Gold Fields Limited
Reg. No. 1968/004880/06)
Incorporated in the Republic of South Africa)
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:ZAE000018123
(“Gold Fields” or the “Company”)


UPDATE ON THE DELIVERY OF FIRST GOLD AT THE SALARES NORTE PROJECT

Further to the update provided on 16 November 2023 (as part of the
Company’s Q3 2023 operational update) regarding progress on the
Salares Norte Project (the “Project”), Gold Fields announces a
further update to production of first gold from the Project which
has been impacted by delays in pre-commissioning and commissioning
activities.

First gold is now expected in April 2024, with production volumes
for 2024 expected to be in the range of 220 000 to 250 000 gold
equivalent ounces. Planned production volumes for 2025 and 2026
remain unchanged at 600 000 gold equivalent ounces.

Total mechanical construction of the Project is substantially
complete at 99.3% and mining has progressed significantly with more
than 87.2 million tonnes of waste moved and 2.3 million ore tonnes
and 520 000 gold equivalent ounces stockpiled.

Current pre-commissioning and commissioning of the Project has
however, encountered difficulties impacting on the delivery of
first gold due to:

1. Underestimation of the pre-commissioning and commissioning
   interdependencies and the compounding impact of individual
   delays on overall Project progress.
   The Salares Norte Project flowsheet comprises comminution,
   leaching, counter-current decantation and tailings filtration
   unit processes (“Circuit A”), followed by dual metal extraction
   circuits, the Merril Crowe circuit which contributes 85% of
   metal recovery (“Circuit B”) and a Carbon-in-Pulp circuit which
   contributes 15% of metal recovery (“Circuit C”) acting as a
   scavenger.

  Construction, pre-commissioning and commissioning processes are
  interdependent and recent delays to one process have therefore
  had a knock-on effect on overall project timelines.
  During pre-commissioning and commissioning several issues
  required rework, including safety related issues, impacting on
  the Project schedule.

  Circuit A: The crusher, material handling circuit, SAG & Ball
  mills, thickeners, leaching circuit, lime and flocculant plants
  are undergoing full commissioning.

  Circuit B: Delays have been experienced in pre-commissioning
  certain safety critical circuits that are part of Circuit B, in
  particular the cyanide and other reagents circuits which needed
  to be reworked.

  Safety is of paramount importance to Gold Fields and it is the
  Company’s number one value to ensure that all our operations and
  projects are developed and operated safely.

  Circuit C: Remaining construction work is in progress for this
  circuit and will be progressed in parallel with the commissioning
  of circuits A and B, which are critical to first gold and early
  production ramp-up.

  Given the delays, as pre-commissioning has progressed there have
  been multiple impacts requiring the allocation of limited
  resources to manage competing priorities impacting the critical
  path.

  Gold Fields is appointing independent project and commissioning
  specialists to review and validate the remaining schedule to
  full commissioning.

2. Availability of contractor personnel
   The Company and the primary contractor are currently taking
   steps to ensure that we have the necessary skills and people
   required to achieve the remaining key milestones. In addition,
   internal and external resources are being added to support
   completion of the Project and production ramp up.

3. Late configuration changes requested by original equipment
   manufacturers (“OEMs”) and limited availability of OEM vendors
   and sub-vendors
   Following a delay in arriving on-site to commission OEM equipment
   (as previously reported) some OEM vendors requested late changes
   to the equipment control logic implemented in the plant control
   system which had a knock-on effect to pre-commissioning and
   commissioning progress. These changes have now been addressed
   to the satisfaction of the OEM for Circuit A.
Process going forward
The Project schedule has been reviewed and updated with first gold
expected in April 2024 and production volumes for 2024 revised to
a range 220 000 to 250 000 gold equivalent ounces. Monthly steady
state production is expected to be reached by the beginning of 2025
therefore planned production volumes for 2025 onwards are not
expected to be affected.

The mandate of the independent project and commissioning
specialists being appointed, will include a review and verification
of the schedule and plan. Detailed guidance for the Project’s life
of mine production volumes and all-in-costs (AIC), the revised
capital cost and any feedback from the independent review and
verification process will be provided with the announcement of the
Company’s 2023 full year results.

The Salares Norte Project is a world-class project which is
expected to deliver robust returns and will improve the value and
quality of the Gold Fields portfolio.

28 December 2023

Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd

Investor enquiries:

Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@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

Forward-looking statements

This announcement contains forward-looking statements within the
meaning of the “safe harbour” provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact included in this announcement may be forward-
looking statements. Forward-looking statements may be identified
by the use of words such as “aim”, “anticipate”, “will”, “would”,
“expect”, “may”, “could”, “believe”, “target”, “estimate”,
“project” and words of similar meaning.

These forward-looking statements, including among others, those
relating to Gold Fields’ future business strategy, development
activities and other initiatives, particularly at the Salares Norte
project, business prospects, financial positions, production and
operational guidance are necessary 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. By their nature, forward-looking statements involve
risk and uncertainty because they relate to future events and
circumstances and should be considered in light of various
important factors, including those set forth in Gold Fields’
Integrated Annual Report 2022 filed with the Johannesburg Stock
Exchange and annual report on Form 20-F filed with the United
States Securities and Exchange Commission (SEC) on 30 March 2023
(SEC File no. 001-31318). Readers are cautioned not to place undue
reliance on such statements. These forward-looking statements speak
only as of the date they are made. Gold Fields undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this announcement or to reflect the occurrence of
unanticipated events. These forward-looking statements have not
been reviewed or reported on by the Company’s external auditors.