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GOLD FIELDS LIMITED - Operational update for the quarter ended 30 September 2021

Release Date: 11/11/2021 07:05
Code(s): GFI     PDF:  
Wrap Text
Operational update for the quarter ended 30 September 2021

Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE 000018123
("Gold Fields" or "the Company")

Media Release

OPERATIONAL UPDATE for the quarter ended 30 SEPTEMBER 2021

SALIENT FEATURES

- 606,000 ounces of attributable gold production
- US$1,263 per ounce of all-in cost

JOHANNESBURG, 11 NOVEMBER 2021: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update 
for the quarter ended 30 September 2021. Detailed financial and operational results are provided on a six-monthly 
basis i.e. at the end of June and December.

STATEMENT BY CEO of Gold Fields, Chris Griffith

South Deep star performer in Q3 2021
Gold Fields had a solid September 2021 quarter, with attributable gold equivalent production for Q3 2021 of 606koz, 
up 9% YoY (up 8% QoQ). South Deep in particular had a good quarter, with production up 30% QoQ. All-in cost (AIC)
increased by 18% YoY (down 3% QoQ) to US$1,263/oz largely due to the capital expenditure at Salares Norte increasing
from US$23m to US$108m, while all-in sustaining costs (AISC) increased 5% YoY (and decreased 8% QoQ) to US$1,016/oz.
AIC would have increased by 3% to US$1,050/oz from US$1,024/oz if the significant project capex at Salares Norte 
and the appreciation of the Australian Dollar and South African Rand are excluded.  

The Australian region produced 256koz at AIC of A$1,499/oz (US$1,102/oz) and AISC of A$1,386/oz (US$1,018/oz). 
Our mines in Ghana produced on a managed basis 214koz (including 45% of Asanko) at AIC of US$1,097/oz and AISC 
of US$1,072/oz. Cerro Corona in Peru produced 69koz (gold equivalent) at AIC of US$951 per gold equivalent ounce 
and AISC of US$805 per gold equivalent ounce.

South Deep had a good September 2021 quarter, with managed production of 88koz at an AIC of R567,550/kg (US$1,208/oz)
and AISC of R542,660/kg (US$1,155/oz). South Deep remains on track to meet the revised guidance provided with the Q1
2021 operating update, despite certain maintenance activities planned in Q4 2021.

Balance sheet
Gold Fields remains in a strong financial position. During Q3 2021, there was a further decrease in the net debt
balance (including leases) to US$1,037m at 30 September 2021 from US$1,097m at 30 June 2021, even after taking into
account the interim dividend payment of US$132m. This translates in a net debt to EBITDA of 0.44x, compared to 0.49x 
at 30 June 2021. The net debt balance (excluding leases) decreased to US$620m from US$663m at the end of June 2021.

Salares Norte
The critical path of the project remains on track, although Q3 2021 was again impacted by severe winter weather (in the
early part of the quarter) as well as ongoing COVID-19 constraints. Given the COVID-19 and weather impacts it is
unlikely that the project will achieve the previously guided 65% completion milestone by the end of 2021 and should see
completion of around 62% by year end. Importantly, all the critical path items are tracking plan. In addition, more
than 95% of imported components have arrived in Chile, so the project is not expected to be delayed by shipping
constraints currently being experienced globally. The project remains on track to deliver first gold by the end of Q1
2023. Mining and exploration were the standouts for the quarter, with both activities outperforming the plan for the
quarter.

COVID-19 update
So far this year (as at 8 November 2021), we have recorded 14 deaths among our workforce; ten at South Deep 
in South Africa, and two each in Peru and Ghana. Eight of these fatalities occurred in Q3 2021, bringing the 
total number of COVID-19 related deaths in the Company to 20 since the beginning of the pandemic in early 2020. 
Our heartfelt condolences go out, once again, to the family, friends and colleagues of the deceased.

We have accelerated the COVID-19 vaccinations among our workforce and are collaborating closely with our host
governments in doing so. As at 8 November 2021, we have surpassed over 15,000 first vaccinations: 72% of the workforce
has received at least one vaccination and 50% is fully vaccinated. In all but Ghana, where access to vaccinations is
limited, our operations have achieved a level of at least 70% first dosage. South Deep and Salares Norte continue to
lead the way with well over 90% of employees receiving their first dose.

Where it is legally permissible, Gold Fields is considering mandatory vaccination among employees. Gold Fields
Australia has introduced its policy on the back of the Western Australian state government's mandatory vaccination
policy for all Fly-in, Fly-out (FIFO) workers (first dose no later than 1 December 2021, second dose by 1 January
2022), and have extended this to Perth office employees as well.

Mandatory vaccination is not permissible under the law in Peru and Chile, while a shortage of vaccinations makes this
unfeasible in Ghana at present.

Apart from vaccination campaigns, we continue to support our workforce through, amongst others, educational awareness,
programmes, implementing stringent safety protocols, rapid testing and offering medical assistance if employees
contract the virus.

During the first three quarters of 2021, our operations spent approximately US$16.8m on COVID-19 related initiatives
and interventions, such as specialised camp accommodation, testing equipment and facilities, additional labour costs
and transport facilities. A further US$1.7m was spent on donations to assist governments and communities in their fight
against the pandemic. In 2020, the respective figures were US$30m and US$3m.

ESG updates
While there was no fatal incident at our operations in Q3 2021, we reported three serious injuries, bringing the total
in the year to date to seven. Six serious injuries were recorded in 2020. There have been no lost time injuries at
Tarkwa, Damang and Agnew in 2021 year to date, demonstrating that eliminating fatalities and serious injuries is
possible, particularly since these results have come during the COVID-19 pandemic. The Total Recordable Injury
Frequency Rate (TRIFR) moved back to a downward trend in Q3 2021, after two years of increases, driven in part by 
a drive to increase reporting transparency across the group.

We are on track to publish our environmental, social and governance (ESG) priorities, accompanied by wide-ranging
objectives and detailed 2030 targets, on 1 December 2021.

Ratings agency MSCI upgraded its ESG rating of Gold Fields from BBB to A for the first time, while rating group ISS
assigned Gold Fields a top rating of E 1 S 1 G 1.

On track to meet 2021 guidance
FY 2021 production and cost guidance, as provided in February 2021, remains intact. Attributable gold equivalent
production is expected to be between 2.30Moz and 2.35Moz. As previously guided, AISC is expected to be between
US$1,020/oz and US$1,060/oz, with AIC expected to be between US$1,310/oz to US$1,350/oz. If we exclude the very
significant project capex at Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange rates used
for our 2021 guidance are: US$/R15.50 and US$/A$0.75.

Chris Griffith
Chief Executive Officer

11 November 2021

Key statistics

                                                                               United States Dollars
                                                                                      Quarter
Figures in millions unless otherwise stated                              Sept 2021   June 2021   Sept 2020
Gold produced*                                                 oz (000)        606         563         557
Tonnes milled/treated                                              000      10,638      10,627      10,433
Revenue (excluding Asanko)                                      US$/oz       1,770       1,820       1,921
Cost of sales before gold inventory change and amortisation             
and depreciation (excluding Asanko)  US$/tonne                                  45          44          41
All-in sustaining costs                                         US$/oz       1,016       1,107         964
Total all-in cost                                               US$/oz       1,263       1,297       1,070
Net debt                                                          US$m       1,037       1,097       1,159
Net debt (excluding lease liabilities)                            US$m         620         663         796
Net debt to EBITDA ratio                                          US$m        0.44        0.49        0.68
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.

At 30 September 2021, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep 
in South Africa (96.43%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and Asanko JV (45% equity share).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 6% of Group production.
All-in-sustaining costs and total all-in cost in the key statistics table include all Gold Fields operations, projects
and offices. The tables on pages 4 and 5 presents only the mining operations.
Figures may not add as they are rounded independently.

STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2021                                                                  
Number of shares in issue                                                  NYSE - (GFI)                       
- at end September 2021                                   887,717,348      Range - Quarter              US$7.75 - US$10.04
- average for the quarter                                 887,717,348      Average volume - Quarter     5,757,621 shares/day
Free float                                                100 per cent     JSE LIMITED - (GFI)       
ADR ratio                                                 1:1              Range - Quarter              ZAR117.26 - ZAR146.38
Bloomberg/Reuters                                         GFISJ/GFLJ.J     Average volume - Quarter     3,230,001 shares/day

Salient features and cost benchmarks

                                                                                United States Dollars
                                                         Total           Total
                                                          Mine            Mine     South                                                South
                                                    operations      operations   African                                              America
                                                     including       excluding    Region                West Africa Region         
                                                        equity          equity                                 Ghana                     Peru
Figures are in millions unless                       accounted       accounted     South                                   Asanko*      Cerro
unless otherwise stated                          Joint Venture   Joint Venture      Deep         Total   Tarkwa   Damang       45%     Corona

Operating Results
Ore milled/treated                   Sept 2021          10,638           9,944       755         5,354    3,493    1,167       694      1,746
(000 tonnes)                         June 2021          10,627           9,963       766         5,379    3,546    1,170       664      1,700
                                     Sept 2020          10,433           9,773       563         5,295    3,468    1,167       660      1,751
Yield (grams per tonne)              Sept 2021             1.8             1.9       3.6           1.2      1.2      1.5       1.0        1.2
                                     June 2021             1.7             1.8       2.8           1.3      1.2      1.6       1.1        1.0
                                     Sept 2020             1.7             1.8       3.6           1.2      1.1      1.6       1.0        0.9
Gold produced                        Sept 2021           628.4           606.1      88.2         214.4    135.7     56.4      22.3       69.4
(000 managed equivalent ounces)      June 2021           585.2           562.6      67.9         218.9    134.4     61.8      22.7       52.9
                                     Sept 2020           576.3           554.2      64.9         211.2    127.3     61.9      22.0       50.5
Gold produced                        Sept 2021           605.7           583.4      85.1         195.2    122.1     50.8      22.3       69.1
(000 attributable equivalent ounces) June 2021           562.9           540.3      65.5         199.3    120.9     55.6      22.7       52.7
                                     Sept 2020           557.0           535.0      64.9         192.3    114.6     55.7      22.0       50.2
Gold sold                            Sept 2021           624.9           603.1      91.5         213.9    135.7     56.4      21.8       59.9
(000 managed equivalent ounces)      June 2021           596.6           572.6      67.2         220.2    134.4     61.8      24.0       50.8
                                     Sept 2020           556.1           531.9      65.9         213.5    127.3     61.9      24.3       40.6
Cost of sales before amortisation    Sept 2021          (427.5)         (400.7)    (85.7)       (134.9)   (73.2)   (34.9)    (26.9)     (33.4)
and depreciation(million)            June 2021          (453.9)         (425.3)    (77.7)       (149.3)   (84.2)   (36.4)    (28.7)     (41.4)
                                     Sept 2020          (368.4)         (337.7)    (58.6)       (137.0)   (77.6)   (28.6)    (30.7)     (28.1)
Cost of sales before gold inventory  Sept 2021              45              45       112            29       21       46        42         28
change and amortisation and          June 2021              44              44       105            31       24       50        40         25
depreciation (dollar per tonne)      Sept 2020              41              41       102            32       21       59        42         20
Sustaining capital (million)         Sept 2021          (157.0)         (152.1)    (17.9)        (64.7)   (55.4)    (4.3)   (4.9)&       (9.0)
                                     June 2021          (152.9)         (149.8)    (11.7)        (63.4)   (57.0)    (3.3)   (3.1)&       (4.9)
                                     Sept 2020          (107.9)         (104.8)     (7.7)        (49.9)   (41.5)    (5.3)   (3.1)&       (5.2)
Non-sustaining capital (million)     Sept 2021           (37.3)          (36.7)     (4.8)         (2.2)       -     (1.5)     (0.7)      (8.5)
                                     June 2021           (36.6)          (35.5)     (6.3)         (2.9)       -     (1.7)     (1.2)      (7.1)
                                     Sept 2020           (28.1)          (22.7)     (1.3)         (6.8)       -     (1.4)     (5.4)      (7.4)
Total capital expenditure (million)  Sept 2021          (194.3)         (188.8)    (22.7)        (66.9)   (55.4)    (5.8)     (5.6)     (17.5)
                                     June 2021          (189.5)         (185.3)    (18.0)        (66.3)   (57.0)    (5.0)     (4.3)     (12.0)
                                     Sept 2020          (136.0)         (127.5)     (9.0)        (56.7)   (41.5)    (6.7)     (8.5)     (12.6)
All-in-sustaining costs              Sept 2021           1,013             990     1,155         1,072    1,091      823     1,598         24
(dollar per ounce)                   June 2021           1,103           1,085     1,350         1,123    1,216      778     1,497        (78)
                                     Sept 2020             956             930     1,055         1,030    1,099      710     1,488        271
Total all-in-cost                    Sept 2021           1,081           1,058    1,208#         1,097    1,091      879     1,697        342
(dollar per ounce)                   June 2021           1,173           1,155     1,443         1,150    1,216      833     1,595        282
                                     Sept 2020           1,011             975     1,075         1,068    1,099      732     1,760        594

Average exchange rates were US$1 = R14.63, US$1 = R14.13 and US$1 = R16.91 for the September 2021, June 2021 
and September 2020 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.74, A$1 = US$0.77 and A$1 = US$0.72 for the September 2021, 
June 2021 and September 2020 quarters, respectively.
Figures may not add as they are rounded independently.
* Equity accounted Joint Venture.
& Includes Gold Fields 45% share of deferred stripping of US$2.1m and US$0.7m (100% basis US$4.7m and US$1.6m) 
  for the September 2021 and June 2021 quarters, respectively.
# The significant increase in AIC/oz to US$1,208/oz in Q3 2021 from US$1,075/oz in Q3 2020 is largely due to 
  the appreciation of the South African Rand. The AIC/oz would have been US$1,044/oz in Q3 2021 if the exchange rate was normalised.

Salient features and cost benchmarks continued                             
                                                                                                                                                       South
                                                                                                                                                     African
                                                               United States Dollars                              Australian Dollars                    Rand
                                                                                                                                                            
                                                                                                                                                       South
                                                                 Australia Region                                   Australia Region                 African
                                                                     Australia                                          Australia                     Region

                                                                               Granny    Gruyere                                 Granny    Gruyere     South
 Figures are in millions unless otherwise stated    Total   St Ives    Agnew    Smith        50%      Total   St Ives    Agnew    Smith        50%      Deep
Operating Results                                                                                                                                                                                 
Ore milled/treated (000 tonnes)        Sept 2021    2,783     1,025      307      400      1,051      2,783     1,025      307      400      1,051       755
                                       June 2021    2,781     1,021      329      438        993      2,781     1,021      329      438        993       766
                                       Sept 2020    2,825     1,122      334      425        944      2,825     1,122      334      425        944       563
Yield (grams per tonne)                Sept 2021      2.9       2.9      5.4      6.1        0.9        2.9       2.9      5.4      6.1        0.9       3.6
                                       June 2021      2.7       2.9      5.7      4.5        0.8        2.7       2.9      5.7      4.5        0.8       2.8
                                       Sept 2020      2.7       2.5      5.8      5.1        0.9        2.7       2.5      5.8      5.1        0.9       3.6
Gold produced                          Sept 2021    256.3      94.0     53.8     78.9       29.7      256.3      94.0     53.8     78.9       29.7     2,744
(000 managed equivalent ounces)        June 2021    245.5      94.5     60.8     63.6       26.6      245.5      94.5     60.8     63.6       26.6     2,112
                                       Sept 2020    249.6      90.5     62.1     69.1       28.0      249.6      90.5     62.1     69.1       28.0     2,019
Gold produced                          Sept 2021    256.3      94.0     53.8     78.9       29.7      256.3      94.0     53.8     78.9       29.7     2,646
(000 attributable equivalent ounces)   June 2021    245.5      94.5     60.8     63.6       26.6      245.5      94.5     60.8     63.6       26.6     2,037
                                       Sept 2020    249.6      90.5     62.1     69.1       28.0      249.6      90.5     62.1     69.1       28.0     2,019
Gold sold                              Sept 2021    259.5      94.0     53.1     82.0       30.4      259.5      94.0     53.1     82.0       30.4     2,847
(000 managed equivalent ounces)        June 2021    258.4      99.9     64.6     65.4       28.4      258.4      99.9     64.6     65.4       28.4     2,089
                                       Sept 2020    236.2      86.9     58.4     62.5       28.4      236.2      86.9     58.4     62.5       28.4     2,049
Cost of sales before amortisation      Sept 2021   (173.6)    (60.4)   (42.6)   (46.9)     (23.7)    (236.2)    (82.4)   (57.9)   (63.8)     (32.0) (1,252.5)
and depreciation (million)             June 2021   (185.6)    (70.7)   (46.4)   (49.2)     (19.3)    (241.1)    (91.8)   (60.2)   (64.0)     (25.1) (1,100.3)
                                       Sept 2020   (144.7)    (48.2)   (40.5)   (38.7)     (17.3)    (199.6)    (65.7)   (56.3)   (53.6)     (23.9)   (990.1)
Cost of sales before gold              Sept 2021       66        72      134      112         23         90        97      182      152         32     1,638
inventory change and amortisation       June 2021       64        64      126      112         22         83        84      163      145         28     1,489
and depreciation(dollar per tonne)     Sept 2020       59        60      115      101         19         83        85      159      141         27     1,726
								
Sustaining capital (million)           Sept 2021    (65.5)    (23.3)   (15.0)   (16.7)     (10.5)     (88.8)    (31.7)   (20.4)   (22.5)     (14.2)   (260.9)
                                       June 2021    (73.0)    (27.9)   (17.4)   (17.4)     (10.3)     (94.7)    (36.2)   (22.5)   (22.6)     (13.3)   (166.1)
                                       Sept 2020    (45.1)    (11.2)   (12.0)   (13.0)      (8.9)     (62.9)    (15.0)   (16.8)   (18.4)     (12.7)   (130.6)
Non-sustaining capital (million)       Sept 2021    (21.8)     (3.9)    (5.8)   (11.7)      (0.4)     (29.5)     (5.2)    (7.9)   (15.7)      (0.6)    (70.9)
                                       June 2021    (20.4)     (3.1)    (8.1)    (8.5)      (0.7)     (26.4)     (4.0)   (10.5)   (11.0)      (0.9)    (89.9)
                                       Sept 2020    (12.6)     (4.7)    (2.7)    (4.9)      (0.3)     (17.7)     (6.7)    (3.8)    (6.8)      (0.3)    (22.3)
Total capital expenditure (million)    Sept 2021    (87.3)    (27.2)   (20.8)   (28.4)     (10.9)    (118.3)    (36.9)   (28.3)   (38.2)     (14.8)   (331.8)
                                       June 2021    (93.4)    (31.0)   (25.5)   (25.9)     (11.0)    (121.1)    (40.2)   (33.0)   (33.6)     (14.2)   (256.0)
                                       Sept 2020    (57.7)    (15.9)   (14.7)   (17.9)      (9.2)     (80.6)    (21.7)   (20.6)   (25.2)     (13.0)   (152.9)
All-in-sustaining costs                Sept 2021    1,018       955    1,214      873      1,267      1,386     1,302    1,651    1,186      1,716   542,660
(dollar per ounce)                     June 2021    1,118     1,065    1,109    1,168      1,207      1,452     1,382    1,441    1,517      1,568   615,178
                                       Sept 2020      931       785    1,039      965      1,076      1,288     1,071    1,448    1,342      1,505   572,447
Total all-in-cost                      Sept 2021   1,102#       996    1,322    1,015      1,281      1,499     1,358    1,800    1,378      1,736   567,550
(dollar per ounce)                     June 2021    1,197     1,096    1,234    1,298      1,232      1,554     1,423    1,603    1,686      1,601   658,180
                                       Sept 2020      984       839    1,085    1,044      1,085      1,363     1,149    1,513    1,451      1,518   583,344
Average exchange rates were US$1 = R14.63, US$1 = R14.13 and US$1 = R16.91 for the September 2021, June 2021 and September 2020 quarters, 
respectively. The Australian/US Dollar exchange rates were A$1 = US$0.74, A$1 = US$0.77 and A$1 = US$0.72 for the September 2021, June 2021 
and September 2020 quarters, respectively.
Figures may not add as they are rounded independently.
# The significant increase in AIC/oz to US$1,102/oz in Q3 2021 from US$984/oz in Q3 2020 is largely due to the appreciation of the Australian Dollar. 
  The AIC/oz would have been US$1,079/oz in Q3 2021 if the exchange rate was normalised.

Review of Operations
Quarter ended 30 September 2021 compared with quarter ended 30 June 2021
Figures may not add as they are rounded independently.

South Africa region
South Deep
                                                Sept        June          %
                                                2021        2021   Variance
                                       000
Ore mined                           tonnes       419         399         5%
                                       000
Waste mined                         tonnes        60          48        25%
                                       000
Total tonnes                        tonnes       479         447         7%
Grade mined - underground reef         g/t      6.73        6.21         8%
Grade mined - underground total        g/t      5.88        5.54         6%
Gold mined                              kg     2,820       2,477        14%
                                    000'oz      90.7        79.7        14%
Destress                                m2    11,732      11,140         5%
Development                              m     1,640       1,333        23%
Secondary support                        m     4,343       3,560        22%
Backfill                                m3    83,475      77,959         7%
                                       000
Tonnes milled - underground reef    tonnes       430         389        11%
                                       000
Tonnes milled - underground waste   tonnes        45          31        45%
                                       000
Tonnes milled - surface             tonnes       280         347      (19)%
                                       000
Total tonnes milled                 tonnes       755         766       (1)%
Yield - underground reef               g/t      6.30        5.36        18%
Surface yield                          g/t      0.13        0.09        44%
Total yield                            g/t      3.63        2.76        32%
Gold produced                           kg     2,744       2,112        30%
                                    000'oz      88.2        67.9        30%
Gold sold                               kg     2,847       2,089        36%
                                    000'oz      91.5        67.2        36%
AISC                                  R/kg   542,660     615,178      (12)%
                                    US$/oz     1,155       1,350      (14)%
AIC                                   R/kg   567,550     658,180      (14)%
                                    US$/oz     1,208       1,443      (16)%
Sustaining capital expenditure          Rm     260.9       166.1        57%
                                      US$m      17.9        11.7        53%
Non-sustaining capital expenditure      Rm      70.9        89.9      (21)%
                                      US$m       4.8         6.3      (24)%
Total capital expenditure               Rm     331.8       256.0        30%
                                      US$m      22.7        18.0        26%

Gold production increased by 30% to 2,744kg (88,200oz) in the September quarter from 2,112kg (67,900oz) in the 
June quarter as a result of improved volumes, improved grade and improved yield. Improved volumes are as a result 
of improved stoping volumes whilst the improved grade is as a result of the improved volume mix relative to the 
June quarter and in line with the annual mine plan. Gold mined increased by 14% to 2,820kg (90,700oz) in the September
quarter from 2,477kg (79,700oz) in the June quarter due to the increase in ore tonnes mined and improved broken grade.

Reef yield increased by 18% to 6.30g/t in the September quarter from 5.36g/t in the June quarter due to an increase 
in broken reef grade mainly as a result of improved stoping grades (8%) including on-reef development in higher grade
areas with the addition of improved recoveries.

Total underground tonnes milled increased by 13% to 475kt in the September quarter from 420kt in the June quarter 
as a result of the increase in total tonnes broken, mined and hoisted. Surface tonnes milled decreased by 19% to 280kt 
in the September quarter from 347kt in the June quarter as treatment of surface tonnes was temporally slowed down due 
to cyanide shortages.

Development increased by 23% to 1,640 metres in the September quarter from 1,333 metres in the June quarter. Destress
increased by 5% to 11,732m in the September quarter from 11,140m in the June quarter.

Secondary support installed increased by 22% to 4,343 metres in the September quarter from 3,560 metres in the June
quarter, which is in line with improved development and destress performance. Backfill increased by 7% to 83,475m3 
in the September quarter from 77,959m3 in the June quarter due to the increase in number of stopes available for
backfilling.

All-in cost improved by 14% to R567,550/kg (US$1,208/oz) in the September quarter from R658,180/kg (US$1,443/oz) in the
June quarter mainly driven by an increase in gold sold in the September quarter compared to the June quarter, partially
offset by an increase in capital (solar plant) and operational expenditure (consumables as a result of production and
price related increases, as well as Eskom winter tariffs and an increase in consumption) in the September quarter.

Sustaining capital expenditure increased by 57% to R260.9m (US$17.9m) in the September quarter from R166.1m (US$11.7m)
in the June quarter mainly due to the delivery of electricity generating units (R35m), Solar Plant fencing and
earthworks (R20m) and Doornpoort Phase 2 expansion (R31m).

Non-sustaining capital expenditure decreased by 21% to R70.9m (US$4.8m) in the September quarter from R89.9m (US$6.3m)
in the June quarter due to a decrease in new mine infrastructure projects (conveyors, crushers and backfill pipe
installations).

South Deep production for the December quarter is forecast to decrease compared to the September quarter as a result 
of scheduled critical maintenance work on key shaft infrastructure during Q4. This includes the replacement of the main
man winder brakes and bushes as well as replacing the drum on the main rock winder. These activities will impact people
and material logistics affecting productivities and cycle times over a period of approximately 28 days. In addition per
the agreement concluded with organised labour the mine will shut down for the Christmas break from 23 December 2021 
to 2 January 2022 (10 days).

West Africa region
Ghana
Tarkwa
                                              Sept        June          %
                                              2021        2021   Variance
                                      000
Ore mined                          tonnes    3,034       2,772         9%
                                      000
Waste (Capital)                    tonnes   15,361      15,353         -%
                                      000
Waste (Operational)                tonnes    5,736       6,869      (16)%
                                      000
Total waste mined                  tonnes   21,097      22,222       (5)%
                                      000
Total tonnes mined                 tonnes   24,131      24,994       (3)%
Strip ratio                     waste/ore      7.0         8.0      (13)%
Grade mined                           g/t     1.36        1.41       (4)%
Gold mined                         000'oz    132.9       125.2         6%
                                      000
Tonnes milled                      tonnes    3,493       3,546       (1)%
Yield                                 g/t     1.21        1.18         3%
Gold produced                      000'oz    135.7       134.4         1%
Gold sold                          000'oz    135.7       134.4         1%
AISC                               US$/oz    1,091       1,216      (10)%
AIC                                US$/oz    1,091       1,216      (10)%
Sustaining capital expenditure       US$m     55.4        57.0       (3)%
Non-sustaining expenditure           US$m        -           -         -%
Total capital expenditure            US$m     55.4        57.0       (3)%

Gold production increased by 1% to 135,700oz in the September quarter from 134,400oz in the June quarter due to higher
yield. Yield increased by 3% to 1.21g/t in the September quarter from 1.18g/t in the June quarter due to higher grade
processed. In the September quarter, 0.5Mt stockpiles at 0.85g/t were processed compared with 0.9Mt stockpiles at
0.76g/t in the June quarter, while ex-pit ore processed for the September quarter was 3Mt at 1.32g/t compared with
2.7Mt at 1.37g/t in the June quarter.

Total tonnes mined, including capital waste stripping, decreased by 3% to 24.1Mt in the September quarter from 25.
0Mt in the June quarter in line with the mining sequence. Ore mined increased by 9% to 3.0Mt in the September quarter 
from 2.8Mt in the June quarter due to increased ore mining from Kobada and Teberebie pits. Operational waste decreased 
by 16% to 5.7Mt in the September quarter from 6.9Mt in the June quarter mainly due to a decrease in waste mining 
at the Akontansi pit, offset by an increase in activities at the Kobada pit. Strip ratio decreased by 13% to 7.0 in the
September quarter from 8.0 in the June quarter due to increased ex-pit ore mined. Gold mined increased by 6% to 132.9koz 
in the September quarter from 125.2koz in the June quarter due to higher ore tonnes mined.

All-in cost decreased by 10% to US$1,091/oz in the September quarter from US$1,216/oz in the June quarter due to lower cost 
of sales before amortisation and depreciation, lower capital expenditure and higher gold sold.

Capital expenditure decreased by 3% to US$55.4m in the September quarter from US$57.0m in the June quarter due to timing 
of tailings storage facility construction. Tailings storage expenditure of US$2.7m in the September quarter compared with 
US$5.7m in the June quarter.

Damang
                                              Sept        June          %
                                              2021        2021   Variance
                                       000
Ore mined                           tonnes   1,948       2,207      (12)%
                                       000
Waste (Capital)                     tonnes     173           -         -%
                                       000
Waste (Operational)                 tonnes   3,570       3,477         3%
                                       000
Total waste mined                   tonnes   3,743       3,477         8%
                                       000
Total tonnes mined                  tonnes   5,690       5,684         -%
Strip ratio                      waste/ore     1.9         1.6        19%
Grade mined                            g/t    1.40        1.53       (8)%
Gold mined                          000'oz    87.8       108.2      (19)%
                                       000
Tonnes milled                       tonnes   1,167       1,170         -%
Yield                                  g/t    1.50        1.64       (9)%
Gold produced                       000'oz    56.4        61.8       (9)%
Gold sold                           000'oz    56.4        61.8       (9)%
AISC                                US$/oz     823         778         6%
AIC                                 US$/oz     879         833         6%
Sustaining capital expenditure        US$m     4.3         3.3        30%
Non-sustaining expenditure            US$m     1.5         1.7      (12)%
Total capital expenditure             US$m     5.8         5.0        16%

Gold production decreased by 9% to 56,400oz in the September quarter from 61,800oz in the June quarter mainly due 
to lower yield. Yield decreased by 9% to 1.50g/t in the September quarter from 1.64g/t in the June quarter as a result 
of lower mined and feed grade.

Total tonnes mined in the September quarter remained similar at 5.7Mt. Ore tonnes mined decreased by 12% to 1.9Mt 
in the September quarter from 2.2Mt in the June quarter, while operational waste tonnes mined increased by 3% to 3.6Mt 
in the September quarter from 3.5Mt in the June quarter. The decrease in ore tonnes and increase in operational waste
tonnes were mainly due to the mining sequence which required the mining of sumps to contain the rainwater during the
wet season. In addition, some ore was inaccessible at the bottom of the pit during the wet season. Capital waste mined
was 0.2Mt in the September quarter and nil in the June quarter due to the commencement of mining the Huni pit in the
September quarter 2021. Mined grade decreased by 8% to 1.40g/t in the September quarter from 1.53g/t in the June quarter 
due to mining through the scattered mineralisation in the dolerite intrusive in the northern portion of the pit.

Strip ratio increased by 19% to 1.9 in the September quarter from 1.6 in the June quarter due to lower ore tonnes mined
in addition to the Huni waste stripping.

All-in cost increased by 6% to US$879/oz in the September quarter from US$833/oz in the June quarter mainly due to lower 
ounces sold and higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation.

Sustaining capital expenditure increased by 30% to US$4.3m in the September quarter from US$3.3m in the June quarter
due to expenditure on Huni waste stripping and the East wall draping. Non-sustaining capital expenditure decreased 
by 12% to US$1.5m in the September quarter from to US$1.7m in the June quarter due to timing of the Far East Tailings
Storage Facility (FETSF) stage 3 raise.

Asanko (Equity Accounted Joint Venture)
All figures in table on a 100% basis
                                              Sept        June          %
                                              2021        2021   Variance
                                      000
Ore mined                          tonnes    1,464       1,333        10%
                                      000
Waste (Capital)                    tonnes      559       1,221      (54)%
                                      000
Waste (Operational)                tonnes    9,458       7,852        20%
                                      000
Total waste mined                  tonnes   10,017       9,073        10%
                                      000
Total tonnes mined                 tonnes   11,481      10,406        10%
Strip ratio                     waste/ore      6.8         6.8         -%
Grade mined                           g/t     1.33        1.23         8%
Gold mined                         000'oz     62.7        52.8        19%
                                      000
Tonnes milled                      tonnes    1,542       1,475         5%
Yield                                 g/t     1.00        1.06       (6)%
Gold produced                      000'oz     49.5        50.4       (2)%
Gold sold                          000'oz     48.4        53.3       (9)%
AISC                               US$/oz    1,598       1,497         7%
AIC                                US$/oz    1,697       1,595         6%
Sustaining capital expenditure       US$m     11.0         6.9        59%
Non-sustaining expenditure           US$m      1.4         2.6      (46)%
Total capital expenditure            US$m     12.4         9.4        32%

Gold production decreased by 2% to 49,500oz (100% basis) in the September quarter from 50,400oz (100% basis) 
in the June quarter mainly due to lower yield. The lower yield is mainly due to lower plant recoveries as a 
results of feeding "Cobra" material from the Esaase pit. The "Cobra" material is characterised by high organic 
carbon content which creates a preg-robbing situation in the leaching process. Mill feed in the September quarter 
was sourced primarily from Esaase, augmented with Akwasiso cut 3 and lower grade stockpiles.

Total tonnes mined increased by 10% to 11.5Mt in the September quarter from 10.4Mt in the June quarter. 
Waste tonnes mined increased by 10% to 10.0Mt in the September quarter from 9.1Mt in the June quarter due 
to stripping at Akwasiso cut 3. Ore tonnes mined increased by 10% to 1.5Mt in the September quarter from 1.3Mt 
in the June quarter with ore tonnes sourced primarily from the Esaase pit. Stripping of Akwasiso cut 3 continued 
during the September quarter contributing some ore to the plant.

All-in cost increased by 6% to US$1,697/oz in the September quarter from US$1,595/oz in the June quarter mainly 
due to lower gold sold and higher capital expenditure, partially offset by lower cost of sales before amortisation 
and depreciation.

Sustaining capital expenditure increased by 59% to US$11.0m in the September quarter from US$6.9m in the June quarter
mainly due to timing of expenditure on the TSF stage 6 raise and deferred strip charge back. Non-sustaining capital
expenditure decreased by 46% to US$1.4m in the September quarter from US$2.6m in the June quarter mainly due to 
timing of expenditure.

South America region
Peru
Cerro Corona
                                              Sept        June          %
                                              2021        2021   Variance
                                      000
Ore mined                          tonnes    2,880       1,932        49%
                                      000
Waste mined                        tonnes    5,705       5,474         4%
                                      000
Total tonnes mined                 tonnes    8,586       7,407        16%
Grade mined - gold                    g/t     0.77        0.67        15%
Grade mined - copper             per cent     0.42        0.40         5%
Gold mined                         000'oz     71.3        41.8        71%
                                      000
Copper mined                       tonnes   12,038       7,758        55%
                                      000
Tonnes milled                      tonnes    1,746       1,700         3%
Gold recovery                    per cent     64.7        61.7         5%
Copper recovery                  per cent     87.0        86.0         1%
Yield - Gold                          g/t     0.60        0.43        40%
- Copper                         per cent     0.42        0.35        20%
- Combined                         eq g/t     1.24        0.97        28%
Gold produced                      000'oz     32.3        22.5        44%
Copper produced                    tonnes    7,083       5,688        25%
                                     000'
Total equivalent gold produced      eq oz     69.4        52.9        31%
                                     000'
Total equivalent gold sold          eq oz     59.9        50.8        18%
AISC                               US$/oz       24         (78)    (131)%
                                     US$/
AISC                                eq oz      805       1,014      (21)%
AIC                                US$/oz      342         282        21%
                                     US$/
AIC                                 eq oz      951       1,165      (18)%
Sustaining capital expenditure       US$m      9.0         4.9        84%
Non-sustaining expenditure           US$m      8.5         7.1        20%
Total capital expenditure            US$m     17.5        12.0        46%

Gold equivalent production increased by 31% to 69,400oz in the September quarter from 52,900oz in the June quarter
mainly due to higher gold and copper grades and higher recoveries as a result of better metallurgical conditions.

Total tonnes mined increased by 16% to 8.6Mt in the September quarter from 7.4Mt in the June quarter mainly due 
to an increase in ore mined of 49% to 2.9Mt in the September quarter from 1.9Mt in the June quarter and an increase 
in waste mined of 4% to 5.7Mt in the September quarter from 5.5Mt in the June quarter. This is in line with the low-grade 
ore stockpiling strategy and the waste recovery plan implemented at the end of 2020, through the deployment of additional
mining fleet and equipment.

Gold and copper grades mined increased by 15% and 5% respectively, in line with the revised mining sequence after 
the slope instability issues at the eastern wall of the pit, which required cleaning and stabilisation. As a consequence,
gold yield increased by 40% to 0.60g/t in the September quarter from 0.43g/t in the June quarter explained by the
increase in gold grade processed and recovery. Copper yield increased by 20% to 0.42% in the September quarter from
0.35% in the June quarter.

All-in cost per gold ounce increased by 21% to US$342/oz in the September quarter from US$282/oz in the June quarter.
The increase is mainly due to higher capital expenditure and a lower by-product credit in the September quarter 
as a result of the lower copper price received, partially offset by higher gold ounces sold and lower cost of sales 
before amortisation and depreciation. All-in cost per equivalent ounce decreased by 18% to US$951 per equivalent ounce 
in the September quarter from US$1,165 per equivalent ounce in the June quarter mainly due to higher equivalent gold ounces
sold.

Unplanned COVID-19 related expenditure amounted to US$2.8m in the September quarter compared with US$3.2m in the June quarter.

Sustaining capital expenditure increased by 84% to US$9.0m in the September quarter from US$4.9m in the June quarter
mainly due to an increase in construction activities at the tailing storage facility. Non-sustaining capital
expenditure increased by 20% to US$8.5m in the September quarter from US$7.1m in the June quarter due to construction
activities at the Arp?n and Ana waste storage facilities related to the expansion to 2030. Construction activities at
the tailings storage facility and waste storage facilities increased in the September quarter in order to take
advantage of the improved conditions during the dry season.

Chile
Salares Norte
During Q3, Salares Norte construction progress continued to be impacted by the indirect effects of COVID-19 due to work
force availability being largely affected by COVID-19. In addition, in July the site was further impacted by days lost
due to snow events (10 days lost) although less severe than the ones in the June quarter. Towards the end of September,
the project has commendably shown a positive change in the productivity trend as we move into the spring months.

Importantly, all of the critical path items are tracking plan. In addition, more than 95% of imported components 
have arrived in Chile, so the project is not expected to be delayed by shipping constraints currently being experienced
globally. It is unlikely that the project will meet the previously guided 65% completion milestone by the end of 2021
and will probably be in the region of 62%. The project remains on track to deliver first gold by the end of Q1 2023.

Cash outflow of US$70.8m for the quarter, comprised mainly US$107.5m in capex, US$4.7m in exploration and US$5.5m in
other costs, partially offset by a US$39.0m release of working capital and a credit of US$7.9m from the realised
portion of the FX hedge.

Process plant construction continued as major targets were achieved at the crusher and conveyors foundations, stockpile
tunnel concrete and backfilling. The SAG and Ball mill foundations were completed and mechanical installation
commenced. Structural steel installation at the grinding area continued progressing and the bridge crane was erected.
The installation of three out of four leaching tanks and five out of nine CIP tanks commenced. All plant thickeners
foundations were completed and mechanical erection started. The filter plant progressed significantly in pre-cast 
and concrete installation.

The HME workshop main building structure was completed and siding and roofing installation is ongoing. 
Most of the concrete work in the area was completed and the focus has shifted to the electrical and auxiliary buildings
terminations.

The fresh water system continued progressing with the 9km of steel pipe almost completed and progressing of the civil
works for the pumping stations.

Pre-stripping of the Brecha Principal pit increased to 12.7Mt YTD compared to a plan of 9.7Mt. Waste stripping increased 
by 53% to 6.6Mt in the September quarter from 4.3Mt in the June quarter.

The team remains focused on exploring the greater district, with US$4.7m spent on district exploration in the 
September quarter compared with US$5.0m spent in the June quarter. Total metres drilled in the September quarter 
were 2,273 metres compared to 3,890 metres drilled in the March quarter.

Relocation of Chinchilla remains on hold until further notice from the authorities.

Australia region
St Ives
                                                  Sept        June          %
                                                  2021        2021   Variance
Underground
                                           000
Ore mined                               tonnes     514         512         -%
                                           000
Waste mined                             tonnes     224         201        11%
                                           000
Total tonnes mined                      tonnes     738         713         4%
Grade mined                                g/t    5.01        4.59         9%
Gold mined                              000'oz    82.9        75.6        10%
Surface
                                           000
Ore mined                               tonnes     474         233       103%
                                           000
Surface waste (Capital)                 tonnes   1,500       1,341        12%
                                           000
Surface waste (Operational)             tonnes     537         642      (16)%
                                           000
Total waste mined                       tonnes   2,037       1,983         3%
                                           000
Total tonnes mined                      tonnes   2,511       2,217        13%
Grade mined                                g/t    1.79        3.38      (47)%
Gold mined                              000'oz    27.3        25.4         7%
Strip ratio                          waste/ore     4.3         8.5      (49)%
Total (Underground and Surface)
                                           000
Total ore mined                         tonnes     988         746        32%
Total grade mined                          g/t    3.47        4.21      (18)%
                                           000
Total tonnes mined                      tonnes   3,250       2,930        11%
Total gold mined                        000'oz   110.2       101.0         9%
Tonnes milled                       000 tonnes   1,025       1,021         -%
Yield - underground                        g/t    4.28        4.65       (8)%
Yield - surface                            g/t    1.53        1.77      (14)%
Yield - combined                           g/t    2.85        2.88       (1)%
Gold produced                           000'oz    94.0        94.5       (1)%
Gold sold                               000'oz    94.0        99.9       (6)%
AISC                                     A$/oz   1,302       1,382       (6)%
                                        US$/oz     955       1,065      (10)%
AIC                                      A$/oz   1,358       1,423       (5)%
                                        US$/oz     996       1,096       (9)%
Sustaining capital expenditure             A$m    31.7        36.2      (12)%
                                          US$m    23.3        27.9      (16)%
Non-sustaining capital expenditure         A$m     5.2         4.0        30%
                                          US$m     3.9         3.1        26%
Total capital expenditure                  A$m    36.9        40.2       (8)%
                                          US$m    27.2        31.0      (12)%

Gold production decreased by 1% to 94,000oz in the September quarter from 94,500oz in the June quarter.

Waste mined from the underground mines increased by 11% to 224,000t in the September quarter from 201,000t 
in the June quarter due to increased operational waste mined at Invincible South.

Grade mined from the underground mines increased by 9% to 5.01g/t in the September quarter from 4.59g/t 
in the June quarter due to higher grade stopes mined at Invincible in accordance with the planned mining sequence. 
As a result of the increased grade, gold mined from the underground mines increased by 10% to 82,900oz in the 
September quarter from 75,600oz in the June quarter.

In the open pits, ore mined increased by 103% to 474,000t in the September quarter from 233,000t in the 
June quarter with the Delta island open pit transitioning into ore production during the quarter.

Capital waste tonnes mined increased by 12% to 1,500,000t in the September quarter from 1,341,000t in the 
June quarter and operational waste tonnes mined decreased by 16% to 537,000t in the September quarter from 
642,000t in the June quarter with a focus on the pre-stripping of Delta island open pit in the first part 
of the quarter.

Surface mined grade decreased by 47% to 1.79g/t in the September quarter from 3.38g/t in the June quarter 
with the majority of ore sourced from the lower grade portions of the Delta island pit, following the extraction 
of higher grade ore from the Neptune pit in the June quarter.

All-in cost decreased by 5% to A$1,358/oz (US$996/oz) in the September quarter from A$1,423/oz (US$1,096/oz) 
in the June quarter due to lower cost of sales before amortisation and depreciation as a result of a gold inventory 
credit to cost of A$17.3m (US$13.2m) in the September quarter with more ore being mined than processed compared with 
a charge to cost of A$6.5m (US$5.0m) in the June quarter, where ore was being drawn from stockpiles. Total capital 
expenditure was also lower in the September quarter.

Sustaining capital expenditure decreased by 12% to A$31.7m (US$23.3m) in the September quarter from A$36.2m (US$27.9m)
in the June quarter, following completion of the new paste plant at the Invincible underground mine during the quarter,
partially offset by an increase in capital waste tonnes mined. Non-sustaining capital expenditure increased by 30% 
to A$5.2m (US$3.9m) in the September quarter from A$4.0m (US$3.1m) in the June quarter due to increased exploration
drilling.

Agnew
                                                  Sept        June          %
                                                  2021        2021   Variance
                                           000
Underground ore mined                   tonnes     260         264       (2)%
                                           000
Underground waste mined                 tonnes     220         226       (3)%
                                           000
Total tonnes mined                      tonnes     480         489       (2)%
Grade mined - underground                  g/t    6.11        7.15      (15)%
Gold mined                              000'oz    51.2        60.6      (16)%
                                           000
Tonnes milled                           tonnes     307         329       (7)%
Yield                                      g/t    5.44        5.75       (5)%
Gold produced                           000'oz    53.8        60.8      (12)%
Gold sold                               000'oz    53.1        64.6      (18)%
AISC                                     A$/oz   1,651       1,441        15%
                                        US$/oz   1,214       1,109         9%
AIC                                      A$/oz   1,800       1,603        12%
                                        US$/oz   1,322       1,234         7%
Sustaining capital expenditure             A$m    20.4        22.5       (9)%
                                          US$m    15.0        17.4      (14)%
Non-sustaining capital expenditure         A$m     7.9        10.5      (25)%
                                          US$m     5.8         8.1      (28)%
Total capital                           
expenditure                                A$m    28.3        33.0      (14)%
                                          US$m    20.8        25.4      (18)%     

Gold production decreased by 12% to 53,800oz in the September quarter from 60,800oz in the June quarter 
due to lower grade of ore mined and processed and a decrease in tonnes milled.

Mined grade decreased by 15% to 6.11g/t in the September quarter from 7.15g/t in the June quarter due to 
sequencing constraints within the Sheba area of New Holland with lower grade blocks only available to be 
mined during the September quarter, compared to high grade mining blocks that were available to be mined 
from Sheba during the June quarter. Continued labour shortages within both Gold Fields and the contractor's 
workforce have impacted on tonnage movement for the quarter. As a result of the decrease in grade, gold mined 
decreased by 16% to 51,200oz in the September quarter from 60,600oz in the June quarter.

All-in cost increased by 12% to A$1,800/oz (US$1,322/oz) in the September quarter from A$1,603/oz (US$1,234/oz) 
in the June quarter due to decreased gold sold, partially offset by lower cost of sales before amortisation 
and depreciation as well as lower capital expenditure.

Sustaining capital expenditure decreased by 9% to A$20.4m (US$15.0m) in the September quarter from A$22.5m (US$17.4m)
in the June quarter due to lower mine development at Waroonga. Non-sustaining capital expenditure decreased by 25% 
to A$7.9m (US$5.8m) in the September quarter from A$10.5m (US$8.1m) in the June quarter with reduced expenditure 
on the mill crushing circuit expansion.

Granny Smith
                                                      Sept    June          %
                                                      2021    2021   Variance
                                               000
Underground ore mined                       tonnes     404     433       (7)%
                                               000
Underground waste mined                     tonnes     278     260         7%
                                               000
Total tonnes mined                          tonnes     682     693       (2)%
Grade mined - underground                      g/t    6.69    4.99        34%
Gold mined                                  000'oz    87.0    69.4        25%
                                               000
Tonnes milled                               tonnes     400     438       (9)%
Yield                                          g/t    6.13    4.52        36%
Gold produced                               000'oz    78.9    63.6        24%
Gold sold                                   000'oz    82.0    65.4        25%
AISC                                         A$/oz   1,186   1,517      (22)%
                                            US$/oz     873   1,168      (25)%
AIC                                          A$/oz   1,378   1,686      (18)%
                                            US$/oz   1,015   1,298      (22)%
Sustaining capital expenditure                 A$m    22.5    22.6         -%
                                              US$m    16.7    17.4       (4)%
Non-sustaining capital expenditure             A$m    15.7    11.0        43%
                                              US$m    11.7     8.5        38%
Total capital expenditure                      A$m    38.2    33.7        13%
                                              US$m    28.4    25.9        10%

Gold production increased by 24% to 78,900oz in the September quarter from 63,600oz in the June quarter 
due to increased grade of ore mined and processed.

Grade mined increased by 34% to 6.69g/t in the September quarter from 4.99g/t in the June quarter due to 
increased development and stoping grades in zones Z110 and Z120.

Gold mined increased by 25% to 87,000oz in the September quarter from 69,400oz in the June quarter, following the 34%
increase in grade mined, partially offset by a 7% reduction in ore tonnes mined, from 433,000t in the June quarter 
to 404,000t in the September quarter.

All-in cost decreased by 18% to A$1,378/oz (US$1,015/oz) in the September quarter from A$1,686/oz (US$1,298/oz) 
in the June quarter due to increased gold sold, partially offset by increased capital expenditure. Sustaining capital
expenditure remained similar at A$22.5m (US$16.7m) in the September quarter. Non-sustaining capital expenditure
increased by 43% to A$15.7m (US$11.7m) in the September quarter from A$11.0m (US$8.5m) in the June quarter due to
increased development in the Z135 area and the second decline. When completed, the second decline will provide 
a reduction in current congestion in the main decline and will support short interval control measures to maintain 
the production profile.

Gruyere
                                                                 Sept        June          %
                                                                 2021        2021   Variance
Mine physicals in table on a 100% basis
                                                      000
Ore mined                                          tonnes       2,591       2,602         -%
                                                      000
Waste (Capital)                                    tonnes       6,432       7,348      (12)%
                                                      000
Waste (Operational)                                tonnes       1,384          73     1,796%
                                                      000
Total waste mined                                  tonnes       7,815       7,421         5%
                                                      000
Total tonnes mined                                 tonnes      10,407      10,023         4%
Grade mined                                           g/t        0.88        0.87         1%
Gold mined                                         000'oz        73.5        72.7         1%
Strip ratio                                     waste/ore         3.0         2.9         3%
                                                      000
Tonnes milled                                      tonnes       2,101       1,986         6%
Yield                                                 g/t        0.88        0.83         6%
Gold produced                                      000'oz        59.4        53.1        12%
Gold sold                                          000'oz        60.7        56.8         7%
AISC                                                A$/oz       1,716       1,568         9%
                                                   US$/oz       1,267       1,207         5%
AIC                                                 A$/oz       1,736       1,601         8%
                                                   US$/oz       1,281       1,232         4%
Sustaining capital expenditure - 50% basis            A$m        14.2        13.3         7%
                                                     US$m        10.5        10.3         2%
Non-sustaining capital expenditure - 50% basis        A$m         0.6         0.9      (33)%
                                                     US$m         0.4         0.7      (43)%
Total capital expenditure - 50% basis                 A$m        14.8        14.2         4%
                                                     US$m        10.9        11.0       (1)%

Gold production increased by 12% to 59,400oz in the September quarter from 53,100oz in the June quarter 
due to increased tonnes milled as well as increased grade of ore processed.

Capital waste tonnes mined decreased by 12% to 6.43Mt in the September quarter from 7.35Mt in the June quarter 
and operational waste tonnes mined increased to 1.38Mt in the September quarter from 0.07Mt in the June quarter 
with Stage 2 of the Gruyere pit moving out of the pre-strip phase to more operational waste stripping in the latter 
portion of the September quarter.

All-in cost increased by 8% to A$1,736/oz (US$1,281/oz) in the September quarter from A$1,601/oz (US$1,232/oz) 
in the June quarter primarily due to an increase in cost of sales before amortisation and depreciation driven by 
a A$2.5m (US$1.8m) increase in processing cost associated with continued over expenditure in the maintenance area 
related to overcoming reliability issues around the grinding circuit, an increase in operational waste tonnes mined 
and a net decrease in the GIP credit to cost of A$1.7m (US$1.5m), partially offset by increased gold sales. Improvements 
in the processing area are expected to be completed by the end of Q1 2022.

Sustaining capital expenditure (on a 50% basis) increased by 7% to A$14.2m (US$10.5m) in the September quarter from 
A$13.3m (US$10.3m) in the June quarter with increased expenditure on a lift at the tailings facility, partially offset 
by a reduction in capital waste tonnes mined. Non-sustaining capital expenditure decreased by 33% to A$0.6m (US$0.4m)
in the September quarter from A$0.9m (US$0.7m) in the June quarter due to a decrease in exploration drilling.

Underground and surface       
                                           Total Mine  
                                           operations    South
                                            including   Africa
                                               equity   Region                                          South
                                            accounted                                                 America
                                              Venture                      West Africa Region          Region                 Australia Region
                                                Joint                           Ghana                    Peru                     Australia
Imperial ounces with metric                   Venture    South                               Asanko     Cerro                                Granny   Gruyere
tonnes and grade                                          Deep     Total   Tarkwa   Damang      45%    Corona      Total   St Ives   Agnew    Smith       50%
Tonnes mined                  
(000 tonnes)*                 
- underground ore              Sept 2021        1,598      419         -        -        -        -         -      1,179       514     260      404         -
                               June 2021        1,608      399         -        -        -        -         -      1,209       512     264      433         -
                               Sept 2020        1,511      341         -        -        -        -         -      1,169       467     297      405         -
- underground waste            Sept 2021          782       60         -        -        -        -         -        722       224     220      278         -
                               June 2021          735       48         -        -        -        -         -        687       201     226      260         -
                               Sept 2020          550       25         -        -        -        -         -        525       161     184      180         -
- surface ore                  Sept 2021       10,290              5,640    3,034    1,948      659     2,880      1,770       474       -        -     1,296
                               June 2021        9,046        -     5,579    2,772    2,207      600     1,932      1,534       233       -        -     1,301
                               Sept 2020        8,399        -     5,309    2,613    2,265      431     1,700      1,390       461       -        -       929
- total                        Sept 2021       12,670      479     5,640    3,034    1,948      659     2,880      3,671     1,212     480      682     1,296
                               June 2021       11,389      447     5,579    2,772    2,207      600     1,932      3,430       947     489      693     1,301
                               Sept 2020       10,460      366     5,309    2,613    2,265      431     1,700      3,085     1,090     480      586       929
Grade mined                                                                                            
(grams per tonne)                                                                                      
- underground ore              Sept 2021          6.1      6.7         -        -        -        -         -        5.8       5.0     6.1      6.7         -
                               June 2021          5.5      6.2         -        -        -        -         -        5.3       4.6     7.1      5.0         -
                               Sept 2020          5.9      6.4         -        -        -        -         -        5.8       5.6     6.4      5.6         -
- surface ore                  Sept 2021          1.2        -       1.4      1.4      1.4      1.3       0.8        1.1       1.8       -        -       0.9
                               June 2021          1.2        -       1.4      1.4      1.5      1.2       0.7        1.3       3.4       -        -       0.9
                               Sept 2020          1.3        -       1.5      1.4      1.6      1.4       0.9        1.3       1.8       -        -       1.0
- total                        Sept 2021          1.8      5.9       1.4      1.4      1.4      1.3       0.8        3.0       3.5     6.1      6.7       0.9
                               June 2021          1.8      5.5       1.4      1.4      1.5      1.2       0.7        3.0       4.2     7.1      5.0       0.9
                               Sept 2020          2.0      5.9       1.5      1.4      1.6      1.4       0.9        3.4       3.7     6.4      5.6       1.0
Gold mined                                                                                             
(000 ounces)*                                                                                          
- underground ore              Sept 2021        311.7     90.7         -        -        -        -         -      221.0      82.9    51.2     87.0         -
                               June 2021        285.3     79.7         -        -        -        -         -      205.7      75.6    60.6     69.4         -
                               Sept 2020        288.9     69.9         -        -        -        -         -      219.0      84.7    61.0     73.3         -
- surface ore                  Sept 2021        384.3        -     248.9    132.9     87.8     28.2      71.3       64.1      27.3       -        -      36.8
                               June 2021        360.8        -     257.2    125.2    108.2     23.8      41.8       61.7      25.4       -        -      36.4
                               Sept 2020        355.3        -     251.0    117.7    114.6     18.7      47.5       56.8      26.1       -        -      30.7
- total                        Sept 2021        696.0     90.7     248.9    132.9     87.8     28.2      71.3      285.1     110.2    51.2     87.0      36.8
                               June 2021        646.1     79.7     257.2    125.2    108.2     23.8      41.8      267.4     101.0    60.6     69.4      36.4
                               Sept 2020        644.2     69.9     251.0    117.7    114.6     18.7      47.5      275.8     110.8    61.0     73.3      30.7
Ore milled/treated                                                                                     
(000 tonnes)                                                                                           
- underground ore              Sept 2021        1,631      430         -        -        -        -         -      1,201       493     307      400         -
                               June 2021        1,550      389         -        -        -        -         -      1,161       394     329      438         -
                               Sept 2020        1,571      329         -        -        -        -         -      1,242       483     334      425         -
- underground waste            Sept 2021           45       45         -        -        -        -         -          -         -       -        -         -
                               June 2021           31       31         -        -        -        -         -          -         -       -        -         -
                               Sept 2020            6        6         -        -        -        -         -          -         -       -        -         -
- surface ore                  Sept 2021        8,962      280     5,354    3,493    1,167      694     1,746      1,582       532       -        -     1,051
                               June 2021        9,046      347     5,379    3,546    1,170      664     1,700      1,620       628       -        -       993
                               Sept 2020        8,856      228     5,295    3,468    1,167      660     1,751      1,583       639       -        -       944
- total                        Sept 2021       10,638      755     5,354    3,493    1,167      694     1,746      2,783     1,025     307      400     1,051
                               June 2021       10,627      766     5,379    3,546    1,170      664     1,700      2,781     1,021     329      438       993
                               Sept 2020       10,433      563     5,295    3,468    1,167      660     1,751      2,825     1,122     334      425       944
Yield                                                                                                  
(Grams per tonne)                                                                                      
- underground ore              Sept 2021          5.5      6.3         -        -        -        -         -        5.2       4.3     5.4      6.1         -
                               June 2021          5.0      5.4         -        -        -        -         -        4.9       4.6     5.7      4.5         -
                               Sept 2020          5.2      6.1         -        -        -        -         -        4.9       4.2     5.8      5.1         -
- surface ore                  Sept 2021          1.2      0.1       1.2      1.2      1.5      1.0       1.2        1.1       1.5       -        -       0.9
                               June 2021          1.2      0.1       1.3      1.2      1.6      1.1       1.0        1.2       1.8       -        -       0.8
                               Sept 2020          1.1      0.1       1.2      1.1      1.6      1.0       0.9        1.1       1.2       -        -       0.9
- combined                     Sept 2021          1.8      3.6       1.2      1.2      1.5      1.0       1.2        2.9       2.9     5.4      6.1       0.9
                               June 2021          1.7      2.8       1.3      1.2      1.6      1.1       1.0        2.7       2.9     5.7      4.5       0.8
                               Sept 2020          1.7      3.6       1.2      1.1      1.6      1.0       0.9        2.7       2.5     5.8      5.1       0.9
Gold produced                                                                                          
(000 ounces)*                                                                                          
- underground ore              Sept 2021        287.7     87.1         -        -        -        -         -      200.6      67.9    53.8     78.9         -
                               June 2021        250.1     66.9         -        -        -        -         -      183.2      58.8    60.8     63.6         -
                               Sept 2020        260.4     64.3         -        -        -        -         -      196.1      64.9    62.1     69.1         -
- surface ore                  Sept 2021        340.7      1.1     214.4    135.7     56.4     22.3      69.4       55.8      26.1       -        -      29.7
                               June 2021        335.1      1.0     218.9    134.4     61.8     22.7      52.9       62.3      35.7       -        -      26.6
                               Sept 2020        315.9      0.6     211.2    127.3     61.9     22.0      50.5       53.5      25.5       -        -      28.0
- total                        Sept 2021        628.4     88.2     214.4    135.7     56.4     22.3      69.4      256.3      94.0    53.8     78.9      29.7
                               June 2021        585.2     67.9     218.9    134.4     61.8     22.7      52.9      245.5      94.5    60.8     63.6      26.6
                               Sept 2020        576.3     64.9     211.2    127.3     61.9     22.0      50.5      249.6      90.5    62.1     69.1      28.0
Cost of sales before                                                                     
gold inventory change                                                                            
and amortisation depreciation  
(dollar per tonne)             Sept 2021          130      160         -        -        -        -         -        118       113     134      112         -
- underground                  June 2021          134      177         -        -        -        -         -        119       120     126      112         -
                               Sept 2020          114      168         -        -        -        -         -        100        88     115      101         -
- surface                      Sept 2021           29       30        29       21       46       42        28         27        34       -        -        23
                               June 2021           28       18        31       24       50       40        25         25        29       -        -        22
                               Sept 2020           28        6        32       21       59       42        20         28        39       -        -        19
- total                        Sept 2021           45      112        29       21       46       42        28         66        72     134      112        23
                               June 2021           44      105        31       24       50       40        25         64        64     126      112        22
                               Sept 2020           41      102        32       21       59       42        20         59        60     115      101        19
* Excludes surface material at South Deep.

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

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

- changes in the market price of gold, and to a lesser extent copper and silver;
- material changes in the value of Rand and non-U.S. Dollar currencies;
- difficulties, operational delays, cost pressures and impact from labour relations following its restructuring 
  at the South Deep operation in South Africa;
- the ability of the Group to comply with requirements that it provide benefits to affected communities;
- the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health 
  and safety, water, regulations and potential new legislation affecting mining and mineral rights;
- court decisions affecting the South African mining industry, including, without limitation, regarding 
  the interpretation of mineral rights legislation and the treatment of health and safety claims;
- the challenges associated with replacing annual mineral reserve and resource depletion as well as growing 
  its reserve and resource base to extend the life of operations;
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future
  acquisitions or joint ventures;
- the success of the Group's business strategy, development activities and other initiatives, particularly 
  at the Salares Norte project;
- changes in technical and economic assumptions underlying Gold Fields' mineral reserve estimates;
- supply chain shortages and increases in the prices of production imports;
- changes in health and safety regulations that could lead to claims or liability for regulatory breaches;
- the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents 
  and pollution incidents;
- loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation
  among Historically Disadvantaged Persons in management positions;
- power cost increases as well as power stoppages, fluctuations and usage constraints;
- regulation of greenhouse gas emissions and climate change;
- high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive
  conditions;
- the ability of the Group to protect its information technology and communication systems and the personal data 
  it retains as well as the failure of such systems;
- the ability to obtain, renew and comply with, water use licences and water quality discharge standards;
- the occurrence of future acid mine drainage related pollution;
- geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex,
  often deeper underground, deposits;
- economic, political or social instability in the countries where Gold Fields operates;
- downgrades in the credit rating of South Africa and its impact on Gold Fields' ability to secure financing;
- reliance on outside contractors to conduct some of its operations;
- ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial
  accidents;
- the inability to modernise operations and remain competitive within the mining industry;
- the effects of regional re-watering at South Deep;
- the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;
- actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields' operations
  that leads to censure, penalties or negative reputational impacts;
- the occurrence of labour disruptions and industrial actions;
- the adequacy of the Group's insurance coverage;
- financial flexibility could be limited by South African exchange control regulations;
- difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;
- the costs and burdens associated with tenements in Australia which are subject to native title claims, including 
  any compensation payable to native title holders;
- the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);
- the identification of a material weakness in disclosure and internal controls over financial reporting;
- difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, 
  for shareholders outside South Africa;
- liquidity risks in trading ordinary shares on JSE Limited;
- Gold Fields' ability to pay dividends or make similar payments to its shareholders; and
- shareholders' equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields' 
filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including 
the Integrated Annual Report 2020 and the annual report on Form 20-F for the fiscal year ended 31 December 2020. 
Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements 
to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. 
These forward-looking statements have not been reviewed or reported on by the Company's external auditors.

Administration and corporate information

Corporate secretary                                      Investor enquiries              
Anre Weststrate                                          Avishkar Nagaser
Tel: +27 11 562 9719                                     Tel: +27 11 562 9775
Mobile: +27 83 635 5961                                  Mobile: +27 82 312 8692
email: anre.weststrate@goldfields.com                    email: avishkar.nagaser@goldfields.com           
													     
Registered office                                        Thomas Mengel
Johannesburg                                             Tel: +27 11 562 9849
Gold Fields Limited                                      Mobile: +27 72 493 5170
150 Helen Road                                           email: thomas.mengel@goldfields.com
Sandown                                                  
Sandton                                                  Media enquiries        
2196                                                     Sven Lunsche
                                                         Tel: +27 11 562 9763
Postnet Suite 252                                        Mobile: +27 83 260 9279
Private Bag X30500                                       email: sven.lunsche@goldfields.com
Houghton                                                 
2041                                                     Transfer secretaries
Tel: +27 11 562 9700                                     South Africa
Fax: +27 11 562 9829                                     Computershare Investor Services (Proprietary) Limited
                                                         Rosebank Towers
Office of the United Kingdom secretaries                 15 Biermann Avenue
London                                                   
St James's Corporate Services Limited                    Rosebank
Suite 31, Second Floor                                   Johannesburg
107 Cheapside                                            2196
London                                                   
EC2V 6DN                                                 PO Box 61051
United Kingdom                                           Marshalltown
Tel: +44 (0) 20 7796 8644                                2107
email: general@corpserv.co.uk                            Tel: +27 11 370 5000
                                                         Fax: +27 11 688 5248
American depository receipts transfer agent              
Shareholder correspondence should be mailed to:          United Kingdom
BNY Mellon                                               Link Group
P O Box 505000                                           10th Floor, Central Square
Louisville, KY 40233 - 5000                              29 Wellington Street
                                                         Leeds
Overnight correspondence should be sent to:              LSI 4 DL
BNY Mellon                                               England
462 South 4th Street, Suite 1600                         Tel: 0371 664 0300
Louisville, KY40202                                      
email: shrrelations@cpushareownerservices.com            If you are outside the United Kingdom please call (0) 371 664 0300
Phone numbers                                            
Tel: 866 247 3871 Domestic                               Calls are charged at the standard geographic rate and will vary by provider.
Tel: 201 680 6825 Foreign                                Calls outside the United Kingdom will be charged at the applicable international rate.
                                                         Business is open between 09:00 - 17:30, Monday to Friday excluding public holidays 
                                                         in England and Wales. 
        						 email: shareholderenquiries@linkgroup.co.uk
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited 
1 Fricker Road 
Illovo, Johannesburg 2196 
South Africa

Website
www.goldfields.com

Listings
JSE / NYSE / GFI

CA Carolus+ (Chairperson)   CI Griffith- (Chief Executive Officer) PA Schmidt- (Chief Financial Officer) 
A Andani#+    PJ Bacchus*+  TP Goodlace+? PG Sibiya+?    SP Reid^+? YGH Suleman+

^ Australian * British # Ghanaian
+ Independent Director - Non-independent Director
Date: 11-11-2021 07:05:00
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