GFI

This article first appeared on GuruFocus. Attributable Production: 1.267 million ounces, up 12% year over year. Sales Volumes: Up 18% in the six-month period. Average Realized Gold Price: $4,678 per ounce, up 51% year over year. Adjusted Free Cash Flow: $2.225 billion, more than double the prior period, translating to an 11% free cash flow yield. Cash Costs: Rose 10% year over year. All-In Sustaining Costs (AISC): $1,893 per ounce, up 13% year over year. Headline Earnings and EPS: More than doubled in H1 2026. Net Debt: Reduced to $437 million, with net debt-to-EBITDA at 0.06 times (down from 0.37 times a year ago). Excluding lease liabilities, the company ended the half in a net cash position. Interim Base Dividend: ZAR16.25 per share, up 132% year over year, representing a payout of 50% of operating cash flow. Shareholder Returns: Completed $300 million in share buybacks (between March and July) and announced an additional $500 million allocation to the top-up program, bringing the total program to $1.25 billion. Salares Norte Production: Delivered 337,000 ounces in H1, up 173% year over year, with an AISC of $269 per ounce. Granny Smith Production: 147,000 ounces, up 10% with higher mined grades. South Deep Production: 151,000 ounces, in line with plan. Noncore Disposals: Completed $182 million in noncore disposals during the half. Capital Expenditure: Total CapEx up 6%, with sustaining capital at $497 per ounce. All-In Cost: $2,125 per ounce. Warning! GuruFocus has detected 6 Warning Signs with BOM:520073. Is GFI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 25, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gold Fields Ltd (NYSE:GFI) reported a 12% increase in attributable production to 1.267 million ounces, driven by strong performance at Salares Norte and Granny Smith. Adjusted free cash flow more than doubled to $2.225 billion, resulting in a free cash flow yield of 11%. The company achieved a significant reduction in net debt-to-EBITDA to 0.06 times, and excluding lease liabilities, it is in a net cash position. Gold Fields Ltd (NYSE:GFI) returned $1.4 billion to shareholders, including a 132% increase in the interim dividend and a $500 million top-up to its share buyback program. Salares Norte delivered a standout performance with a 173% increase in production and an all-in sustaining cost of $269 per ounce, generating nearly $1.2 billion in free cash flow. The company maintained a strong safety record with no fatalities or serious injuries, reflecting the success of its safety improvement program. All-in sustaining costs increased 13% to $1,893 per ounce, driven by higher royalties, inflation, and stronger producing currencies. The Tarkwa lease renewal in Ghana remains uncertain, with the outcome and terms of the renewal still pending, which has been a drag on the share price. The Windfall project faces potential delays as the environmental impact assessment (EIA) approval is late, which could push the project timeline to the back end of 2029 or later. Capital costs for Windfall are expected to be at the higher end of the range due to unplanned scope items, such as a nitrate treatment plant and changes to labor costs. Production at Tarkwa was lower year-on-year due to reduced mill feed grades and adverse weather conditions, impacting overall performance. The company experienced a seismic event at Agnew, which impacted production, though recovery is expected in the second half. Q: Salares Norte delivered nearly 65% of its full-year guidance in H1 2026. Can we expect this outperformance to continue, and how will grade normalization and silver prices impact future costs? Additionally, given the strong cash flow, is there potential to scale up the Windfall project scope? A: Mike Fraser (CEO) confirmed that Salares Norte's H1 performance was boosted by positive grade reconciliation, better plant recoveries, and higher realized silver prices. He stated that the full-year guidance of 500,000 to 550,000 ounces is likely to be beaten, with production now expected in the 550,000 to 600,000 ounce range. On costs, he noted that future costs will depend on silver prices but that an optimization phase is underway to improve efficiency. Regarding Windfall, Fraser explained that the current project scope is fixed by the environmental impact assessment (EIA) application, and changing it now would delay approvals. The strategy is to develop the first phase and then study a scale-up opportunity, but they will not alter the current plan to avoid contaminating the approval process. Q: Can you clarify the timeline and mechanics of the newly announced $500 million top-up to the shareholder return program? A: Alex Dall (CFO) clarified that the $500 million allocation is not necessarily for completion within the next six months. It may be used for a special dividend at year-end or for opportunistic share buybacks. The program is reviewed every six months and will be topped up as cash is generated. Mike Fraser added that this is designed to be a sustainable program, not a one-off, with returns delivered as long as the cash is earned. Q: What is the current status of the Windfall project timeline, and what are the implications of the EIA delay on the project schedule and capital costs? A: Mike Fraser (CEO) stated that the EIA approval was expected in June but is now delayed by nearly three months, which is impacting the ability to execute work during the first winter period. If the EIA is not received by the end of 2026, the project could slip to the back end of 2029 or later. He also noted that capital costs have increased due to specific scope items requested by the environmental agency (e.g., a $50 million nitrate treatment plant) and a new labor ruling. The company will provide revised schedule and capital estimates once the EIA is received. Q: How does the company define "bolt-on" M&A opportunities, and what types of assets would be of interest given the current portfolio? A: Mike Fraser (CEO) explained that the company is focused on assets that create incremental value in the portfolio. Given that Windfall is the priority execution project, they would not likely buy a shovel-ready project today. They are more interested in high-quality producing assets in the right jurisdictions, though these are rare and expensive. The company does not need to do M&A and will remain opportunistic, potentially looking at assets that could deliver value in about seven years' time. Q: What is the company's strategy to address potential royalty issues in other regions, and how is it managing the risk of high employee turnover in a competitive market? A: Mike Fraser (CEO) addressed the royalty issue by citing the situation in Ghana, where the government has increased royalties despite industry pushback. He emphasized the importance of predictability for investors and noted that the company engages bilaterally and through industry bodies to discourage short-term decisions. On talent, Fraser acknowledged pockets of high turnover, particularly in Western Australia, and stated that the company works closely with partners to ensure competitive value propositions and uses retention mechanisms where necessary. He noted that as assets perform well, people are more inclined to stay, citing South Deep as an example where skilled operators are returning. Q: Given the significant reduction in net debt, is the company considering early repayment of any debt facilities? A: Alex Dall (CFO) stated that the first priority for excess cash is to pay down revolving credit facilities, which can be reaccessed. The company will also assess whether it makes sense to pay down other facilities, such as term debt in Australia. They continuously monitor bond prices and would consider buying back bonds if they trade below par. Q: What is needed to close the valuation gap with peers, and how much of this is attributable to the Tarkwa lease renewal uncertainty? A: Mike Fraser (CEO) acknowledged that Tarkwa has been a drag on the share price, with the company underperforming peers by about 10% in the last six months, which he attributes to the Tarkwa situation. He believes that a combination of resolving Tarkwa, moving Windfall into execution, and continued delivery on capital returns should help close the gap. He also noted that the market may not fully value the inherent potential in the portfolio, which the company is working to highlight. Q: How many surface drill holes are needed at South Deep's South of Wrench area to gain confidence in the geology, tonnes, and grades? A: Mike Fraser (CEO) explained that the drilling is a mix of infill and extension drilling to understand the extension perimeter of South Deep. He stated that it is hard to put a specific number on it, but over the next five years, the company expects to complete at least 100,000 to 200,000 meters of drilling. He noted that reserves are already declared over the property, so this is more about extension drilling than a major new reserve declaration. Q: Can you provide an update on the capital spend and ramp-up timeline for the material handling projects at St. Ives and Granny Smith? A: Alex Dall (CFO) stated that at St. Ives, the company has commenced accelerated development of the decline for the conveyor system, spending approximately $20 million in H1 2026, with a similar rate expected for the next six months. The major spend will come when enabling infrastructure is ordered, and long-lead items have already been placed. At Granny Smith, the feasibility study is still being finalized before any major commitment is made. Q: With the strong cash generation, is there a risk of stiff competition for critical skills leading to high employee turnover, and what is the retention strategy? A: Mike Fraser (CEO) acknowledged the risk, noting that the company has seen pockets of turnover, particularly in Western Australia. He stated that the company works closely with business partners to ensure competitive positions and value propositions, and uses retention mechanisms where necessary. He emphasized that a consistent value proposition and strong asset performance help For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Tuesday, Aug. 25, 2026 at 9:00 a.m. ET Chief Executive Officer - Michael Fraser Chief Financial Officer - Alex Dall EVP of External Affairs - Jongisa Magagula Michael Fraser: Good day, everybody, and thank you for joining us for the presentation of Gold Fields results for the 6 months to 30th of June 2026. My name is Mike Fraser, and joined today in our Johannesburg office is Alex Dall, our Chief Financial Officer; and Jongisa Magagula, EVP of External Affairs. So today, our message is very simple. Our operations delivered a solid first half performance. We converted this in conjunction with a higher and supportive gold market into very strong cash flows. And that, in turn, it allowed us to deliver higher returns to our shareholders. I wanted to just bring your attention to the forward-looking statements, which include some non-IFRS measures, and I ask you to take note of the slide on Page 2. So in terms of the agenda for today, I will cover the highlights and the operational performance. Alex will cover the financials and capital allocation, and we'll also touch on some of the transformation initiatives underway to create a more reliable and agile organization. And finally, I'll close on growth strategy and the outlook before we open for questions. So turning to the highlights of the first half. So firstly, we had a strong half. And most importantly, we had no fatalities and no serious injuries across the group. This is a real manifestation of the fact that our safety improvement program that we launched in 2024, is really gaining momentum and delivering encouraging results across our business. We were also able to deliver a 12% increase in attributable production to 1.267 million ounces. This was firstly led by Salares Norte, which really delivered 173% increase on the equivalent period, which was an extremely strong performance as well as strong delivery from Granny Smith. Importantly, South Deep also continued to demonstrate productivity improvements in the underground and delivered 151,000 ounces in line with its plan. This was supported by improved distress mining, improved development as well as improved stope turnover. Our sales volumes in the 6 months was 18% higher, and our average realized gold price was 51% higher at $4,678. This drove adjusted free cash flow of $2.225 billion, more than double the prior period, and this translates into a free cash flow yield of 11%. Our cash costs rose 10% and all-in sustaining costs were up 13% to $1,893 an ounce. This was mainly driven by external factors, including royalties, stronger producing currencies and inflation. This also -- the cash costs were reflected the higher discretionary capital that we flagged at our Capital Markets Day in November. Alex will unpack the movements in costs a little bit further when he presents. Just moving to our transformation program. We acknowledge that we can't stand still. And so our transformation program is really driving a focus on productivity, improving efficiencies, cost competitiveness and organizational resilience and simplicity. We believe that this focus on the transformation will really ultimately transform into more sustainable and improved performance over time. When turning to cash generation, we wanted to make it very clear that we are translating the stronger cash generation into benefits to our shareholders. We have paid out 50% of our operating cash flow in the 6 months with an interim base dividend of ZAR 16.25 per share, which is up 132% year-on-year. In addition, we have completed $300 million of buybacks that were completed between the period of March to July. In terms of our top-up shareholder return program, today, we also announced an additional $500 million that was allocated to our top-up program, which takes the total program to $1.25 billion that have been allocated since we first announced this in November of 2025. As we said, the top-up program will be assessed every 6 months as cash is generated. Today, we've delivered $553 million of the $1.25 billion, $253 million in a special dividend that was allocated in February and $300 million in buybacks. Our net debt-to-EBITDA finished at 0.06x at the end of June, down from 0.37x a year ago, and we continue to invest in the business. Windfall is one of the highest grade ore bodies in Canada and our next growth frontier, and I'll talk a little bit about that later. An important milestone was achieved with the signing of the IBA. And we've also progressed detailed engineering and execution readiness to derisk this project. Our portfolio optimization also continues. We've completed the Damang exit and have completed $182 million of noncore disposals in the half. In the first half, we strengthened our financial capacity. Our production is tracking towards the upper end of our guidance. Our all-in sustaining costs and all-in costs are expected towards the mid and lower end of their guidance ranges. Our operating delivery is translating into cash, balance sheet strength and capacity to fund growth as well as returning cash to shareholders. I'll now turn on to our operational performance, starting with safety. Importantly, as I mentioned earlier, we had no fatalities or serious injuries in the first half. This is a real manifestation of the discipline of our teams in achieving these outcomes. This is a combination of visible felt leadership, critical risk identification and critical control verification, focusing on a disciplined planning of work and embedding the right behaviors in the execution of work. We continue to track hazard and near miss reporting with enterprise-wide learning from our incidents. Our focus is now extending from the lagging indicators to the quality of critical control verification and leading the focus on the lead indicators. We are also focusing on psychological safety and creating a safe operating culture within our safety improvement program, ensuring that everyone goes home safe and well every day. Just moving on to our operating performance. So we -- as I mentioned earlier, we delivered 1.25 million ounces of attributable production and with total cash costs up around 10%, all-in costs up 9% as we had slightly lower capital costs coming out of Salares -- out of Windfall and capital expenditure in total up 6% and our production and costs on track to meet annual guidance. Salares Norte, as I mentioned, was at a standout performance now at a steady state. Granny Smith produced 147,000 ounces, up 10% with higher mined grades and improved underground productivity and South Deep delivered in line with plan due to improved destress rates and shortening stope turnaround times. Despite a slight reduction in grade, the mine produced more ounces on a managed basis in the period. Moving on to our production profile, and this just shows the bridge of higher output and improved quality mix led by low-cost ounces from Salares. Cerro Corona was in line with plan and lower year-on-year as we now transition to stockpile processing. As Salares achieved steady state, they achieved 173% higher production with plant operating successfully throughout the winter conditions that we had similar to prior years. And this reinforces the capability of that operation and the team in delivering through some extreme conditions. Tarkwa is slightly lower year-on-year as we realized lower mill feed grades as we process more stockpile and moved more waste material than ore during the 6 months. We also had some adverse weather conditions affecting load, haul, and drilling in the period. We are seeing improved performance in the second quarter and expect to see a step change in the second half of the calendar year. South Deep is performing in line with plan and continue to see strong underground performance. Agnew was impacted by the seismic event that we experienced in the beginning of 2026, and we are seeing encouraging signs of the recovery, which we expect to continue in H2. Just moving on to all-in sustaining costs. As I mentioned, our all-in sustaining cost was at $1,893 an ounce, impacted by slightly higher strip ratios across some of our assets and structural cost impacts of mining at depth. We did have some uncontrollable factors, which Alex will talk to, including higher royalties, some inflationary impacts and offset by the impact of byproduct credits, particularly at Salares Norte. We have seen a change in the cost base with Salares Norte now moving to commercial level of production and Gruyere now consolidated at 100% rather than 50%. There were some impacts on mining cost inflation at Gruyere and Tarkwa in particular, and Alex again will cover that. But what we are seeing is higher volumes, better recoveries and focus on value-driven spend, again, which Alex will unpack as part of our transformation journey on decarbonization with the St. Ives renewable energy project due to come on stream at the second half of this year and a very key focus on water and where we have achieved 93% recycling of water across our assets. I'll now hand over to Alex to talk through the financial outcomes. Alex Dall: Thank you, Mike. And I'll cover, as Mike said, the financial performance, capital allocation and transformation program. So I think H1 2026 was a very strong 6 months for Gold Fields with headline earnings, earnings per share and free cash flow all more than doubling. As Mike mentioned earlier, the key drivers were higher production and a stronger gold price. Production was -- sales volumes were up 18% and the gold price up circa 50%, which supported a step change in our earnings and our cash generation. Adjusted free cash flow increased to $2.2 billion, while net debt reduced to $437 million, significantly strengthening the flexibility on our balance sheet. Pleasingly for me, excluding lease liabilities, we ended the half in a net cash position. Importantly, this performance does give [Technical Difficulty] fixed assets, funding future delivering top quartile shareholder returns as per our commitment. This slide bridges our IFRS cost of sales to our all-in costs and highlights the strength of the underlying cost base. It is important to highlight that both cost of sales and depreciation have increased materially year-on-year. This is primarily due to the consolidation of Gruyere and the fixed asset adjustment came with the acquisition that have impacted us. [Technical Difficulty] We believe this represents a highly competitive underlying cash and provide asset. [Technical Difficulty] contractors, labor, consumables and maintenance do make up the majority of our cost base, but this represents our biggest opportunity to improve our competitiveness through the transformation program through reducing costs by reducing consumption and buying cheaper. These are the areas that this program is going to focus on. Sustaining capital of $497 an ounce, which is in line with what was communicated as part of our Capital Markets Day, reflects the targeted reinvestment into our asset base, including waste stripping, underground development and the enabling infrastructure to support that production. Included in our sustaining capital leases and other items, our all-in sustaining cost was $1,893. From there, we step up to our all-in cost of $2,125. This is due to primarily growth capital expenditure at our Australian operations and the exploration expenditure relates to Windfall. We do believe that we have a competitive cash -- cash cost base that enables us to invest in our assets, fund our future growth and deliver those shareholder returns. We will now move on to capital allocation. Our capital allocation framework remains unchanged, and we continue to balance the attention between returns, growth and financial strength. The first cause on our capital always remain investing in safe, reliable operations, maintaining our investment-grade credit rating and paying our base dividend of 35% of free cash flow before discretionary capital. Thereafter, the capital will compete in order to build balance sheet flexibility, deliver additional shareholder returns and discretionary investments. This bridge on the slide demonstrates that this framework is working as intended. We invested $0.6 billion in sustaining capital, $0.3 billion in growth investments, reduced net debt reduction of $0.8 billion while delivering $1.4 billion back to shareholders. This is almost 50% of the total cash generated before capital. This -- what I wanted to unpack on this slide was how we think about our additional shareholder return program. And this is an important component of our capital allocation framework and ensures that we are able to deliver on our commitment of top. We already delivered $553 million through the program, $253 million of special dividends as part of our final dividend at the end of last year and $300 million of share buybacks completed between March and July. Importantly, I would like to highlight that these buybacks were executed at an average price of approximately ZAR 590 per share, which is well below today's share price and demonstrates our willingness to act opportunistically when we see the opportunity to create value for our shareholders. Given the strength of the balance sheet and the cash generation in H1, today, we allocate another $500 million towards increasing this program to $1.25 billion. We want -- I want to highlight that this framework remains disciplined and flexible. Special dividends will sit alongside our annual dividend cycle and will be declared as part of our final dividend each year, and we will execute share buybacks opportunistically when we believe that there's value to be had. We are committed to reviewing this program every 6 months as we generate the cash, and we'll top up that program as we make the cash. I think the message is simple. We do believe that we can do all of the things in our capital allocation framework, invest in our assets and our future growth, but we also remain committed to delivering returns to our shareholders. The form of that return will remain flexible, but our focus is unchanged, allocating capital where it creates value for shareholders. We'll now move on to the balance sheet. So I think for me, this is a very pleasing slide. We have now managed to -- after funding both the Osisko transaction and the Gold Road transaction on balance sheet, we have managed to reduce our net debt-to-EBITDA ratio to 0.06x. As I said, we are in a net debt position of $437 million. But if you exclude the lease liabilities, we have moved into a net cash position. What's important is we maintain significant liquidity on our balance sheet with both cash and available facilities as highlighted on this graph. And we do have -- importantly, we also have a really structured debt maturity profile with no near-term refinancing pressures and long-dated funding that will provide us flexibility through the gold price cycle. This balance sheet does underpin our ability to deliver on our capital allocation framework, giving us the flexibility to invest in our assets, our future growth and continue returning capital to shareholders. Next, I'd like to talk to our transformation. This is how we make performance reliable, repeatable and scalable across Gold Fields. But importantly, we are also focused on performing now while we transform at the same time. We have built the program around 2 connected pillars, value being the first pillar, which unlocks productivity and cost efficiencies as well as cash improvements and the operating capabilities of the organization, which will make these improvements sustainable in the long term. Within the value pillar, we have already identified and prioritized opportunities across our operational performance, cost discipline, asset management, fleet performance, processing performance as well as in the supply chain where we have implemented global category management. In parallel, we are building the operating capabilities needed to sustain and scale those gains through a stronger operating model, clear accountabilities, standard processes and a digital backbone that will support this. The objective is simple. We'll deliver value today while building the capabilities that make superior performance sustainable through the cycle. The value pillars extract the value and the operating capabilities lock it in. Together, they're going to help us become a simpler, stronger and more consistent Gold Fields, delivering improved performance today and creating value for shareholders. Now I hand over to Mike to talk about growth. Michael Fraser: Thanks very much, Alex. So I just want to go on to a couple of comments around growth before we break for questions. And I also want to just talk through a couple of the assets in our portfolio that I think don't really get the value that we believe they should get, but we'll cover that a little bit later. And I think as Alex has quite clearly demonstrated, we are very mindful and thoughtful about how we allocate the capital that we are generating or the cash flows that we are generating. And as we said as far back as November when we unpacked our revised capital allocation framework that we will be measured by how we are able to balance the tension between returning cash to shareholders today and investing for the future. Fortunately, in the environment that we're in, it feels like we're in that really great scenario where we can actually deliver on both of those tensions. What is important for us to do is that as we think about growth, again, our focus on growth is growing cash flow per share. It's about growing the value of the company as opposed to ounces per se. And as we think about the 3 levers of our growth strategy between brownfields, greenfields and potential bolt-on M&A, these are all about trying to improve the quality of the portfolio over time, and we'll need to compete with the alternative uses of capital. If I just really start with Salares Norte, and I think, again, really to talk to the immense opportunity that's in front of us at Salares is in the first 6 months, we delivered 337,000 ounces, up 173% year-on-year. And whilst we had a slow start of the ramp-up, we actually have really hit performance at an incredible level. H1 all-in sustaining cost of $269 an ounce was really supported by obviously some strong silver prices, which helped on the byproduct area. But the fact that we were able to perform throughout winter, deliver great performance, we've seen positive grade reconciliation, positive grade reconciliation and also we've seen real strengthened recoveries through the plant, it leaves us with a great degree of confidence of what this asset can deliver over time. And if you look at the free cash generation of just under $1.2 billion in the 6 months, it's really remarkable considering the conversation we were having 2 years ago on Salares. So just maybe moving on to Windfall. Again, Windfall is one of the Canada's highest grade development stage gold projects. It provides considerable growth prospects along strike and down plunge and is expected to provide a long-life, low-cost production platform. The opportunity extends well beyond the current mine plan. And whilst we have made good progress this year, we have an IBA that's signed. We have an EIA approval expected in H2 of 2026. We continue to do derisking on the project through advancing engineering and making sure that we are prepared for execution readiness. If we just talk to the extension, so we are continuing to do exploration drilling at depth under the existing Windfall ore body. And if you just see some of the intercepts that we are seeing, we're seeing some incredible returns with assays in exceeding 50 grams. We have a 3-year drilling program designed to infill the exploration corridor of the existing asset with the aim of increasing confidence and the continuity of the mineralization, and we believe that this will allow us to continue to add reserves to the known resource. Again, if you think about the style of this ore body, it's very similar to what we know about at St. Ives, where we have been very successful in replacing reserves over a very considerable amount of time. Just looking at the Windfall district, whilst Windfall is the anchor project in this land package, we see the opportunity at considerably larger than the current mine. We have a district-wide opportunity with a very target-rich pipeline and are accelerating testing across multiple target sites. Our objective is to progressively expand the scale, scope and longevity of the Windfall project whether through the next major discovery or adding additional high-margin ounces that allows us to leverage the infrastructure through the existing first phase of the project. The Phoenix JV with Bonterra is an also important part of the strategy and consolidates a strategic ground position around Windfall, which includes the existing Barry and Gladiator deposits. We are targeting completion to the earn-in on this JV in the second half of 2026, which will give us access to 70% of that property. Just moving on to St. Ives very briefly. Again, we wanted to highlight St. Ives because this combines a very large endowment with established infrastructure, giving us a staged pathway to extend life and lift production as we currently have a mill that's not running at full capacity. Firstly, the strategy is delivering scale at Invincible. Part of that is to increase the amount of throughput production from the underground. We are achieving this through the development of a material handling system, allowing us to deliver 3.4 million tonnes a year from the underground throughput within the next 5 years. And then secondly, diversifying the ore feed through the expanded open pit strategy. Santa Ana, Britannia and other near-surface resources will help us fill that latent surface capacity. In addition, the Argo cutback and tailing strategy will add resilience to that feed. In addition, we retained further upside by staging mill and recovery studies, investing a highly prospective tenement package across the broader St. Ives package. We believe that there exists more than 20 years of life at St. Ives with current reserves around 3.9 million ounces with a strong demonstration of a history of resource conversion, which leads us to believe that this asset has got a lot more to give. I'm just trying to get to the next slide. So just looking at some of the other assets, we have got still significant upside at our other assets. At Gruyere, we continue to study the Stage 8 and underground trade-off study, the Gilmour options as well as the accelerated exploration of Yamarna. We are progressing land access that we've acquired with the Gold Road transaction and hope to be in a position to commence drilling shortly. At Granny Smith, we're extending the Wallaby at depth through further drilling at Zones 150 and 160. We are developing the materials handling and also exploring additional open pit feed to feed the surplus capacity in the mill. What -- we are also doing, obviously, at Granny Smith, which Alex will talk to, is applying that discretionary investment in extending some of the infrastructure -- enabling infrastructure, which allows us to extend Granny Smith over time. South Deep has also got an exciting future. We continue to progress the South of Wrench study. We have commenced in the last 6 months drilling from surface, exploration drilling for the first time in a long time to really define the outer limits of the South of Wrench, and that continues to be promising geologically. We continue to also progress the shaft and renewable energy studies to see if there's a pathway to further lift production over the medium to longer term beyond the target 20% to 25% increase that we flagged that was available over the next 5 to 7 years out of South of Wrench. What is also pleasing with that early drilling from surface, we have intercepted reef. And certainly, it looks promising that, that ore body continues in a very homogenous way. Tarkwa is also an area that has opportunity to lift value by improving productivity across the fleet and improving throughput through the plant and continue to remain and preserve the Kottraverchy upside and looking to sequence growth capital along in terms with the lease renewal. These are some of the capital-efficient options that compete for capital and will improve portfolio quality within our existing portfolio. Just move to the next slide. So just very quickly on our greenfields program, we spent nearly $180 million in our brownfields and greenfields program during the first half of 2026. A couple of real call-outs on our greenfields program. Firstly, you would have seen recently, we extended our position in Founders Metals as they bought out their partner to consolidate 100% of that position. We funded that acquisition, which allowed us to get to 19.9% on a 100% basis. They continue to deliver very strong results, exploration results, and we continue to work very closely to look at how we can consolidate that district. In Australia, we continue with a district scale pipeline across a number of target zones on the East Coast as well as in WA. And in Canada, in particular, we continue to focus on the very extensive exploration program across the 2,500 square kilometer land package around Windfall. And we have undertaken significant access to land to undertake the next drilling phase of the program. In addition, in South America, we have undertaken some initial drilling in the Wayra project in Peru, which is our first greenfields campaign in over a decade as well as the Villa Tati project in Northern Chile, which has continued in the quarter. So again, very excited about the growth and the opportunity set in our greenfields program as part of our growth strategy. So just moving on to our strategy and outlook and just 2 slides to close out. Firstly, just an update on the Tarkwa lease renewal. Our current leases expire in April of 2027 based on the engagement of the government of Ghana from the time of the transition of Damang Mine in April last year. We did submit a detailed technical study and lease application in November of 2025. And we did provide a comprehensive commercial proposal, which was submitted to the government in July of 2026. This proposal supports a continued investment in this asset to unlock the potential of the asset for the next 20 years and which would allow a fair sharing of value between the government of Ghana, the local communities as well as our shareholders. We are waiting for a formal response from the government, but we did flag today in our results that the timing outcome and the terms of the renewal remain uncertain. And as we progress this, we'll obviously provide an update in due course. And then just lastly, our production guidance remains unchanged. We expect to deliver towards the upper end of that guidance with our all-in sustaining cost expected towards the midpoint, all-in costs slightly towards the lower end on the basis of lower capital spend in the second half with group CapEx revised slightly down and sustaining capital unchanged. And I think just lastly, to close on just some of the relativities, we think that the Gold Fields investment proposition really rests on a quality portfolio with strong cash flow, disciplined growth and a demonstrated commitment to balance returns and investment. Salares Norte has undoubtedly strengthened the mix and diversification of our performance with more than half of our assets having upside from existing infrastructure and installed capacity. We see ahead of us high-quality production and margin expansion, supporting sustainable free cash flow in our business, which will allow us to fund reinvestment, allow us to deliver a stronger base dividend and additional returns whilst continuing to strengthen our balance sheet. We also have a very deliberate and clear pathway for brownfields exploration as well as the development of Windfall provide a strongly funded pathway to long-term growth with disciplined gating before major capital is committed. If you look at us today, we have a free cash flow yield of over 10%. In our view, this is amongst the highest in our peer set, and we trade at a 4.9x EV to EBITDA against the lowest in our peer set with a balance sheet that is net cash and ungeared with growth at Windfall and St. Ives, which is fully funded. We believe that this provides a compelling investment case for investors. If you look at our priorities for the second half, these are very clear, keep people safe, guarantee everyone goes home safe and well. hold Salares Norte to nameplate, deliver on our plan for the remainder of our assets, advance Windfall permitting and conclude the Tarkwa lease renewal. And we'll continue to scan for opportunities within a very disciplined pathway using the 3 levers for growth that we've defined. So thank you for listening to our presentation. We'll now hand over to the operator to take questions. Jongisa Magagula: Sorry, operator, I just wanted to acknowledge that we've got participants that are attending via Chorus Call and who will be able to ask questions, but we also have attendees via the webcast who will have to type their questions and I will share them with Mike and Alex. So can I propose and I see that there's already Ephrem and Raj already in the queue for the Chorus Call. So we'll start with their 2 questions, move on to the webcast questions and then alternate backwards to Chorus Call, if that's okay with you, operator. Operator: Our next first question comes from Ephrem Ravi from Citigroup. Ephrem Ravi: Congratulations on a very good set of results. So firstly, on the -- probably the best performing asset versus expectations, Salares Norte. The -- in terms of the guidance that you've given at the Capital Markets Day last year, 500,000 to 550,000 ounces of gold equivalent and you did almost 65% of that already in the first half. Is it fair to say that it could be kind of exceeded for this year and next year? Or is there some kind of a phasing for grade? And as the grade normalizes, would it be kind of fair to see a higher sort of ASIC cost? Or is there other levers that you can pull to kind of keep ASIC cost kind of at current levels? And related to Salares as well, I mean, the free cash flow of $1.2 billion, I mean, nearly covers the -- just for this half kind of nearly covers the entire CapEx you spent on this project. So just replicating that to Windfall. I mean, again, the CapEx is about $1.7 billion to $2.1 billion the last time I remember the guidance that you've given. Is there a possibility to kind of scale up the scope of Windfall more now that you're doing more drilling and go with a bigger mine than initially planned, given plenty of cash available for a bigger operation to start with there? Michael Fraser: Thanks very much for the question, Ephrem. So just a comment on Salares. So I think one of the things that we have seen in the first 6 months, which is different to what we were expecting at the Capital Markets Day in November is we have seen a more positive grade reconciliation out of the pits, which we are doing further testing to see how extensive that is. That has allowed us to achieve higher gold units. We've also seen better recoveries out of the plant, which has obviously had a factor. And then the second and more impactful thing is that we've seen higher realized silver prices, which has also translated into a higher gold equivalent production for the 6 months. So I think as we think about the full year, you're quite right. I think the guidance of 500 to 550 is likely to be beaten on the upside. And today, we've said that it's more likely to be in the range of 550 to 600. And then on the cost side, I think cost is going to be a function of what happens to silver prices. And the second thing, though, is that we are also moving into an optimization phase that Alex has spoken to in terms of productivity, cost efficiencies and cost optimization. And certainly, Salares is not immune to it because now as we've ramped it up, we certainly see that there's an opportunity for us to make sure that we are running that asset as efficiently as possible. So we can certainly see some benefits to that. And I think just -- I'll ask Alex, if you want to add anything to Salares before I go to Windfall. Alex Dall: No, I think you've covered it all, I think. Michael Fraser: And then just on Windfall, I think the -- what we have always been constrained at by Windfall is the environmental impact assessment and the approval application was set before we acquired our position in Windfall. And for us to change the scope of that project today, we would have had to go back and almost restart that process. So I think our strategy for Windfall always is, let's get the first phase of the asset developed. But quite quickly, once we've done that, we would want to be studying what a scale-up opportunity look like for that asset. And there's a number of things that come to play there. And we certainly would not stand on -- or sit on our hands waiting for that to happen, and we'll be ready to continue those studies as soon as we get the approvals. But I think what we feel today is that it would contaminate the consideration of the approvals if we did anything different today. Operator: The next question comes from Raj Ray of BMO Capital Markets. Raj Ray: I have 3 questions, if I may. First is more of a clarification from Alex. So the $500 million additional capital returns, that is not necessarily just for H2, that's over the remainder of '26 and '27. Is that correct? Alex Dall: So Raj, the way we're going to look at it is we've allocated $500 million additional. It may not all be completed in the next 6 months. We may also use some of that for our special dividend if we consider it as part of our year-end results. And then what we will consider at each 6-month period is do we top up the program further as we generate the cash. So we're looking at it a little bit more differently than we're not basing it necessarily off long-term projections of future cash flows, but rather as we generate and earn cash, we will continue to top up the program that we feel that we are quite confident we'll be able to deliver into. Michael Fraser: Yes. And I think the way -- Raj, the way that we like to think about this is a sustainable program. So it's not just a one-off. It's how do we deliver something that's sustainable as long as we earn it, we allocate and return. Raj Ray: Okay. That's great. A couple of more questions. First, on your Australian material handling projects at St. Ives and Granny Smith. Can you give us some color on how much you have spent in the first half? And when do these projects really ramp up in terms of your capital spend and activities? And second is on Windfall. So if I look at the all-in cost breakdown, and if I'm doing my math correctly, you spent around $147 million at Windfall in H1. Now you have said that part of it has been reclassified as exploration expense. You're now saying that the CapEx spend is going to be towards the higher end of that $1.7 billion to $1.9 billion. My question is, is this -- whatever is being expensed and spent this year, is this part of that $1.9 billion? Or is this over and above that $1.9 billion? Michael Fraser: Yes. So maybe I can start with Windfall and Alex, you want to talk to the capital -- the material handling capital. So Raj, I think at this stage, given that the project has not been approved, this is why it gets converted into exploration expense and expensed. So it isn't being capitalized at this point in time. And some of that capital is going to be included in the initial estimate. So that's why we've said we will come out once we've got a project that's ready to approve with the remaining capital to be spent and help with the reconciliation at that time. Raj Ray: And Mike, so the -- sorry, the feasibility study results, that will come out once you have the permits. Is that correct? Michael Fraser: Yes. And look, we've largely completed the studies. It's really a timing issue. When do we get the EIA that allows us to move this project into execution. So there's a bit of an interplay between the timing of the delay and when we can actually approve the project. Alex Dall: And obviously, Raj, the one thing is when we talk about that project capital, we talk about directly attributable capital to that project, incurred in some of our expenditures to date is also all the greenfield exploration on the property, the expiration of depth, certain overheads and stuff. So -- and we'll give that clarity and guidance when we put it out. And then if you just want to talk about the materials handling system. So I think basically at St. Ives, we have commenced the accelerated development of the decline for the conveyor system. And in the first half of the year, we spent approximately $20 million on that. That will continue at that sort of rate for every 6 months. Then the real spend comes when you start putting in the enabling infrastructure that you will order from the various suppliers. We have placed the orders for the long lead items. And then at Granny Smith, we are still just finalizing sort of the feasibility study before we make any major commitment. Jongisa Magagula: Operator, I think we can take one more question. I see Tanya is in the queue before we move over to the webcast questions. Operator: Next question comes from Tanya Jakusconek of Scotiabank. Tanya Jakusconek: I just wanted to follow up on Windfall, if I may. Can you remind me at what point if we don't have this permit in place, do we start slipping on this project? Is it if we don't get it by the fall of this year that we start slipping? And then remind me on the slippage again, is it 1 year slippage for the winter? Michael Fraser: Yes. And look, Tanya, we haven't kind of been too -- we haven't really gone out to the market and said, look, this is our revised schedule because what we would rather do is wait until we have an EIA. But to be perfectly honest, we are now starting to impact on the ability to execute work during this first winter period. And therefore, if we don't have an EIA by the end of this calendar year, we're certainly looking towards slippage at least to the back end of 2029 and if not later. So that's what we're trying to navigate through at the moment. We are ready to mobilize, particularly the civil works, which are critical for us to move on and then being able to deliver on the camp infrastructure. We remain hopeful that we can move forward. But again, we were expecting this to be delivered in June. So we're already 2 months nearly 3 months late on this, and that's starting to have an impact on what we can realistically deliver through the first winter. So I think what I'd rather do is hold back. And once we've got clarity on the timing of the EIA, we'll come back with the timing on the project. Tanya Jakusconek: Yes. Fair enough. And that's on the capital as well and operating costs because those are a little bit [indiscernible] scale a bit as well, right? And we've seen some other companies come out with some capital updates and costing updates with inflation coming through. So I know you've guided to the upper end of that range, but is it fair to assume that if we have further delay plus you factor in all of these other inflationary pressures that we are going to exceed that $2 billion mark? Michael Fraser: Yes. And look, I think we'll unpack it. I mean it's probably early days for us to talk to that. The reason we guided at the higher end of that range is since November, there were a couple of factors that did impact on the capital estimate. There was some specific scope items that were requested by the environmental agency, for example, a nitrate treatment plant, which was around $50 million that was not planned in the original scope. And secondly, there was an EBA order that came out, which meant that we had to start paying labor from the date -- from the time that they left home, which was again a change to our estimate. So those are kind of examples of things which were unplanned for and unknown at the time we made the guidance note. But as soon as we have an EIA, we'll come out with some revised schedule and capital. Jongisa Magagula: And just to confirm, Tanya, that range was in real 2025 terms when we provided it in November. So would have to be adjusted for inflation. Tanya Jakusconek: Yes. Yes. Okay. And maybe just coming back to your pillars for growth. You mentioned exploration, the brownfield and then opportunities, bolt-on opportunities, interested in how you define bolt-on opportunities. I mean you're pretty much -- your joint venture partners are all gone. Would those be more opportunities of assets and jurisdictions you work in? Or how do you define that? Is it more production versus development? Just interested in how you look at those bolt-ons. Michael Fraser: Yes. Tanya, I'd say that typically, what we've been looking for is assets that really -- and as we've always said, ideally come on and create incremental value in our portfolio. I think we always said that we would probably only execute one material project at a time. So we've got Windfall is our priority to execute against. So would we go and buy a shovel-ready project today, that probably wouldn't be the right kind of area of focus. Quite clearly, producing assets of high quality in the right jurisdiction are not that easily available. And if they are, they're super expensive. So we are very -- trying to be very discerning. We don't have to do M&A. I just want to make that point very clear. We have a very good outlook on our existing portfolio. Our greenfields program is gaining momentum and will deliver outcomes from a decade out. But we'll always be opportunistic. And if the right opportunities come up, we will look to that. Today, it probably wouldn't be a development project that is near term. But if it was something that came to be delivered 7 years out, maybe that would be something of interest. But -- so it's hard to put a definition around it. We look at the entire universe, and we look at where it would come into our portfolio at the right time to deliver on our aspiration of growing cash flow per share over time. Jongisa Magagula: If okay, I will take -- there's a few questions on the webcast, so I'll just read them. There's 3 from [indiscernible] Capital Markets. He says, do you foresee royalty issues cropping up in other regions around the world like what is happening in Ghana? If so, how do you go about taking an initiative to resolve impending royalty debacles going forward? Is there an internal blueprint in place? His second question says, given the industry's massive revenue and cash flows, there's high risk of stiff competition for critical skills, which could lead to high employee turnover. Have you evaluated this risk? And is there a retention strategy in place? Maybe park there and take... Michael Fraser: Thanks for those questions. Look, I think what we've seen in Ghana is certainly, in some respects, unhelpful because certainly, we think that it starts placing Ghana in a fairly uncompetitive position for inward investment and it's certainly a step-up on royalty regimes elsewhere. At the time, we engaged on a bilateral basis as well as through the industry bodies like the Chamber of Mines as well as our peers to try and impress on government to not take short-term decisions that could impact the long-term health of the sector. Despite that, this was a country -- is a country that's under some financial stress and therefore, saw the sector as an easy target. When I compare this to Western Australia, for example, which I know is in a very different position, but they've held royalty rates steady for a very long period of time despite movements in gold price because I think there's a real understanding that what you do need as investors is predictability. And you can just see the kind of investments that going into a region that whilst it's prospective, it's certainly no better than what Ghana has available to us. So it's really important that we make those messages clear, and that's why you see certainly sovereign risk in certain jurisdictions. But the way that we approach it is very much through industry bodies on a direct basis and bilaterally to try and impress some governments not to take short-term decisions because that's certainly not helpful to sustain the health of the sector in the long term. I think in respect to skills, you're quite right. In certain parts, we've had real pockets of turnover, interesting enough, South Deep, we spoke about turnover 2 years ago where we were losing some real skilled operators. Today, we're seeing those people coming back. And again, it talks to being consistent with the value proposition. And once you've got assets that are performing, people want to come and be part of that. The other area where we've seen high degrees of turnover is, for example, Western Australia, even through our business partners where they've seen turnover. And we work very closely with them to make sure we have competitive positions, competitive value propositions and if necessary, tying people in through retention mechanisms. So it's -- I wouldn't say it's not a one size fit all. It requires real insight and being deliberate about how we hold on to talent for certain parts of the world, it's a really competitive position. Jongisa Magagula: Good. And the next one, I'm going to take 3, is from Luke Roberts. He says, given the decline in net debt, are you considering early repayment of any debt facilities at this stage? And then the next one after that is from Arnold van Graan from Nedbank CIB. He says, Mike, what do you think is needed to close the valuation gap with your peers? How much of that do you think is due to Tarkwa? And then the third one is from Bruce Williamson from Integral Asset Management. He says, Mike, how many surface holes do you need to drill South of Wrench to make you comfortable with the geology tonnes and grades? Michael Fraser: Yes. Thanks very much. Maybe, Alex, you want to do the first one? Alex Dall: So thank you, Luke. From a debt perspective, obviously, the first thing we do when we have excess cash is to pay down our revolving credit facilities because those we can reaccess. But we will continue to assess whether it makes sense to pay down our other facilities. For example, our term debt in Australia will probably be one of the easier ones to look at. And we do continuously monitor our bond prices. And if there was something where we could get them below par, we would definitely look at that opportunity if it arose. Michael Fraser: Yes. Thanks. And Arnold, I think this issue around the valuation gap is interesting for -- certainly, from a starting point, we believe that we are -- have delivered on our strategy in the last 2 years. And certainly, from a delivery point of view, we are no different to our peers. And in fact, we have some -- a lot more exciting future potential. I think Tarkwa has been a drag on our share price. And if you look at the underperformance in the last 6 months, we've underperformed by about 10%, which is probably the kind of value attributable to Tarkwa or there and thereabouts. But I think the third one is maybe just a slight misunderstanding on how we're positioning our additional returns program and what our capital allocation framework looks like because we absolutely do believe that we have a very competitive capital returns program. It is a capital returns program that's designed to have longevity and not just a big announced headline number. And I think if we can continue to be disciplined on capital allocation, invest in our business and deliver superior returns, hopefully, the market will get to understand that we are really trying to deliver a sustainable delivery of returns rather than just one-off. And hopefully, the combination of resolution on Tarkwa, the announcement of Windfall into execution and continued delivery on our commitments on capital returns should see us rewarded. So that's what we're really working towards. And probably lastly, and that's why in the presentation, we spoke about the inherent potential in our portfolio because maybe there's still not a full value being attributed to some of these options that we have in our business. Bruce, just to your question on South Deep, I think the way that we should think about it, this is some infill drilling on South of Wrench, but equally, it's also extension drilling to really understand the extension perimeter of South Deep. So hard to put a number to it today, but this would be certainly over the next 5 years, you'd expect us to be doing at least 100,000 to 200,000 meters of drilling to start defining that. But we have got reserves declared over that property. So it's not like there has to be a major reserve declaration around those assets. This is about an extension drilling more than anything. Jongisa Magagula: Thanks, Mike. Just mindful that we're up on time. I'll hand back to you for closing comments, Mike. There were a few questions that were still remaining, but we'll reach out directly to address those. Michael Fraser: Yes. Thanks very much. And look, again, I'll just call out a couple of comments. We believe this was a very strong performance in the first 6 months, we were able, through the support of gold price as well as strong operating performance, really deliver superior returns to our shareholders as we had flagged as well as continuing to invest in our business. We think we have a number of catalysts and opportunities in our portfolio to improve our business, not least of which is the moving into execution of Windfall, the continued improvement in our existing portfolio and then also hopefully, resolution of Tarkwa, which would unlock further value. So hopefully, this was a good representation of the performance. And certainly, we are excited about what the next 6 months will bring. Thank you, everyone, for joining. Before you buy stock in Gold Fields, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gold Fields wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $431,488!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,279,584!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 25, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Gold Fields (GFI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Gold Fields Limited? Here are five stocks we like better. Gold Fields delivered a strong first half: attributable production rose 12% to 1.267 million ounces, while adjusted free cash flow more than doubled to $2.225 billion, supported by an average realized gold price of $4,678 per ounce. Salares Norte drove operational growth with production up 173% to 337,000 ounces and nearly $1.2 billion in free cash flow. Gold Fields raised its full-year production outlook for the mine to 550,000–600,000 gold-equivalent ounces. Shareholder returns increased, but project risks remain: the company announced an additional $500 million for its top-up program, while delays to Windfall’s environmental approval could push the project to late 2029 or later; the renewal of Tarkwa’s leases also remains uncertain. Why Gold Miners Could Be the Market's Biggest Comeback Story Gold Fields (NYSE:GFI) reported a stronger first half for the six months ended June 30, 2026, driven by higher production, higher sales volumes and a substantially stronger realized gold price. The company said it increased attributable production 12% year over year to 1.267 million ounces while generating adjusted free cash flow of $2.225 billion, more than double the prior-year period. Mike Fraser said the company recorded no fatalities or serious injuries across the group during the half, which he described as evidence that Gold Fields’ safety improvement program, launched in 2024, was gaining momentum. The company said its safety efforts include critical-risk identification, control verification, planning discipline, near-miss reporting and a focus on psychological safety. → Rocket Lab's Sell-Off Is Fading—Is It Finally Safe to Buy? Gold Stocks Shine as Prices Hit Record Highs—Top 3 Picks Sales volumes rose 18% during the six-month period, while Gold Fields’ average realized gold price increased 51% to $4,678 per ounce. Fraser said the combination of production growth and the higher gold market supported the company’s cash generation and shareholder returns. Salares Norte was the principal contributor to the production increase. The operation produced 337,000 ounces in the first half, up 173% from the comparable period, and generated just under $1.2 billion in free cash flow, according to Fraser. Its first-half all-in sustaining cost was $269 per ounce, supported in part by strong silver prices and byproduct credits. → Travel + Leisure Goes Big—Is It Ready to Rally? Gold Rush: Exploring 5 Sector Giants Amidst Soaring Prices Fraser said Salares Norte benefited from more favorable grade reconciliation from the pits and stronger plant recoveries than anticipated. The operation ran through winter conditions successfully, he said, reinforcing management’s confidence in its performance. Gold Fields now expects Salares Norte to produce between 550,000 and 600,000 gold-equivalent ounces for the full year, above the prior 500,000-to-550,000-ounce outlook discussed at the company’s capital markets day. Future costs at the mine will partly depend on silver prices, Fraser said, while the company also sees opportunities to optimize productivity and costs as the asset moves into a steadier operating phase. → What Rising Delivery Forecasts Say About Rivian's Stock Prospects Other operational contributors included Gruyere, Granny Smith and South Deep. Granny Smith produced 147,000 ounces, a 10% increase, aided by higher mined grades and improved underground productivity. South Deep produced 151,000 ounces, in line with plan, as improved destress mining, development and stope turnover supported output. Cerro Corona was in line with plan but lower year over year as it transitions to stockpile processing. Tarkwa experienced lower mill-feed grades, more waste movement and adverse weather conditions during the period, though Fraser said performance improved in the second quarter and is expected to step up in the second half. Agnew was affected by a seismic event early in 2026, with recovery expected to continue through the remainder of the year. Chief Financial Officer Alex Dall said headline earnings per share and free cash flow more than doubled in the first half. Net debt declined to $437 million, and Dall said Gold Fields was in a net cash position excluding lease liabilities. Net debt to EBITDA ended June at 0.06 times, compared with 0.37 times a year earlier. Cash costs increased 10%, while all-in sustaining costs rose 13% to $1,893 per ounce. Gold Fields cited higher royalties, stronger producing currencies, inflation, higher strip ratios at certain assets and the structural costs of mining at depth. The consolidation of Gruyere at 100%, compared with 50% previously, also affected the cost base. Dall said sustaining capital amounted to $497 per ounce and reflected investment in waste stripping, underground development and infrastructure. All-in costs were $2,125 per ounce, including growth capital at Australian operations and exploration expenditure related to Windfall. The company paid out 50% of operating cash flow during the half. Its interim base dividend was 16.25 South African rand per share, up 132% year over year. Gold Fields also completed $300 million in share buybacks between March and July, following a $253 million special dividend allocated in February. Management announced an additional $500 million for its shareholder-return top-up program, bringing the total allocation since November 2025 to $1.25 billion. Gold Fields said it had delivered $553 million of that total through the special dividend and buybacks. Dall said the company intends to review the program every six months as cash is generated, with special dividends considered alongside the annual dividend cycle and buybacks conducted opportunistically. Gold Fields continued to advance its Windfall project in Canada, which Fraser described as one of the country’s highest-grade development-stage gold projects. The company has signed an Impact Benefit Agreement and expects environmental impact assessment approval during the second half of 2026. However, Fraser told analysts that delays in receiving the approval are beginning to affect the project’s execution schedule. Gold Fields had expected an environmental decision in June. If it does not receive approval by the end of 2026, Fraser said the project could slip to the back end of 2029 or later because the company would lose time for winter construction work. The company has largely completed its studies but said it will provide an updated schedule and capital estimate once it receives the environmental approval. Fraser said the project’s capital estimate had already moved toward the upper end of the previously discussed $1.7 billion-to-$1.9 billion range because of additional scope items, including an approximately $50 million nitrate treatment plant, and labor-related changes. He also noted that the earlier range was presented in real 2025 terms and would need to be adjusted for inflation. Gold Fields plans to retain the current initial scope while permitting is underway rather than seek a larger project approval. Fraser said management would evaluate potential expansion after the initial phase is approved and developed. Gold Fields maintained its full-year production guidance and said output is tracking toward the upper end of the range. All-in sustaining costs are expected near the midpoint of guidance, while all-in costs are expected toward the lower end due to lower anticipated capital spending in the second half. Group capital expenditure was revised slightly lower, while sustaining capital guidance was unchanged. The company is also awaiting a response from the Ghanaian government on the renewal of Tarkwa’s mining leases, which expire in April 2027. Gold Fields submitted a technical study and lease application in November 2025, followed by a commercial proposal in July 2026. Fraser said the timing and terms of a renewal remain uncertain. In addition to Windfall, Gold Fields highlighted growth opportunities at St. Ives, Gruyere, Granny Smith, South Deep and Tarkwa, as well as exploration programs in Canada, Australia and South America. The company said it spent nearly $180 million on brownfields and greenfields exploration in the first half. Gold Fields (NYSE: GFI) is a Johannesburg‑based gold mining company that operates as an international producer of gold. Listed on multiple exchanges and traded in the United States via American Depositary Receipts under the ticker GFI, the company focuses on the exploration, development, extraction and processing of gold-bearing ore and the sale of refined gold products. Its operations span several regions, serving global bullion markets and supplying gold for both investment and industrial uses. The company's core activities include mine development and underground and open‑pit mining, ore treatment and refining, and ongoing exploration to replace reserves. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gold Fields H1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Interested in Gold Fields Limited? Here are five stocks we like better. Gold Fields said it had a “solid start” to 2026 and remains on track to meet full-year production and cost guidance, despite disruptions at several mines and higher input costs. Q1 gold-equivalent production rose 15% year over year to 633,000 ounces, helped by Salares Norte. Costs increased in the quarter, with all-in sustaining costs up 13% to $1,829 per ounce, but management still expects to hit guidance. The company also generated strong cash flow, cut net debt to $1.3 billion, and allocated $100 million to share buybacks. Operational issues at Gruyere, Agnew, and Tarkwa were described as recoverable, while major portfolio items remain on track, including the Windfall project and the Tarkwa lease extension talks in Ghana. Fraser said Windfall could face a delay if permits slip beyond July, but the base-case schedule still appears likely. Gold Stocks Shine as Prices Hit Record Highs—Top 3 Picks Gold Fields (NYSE:GFI) reported a “solid start” to 2026, with Chief Executive Officer Mike Fraser saying the miner remains on track to meet its full-year production and cost guidance despite operational disruptions at several mines and rising input-cost pressures. On the company’s Q1 2026 operating update call, Fraser said gold-equivalent production rose 15% from the prior-year quarter to 633,000 ounces, supported by a strong contribution from Salares Norte. Output was 7% lower than in the fourth quarter of 2025, which Fraser said reflected a planned stronger finish to last year. → Wells Fargo’s Comeback Is Real—But Not Risk-Free Gold Rush: Exploring 5 Sector Giants Amidst Soaring Prices “At a portfolio level, we’re certainly comfortable that we’re well-placed to deliver on our market guidance for the full-year,” Fraser said. The company also reported no fatalities or serious injuries during the quarter. Fraser said Gold Fields continues to focus on leadership capability, risk and safety systems, and collaboration with business partners as part of its safety improvement program. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance Alamos Gold And Gold Fields Spearhead Gold Price Surge Chief Financial Officer Alex Dall said costs were under pressure in the quarter. All-in sustaining costs rose 13% year over year to $1,829 per ounce, while all-in costs increased 10% to $2,046 per ounce. Dall attributed the increase mainly to external factors, including higher royalties linked to the gold price, a stronger Australian dollar and rand when translated into U.S. dollars, and inflation across key inputs. → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom He said the company remains on track to meet cost guidance, though it is monitoring higher input costs following the start of the war in Iran. Dall said that if oil were modeled at $100 per barrel, compared with the company’s guidance assumption of $75 per barrel, the impact would be about $50 per ounce across the portfolio after factoring in related effects on items such as cyanide, LNG, explosives and freight. Gold Fields generated strong cash flow during the quarter, supported by higher sales volumes and gold prices. Dall said net debt fell to $1.3 billion at quarter-end after payment of a $1.2 billion final dividend. The company also allocated $100 million to its share buyback program, though execution was limited because of share-price volatility and timing around the program’s approval. Fraser said the buyback is not tied to near-term operational cash flow, adding that the company aims to execute it consistently and “outperform the average price.” Fraser said Gruyere, Agnew and Tarkwa had softer starts to the year, but all three showed improvement toward the end of the quarter. Gruyere was affected by heavy rainfall and equipment and operator availability. Agnew was affected by seismic events in the Kath ore body early in the quarter. Tarkwa processed a higher proportion of lower-grade stockpiles because unplanned downtime in the operating fleet reduced delivery of primary ore to the plant. In response to a question from René Hochreiter of Noah Capital Markets, Fraser said Gold Fields had not made a deliberate decision to lower cut-off grades in response to higher gold prices. He and Chief Operating Officer Francois Swanepoel said lower grades at some operations were mainly due to additional stockpile feed and changes in the ratio of open-pit to underground material. At Salares Norte, Swanepoel said gold recoveries are sustainable at current levels and could improve by about two percentage points by the end of the third quarter. He said silver recoveries are running about 10% above feasibility-study estimates and are expected to remain sustainable, supporting a trend toward the upper end of guidance for the asset. Fraser said the Windfall project remains on track for first gold in the first half of 2029 under the base plan. During the quarter, Gold Fields reached an in-principle agreement with the Cree Nation on an impact benefit agreement and expects to sign it in the coming weeks. The company also held public hearings at the end of April as the final step in the environmental impact assessment process before final reports and permitting. Fraser said no material issues emerged from the hearings that would affect the impact benefit agreement or environmental assessment. Gold Fields expects to provide a more detailed update with its half-year results, including capital, operating cost, reserve and schedule information. Fraser said the company is still reviewing capital estimates and labor productivity assumptions, particularly given tight labor markets in Canada. He said receiving permits by July is important to avoid schedule pressure on earthworks and civil works. If permits are not received by then, the project could face a delay of about six months, though Fraser said the company believes remaining on the base-case schedule is more likely than not. Fraser said discussions with the government of Ghana continue over the Tarkwa lease extension, which Gold Fields applied for in November 2025 and which relates to leases due to expire in 2027. He said the government is seeking a broader negotiation around the sharing of value from the asset over time, including fiscal terms. Fraser said Ghana is already “on the outlier side on global competitiveness,” with more than 50% of Tarkwa cash flows going to the government. He also said Ghana’s general preference appears to be that standalone stability agreements should not remain part of the long-term landscape, though Gold Fields believes some elements should be considered as part of the lease terms. Fraser addressed contractor disputes involving Tarkwa and Damang, saying combined claims total about $740 million. He said Gold Fields does not believe there is a substantive basis for the claims and is comfortable defending its position through arbitration if required. He added that the dispute could take up to two years to resolve but is not expected to affect productivity or the working relationship with the contractor. Gold Fields is also progressing internal portfolio options, including material-handling infrastructure at St. Ives and Granny Smith, stripping at the Agua Amarga pit at Salares Norte, investment south of the Wrench Fault at South Deep, additional renewable energy projects, the greater Invincible complex at St. Ives and the Golden Highway project at Gruyere. At South Deep, Fraser said the south of the Wrench Fault area is important for adding flexibility and production over time. He described 380,000 ounces as an intermediate production target in the company’s strategic plan and said higher volumes could help dilute the mine’s high fixed costs. Fraser said Gold Fields’ greenfields portfolio included 21 active projects at the end of the quarter, with work advancing in Eastern Australia, Chile, Peru, Canada and Suriname. The company increased its equity stake in Founders Metals to about 12.5%, which Fraser described as a selective investment in a “high-quality district scale opportunity” in Suriname. Fraser closed the call by saying Gold Fields remains focused on “safe, reliable, cost-effective operations,” with Windfall execution and the Tarkwa lease extension among the company’s key portfolio priorities for the year. Gold Fields (NYSE: GFI) is a Johannesburg‑based gold mining company that operates as an international producer of gold. Listed on multiple exchanges and traded in the United States via American Depositary Receipts under the ticker GFI, the company focuses on the exploration, development, extraction and processing of gold-bearing ore and the sale of refined gold products. Its operations span several regions, serving global bullion markets and supplying gold for both investment and industrial uses. The company's core activities include mine development and underground and open‑pit mining, ore treatment and refining, and ongoing exploration to replace reserves. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gold Fields Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Gold Fields Limited's (JSE:GFI) stock was strong after they recently reported robust earnings. However, our analysis suggests that shareholders may be missing some factors that indicate the earnings result was not as good as it looked. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Importantly, our data indicates that Gold Fields' profit received a boost of US$983m in unusual items, over the last year. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. If Gold Fields doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. We'd posit that Gold Fields' statutory earnings aren't a clean read on ongoing productivity, due to the large unusual item. Because of this, we think that it may be that Gold Fields' statutory profits are better than its underlying earnings power. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you want to do dive deeper into Gold Fields, you'd also look into what risks it is currently facing. At Simply Wall St, we found 4 warning signs for Gold Fields and we think they deserve your attention. Today we've zoomed in on a single data point to better understand the nature of Gold Fields' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Strong 2025 financials: Attributable production rose 18% to 2.44m ounces, adjusted free cash flow was just under $3 billion and headline earnings jumped 170% to $2.6 billion on an average gold price of about $3,500/oz. Record shareholder returns and capital policy: Management declared a record base dividend of ZAR 25.50, added a ZAR 4.50 special dividend (total ZAR 30.00), approved a $100M buyback, and now targets returning 35% of free cash flow with an expanded top‑up program (about $750M). Operational drivers, 2026 guidance and near‑term risks: Salares Norte and Gruyere were key contributors as the company reaffirms 2026 guidance of 2.4–2.6m oz, total capital $1.9–$2.1B and AISC $1,800–$2,000, while flagging cost inflation and potential Ghana royalty/lease changes (Tarkwa/Damang) as key risks. Interested in Gold Fields Limited? Here are five stocks we like better. Gold Stocks Shine as Prices Hit Record Highs—Top 3 Picks Gold Fields (NYSE:GFI) management said it delivered a “very, very strong” set of financial year 2025 results, pointing to higher production, stronger cash generation, and increased shareholder returns, while also highlighting cost inflation pressures and key regulatory items in Ghana as near-term focus areas. Management reported attributable production of 2.44 million ounces, up 18% year over year, with all-in costs and all-in sustaining costs (AISC) within guidance and only marginally higher than 2024. Executives attributed the modest cost increases primarily to higher sustaining capital, increased royalties, and stronger producer currencies, partly offset by the benefit of higher ounces produced and “higher quality ounces” from Salares Norte. → Gold and Silver Pulled Back—Here’s Why the Bull Case Is Intact Gold Rush: Exploring 5 Sector Giants Amidst Soaring Prices Gold Fields said adjusted free cash flow for 2025 was just under $3 billion, and management highlighted a sharp year-over-year improvement in operating cash flow as Salares Norte ramped up. The company also cited an average gold price for the period of about $3,500 per ounce. On profitability, management said headline earnings increased 170% year over year to $2.6 billion. → MarketBeat Week in Review – 02/16 - 02/20 Alamos Gold And Gold Fields Spearhead Gold Price Surge The company emphasized safety as a key highlight, saying it achieved a “safe delivery” during the year and that its safety improvement plan is “starting to deliver positive outcomes.” Management reported seven serious injuries in 2025 and said the results reinforced the need to keep focusing on safety performance. On broader ESG metrics, executives said Gold Fields recorded zero serious environmental incidents for the seventh consecutive year. The company also reported progress on gender diversity, with women representing 27% of employees and 28% of leadership roles, including 20% of women in core operating roles. → Opendoor Pops After Earnings, But the Big Question Hasn’t Changed Gold Fields said it achieved full conformance with the Global Industry Standard on Tailings Management (GISTM). In water stewardship, it reported 74% water recycling against a 73% target. On decarbonization, management cited a 15% absolute emissions reduction against its 2026 baseline, and said it is considering changing its decarbonization target to an intensity-based approach following a midterm review of 2030 targets. Management highlighted Salares Norte as a key contributor in 2025, saying the mine achieved commercial production in the third quarter and reached steady-state production during the fourth quarter. Executives said operations were uninterrupted despite similar weather conditions to 2024, reflecting winter preparation efforts. For 2026, Gold Fields reiterated guidance (as previously disclosed at its Capital Markets Day) of 525,000 to 550,000 ounces of gold equivalent at an AISC of $450 to $600 per ounce, with focus areas including maintaining steady-state throughput, advancing the Chinchilla capture and relocation program, and preparing for Agua Amarga pioneering and pre-strip activities in the second half of 2026. In Australia, Gold Fields discussed operational updates across several sites: Gruyere: Attributable production increased, aided by consolidation to 100% ownership in Q4 and higher tonnes milled. Management said it achieved record material movement (up 37% year over year in tonnes mined), driven by accelerated Stage 5 waste stripping, and record mill throughput of 9.6 million tonnes. Granny Smith: Production declined as planned as development was prioritized, including infrastructure spending on ventilation and energy reticulation. All-in cost increased 14% due largely to higher capital spending, including a renewable energy microgrid, while AISC was down 5% year over year. Agnew: Attributable production rose 7% due to improved mine and processed grades. Capital spending increased 21%, contributing to a 14% increase in costs, linked to development of the Barren Lands underground mine and brownfield exploration. St Ives: Management cited higher tonnes milled and improved yield as more fresh material was processed relative to stockpiles. In Q&A, management said mined grades were lower year over year partly due to processing material from certain open pits, while yields benefited from more mined material displacing stockpile feed. In South Africa, South Deep production increased nearly 16%, driven by improved mining grades and improved stope turnover. Management said South Deep’s fixed-cost nature provided leverage, translating into significant free cash flow growth. In Ghana, Damang production fell 28% after mining stopped early in 2025, with the operation processing stockpiles that carried lower yields. Tarkwa production declined 12% as the mine prioritized waste stripping and waste movement over ore mining, with lower grades contributing to lower ounces. Despite this, management said Tarkwa free cash flow increased more than 100%, attributing the improvement largely to higher gold prices. Gold Fields said it revamped its capital allocation framework in November and now targets returning 35% of free cash flow before discretionary investments. For 2025, management declared a record base dividend of ZAR 25.50 per share for the full year, comprising an interim dividend of ZAR 7.00 per share and a final dividend of ZAR 18.50 per share payable in the first quarter of 2026. The company also announced additional shareholder returns totaling $353 million, including: a special dividend of ZAR 4.50 per share (taking total dividends for the year to ZAR 30.00 per share), and a $100 million share buyback to be executed over the next 12 months. Management said total shareholder returns for 2025 were approximately ZAR 31.90 per share, a 220% increase from 2024, and characterized the yield as industry-leading (about 6.3%). Executives also said the company will allocate an additional $250 million to its “top-up” program over the next two years, increasing the program to around $750 million. Addressing why the buyback is $100 million relative to the company’s market capitalization, management said shareholder preferences vary by region, with some North American shareholders preferring buybacks. Executives described the buyback as a small portion of total returns and a “low-risk entry” into repurchasing shares. Gold Fields said it completed the acquisition of Gold Road Resources in the third quarter, consolidating 100% of Gruyere and surrounding tenements for a net $1.4 billion. For 2026, management said the focus will be on advancing studies to optimize the deposit, evaluating ways to accelerate access to higher-grade material, and increasing drilling across the Yamarna land package. On Windfall, management reiterated a plan to target final investment decision (FID) in mid-2026. Key 2026 deliverables include finalizing the execution plan, obtaining the main environmental approval by the end of the first half, completing secondary permitting approvals by the end of June, and signing an impact benefit agreement (IBA). Management said it plans to clear the site and establish core infrastructure for the start of 2027, begin plant construction in the first half of 2027, start commissioning in the back end of 2028, and deliver first gold in 2029. In response to questions about Windfall capital cost confidence, management said feasibility work supporting the environmental approval was completed two to three years ago and that current work is focused on optimizing underground mining. Executives said the biggest capital risks include exchange rates and contractor productivity. The company also noted labor pressure remains most evident in Australia, particularly among mining contractors. Gold Fields said it spent $129 million on brownfield exploration in 2025, contributing to a 9% increase in reserves and an addition of about 4 million ounces. It also reported $101 million in greenfield exploration spending, including a $35 million equity investment in Founders Metals for exposure to the Antino Gold Project in Suriname. For 2026, management reaffirmed guidance consistent with its Capital Markets Day disclosures: production of 2.4 million to 2.6 million ounces; total capital of $1.9 billion to $2.1 billion; AISC of $1,800 to $2,000; and all-in costs of $2,275 to $2,300, with changes largely reflecting foreign exchange and royalties. In Q&A, management identified cost inflation as a key KPI challenge, alongside progressing the Tarkwa lease renewal and managing the transition at Damang. On Ghana’s proposed royalty changes, management said the bill is before Parliament and, if not withdrawn, is expected to pass into law within weeks. Executives said Tarkwa’s current lease includes stability provisions that should protect the operation until lease expiry in April 2027, but acknowledged potential impacts beyond that timeframe and said discussions with government are at an early stage. Gold Fields (NYSE: GFI) is a Johannesburg‑based gold mining company that operates as an international producer of gold. Listed on multiple exchanges and traded in the United States via American Depositary Receipts under the ticker GFI, the company focuses on the exploration, development, extraction and processing of gold-bearing ore and the sale of refined gold products. Its operations span several regions, serving global bullion markets and supplying gold for both investment and industrial uses. The company's core activities include mine development and underground and open‑pit mining, ore treatment and refining, and ongoing exploration to replace reserves. The article "Gold Fields H2 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Attributable Production: Increased by 18% year-on-year to 2.44 million ounces. All-In Costs: Increased by 3% year-on-year. All-In Sustaining Costs: Increased by 1% year-on-year. Cash Flow from Operations: Increased by 175%. Net Group Cash Flow: Increased nearly 4x from 2024. Headline Earnings: Up 117% year-on-year to $2.6 billion. Adjusted Free Cash Flow: Just under $3 billion, up 391% year-on-year. Dividend: Record base dividend of ZAR 25.50 per share for the full year. Special Dividend: ZAR 4.50 per share. Share Buyback: $100 million to be executed over the next 12 months. Total Shareholder Return: ZAR 31.85 per share, yielding over 6%. Net Debt-to-EBITDA Ratio: 0.26 times. Reserve Replacement: 9% increase in reserves, adding 4 million ounces. Warning! GuruFocus has detected 9 Warning Signs with ERMAF. Is GFI fairly valued? Test your thesis with our free DCF calculator. Release Date: February 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gold Fields Ltd (NYSE:GFI) delivered a strong operating and financial performance for 2025, with attributable production up 18% year-on-year to 2.44 million ounces. The company achieved commercial production at the Salares Norte mine in Chile, contributing significantly to the year's performance. Gold Fields Ltd (NYSE:GFI) completed the acquisition of Gold Road Resources, consolidating 100% of Gruyere and surrounding tenements. The company announced a special dividend of ZAR4.50 per share and a $100 million share buyback, resulting in a total shareholder return of ZAR31.85 per share. Gold Fields Ltd (NYSE:GFI) reported a 175% increase in cash flow from operations, with adjusted free cash flow just under $3 billion for 2025. Gold Fields Ltd (NYSE:GFI) experienced a 3% year-on-year increase in all-in costs, driven by higher operating costs and sustaining capital. The company faced challenges with seven serious injuries reported during the year, highlighting the need for continued focus on safety. Damang and Tarkwa mines saw reductions in production due to prioritizing stockpile feed and waste stripping activities. The company is facing cost inflation pressures, including strengthening producer currencies and increasing royalty rates. Labour turnover at the Gruyere mine was high, with turnover rates reaching nearly 50% in the fourth quarter, impacting operations. Q: What is the most troublesome KPI on your radar at the moment, and how are you anticipating moving the needle on it? A: Michael Fraser, CEO: The most pressing issue is cost inflation, driven by strengthening producer currencies and increasing royalty rates. We are focused on improving the structure of our business to manage these costs. Additionally, progressing the Tarkwa lease renewal and ensuring a smooth transition for the Damang mine are top priorities. Q: Could you explain the rationale for a $100 million buyback on a market cap of $47 billion? A: Alex Dall, CFO: The buyback is small relative to total shareholder returns, approximating about 6%. It balances returns between dividends and buybacks, catering to North American shareholders who prefer buybacks. Q: What is the current situation in Ghana regarding royalty rates and lease renewal negotiations? A: Michael Fraser, CEO: The royalty bill is before parliament and expected to become law soon. Our current lease at Tarkwa includes stability provisions, protecting us until April 2027. Discussions with the government are ongoing to ensure a fair value-sharing arrangement. Q: Can you provide more details on turnover at Gruyere and high-level indications of quarterly expectations for 2026 production? A: Michael Fraser, CEO: Gruyere faced high turnover rates due to aggressive hiring by iron ore producers and non-competitive contractor wages, which have been addressed. Production is expected to be evenly distributed across the year, avoiding the second-half weighting seen in previous years. Q: How confident are you in the CapEx number for the Windfall project, given the feasibility study is not yet complete? A: Michael Fraser, CEO: The feasibility study supporting environmental approval was completed two to three years ago. We are optimizing underground mining, and while the reserve price change won't impact near-term reserves, the second phase of permitting will allow us to expand the project's footprint. For the complete transcript of the earnings call, please refer to the full earnings call transcript.