7

—

1.2

– surface ore

Sept 2020

1.3

—

1.5

1.4

1.6

1.4

0.9

1.3

1.8

—

1.0

Dec 2019

1.3

—

1.3

1.2

1.6

1.0

1.5

2.1

—

0.9

Dec 2020

2.0

5.5

1.6

1.5

1.8

1.4

1.0

3.3

3.9

6.9

5.3

1.2

– total

Sept 2020

2.0

5.9

1.5

1.4

1.6

1.4

0.9

3.4

3.7

6.4

5.6

1.0

Dec 2019

1.7

6.2

1.3

1.2

1.6

1.0

2.8

5.7

5.2

0.9

Gold mined

Dec 2020

269.9

61.6

—

208.4

70.9

65.5

72.0

—

(000 ounces)*

– underground ore

Sept 2020

Dec 2019

288.9

249.6

69.9

63.6

—

219.0

186.0

84.7

52.8

61.0

60.9

73.3

72.4

—

Dec 2020

436.7

—

312.8

144.6

128.0

40.2

41.5

82.4

39.2

—

43.2

– surface ore

Sept 2020

355.3

—

251.0

117.7

114.6

18.7

47.5

56.8

26.1

—

30.7

Dec 2019

381.3

—

213.4

130.5

49.7

33.2

72.6

95.3

62.8

—

32.5

Dec 2020

706.6

61.6

312.8

144.6

128.0

40.2

41.5

290.8

110.1

65.5

72.0

43.2

– total

Sept 2020

644.2

69.9

251.0

117.7

114.6

18.7

47.5

275.8

110.8

61.0

73.3

30.7

Dec 2019

630.9

63.6

213.4

130.5

49.7

33.2

72.6

281.3

115.6

60.9

72.4

32.5

Ore milled/treated

Dec 2020

1,588

324

—

1,264

523

324

417

—

(000 tonnes)

Sept 2020

– underground ore

Dec 2019

1,571

1,545

329

342

—

1,242

1,203

483

393

334

338

425

471

—

Dec 2020

—

– underground waste

Sept 2020

—

Dec 2019

—

Dec 2020

9,074

380

5,304

3,452

1,205

647

1,680

1,710

657

—

1,053

– surface ore

Sept 2020

8,856

228

5,295

3,468

1,167

660

1,751

1,583

639

—

944

Dec 2019

8,972

219

5,254

3,426

1,171

657

1,722

1,777

752

1,026

Dec 2020

10,700

741

5,304

3,452

1,205

647

1,680

2,974

1,180

324

417

1,053

– total

Sept 2020

10,433

563

5,295

3,468

1,167

660

1,751

2,825

1,122

334

425

944

Dec 2019

10,519

563

5,254

3,426

1,171

657

1,722

2,980

1,145

338

471

1,026

Yield

Dec 2020

5.2

5.8

—

5.0

4.3

6.3

5.0

—

(Grams per tonne)

Sept 2020

– underground ore

Dec 2019

5.2

5.0

6.1

6.2

—

4.9

4.6

4.2

4.1

5.8

5.1

4.7

—

Dec 2020

1.2

0.1

1.3

1.1

1.9

1.4

0.9

1.3

1.6

—

1.0

– surface ore

Sept 2020

1.1

0.1

1.2

1.1

1.6

1.0

0.9

1.1

1.2

—

0.9

Dec 2019

1.2

0.1

1.2

1.1

1.2

1.4

1.3

1.6

2.3

—

1.1

Dec 2020

1.8

2.6

1.3

1.1

1.9

1.4

0.9

2.9

2.8

6.3

5.0

1.0

– combined

Sept 2020

1.7

3.6

1.2

1.1

1.6

1.0

0.9

2.7

2.5

5.8

5.1

0.9

Dec 2019

1.8

3.8

1.2

1.1

1.2

1.4

1.3

2.8

2.9

5.1

4.7

1.1

Gold produced

Dec 2020

263.3

60.0

—

203.3

71.6

65.3

66.4

—

(000 ounces)*

– underground ore

Sept 2020

Dec 2019

260.4

247.3

64.3

68.7

—

196.1

178.6

64.9

51.8

62.1

55.7

69.1

71.1

—

Dec 2020

349.7

1.6

230.1

127.2

73.3

29.5

47.9

70.1

34.7

—

35.4

– surface ore

Sept 2020

315.9

0.6

211.2

127.3

61.9

22.0

50.5

53.5

25.5

—

28.0

Dec 2019

360.0

0.7

197.5

120.9

46.9

29.8

70.8

91.1

56.1

—

35.0

Dec 2020

613.0

61.5

230.1

127.2

73.3

29.5

47.9

273.4

106.4

65.3

66.4

35.4

– total

Sept 2020

576.3

64.9

211.2

127.3

61.9

22.0

50.5

249.6

90.5

62.1

69.1

28.0

Dec 2019

607.3

69.4

197.5

120.9

46.9

29.8

70.8

269.6

107.8

55.7

71.1

35.0

Cost of sales before

Dec 2020

115

166

—

101

123

111

—

gold inventory change

Sept 2020

and amortisation and

depreciation (dollar per

tonne) – underground

Dec 2019

114

113

168

174

—

100

115

124

101

—

Dec 2020

—

– surface

Sept 2020

—

Dec 2019

—

Dec 2020

123

111

– total

Sept 2020

102

115

101

Dec 2019

107

124

* Excludes surface material at South Deep.

Gold Fields Results

2020

CERTAIN FORWARD-LOOKING STATEMENTS

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

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

• changes in the market price of gold, and to a lesser extent copper and silver;

• material changes in the value of Rand and non-U.S. dollar currencies;

• difficulties, operational delays, cost pressures and impact from labour relations following its restructuring at the South Deep operation in South Africa;

• the ability of the Group to comply with requirements that it provide benefits to affected communities;

• the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new

legislation affecting mining and mineral rights;

• court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mineral rights legislation and

the treatment of health and safety claims;

• the challenges associated with replacing annual mineral reserve and resource depletion as well as growing its reserve and resource base to extend

the life of operations;

• the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures;

• the success of the Group’s business strategy, development activities and other initiatives, particularly at Damang and the Salares Norte project;

• changes in technical and economic assumptions underlying Gold Fields’ mineral reserve estimates;

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

• changes in health and safety regulations that could lead to claims or liability for regulatory breaches;

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

• loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation among Historically Disadvantaged

Persons in management positions;

• power cost increases as well as power stoppages, fluctuations and usage constraints;

• regulation of greenhouse gas emissions and climate change;

• high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive conditions;

• the ability of the Group to protect its information technology and communication systems and the personal data it retains as well as the failure of

such systems;

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

• the occurrence of future acid mine drainage related pollution;

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

deposits;

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

• downgrades in the credit rating of South Africa and its impact on Gold Fields’ ability to secure financing;

• reliance on outside contractors to conduct some of its operations;

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

• the inability to modernise operations and remain competitive within the mining industry;

• the effects of regional re-watering at South Deep;

• the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;

• actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields’ operations that leads to censure, penalties

or negative reputational impacts;

• the occurrence of labour disruptions and industrial actions;

• the adequacy of the Group’s insurance coverage;

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

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

• the costs and burdens associated with tenements in Australia which are subject to native title claims, including any compensation payable to native

title holders;

• the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);

• the identification of a material weakness in disclosure and internal controls over financial reporting;

• difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, for shareholders outside South Africa;

• liquidity risks in trading ordinary shares on JSE Limited;

• Gold Fields’ ability to pay dividends or make similar payments to its shareholders; and

• shareholders’ equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

Gold Fields Results

2020

INDEPENDENT AUDITOR’S REVIEW REPORT ON

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

To the shareholders of Gold Fields Limited

We have reviewed the condensed consolidated financial statements of Gold Fields Limited, set out on pages 22 to 32 of the preliminary report, which
comprise the condensed consolidated statement of financial position as at 31 December 2020 and the related condensed consolidated income
statement, statements of comprehensive income, changes in equity and cash flows for the year then ended, and selected explanatory notes.

Directors’ responsibility for the condensed consolidated financial statements

The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with the
requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in the ‘Basis of preparation’ note to the financial statements,
and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on these financial statements. We conducted our review in accordance with International Standard on
Review Engagements (ISRE) 2410, which applies to a review of historical financial information performed by the independent auditor of the entity.
ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements are not prepared
in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical
requirements.

A review of financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of
making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate the evidence obtained.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards
on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements of Gold Fields
Limited for the year ended 31 December 2020 are not prepared, in all material respects, in accordance with the requirements of the JSE Limited
Listings Requirements for preliminary reports, as set out in the ‘Basis of preparation’ note to the financial statements, and the requirements of the
Companies Act of South Africa.

Other matter

Unless stated otherwise, we have not reviewed future financial performance and expectations, including guidance provided, adjusted or normalised
financial information, production and sales volumes, yields, all-in sustaining costs, total all-in costs, other non-financial information, and information
not required by IAS 34 Interim Financial Reporting, expressed by the directors in the accompanying condensed consolidated financial statements and
accordingly do not express a conclusion thereon as part of this review.

PricewaterhouseCoopers Inc.
Director: PC Hough

Registered Auditor

Waterfall City

18 February 2021

Gold Fields Results

2020

ADMINISTRATION AND CORPORATE INFORMATION

Corporate Secretary

Anré Weststrate

Tel: +27 11 562 9719

Fax: +086 720 2704

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

Fax: +27 11 562 9829

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

P O Box 505000

Louisville, KY 40233 – 5000

Overnight correspondence should be sent to:

BNY Mellon

462 South 4th Street, Suite 1600
Louisville, KY40202

email: shrrelations@cpushareownerservices.com
Phone numbers

Tel: 888 269 2377 Domestic

Tel: 201 680 6825 Foreign

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 enquiries

Avishkar Nagaser

Tel: +27 11 562 9775

Mobile: +27 82 312 8692

email: avishkar.nagaser@goldfields.com

Thomas Mengel

Tel: +27 11 562 9849

Mobile: +27 72 493 5170

email: thomas.mengel@goldfields.com

Media enquiries

Sven Lunsche

Tel: +27 11 562 9763

Mobile: +27 83 260 9279

email: sven.lunsche@goldfields.com

Transfer secretaries

South Africa

Computershare Investor Services (Proprietary) Limited
Rosebank Towers

15 Biermann Avenue
Rosebank
Johannesburg

2196

PO Box 61051

Marshalltown
2107

Tel: +27 11 370 5000

Fax: +27 11 688 5248

United Kingdom

Link Asset Services
The Registry

34 Beckenham Road
Beckenham

Kent BR3 4TU
England

Tel: 0371 664 0300

If you are outside the United Kingdom please call (0) 371 664 0300

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. Business is open between 09:00 – 17:30, Monday to
Friday excluding public holidays in England and Wales.
email: shareholderenquiries@linkgroup.co.uk

Website

www.goldfields.com

Listings

JSE / NYSE / GFI

CA Carolus

†

(Chair) RP Menell

†

(Deputy Chair) NJ Holland*

•

(Chief Executive Officer) PA Schmidt

•

(Chief Financial Officer) A Andani

#†

PJ Bacchus*

†

TP Goodlace

†

C Letton

^†

P Mahanyele-Dabengwa

•

SP Reid

^†

YGH Suleman

†

Australian * British

Ghanaian

†

Independent Director

•

Non-independent Director

www.goldfields.com

This regulatory filing also includes additional resources:
goldfields_results.pdf
goldfields_results032n.gif

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

GFI Gold Fields Ltd