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• Total Production: 2.07 million attributable ounces.

• All-In Sustaining Cost: $1,629 per ounce.

• H2 Production Increase: 26% higher half-on-half.

• All-In Sustaining Cost Reduction: 12% lower half-on-half.

• Normalized Earnings: $1.2 billion, up 36% year-on-year.

• Free Cash Flow: $605 million, up 65% year-on-year.

• Net Debt to EBITDA: 0.73x.

• Final Dividend: ZAR7 per share, representing 80% of free cash flow.

• Average Realized Gold Price: $2,418 per ounce in 2024.

• Capital Expenditure: Increased due to investments in Windfall and St. Ives projects.

• Net Debt: Increased from $1 billion to $2.1 billion.

• Cash on Hand: $860 million at year-end.

• 2025 Production Guidance: Between 2.25 million and 2.45 million ounces.

• 2025 All-In Sustaining Cost Guidance: Between $1,500 and $1,650.

• Warning! GuruFocus has detected 7 Warning Sign with MFC.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Gold Fields Ltd (NYSE:GFI) reported a 36% year-on-year increase in normalized earnings, reaching $1.2 billion, supported by higher gold prices.

• The company achieved a 65% year-on-year increase in free cash flow, totaling $605 million.

• Gold Fields Ltd (NYSE:GFI) successfully ramped up the Salares Norte project, delivering a strong fourth quarter in line with revised guidance.

• The company returned a record dividend to shareholders, with a final dividend of ZAR7 per share, representing approximately 80% of free cash flow generated in 2024.

• Gold Fields Ltd (NYSE:GFI) is on track with its ESG commitments, making progress in areas such as gender diversity, renewable energy, and water stewardship.

Negative Points

• Gold Fields Ltd (NYSE:GFI) faced operational challenges in the first half of 2024, including two fatalities and weather-related disruptions, leading to a guidance revision.

• The company experienced an 8% year-on-year decrease in gold equivalent ounces due to various operational challenges.

• All-in sustaining costs increased significantly from 2023 to 2024, driven by lower gold sales and higher mining inflation.

• The acquisition of Osisko Mining led to an increase in net debt to EBITDA, reaching 0.73x.

• Gold Fields Ltd (NYSE:GFI) anticipates elevated capital expenditure in 2025, particularly due to investments in the Windfall and St. Ives renewable projects.

Q & A Highlights

Q: When do you expect the Salares Norte plant to reach steady-state production? A: Michael Fraser, CEO: We expect to achieve steady-state monthly production by the fourth quarter of 2025, transitioning into full-year nameplate production in 2026.