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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

Dated 17 February 2022

Commission File Number: 001-31318

GOLD FIELDS LIMITED

(Translation of registrant’s name into English)

150 Helen Rd.

Sandown, Sandton 2196

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover

Form 20-F or Form 40-F.

Form 20-F

Form 40-F

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

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

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

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

AN EVENTFUL 2021

Media Release

Reviewed Results | Year ended 31 December 2021

STATEMENT BY CHRIS GRIFFITH, CEO

I started my tenure at Gold Fields during a very challenging time – COVID-19 was

rampant and materially disrupting business and society at large. Some 10 months

later, the world is starting to feel more normal. While infection rates remain high

around the world, the severity of COVID-19 seems to be dissipating. The world is

opening up again and I was even able to visit some of our operations at the start

of this year.

Despite the challenges experienced
during 2021, Gold Fields had a solid
operational performance, achieving
both production and cost guidance for
the year. South Deep was the stand-out
performer during 2021, with production
exceeding the original guidance provided
in February 2021 (despite the COVID-19
challenges). Our Salares Norte project
remains largely on track, with the project
achieving total completion of 63% at the
end of the year. As previously guided,
we expect first gold production by the
end of Q1 2023.

During 2021, we undertook a detailed
review of the company’s strategy and
determined that this was the time to build
on a previously well executed strategy.
As I have previously highlighted, we have
a solid production profile above 2Moz

SALIENT FEATURES

US$463m

adjusted free cash flow*

2.340m

ounces of attributable

production

a year for the next decade. However,
during that time we anticipate that our
annual production will grow to 2.7Moz
by 2024 before declining as some of our
mines come to the end of their lives. We
believe that we must now start looking
at ways of preserving the value we have
created beyond 2024.

Gold Fields revised strategy is made
up of three pillars:

• Maximise potential from current assets

through people and innovation;

• Build on our leading commitment to

ESG; and

• Grow the value and quality of our

portfolio of assets.

As a company, we ended the year on a
high with the release of our 2030 targets
for our most material ESG priorities. At the
same time, we also launched our new

US$913m

adjusted free cash flow

from operations

US$1,063

per ounce of all-in

sustaining costs

purpose and vision statements which will
guide Gold Fields into the future.

Creating enduring
value beyond mining

To be the preferred
gold mining company
delivering sustainable,
superior value

Regrettably, we had one fatality during
2021. Vumile Mgcine, a shaft timberman
at South Deep, died of injuries sustained
in a mining incident in April, as reported in
our H1 results. Another setback in our
effort to achieve zero harm were the nine
serious injuries reported during 2021, up
from six serious injuries in 2020. Our goal
remains no fatalities or serious injuries
and we have intensified our safety efforts
in the light of these setbacks.

US$929m

normalised earnings

US$1,297

per ounce of

all-in cost

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

JOHANNESBURG, 17 February 2022: Gold Fields Limited (NYSE & JSE: GFI) announced profit

attributable to owners of the parent for the year ended 31 December 2021 of US$789m

(US$0.89 per share). This compared with profit of US$723m (US$0.82 per share) for the

year ended 31 December 2020.

A final dividend number 95 of 260 SA cents per

share (gross) is payable on 14 March 2022, giving

a total dividend for the year ended 31 December

2021 of 470 SA cents per share (gross).

Gold Fields Results

2021

Results for the Group

Attributable gold equivalent production for 2021 was 2,340koz, a 5%
increase YoY (FY2020: 2,236koz), at the upper end of the guidance
range of 2,300koz – 2,350koz.

All-in cost (AIC) for 2021 was US$1,297/oz, higher than 2020 as a result
of the increased project capex at Salares Norte (FY2020: US$1,079/oz)
and below the lower end of the guidance range of US$1,310/oz –
US$1,350/oz. At the 2020 exchange rates, AIC would have been
US$1,236/oz. At the guidance exchange rates, the AIC would have
been US$1,288/oz. Excluding the increased Salares Norte capital
costs, and normalising for the exchange rate differences by using the
same exchange rates as in 2020 for South Africa and Australia, the year
on year increase in AIC was 5% from US$1,038/oz to US$1,089/oz.

All-in sustaining costs (AISC) for the year was US$1,063/oz
(FY2020: US$977/oz), slightly higher than the guidance range of
between US$1,020/oz and US$1,060/oz. At the 2020 exchange
rates, AISC would have been US$1,006/oz. At the guidance exchange
rates, the AISC would have been US$1,054/oz which is within the
guidance range.

The average US Dollar/Rand exchange rate strengthened by 10% from
R16.38 in 2020 to R14.79 in 2021. The average Australian/US Dollar
exchange rate strengthened by 9% from A$1.00 = US$0.69 to A$1.00 =
US$0.75.

Basic earnings for 2021 increased by 9% YoY to US$789m or US$0.89
per share (2020: US$723m or US$0.82 per share).

Headline earnings for 2021 increased 22% YoY to US$890m or US$1.00
per share (2020: US$729m or US$0.83 per share).

Normalised earnings for the year were 6% higher YoY at US$929m or
US$1.05 per share (2020: US$879m or US$1.00 per share). In line with
our dividend policy of paying out 25% to 35% of normalised earnings as
dividends, we declared a final dividend of 260 SA cents per share. This
takes the total dividend declared for the year to 470 SA cents per share
(FY2020: 480 SA cents per share).

As previously guided, 2021 was a year of big capex for the Group,
driven primarily by the increase in project capex at Salares Norte.
Despite this higher capex Gold Fields generated cash flow from
operating activities less net capital expenditure, environmental
payments, lease payments and redemption of Asanko preference
shares of US$463m (FY2020: US$631m). Adjusted free cash flow from
the operations for the year, which excludes project capital, was
US$913m compared to the US$868m generated in 2020.

During 2021, there was a US$100m decrease in the net debt, ending
the year at US$969m, with a net debt to adjusted EBITDA ratio of 0.40x.
This compares with a net debt balance of US$1,069m and a net debt to
adjusted EBITDA ratio of 0.56x at the end of December 2020. Excluding
lease liabilities, the core net debt was US$553m at the end of FY2021.

COVID-19 update

While the impact of COVID-19 on our operational performance was
relatively limited during the last three quarters of 2021, the impact on
our workforce has been devastating. During 2021, we reported
17 deaths among our employees and contractors at South Deep, Ghana
and Peru. It brings 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 again go out to the families, friends and colleagues
of the deceased.

Vaccination remains our primary defense against the impact of the virus
and by mid-February 2022, 83% of our employees and contractors were
already fully vaccinated.

During 2021, our operations spent approximately US$30m on COVID-19
related initiatives and interventions, such as specialised camp
accommodation, testing equipment and facilities, additional labour
costs and transport facilities. Of this, US$2m was spent on donations to
assist governments and communities in their fight against the pandemic.
We also paid a US$5m COVID-19 Health Recovery levy in Ghana. In
2020, our total COVID-19 related spend was about US$33m. For more
details see page 7.

Salares Norte: Sticking to critical path despite
COVID-19 and weather disruptions

Salares Norte made good progress in a year where construction
activities were impacted by COVID-19 and severe weather conditions.
The detailed engineering, which was 97% complete at the end of 2020
was completed during the early months of 2021. Although the total

project progress of 63% was slightly behind plan (67%) at 31 December
2021, all critical path items of the project have tracked the plan and
the bulk of the equipment (97%) had been fabricated and delivered.

Pre-stripping of the pit and construction of the processing plant
commenced during January 2021, in line with the project’s construction
schedule. At 31 December 2021, 22.9Mt of earth had been moved,
comfortably ahead of plan of 17.3Mt, while plant construction stood at
36% completion.

US$327m was spent on Salares Norte in 2021, made up of US$375m
in capital expenditure, US$27m in exploration, US$9m in tax paid and
US$15m in other costs, partially offset by a US$66m release of working
capital and a credit of US$33m from the realised portion of the FX hedge.

Good progress was made on district exploration during 2021, with a
total of 23,848 metres being drilled (plan: 18,090m). We will continue to
invest in exploration within the area to add to the production pipeline.

In December 2021, Gold Fields was informed by the Chilean regulators
that they had begun sanction proceedings against Salares Norte
regarding the Chinchilla relocation process. We continue to collaborate
with the authorities to resolve the sanction proceedings and ensure that
the relocation process can commence. Importantly, the delay in the
relocation does not in any way affect the construction schedule at
Salares Norte.

Regional overview

Ghana

Total managed production increased by 1% to 871koz in 2021 from
862koz in 2020, primarily driven by the increased production at Damang
as the mine progressed into the main orebody at the base of the
Damang Pit Cutback. All-in costs increased by 5% to US$1,112/oz in
2021 from US$1,060/oz in 2020. The region produced net cash flow
(excluding Asanko) of US$292m in 2021 compared to US$252m in
2020. In addition, Gold Fields received US$5m from the redemption of
preference shares from Asanko during 2021.

Australia

Gold Fields’ Australian operations delivered another strong operational
performance in 2021, once again surpassing the 1Moz annual
production level. Gold production increased marginally to 1,019koz in
2021 from 1,017koz in 2020. All-in cost increased by 10% to A$1,526/oz
(US$1,146/oz) in 2021 from A$1,388/oz (US$957/oz) in 2020. All-
in cost in US Dollar terms increased by 20% as a result of the
strengthening of the Australian Dollar by 9% from A$1.00 = US$0.69 in
2020 to A$1.00 = US$0.75 in 2021. The Australia region generated a net
cash inflow of A$621m (US$466m) in 2021, slightly lower than the
A$723m (US$498m) generated in 2020.

Peru

2021 was another challenging year for Cerro Corona as the impacts of
COVID-19 continued to be felt by the mine in Q1. Equivalent gold
production increased by 20% to 248koz from 207koz in 2020, mainly
due to the higher price factor. Total all-in cost per equivalent ounce
decreased by 7% to US$1,040 per equivalent ounce from US$1,119 per
equivalent ounce in 2020. Despite the increased production and lower
costs, Cerro Corona generated net cash of US$57m, a 32% decrease
from the US$84m generated in 2020.

South Africa

South Deep continued to show significant operational improvements
during 2021. After feeling the impacts of COVID-19 during Q1 2021,
the mine staged a strong recovery, exceeding the original guidance
for the year. Gold production at South Deep increased by 29% to
9,102kg (293koz) in 2021 from 7,056kg (227koz) in 2020. Total all-in
cost decreased by 1% to R655,826/kg (US$1,379/oz) in 2021 from
R663,635/kg (US$1,260/oz) in 2020, with the increased capital and cost
inflation fully offset by the increased gold sales. All-in cost in US Dollar
terms increased by 9% as a result of the strengthening of the
South African Rand by 10% from R16.38 in 2020 to R14.79 in 2021.

Encouragingly, South Deep generated net cash of R1.4bn (US$97m) in
2021, 157% higher than the R558m (US$34m) generated in 2020.

ESG priorities and targets

Our most critical stakeholders, including investors, are demanding that
the impact of ESG issues is disclosed transparently, that mitigation
measures are in place and that management of these issues is fully
aligned with the strategy of the business. We took a significant further
step in this direction by making a firm commitment to a range of 2030
ESG targets in December 2021. These targets will now be fully
integrated at our operations and prioritised for implementation this year.

Gold Fields Results

2021

Priority

2030 Targets

2021 Performance

Our ESG priorities, their respective 2030 targets and the 2021
performance against these targets are as follows:

The Mineral Resources and Mineral Reserve supplement will be
published with the Integrated Annual Report at the end of March 2022.

Outlook and 2022 guidance

2022 is going to be another big capex year for Gold Fields, given the
deferral of spending at Salares Norte as well as the elevated level of
sustaining capex across the portfolio, in order to maintain the production
base of the Group.

At this point in time, Gold Fields is not in a position to provide 2022

production guidance for Asanko. Consequently, Group guidance

Net carbon emissions in 2021 were up 1% up against the 2016 base
due to the higher gold production during 2021. However, absolute
emission reductions were 18% over the 2016-2021 period largely as a
result of energy savings initiatives and the roll-out of our renewable
energy microgrids at our Agnew and Granny Smith mines in
Western Australia.

At our South Deep mine in South Africa, we commenced with the
construction of a R715m solar power plant in Q3 2021 and took a
decision to increase its capacity from 40MW to 50MW in Q4. It is
scheduled to be completed in H2 2022.

For our employees, we are seeking to further improve safety, health and
well-being, and to achieve greater inclusion and diversity, by targeting a
30% female workforce by 2030. In 2021, we managed to achieve a 22%
gender diversity level, up from 20% in 2020.

Among recent sustainability achievements, Gold Fields was again
ranked the top South African-listed mining company on the prestigious
Dow Jones Sustainability Index (DJSI) and 3rd among 81 mining
companies assessed. The CDP Water NGO again placed Gold Fields
on its A List for tackling water security, one of 118 high-performing
companies out of almost 3,400 that made this year’s top level.
Finally, Gold Fields was once again a constituent of the Bloomberg
Gender-Equality Index for 2022.

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.

Reserves and Mineral Resources

Group Resources decreased 4% YoY, post depletion. The Resource
changes are primarily due to year on year decreases post depletion at
South Deep of 1.5Moz (-2%) due to updated resource models and
increased cut-off grade. The Australia region returned a 0.63Moz (3%)
increase with strong positive contributions from Gruyere 50% (0.34Moz
or 10%) and Agnew (0.24Moz or 7%).

Group Reserves decreased 7% YoY, post depletion. The Reserve
changes are primarily due to year on year decreases post depletion at
South Deep of 2.7Moz (-8%) due to increased unit cost, increased cut-
off grade, enhanced south of wrench resource model and updated mine
design and scheduling. The Australia region returned a 0.38Moz (5%)
increase with strong positive contributions from Gruyere 50% (0.49Moz
or 28%) and Agnew (0.1Moz or 11%).

excludes our share of the Asanko Joint Venture. We expect Galiano,
who are the operators of the Asanko Mine, to update the market on the
outlook for Asanko by the end of Q1 2022.

For 2022, attributable gold equivalent production (excluding Asanko) is
expected to be between 2.25Moz and 2.29Moz (2021 comparable
2.25Moz). AISC is expected to be between US$1,140/oz and
US$1,180/oz, with AIC expected to be US$1,370/oz to US$1,410/oz. If
we exclude the very significant project capex at Salares Norte, AIC is
expected to be US$1,230/oz to US$1,270/oz.

The exchange rates used for our 2022 guidance are: R/US$15.55 and
US$/A$0.76.

Total capex for the Group for the year is expected to be between
US$1.050bn and US$1.150bn. Sustaining capital is expected to be
between US$625m and US$675, with non-sustaining capex expected
to be between US$425m and US$475m. The largest component of the
capex budget for the year is Salares Norte project capital, with US$330m
expected to be spent.

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

Longer term guidance

After a strong performance in 2021, South Deep is set to continue on
the growth trajectory previously outlined. We expect production to grow
by a further 20-30% to 345koz - 375koz over the next 3-4 years. We
expect the growth to be more or less linear over the coming years and
forecast production for 2022 of 312koz (c.7% increase from 2021).

As we continue to deliver into the Damang Reinvestment Plan, 2022 will
be the last full production year at the mine, with production expected to
be c.230koz for the year. Thereafter, we expect production to decline to
c.150koz in 2023 with production for the last two years of life (2024 and
2025) derived from stockpile treatment. In the meantime, project studies
are underway to determine whether life extension projects are financially
viable. We will provide an update on these projects later in the year.

Salares Norte continues to progress according to plan. Total project
progress is expected to be 90% by the end of 2022. First gold remains
on track for end Q1 2023. The plant is expected to take twelve months
to ramp up to full production. Based on this ramp up, we expect
production to be c.200koz in 2023, with 2024 being the first full year,
with production of c.550koz.

Production at the other assets in the portfolio is expected to be stable
over the next three years. Taking into account the above, we expect
production for the next three years to be:

2022: 2,250koz – 2,290koz

2023: 2,375koz – 2,425koz

2024: 2,720koz – 2,770koz

Chris Griffith

Chief Executive Officer

17 February 2022

Year ended

Managed

Attributable

December 2021
Gold equivalent
resources

Moz

142.9

111.8

Gold equivalent
reserves

Moz

52.3

48.6

December 2020
Gold equivalent
resources

Moz

149.1

116.0

Gold equivalent
reserves

Moz

56.1

52.1

1. Decarbonisation

50% absolute and 30%
net emission
reductions from a 2016
baseline (Scope 1+2)

18% reduction

(absolute)

1% increase (net)

Net zero emissions

by 2050

2. Tailings

management

Compliance with the

Global Industry

Standard on Tailings

Management (GISTM)

Commenced

implementation

Reduce the number

of active upstream

raised TSFs to 3

3. Water stewardship

80% water recycled/

reused

75% water recycled/

reused

45% reduction

in freshwater use

from a 2018 baseline

35% reduction in

freshwater use

4. Safety, health,

well-being and the

environment

Zero fatalities

Zero serious injuries

1 fatality

9 serious injuries

Zero serious

environmental

incidents

Zero serious

environmental incidents

5. Gender diversity

30% women

representation

22% women

representation

6. Stakeholder value

creation

30% of total value

created benefits host

communities

28% total value created

6 flagship projects

benefiting host

communities

0 flagship projects

Gold Fields Results

2021

Key statistics

United States Dollars

Quarter

Year ended

Figures in millions unless otherwise stated

December

2021

September

2021

December

2020

December

2021

December

2020

Gold produced*

oz (000)

631

606

593

2,340

2,236

Tonnes milled/treated

000

10,586

10,638

10,700

42,229

42,706

Revenue (excluding Asanko)

US$/oz

1,805

1,770

1,866

1,794

1,768

Cost of sales before gold inventory change

and amortisation and depreciation

(excluding Asanko)

US$/tonne

All-in sustaining costs

US$/oz

1,055

1,016

971

1,063

977

Total all-in cost

US$/oz

1,369

1,263

1,113

1,297

1,079

Net debt

US$m

969

1,037

1,069

969

1,069

Net debt (excluding lease liabilities)

US$m

553

620

640

553

640

Net debt to adjusted EBITDA ratio

0.40

0.44

0.56

0.40

0.56

Cash flow from operating activities less

net capital expenditure, environmental

payments, lease payments and

redemption of Asanko preference shares

US$m

463

631

Profit attributable to owners of the parent

US$m

789.3

723.0

Profit per share attributable to owners

of the parent

US c.p.s.

Headline earnings attributable to owners

of the parent

US$m

890.0

729.3

Headline earnings per share attributable

to owners of the parent

US c.p.s.

100

Normalised profit attributable to owners

of the parent

US$m

928.7

878.8

Normalised profit per share attributable

to owners of the parent

US c.p.s.

105

100

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

Refer to page 36.

At 31 December 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 34 and 46 present only the mining operations.
Figures may not add as they are rounded independently.

Pro forma financial information

This media release contains certain non-IFRS financial measures in respect of the Group’s financial performance, the statement of financial position
and cash flows presented in order to provide users with relevant information and measures used by the Group to assess performance. Non-IFRS
financial measures are financial measures other than those defined or specified under all relevant accounting standards. To the extent that these
measures are not extracted from the segment disclosure included in the reviewed condensed consolidated financial statements of Gold Fields Limited
for the year ended 31 December 2021, these measures constitute pro forma financial information in terms of the JSE Listings Requirements and are
the responsibility of the Group’s Board of Directors. They are presented for illustrative purposes only and due to their nature, may not fairly present
Gold Fields’ financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be comparable to similarly
titled measures used by other companies.

The key non-IFRS measures used include normalised profit attributable to the owners of the parent, normalised profit per share attributable to the
owners of the parent, net debt (including and excluding lease liabilities), adjusted EBITDA, adjusted free cash flow margin for LTIP purposes, sustaining
capital expenditure, non-sustaining capital expenditure, adjusted free cash flow, adjusted free cash flow from operations, all-in sustaining and total
all-in costs. The applicable criteria on the basis of which this information has been prepared is set out in the notes accompanying the media release.

This pro forma financial information has been reported on by the Group’s auditors, being PricewaterhouseCoopers Inc. Their unqualified reporting
accountant’s report thereon is on pages 51 and 52 of this report.

STOCK DATA FOR THE YEAR ENDED DECEMBER 2021

– at 31 December 2021

887,717,348

– average for the year

887,306,342

Free float

100 per cent

ADR ratio

1:1

Bloomberg/Reuters

GFISJ/GFLJ.J

NYSE – (GFI)

Range – Year

US$7.75 – US$12.21

Average Volume – Year

6,289,319 shares/day

JSE LIMITED – (GFI)

Range – Year

ZAR117.26 – ZAR188.30

Average volume – Year

3,241,695 shares/day

Number of shares in issue

Gold Fields Results

2021

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.

Gold Fields Results

2021

Year ended 31 December 2021 compared with year
ended 31 December 2020

Results for the Group

Safety

During 2021, Gold Fields recorded one fatality, Vumile Mgcine, a shaft
timberman at South Deep. He died of injuries sustained in a mining
incident in April, as reported in our H1 results. Another setback in our
effort to achieve zero harm were the nine serious injuries reported
during 2021, up from six serious injuries in 2020. However, our injuries
are less severe than in previous years as demonstrated by the 40%
reduction in the severity rate. The Group’s total recordable injury
frequency rate (TRIFR) improved by 10%, and despite COVID-19-
related travel restrictions, we continued to roll-out training in our
Courageous Safety Leadership programme in all regions. Our goal, as
entrenched in our 2030 targets, remains zero fatalities and serious
injuries every year.

We continue to implement advanced collision avoidance technologies
to eliminate vehicular incidents. A key focus for the health of our
workforce is to reduce diesel particulate matter exposure underground
through, among others, improved ventilation and exhaust filters,
procurement of low-emission machinery, low sulphur fuel and continuing
training and monitoring. We are also trialing electric vehicles in Australia
and will also do so later this year at South Deep. The introduction of
electric vehicles with zero emissions will also gradually contribute to our
reduced carbon emissions.

A noticeable trend over the past few years, has been an increase in
mental health issues among employees, with many of our colleagues
making use both of private and company-provided medical support. The
Company plans to focus more resources on this rapidly emerging health
issue across all operations.

Year ended

Safety

2021

2020

2019

Fatalities

TRIFR

2.16

2.40

2.19

Serious injuries

Severity rate

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

Injuries

+ Restricted Work Injuries

+ Medically Treated Injuries

) x 1,000,000/ number

of hours worked.

A Lost Time Injury (LTI) is a work-related injury resulting in the employee or contractor

being unable to attend work for a period of one or more days after the day of the injury.
The employee or contractor is unable to perform any functions.

A Restricted Work Injury (RWI) is a work-related injury sustained by an employee or

contractor which results in the employee or contractor being unable to perform one
or more of their routine functions for a full working day, from the day after the injury
occurred. The employee or contractor can still perform some of his duties.

A Medically Treated Injury (MTI) is a work-related injury sustained by an employee or

contractor which does not incapacitate that employee and who, after having received
medical treatment, is deemed fit to immediately resume his/her normal duties on the
next calendar day, immediately following the treatment/re-treatment.

A Serious Injury is a work-related injury that incurs 14 days or more of work lost and

results in a range of injuries detailed at Goldfields.com/safety.php

Severity rate is calculated as (Days lost to lost-time injuries/hours worked) x 1,000,000.

Environmental

No serious (Level 3 – 5) environmental incidents were reported for the
third year in a row during 2021, while the number of Level 2 incidents
reduced from 11 in 2020 to seven in 2021. This is a critical achievement
as it signals not only sound environmental stewardship, but also a
limited impact of our operations on neighbouring communities with
whom we share many of the natural resources.

Tailings management

Gold Fields continues to address gaps identified in our process of
aligning with the Global Industry Standard on Tailings Management
(GISTM), which was launched in August 2020. As a member of the
International Council on Mining & Metals, we have committed that all
tailings facilities with “extreme” or “very high” consequence category
ratings will be in conformance with the GISTM by 5 August 2023 and
that all other tailings facilities that we operate that are not in a state of
safe closure will be in conformance with the GISTM by 5 August 2025.
Our priority facilities are on track to be in conformance with the GISTM
by August 2023. All key personnel appointments have been made and
our overall GISTM conformance programme is on track. We estimate
that capital expenditure needed over the five years to achieve full
compliance will be approximately US$25m. This excludes expenditure
that will be required to migrate a number of our TSFs to downstream
disposal and dry-stack deposition methods over time. As studies are
finalised the associated costs will be disclosed.

Water management

Reducing freshwater usage and optimising Group water recycling/reuse
are key strategic intents for the Company and we are making good
progress on these. Fresh water withdrawal was 9.44 gigalitres (GL) in
2021 compared with 9.97GL in 2020, mainly due to a decrease in water
withdrawal at Tarkwa and South Deep owing to increased recycling/
reuse at both operations. South Deep continued to recycle treated
sewage effluent, which was previously discharged to the Leeuspruit.
The mine has also upgraded its water pipeline to reduce water losses.
In terms of our 2030 water priorities, we are on track to achieve the 80%
target for water recycled or reused, having recorded 75% in 2021, up
from 71% in 2020. From a 2018 baseline, we have also reduced our
freshwater use by 35% to date, on track to achieve the targeted 45%
reduction by 2030.

The CDP Water NGO again placed Gold Fields on its A list for water
management and disclosure, one of only 118 high-performing global
companies out of almost 3,400 to make this year’s top level. Gold Fields
was ranked A-, a step below the highest possible A level, which we
achieved in 2020.

Energy management and climate change

Group energy spend was US$341m (18% of operating costs) in 2021
compared with US$257m (16% of operating costs) in 2020, driven mainly
by higher fuel prices. Energy intensity was 5.66GJ/oz (2020: 5.64GJ/oz)
and 69MJ/t mined (2020: 72MJ/t). Total energy consumption during 2021
rose by 6% to 13.9 petajoules (PJ) (2020: 13.1PJ). Energy efficiency
initiatives at our operations saved 1.2PJ, including compressor, pumping
and fan optimisation at South Deep, haulage efficiencies at Gruyere and
fuel switching at St Ives.

Scope 1 and 2 CO

e emissions increased by 6% to 1.7 million tonnes

(Mt) in 2021 (2020: 1.6Mt), in line with the increased energy use. CO

emissions intensity improved 3% to 8.6kg CO

e/t mined from the 8.8kg

e/t recorded in 2020.

We will continue to pursue carbon emission reductions at all our
operations, in line with our 2030 ESG target commitment to reduce
Scope 1 and 2 emissions by 30% from a 2016 baseline. A large part of
these reductions will be achieved by continuing our successful roll-out
of renewable energy projects. Our two completed microgrids are at the
Agnew and Granny Smith mines in Western Australia.

The Gruyere mine, also in Western Australia, is set to add a 13MW solar
farm and 4.4MW battery storage to its current gas engines during
Q2 2022. As part of the construction of our Salares Norte mine in Chile,
a 25.9MW hybrid energy project, comprising a 9.9MW solar power plant
and thermal power, will be commissioned in Q1 2023 when the mine is
scheduled to be operational.

At our South Deep mine in South Africa, we commenced with the
construction of a R715m solar power plant in Q3 2021. The plant will
provide the mine with about a quarter of its power requirements and
save it over R120m a year in electricity costs. In Q4 2021 we increased
the planned capacity of the plant from 40MW to 50MW. It is scheduled
to be completed in H2 2022.

During 2021, renewable electricity averaged 55% of total electricity
supply at Agnew, 7% at Granny Smith, 10% for the Australia region and
4% of total Group electricity. These percentages are set to increase over
the next few years as we work to achieving our 2030 targets.

Year ended

Environmental

2021

2020

2019

Environmental incidents

−

Level 3 – 5

Water recycled/reused

(% of total)

Fresh water withdrawal (GL)

9.4

10.0

14.2

Energy consumption (PJ)

13.90

13.13

12.49

Energy intensity (MJ/t mined)

emissions (kt)

1,714

1,605

1,611

emissions intensity

(kg CO

/t mined)

8.5

7.9

7.7

Relates to operations only.

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

emissions comprise Scope 1 and 2 emissions ⁴ .

Scope 1 emissions arise directly from sources managed by the Company. Scope 2 are

indirect emissions generated in the production of electricity used by the Company.

Restated due to changes in emission factors in Ghana.

Gold Fields Results

2021

Value distribution to host
communities (US$m)

2021

2020

2019

Social

Gold Fields continues to focus on maximising in-country and host
community economic impact. The Group’s value distribution to national
economies was US$3.591bn in 2021 compared with US$2.849bn
in 2020, with significant payment increases during the year to our
host governments, in the form of higher taxes and royalties, as well
as improved dividend and interest payments to our capital providers. Gold
Fields procurement from in-country suppliers, excluding corporate
procurement spend, was US$2.231bn in 2021 (96% of total procurement).

Gold Fields aims to sustain the value delivered to host communities
through employment, procurement and social investments. In 2021
US$872m – 28% of total value distribution – flowed to our host
communities in the form of procurement spend, wages and socio-
economic development (SED) investment (US$676m, 28% in 2020).
The Group host community workforce totaled 9,330 people – 53% of
total workforce in 2021 (2020: 8,752 host community workforce, 53% of
total workforce). Group host community procurement spend in 2021
was US$709m – 31% of total spend – compared with US$536m and
29% spend in 2020.

Gold Fields invested US$16.3m in socio-economic development (SED)
projects in our host communities in 2021, compared with US$16.8m in
2020. The SED investments are funded through Gold Fields’
foundations, trusts and operations.

Year ended

Value distribution to national
economies (US$m)

2021

2020

2019

Royalties/taxes

558

381

254

Procurement

2,101

1,786

1,744

Wages/salaries

463

412

395

SED

Capital providers

454

253

162

Total

3,591

2,849

2,577

Includes payment to capital providers from Corporate Office.

Year ended

Procurement

709

536

635

Wages/salaries

147

123

125

SED

Total

872

676

782

Percentage of total value
distribution

28%

28%

33%

A key priority for Gold Fields is to build a diverse and inclusive workplace
by increasing the participation of women, Indigenous People and other
targeted demographic groups in our workforce. At the end of 2021,
women comprised 22% of Gold Fields’ workforce compared with 20% in
2020. We are targeting 30% gender diversity by 2030. Training spend
for 2021 was US$8.3m, compared with US$6.8m for 2020. Gold Fields
was once again a constituent of the Bloomberg Gender-Equality Index
for 2021.

COVID-19 report

While the impact of COVID-19 on our operational performance was
relatively limited during 2021, an estimated 30koz, the impact on our
workforce has been devastating. During 2021, we reported 17 deaths
among our employees and contractors at South Deep, Ghana and Peru.
It brings 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 again go out the families, friends and colleagues of the
deceased.

Vaccination remains our primary defense against the impact of the virus
and by mid-February 2022, 83% of our employees and contractors were
already fully vaccinated, with a further 22% already receiving their
booster jabs. Our Western Australian mines have introduced mandatory
vaccination for most job categories in line with government policies. At
South Deep, a risk-based mandatory vaccination approach has been
implemented, whereby employees in higher risk categories have to be
vaccinated. In Ghana, Chile and Peru mandatory vaccination is not
permitted, as yet.

Apart from the 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 2021, our operations spent approximately US$30m on COVID-19
related initiatives and interventions, such as specialised camp
accommodation, testing equipment and facilities, additional labour
costs and transport facilities. This amount includes US$2m was spent
on donations to assist governments and communities in their fight
against the pandemic while in Ghana the government imposed a
US$5m COVID-19 health recovery levy. In 2020, total COVID-19 related
spending amounted to about US$33m.

As a result of the high rate of COVID-19 infections, South Deep and
Cerro Corona in Peru were the most affected during 2021 amid the
impact of regulations imposed by the governments of those countries to
curb the spread. South Deep lost an estimated 300kg and Cerro Corona
20koz of gold production, mostly in Q1 2021. The impact on overall
Group production though was minimal.

At our Salares Norte project in Chile, the Company had to cater for an
additional 2,000-plus contractors on site during the construction
process. This has been facilitated successfully and there have been no
major COVID-19 related delays to the construction programme to date.

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

The latest COVID-19 statistics at our Group are displayed in the table
below:

Year ended

Social

2021

2020

2019

Host community procurement

(% of total)

Host community workforce

(% of total)

Women in workforce (%)

Training spend

8.3

6.8

10.8

“Awaiting results”, “Active cases” and “Hospitalised” refers to current figures.

Fully vaccinated. Private vaccinations by employees are not always declared.

Numbers exclude Asanko/Galiano.

COVID-19 Report (as at 14 February 2022)

Total

Tested

177,027

Positive

6,342

Negative

170,658

Awaiting results

Active cases

142

Hospitalised

Recovered

6,436

Vaccinated

83%

Deceased

Gold Fields Results

2021

Revenue

Attributable equivalent gold production, (including Asanko) increased by
5% from 2.236Moz in 2020 to 2.341Moz in 2021. Attributable equivalent
gold production at Asanko decreased by 16% from 112,500oz in 2020 to
94,600oz in 2021. Revenue from Asanko is not included in Group
revenue as Asanko results are equity accounted. The impact of
COVID-19 on our operational performance during 2021 amounted to an
estimated 30koz (Cerro Corona at 20koz and South Deep at 10koz) and
compared to 78koz in 2020 (Cerro Corona at 46koz and South Deep
at 32koz).

At the South Africa region, attributable production at South Deep increased
by 24% from 7,056kg (226,900oz) in 2020 to 8,776kg (282,200oz) in 2021.
Managed production increased by 29% from 7,056kg (226,900oz) in 2020
to 9,101kg (292,600oz) in 2021. The increase was due to the productivity
improvement programmes introduced in 2019 which are sustainably
delivering results. Gold sold increased by 29% from 7,056kg (226,900oz)
to 9,102kg (292,600oz).

Attributable gold production at the West African operations (including
Asanko), increased by 1% from 786,900oz in 2020 to 793,100oz in
2021 mainly due to increased production at Damang as mining
progressed into the main ore body at the Damang Pit Cutback (DPCB)
and a full year of commercial levels of production in 2021 as opposed to
half a year in 2020 after exiting the project stage. Managed gold
produced and sold at Tarkwa decreased by 1% from 526,300oz in 2020
to 521,700oz in 2021. At Damang, managed gold produced and sold
increased by 14% from 223,000oz in 2020 to 254,400oz in 2021. Gold
production at Asanko decreased by 16% from 112,500oz (45% basis) in
2020 to 94,600oz (45% basis) in 2021. Gold sold decreased by 11%
from 109,700oz (45% basis) to 97,200oz (45% basis) .

Attributable equivalent gold production at Cerro Corona in Peru,
increased by 20% from 206,100oz in 2020 to 247,000oz in 2021 mainly
due to the higher price factor (41Koz). Total managed gold equivalent
production increased by 20% from 207,100oz in 2020 to 248,300oz
in 2021. Gold equivalent ounces sold increased by 21% from 205,500oz
to 248,400oz.

Gold production at the Australian operations increased marginally from
1,016,800oz in 2020 to 1,018,500oz in 2021. At St Ives, gold production
increased by 2% from 384,900oz in 2020 to 393,000oz in 2021. Gold
sold decreased by 1% from 393,800oz to 391,100oz. At Agnew, gold
production decreased by 4% from 233,300oz in 2020 to 223,000oz in
2021 mainly due to decreased ore tonnes processed, partially offset by
an increase in yield. Gold sold decreased by 5% from 233,500oz to
222,800oz. At Granny Smith, gold production increased by 4% from
269,600oz in 2020 to 279,200oz in 2021 due to an increase in yield,
partially offset by decreased ore tonnes processed. Gold sold increased
by 7% from 265,200oz to 283,600oz. At Gruyere, gold production (100%
basis) decreased by 5% from 258,200oz in 2020 to 246,500oz in 2021
due to a decrease in grade of ore mined and processed. The Group’s
share of gold production at Gruyere decreased by 5% from 129,100oz
in 2020 to 123,300oz in 2021 due to a decrease in grade of ore mined
and processed. Gold sold decreased by 3% from 128,000oz in 2020 to
124,400oz in 2021.

The average US Dollar gold price achieved by the Group (excluding
Asanko) increased by 2% from US$1,767/eq oz in 2020 to
US$1,794/eq oz in 2021. The average Rand gold price decreased by
8% from R928,707/kg to R851,102/kg. The average Australian Dollar
gold price decreased by 6% from A$2,551/oz to A$2,400/oz. The
average US Dollar gold price for the Ghanaian operations (excluding
Asanko) increased by 1% from US$1,773/oz in 2020 to US$1,797/oz in
2021. The average equivalent US Dollar gold price, net of treatment and
refining charges, for Cerro Corona decreased by 3% from
US$1,795/eq oz in 2020 to US$1,750/eq oz in 2021. The average
US Dollar/Rand exchange rate strengthened by 10% from R16.38 in
2020 to R14.79 in 2021. The average Australian/US Dollar exchange
rate strengthened by 9% from A$1.00 = US$0.69 to A$1.00 = US$0.75.

Gold equivalent ounces sold (excluding Asanko) increased by 6% from
2.22Moz in 2020 to 2.34Moz in 2021.

Revenue increased by 8% from US$3,892m in 2020 to US$4,195m in
2021 due to the higher gold sold and higher gold price received.

Cost of sales before amortisation and depreciation

Cost of sales before amortisation and depreciation increased by
12% from US$1,489m in 2020 to US$1,662m in 2021 mainly due to
inflationary increases affecting all the regions and the effect of the
strengthening of the South African Rand and Australian Dollar. Effective
mining inflation for 2021 was as follows:

• 10.4% in South Africa;

• 5.8% in Ghana;

• 3.1% in Peru; and

• 6.8% in Australia.

At the South Africa region, at South Deep, cost of sales before
amortisation and depreciation increased by 20% from R3,751m
(US$229m) in 2020 to R4,510m (US$305m) in 2021 mainly due to
increased volumes mined and processed as well as inflationary
increases.

At the West Africa region, (excluding Asanko), cost of sales before
amortisation and depreciation decreased by 2% from US$469m in 2020
to US$460m in 2021 mainly due to a 8Mt decrease in operational waste
tonnes mined at Damang as the strip ratio reduced and physical space
constrained as mining moved deeper into the pit, combined with a
gold-in-process credit to cost of US$72m in 2021 compared with gold-
in-process credit to cost of US$61m in 2020. The decrease in cost of
sales before amortisation and depreciation at Damang was partially
offset by an increase in cost of sales before amortisation and
depreciation at Tarkwa mainly driven by an increase in the contractor
mining rate as well as inflationary increases. Tarkwa had a gold-in-
process credit to cost of US$30m in 2021 compared with a gold-in-
process charge to cost of US$2m in 2020.

At the South America region, at Cerro Corona, cost of sales before
amortisation and depreciation increased by 14% from US$154m in
2020 to US$176m in 2021 mainly due to a 8Mt increase in operational
waste tonnes mined. 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.

At the Australia region, cost of sales before amortisation and depreciation
increased by 4% from A$924m (US$637m) in 2020 to A$960m
(US$721m) in 2021 mainly due to inflationary increases and additional
processing cost associated with reliability projects at Gruyere, combined
with a gold-in-process charge to cost of A$0m in 2021 compared with a
gold-in-process credit to cost of A$6m in 2020.

Amortisation and depreciation

Amortisation and depreciation for the Group increased by 8% from
US$661m in 2020 to US$713m in 2021 mainly due to the higher
production in 2021 and the effect of the strengthening of the South
African Rand and Australian Dollar.

Other

Net interest expense for the Group decreased by 22% from US$106m
in 2020 to US$83m in 2021 mainly due to lower interest paid as a result
of lower borrowings. Net interest expense of US$83m comprised of
interest expense of US$80m and lease interest of US$24m, partially
offset by interest income of US$8m and interest capitalised of US$13m
in 2021. In 2020, net interest expense of US$106m comprised of
interest expense of US$106m and lease interest of US$22m, partially
offset by interest income of US$9m and interest capitalised of US$13m.

The equity accounted loss increased by 967% from US$3m in 2020 to
US$32m in 2021.

The share of results of equity accounted investees after taxation
decreased by 55% from US$47m in 2020 to US$21m in 2021. The
equity accounted earnings of Asanko of US$23m in 2021 compared
with US$49m in 2020. The decrease is mainly due to the lower
production in 2021. The balance under share of results of equity
accounted investees after taxation relates to expenditure of US$2m
incurred at FSE in both 2020 and 2021.

The share of results of equity accounted investees – impairment of
Asanko related to an impairment of US$53m in 2021 of the Asanko Gold
Mine following the identification of an impairment trigger. This compared
with an impairment of US$50m in 2020. Due to the re-evaluation of the
geological modelling by our JV partner, Galliano, which is still not
complete, Gold Fields is still not in a position to provide a reserve and
resource estimate for Asanko as at 31 December 2021. Taking this into
consideration, management has modelled various scenarios for the
Asanko Life of Mine (LoM) in order to determine their best estimates of
the future cash flows of the Asanko gold mine. The various LoM scenario
runs were undertaken in an attempt to model Asanko’s future cash flows
in the absence of a revised Resource and Reserve for 31 December 2021.
These scenarios are based on the pre-feasibility study completed in
2019, in order to declare a Reserve at 31 December 2019, but were
modified where appropriate to reflect prevailing circumstances.

The loss on foreign exchange of US$2m in 2021 compared with a gain
of US$9m in 2020 and related to the conversion of offshore cash
holdings into their functional currencies.

Gold Fields Results

2021

Loss on financial instruments decreased by 58% from US$239m in
2020 to US$100m in 2021. The loss on financial instruments of
US$100m in 2021 comprised a loss on hedges of US$96m and a loss
on valuation of warrants of US$4m. The loss on hedges of US$96m
includes realised losses of US$44m and unrealised losses and prior
year marked-to-market reversals of US$52m. The realised losses of
US$44m comprised losses realised on the Australian gold hedge of
A$42m (US$31m) and Peruvian copper hedge of US$46m, partially
offset by realised gains of US$33m on the Chilean currency hedge and
the Australian oil hedge of A$1m (US$nil). The unrealised losses and
prior year marked-to-market reversals of US$52m comprised losses on
the Chilean currency hedge of US$93m, partially offset by gains on the
Australian gold hedge of A$8m (US$6m), Peruvian copper hedge of
US$14m, the Ghanaian oil hedge of US$13m and the Australian oil
hedge of A$11m (US$8m).

In 2021, the loss on valuations of warrants of US$4m related to the
Maverix warrants.

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

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

Share-based payments for the Group decreased by 13% from US$15m
in 2020 to US$13m in 2021 mainly due to lower forecast vesting
percentages of the scheme.

The long-term incentive plan decreased by 43% from US$51m in 2020
to US$29m in 2021 due to the current marked-to-market valuation of
the plan reflecting forecast performance.

Other costs for the Group increased by 18% from US$39m in 2020 to
US$46m in 2021 and mainly related to higher community spend in the
South African and South American regions.

Exploration expenses

Exploration expenses increased by 22% from US$50m in 2020 to
US$61m in 2021 mainly due to higher exploration spend in Australia and
Ghana. The US$61m spend in 2021 included US$27m spend at Salares
Norte which relates to exploration and project expenses. The balance of
US$34m related to exploration at the other operations. The US$50m
spend in 2020 included US$30m spend at Salares Norte with the balance
of US$20m related to exploration at the other operations.

Non-recurring items

Non-recurring expenses of US$89m in 2021 compared with non-recurring
income of US$34m in 2020.

Non-recurring expenses of US$89m in 2021 mainly include:

• impairment of FSE of US$31m based on the fair value less cost

of disposal of the investment which was indirectly derived from the
market value of Lepanto Consolidated Mining Company;

• expected credit loss against a contractor loan of US$41m at Tarkwa

and Damang;

• US$10m impairment of capitalised exploration costs at St Ives based

on technical and economic parameters of various studies;

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

• restructuring costs at Tarkwa of US$2m;

• donations made to various bodies in response to COVID-19 of

US$1m; and

• a cost arising on the rehabilitation year-end adjustments of US$11m;

partially offset by

• profit on disposal of assets of US$9m.

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

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

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

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

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

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

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

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

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

• donations made to various bodies in response to COVID-19 of

US$3m;

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

and

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

February 2020.

Royalties

Government royalties for the Group increased by 7% from US$105m in
2020 to US$112m in 2021 in line with the higher revenue.

Taxation

The taxation charge for the Group decreased by 2% from US$433m in
2020 to US$425m in 2021. Normal taxation increased by 22% from
US$367m in 2020 to US$449m in 2021 in line with the higher profit
before tax. The deferred tax charge of US$66m in 2020 compared to a
deferred tax credit of US$24m in 2021.

The deferred tax credit in 2021 is due to the raising of a deferred tax
asset of US$87m at Salares Norte. At 31 December 2021, there has
been significant progress with the construction of the Salares Norte
project as indicated by total project progress at 62.5%, construction
progress at 55% and the early forecast curve being aligned with
the scheduled finish of Q1 2023. The project is expected to deliver
significant value and all tax credits are expected to be fully utilised
before they expire.

If the deferred tax credit of US$87m is excluded, deferred taxation would
have decreased by 5% from US$66m in 2020 to US$63m in 2021.

Profit

Net profit attributable to owners of the parent of the Group increased by
9% from US$723m or US$0.82 per share in 2020 to US$789m or
US$0.89 per share in 2021.

Headline earnings attributable to owners of the parent of the Group
increased by 22% from US$729m or US$0.83 per share in 2020 to
US$890m or US$1.00 per share in 2021.

Normalised profit for the Group increased by 6% from US$879m or
US$1.00 per share in 2020 to US$929m or US$1.05 per share in 2021.

Normalised profit

Normalised profit reconciliation for the Group is calculated as follows:

Year ended

Profit for the year attributable to owners

of the parent

789.3

723.0

Non-recurring items

89.0

(34.1)

Tax effect of non-recurring items

(4.8)

(6.1)

Non-controlling interest effect of

non-recurring items

(4.2)

(3.8)

Share of results of equity accounted

investees – Asanko impairment

52.8

49.5

(Gain)/loss on foreign exchange

1.9

(8.6)

Tax effect of gain on foreign exchange

1.2

1.9

Non-controlling interest effect of gain on

foreign exchange

0.5

0.6

Loss on financial instruments

100.4

238.9

Tax effect of loss on financial instruments

(11.6)

(76.1)

Non-controlling interest effect of loss on

financial instruments

0.9

(6.4)

Salares Norte deferred tax asset raised

(86.7)

—

Normalised profit attributable to owners
of the parent

928.7

878.8

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

US$’m

2021

2020

Gold Fields Results

2021

Cash flow

Cash inflow from operating activities of US$1,599m in 2021 compared
with an inflow of US$1,257m in 2020. The increase of 27% was mainly
due to a higher profit before royalties and taxation due to lower realised
hedge losses in 2021 and lower investment in working capital. This was
partially offset by higher royalties and taxation payments of US$558m in
2021 compared to US$381m in 2020. The higher tax payments in 2021
related mainly to higher profitability in 2020 with the final top-up payment
for 2020 made in 2021.

Dividends paid of US$369m in 2021 compared with US$145m in 2020
and comprised dividends paid to owners of the parent of US$322m and
related to the final 2020 and interim 2021 dividend, as well as dividends
paid to non-controlling interest holders of US$47m.

Cash outflow from investing activities increased by 76% from US$607m
in 2020 to US$1,071m in 2021. Capital expenditure increased by 86%
from US$584m in 2020 to US$1,089m in 2021.

Sustaining capital expenditure, (excluding Asanko), increased by 41%
from US$409m in 2020 to US$576m in 2021, while non-sustaining
capital expenditure (excluding Asanko), increased by 193% from
US$175m in 2020 to US$513m in 2021. The increase in sustaining
capital expenditure is mainly attributable to:

• increased expenditure on capital waste mining and tailings storage

facilities at Tarkwa;

• the solar plant construction and tailings storage facility extension at

South Deep; and

• increased development and waste stripping activities at the Australian

operations.

Non-sustaining expenditure of US$513m in 2021 comprised US$375m
at Salares Norte, US$83m at the Australian operations, US$28m at
Cerro Corona, US$6m at Damang and US$21m at South Deep. Non-
sustaining expenditure of US$175m for 2020 comprised US$97m at
Salares Norte, US$41m at the Australian operations, US$26m at Cerro
Corona, US$6m at Damang and US$5m at South Deep.

At the South Africa region at South Deep, capital expenditure increased
by 64% from R804m (US$49m) in 2020 to R1,320m (US$89m) in 2021
mainly due to the construction of the solar plant, Doornpoort tailings
storage facility expansion project, on site power generation plant (diesel
generators), the purchase of a mobile raise boring machine and the
recommencement of capital development in the new mine area and
associated infrastructure projects.

At the West Africa region, (excluding Asanko), capital expenditure
increased by 39% from US$167m in 2020 to US$232m in 2021. At
Tarkwa, capital expenditure increased by 42% from US$147m in 2020
to US$209m in 2021 due to increased expenditure on capital waste
stripping and tailings storage facility construction. Capital expenditure at
Damang increased by 18% from US$20m in 2020 to US$23m in 2021
mainly due to higher capital waste tonnes mined at the Huni pit.

Capital expenditure at Asanko (on a 100% basis) amounted to US$46m
in 2021 compared with US$69m in 2020. The Asanko capital expenditure
is not included in the Group capital expenditure.

At the South America region at Cerro Corona, capital expenditure
increased by 12% from US$50m in 2020 to US$56m in 2021 mainly due
to the replacement of a crusher in the process plant to deal with an
increase in ore hardness and land acquisition.

At Salares Norte, capital expenditure increased by 287% from US$97m
in 2020 to US$375m in 2021 due to an increase in construction activities
at the project as construction progressed to 55.0% at the end of 2021
compared to 15.6% at the end of 2020.

At the Australia region, capital expenditure increased by 40% from
A$319m (US$220m) in 2020 to A$447m (US$336m) in 2021. At St Ives,
capital expenditure increased by 29% from A$107m (US$74m) to
A$138m (US$103m) mainly due to increased development at Invincible
underground, pre-stripping of Neptune stage 7 and Delta island open pit
as well as the construction of a paste plant at Invincible underground
mine. At Agnew, capital expenditure increased by 56% from A$75m
(US$52m) in 2020 to A$117m (US$88m) in 2021 mainly due to increased
underground development, underground ventilation upgrades, the
crusher circuit update and increased exploration drilling. At Granny
Smith, capital expenditure increased by 39% from A$96m (US$66m) in
2020 to A$134m (US$100m) in 2021 mainly due to an increase in
development in the Zone 110/120 and Zone 135 areas as well as the
development of the second decline. At Gruyere, capital expenditure

increased by 43% from A$41m (US$28m) in 2020 to A$58m (US$44m)
in 2021 mainly due the pre-stripping of stages 2 and 3 of the pit.

Proceeds on disposal of assets of US$3m in 2021 compared with
proceeds on disposal of assets of US$1m in 2020.

Purchase of investments of US$27m in 2021 compared with US$1m in
2020. Purchase of investments of US$27m in 2021 related to US$10m
paid for the conversion of warrants to Maverix shares, US$2m paid for
6.6m shares in Chakana Copper Corporation, US$2m for 11.0m shares
in Hamelin Gold Limited and an investment of US$13m in bonds for the
insurance captive. The US$1m in 2020 related to a purchase of 3.4m
shares in Lefroy Exploration Limited.

Redemption of Asanko preference shares amounted to US$5m in 2021
compared to US$38m in 2020.

Loan advanced to contractors in Ghana for fleet replacement in 2020
amounted to US$68m. These loans are interest bearing and a portion is
secured over the fleet purchased by the contractor in 2020.

Proceeds on disposal of investments decreased by 17% from US$23m
in 2020 to US$19m in 2021. Proceeds of US$19m in 2021 related to the
disposal of shares in the Toronto-listed gold and royalty streaming
company Maverix. In 2020 it amounted to US$23m and related to the
sale of 81m shares in ASX-listed Cardinal Resources Limited.

Environmental payments increased by 11% from US$9m in 2020 to
US$10m in 2021.

Cash inflow from operating activities less net capital expenditure,
environmental payments, redemption of Asanko preference shares and
lease payments decreased by 27% from US$631m in 2020 to US$463m
in 2021 mainly due to higher capital expenditure, partially offset by
higher cash from operations due to lower hedge payments.

The US$463m adjusted free cash flow in 2021 comprised: US$913m
adjusted free cash flow from operations generated by the eight mining
operations plus redemption of Asanko preference shares of US$5m,
less US$65m of net non-mine interest paid, US$327m at Salares Norte
on exploration and construction capital, as well as US$63m on non-
mine based costs mainly due to working capital movements.

The Salares Norte expenditure of US$327m comprises the following:

US$’m

2021

Exploration expenditure

(27)

Capital expenditure

(375)

Release of working capital

Other

Total spend

(327)

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

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

US$’m

2020

Exploration expenditure

(30)

Capital expenditure

(97)

Investment into working capital

(24)

Total spend

(151)

Net cash outflow from financing activities of US$511m in 2021 compared
with US$140m in 2020. The outflow in 2021 related to loan repayments
of US$644m and payment of lease liabilities of US$74m, partially offset
by loan drawdowns of US$207m. The outflow in 2020 related to the
repayment of US$1,014m of offshore loans (including the 2020 bond of
US$602m) and payment of lease payments of US$64m, partially offset
by shares issued of US$249m and loan drawdowns of US$689m.

The net cash outflow for the Group of US$351m in 2021 compared with
an inflow of US$364m in 2020. After accounting for a negative translation
adjustment of US$11m on non-US Dollar cash balances, the cash
outflow in 2021 was US$362m. The cash balance of US$525m in 2021
compared with US$887m in 2020.

Gold Fields Results

2021

All-in sustaining and total all-in cost

The Group all-in sustaining costs increased by 9% from US$977/oz in
2020 to US$1,063/oz in 2021 mainly due to higher sustaining capital
expenditure, higher cost of sales before amortisation and depreciation
and higher royalties (due to higher gold price realised), partially offset by
higher gold sold. If the all-in sustaining costs are normalised for the
strengthening of the currencies by using the same exchange rates as in
2020, the all-in sustaining costs would be US$1,006/oz for 2021. This
represents a 3% increase in all-in sustaining costs compared with 2020.

Total all-in cost increased by 20% from US$1,079/oz in 2020 to
US$1,297/oz in 2021 due to higher cost of sales before amortisation and
depreciation, higher sustaining and non-sustaining capital expenditure
and higher royalties, partially offset by higher gold sold.

Normalising for the exchange rate differences by using the same
exchange rates as in 2020, the total all-in cost would be US$1,236/oz
for 2021, a 15% increase when compared with 2020.

Excluding the project construction capital at Salares Norte, total all-in
cost increased by 11% from US$1,038/oz in 2020 to US$1,148/oz
in 2021.

Normalising for the exchange rate differences as well as excluding the
Salares Norte project capital, the total all-in cost would be US$1,089/oz
for 2021, a 5% increase when compared with 2020.

Royalties paid increased by US$2/oz or 4% from US$51/oz in 2020 to
US$53/oz in 2021.

COVID-19 related costs are estimated at approximately US$10/oz for
2021 and are included in the AISC and AIC.

Statement of financial position

Net debt decreased from US$1,069m at 31 December 2020 to
US$969m at 31 December 2021.

Net debt excluding lease liabilities decreased from US$640m in 2020 to
US$553m in 2021.

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

Net debt/adjusted EBITDA

The net debt/adjusted EBITDA ratio of 0.40x in 2021 compared with
0.56x in 2020.

Adjusted EBITDA

Adjusted EBITDA for calculating net debt/adjusted EBITDA is based on
the year ended 31 December 2021 profit, which is determined as follows
in US$ million:

Adjusted free cash flow margin for LTIP purposes

The adjusted free cash flow (FCF) margin for LTIP purposes is revenue
less cash outflow divided by revenue expressed as a percentage.

Year ended

US$’m

2021

2020

829.5

745.4

Taxation and royalties

537.3

537.5

Non-recurring items

89.0

(34.1)

Long-term incentive scheme

28.5

51.3

Share-based payments

12.7

14.5

100.4

238.9

Loss/(gain) on foreign exchange

1.9

(8.6)

Equity accounted loss, after taxation

32.0

2.6

Net interest expense

82.9

105.8

Amortisation and depreciation

713.2

661.3

(43.5)

(416.6)

Other*

9.7

12.2

Adjusted EBITDA

2,393.6

1,910.2

statements of Gold Fields Limited for the years ended 31 December 2021 and
31 December 2020.

The FCF for the Group for the year ended 2021 is calculated as follows:

Year ended 2021

US$’m

US$/oz

Revenue

3,962.9

1,798

Less: Cash outflow

(2,970.1)

(1,348)

AIC

(2,832.0)

(1,285)

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

12.7

Long-term employee benefits (non-cash)

28.5

Exploration, feasibility and evaluation
costs outside of existing operations*

28.1

Non-sustaining expenditure
(Salares Norte)

350.9

159

Revenue hedge (realised)*

(77.2)

(35)

Redemption of Asanko preference shares

5.0

Payment of long-term employee benefits

(37.3)

(17)

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

(448.8)

(240)

Adjusted free cash flow for LTIP
purposes

992.8

450

Adjusted FCF margin for LTIP purposes

25%

Gold sold only – 000’oz

2,203.6

Revenue from income statement at US$4,195.2m less revenue from Cerro Corona by-

products in AIC at US$232.3m equals US$3,962.9m.

AIC for the Group of US$2,983.6m less AIC for Asanko of US$151.6m.

Adjusted free cash flow for LTIP purposes does not agree with cash flows from operating

activities less capital expenditure in the statement of cash flows on page 28 mainly due
to working capital adjustments and non-recurring items included in the statement of
cash flows.

Calculated by dividing revenue by gold sold only.

* Based on information underlying the reviewed condensed consolidated financial

statements of Gold Fields Limited for the year ended 31 December 2021.

Year ended 2020

Year ended

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

* Based on information underlying the reviewed condensed consolidated financial

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

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

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

Adjusted free cash flow for LTIP purposes does not agree with cash flows from operating

activities less capital expenditure in the statement of cash flows on page 28 mainly due
to working capital adjustments and non-recurring items included in the statement of
cash flows.

Calculated by dividing revenue by gold sold only.

* Based on information underlying the reviewed condensed consolidated financial

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

The FCF margin of 25% in 2021 at a gold price of US$1,798/oz
compared with 28% in 2020 at a gold price of US$1,771/oz.

US$’m

2021

2020

Profit for the year

US$’m

US$/oz

Revenue

3,748.0

1,771

Less: Cash outflow

(2,710.8)

(1,281)

AIC

(2,258.3)

(1,067)

Adjusted for:

Share-based payments (non-cash)

14.5

Long-term employee benefits (non-cash)

51.3

Exploration, feasibility and evaluation
costs outside of existing operations*

31.4

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

102.8

Revenue hedge (realised)*

(411.3)

(194)

Redemption of Asanko preference shares

37.5

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

(278.7)

(132)

Adjusted free cash flow for LTIP
purposes

1,037.2

490

Adjusted FCF margin for LTIP purposes

28%

Gold sold only – 000’oz

2,116.7

Gold Fields Results

2021

Gold mined

Destress
Development
Secondary support
Backfill

Ore milled –
underground reef
Ore milled –

underground waste

Ore milled – surface

000’oz

m
m
m

000

tonnes

000

tonnes

000

tonnes

000

tonnes

g/t
g/t
g/t

9,744

313.3

44,398

5,505

14,538

298,186

7,161

230.2

35,545

3,548

9,504

322,823

36%

25%

55%

53%

(8)%

1,535.6

1,154.3

33%

154.0

55.3

178%

1,232.5

1,048.1

18%

Total tonnes milled

Yield – underground reef
Surface yield

Total yield

2,922.1

5.84

0.11

3.11

2,257.7

6.01

0.11

3.13

29%

(3)%

—%

(1)%

Gold produced

Gold sold

AISC

AIC

Total capital expenditure

US$m

Adjusted free cash flow

US$m

89.3

1,435.1

97.0

49.1 82%

557.8

157%

34.1 184%

Review of Operations

Year ended December 2021 compared with year
ended December 2020

Figures may not add as they are rounded independently.

South Africa region

South Deep

Dec

2021

Dec

2020

Variance

Ore mined

000

tonnes

1,540

1,136

36%

Waste mined

000

tonnes

201

134%

Total tonnes

000

tonnes

1,741

1,222

42%

Grade mined –

underground reef

g/t

6.33

6.31

—%

Grade mined –

underground total

g/t

5.60

5.86

(4)%

US$/oz

1,379

1,260

Sustaining capital

1,019.1

718.4

42%

expenditure

US$m

68.9

43.9

57%

Non-sustaining capital

301.3

85.5

252%

expenditure

US$m

20.4

5.2

292%

1,320.4

803.9

64%

South Deep showed significant improvement in most key performance
measures during FY2021 compared to FY2020 despite both years
being impacted by COVID-19-related interruptions. These improvements
are in line with the mine production ramp up plan to 12t gold output
annually. Productivity improvement programmes that were introduced
in 2019 are sustainably delivering results. The COVID-19-related
production impact, primarily in Q1 of 2021, was 300kg (9,600oz) and
compared to 1,000kg (32,000oz) in 2020.

Gold production increased by 29% to 9,102kg (292,600oz) in 2021
from 7,056kg (226,900oz) in 2020. The increased gold production
was due to improved volumes mined and processed as well as lower
COVID-19-related production losses in 2021.

Ore mined increased by 36% to 1,540kt in 2021 from 1,136kt in 2020.
North of Wrench increased its contribution YoY from 65% to 71%, while
current mine reduced its contribution from 35% to 29% as part of the
focus to transition away from current mine to higher productivity North of
Wrench. Underground reef grade mined remained similar at 6.33g/t.

Waste mined increased by 134% to 201kt in 2021 from 86kt in 2020 as
growth capital development was ramped up to ensure key infrastructure
is installed on schedule in order to achieve planned production ramp up.

Destress increased by 25% to 44,398m² in 2021 from 35,545m² in 2020,
while reef horizon development metres increased by 55% to 5,505m in
2021 from 3,548m in 2020 as a result of improved operational
efficiencies, mainly drill rigs.

Secondary support increased by 53% in line with increased destress
and development whereas backfill decreased by 8% in 2021 as backlog
reduced compared to 2020 and some stopes not scheduled for
backfilling in 2021.

Surface re-mining and processing tonnes increased by 18% due to
increased operational efficiencies.

Total yield decreased by 1% to 3.11g/t in 2021 from 3.13g/t in 2020
largely driven by the increase in surface re-mining volumes.

Total all-in cost decreased by 1% to R655,826/kg (US$1,379/oz) in
2021 from R663,635/kg (US$1,260/oz) in 2020 with the inflationary
effect and higher capital cost fully offset with improved gold production
and sales. All-in cost in US Dollar terms increased by 9% as a result of
the strengthening of the South African Rand by 10% from R16.38 in
2020 to R14.79 in 2021.

Capital expenditure increased by 64% to R1.3bn (US$89m) in 2021
from R804m (US$49m) in 2020 as detailed below.

Sustaining capital expenditure increased by 42% to R1.0bn (US$69m)
in 2021 from R718m (US$44m) in 2020 mainly due to the construction
of the solar plant of R129 (US$9m), Doornpoort tailings storage facility
extension, on site power generation plant (diesel generators) and the
purchase of a mobile raise boring machine.

Non-sustaining capital expenditure increased by 252% to R301m
(US$20m) in 2021 from R86m (US$5m) in 2020. This increase was due
to the recommencement of capital development in the new mine area
and associated infrastructure projects.

Adjusted free cash flow increased by 157% to R1.4bn (US$97m) in
2021 compared to R558m (US$34m) in 2020. The increase is mainly
due to higher gold sold, partially offset by higher cost of sales before
amortisation and depreciation, as well as higher capital expenditure.
The adjusted free cash flow in 2020 was also impacted by a realised
hedge loss of R1,563m (US$95m).

Guidance

Guidance for 2022 is as follows:

• Gold produced ~ 9,600kg (308,600oz) to 9,700kg (311,800oz);

• Sustaining capital expenditure ~ R1,547m (US$99m);

• Non-sustaining capital expenditure ~ R383m (US$25m);

• All-in sustaining costs ~ R715,000/kg (US$1,430/oz); and

• Total all-in cost ~ R755,000/kg (US$1,510/oz).

Capital expenditure is expected to increase by approximately R600m
(US$39m) mainly due to growth capital on new mine development,
mobile fleet requiring replacement and rebuilds due, as well as the
majority of the solar plant build of R554m (US$36m). In addition,
investment in new mine underground infrastructure to support the
increase in production is required.

The increase in AIC is due to higher capital expenditure and higher cost
of sales before amortisation and depreciation as a result of inflationary
increases, partially offset by higher gold sold.

The risk of stoppages due to COVID-19 has not been factored into any
guidance estimates in the Group. The extent to which COVID-19
impacts either production or costs is indeterminable at this stage.

9,102

7,056

29%

000’oz

R/kg

292.6

9,102

292.6

622,726

226.9

29%

7,056

29%

226.9

29%

651,514 (4)%

US$/oz

1,310

1,237

R/kg

655,826

663,635

(1)%

Gold Fields Results

2021

West Africa region

Ghana

Dec

Dec

2021

2020 Variance

Gold produced

000’oz

870.7

861.7 1%

AISC

US$/oz

1,083

1,027 5%

AIC

US$/oz

1,112

1,060 5%

Adjusted free cash flow

US$m

292.3

252.0 16%

Total production increased by 1% to 871koz in 2021 from 862koz in
2020 mainly due to increased production at Damang as mining
progressed into the main ore body at the Damang Pit Cutback (DPCB),
partially offset by reduced production at Asanko.

All-in cost increased by 5% to US$1,112/oz in 2021 from US$1,060/oz
in 2020 mainly due to cost inflation and higher all-in cost at Asanko.

The region produced adjusted free cash flow (excluding Asanko) of
US$292m in 2021 compared to US$252m in 2020. Gold Fields received
US$5m on the redemption of preference shares from Asanko in 2021. If
included the adjusted free cash flow in 2021 would be US$297m. Gold
Fields received US$38m on the redemption of preference shares from
Asanko in 2020. If included the adjusted free cash flow in 2020 would be
US$290m. The adjusted free cash flow in 2020 was also impacted by a
realised hedge loss of US$115m.

Tarkwa

Dec

Dec

2021

2020

Variance

Ore mined

Waste (Capital)

Waste (Operational)

Total waste mined

Total tonnes mined
Grade mined

Gold mined

Strip ratio

Tonnes milled
Yield

Gold produced
Gold sold
AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital
expenditure

Adjusted free cash flow

000

tonnes

000

tonnes

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz
waste/

ore

000

tonnes

g/t

000’oz
000’oz
US$/oz
US$/oz

US$m

11,756

11,877

(1)%

53,077

48,271

10%

26,848

28,756

(7)%

79,925

77,027

91,681

88,904 3%

1.38

1.40 (1)%

520.5

533.3 (2)%

6.8

6.5

13,877

14,234 (3)%

1.17

1.15 2%

521.7

526.3 (1)%

521.7

526.3 (1)%

1,155

1,017 14%

1,155

1,017 14%

209.0

147.2

42%

—

—%

209.0

147.2 42%

194.3

186.1 4%

Gold production decreased by 1% to 521,700oz in 2021 from 526,300oz
in 2020 mainly due to lower tonnes processed. Realised yield increased
by 2% to 1.17g/t in 2021 from 1.15g/t in 2020 due to higher grades
processed. Ore rehandled from stockpiles was 3,336kt at a head grade
of 0.78g/t in 2021 compared to 3,993kt at a head grade of 0.76g/t
in 2020.

Total tonnes mined, including capital waste stripping, increased by 3%
to 91.7Mt in 2021 from 88.9Mt in 2020 due to improved equipment
performance. Ore mined decreased by 1% to 11.8Mt in 2021 from
11.9Mt in 2020. Capital waste stripped increased by 10% to 53.1Mt in
2021 from 48.3Mt in 2020 due to improved equipment performance and
the strategy to advance capital waste stripping in 2021 to expose ore for
2022. Operational waste decreased by 7% to 26.8Mt in 2021 from
28.8Mt in 2020 in line with the mining schedule.

All-in cost increased by 14% to US$1,155/oz in 2021 from US$1,017/oz
in 2020 due to higher capital expenditure, lower gold sold and higher
cost of sales before amortisation and depreciation. Both capital and
operating expenditure include a contractor mining rate adjustment in
2021.

Total capital expenditure increased by 42% to US$209m in 2021 from
US$147m in 2020 as a result of increased expenditure on capital waste
stripping and tailings storage facility construction. The additional
expenditure on tailings storage in 2021 was to address the
recommendations and instructions from the Inspectorate Division of the
Minerals Commission and the remedial measures proposed by Knight
Piesold and SLR Consulting (EoR – Engineer on Record).

Tarkwa generated adjusted free cash flow of US$194m in 2021
compared to US$186m in 2020 mainly due to a higher gold price
received and a realised hedge loss of US$79m included in the 2020
adjusted free cash flow.

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 515,000oz;

• Sustaining capital expenditure ~ US$198m;

• All-in sustaining costs ~ US$1,230/oz; and

• Total all-in cost ~ US$1,230/oz.

The increase in AIC is due to higher cost of sales before amortisation
and depreciation as a result of inflationary increases.

The risk of stoppages due to COVID-19 has not been factored into any
guidance estimates in the Group. The extent to which COVID-19
impacts on either production or costs is indeterminable at this stage.

Damang

Dec

Dec

2021

2020

Variance

Ore mined

Waste (Capital)

Waste (Operational)

Total waste mined

Total tonnes mined
Grade mined

Gold mined

Strip ratio

Tonnes milled
Yield

Gold produced
Gold sold
AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital
expenditure

Adjusted free cash flow

000

tonnes

000

tonnes

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz
waste/

ore

000

tonnes

g/t

000’oz
000’oz
US$/oz
US$/oz

US$m

8,271

6,680

24%

983

12188%

14,769

22,541

(34)%

15,752

22,549

(30)%

24,022

29,229 (18)%

1.53

1.62 (6)%

405.6

347.4 17%

1.9

3.4

(44)%

4,720

4,798 (2)%

1.68

1.45 16%

254.4

223.0 14%

254.4

223.0 14%

802

1,008 (20)%

852

1,035 (18)%

17.4

13.8

26%

6.0

6.1

(2)%

23.4

19.9 18%

98.0

65.9 49%

Gold production increased by 14% to 254,400oz in 2021 from 223,000oz
in 2020 due to higher yield as a result of higher grade of ore processed.
Yield increased by 16% to 1.68g/t in 2021 from 1.45g/t in 2020. This
improvement was as a result of selectively feeding the higher grade
portion of the higher ore tonnes mined to the mill. The 2020 year for
Damang consisted of two halves with H1 still focused on higher waste
stripping and mining the lower grade Huni Sandstone section while in
H2 the mine transitioned into the main ore body of the Damang
pit complex.

Gold Fields Results

2021

Dec

2021

Dec

2020

Variance

Total tonnes mined decreased by 18% to 24.0Mt in 2021 from 29.2Mt in
2020 due to lower strip ratio and physical space constraint in the
Damang Pit Cut Back (DPCB).

Asanko (Equity accounted Joint Venture)

Ore tonnes mined increased by 24% to 8.3Mt in 2021 from 6.7Mt in

2020 due to accelerated mining in the main ore body to preferentially
process higher grade ore and stockpile lower grade material from the

Ore mined

000

tonnes

6,261

6,193

Damang pit.

000

Capital waste tonnes mined at 1.0Mt in 2021 compared to 0.01Mt in
2020 due to the commencement of waste stripping at Huni pit.

Waste (Capital)

tonnes

000

2,038

4,974

(59)%

Operational waste tonnes decreased by 34% to 14.8Mt in 2021 from

Waste (Operational)

tonnes

35,356

33,298

22.5Mt in 2020 due to the reduced mining rate in DPCB. Strip ratio
decreased by 44% to 1.9 in 2021 from 3.4 in 2020 due to mining within

Total waste mined

000

tonnes

37,394

38,272

(2)%

the exposed ore zones of the main orebody at DPCB.

000

Gold mined increased by 17% to 406koz in 2021 from 347koz in 2020
due to mining within the exposed ore zones of the main orebody at

Total tonnes mined

Grade mined

tonnes

g/t

43,655

1.28

44,465

1.45

(2)%

(12)%

DPCB.

Gold mined

000’oz

257.1

287.9

(11)%

Given the plant capacity constraint, 3.8Mt of the 8.3Mt ore mined was

waste/

processed in addition to 0.9Mt depleted from stockpile in 2021. The
remaining 4.5Mt of the ore mined was added to the stockpile. The

Strip ratio

ore

000

6.0

6.2

(3)%

closing balance of the stockpile increased to 7.0Mt at an average grade

Tonnes milled

tonnes

5,933

5,943

—%

of 0.95g/t in 2021 from 3.3Mt at an average grade of 1.07g/t in 2020.

Yield

g/t

1.10

1.31

(16)%

All-in cost decreased by 18% to US$852/oz in 2021 from US$1,035/oz
in 2020 due to higher gold sold and lower cost of sales before

Gold produced

Gold sold

000’oz

210.2

216.1

249.9

243.8

(16)%

(11)%

amortisation and depreciation, partially offset by higher capital

AISC

US$/oz

1,431

1,114

28%

expenditure.

AIC

US$/oz

1,559

1,316

18%

Total capital expenditure increased by 18% to US$23m in 2021 from
US$20m in 2020. Sustaining capital expenditure increased by 26% to

Sustaining capital
expenditure

US$m

28.9

28.7

US$17m in 2021 from US$14m in 2020 mainly due to the higher capital
waste tonnes mined at the Huni pit. Non-sustaining capital expenditure

Non-sustaining capital
expenditure

US$m

16.6

40.5

(59)%

was similar at US$6m in 2021.

Total capital expenditure

US$m

45.5

69.2

(34)%

Damang generated adjusted free cash flow of US$98m in 2021

Adjusted free cash flow

US$m

25.0

65.5

(62)%

compared to US$66m in 2020 due to higher revenue resulting from
higher gold sold and higher gold price received and a realised hedge
loss of US$36m included in the 2020 adjusted free cash flow.

As we continue to deliver into the Damang Reinvestment Plan, 2022 will
be the last full production year at the mine, with production expected to
be c.230koz for the year. Thereafter, we expect production to decline to
c.150koz in 2023 with production for the last two years of life (2024 and
2025) derived from stockpile treatment (c.125koz per year). In the
meantime, project studies are underway to determine whether life
extension projects are financially viable. We will provide an update on
these projects later in the year.

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 229,000oz;

• Sustaining capital expenditure ~ US$42m;

• Non-sustaining capital expenditure ~ US$10m;

• All-in sustaining costs ~ US$950/oz; and

• Total all-in cost ~ US$1,030/oz.

The increase in AIC is due to lower gold sold, higher capital expenditure
mainly due to higher capital waste tonnes mined at the Huni pit and
higher cost of sales before amortisation and depreciation as a result of
inflationary increases.

All figures in table on a 100% basis.

Gold production decreased by 16% to 210,200oz (100% basis) in
2021 from 249,900oz (100% basis) in 2020, of which 94,600oz
(2020: 112,500oz) was attributable to Gold Fields. The decrease was
mainly due to lower yield which decreased by 16% to 1.10g/t in 2021
from 1.31g/t in 2020. The lower yield was a direct result of lower grade
ore mined and processed combined with a reduction in recovery due to
processing material with a high organic carbon content.

Gold mined decreased by 11% to 257,100oz (100% basis) in 2021 from
287,900oz (100% basis) in 2020 as a result of lower grade ore mined.
Grades mined at both Esaase and Akwasiso remained below
expectations.

Total tonnes mined decreased by 2% to 43.7Mt in 2021 from 44.5Mt in
2020 due to mining from only two main pits namely Esaase and
Akwasiso cut 3 with reduced stripping ratios at the Esaase pit. In 2020
mining took place in three pits, namely Esaase, Akwasiso cut 2 and
Nkran.

All-in cost increased by 18% to US$1,559/oz in 2021 from US$1,316/oz
in 2020 due to an increase in cost of sales before amortisation and
depreciation and lower gold sold, partially offset by lower capital
expenditure.

Total capital expenditure (100% basis) decreased by 34% to US$46m in
2021 from US$69m in 2020. Sustaining capital expenditure was similar
at US$29m in 2021. Non-sustaining capital expenditure decreased by
59% to US$17m in 2021 from US$41m in 2020 due to decreased
expenditure on Tetrem relocation project (RAP), exploration at Miridani
North and Akwasiso cut 3.

Asanko generated adjusted free cash flow of US$25m in 2021 compared
to US$66m in 2020 mainly due to lower gold sold and higher cost of
sales before amortisation, partially offset by lower capital expenditure.

Guidance

At this point in time, Gold Fields is not in a position to provide 2022
production guidance for Asanko. Consequently, Group guidance
excludes our share of the Asanko Joint Venture. We expect Galiano,
who are the operators of the Asanko Mine, to update the market on the
outlook for Asanko by the end of Q1 2022.

Gold Fields Results

2021

South America region

Peru

Cerro Corona

Dec

2021

Dec

2020

Variance

Ore mined

000

tonnes

8,959

7,303

23%

Waste mined

000

tonnes

19,342

10,921

77%

Total tonnes mined

000

tonnes

28,301

18,224

55%

Grade mined – gold

g/t

0.76

0.85

(11)%

Grade mined – copper

per cent

0.42

0.42

—%

Gold mined

000’oz

220.2

200.2

10%

Copper mined

000

tonnes

38,052

31,014

23%

Tonnes milled

000

tonnes

6,817

6,796

—%

Gold recoveries

per cent

64.7

65.3

(1)%

Copper recoveries

per cent

87.1

87.6

(1)%

Yield – Gold

g/t

0.54

0.57

(5)%

– Copper

per cent

0.40

0.38

– Combined

eq g/t

1.13

0.95

19%

Gold produced

000’oz

113.3

119.4

(5)%

Copper produced

tonnes

25,948

24,857

Total equivalent gold
produced

000’

eq oz

248.3

207.1

20%

Total equivalent gold
sold

000’

eq oz

248.4

205.5

21%

AISC

US$/oz

(34)

484

(107)%

AISC

US$/

eq oz

920

984

(7)%

AIC

US$/oz

230

715

(68)%

AIC

US$/

eq oz

1,040

1,119

(7)%

Sustaining capital

expenditure

US$m

27.6

23.6

17%

Non-sustaining capital

expenditure

US$m

28.1

26.3

Total capital expenditure

US$m

55.8

49.9

12%

Adjusted free cash flow

US$m

57.1

83.8

(32)%

2021 continued to be a challenging year for the Cerro Corona operation,
after the Peruvian Government declared a State of Emergency in
response to the COVID-19 pandemic back in March 2020. Measures
taken to control the virus limited the Company’s operational capability,
since new protocols limited the capacity at the camp, negatively
affecting the mining operation and construction projects. The equivalent
ounce impact of COVID-19, mostly in Q1 of 2021, was 20,000 eq oz and
compared to 46,000 eq oz in 2020. In addition H1 2021 was impacted
by slope instability at the pit as a result of the abnormally high rainfall
season which triggered the re-sequencing of the mining plan, impacting
on the ore mined from the eastern part of the mine.

Gold production decreased by 5% to 113,300oz in 2021 from 119,400oz
in 2020 due to lower grade processed, while copper production
increased by 4% to 25,948t in 2021 from 24,857t in 2020 due to higher
grades processed. Equivalent gold production increased by 20% to
248,300oz in 2021 from 207,100oz in 2020 mainly due to the higher
price factor (41Koz).

Total tonnes mined increased by 55% to 28.3Mt in 2021 from 18.2Mt in
2020 mainly due to an increase in waste mined of 77% to 19.3Mt in
2021 from 10.9Mt in 2020, in order to recover the 2020 waste tonnes
delayed by the COVID-19 pandemic and in line with the 2030 life of
mine plan. Ore mined increased by 23% to 9.0Mt in 2021 from 7.3Mt in
2020, in order to comply with the low-grade ore stocking strategy,
established in the 2030 life of mine sequence.

All-in cost per gold ounce decreased by 68% to US$230/oz in 2021 from
US$715/oz in 2020 mainly as a result of higher by-product credits due
to a higher copper price and content sold. All-in cost per equivalent
ounce decreased by 7% to US$1,040 per equivalent ounce in 2021 from
US$1,119 per equivalent ounce in 2020 mainly due to higher equivalent
ounces sold and higher gold inventory credit as a result of higher build-
up of low grade stockpile in 2021, partially offset by higher waste
tonnes mined and higher capital expenditure.

Total capital expenditure increased by 12% to US$56m in 2021 from
US$50m in 2020. Sustaining capital expenditure increased by 17% to
US$28m in 2021 from US$24m in 2020 due to the replacement of a
crusher in the process plant to manage the increase of ore hardness
and the acquisition of land near the east wall pit during 2021. Non-
sustaining capital expenditure increased by 7% to US$28m in 2021 from
US$26m in 2020 mainly due to commencing with the Ana waste
storage facility construction during 2021 in line with the life of mine
expansion plan.

Despite higher equivalent ounces sold, adjusted free cash flow
decreased by 32% to US$57m in 2021 compared to US$84m in 2020.
This is mainly explained by a collar hedge over copper price contracted
in 2021 resulting in a hedge loss of US$46m. If the hedge loss is added
back, the adjusted free cash flow for 2021 would have been US$103m.

Guidance

The estimate for 2022 is as follows:

• Gold equivalents produced ~ 255,000oz;

• Gold produced ~ 120,000oz;

• Copper tonnes produced ~ 27,000t;

• Sustaining capital expenditure ~ US$33m;

• Non-sustaining capital expenditure ~ US$13m;

• Copper price ~ US$8,000 per tonne;

• Gold price ~ US$1,600/oz;

• All-in sustaining costs ~ US$900/eq oz;

• Total all-in cost ~ US$990/eq oz;

• All-in sustaining costs ~ US$320/oz; and

• Total all-in cost ~ US$500/oz.

The decrease in AIC is due to lower capital expenditure, partially offset
by higher cost of sales before amortisation and depreciation as a result
of inflationary increases.

Chile

Salares Norte

US$326.5m was spent on Salares Norte in 2021, made up of
US$374.9m in capital expenditure, US$27.2m in exploration, US$9.0m
in tax paid and US$14.3m in other costs, partially offset by a US$66.0m
release of working capital and a credit of US$32.9m from the realised
portion of the FX hedge. At the end of December 2021, total project
progress was 62.5%, slightly below the planned 67.1%.

Despite the challenges presented by COVID-19 and severe weather
conditions during 2021, construction progress stood at 55.0%, at
31 December 2021 compared to plan of 61.9%. Importantly, all of the
critical path items remain on track and Salares Norte is still expected to
pour first gold towards the end of Q1 2023. As previously mentioned,
certain non-critical path items were intentionally deferred into 2022 to
manage the COVID-19 related restrictions.

Key items of the project were advanced during 2021, including the Heavy
Mine Equipment Shop and the Fresh Water System, which were 97.3%
and 96.2% complete at end December, respectively. The processing
plant construction was 35.5% complete at 31 December 2021, with the
grinding, crusher and stockpile areas having made significant progress.
Mechanical installation of six out of thirteen tanks in the leaching and
CIP circuit has commenced and all of the thickeners have been erected.

Pre-stripping of the pit continued to track slightly ahead of plan during
2021, with 22.9Mt moved by the end of December 2021, ahead of the
planned 17.3Mt

During 2021, US$27m was spent on exploration, resulting in a total of
23,848m being drilled (plan: 18,090m). We will continue to invest in
exploration within the area in an attempt to add to the production
pipeline.

Gold Fields Results

2021

Dec

2021

Dec

2020 Variance

Underground

Ore mined

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz

1,925

1,737

11%

Waste mined

852

772

10%

Total tonnes mined
Grade mined

Gold mined

Surface

2,777

4.91

303.7

2,509

5.26

294.1

11%

(7)%

Total waste mined

tonnes

000

6,584

8,579

(23)%

Yield – combined
Gold produced
Gold sold

AISC

AIC

Guidance

The estimate for 2022 is as follows:

• Non-sustaining capital expenditure ~ US$330m; and

• Mine waste (Nov-Dec) ~ US$17m.

Australia region

Dec

Dec

2021

2020

Variance

Gold produced

000’oz

1,018.5

1,016.8

—%

AISC

A$/oz

1,418

1,331

Gold production increased marginally to 1,019koz in 2021 from
1,017koz in 2020.

A$1,388/oz (US$957/oz) in 2020 due to higher capital expenditure, as
guided, and higher cost of sales before amortisation and depreciation
as a result of inflationary increases. All-in cost in US Dollar terms
increased by 20% as a result of the strengthening of the Australian
Dollar by 9% from A$1.00 = US$0.69 in 2020 to A$1.00 = US$0.75 in
2021.

During 2021, Western Australia experienced challenging labour market
conditions driven by COVID-19-related travel restrictions as well as

St Ives

A$292m (US$201m).

US$/oz

1,040

873

19%

Sustaining capital

A$m

119.5

89.8

33%

expenditure

US$m

89.7

61.9

45%

Non-sustaining capital

A$m

18.1

16.7

expenditure

US$m

13.6

11.5

18%

Total capital

A$m

137.6

106.5

29%

expenditure

US$m

103.3

73.4

41%

Adjusted pre-tax

A$m

354.4

382.5

(7)%

free cash flow

US$m

266.2

263.7

Gold production increased by 2% to 393,000oz in 2021 from 384,900oz
in 2020 due to an increase in yield, partially offset by decreased tonnes
processed.

At the underground operations, ore mined increased by 11% to 1.9Mt
in 2021 from 1.7Mt in 2020 and waste mined increased by 10% to 0.9Mt in
2021 from 0.8Mt in 2020 with increased production from the Invincible
underground mine.

US$/oz

AIC

A$/oz

1,065

1,526

917

1,388

16%

10%

Ore mined

000

tonnes

1,414

2,331

(39)%

US$/oz

1,146

957

20%

000

A$m

620.9

722.5

(14)%

Surface waste (Capital)

tonnes

4,475

2,699

66%

Adjusted free cash flow*

US$m

466.3

498.1

(6)%

Surface waste

000

* Includes Australia consolidated tax paid and working capital movements of A$175.7m

(US$132.0m) in 2021 and A$186.3m (US$128.5m) in 2020, respectively.

(Operational) tonnes

000

2,109

5,880 (64)%

Total tonnes mined

tonnes

7,998

10,910

(27)%

All-in cost increased by 10% to A$1,526/oz (US$1,146/oz) in 2021 from

Grade mined

g/t

2.23

1.72

30%

buoyant commodity markets. Consequently, there was an increase in
labour inflation during 2021 due to a combination of higher wage
increases due to labour shortages as well as retention measures

Total tonnes mined

000

tonnes

10,775

13,419

(20)%

introduced to curb labour turnover. We expect 2022 to be another year

Total gold mined

000’oz

405.3

423.2

(4)%

of higher than normal labour inflation as these labour challenges persist.

000

The region produced adjusted free cash flow of A$621m (US$466m) in
2021 compared with A$723m (US$498m) in 2020. The adjusted free

Tonnes milled

Yield – underground

tonnes

g/t

4,088

4.62

4,817

4.31

(15)%

cash flow in 2020 was also impacted by a realised hedge loss of

Yield – surface

g/t

1.59

1.38

15%

g/t

2.99

2.49

20%

000’oz

393.0

384.9

000’oz

391.1

393.8

(1)%

A$/oz

1,339

1,223

US$/oz

1,006

843

19%

A$/oz

1,385

1,266

Gold mined

000’oz

waste/

101.6

129.2

(21)%

Strip ratio

ore

4.7

3.7

27%

Total (Underground
and Surface)

Total ore mined

000

tonnes

3,339

4,068

(18)%

Total grade mined

g/t

3.78

3.24

17%

Gold Fields Results

2021

Dec

2021

Dec %

2020 Variance

Gold sold

AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital expenditure

US$/oz

A$/oz

US$/oz

A$m

US$m

A$m

US$m

A$m

1,164

1,017 14%

1,741

1,528

14%

1,308

1,053

24%

74.9

63.0

19%

56.3

43.5

29%

42.5

12.3

246%

31.9

8.5

275%

117.4

75.3 56%

At the open pits, ore mined decreased by 39% to 1.41Mt in 2021 from
2.33Mt in 2020. Capital waste tonnes mined increased by 66% to
4.48Mt in 2021 from 2.70Mt in 2020 and operational waste tonnes
mined decreased by 64% to 2.11Mt in 2021 from 5.88Mt in 2020,
reflecting focus in 2021 on pre-stripping of Neptune stage 7 and Delta
Island open pits. Grade mined from the open pits increased by 30% to
2.23g/t in 2021 from 1.72g/t in 2020 due to the lower grades of ore
mined from Neptune in 2020.

Total ore mined decreased by 18% from 4.1Mt in 2020 to 3.3Mt in 2021.
This reduction was due to a strategy of transitioning from predominantly
high volume open pit production to lower volume high grade underground
ore and processing surface stockpiles.

Agnew

Underground waste
mined

000

tonnes

000

892

750

19%

Total tonnes mined

tonnes

1,940

2,044

(5)%

Grade mined –

due to lower ore tonnes mined as the mine focused on processing
higher grade underground ore and maximising recoveries. This resulted
in a 20% increase in yield from 2.49g/t in 2020 to 2.99g/t in 2021

All-in cost increased by 9% to A$1,385/oz (US$1,040/oz) in 2021 from
A$1,266/oz (US$873/oz) in 2020 due to increased underground
production cost and higher capital expenditure. All-in cost in US Dollar
terms increased by 19% as a result of the strengthening of the Australian
Dollar by 9% from A$1.00 = US$0.69 in 2020 to A$1.00 = US$0.75 in
2021.

Total capital expenditure increased by 29% to A$138m (US$103m) in
2021 from A$107m (US$73m) in 2020.

Sustaining capital expenditure increased by 33% to A$120m (US$90m)
in 2021 from A$90m (US$62m) in 2020 reflecting the increased
development at Invincible underground and pre-stripping of Neptune
stage 7 and Delta Island open pit, as well as expenditure on the
construction of a paste plant at the Invincible underground mine. Non-
sustaining capital expenditure increased by 8% to A$18m (US$14m) in
2021 from A$17m (US$12m) in 2020 due to increased exploration
drilling.

St Ives generated adjusted pre-tax free cash flow of A$354m (US$266m)
in 2021 compared with A$383m (US$264m) in 2020. Included in the
2020 adjusted pre-tax free cash flow is a realised hedge loss of A$114m
(US$69m).

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 380,000oz;

• Sustaining capital expenditure ~ A$127m (US$97m);

• Non-sustaining capital expenditure ~ A$21m (US$16m);

• All-in sustaining costs ~ A$1,485/oz (US$1,130/oz); and

• Total all-in cost ~ A$1,585/oz (US$1,205/oz).

The increase in AIC is due to lower gold sold, higher cost of sales before
amortisation and depreciation as a result of inflationary increases and
higher capital expenditure.

000’oz

222.8

233.5

(5)%

A$/oz

1,550

1,475

US$m

88.2

52.0

70%

Adjusted pre-tax

A$m

149.2

191.6

(22)%

free cash flow

US$m

112.1

132.1

(15)%

Gold production decreased by 4% to 223,000oz in 2021 from 233,300oz
in 2020 due to decreased ore tonnes processed, partially offset by an
increase in yield.

Ore mined decreased by 19% to 1,048kt in 2021 from 1,294kt in 2020,
with focus in 2021 on development of the Kath orebody at Waroonga
and the Sheba ore body at New Holland resulting in a 19% increase in
waste tonnes mined from 750kt in 2020 to 892kt in 2021.

Mined grade increased by 15% to 6.63g/t in 2021 from 5.78g/t in 2020
due to higher grade material mined in the Sheba area of the New
Holland mine in 2021.

All-in cost increased by 14% to A$1,741/oz (US$1,308/oz) in 2021 from
A$1,528/oz (US$1,053/oz) in 2020 due to lower gold sold and increased
capital expenditure, partially offset by lower production cost driven by
reduced ore tonnes mined and processed. Continued labour shortages
within both Gold Fields and the contractor’s workforce impacted on
tonnage movement for the year. All-in cost in US Dollar terms increased
by 24% as a result of the strengthening of the Australian Dollar by 9%
from A$1.00 = US$0.69 in 2020 to A$1.00 = US$0.75 in 2021.

Total capital expenditure increased by 56% to A$117m (US$88m) in
2021 from A$75m (US$52m) in 2020.

Sustaining capital expenditure increased by 19% to A$75m (US$56m)
in 2021 from A$63m (US$44m) in 2020 due to increased underground
development, as well as underground ventilation infrastructure
upgrades.

Non-sustaining capital expenditure increased by 246% to A$43m
(US$32m) in 2021 from A$12m (US$9m) in 2020 due to development of
the Kath orebody at Waroonga and the Sheba ore body at New Holland,
the crusher circuit upgrade and increased exploration drilling.

Agnew generated adjusted pre-tax free cash flow of A$149m (US$112m)
in 2021 compared with A$192m (US$132m) in 2020. Included in the
2020 adjusted pre-tax free cash flow is a realised hedge loss of A$68m
(US$47m).

underground

g/t

6.63

5.78

15%

Tonnes milled decreased by 15% from 4.8Mt in 2020 to 4.1Mt in 2021

Gold mined

000’oz

223.4

240.4

(7)%

resulting in greater overall production despite the reduced tonnes

Yield

g/t

5.53

5.35

processed.

Gold produced

000’oz

223.0

233.3

(4)%

000

Underground ore mined

tonnes

1,048

1,294

(19)%

000

Tonnes milled

tonnes

1,254

1,357

(8)%

Gold Fields Results

2021

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 251,000oz;

• Sustaining capital expenditure ~ A$85m (US$65m);

• Non-sustaining capital expenditure ~ A$42m (US$32m);

• All-in sustaining costs ~ A$1,540/oz (US$1,170/oz); and

• Total all-in cost ~ A$1,765/oz (US$1,340/oz).

AIC is going to remain similar due to higher gold sold, partially offset by
higher cost of sales before amortisation and depreciation as a result of
inflationary increases and higher capital expenditure.

Granny Smith

Dec

2021

Dec

2020

Variance

Underground ore mined

000

tonnes

1,657

1,700

(3)%

Underground waste
mined

000

tonnes

965

637

51%

Total tonnes mined

000

tonnes

2,622

2,337

12%

Grade mined –
underground

g/t

5.68

5.32

Gold mined

000’oz

302.5

290.9

Tonnes milled

000

tonnes

1,662

1,719

(3)%

Yield

g/t

5.23

4.88

Gold produced

000’oz

279.2

269.6

Gold sold

000’oz

283.6

265.2

AISC

A$/oz

1,376

1,360

US$/oz

1,033

938

10%

AIC

A$/oz

1,545

1,465

US$/oz

1,161

1,010

15%

Sustaining capital
expenditure

A$m

85.6

68.6

25%

US$m

64.3

47.3

36%

Non-sustaining capital
expenditure

A$m

48.1

27.8

73%

US$m

36.1

19.1

89%

Total capital expenditure

A$m

133.7

96.4

39%

US$m

100.4

66.4

51%

Adjusted pre-tax

A$m

213.7

224.3

(5)%

US$m

160.5

154.7

Gold production increased by 4% to 279,200oz in 2021 from 269,600oz
in 2020 due to an increase in yield, partially offset by decreased ore
tonnes processed.

Waste mined increased by 51% to 965kt in 2021 from 637kt in 2020,
with focus in 2021 on development of the Z135 area and the second
decline. As a result of the increased waste mined, total tonnes mined
increased by 12% to 2,622kt in 2021 from 2,337kt in 2020.

All-in cost increased by 5% to A$1,545/oz (US$1,161/oz) in 2021 from
A$1,465/oz (US$1,010/oz) in 2020 due to increased capital expenditure
and increased cost of sales before amortisation and depreciation,
partially offset by increased gold sold in 2021. All-in cost in US Dollar
terms increased by 15% as a result of the strengthening of the Australian
Dollar by 9% from A$1.00 = US$0.69 in 2020 to A$1.00 = US$0.75
in 2021.

Total capital expenditure increased by 39% to A$134m (US$100m) in
2021 from A$96m (US$66m) in 2020.

Sustaining capital expenditure increased by 25% to A$86m (US$64m)
in 2021 from A$69m (US$47m) in 2020 due to increased mine
development in the Zone 110/120 areas.

Non-sustaining capital expenditure increased by 73% to A$48m
(US$36m) in 2021 from A$28m (US$19m) in 2020 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.

Granny Smith generated adjusted pre-tax free cash flow of A$214m
(US$161m) in 2021 compared with A$224m (US$155m) in 2020.
Included in the 2020 adjusted pre-tax free cash flow is a realised hedge
loss of A$73m (US$50m).

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 267,000oz;

• Sustaining capital expenditure ~ A$94m (US$71m);

• Non-sustaining capital expenditure ~ A$36m (US$27m);

• All-in sustaining costs ~ A$1,530/oz (US$1,165/oz); and

• Total all-in cost ~ A$1,710/oz (US$1,300/oz).

The increase in AIC is due to lower gold sold and higher cost of sales
before amortisation and depreciation as a result of inflationary increases.

Gruyere

Dec 2021

Dec

2020

Variance

Mine physicals and AIC in table on a 100% basis

Ore mined

000

tonnes

10,303

8,088

27%

Waste (Capital)

000

tonnes

26,608

15,135

76%

Waste (Operational)

000

tonnes

2,495

3,224

(23)%

Total waste mined

000

tonnes

29,103

18,359

59%

Total tonnes mined

000

tonnes

39,406

26,447

49%

Grade mined

g/t

0.95

1.09

(13)%

Gold mined

000’oz

314.7

282.6

11%

Strip ratio

waste/

ore

2.8

2.3

22%

Tonnes milled

000

tonnes

8,439

8,108

Yield

g/t

0.91

0.99

(8)%

Gold produced

000’oz

246.5

258.2

(5)%

Gold sold

000’oz

248.8

255.9

(3)%

AISC

A$/oz

1,525

1,337

14%

US$/oz

1,146

921

24%

AIC

A$/oz

1,541

1,350

14%

US$/oz

1,158

931

24%

Capital and cash flow in table on a 50% basis

Sustaining capital
expenditure – 50%
basis

A$m

56.2

38.9

44%

US$m

42.2

26.8

57%

Non-sustaining capital
expenditure – 50%
basis

A$m

2.0

1.7

18%

US$m

1.5

1.2

25%

Total capital
expenditure – 50%
basis

A$m

58.2

40.6

43%

US$m

43.7

28.0

56%

Adjusted pre-tax free
cash flow - 50% basis

A$m

79.3

110.4

(28)%

US$m

59.5

76.1

(22)%

Gold production decreased by 5% to 246,500oz in 2021 from 258,200oz
in 2020 due to a decrease in grade of ore mined and processed.

Gold Fields Results

2021

Total tonnes mined increased by 49% to 39.4Mt in 2021 from 26.5Mt in
2020. The mix of ore and waste was substantially different during 2021,
with a 27% increase in ore mined and a 23% decrease in operational
waste mined. The change in the mining mix was in line with the mining
schedule following mining in different stages of the pit in 2021. Capital
stripping increased by 76% in 2021 with a focus on pre-strip of stages 2
and 3 of the pit.

Grade mined decreased by 13% to 0.95g/t in 2021 from 1.09g/t in 2020,
with higher grade ore sourced from stage 1 of the pit during 2020. Ore
grades will improve again in 2022 as the mine moves into higher grade
areas in stage 3 of the pit.

All-in cost increased by 14% to A$1,541/oz (US$1,158/oz) in 2021 from
A$1,350/oz (US$931/oz) in 2020 due to lower gold sold and a A$14.7m
(US$11.0m) increase in processing costs associated with plant reliability
projects as well as increased capital expenditure. All-in cost in US Dollar
terms increased by 24% as a result of the strengthening of the Australian
Dollar by 9% from A$1.00 = US$0.69 in 2020 to A$1.00 = US$0.75
in 2021.

Total capital expenditure (on a 50% basis) increased by 43% to A$58m
(US$44m) in 2021 from A$41m (US$28m) in 2020. Sustaining capital
expenditure (on a 50% basis) increased by 44% to A$56m (US$42m) in
2021 from A$39m (US$27m) in 2020, reflecting the pre-stripping of
stages 2 and 3 of the pit. Non-sustaining capital expenditure increased
by 18% to A$2m (US$2m) in 2021 from A$2m (US$1m) in 2020 due to
increased exploration drilling in 2021.

Gruyere generated adjusted pre-tax free cash flow (on a 50% basis) of
A$79m (US$60m) in 2021 compared with a cash flow of A$110m
(US$76m) in 2020. Included in the 2020 adjusted pre-tax free cash flow
is a realised hedge loss of A$37 (US$26m).

Guidance

The estimate for 2022 is as follows:

• Gold produced ~ 145,000oz (50%) to 165,000oz (50%);

• Sustaining capital expenditure ~ A$42m (US$32m) (50%);

• Non-sustaining capital expenditure ~ A$3m (US$2m) (50%);

• All-in sustaining costs ~ A$1,245/oz (US$945/oz); and

• Total all-in cost ~ A$1,265/oz (US$960/oz).

The decrease in AIC is due to higher gold sold and lower capital
expenditure, partially offset by higher cost of sales before amortisation
and depreciation as a result of inflationary increases.

Gold Fields Results

2021

Corporate

Final cash dividend

In line with the Company’s dividend policy, the Board has approved and
declared a final dividend number 95 of 260 SA cents per ordinary share
(gross) in respect of the year ended 31 December 2021. The final
dividend will be subject to the Dividend Withholding Tax of 20 per cent. In
accordance with paragraphs 11.17(a) (i) and 11.17(c) of the JSE Listings
Requirements, the following additional information is disclosed:

The dividend has been declared out of income reserves;

The gross local dividend amount is 260 SA cents per ordinary share for
shareholders exempt from dividends tax;

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

be applicable to this dividend;

• The net local dividend amount is 208 SA cents per ordinary share for

shareholders liable to pay the dividends tax;

• Gold Fields currently has 887,717,348 ordinary shares in issue; and

• Gold Fields’ income tax number is 9160035607.

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

• Final dividend number 95: 260 SA cents per share;

• Last date to trade cum-dividend: Tuesday, 8 March 2022;

• Sterling and US Dollar conversion date: Wednesday, 9 March 2022;

• Shares commence trading ex-dividend: Wednesday, 9 March 2022;

• Record date: Friday, 11 March 2022; and

• Payment of dividend: Monday, 14 March 2022.

Share certificates may not be dematerialised or rematerialised between
Wednesday, 9 March 2022 and Friday, 11 March 2022, both dates
inclusive.

Gold Fields top SA-listed mining company in 2021
DJSI ranking

In November 2021, Gold Fields was ranked 3rd among 81 mining
companies assessed and 2nd among gold mining companies. Gold
Fields’ score was 81/100, more than double the industry average of 34
and just two percentage points behind the joint leaders, Canada’s Teck
Resources and Newmont Corporation of the US.

Gold Fields has consistently achieved a top five metals and mining
ranking in the DJSI since it started participating in 2011.

The 2021 DJSI scorecard measures a range of environmental, social
and governance (ESG) management practices through an annual
assessment of the world's 1,800+ largest companies. The DJSI
assessment is carried out by ratings agency Standard & Poor Global as
part of its annual Corporate Sustainability Assessment.

Gold Fields addresses environmental sanction
proceedings against Salares Norte project

In December 2021, Gold Fields was notified that Chile’s Environmental
Regulator (SMA) has begun sanction proceedings against the Salares
Norte project due to infringements in the process of relocating short-
tailed chinchillas residing in the project area.

The sanction proceedings will not impact the commissioning of the
Salares Norte mine in the Atacama region in northern Chile, due to be
completed in Q1 2023, as the mine and processing plant construction is
not taking place in an area of known chinchilla habitation.

The SMA halted the rescue and relocation programme carried out by
Salares Norte following the death of two of four chinchillas relocated in
October 2020.

Based on the scenario and risk assessment performed, we believe
Salares Norte has at all times sought to act responsibly and in line with
the process outlined in the project’s Environmental Qualification
Resolution (RCA).

Even though Salares Norte considers that it could possibly take some of
the charges presented by the SMA on review, Gold Fields accepts them
and will now submit a new compliance programme to the SMA for its
approval. The programme will propose a range of actions to strengthen
the process of capturing and relocating the chinchillas in line with RCA
requirements. These, we believe, will minimise the risk to the chinchillas
while at the same time ensuring the long-term continuity of the project.

The new compliance programme is being developed by our technical
and legal teams supported by independent environmental experts. Now
that the SMA has informed us of the infringements that serve as a basis
for its charges, we will incorporate the specific aspects so we can submit
the programme to the environmental authority, along with the required
background information, for approval.

We will also continue to contribute to strengthening the research and
enhance the scientific knowledge base about the chinchilla as part of
our long-term commitment to the conservation of the species and the
overall environmental well-being of the area.

Gold Fields announces 2030 ESG targets

In December 2021, Gold Fields published a comprehensive set of 2030
targets for its most material environmental, social and governance
(ESG) priorities.

The targets include a commitment to reduce its Scope 1 and 2 carbon
emissions by 30% on a net basis and by 50% on an absolute basis by
2030. As a signatory to the Paris Agreement on climate change,
Gold Fields is committed to Net Zero carbon by 2050.

The Company is also setting ambitious new goals for its water and
environmental stewardship, the management of its tailing facilities and
to creating value for its stakeholders, particularly host communities. For
its employees, Gold Fields is seeking to further improve safety, health
and well-being, and to achieve greater inclusion and diversity, by
targeting a 30% female workforce by 2030.

Gold Fields has therefore embedded ESG as one of the three pillars in
its strategy. The three pillars are:

• Maximise potential from current assets through people and innovation

• Build on our leading commitment to ESG

• Grow the value and quality of our portfolio of assets

Furthermore, Gold Fields has developed new Purpose and Vision
statements that reflect the strengthened commitment to ESG. The
new Vision, which replaces the previous commitment to leadership in
sustainable gold mining, is:

• To be the preferred gold mining company delivering sustainable,

superior value.

The Purpose Statement is:

• Creating enduring value beyond mining.

Gold Fields’ new ESG Charter is built on the substantive work that the
Company has carried out since 2016, including:

• Investing US$400m in energy projects, largely funded through power

purchasing agreements (PPAs), already ensuring that two of our
Australian mines are partially powered by renewable energies.

• Commencing the construction of a R715m solar power plant at South

Deep that will provide the mine with about a quarter of its power
requirements and save it over R120m a year in electricity costs. The
capacity of the plant has been increased from 40MW to 50MW.

• Raising the percentage of women in the workforce from 15% in 2016

to 21% at present.

• Ensuring that a significant amount of the value Gold Fields creates

remains with its communities through a focus on host community
employment and procurement.

• Limiting our impact on the environment by curtailing serious

environmental incidents, recycling over 70% of the water our
operations use in their processes and limiting freshwater usage by
our mines.

Gold Fields Results

2021

Priority

2030 Targets

Our ESG priorities, their respective 2030 targets and last year’s
performance against these indicators are as follows:

1. Decarbonisation

50% absolute and 30% net emission
reductions from a 2016 baseline (Scope 1+2)

Net zero emissions by 2050

2. Tailings management

Compliance with the Global Industry
Standard on Tailings Management (GISTM)

Reduce the number of active upstream
raised TSFs to 3

3. Water stewardship

80% water recycled/reused

45% reduction in freshwater use from a 2018
baseline

4. Safety, health, well-being and the

environment

Zero fatalities

Zero serious injuries

Zero serious environmental incidents

5. Gender diversity

30% women representation

6. Stakeholder value creation

30% of total value created benefits
host communities

6 flagship projects benefiting host
communities

Gold Fields will report progress against these targets as part of its
annual results reporting each year.

The investment in decarbonising Gold Fields could total about US$1.2bn
until 2030, of which about a quarter will be financed by the Company,
with the remainder being funded through PPAs. All projects are expected
to be NPV positive.

The capital investment required to ensure even safer tailings storage
facilities (TSFs) at our operations and reduce the number of upstream
facilities to three is estimated at US$325m. A further US$25m is required
to achieve compliance of our TSFs with the GISTM. Both the investment
in decarbonisation and safer TSFs will follow detailed evaluation to
determine the most optimal spend and partnering methodology.

Sound corporate governance and a commitment to transparency
underpin Gold Fields’ work on ESG priorities. For the past 10 years Gold
Fields has been ranked among the top five mining companies on the
Dow Jones Sustainability Index. It reports against the leading global
reporting and sustainability frameworks, including the Global Reporting
Initiative (GRI), the Sustainability Accounting Standards Board and the
Taskforce on Climate-related Financial Disclosures (TCFD).

Gold Fields maintains leadership in water stewardship

In December 2021, Gold Fields maintained its leadership in
water stewardship as adjudicated by the Carbon Disclosure Project
(CDP) NGO.

The CDP again placed Gold Fields on its A List for tackling water
security, one of 118 high-performing companies out of almost 3,400 that
made 2021’s water security top level. This recognises Gold Fields’
demonstrable actions to protect water resources as well as transparent
reporting on its water performance.

Gold Fields was ranked A-, a step below the highest possible A level it
had achieved in 2020. In the preceding years we had been predominantly
ranked in the B category. The average 2021 score among the 169 mining
and metals companies surveyed by the CDP was a B- and only 12 were
ranked in the leadership category.

Gold Fields listed water stewardship as one of its six key environmental,
social and governance (ESG) priorities and announced two water
management performance targets for 2030:

• Ensure that 80% of the water used by our operations is recycled or

reused, from the current level of 73%.

• Reduce freshwater usage by 45% from a 2018 base. By 2020 a 35%

reduction had been achieved.

Gold Fields was ranked 7th out of 327 JSE-listed companies and
27 state-owned enterprises in the Endangered Wildlife Trust’s annual
Biodiversity Disclosure Project. Our score improved by 11% over the
2019 evaluation.

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.

Outlook and 2022 guidance

2022 is going to be another big capex year for Gold Fields, given the
deferral of spending at Salares Norte in 2021 as well as the elevated
level of sustaining capex across the portfolio, in order to maintain the
production base of the Group.

At this point in time, Gold Fields is not in a position to provide 2022
production guidance for Asanko. Consequently, Group guidance excludes
our share of the Asanko Joint Venture. We expect Galiano, who are the
operators of the Asanko Mine, to update the market on the outlook for
Asanko by the end of Q1 2022.

For 2022, attributable gold equivalent production (excluding Asanko) is
expected to be between 2.25Moz and 2.29Moz. AISC is expected to be
between US$1,140/oz and US$1,180/oz, with AIC expected to be
US$1,370/oz to US$1,410/oz. If we exclude the very significant project
capex at Salares Norte, AIC is expected to be US$1,230/oz to
US$1,270/oz.

The increase in AIC excluding Salares Norte is due to higher sustaining
capital expenditure mainly at South Deep and Damang and higher cost
of sales before amortisation and depreciation as a result of inflationary
increases partially offset by higher production.

The exchange rates used for our 2022 guidance are: R/US$15.55 and
US$/A$0.76.

After a strong performance in 2021, South Deep is set to continue on
the growth trajectory previously outlined. We expect production to grow
by a further 20-30% to 345koz – 375koz over the next 3-4 years. We
expect the growth to be more or less linear over the coming years and
forecast production for 2022 of 312koz (c.7% increase from 2021).

Salares Norte continues to progress according to plan. Total project
progress is expected to be 90% by the end of 2022. First gold remains
on track for end Q1 2023. The plant is expected to take nine months to
ramp up to full production. Based on this ramp up, we expect production
to be c.200koz in 2023, with 2024 being the first full year, with production
of c.550koz.

Production at the other assets in the portfolio are expected to be stable
over the next three years. Taking into account the above, we expect
production for the next three years to be:

2022: 2,250koz – 2,290koz

2023: 2,375koz – 2,425koz

2024: 2,720koz – 2,770koz

The above is subject to safety performance which limits the impact of
safety-related stoppages and the forward-looking statement on pages 5
and 49, respectively.

Gold Fields Results

2021

Basis of preparation

The condensed consolidated financial statements as set out on
pages 22 to 35 are prepared in accordance with the requirements of
the JSE Limited Listings Requirements for preliminary reports and the
requirements of the Companies Act of South Africa. The JSE Limited
Listings Requirements require preliminary reports to be prepared in
accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards
(IFRS) and the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements
as issued by the Financial Reporting Standards Council and to also,
as a minimum, contain the information required by IAS 34 Interim
Financial Reporting.

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

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

Pro forma financial information

The preliminary financial statements contain certain non-IFRS financial
measures in respect of the Group’s financial performance, the statement
of financial position and cash flows presented in order to provide users
with relevant information and measures used by the Group to assess
performance. These measures constitute pro forma financial information
in terms of the JSE Limited Listings Requirements and are the
responsibility of the Group’s Board of Directors. They are presented for
illustrative purposes only and due to their nature, may not fairly present
Gold Fields’ financial position, changes in equity, results of operations or
cash flows.

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

include:

• Normalised profit attributable to owners of the parent which is

defined as profit excluding gains and losses on foreign exchange,
financial instruments and non-recurring items after taxation and non-
controlling interest effect;

• Normalised profit per share attributable to owners of the parent;

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

borrowings and lease liabilities plus current portion of lease liabilities
less cash and cash equivalents;

• Net debt (excluding lease liabilities) which is calculated as borrowings

plus the current portion of borrowings less cash and cash equivalents;

• Adjusted free cash flow is calculated as cash flow from operating

activities less net capital expenditure, environmental payments, lease
payments and redemption of Asanko preference shares;

• Adjusted free cash flow from operations is calculated as cash flow

from operating activities less net capital expenditure, environmental
payments and lease payments from the eight mining operations;

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

revolving credit facilities agreements to evaluate compliance with
debt covenants;

• Adjusted free cash flow margin for LTIP purposes is used as key

metric in the determination of the long-term incentive plan;

• Sustaining capital expenditure represents the majority of capital

expenditures at existing operations, including mine development
costs, ongoing replacement of mine equipment and other capital
facilities and other capital expenditures at existing operations;

• Non-sustaining capital expenditure represents capital expenditures

for major growth projects as well as enhancement capital expenditure
for significant infrastructure improvements at existing operations; and

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

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

Auditor’s review

The condensed consolidated financial statements of Gold Fields Limited
for the year ended 31 December 2021 have been reviewed by the
Company’s auditor, PricewaterhouseCoopers Inc.

The auditor’s report does not necessarily report on all of the information
contained in this media release. Shareholders are therefore advised
that in order to obtain a full understanding of the nature of the auditor’s
engagement they should refer to pages 51 and 52 of the media release
for a copy of the auditor’s report.

The pro forma financial information has been reported on by the Group’s
auditors, being PricewaterhouseCoopers Inc. Their unqualified reporting
accountant’s report thereon is available on pages 51 and 52 of this
report.

Silicosis and Tuberculosis Class Action Settlement

The Tshiamiso Trust has been established to carry out the terms of the
settlement agreement reached between six gold mining companies
(including Gold Fields) and claimant attorneys in the Silicosis and
Tuberculosis class action. The Tshiamiso Trust is responsible for
ensuring that all eligible current and former mineworkers across
southern Africa with Silicosis or work-related Tuberculosis (or their
dependants where the mineworker has passed away) are compensated
pursuant to the Silicosis and Tuberculosis Class Action Settlement.

As of 11 February 2022, 1,771 claimants have received benefits from
the Trust in the aggregate amount of R162.3m. Further information on
the progress in the implementation of the object of the Tshiamiso Trust
and other details can be found at https://www.tshiamisotrust.com/

Provision raised

Gold Fields has provided for the estimated cost of the above settlement
based on actuarial assessments and the provisions of the silicosis and
TB class action settlement Agreement. At 31 December 2021, the
provision for Gold Fields’ share of the settlement of the class action
claims and related costs amounted to US$13m (R210m). The nominal
value of this provision is US$17m (R270m). The ultimate outcome of
this matter however remains uncertain, with the number of eligible
workers successfully submitting claims and receiving compensation
being uncertain.

The provision is consequently subject to adjustment in the future.

Facilities refinancing

US$150 million Gold Fields La Cima revolving credit facility

In April 2021, Gold Fields La Cima entered into a US$150m revolving
credit facility. The final maturity date of this facility is three years from the
effective date.

Syndicated revolving credit facilities extension

In July 2021, the US$1,200m Revolving Credit bank facilities were
extended by a further one year. The facilities will now run as follows:

• Tranche A: US$600m up to 25 July 2022 then US$550m to

25 July 2023; and then US$505m to 25 July 2024.

• Tranche B: US$600m up to 25 July 2024 then US$505m to

25 July 2025 and then US$460m to July 2026.

US$100 million Gold Fields Ghana revolving credit facility

In September 2021, Gold Fields Ghana entered into a US$100m
revolving credit facility. The final maturity date of the new facility is
13 October 2024.

Gold Fields Results

2021

Year ended 2020

US$’m

Deferred tax asset raised

A deferred tax credit of US$87m was raised at Salares Norte in 2021. At
31 December 2021, there has been significant progress with the
construction of the Salares Norte project as indicated by total project
progress at 62.5%, construction progress at 55% and the early forecast
curve being aligned with the scheduled finish of Q1 2023. The project is
expected to deliver significant value and all tax credits are expected to
be fully utilised before they expire.

Segment reporting

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

Year ended 2021

US$’m

Net profit

829.5

– Operating segments

1,018.3

– Corporate and projects

(188.8)

Comprises mainly of impairment of equity accounted investees, non-mine interest and

other costs.

Net profit

745.7

– Operating segments

823.8

– Corporate and projects

(78.1)

Additional notes include:

• Debt maturity ladder on page 29;

• Reconciliation of headline earnings with net profit/(loss) on page 30;

• Fair value hierarchy on page 31;

• Capital commitments on page 32; and

• Hedging/derivatives on page 33.

Chris Griffith

Chief Executive Officer

17 February 2022

Gold Fields Results

2021

Figures in millions unless otherwise stated

Dec 2021

(Reviewed)

Dec 2020

(Audited)

20.8

(52.8)

46.9

(49.5)

(448.6)

23.7

(366.5)

(66.0)

789.3

40.2

723.0

22.4

The condensed consolidated financial statements for the year ended 31 December 2021 have been prepared by the corporate accounting staff of Gold Fields Limited headed by Tzvet
Ilarionova, the Group Financial Controller. This process was supervised by Paul Schmidt, the Group Chief Financial Officer.

The preliminary financial statements are presented on a condensed consolidated basis.

Income Statement

United States Dollars

Year ended

Revenue

Cost of sales

Cost of sales before amortisation and depreciation

Cost of sales before gold inventory change and amortisation and depreciation
Gold inventory change

Amortisation and depreciation
Net interest expense

Equity accounted loss, after taxation

Share of results of equity accounted investees, after taxation

Share of results of equity accounted investees – Asanko impairment

(Loss)/gain on foreign exchange
Loss on financial instruments
Share-based payments

Long-term incentive plan
Other costs, net
Exploration expenses

Profit before royalties, taxation and non-recurring items

Non-recurring items

Profit before royalties and taxation

Royalties

Profit before taxation
Mining and income taxation
Normal taxation

Deferred taxation

Profit for the year

Attributable to:

Owners of the parent
Non-controlling interest

Diluted profit attributable to owners of the parent

Profit per share (cents) attributable to owners of the parent
Diluted profit per share (cents) attributable to owners of the parent
Non-IFRS measures and other disclosures

Non-recurring items:

Profit/(loss) on disposal of assets
Restructuring costs

Damang – contract termination
Salares VAT

COVID-19 donations
Silicosis provision adjusted
Ghana expected credit loss

(Impairment)/reversal of impairment of FSE
Impairment of investments and assets
Other

Total non-recurring items

Taxation on items above

Non-recurring items after tax

Headline earnings attributable to owners of the parent
Diluted headline earnings attributable to owners of the parent

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

Normalised profit per share (cents) attributable to owners of the parent
US Dollar/South African Rand conversion rate

Australian Dollar/US Dollar conversion rate

4,195.2

(82.9)

(32.0)

(1.9)

(100.4)

(12.7)

(28.5)

(45.5)

(60.6)

1,455.8

(89.0)

1,366.8

(112.4)

1,254.4

(424.9)

829.5

781.9

8.5

(1.3)

—

(1.4)

0.7

(41.1)

(30.8)

(11.6)

(12.0)

(89.0)

4.8

(84.2)

890.0

882.6

100

928.7

105

14.79

0.75

3,892.1

(105.8)

(2.6)

8.6

(238.9)

(14.5)

(51.3)

(38.7)

(49.7)

1,248.8

34.1

1,282.9

(105.0)

1,177.9

(432.5)

745.4

719.3

(0.2)

(2.0)

(1.1)

23.9

(2.7)

(0.3)

(29.0)

62.3

(11.7)

(5.1)

34.1

6.1

40.2

729.3

725.6

878.8

100

16.38

0.69

Figures may not add as they are rounded independently.

(2,374.9)

(2,150.4)

(1,661.7)

(1,489.1)

(1,784.5)

122.8

(1,554.6)

65.5

(713.2)

(661.3)

Gold Fields Results

2021

Statement of Comprehensive Income

United States Dollars

Year ended

Figures in millions unless otherwise stated

Dec 2021

(Reviewed)

Dec 2020

(Audited)

Profit for the year

829.5

745.4

Other comprehensive income, net of tax

(166.4)

58.4

Equity investments at FVOCI – net change in fair value*

(5.8)

50.8

Taxation on above item*

2.0

(1.2)

Foreign currency translation adjustments ^#

(162.6)

8.8

Total comprehensive income for the year

663.1

803.8

Attributable to:

– Owners of the parent

622.9

781.4

– Non-controlling interest

40.2

22.4

663.1

803.8

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

Items can be subsequently reclassified to profit or loss.

Gold Fields Results

2021

Statement of Financial Position

United States Dollars

Figures in millions unless otherwise stated

Dec 2021

(Reviewed)

Dec 2020

(Audited)

Non-current assets

5,927.7

5,713.0

Property, plant and equipment

5,079.1

4,771.2

Other non-current assets

243.3

220.8

Equity accounted investees

178.8

233.3

Investments

138.6

147.9

Loan advanced – contractors

27.3

68.4

Long-term financial assets

—

31.4

Deferred taxation

260.6

240.0

Current assets

1,421.1

1,730.4

Other current assets

896.4

843.6

Cash and cash equivalents

524.7

886.8

Assets held for sale

—

29.4

Total assets

7,348.8

7,472.8

Total equity

4,130.1

3,828.2

Non-current liabilities

2,396.3

2,728.1

Deferred taxation

500.9

499.9

Borrowings

1,078.1

1,443.4

Environmental rehabilitation provisions

418.9

361.9

Lease liabilities

355.1

364.8

Long-term employee benefits

28.2

33.4

Long-term financial liabilities

—

7.3

Other long-term provisions

15.1

17.4

Current liabilities

822.4

916.5

Other current liabilities

733.6

735.0

Current portion of borrowings

—

83.5

Current portion of employee benefits

28.4

33.8

Current portion of lease liabilities

60.4

64.2

Total equity and liabilities

7,348.8

7,472.8

Non-IFRS measures and other disclosures

Net debt

968.9

1,069.1

Net debt (excluding lease liabilities)

553.4

640.1

US Dollar/South African Rand conversion rate

15.94

14.69

Australian Dollar/US Dollar conversion rate

0.73

0.77

Gold Fields Results

2021

Statement of Changes in Equity

United States Dollars

Year ended

Figures in millions unless otherwise stated

Stated
capital

Other

reserves

Retained

earnings

Non-

controlling

interests

Total

equity

Balance at 31 December 2020 (Audited)

3,871.5

(1,962.6)

1,755.6

163.7

3,828.2

Total comprehensive income

—

(166.4)

789.3

40.2

663.1

Profit for the year

—

789.3

40.2

829.5

Other comprehensive income

—

(166.4)

—

(166.4)

Dividends declared

—

(322.3)

(51.6)

(373.9)

Share-based payments

—

12.7

—

12.7

Balance at 31 December 2021 (Reviewed)

3,871.5

(2,116.3)

2,222.6

152.3

4,130.1

United States Dollars

Year ended

Figures in millions unless otherwise stated

Stated
capital

Other

reserves

Retained

earnings

Non-

controlling

interests

Total

equity

Balance at 31 December 2019 (Audited)

3,622.5

(2,035.5)

1,190.0

131.7

2,908.7

Total comprehensive income

—

58.4

723.0

22.4

803.8

Profit for the year

—

723.0

22.4

745.4

Other comprehensive income

—

58.4

—

58.4

Dividends declared

—

(137.7)

(10.1)

(147.8)

Transaction with non-controlling interests holder*

—

(19.7)

19.7

—

Share-based payments

—

14.5

—

14.5

Shares issued

249.0

—

249.0

Balance at 31 December 2020 (Audited)

3,871.5

(1,962.6)

1,755.6

163.7

3,828.2

* On 6 December 2020, per the South Deep BEE transaction an economic interest of 3.57% in Newshelf 899 (Proprietary) Limited vested to the BEE non-controlling interest holders.

Gold Fields Results

2021

Statement of Cash Flows

United States Dollars

Year ended

Figures in millions unless otherwise stated

Dec

2021

(Reviewed)

Dec

2021

(Audited)

Cash flows from operating activities

1,599.2

1,256.7

Profit before royalties and taxation

1,366.8

1,282.9

Amortisation and depreciation

713.2

661.3

Silicosis payment

(4.4)

(3.5)

Payment of long-term employee benefits

(37.3)

—

Other non-cash items

208.8

(129.9)

South Deep BEE dividend

(0.9)

(1.1)

Change in working capital

(89.4)

(171.8)

Royalties and taxation paid

(557.6)

(381.2)

Dividends paid

(369.0)

(145.3)

Owners of the parent

Non-controlling interest holders

Cash flows from investing activities

Capital expenditure – additions

Capital expenditure – working capital

Proceeds on disposal of property, plant and equipment

Purchase of investments

Redemption of Asanko Preference shares

Loan advanced – contractors

Proceeds on disposal of investments

Contributions to environmental trust funds

Cash flows from financing activities

(510.5)

(139.8)

Loans received

207.5

689.8

Loans repaid

(644.2)

(1,014.2)

Payment of lease liabilities

(73.8)

(64.4)

Shares issued

—

249.0

Net cash (utilised)/generated

(350.8)

364.2

Translation adjustment

(11.3)

7.6

Cash and cash equivalent at beginning of the year

886.8

515.0

Cash and cash equivalent at end of the year

524.7

886.8

Non-IFRS measures and other disclosures

Cash flow from operating activities less net capital expenditure, environmental payments, lease payments

and redemption of Asanko preference shares

463.1

631.0

(322.3)

(46.7)

(137.7)

(7.6)

(1,070.5)

(607.4)

(1,088.7)

(583.7)

28.7

(7.1)

2.8

0.7

(27.4)

(0.6)

5.0

37.5

—

(68.4)

19.2

22.9

(10.1)

(8.7)

Gold Fields Results

2021

Debt Maturity Ladder (Reviewed)

Figures in millions unless otherwise stated

31 Dec

2022

31 Dec

2023

31 Dec

2024

31 Dec

2025

31 Dec

2026

31 Dec

2029

Total

Uncommitted loan facilities

Rand million

1,362.0

—

1,362.0

US Dollar million

—

Rand debt translated to Dollar

85.4

—

85.4

Total (US$m)

85.4

—

85.4

Committed loan facilities

US Dollar million

50.0

45.0

1,347.9

45.0

460.0

496.7

2,444.6

Rand million

—

2,500.0

—

2,500.0

A$ Dollar million

—

500.0

—

500.0

Rand debt translated to Dollar

—

156.8

—

156.8

A$ Dollar debt translated to Dollar

—

363.8

—

363.8

Total (US$m)

50.0

565.6

1,347.9

45.0

460.0

496.7

2,965.2

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

135.4

565.6

1,347.9

45.0

460.0

496.7

3,050.6

Utilisation – Uncommitted loan facilities

Rand million

—

US Dollar million

—

Rand debt translated to Dollar

—

Total (US$m)

—

Utilisation – Committed loan facilities
(including US Dollar bond)

US Dollar million

—

581.4

—

496.7

1,078.1

Rand million

—

A$ Dollar million

—

Rand debt translated to Dollar

—

A$ Dollar debt translated to Dollar

—

Total (US$m)

—

581.4

—

496.7

1,078.1

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

—

581.4

—

496.7

1,078.1

Exchange rate : US$1.00 = R15.94 and US$1.00 = A$0.73 being the closing rate at 31 December 2021.

Gold Fields Results

2021

Reconciliation of Headline Earnings

United States Dollars

Year ended

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

Taxation effect on (profit)/loss on disposal of assets
Impairment/(reversal of impairment) of FSE
Impairment of investments and assets and other ¹

Taxation on impairment of investments and assets ¹

Non-controlling interest effect on impairment of investments and assets

789.3

(8.5)

2.6

30.8

85.7

(9.9)

—

723.0

0.2

(0.1)

(62.3)

78.1

(8.9)

(0.7)

Headline earnings attributable to owners of the parent

890.0

729.3

Headline earnings per share – cents

Based on headline earnings as given above divided by 887,306,342 (December 2020 – 878,661,474)
being the weighted average number of ordinary shares in issue.

100

Includes write-off of exploration and evaluation assets in Australia of US$21.3m for the year ended 31 December 2021 (US$16.9m for the year ended 30 December 2020).

Figures in millions unless otherwise stated

Dec 2021

(Reviewed)

Dec 2020

(Audited)

Gold Fields Results

2021

Fair Value Hierarchy (Reviewed)

The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from
prices); and

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
There were no transfers during the years ended 31 December 2021 and 31 December 2020.

The following table sets out the Group’s financial assets and financial liabilities by level within the fair value hierarchy at the reporting date:

United States Dollars

Figures in millions unless

otherwise stated

December 2021

December 2020

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Financial assets measured

at fair value

Environmental trust funds

2.9

—

2.9

—

7.4

—

7.4

—

Trade receivables from

provisional copper sales

25.8

—

25.8

—

23.7

—

23.7

—

Investments – listed

30.9

—

42.4

—

Asanko redeemable

preference shares

94.5

—

94.5

92.6

—

92.6

Warrants

—

12.9

—

12.9

—

Oil derivative contracts

(2020:Gold and foreign

exchange derivative

contracts)

5.1

—

5.1

—

113.3

—

113.3

—

Financial assets not

measured at fair value

Environmental trust funds

85.2

—

85.2

—

71.9

—

71.9

—

Financial liabilities

measured at fair value

Foreign exchange derivative

contracts (2020: Copper

and oil)

6.8

—

6.8

—

29.1

—

29.1

—

Financial liabilities not

measured at fair value

Borrowings

1,191.6

1,108.1

—

83.5

1,689.8

1,156.3

—

533.5

Environmental trust funds

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

Trade receivables from provisional copper sales

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

Listed investments

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

Asanko redeemable preference shares

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

Warrants

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

Oil, gold, copper and foreign exchange derivative contracts

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

Borrowings

The 5-year notes and the 10-year notes are issued at a fixed interest rate. The fair values of these notes are based on listed market prices and are
classified within Level 1 of the fair value hierarchy. The fair value of the remaining borrowings approximates their carrying amount, determined using
the discounted cash flow method using market related interest rates and are classified within Level 3 of the fair value hierarchy.

Gold Fields Results

2021

Capital Commitments

United States Dollars

Dec

Dec

2021

2020

Figures in millions unless otherwise stated

(Reviewed)

(Audited)

Commitments

Capital expenditure
Contracted for¹

251.9

514.7

Contracted for capital expenditure includes US$193.3m (2020: US$454.0m) for Salares Norte.

Gold Fields Results

2021

Hedging/derivatives (Reviewed)

The Group’s policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken as follows:

• to protect cash flows at times of significant expenditure;

• for specific debt servicing requirements; and

• to safeguard the viability of higher cost operations.

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

Derivative instruments*

Ghana – Oil hedge

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

At the reporting date, the marked-to-market value on the hedge was a positive US$3.1m with a realised gain of US$0.3m for the year ended
31 December 2021.

Australia – Oil hedge

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

At the reporting date, the marked-to-market value on the hedge was a positive A$2.7m (US$2.0m) with a realised gain of A$0.8m (US$0.6m) for the
year ended 31 December 2021.

Australia – Gold hedge

In the first six months of 2020, 400,000oz of the expected production for 2021 was hedged for the period January 2021 to December 2021 using bought
puts. Between July and October 2020, an additional 600,000oz of the expected production for 2021 was hedged for the period January 2021 to
December 2021 using bought puts. The average strike price of the total 1,000,000oz hedged is A$2,190/oz.

At the reporting date, the hedge had matured and there was a realised loss of A$41.8m (US$31.4m) for the year ended 31 December 2021.

Salares Norte – Currency hedge

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

At the reporting date of 31 December 2021 the marked-to-market value on the hedge was a negative US$6.8m with a realised gain of US$32.9m for
the year ended 31 December 2021.

La Cima – Copper hedge

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

At the reporting date of 31 December 2021, the hedge had matured and there was a realised loss was US$45.8m for the year ended 31 December 2021.

Outstanding hedges

At 31 December 2021, the following hedges are outstanding:

• Australia – oil hedge – a total of 26.6 million litres of diesel at an average swap price is US$74.0 per barrel using fixed price Singapore 10ppm Gasoil

cash settled swap transactions for the period January 2022 to December 2022 with a positive marked-to-market value of A$2.7m (US$2.0m).

• Ghana – oil hedge – a total of 41.9 million litres of diesel at an average swap price is US$75.8 per barrel using fixed price ICE Gasoil cash settled

swap transactions for the period January 2022 to December 2022 with a positive marked-to-market value of US$3.1m.

• Salares Norte – currency hedge – a total notional amount of US$179.0m at a rate of CLP/US$836.45 for the period January 2022 to December 2022

with a negative marked-to-market value of US$6.8m.

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

Gold Fields Results

2021

Segmental Operating and Financial Results

United States Dollars

Figures in millions unless otherwise stated

Total

Mine

Operations

and projects

Including

Equity

Accounted

Joint Venture

Total

Mine

Operations

and projects

Excluding

Equity

Accounted

Joint Venture

South

Africa
Region

West Africa

Region

South America

Region

Ghana

Peru

Chile

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Salares

Norte

Project

Operating Results (Unreviewed)

Ore milled/treated
(000 tonnes)

Year 2021

Year 2020

42,229

42,706

39,559

40,032

2,922

2,258

21,266

21,707

13,877

14,234

4,720

4,798

2,670

2,674

6,817

6,796

—

Yield

(grams per tonne)

Year 2021

Year 2020

1.8

1.7

1.8

1.7

3.1

3.1

1.3

1.2

1.2

1.1

1.7

1.4

1.1

1.3

1.1

0.9

—

Gold produced

(000 managed equivalent ounces)

Year 2021

Year 2020

2,430.1

2,312.4

2,335.5

2,200.0

292.6

226.9

870.7

861.7

521.7

526.3

254.4

223.0

94.6

112.5

248.3

207.1

—

Gold produced (000 attributable equivalent
ounces)

Year 2021

Year 2020

2,340.8

2,236.7

2,246.2

2,124.2

282.2

226.9

793.1

786.9

469.5

473.7

229.0

200.7

94.6

112.5

247.0

206.1

—

Gold sold

(000 managed equivalent ounces)

Year 2021

Year 2020

2,436.3

2,311.8

2,339.1

2,202.1

292.6

226.9

873.3

858.9

521.7

526.3

254.4

223.0

97.2

109.7

248.4

205.5

—

Gold price received

(dollar per equivalent ounce)

Year 2021

Year 2020

1,793

1,765

1,794

1,768

1,790

1,763

1,794

1,766

1,796

1,763

1,798

1,798

1,770

1,715

1,750

1,795

—

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

Year 2021

Year 2020

107

101

—

All-in sustaining costs
(dollar per ounce)

Year 2021

Year 2020

1,049

969

1,032

961

1,310

1,237

1,083

1,027

1,155

1,017

802

1,008

1,431

1,114

(34)

484

—

Total all-in cost
(dollar per ounce)

Year 2021

Year 2020

1,118

1,014

1,098

999

1,379

1,260

1,112

1,060

1,155

1,017

852

1,035

1,559

1,316

230

715

—

Financial Results (US$ millions) (Reviewed)

Revenue

Year 2021

Year 2020

4,367.3

4,080.2

4,195.2

3,892.1

523.8

400.1

1,566.5

1,516.7

936.9

927.7

457.5

400.8

172.1

188.2

434.8

368.8

—

Cost of sales before amortisation and
depreciation

Year 2021

Year 2020

(1,772.1)

(1,583.4)

(1,661.6)

(1,489.3)

(304.9)

(229.0)

(570.7)

(562.9)

(310.2)

(297.0)

(150.1)

(171.9)

(110.4)

(94.1)

(175.6)

(154.4)

—

Cost of sales before gold
inventory change and
amortisation and depreciation

Year 2021

Year 2020

(1,899.4)

(1,661.9)

(1,784.4)

(1,554.7)

(312.2)

(227.2)

(676.7)

(634.7)

(339.7)

(294.5)

(222.0)

(233.1)

(115.0)

(107.1)

(190.0)

(158.3)

—

– Gold inventory change

Year 2021

Year 2020

127.4

78.5

122.8

65.5

7.3

(1.8)

106.0

71.8

29.6

(2.4)

71.9

61.2

4.6

13.0

14.4

3.9

—

Amortisation of mining assets

Year 2021

Year 2020

(718.1)

(672.2)

(695.8)

(649.3)

(43.0)

(29.1)

(287.2)

(266.7)

(172.3)

(168.2)

(92.6)

(75.6)

(22.3)

(22.9)

(88.3)

(77.6)

—

Other expenses

Year 2021

Year 2020

(265.4)

(457.9)

(261.7)

(455.6)

(5.9)

(91.1)

(28.8)

(128.5)

(9.3)

(83.9)

(15.8)

(42.3)

(3.7)

(2.3)

(51.9)

(32.2)

(97.1)

58.8

Profit/(loss) before royalties
and taxation

Year 2021

Year 2020

1,611.8

1,366.7

1,576.1

1,297.9

170.0

50.9

679.8

558.5

445.1

378.7

199.0

111.0

35.6

68.8

119.0

104.6

(97.1)

58.8

Royalties, mining and
income taxation

Year 2021

Year 2020

(536.0)

(518.9)

(527.4)

(509.5)

(54.4)

(15.9)

(251.9)

(238.2)

(160.7)

(173.9)

(82.6)

(54.9)

(8.6)

(9.4)

(62.5)

(48.4)

84.8

(7.4)

– Normal taxation

Year 2021

(420.5)

—

(191.4)

(110.3)

(81.1)

—

(61.2)

(1.9)

Year 2020

(355.2)

—

(129.6)

—

(52.2)

(7.4)

– Royalties

Year 2021

(121.0)

(112.4)

(2.6)

(64.4)

(37.5)

(18.3)

(8.6)

(8.0)

—

Year 2020

(114.4)

(105.0)

(2.0)

(62.5)

(37.1)

(16.0)

(9.4)

(5.6)

—

– Deferred taxation

Year 2021

5.6

(51.8)

3.8

(13.0)

16.8

—

6.7

86.7

Year 2020

(49.3)

(13.9)

(46.1)

(7.2)

(38.9)

—

9.4

—

Profit/(loss) before
non-recurring items

Year 2021

Year 2020

1,075.8

847.9

1,048.8

788.4

115.6

35.0

427.9

320.3

284.4

204.8

116.4

56.1

27.0

59.4

56.5

56.2

(12.3)

51.4

Non-recurring items

Year 2021

(57.5)

(1.1)

(42.4)

(24.7)

(17.7)

—

(1.6)

—

Year 2020

(24.0)

0.3

(42.2)

(31.3)

(10.9)

—

(2.3)

23.9

Net profit/(loss)

Year 2021

1,018.3

991.2

114.5

385.5

259.8

98.7

27.0

54.8

(12.3)

Year 2020

823.8

764.4

35.3

278.1

173.5

45.2

59.4

53.9

75.3

Capital expenditure

Year 2021

Year 2020

(1,108.5)

(613.8)

(1,088.0)

(582.6)

(89.3)

(49.1)

(252.9)

(198.2)

(209.0)

(147.2)

(23.4)

(19.9)

(20.5)

(31.2)

(55.7)

(49.9)

(374.9)

(96.8)

The average US Dollar/Rand exchange rates were US$1 = R14.79 for 2021 and US$1 = R16.38 for 2020.
The average Australian/US Dollar exchange rates were A$1 = US$0.75 for 2021 and A$1 = US$0.69 for 2020.

In 2021 Salares Norte became a reportable segment, as the CODM has started monitoring the capital expenditure and progress towards completion. The comparative figures have

been disclosed.

Figures may not add as they are rounded independently.

Gold Fields Results

2021

Segmental Operating and Financial Results

United States Dollars

Figures in millions unless otherwise stated

United States Dollars

Australian Dollars

South

African
Rand

Australia

Region

Australia

Region

South

Africa
Region

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

South

Deep

Operating Results (Unreviewed)

Ore milled/treated (000 tonnes)

Year 2021

11,223

4,088

1,254

1,662

4,219

11,223

4,088

1,254

1,662

4,219

2,922

Year 2020

11,946

4,817

1,357

1,719

4,054

11,946

4,817

1,357

1,719

4,054

2,258

Yield (grams per tonne)

Year 2021

2.8

3.0

5.5

5.2

0.9

2.8

3.0

5.5

5.2

0.9

3.1

Year 2020

2.6

2.5

5.3

4.9

1.0

2.6

2.5

5.3

4.9

1.0

3.1

Gold produced (000 managed
equivalent ounces)

Year 2021

Year 2020

1,018.5

1,016.8

393.0

384.9

223.0

233.3

279.2

269.6

123.3

129.1

1,018.5

1,016.8

393.0

384.9

223.0

233.3

279.2

269.6

123.3

129.1

9,101

7,056

Gold produced (000 attributable
equivalent ounces)

Year 2021

Year 2020

1,018.5

1,016.8

393.0

384.9

223.0

233.3

279.2

269.6

123.3

129.1

1,018.5

1,016.8

393.0

384.9

223.0

233.3

279.2

269.6

123.3

129.1

8,776

7,056

Gold sold (000 managed equivalent
ounces)

Year 2021

Year 2020

1,021.9

1,020.5

391.1

393.8

222.8

233.5

283.6

265.2

124.4

128.0

1,021.9

1,020.5

391.1

393.8

222.8

233.5

283.6

265.2

124.4

128.0

9,102

7,056

Gold price received (dollar per
equivalent ounce)

Year 2021

Year 2020

1,803

1,759

1,804

1,756

1,804

1,762

1,800

1,758

1,804

1,762

2,400

2,551

2,401

2,547

2,402

2,557

2,396

2,551

2,401

2,557

851,102

928,707

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

Year 2021

Year 2020

134

116

115

179

168

153

144

1,580

1,648

All-in sustaining costs
(dollar per ounce)

Year 2021

Year 2020

1,065

917

1,006

843

1,164

1,017

1,033

938

1,146

921

1,418

1,331

1,339

1,223

1,550

1,475

1,376

1,360

1,525

1,337

622,726

651,514

Total all-in cost
(dollar per ounce)

Year 2021

Year 2020

1,146

957

1,040

873

1,308

1,053

1,161

1,010

1,158

931

1,526

1,388

1,385

1,266

1,741

1,528

1,545

1,465

1,541

1,350

655,826

663,635

Financial Results (US$ millions) (Reviewed)

Revenue

Year 2021

Year 2020

1,842.3

1,794.7

705.5

691.4

402.0

411.5

510.4

466.4

224.4

225.4

2,452.5

2,603.8

939.2

1,003.0

535.1

597.0

679.5

676.7

298.7

327.2

7,746.7

6,552.9

Cost of sales before amortisation and
depreciation

Year 2021

Year 2020

(720.8)

(637.1)

(273.5)

(234.1)

(172.6)

(162.8)

(193.5)

(167.1)

(81.3)

(73.1)

(959.6)

(924.1)

(364.1)

(339.5)

(229.7)

(236.1)

(257.6)

(242.5)

(108.2)

(106.1)

(4,510.0)

(3,750.6)

Cost of sales before gold inventory
change and amortisation and
depreciation

Year 2021

Year 2020

(720.5)

(641.6)

(268.4)

(240.7)

(168.2)

(157.3)

(191.3)

(170.2)

(92.5)

(73.4)

(959.2)

(930.7)

(357.3)

(349.1)

(224.0)

(228.2)

(254.7)

(246.9)

(123.2)

(106.5)

(4,617.5)

(3,721.7)

– Gold inventory change

Year 2021

Year 2020

(0.3)

4.5

(5.1)

6.6

(4.3)

(5.4)

(2.1)

3.1

11.3

0.3

(0.4)

6.6

(6.8)

9.6

(5.8)

(7.9)

(2.8)

4.5

15.0

0.4

107.5

(28.9)

Amortisation of mining assets

Year 2021

Year 2020

(299.6)

(298.8)

(398.9)

(433.4)

(635.8)

(476.0)

Other expenses

Year 2021

Year 2020

(81.7)

(264.9)

(108.8)

(384.3)

(87.0)

(1,492.0)

Profit/(loss) before royalties and
taxation

Year 2021

Year 2020

740.2

593.9

985.2

862.0

2,513.8

834.3

Royalties, mining and income taxation

Year 2021

(252.0)

(335.4)

(804.7)

Year 2020

(208.9)

(303.1)

(260.9)

– Normal taxation

Year 2021

(166.1)

(221.1)

—

Year 2020

(166.0)

(240.8)

—

– Royalties

Year 2021

(46.0)

(61.3)

(38.7)

Year 2020

(44.3)

(64.2)

(32.8)

– Deferred taxation

Year 2021

(39.9)

(53.1)

(765.9)

Year 2020

1.3

2.0

(228.1)

Profit/(loss) before non-recurring
items

Year 2021

Year 2020

488.2

384.9

649.7

558.9

1,709.2

573.5

Non-recurring items

Year 2021

(12.4)

(16.5)

(15.8)

Year 2020

(3.8)

(5.4)

5.2

Net profit/(loss)

Year 2021

475.8

633.2

1,693.4

Year 2020

381.2

553.4

578.6

Capital expenditure

Year 2021

Year 2020

(335.6)

(219.8)

(103.3)

(73.5)

(88.2)

(51.9)

(100.4)

(66.4)

(43.7)

(28.0)

(446.8)

(318.8)

(137.6)

(106.5)

(117.4)

(75.3)

(133.7)

(96.4)

(58.2)

(40.6)

(1,320.4)

(803.9)

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

For Australia, all financial numbers are in Australian Dollar.

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

Figures may not add as they are rounded independently.

Gold Fields Results

2021

All-in Cost (Unreviewed)

World Gold Council Industry Standard

United States Dollars

Total

Group

Including

Equity

Accounted

Joint

Venture

Total

Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total

Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South

Africa
Region

West Africa

Region

South

America

Region

Ghana

Peru

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Cost of sales before gold inventory change
and amortisation and depreciation

Year 2021

Year 2020

(1,899.4)

(1,661.9)

(1,899.4)

(1,661.9)

(1,784.4)

(1,554.7)

(312.2)

(227.2)

(676.7)

(634.7)

(339.7)

(294.5)

(222.0)

(233.1)

(115.0)

(107.1)

(190.0)

(158.3)

Gold inventory change

Year 2021

127.4

122.8

7.3

106.0

29.6

71.9

4.6

14.4

Year 2020

78.5

65.5

(1.8)

71.8

(2.4)

61.2

13.0

3.9

Royalties

Year 2021

(121.0)

(112.4)

(2.6)

(64.4)

(37.5)

(18.3)

(8.6)

(8.0)

Year 2020

(114.4)

(105.0)

(2.0)

(62.5)

(37.1)

(16.0)

(9.4)

(5.6)

Realised gains/(losses) on
commodity cost hedges

Year 2021

Year 2020

0.9

(10.2)

0.9

(10.2)

0.9

(10.2)

—

0.3

(6.8)

0.2

(4.7)

—

(2.1)

—

Community/social
responsibility costs

Year 2021

Year 2020

(18.1)

(12.4)

(18.1)

(12.4)

(18.1)

(12.4)

(3.5)

(0.7)

(9.5)

(7.9)

(6.7)

(5.9)

(2.8)

(2.0)

—

(5.1)

(3.9)

Non-cash remuneration –
share-based payments

Year 2021

Year 2020

(12.6)

(14.3)

(5.9)

(6.6)

(5.9)

(6.6)

(0.3)

0.6

(2.2)

(2.8)

(2.1)

(2.9)

(0.1)

—

(1.5)

(1.5)

Cash remuneration

(long-term incentive plan)

Year 2021

Year 2020

(27.9)

(49.2)

(24.2)

(41.7)

(24.2)

(41.7)

(3.4)

(6.1)

(8.6)

(12.7)

(6.6)

(8.8)

(2.0)

(3.9)

—

(1.0)

(5.3)

Other

Year 2021

Year 2020

(18.6)

(1.0)

—

(1.0)

—

(1.0)

—

(1.0)

—

(1.0)

—

By-product credits

Year 2021

Year 2020

237.3

148.3

237.3

148.3

237.0

147.9

0.7

0.6

2.0

1.8

1.5

1.3

0.2

0.1

0.3

0.4

232.3

144.1

Rehabilitation amortisation
and interest

Year 2021

Year 2020

(21.9)

(24.6)

(21.9)

(24.6)

(21.4)

(24.4)

—

(0.1)

(8.0)

(8.6)

(5.1)

(6.2)

(2.4)

(2.1)

(0.5)

(0.2)

(8.0)

(6.7)

Sustaining capital expenditure

Year 2021

Year 2020

(589.1)

(422.0)

(588.4)

(420.9)

(575.4)

(408.0)

(68.9)

(43.9)

(239.4)

(174.0)

(209.0)

(147.2)

(17.4)

(13.8)

(13.0)

(12.9)

(27.6)

(23.6)

Lease payments

Year 2021

(99.5)

(97.2)

(90.4)

(0.1)

(42.3)

(24.3)

(11.1)

(6.8)

(1.6)

Year 2020

(91.8)

(89.9)

(84.0)

(0.1)

(44.4)

(26.5)

(11.9)

(5.9)

(1.1)

Exploration, feasibility
and evaluation costs

Year 2021

Year 2020

(3.0)

—

(3.0)

—

(3.0)

—

(3.0)

—

(3.0)

—

All-in sustaining costs

Year 2021

(2,445.6)

(2,413.7)

(2,274.6)

(383.2)

(945.9)

(602.7)

(204.1)

(139.1)

3.8

Year 2020

(2,175.0)

(2,156.8)

(2,034.6)

(280.7)

(881.9)

(535.0)

(224.7)

(122.2)

(58.1)

Realised gains/losses on capital cost
hedges

Year 2021

Year 2020

32.9

5.2

—

Non-cash remuneration –
share-based payments

Year 2021

Year 2020

(0.1)

(0.2)

—

Cash remuneration (long-term incentive
plan)

Year 2021

Year 2020

(0.6)

(2.1)

—

Other

Year 2021

(3.6)

—

Year 2020

—

Lease payments

Year 2021

(5.2)

—

Year 2020

(0.9)

—

Exploration, feasibility
and evaluation costs

Year 2021

Year 2020

(41.3)

(36.8)

(13.2)

(5.4)

(8.2)

(1.4)

—

(11.6)

(3.9)

—

(6.6)

—

(5.0)

(3.9)

(1.6)

(1.4)

Non-sustaining capital
expenditure

Year 2021

Year 2020

(520.1)

(192.9)

(145.1)

(96.2)

(137.7)

(77.9)

(20.4)

(5.2)

(13.5)

(24.3)

—

(6.0)

(6.1)

(7.5)

(18.2)

(28.1)

(26.3)

Total all-in cost

Year 2021

(2,983.6)

(2,572.0)

(2,420.4)

(403.6)

(971.0)

(602.7)

(216.7)

(151.6)

(25.9)

Year 2020

(2,402.7)

(2,258.4)

(2,114.0)

(285.9)

(910.1)

(535.0)

(230.8)

(144.4)

(85.9)

Total all-in sustaining cost

Year 2021

Year 2020

(2,445.6)

(2,175.0)

(2,413.7)

(2,156.8)

(2,274.6)

(2,034.6)

(383.2)

(280.7)

(945.9)

(881.9)

(602.7)

(535.0)

(204.1)

(224.7)

(139.1)

(122.2)

3.8

(58.1)

Gold only ounces sold

– (000 ounces)

Year 2021

Year 2020

2,300.8

2,226.4

2,300.8

2,226.4

2,203.6

2,116.7

292.6

226.9

873.3

858.9

521.7

526.3

254.4

223.0

97.2

109.7

113.0

120.2

AISC per ounce of gold sold
US$/oz

Year 2021

Year 2020

1,063

977

1,049

969

1,032

961

1,310

1,237

1,083

1,027

1,155

1,017

802

1,008

1,431

1,114

(34)

484

Total all-in cost

Year 2021

Year 2020

(2,983.6)

(2,402.7)

(2,572.0)

(2,258.4)

(2,420.4)

(2,114.0)

(403.6)

(285.9)

(971.0)

(910.1)

(602.7)

(535.0)

(216.7)

(230.8)

(151.6)

(144.4)

(25.9)

(85.9)

Gold only ounces sold

– (000 ounces)

Year 2021

Year 2020

2,300.8

2,226.4

2,300.8

2,226.4

2,203.6

2,116.7

292.6

226.9

873.3

858.9

521.7

526.3

254.4

223.0

97.2

109.7

113.0

120.2

AIC per ounce of gold sold
US$/oz

Year 2021

Year 2020

1,297

1,079

1,118

1,014

1,098

999

1,379

1,260

1,112

1,060

1,155

1,017

852

1,035

1,559

1,316

230

715

Includes Gold Fields 45% share of deferred stripping of US$4.2m (100% basis US$9.4m) and US$6.7m (100% basis US$14.8m) for the year ended 31 December 2021 and

31 December 2020, respectively.

Gold Fields Results

2021

Royalties

Realised gains/losses on commodity cost hedges

Cash remuneration (long-term incentive plan)

Other

By-product credits

Lease payments

Realised gains/losses on capital cost hedges

Non-cash remuneration – share-based payments

Cash remuneration (long-term incentive plan)

Other

Lease payments

Exploration, feasibility and evaluation costs

Non-sustaining capital expenditure

Total all-in cost

Total all-in sustaining cost

Gold only ounces sold – (000 ounces)

AISC per ounce of gold sold US$/oz

Total all-in cost

Gold only ounces sold – (000 ounces)

AIC per ounce of gold sold US$/oz

All-in Cost (Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Cost of sales before gold inventory change and amortisation
and depreciation

Community/social
responsibility costs

Rehabilitation amortisation
and interest

Exploration, feasibility
and evaluation costs

All-in sustaining costs

Sustaining capital expenditure

Non-cash remuneration – share-based payments

Gold inventory change

Australia

Region

Australia

Corporate

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

and

projects

Year 2021

(720.5)

(268.4)

(168.2)

(191.3)

(92.5)

—

Year 2020

(641.6)

(240.7)

(157.3)

(170.2)

(73.4)

—

Year 2021

(0.3)

(5.1)

(4.3)

(2.1)

11.3

—

Year 2020

4.5

6.6

(5.4)

3.1

0.3

—

Year 2021

(46.0)

(17.7)

(10.0)

(12.8)

(5.6)

—

Year 2020

(44.3)

(17.1)

(10.1)

(11.5)

(5.5)

—

Year 2021

0.6

0.3

0.1

0.2

—

Year 2020

(3.4)

(1.6)

(1.1)

(0.7)

—

Year 2021

—

Year 2020

—

Year 2021

(1.8)

(0.6)

(0.5)

(0.2)

(6.6)

Year 2020

(2.8)

(0.8)

(0.6)

(0.8)

(0.6)

(7.8)

Year 2021

(11.2)

(3.6)

(2.4)

(3.4)

(1.8)

(3.7)

Year 2020

(17.6)

(6.4)

(4.5)

(5.0)

(1.7)

(7.5)

Year 2021

—

(18.6)

Year 2020

—

Year 2021

2.4

1.1

0.4

0.2

0.6

—

Year 2020

1.8

0.9

0.3

0.2

0.4

—

Year 2021

(5.9)

(1.8)

(1.0)

(1.4)

(1.6)

—

Year 2020

(9.1)

(3.6)

(1.7)

(2.1)

(1.6)

—

Year 2021

(252.5)

(89.7)

(56.3)

(64.3)

(42.2)

(0.7)

Year 2020

(179.5)

(61.9)

(43.5)

(47.3)

(26.8)

(1.1)

Year 2021

(53.1)

(7.8)

(17.4)

(17.6)

(10.4)

(2.3)

Year 2020

(44.3)

(7.5)

(13.6)

(14.3)

(8.9)

(1.9)

Year 2021

—

Year 2020

—

Year 2021

(1,088.3)

(393.3)

(259.4)

(293.1)

(142.5)

(31.9)

Year 2020

(936.2)

(332.1)

(237.4)

(248.7)

(117.9)

(18.2)

Year 2021

—

32.9

Year 2020

—

5.2

Year 2021

—

(0.1)

Year 2020

—

(0.2)

Year 2021

—

(0.6)

Year 2020

—

(2.1)

Year 2021

—

(3.6)

Year 2020

—

Year 2021

—

(5.2)

Year 2020

—

(0.9)

Year 2021

—

(28.1)

Year 2020

—

(31.4)

Year 2021

(83.1)

(13.6)

(31.9)

(36.1)

(1.5)

(374.9)

Year 2020

(40.3)

(11.5)

(8.5)

(19.1)

(1.2)

(96.7)

Year 2021

(1,171.5)

(406.9)

(291.3)

(329.2)

(144.0)

(411.6)

Year 2020

(976.5)

(343.6)

(245.9)

(267.9)

(119.1)

(144.3)

Year 2021

(1,088.3)

(393.3)

(259.4)

(293.1)

(142.5)

(31.9)

Year 2020

(936.2)

(332.1)

(237.4)

(248.7)

(117.9)

(18.2)

Year 2021

1,021.9

391.1

222.8

283.6

124.4

—

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

Year 2021

1,065

1,006

1,164

1,033

1,146

—

Year 2020

917

843

1,017

938

921

—

Year 2021

(1,171.5)

(406.9)

(291.3)

(329.2)

(144.0)

(411.6)

Year 2020

(976.5)

(343.6)

(245.9)

(267.9)

(119.1)

(144.3)

Year 2021

1,021.9

391.1

222.8

283.6

124.4

—

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

Year 2021

1,146

1,040

1,308

1,161

1,158

—

Year 2020

957

873

1,053

1,010

931

—

Gold Fields Results

2021

All-in Sustaining Costs and All-in Cost Gross of
By-product Credits per Equivalent Ounce of Gold Sold
(Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Total

Group

Including

Equity

Accounted

Joint

Venture

Total

Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total

Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South

Africa
Region

West Africa

Region

South

America

Region

Ghana

Peru

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

All-in sustaining costs

Year 2021

(per table on page 36)

Year 2020

(2,445.6)

(2,175.0)

(2,413.7)

(2,156.8)

(2,274.6)

(2,034.6)

(383.2)

(280.7)

(945.9)

(881.9)

(602.7)

(535.0)

(204.1)

(224.7)

(139.1)

(122.2)

3.8

(58.1)

Add back by-product

Year 2021

credits

Year 2020

(237.3)

(148.3)

(237.3)

(148.3)

(237.0)

(147.9)

(0.7)

(0.6)

(2.0)

(1.8)

(1.5)

(1.3)

(0.2)

(0.1)

(0.3)

(0.4)

(232.3)

(144.1)

All-in sustaining costs

Year 2021

gross of by-product

credits

Year 2020

(2,682.9)

(2,323.3)

(2,651.0)

(2,305.1)

(2,511.6)

(2,182.5)

(383.9)

(281.2)

(947.9)

(883.7)

(604.2)

(536.3)

(204.3)

(224.8)

(139.4)

(122.6)

(228.5)

(202.2)

Gold equivalent

Year 2021

ounces sold

Year 2020

2,436.3

2,311.8

2,436.3

2,311.8

2,339.1

2,202.1

292.6

226.9

873.3

858.9

521.7

526.3

254.4

223.0

97.2

109.7

248.4

205.5

AISC gross of by-product

Year 2021

credits per equivalent

ounce of gold – US$/eq oz

Year 2020

1,101

1,005

1,088

997

1,074

991

1,312

1,240

1,085

1,029

1,158

1,019

803

1,008

1,434

1,118

920

984

All-in cost

(per table on page 36)

Year 2021

Year 2020

(2,983.6)

(2,402.7)

(2,572.0)

(2,258.4)

(2,420.4)

(2,114.0)

(403.6)

(285.9)

(971.0)

(910.1)

(602.7)

(535.0)

(216.7)

(230.8)

(151.6)

(144.4)

(25.9)

(85.9)

Add back by-product
credits

Year 2021

Year 2020

(237.3)

(148.3)

(237.3)

(148.3)

(237.0)

(147.9)

(0.7)

(0.6)

(2.0)

(1.8)

(1.5)

(1.3)

(0.2)

(0.1)

(0.3)

(0.4)

(232.3)

(144.1)

All-in cost gross of
by-product credits

Year 2021

Year 2020

(3,220.9)

(2,551.0)

(2,809.3)

(2,406.7)

(2,657.5)

(2,261.9)

(404.3)

(286.5)

(972.9)

(911.9)

(604.2)

(536.3)

(216.9)

(230.8)

(151.9)

(144.8)

(258.3)

(230.0)

Gold equivalent
ounces sold

Year 2021

Year 2020

2,436.3

2,311.8

2,436.3

2,311.8

2,339.1

2,202.1

292.6

226.9

873.3

858.9

521.7

526.3

254.4

223.0

97.2

109.7

248.4

205.5

AIC gross of by-product
credits per equivalent
ounce of gold – US$/eq oz

Year 2021

Year 2020

1,322

1,103

1,153

1,041

1,136

1,027

1,381

1,263

1,114

1,062

1,158

1,019

852

1,035

1,562

1,320

1,040

1,119

Gold Fields Results

2021

All-in Sustaining Costs and All-in Cost Gross of
By-product Credits per Equivalent Ounce of Gold Sold
(Unreviewed)

World Gold Council Industry Standard

United States Dollars

Figures in millions unless otherwise stated

Australia

Region

Corporate

and

projects

Australia

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

All-in sustaining costs
(per table on page 37)

Year 2021

Year 2020

(1,088.3)

(936.2)

(393.3)

(332.1)

(259.4)

(237.4)

(293.1)

(248.7)

(142.5)

(117.9)

(31.9)

(18.2)

Add back by-product credits

Year 2021

(2.4)

(1.1)

(0.4)

(0.2)

(0.6)

—

Year 2020

(1.8)

(0.9)

(0.3)

(0.2)

(0.4)

—

All-in sustaining costs gross of
by-product credits

Year 2021

Year 2020

(1,090.7)

(938.0)

(394.4)

(333.0)

(259.9)

(237.8)

(293.3)

(248.9)

(143.1)

(118.3)

(31.9)

(18.2)

Gold equivalent ounces sold

Year 2021

1,021.9

391.1

222.8

283.6

124.4

—

Year 2020

1,020.5

393.8

233.5

265.2

128.0

—

AISC gross of by-product
credits per equivalent
ounce of gold – US$/eq oz

Year 2021

Year 2020

1,067

919

1,009

846

1,166

1,018

1,034

938

1,151

925

—

All-in cost

(per table on page 37)

Year 2021

Year 2020

(1,171.5)

(976.5)

(406.9)

(343.6)

(291.3)

(245.9)

(329.2)

(267.9)

(144.0)

(119.1)

(411.6)

(144.3)

Add back by-product credits

Year 2021

(2.4)

(1.1)

(0.4)

(0.2)

(0.6)

—

Year 2020

(1.8)

(0.9)

(0.3)

(0.2)

(0.4)

—

All-in cost gross of by-product credits

Year 2021

(1,173.8)

(408.0)

(291.8)

(329.4)

(144.6)

(411.6)

Year 2020

(978.3)

(344.5)

(246.2)

(268.0)

(119.5)

(144.3)

Gold equivalent ounces sold

Year 2021

Year 2020

1,021.9

1,020.5

391.1

393.8

222.8

233.5

283.6

265.2

124.4

128.0

—

AIC gross of by-product credits per
equivalent ounce of gold – US$/eq oz

Year 2021

Year 2020

1,149

959

1,043

875

1,310

1,055

1,161

1,010

1,163

934

—

Gold Fields Results

2021

Underground and Surface (Unreviewed)

Total Mine

Operations

Including

Equity

Accounted

Joint

Venture

Total Mine

Operations

Excluding

Equity

Accounted

Joint

Venture

South
Africa

Region

West

Africa

Region

South

America

Region

Australia

Region

Ghana

Peru

Australia

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Tonnes mined (000 tonnes)

Imperial ounces with metric tonnes
and grade

– underground ore

Year 2021

6,170

1,540

—

4,630

1,925

1,048

1,657

—

Year 2020

5,867

1,136

—

4,731

1,737

1,294

1,700

—

– underground waste

Year 2021

2,910

201

—

2,709

852

892

965

—

Year 2020

2,245

—

2,159

772

750

637

—

– surface ore

Year 2021

38,369

35,552

—

22,844

11,756

8,271

2,817

8,959

6,566

1,414

—

5,152

Year 2020

35,022

32,236

—

21,344

11,877

6,680

2,787

7,303

6,376

2,331

—

4,044

– total

Year 2021

47,449

44,631

1,741

22,844

11,756

8,271

2,817

8,959

13,905

4,191

1,941

2,622

5,152

Year 2020

43,134

40,347

1,221

21,344

11,877

6,680

2,787

7,303

13,266

4,841

2,044

2,336

4,044

Grade mined (grams per tonne)

– underground ore

Year 2021

5.8

6.3

—

5.6

4.9

6.6

5.7

—

Year 2020

5.6

6.3

—

5.4

5.3

5.8

5.3

—

– surface ore

Year 2021

1.2

—

1.4

1.5

1.3

0.8

1.2

2.2

—

1.0

Year 2020

1.3

—

1.5

1.4

1.6

1.4

0.9

1.3

1.7

—

1.1

– total

Year 2021

Year 2020

1.9

1.8

1.9

1.9

5.6

5.9

1.4

1.5

1.4

1.4

1.5

1.6

1.3

1.4

0.8

0.9

3.1

3.1

3.8

3.2

6.6

5.8

5.7

5.3

1.0

1.1

Gold mined (000 ounces)

– underground ore

Year 2021

Year 2020

1,142.8

1,055.6

1,142.8

1,055.6

313.3

230.2

—

829.6

825.4

303.7

294.1

223.4

240.4

302.5

290.9

—

– surface ore

Year 2021

Year 2020

1,521.0

1,480.9

1,405.3

1,351.4

—

1,041.8

1,010.3

520.5

533.3

405.6

347.4

115.7

129.6

220.2

200.2

259.0

270.5

101.6

129.2

—

157.3

141.3

– total

Year 2021

Year 2020

2,663.9

2,536.6

2,548.1

2,407.0

313.3

230.2

1,041.8

1,010.3

520.5

533.3

405.6

347.4

115.7

129.6

220.2

200.2

1,088.5

1,095.9

405.3

423.2

223.4

240.4

302.5

290.9

157.3

141.3

Ore milled/treated (000 tonnes)

– underground ore

Year 2021

Year 2020

6,341

6,051

6,341

6,051

1,536

1,154

—

4,806

4,897

1,890

1,821

1,254

1,357

1,662

1,719

—

– underground waste

Year 2021

Year 2020

154

—

– surface ore

Year 2021

35,734

33,064

1,233

21,266

13,877

4,720

2,670

6,817

6,418

2,198

—

4,219

Year 2020

36,600

33,926

1,048

21,707

14,234

4,798

2,674

6,796

7,050

2,996

—

4,054

– total

Year 2021

42,229

39,559

2,922

21,266

13,877

4,720

2,670

6,817

11,223

4,088

1,254

1,662

4,219

Year 2020

42,706

40,032

2,258

21,707

14,234

4,798

2,674

6,796

11,946

4,817

1,357

1,719

4,054

Yield (grams per tonne)

– underground ore

Year 2021

5.3

5.8

—

5.1

4.6

5.5

5.2

—

Year 2020

5.0

6.0

—

4.8

4.3

5.3

4.9

—

– surface ore

Year 2021

1.2

0.1

1.3

1.2

1.7

1.1

1.6

—

0.9

Year 2020

1.1

0.1

1.2

1.1

1.4

1.3

0.9

1.2

1.4

—

1.0

– combined

Year 2021

1.8

3.1

1.3

1.2

1.7

1.1

2.8

3.0

5.5

5.2

0.9

Year 2020

1.7

3.1

1.2

1.1

1.4

1.3

0.9

2.6

2.5

5.3

4.9

1.0

Gold produced (000 ounces)

– underground ore

Year 2021

Year 2020

1,071.3

978.2

1,071.3

978.2

288.4

223.2

—

782.9

755.0

280.7

252.1

223.0

233.3

279.2

269.6

—

– surface ore

Year 2021

Year 2020

1,358.8

1,334.2

1,264.2

1,221.8

4.2

3.6

870.7

861.7

521.7

526.3

254.4

223.0

94.6

112.5

248.3

207.1

235.6

261.9

112.3

132.8

—

123.3

129.1

– total

Year 2021

Year 2020

2,430.1

2,312.4

2,335.5

2,200.0

292.6

226.9

870.7

861.7

521.7

526.3

254.4

223.0

94.6

112.5

248.3

207.1

1,018.5

1,016.8

393.0

384.9

223.0

233.3

279.2

269.6

123.3

129.1

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

– underground

Year 2021

Year 2020

129

114

129

114

167

178

—

116

106

134

116

115

—

– surface

Year 2021

Year 2020

—

– total

Year 2021

Year 2020

107

101

134

116

115

Gold Fields Results

2021

Review of Operations

Quarter ended 31 December 2021 compared with
quarter ended 30 September 2021

Figures may not add as they are rounded independently.

South Africa region

South Deep

Dec

2021

Sept

2021

Variance

Ore mined

000

tonnes

375

419

(11)%

Waste mined

000

tonnes

(12)%

Total tonnes

000

tonnes

428

479

(11)%

Grade mined –

underground reef

g/t

6.66

6.73

(1)%

Grade mined –

underground total

g/t

5.83

5.88

(1)%

Gold mined

2,499

2,820

(11)%

000’oz

80.3

90.7

(11)%

Destress

9,494

11,732

(19)%

Development

1,447

1,640

(12)%

Secondary support

3,814

4,343

(12)%

Backfill

93,949

83,475

13%

Ore milled –

underground reef

000

tonnes

354

430

(18)%

Ore milled –

underground waste

000

tonnes

18%

Ore milled – surface

000

tonnes

288

280

Total tonnes milled

000

tonnes

695

755

(8)%

Yield – underground reef

g/t

6.65

6.30

Surface yield

g/t

0.11

0.13

(15)%

Total yield

g/t

3.44

3.63

(5)%

Gold produced

2,387

2,744

(13)%

000’oz

76.8

88.2

(13)%

Gold sold

2,387

2,847

(16)%

000’oz

76.8

91.5

(16)%

AISC

R/kg

691,362 542,660

27%

US$/oz

1,401

1,155

21%

AIC

R/kg

730,076 567,550

29%

US$/oz

1,479

1,208

22%

Sustaining capital

expenditure

468.1

260.9

79%

US$m

31.1

17.9

74%

Non-sustaining capital

expenditure

92.4

70.9

30%

US$m

6.0

4.8

25%

Total capital expenditure

560.5

331.8

69%

US$m

37.1

22.7

63%

As previously guided, gold production decreased by 13% to 2,387kg
(76,800oz) in the December quarter from 2,744kg (88,200oz) in the
September quarter as a result of lower volumes mined due to fewer
shifts worked as a result of the planned maintenance shutdown in the
December month as well as the Christmas break. Critical maintenance
work was carried out on the main shaft infrastructure limiting hoisting
capacity. Total tonnes mined and gold mined were impacted by the
same reasons and decreased by 11% to 428kt in the December quarter
from 479kt in the September quarter and by 11% to 2,499kg (80,300oz)
in the December quarter from 2,820kg (90,700oz) in the September
quarter, respectively.

Reef yield increased by 6% to 6.65g/t in the December quarter from
6.30g/t in the September quarter due to an increase in broken reef
grade mainly as a result of higher grades in destress area and improved
underground recoveries.

Total underground tonnes milled decreased by 14% to 407kt in the
December quarter from 475kt in the September quarter in line with the
decrease in total tonnes broken, mined and hoisted. Surface tonnes

milled increased by 3% to 288kt in the December quarter from 280kt in
the September quarter as treatment of surface tonnes was temporally
slowed down in September quarter due to cyanide shortages.

Development decreased by 12% to 1,447 metres in the December
quarter from 1,640 metres in the September quarter and similarly
destress decreased by 19% to 9,494m² in the December quarter from
11,732m² in the September quarter as fewer shifts were worked in
the December quarter due to the maintenance shutdown and the
Christmas break.

Secondary support installed decreased by 12% to 3,814 metres in the
December quarter from 4,343 metres in the September quarter, which is
in line with reduced development and destress performance. Backfill
increased by 13% to 93,949m

in the December quarter from 83,475m

in the September quarter due to the increase in number of stopes
available for backfilling.

All-in cost increased by 29% to R730,076/kg (US$1,479/oz) in the
December quarter from R567,550/kg (US$1,208/oz) in the September
quarter mainly due to a decrease in gold sold and an increase in capital
expenditure (solar plant and equipment deliveries), partially offset by
the decrease in operational expenditure compared to the September
quarter.

Total capital expenditure increased by 69% to R561m (US$37m) in the
December quarter from R332m (US$23m) in the September quarter.

Sustaining capital expenditure increased by 79% to R468m (US$31m)
in the December quarter from R261m (US$18m) in the September
quarter mainly due to the delivery of equipment, solar plant expenditure,
Doornpoort tailings storage facility expansion and underground mobile
equipment delivered in the December quarter.

Non-sustaining capital expenditure increased by 30% to R92m (US$6m)
in the December quarter from R71m (US$5m) in the September quarter
due to an increase in new mine infrastructure projects (conveyors,
crushers, and backfill pipe installations).

West Africa region

Ghana

Tarkwa

Dec

2021

Sept

2021

Variance

Ore mined

000

tonnes

3,545

3,034

17%

Waste (Capital)

000

tonnes

9,504

15,361

(38)%

Waste (Operational)

000

tonnes

8,111

5,736

41%

Total waste mined

000

tonnes

17,615

21,097

(17)%

Total tonnes mined

000

tonnes

21,160

24,131

(12)%

Strip ratio

waste/

ore

5.0

7.0

(29)%

Grade mined

g/t

1.31

1.36

(4)%

Gold mined

000’oz

149.8

132.9

13%

Tonnes milled

000

tonnes

3,401

3,493

(3)%

Yield

g/t

1.18

1.21

(2)%

Gold produced

000’oz

129.1

135.7

(5)%

Gold sold

000’oz

129.1

135.7

(5)%

AISC

US$/oz

1,127

1,091

AIC

US$/oz

1,127

1,091

Sustaining capital

expenditure

US$m

45.8

55.4

(17)%

Non-sustaining capital

expenditure

US$m

—

—%

Total capital expenditure

US$m

45.8

55.4

(17)%

Gold production decreased by 5% to 129,100oz in the December
quarter from 135,700oz in the September quarter due to lower tonnes
processed and lower yield. Yield decreased by 2% to 1.18g/t in the
December quarter from 1.21g/t in the September quarter due to lower
grade ore mined and processed. In the December quarter, 0.5Mt
stockpiles at 0.84g/t were processed compared with 0.5Mt stockpiles at
0.85g/t in the September quarter, while ex-pit ore processed in the

Gold Fields Results

2021

December quarter was 2.9Mt at 1.31g/t compared with 3Mt at 1.35g/t in
the September quarter.

Total tonnes mined, including capital waste stripping, decreased by 12%
to 21.2Mt in the December quarter from 24.1Mt in the September
quarter in line with the mining sequence. Ore mined increased by 17%
to 3.5Mt in the December quarter from 3.0Mt in the September quarter
due to increased ore mining from Kobada and Teberebie pits. Capital
waste stripped decreased by 38% to 9.5Mt in December quarter from
15.4Mt in the September quarter in line with the 2021 production
schedule. Operational waste increased by 41% to 8.1Mt in the
December quarter from 5.7Mt in the September quarter in line with the
increased ore tonnes mined. Strip ratio decreased by 29% to 5.0 in the
December quarter from 7.0 in the September quarter due to the lower
capital strip in line with the mining schedule. Gold mined increased by
13% to 149.8koz in the December quarter from 132.9koz in the
September quarter due to higher ore tonnes mined.

Tonnes processed decreased by 3% to 3,401kt in the December quarter
from 3,493kt in the September quarter due to downtime on the SAG mill
as a result of a motor change out and the replacement of a torn mill feed
conveyor.

All-in cost increased by 3% to US$1,127/oz in the December quarter
from US$1,091/oz in the September quarter due to higher cost of sales
before amortisation and depreciation as a result of higher operational
tonnes mined and lower gold sold, partially offset by lower capital
expenditure.

Capital expenditure decreased by 17% to US$46m in the December
quarter from US$55m in the September quarter mainly due to lower
capital waste tonnes mined.

Damang

Dec

Sept

2021

2021 Variance

Ore mined

Waste (Capital)

Waste (Operational)

Total waste mined

Total tonnes mined

Strip ratio
Grade mined
Gold mined

Tonnes milled
Yield

Gold produced
Gold sold
AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital expenditure

000

tonnes

000

tonnes

000

tonnes

000

tonnes

000

tonnes

waste/

ore

g/t

000’oz

000

tonnes

g/t

000’oz
000’oz
US$/oz
US$/oz

US$m

US$m
US$m

2,046

1,948

810

173

368%

3,672

3,570

4,482

3,743

20%

6,528

5,691

15%

2.2

1.9

16%

1.54

1.40

10%

101.4

87.8

15%

1,201

1,167

1.67

1.50

11%

64.5

56.4

14%

64.5

56.4

14%

885

823

915

879

7.3

4.3

70%

0.2

1.5

(87)%

7.5

5.8

29%

Gold production increased by 14% to 64,500oz in the December quarter
from 56,400oz in the September quarter due to higher yield and mill
throughput. Yield increased by 11% to 1.67g/t in the December quarter
from 1.50g/t in the September quarter due to higher mined and feed
grade.

Total tonnes mined increased by 15% to 6.5Mt in the December quarter
from 5.7Mt in the September quarter. Ore tonnes mined increased by
5% to 2.0Mt in the December quarter from 1.9Mt in the September
quarter in line with the strategy to mine more ore and preferentially
process higher grade ore and stockpile lower grade material. Mined
grade increased by 10% to 1.54g/t in the December quarter from 1.40g/t

in the September quarter due to mining in more consistent mineralised
ore zones within the Banket Conglomerate and Banket Footwall
sandstone of DPCB. Operational waste tonnes mined increased by 3%
to 3.7Mt in the December quarter from 3.6Mt in the September quarter
in line with the higher volumes mined. Capital waste mined increased by
368% to 0.8Mt in the December quarter from 0.2Mt in the September
quarter due to the increased mining rate at the Huni pit.

Strip ratio increased by 16% to 2.2 in the December quarter from 1.9 in
the September quarter due to the increased waste stripping in the
Huni pit.

All-in cost increased by 4% to US$915/oz in the December quarter from
US$879/oz in the September quarter mainly due to higher capital
expenditure on the Huni waste stripping and higher cost of sales before
amortisation and depreciation, partially offset by higher gold sales.

Total capital expenditure increased by 29% to US$8m in the December
quarter from US$6m in the September quarter. Sustaining capital
expenditure increased by 70% to US$7m in the December quarter from
US$4m in the September quarter due to expenditure on Huni waste
stripping. Non-sustaining capital expenditure decreased by 87% to
US$0m in the December quarter from US$2m in the September quarter
due to timing of the spend on the Far East Tailings Storage Facility
(FETSF) stage 3 raise.

Asanko (Equity accounted Joint Venture)

Dec

Sept

2021

2021 Variance

Ore mined

Waste (Capital)

Waste (Operational)

Total waste mined

Total tonnes mined

Strip ratio
Grade mined
Gold mined

Tonnes milled
Yield

Gold produced
Gold sold
AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital expenditure

000

tonnes

000

tonnes

000

tonnes

000

tonnes

000

tonnes

waste/

ore

g/t

000’oz

000

tonnes

g/t

000’oz
000’oz
US$/oz
US$/oz

US$m

US$m
US$m

1,623

1,464

11%

517

559

(8)%

8,235

9,458

(13)%

8,752

10,017

(13)%

10,375

11,481

(10)%

5.4

6.8 (21)%

1.24

1.33 (7)%

64.9

62.7 4%

1,472

1,542 (5)%

1.06

1.00 6%

50.3

49.5 2%

51.4

48.4 6%

1,539

1,598 (4)%

1,680

1,697 (1)%

7.3

11.0

(34)%

5.0

1.4 257%

12.3

12.4 (1)%

All figures in table on a 100% basis.

Gold production increased by 2% to 50,300oz (100% basis) in the
December quarter from 49,500oz (100% basis) in the September
quarter mainly due to higher yield. The higher yield is mainly due to
slightly improved plant recovery as a lower volume of the transition ore
characterised by high organic carbon content was treated. The mill feed
in the December quarter was sourced primarily from Esaase pit,
Akwasiso cut 3 and lower grade stockpiles.

Total tonnes mined decreased by 10% to 10.4Mt in the December
quarter from 11.5Mt in the September quarter. Waste tonnes mined
decreased by 13% to 8.8Mt in the December quarter from 10.0Mt in the
September quarter due to a reduced strip ratio at Esaase pit. Ore tonnes
mined increased by 11% to 1.6Mt in the December quarter from 1.5Mt
in the September quarter with ore tonnes sourced primarily from the
Esaase pit. Continued stripping at Akwasiso cut 3 during the December
quarter assisted to contribute some ore to the plant.

Gold Fields Results

2021

All-in cost decreased by 1% to US$1,680/oz in the December quarter
from US$1,697/oz in the September quarter mainly due to higher
gold sold.

Total capital expenditure was similar at US$12m in the December
quarter.

Sustaining capital expenditure decreased by 34% to US$7m in the
December quarter from US$11m in the September quarter mainly
due to a lower charge back from deferred striping. Non-sustaining
capital expenditure increased by 257% to US$5m in the December
quarter from US$1m in the September quarter mainly due to timing
of expenditure on Akwasiso Cut 3, Obotan Water treatment plant
and others.

South America region

Peru

Cerro Corona

Dec

2021

Sept

2021

Variance

Ore mined

000

tonnes

3,047

2,880

Waste mined

000

tonnes

3,167

5,705

(44)%

Total tonnes mined

000

tonnes

6,214

8,585

(28)%

Grade mined – gold

g/t

0.78

0.77

Grade mined – copper

per cent

0.43

0.42

Gold mined

000’oz

76.6

71.3

Copper mined

000

tonnes

13,015

12,038

Tonnes milled

000

tonnes

1,736

1,746

(1)%

Gold recovery

per cent

71.4

64.7

10%

Copper recovery

per cent

89.1

87.0

Yield – Gold

g/t

0.72

0.60

20%

– Copper

per cent

0.46

0.42

10%

– Combined

eq g/t

1.43

1.24

15%

Gold produced

000’oz

38.4

32.3

19%

Copper produced

tonnes

7,617

7,083

Total equivalent gold
produced

000’

eq oz

79.6

69.4

15%

Total equivalent gold
sold

000’

eq oz

85.0

59.9

42%

AISC

US$/oz

(138)

(675)%

AISC

US$/

eq oz

853

805

AIC

US$/oz

342

(82)%

AIC

US$/

eq oz

953

951

—%

Sustaining capital

expenditure

US$m

11.6

9.0

29%

Non-sustaining capital

expenditure

US$m

7.9

8.5

(7)%

Total capital expenditure

US$m

19.5

17.5

11%

Gold equivalent production increased by 15% to 79,600oz in the
December quarter from 69,400oz in the September quarter mainly due
to higher gold and copper grades and higher gold and copper recoveries
as a result of better metallurgical conditions.

Total tonnes mined decreased by 28% to 6.2Mt in the December quarter
from 8.6Mt in the September quarter mainly due to a decrease in waste
mined of 44% to 3.2Mt in the December quarter from 5.7Mt in the
September quarter. This was partially offset by an increase in ore mined
of 6% to 3.0Mt in the December quarter from 2.9Mt in the September
quarter. The decrease in total tonnes mined is in line with the
mining schedule, considering the start of the rainy season during the
December quarter.

Gold and copper grades mined increased by 1% and 2% respectively, in
line with the revised mining sequence following the slope instability
issue in the eastern section of the pit in H1 2021. Consequently, gold
yield increased by 20% to 0.72g/t in the December quarter from 0.60g/t
in the September quarter and copper yield increased by 10% to 0.46%
in the December quarter from 0.42% in the September quarter, both
explained by an increase in grades processed and recoveries.

Total equivalent gold sold increased by 42% to 85,000oz in the
December quarter from 59,900oz in the September quarter mainly due
to higher gold and copper production and lower concentrate stock at the
end of December due to the sales schedule.

All-in cost per gold ounce sold decreased by 82% to US$63/oz in the
December quarter from US$342/oz in the September quarter mainly
explained by a higher copper by-product credit due to a higher copper
price and higher copper sold, as well as higher gold ounces sold,
partially offset by higher cost of sales before amortisation and
depreciation and higher capital expenditure. All-in cost per equivalent
ounce increased marginally to US$953 per equivalent ounce in the
December quarter from US$951 per equivalent ounce in the September
quarter.

Unplanned COVID-19 related expenditure amounted US$2.2m in the
December quarter compared to US$2.8m in the September quarter.

Total capital expenditure increased by 11% to US$20m in the December
quarter from US$18m in the September quarter.

Sustaining capital expenditure increased by 29% to US$12m in the
December quarter from US$9m in the September quarter mainly due to
the replacement of the crusher in the process plant and land acquisition
near the east wall of the pit. Non-sustaining capital expenditure
decreased by 7% to US$8m in the December quarter from US$9m in
the September quarter due to lower construction activities at the Arpon
and Ana waste storage facilities, mainly explained by the rainy season.

Chile

Salares Norte

Salares Norte construction continued to be impacted by the indirect
effects of COVID-19 during Q4 2021, with work force availability being a
challenge. Despite this, the total project progressed 12.3% during the
quarter, slightly behind plan of 14.0% but improving on the 8.3%
achieved in Q3 2021.

US$109.7m was spent on the project during the December quarter,
comprised of US$134.3m in capex, US$9.9m in exploration and
US$6.0m in other costs, partially offset by a US$38.7m release of
working capital and a credit of US$1.8m from the realised portion of the
FX hedge.

Good progress was made with construction of the processing plant
during Q4 2021. The SAG and Ball mill shells and heads were installed
during the quarter, with the gear installation now underway. Structural
steel installation at the grinding area continued during Q4 and the bridge
crane was commissioned. The installation of all leaching tanks and
some of the CIP tanks progressed during the December quarter. The
steel structures and tank plates of all of the thickeners were completed
by the end of the year and the installation of the mechanical components
is underway.

Pre-stripping of the Brecha Principal pit continued to track slightly ahead
of plan during Q4 2021, with 10.1Mt moved compared to 6.6Mt in the
previous quarter.

US$9.9m was spent on district exploration during the December quarter
compared to US$4.7m spent in the September quarter. Total metres
drilled in the December quarter were 9,105 metres compared to
3,244 metres drilled in the September quarter.

In December 2021, Gold Fields was informed by the Chilean regulators
that they had begun sanction proceedings against Salares Norte
regarding the authorities.chinchilla relocation process. We continue to
collaborate with the authorities to resolve the sanction proceedings and
ensure that the relocation process can commence. Importantly, the
delay in the relocation does not in any way affect the construction
schedule at Salares Norte.

Gold Fields Results

2021

Australia region

St Ives

Dec

Sept

2021

2021 Variance

Underground

Ore mined

Waste mined

Total tonnes mined
Grade mined

Gold mined

Surface

Ore mined

Surface waste (Capital)
Surface waste
(Operational)

Total waste mined

Total tonnes mined
Grade mined

Gold mined

Strip ratio

Total (Underground
and Surface)

Total ore mined
Total grade mined

Total tonnes mined
Total gold mined

Tonnes milled

Yield – underground
Yield – surface
Yield – combined
Gold produced

Gold sold

AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital
expenditure

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz

000

tonnes

000

tonnes

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz
waste/

ore

000

tonnes

g/t

000

tonnes

000’oz

000

tonnes

g/t
g/t
g/t

000’oz

A$/oz

US$/oz

A$/oz

US$/oz

A$m

US$m

A$m

US$m

A$m

US$m

453

514

(12)%

244

224

697

738 (6)%

4.92

5.01 (2)%

71.7

82.9 (14)%

295

474

(38)%

801

1,500

(47)%

303

537

(44)%

1,104

2,037

(46)%

1,399

2,511 (44)%

1.91

1.79 7%

18.1

27.3 (34)%

3.7

4.3

(14)%

748

988 (24)%

3.74

3.47 8%

2,096

3,250 (36)%

89.8

110.2 (19)%

1,015

1,025 (1)%

4.93

4.28 15%

1.44

1.53 (6)%

3.39

2.85 19%

110.5

94.0 18%

108.6

94.0 16%

1,339

1,302 3%

978

955 2%

1,387

1,358 2%

1,013

996 2%

29.0

31.7 (9)%

21.1

23.3 (9)%

5.2

5.2

—%

3.8

3.9 (3)%

34.2

36.9 (7)%

24.9

27.2 (8)%

Gold production increased by 18% to 110,500oz in the December
quarter from 94,000oz in the September quarter due to increased yield
of underground ore processed.

Ore mined from the underground mines decreased by 12% to 453,000t
in the December quarter from 514,000t in the September quarter in line
with the planned mining schedule.

Gold mined decreased by 14% to 71,700oz in the December quarter
from 82,900oz in the September quarter due to lower ore tonnes and
grade mined.

In the open pits, ore mined decreased by 38% to 295,000t in the
December quarter from 474,000t in the September quarter with the
completion of ore mining from the Delta Island open pit at the end of
December.

Capital waste tonnes mined decreased by 47% to 801,000t in the
December quarter from 1,500,000t in the September quarter following
the completion of pre-stripping of Delta Island open pit at the end of the
September quarter and commencement of pre-strip activities at
Neptune stage 7 in the December quarter.

Operational waste tonnes mined decreased by 44% to 303,000t in the
December quarter from 537,000t in the September quarter following
reduced tonnes mined at Delta Island open pit in the December quarter,
as the pit neared the end of its life.

As a result of the decrease in open pit ore and waste mined, gold mined
in the open pits decreased by 34% to 18,100oz in the December quarter
from 27,300oz in the September quarter. With the Delta Island pit being
completed and significant stockpiles being available, some of the open
pit mining fleet was utilised in undertaking progressive rehabilitation of
historical waste dumps and causeways.

All-in cost increased by 2% to A$1,387/oz (US$1,013/oz) in the
December quarter from A$1,358/oz (US$996/oz) in the September
quarter due to increased cost of sales before amortisation and
depreciation as a result of a gold inventory charge to cost of A$13.7m
(US$10.3m) in the December quarter with less ore mined than
processed, compared with a gold inventory credit to cost of A$17.3m
(US$13.2m) in the September quarter with more ore mined than
processed. This increased cost of sales before amortisation and
depreciation was partially offset by increased gold sales and lower
capital expenditure.

Total capital expenditure decreased by 7% to A$34m (US$25m) in the
December quarter from A$37m (US$27m) in the September quarter.

Sustaining capital expenditure decreased by 9% to A$29m (US$21m) in
the December quarter from A$32m (US$23m) in the September quarter
due to a decrease in exploration drilling during the December quarter.

Non-sustaining capital expenditure in the December quarter was similar
at A$5m (US$4m).

Agnew

Dec

Sept

2021

2021 Variance

Underground ore mined
Underground waste
mined

Total tonnes mined
Grade mined –
underground

Gold mined

Tonnes milled
Yield

Gold produced
Gold sold

AISC

AIC

Sustaining capital
expenditure

Non-sustaining capital
expenditure

Total capital
expenditure

000

tonnes

000

tonnes

000

tonnes

g/t

000’oz

000

tonnes

g/t

000’oz
000’oz

A$/oz

US$/oz

A$/oz

US$/oz

A$m

US$m

A$m

US$m

A$m

US$m

266

260

208

220

(5)%

474

480

(1)%

7.11

6.11 16%

60.8

51.2 19%

320

307 4%

5.58

5.44 3%

57.5

53.8 7%

57.1

53.1 8%

1,500

1,651 (9)%

1,091

1,214 (10)%

1,782

1,800 (1)%

1,299

1,322 (2)%

18.1

20.4 (11)%

13.1

15.0 (13)%

16.1

7.9 104%

11.9

5.8 105%

34.2

28.3 21%

25.0

20.8 20%

Gold production increased by 7% to 57,500oz in the December quarter
from 53,800oz in the September quarter due to increased grade of ore
mined and processed and an increase in tonnes milled.

Mined grade increased by 16% to 7.11g/t in the December quarter from
6.11g/t in the September quarter with high grade ore mined from the
Kath Lode area at Waroonga during the December quarter. As a result
of the increase in grade, gold mined increased by 19% to 60,800oz in
the December quarter from 51,200oz in the September quarter.

Gold Fields Results

2021

Dec

2021

Sept %

2021 Variance

Underground ore mined

000

tonnes

424

404

Underground waste
mined

000

tonnes

240

278

(14)%

Total tonnes mined

000

tonnes

664

682

(3)%

Grade mined –
underground

g/t

6.01

6.69

(10)%

Gold mined

000’oz

81.9

87.0

(6)%

Tonnes milled

000

tonnes

438

400

10%

Yield

g/t

5.62

6.13

(8)%

Gold produced

000’oz

79.1

78.9

—%

Gold sold

000’oz

79.1

82.0

(4)%

AISC

A$/oz

1,378

1,186

16%

US$/oz

1,007

873

15%

AIC

A$/oz

1,550

1,378

12%

US$/oz

1,133

1,015

12%

Sustaining capital
expenditure

A$m

29.3

22.5

30%

US$m

21.6

16.7

29%

Non-sustaining capital
expenditure

A$m

13.6

15.7

(13)%

US$m

9.9

11.7

(15)%

Total capital expenditure

A$m

42.9

38.2

12%

US$m

31.5

28.4

11%

Dec

2021

Sept

2021 Variance

All-in cost decreased by 1% to A$1,782/oz (US$1,299/oz) in the
December quarter from A$1,800/oz (US$1,322/oz) in the September
quarter due to increased gold sold, partially offset by higher capital
expenditure.

Total capital expenditure increased by 21% to A$34m (US$25m) in the
December quarter from A$28m (US$21m) in the September quarter.

Sustaining capital expenditure decreased by 11% to A$18m (US$13m)
in the December quarter from A$20m (US$15m) in the September
quarter due to lower mine development at Waroonga. Non-sustaining
capital expenditure increased by 104% to A$16m (US$12m) in the
December quarter from A$8m (US$6m) in the September quarter with
increased expenditure on the mill crushing circuit expansion.

Granny Smith

Gruyere

Mine physicals and AIC in table on a 100% basis

Ore mined

000

tonnes

3,164

2,591

22%

Waste (Capital)

000

tonnes

6,602

6,432

Waste (Operational)

000

tonnes

939

1,384

(32)%

Total waste mined

000

tonnes

7,541

7,816

(4)%

Total tonnes mined

000

tonnes

10,705

10,407

Grade mined

g/t

1.00

0.88

14%

Gold mined

000’oz

101.2

73.5

38%

Strip ratio

waste/

ore

2.4

3.0

(20)%

Tonnes milled

000

tonnes

2,236

2,101

Yield

g/t

0.94

0.88

Gold produced

000’oz

67.8

59.4

14%

Gold sold

000’oz

66.9

60.7

10%

AISC

A$/oz

1,453

1,716

(15)%

US$/oz

1,058

1,267

(16)%

AIC

A$/oz

1,465

1,736

(16)%

US$/oz

1,067

1,281

(17)%

Capital in table on a 50% basis
Sustaining capital
expenditure – 50% basis

A$m

14.5

14.2

US$m

10.5

10.5

—%

Non-sustaining capital
expenditure – 50% basis

A$m

0.4

0.6

(33)%

US$m

0.3

0.4

(25)%

Total capital expenditure
– 50% basis

A$m

14.9

14.8

US$m

10.8

10.9

(1)%

Gold production increased by 14% to 67,800oz in the December quarter
from 59,400oz in the September quarter due to increased tonnes milled
as well as an increase in grade of ore processed.

Gold production in the December quarter was 79,100oz, similar to gold
production of 78,900oz in the September quarter.

Underground waste mined decreased by 14% to 240kt in the December
quarter from 278kt in the September quarter due to decreased
development in zones Z60-100 and Z120.

Grade mined decreased by 10% to 6.01g/t in the December quarter
from 6.69g/t in the September quarter due to decreased development
and stoping grades in zones Z110 and Z120.

Tonnes milled increased by 10% to 438kt in the December quarter from
400kt in the September quarter due to increased availability of fresh
rock from underground, combined with 14kt of ore processed from
existing stockpiles.

All-in cost increased by 12% to A$1,550/oz (US$1,133/oz) in the
December quarter from A$1,378/oz (US$1,015/oz) in the September
quarter due to increased production cost (increased ore mined and
processed), lower gold sold and increased capital expenditure.

Total capital expenditure increased by 12% to A$43m (US$32m) in the
December quarter from A$38m (US$28m) in the September quarter.

Sustaining capital expenditure increased by 30% to A$29m (US$22m)
in the December quarter from A$23m (US$17m) in the September
quarter, with A$6m (US$4m) spent on new mobile equipment in the
December quarter (September quarter – Nil). Non-sustaining capital
expenditure decreased by 13% to A$14m (US$10m) in the December
quarter from A$16m (US$12m) in the September quarter due to
decreased expenditure on the second decline.

from stage 3 of the Gruyere pit.

Operational waste tonnes mined decreased by 32% to 0.94Mt in the
December quarter from 1.38Mt in the September quarter due to less
waste mined from stage 2 of the Gruyere pit.

Grade mined increased by 14% to 1.00g/t in the December quarter from
0.88g/t in the September quarter driven by an increase in grade of ore
mined from stage 2 of the Gruyere pit.

As a result of the increased ore mined and the increase in grade, gold
mined increased by 38% to 101,200oz in the December quarter from
73,500oz in the September quarter.

All-in cost decreased by 16% to A$1,465/oz (US$1,067/oz) in the
December quarter from A$1,736/oz (US$1,281/oz) in the September
quarter due to increased gold sold and a GIP credit of A$6m (US$5m) in
the December quarter compared to a credit of A$1m (US$1m) in the
September quarter.

Total capital expenditure (on a 50% basis) increased by 1% to A$15m
(US$11m) in the December quarter from A$15m (US$11m) in the
September quarter. Sustaining capital expenditure (on a 50% basis)
increased by 2% to A$15m (US$11m) in the December quarter from
A$14m (US$11m) in the September quarter due to timing of expenditure
relating to the tailings storage facility. Non-sustaining capital expenditure
decreased by 33% to nil in the December quarter from A$1m (US$0m)
in the September quarter.

Ore mined increased by 22% to 3.16Mt in the December quarter from

2.59Mt in the September quarter with 0.62Mt of additional ore mined

Gold Fields Results

2021

Salient Features and Cost Benchmarks

United States Dollars

Figures are in millions
unless otherwise stated

Total

Mine

operations and

projects

including

equity

accounted

Joint Venture

Total

Mine

operations and

projects

excluding

equity

accounted

Joint Venture

South

African
Region

West Africa

Region

South

America

Region

Ghana

Peru

Chile

South

Deep

Asanko

Total Tarkwa

Damang 45%

Cerro

Corona

Salares

Norte

Project

Operating results

Dec 2021

10,586

9,924

695

5,265

3,401

1,201

663

1,736

—

Ore milled/treated

(000 tonnes)

Sept 2021

10,638

9,944

755

5,354

3,493

1,167

694

1,746

—

Dec 2020

10,700

10,053

741

5,304

3,452

1,205

647

1,680

—

Dec 2021

1.9

2.0

3.4

1.3

1.2

1.7

1.1

1.4

—

Yield (grams per tonne)

Sept 2021

1.8

1.9

3.6

1.2

1.5

1.0

1.2

—

Dec 2020

1.8

2.6

1.3

1.1

1.9

1.4

0.9

—

Dec 2021

653.6

630.9

76.8

216.2

129.1

64.5

22.6

79.6

—

Gold produced (000 managed

equivalent ounces)

Sept 2021

628.4

606.1

88.2

214.4

135.7

56.4

22.3

69.4

—

Dec 2020

613.0

583.4

61.5

230.1

127.2

73.3

29.5

47.9

—

Gold produced (000 attributable
equivalent ounces)

Dec 2021

Sept 2021

Dec 2020

631.1

605.7

592.6

608.4

583.4

563.1

74.0

85.1

61.5

196.9

195.2

210.0

116.2

122.1

114.5

58.0

50.8

66.0

22.6

22.3

29.5

79.2

69.1

47.7

—

Dec 2021

656.8

633.6

76.8

216.7

129.1

64.5

23.1

85.0

—

Gold sold (000 managed

equivalent ounces)

Sept 2021

624.9

603.1

91.5

213.9

135.7

56.4

21.8

59.9

—

Dec 2020

625.7

598.4

63.2

227.9

127.2

73.3

27.3

51.9

—

Cost of sales before amortisation
and depreciation (million)

Dec 2021

Sept 2021

Dec 2020

(457.5)

(427.5)

(405.8)

(429.5)

(400.7)

(384.3)

(71.4)

(85.7)

(67.0)

(147.6)

(134.9)

(118.6)

(79.6)

(73.2)

(57.2)

(40.0)

(34.9)

(40.0)

(28.0)

(26.9)

(21.4)

(51.0)

(33.4)

(47.6)

—

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

Dec 2021

Sept 2021

Dec 2020

109

112

—

Dec 2021

(165.4)

(162.1)

(31.1)

(56.4)

(45.8)

(7.3)

(3.3)

(11.6)

—

Sustaining capital (million)

Sept 2021

(157.0)

(152.1)

(17.9)

(64.7)

(55.4)

(4.3)

(4.9)

(9.0)

—

Dec 2020

(128.2)

(123.8)

(22.1)

(47.4)

(38.2)

(4.9)

(4.4)

(9.6)

—

Dec 2021

(176.6)

(174.4)

(6.0)

(2.4)

—

(0.2)

(2.2)

(7.9)

(134.3)

Non-sustaining capital (million)

Sept 2021

(144.8)

(144.2)

(4.8)

(2.2)

—

(1.5)

(0.7)

(8.5)

(107.5)

Dec 2020

(79.1)

(73.5)

(3.2)

(5.6)

—

(5.6)

(8.4)

(54.8)

Dec 2021

(342.0)

(336.5)

(37.1)

(58.8)

(45.8)

(7.5)

(5.5)

(19.5)

(134.3)

Total capital expenditure (million)

Sept 2021

(301.8)

(296.3)

(22.7)

(66.9)

(55.4)

(5.8)

(5.6)

(17.5)

(107.5)

Dec 2020

(207.3)

(197.3)

(25.3)

(53.0)

(38.2)

(4.9)

(10.0)

(18.0)

(54.8)

Dec 2021

1,016

995

1,401

1,099

1,127

885

1,539

(138)

—

All-in sustaining costs (dollar per

ounce)

Sept 2021

1,013

990

1,155

1,072

1,091

823

1,598

—

Dec 2020

964

954

1,443

962

996

824

1,174

513

—

Dec 2021

1,090

1,067

1,479

1,123

1,127

915

1,680

—

Total all-in cost (dollar per ounce)

Sept 2021

1,081

1,058

1,208

1,097

1,091

879

1,697

342

—

Dec 2020

1,007

988

1,494

991

996

824

1,418

834

—

Average exchange rates were US$1 = R15.43, US$1 = R14.63 and US$1 = R15.61 for the December 2021, September 2021 and December 2020 quarters, respectively.

The Australian/US Dollar exchange rates were A$1 = US$0.73, A$1 = US$0.74 and A$1 = US$0.73 for the December 2021, September 2021 and December 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$0.4m and US$2.1m (100% basis US$0.8m and US$4.7m) for the December 2021 and September 2021 quarters, respectively.

Gold Fields Results

2021

Salient Features and Cost Benchmarks continued

United States Dollars Australian

Dollars

South

African

Rand

Figures are in millions
unless otherwise stated

Australia

Region

Australia

Region

South

Africa
Region

Australia

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

South

Deep

Operating results

Dec 2021

2,891

1,015

320

438

1,118

2,891

1,015

320

438

1,118

695

Ore milled/treated

(000 tonnes)

Sept 2021

2,783

1,025

307

400

1,051

2,783

1,025

307

400

1,051

755

Dec 2020

2,974

1,180

324

417

1,053

2,974

1,180

324

417

1,053

741

Dec 2021

3.0

3.4

5.6

0.9

3.0

3.4

5.6

0.9

3.4

Yield (grams per tonne)

Sept 2021

2.9

5.4

6.1

0.9

2.9

5.4

6.1

0.9

3.6

Dec 2020

2.9

2.8

6.3

5.0

1.0

2.9

2.8

6.3

5.0

1.0

2.6

Dec 2021

281.0

110.5

57.5

79.1

33.9

281.0

110.5

57.5

79.1

33.9

2,387

Gold produced (000 managed

equivalent ounces)

Sept 2021

256.3

94.0

53.8

78.9

29.7

256.3

94.0

53.8

78.9

29.7

2,744

Dec 2020

273.4

106.4

65.3

66.4

35.4

273.4

106.4

65.3

66.4

35.4

1,914

Dec 2021

281.0

110.5

57.5

79.1

33.9

281.0

110.5

57.5

79.1

33.9

2,302

Gold produced (000 attributable

equivalent ounces)

Sept 2021

256.3

94.0

53.8

78.9

29.7

256.3

94.0

53.8

78.9

29.7

2,646

Dec 2020

273.4

106.4

65.3

66.4

35.4

273.4

106.4

65.3

66.4

35.4

1,914

Dec 2021

278.2

108.6

57.1

79.1

33.5

278.2

108.6

57.1

79.1

33.5

2,387

Gold sold (000 managed equivalent

ounces)

Sept 2021

259.5

94.0

53.1

82.0

30.4

259.5

94.0

53.1

82.0

30.4

2,847

Dec 2020

282.8

109.8

69.6

68.8

34.6

282.8

109.8

69.6

68.8

34.6

1,965

Cost of sales before amortisation and
depreciation (million)

Dec 2021

Sept 2021

Dec 2020

(187.5)

(173.6)

(172.6)

(76.6)

(60.4)

(62.3)

(41.2)

(42.6)

(43.2)

(49.8)

(46.9)

(47.3)

(19.9)

(23.7)

(19.9)

(257.0)

(236.2)

(237.6)

(104.7)

(82.4)

(85.6)

(56.6)

(57.9)

(59.3)

(68.3)

(63.8)

(65.3)

(27.4)

(32.0)

(27.3)

(1,107.2)

(1,252.5)

(1,055.4)

Cost of sales before gold inventory

Dec 2021

135

112

186

153

1,694

change and amortisation and

Sept 2021

134

112

182

152

1,638

depreciation (dollar per tonne)

Dec 2020

123

111

168

152

1,429

Dec 2021

(66.3)

(21.1)

(13.1)

(21.6)

(10.5)

(90.9)

(29.0)

(18.1)

(29.3)

(14.5)

(468.1)

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)

Dec 2020

(49.1)

(17.2)

(9.7)

(13.7)

(8.4)

(67.6)

(23.7)

(13.2)

(18.9)

(11.7)

(357.1)

Dec 2021

(25.9)

(3.8)

(11.9)

(9.9)

(0.3)

(35.3)

(5.2)

(16.1)

(13.6)

(0.4)

(92.4)

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)

Dec 2020

(7.1)

(3.0)

(1.0)

(2.7)

(0.4)

(9.3)

(4.1)

(1.2)

(3.4)

(0.6)

(52.3)

Dec 2021

(92.2)

(24.9)

(25.0)

(31.5)

(10.8)

(126.2)

(34.2)

(42.9)

(14.9)

(560.5)

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)

Dec 2020

(56.2)

(20.2)

(10.7)

(16.4)

(8.8)

(76.9)

(27.8)

(14.4)

(22.3)

(12.3)

(409.4)

Dec 2021

1,019

978

1,091

1,007

1,058

1,397

1,339

1,500

1,378

1,453

691,362

All-in sustaining costs (dollar per ounce)

Sept 2021

1,018

955

1,214

873

1,267

1,386

1,302

1,651

1,186

1,716

542,660

Dec 2020

903

816

893

1,023

960

1,243

1,123

1,226

1,413

1,324

734,814

Dec 2021

1,112

1,013

1,299

1,133

1,067

1,524

1,387

1,782

1,550

1,465

730,076

Total all-in cost (dollar per ounce)

Sept 2021

1,102

996

1,322

1,015

1,281

1,499

1,358

1,800

1,378

1,736

567,550

Dec 2020

928

843

907

1,062

971

1,276

1,160

1,244

1,463

1,340

761,455

Average exchange rates were US$1 = R15.43, US$1 = R14.63 and US$1 = R15.61 for the December 2021, September 2021 and December 2020 quarters, respectively.

Gold Fields Results

2021

Underground and Surface

Imperial ounces with metric
tonnes and grade

Total Mine

operations

including

equity

accounted

Joint

Venture

South

Africa
Region

West Africa Region

South

America

Region

Australia Region

Ghana

Peru

Australia

South

Deep

Total

Tarkwa

Damang

Asanko

45%

Cerro

Corona

Total

St Ives

Agnew

Granny

Smith

Gruyere

50%

Tonnes mined

Dec 2021

1,518

375

—

1,142

453

266

424

—

(000 tonnes)*

Sept 2021

1,598

419

—

1,179

514

260

404

—

– underground ore

Dec 2020

1,452

304

—

1,148

428

296

424

—

Dec 2021

745

—

692

244

208

240

—

– underground waste

Sept 2021

782

—

722

224

220

278

—

Dec 2020

547

—

502

167

170

165

—

Dec 2021

11,244

—

6,321

3,545

2,046

730

3,047

1,877

295

—

1,582

– surface ore

Sept 2021

10,290

5,640

3,034

1,948

659

2,880

1,770

474

—

1,296

Dec 2020

8,933

—

6,010

2,922

2,204

884

1,343

1,580

446

—

1,134

Dec 2021

13,507

428

6,321

3,545

2,046

730

3,047

3,711

991

474

664

1,582

– total

Sept 2021

12,670

479

5,640

3,034

1,948

659

2,880

3,671

1,212

480

682

1,296

Dec 2020

10,932

349

6,010

2,922

2,204

884

1,343

3,231

1,041

466

589

1,134

Grade mined

Dec 2021

6.0

6.7

—

5.8

4.9

7.1

6.0

—

(grams per tonne)

Sept 2021

6.1

6.7

—

5.8

5.0

6.1

6.7

—

– underground ore

Dec 2020

5.8

6.3

—

5.6

5.1

6.9

5.3

—

Dec 2021

1.2

—

1.4

1.3

1.5

1.2

0.8

1.1

1.9

—

1.0

– surface ore

Sept 2021

1.2

—

1.4

1.3

0.8

1.1

1.8

—

0.9

Dec 2020

1.5

—

1.6

1.5

1.8

1.4

1.0

1.6

2.7

—

1.2

Dec 2021

1.8

5.8

1.4

1.3

1.5

1.2

0.8

2.9

3.7

7.1

6.0

1.0

– total

Sept 2021

1.8

5.9

1.4

1.3

0.8

3.0

3.5

6.1

6.7

0.9

Dec 2020

2.0

5.5

1.6

1.5

1.8

1.4

1.0

3.3

3.9

6.9

5.3

1.2

Gold mined

Dec 2021

294.7

80.3

214.4

71.7

60.8

81.9

—

(000 ounces)*

Sept 2021

311.7

90.7

—

221.0

82.9

51.2

87.0

—

– underground ore

Dec 2020

269.9

61.6

—

208.4

70.9

65.5

72.0

—

Dec 2021

425.7

—

280.4

149.8

101.4

29.2

76.6

68.7

18.1

—

50.6

– surface ore

Sept 2021

384.3

—

248.9

132.9

87.8

28.2

71.3

64.1

27.3

—

36.8

Dec 2020

436.7

—

312.8

144.6

128.0

40.2

41.5

82.4

39.2

—

43.2

Dec 2021

720.4

80.3

280.4

149.8

101.4

29.2

76.6

283.1

89.8

60.8

81.9

50.6

– 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

Dec 2020

706.6

61.6

312.8

144.6

128.0

40.2

41.5

290.8

110.1

65.5

72.0

43.2

Ore milled/treated

Dec 2021

1,678

354

—

1,324

566

320

438

—

(000 tonnes)

Sept 2021

1,631

430

—

1,201

493

307

400

—

– underground ore

Dec 2020

1,588

324

—

1,264

523

324

417

—

Dec 2021

—

– underground waste

Sept 2021

—

Dec 2020

—

Dec 2021

8,855

288

5,265

3,401

1,201

663

1,736

1,567

449

—

1,118

– surface ore

Sept 2021

8,962

280

5,354

3,493

1,167

694

1,746

1,582

532

—

1,051

Dec 2020

9,074

380

5,304

3,452

1,205

647

1,680

1,710

657

—

1,053

Dec 2021

10,586

695

5,265

3,401

1,201

663

1,736

2,891

1,015

320

438

1,118

– total

Sept 2021

10,638

755

5,354

3,493

1,167

694

1,746

2,783

1,025

307

400

1,051

Dec 2020

10,700

741

5,304

3,452

1,205

647

1,680

2,974

1,180

324

417

1,053

Yield

Dec 2021

5.6

6.6

—

5.3

4.9

5.6

—

(Grams per tonne)

Sept 2021

5.5

6.3

—

5.2

4.3

5.4

6.1

—

– underground ore

Dec 2020

5.2

5.8

—

5.0

4.3

6.3

5.0

—

Dec 2021

1.2

0.1

1.3

1.2

1.7

1.1

1.4

1.1

1.4

—

0.9

– surface ore

Sept 2021

1.2

0.1

1.2

1.5

1.0

1.2

1.1

1.5

—

0.9

Dec 2020

1.2

0.1

1.3

1.1

1.9

1.4

0.9

1.3

1.6

—

1.0

Dec 2021

1.9

3.4

1.3

1.2

1.7

1.1

1.4

3.0

3.4

5.6

0.9

– combined

Sept 2021

1.8

3.6

1.2

1.5

1.0

1.2

2.9

5.4

6.1

0.9

Dec 2020

1.8

2.6

1.3

1.1

1.9

1.4

0.9

2.9

2.8

6.3

5.0

1.0

Gold produced

Dec 2021

302.0

75.7

—

226.3

89.7

57.5

79.1

—

(000 ounces)*

– underground ore

Sept 2021

Dec 2020

287.7

263.3

87.1

60.0

—

200.6

203.3

67.9

71.6

53.8

65.3

78.9

66.4

—

Dec 2021

351.6

1.0

216.2

129.1

64.5

22.6

79.6

54.7

20.8

—

33.9

– surface ore

Sept 2021

340.7

1.1

214.4

135.7

56.4

22.3

69.4

55.8

26.1

—

29.7

Dec 2020

349.7

1.6

230.1

127.2

73.3

29.5

47.9

70.1

34.7

—

35.4

Dec 2021

653.6

76.8

216.2

129.1

64.5

22.6

79.6

281.0

110.5

57.5

79.1

33.9

– 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

Dec 2020

613.0

61.5

230.1

127.2

73.3

29.5

47.9

273.4

106.4

65.3

66.4

35.4

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

Dec 2021

Sept 2021

122

130

161

160

—

109

118

113

135

134

112

112

—

– underground

Dec 2020

115

166

—

101

123

111

—

Dec 2021

—

– surface

Sept 2021

—

Dec 2020

—

Dec 2021

109

135

112

– total

Sept 2021

112

134

112

Dec 2020

123

111

* Excludes surface material at South Deep.

Gold Fields Results

2021

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.

• 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.

Gold Fields Results

2021

Independent Auditor’s Review Report On Condensed

Consolidated Financial Statements

To the Shareholders of Gold Fields Limited

We have reviewed the condensed consolidated financial statements of Gold Fields Limited, set out on pages 22 to 35 of the preliminary report, which
comprise the condensed consolidated statement of financial position as at 31 December 2021 and the related condensed consolidated income
statement, statements of comprehensive income, changes in equity and cash flows for the year then ended, and selected explanatory notes.

Directors’ Responsibility for the Condensed Consolidated Financial Statements

The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with the
requirements of the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of
the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on these condensed consolidated financial statements. We conducted our review in accordance with
International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the
Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the condensed consolidated
financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also
requires us to comply with relevant ethical requirements.

A review of condensed consolidated financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures,
primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate
the evidence obtained.

The procedures in a review are substantially less and differ in nature from those performed in an audit conducted in accordance with International
Standards on Auditing. Accordingly, we do not express an audit opinion on these condensed consolidated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements of Gold Fields
Limited for the year ended 31 December 2021 are not prepared, in all material respects in accordance with the International Financial Reporting
Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial
Pronouncements as issued by theFinancial Reporting Standards Council and the requirements of the Companies Act of South Africa.

Other matter

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

PricewaterhouseCoopers Inc.

Director: PC Hough
Registered Auditor
Johannesburg, South Africa

17 February 2022

Gold Fields Results

2021

To the Directors of Gold Fields Limited

Report on the Assurance Engagement on the Compilation of Pro Forma Financial Information included in the
Gold Fields 2021 Results Media Release

We have completed our assurance engagement to report on the compilation and presentation of certain non-IFRS financial measures of Gold Fields
Limited (the “Company”) by the directors, which information constitutes pro forma financial information in terms of the JSE Limited (“JSE”) Listings
Requirements. The pro forma financial information, in the Gold Fields 2021 Media Release reviewed results for the year ended 31 December 2021
which incorporates the preliminary condensed consolidated financial statements for the year then ended (the “media release”), consist of normalised
profit attributable to owners of the parent, normalised profit per share attributable to owners of the parent, adjusted EBITDA, adjusted free cash flow
margin for LTIP purposes, all-in sustaining costs and total all-in cost, net debt (including and excluding lease liabilities), sustaining capital expenditure,
non-sustaining capital expenditure, adjusted free cash flow and adjusted free cash flow from operations. The applicable criteria on the basis of which
the directors have compiled the pro forma financial information are specified in the JSE Listings Requirements and described in the media release.

The pro forma financial information has been compiled by the directors for the following purpose:

• normalised profit attributable to owners of the parent and normalised profit per share attributable to owners of the parent is considered an important

measure by the Company of the profit realised in the ordinary course of business. In addition, it forms the basis of the dividend pay-out policy;

• adjusted EBITDA is required to be determined in terms of loan and revolving credit facilities agreements to evaluate compliance with debt covenants;

• adjusted free cash flow margin for LTIP purposes is used as a key metric in the determination of the long-term incentive plan;

• adjusted free cash flow from operations is calculated as cash flow from operating activities less net capital expenditure, environmental payments and

lease payments from the eight mining operations and is used to monitor cash flow from the operations;

• all-in sustaining costs and total all-in cost are presented to provide transparency into the costs associated with producing and selling an ounce of

gold and is a common measure presented within the mining industry;

• sustaining capital expenditure represents the majority of capital expenditures at existing operations, including mine development costs, ongoing

replacement of mine equipment and other capital facilities and other capital expenditures at existing operations;

• non-sustaining capital expenditure represents capital expenditures for major growth projects as well as enhancement capital for significant

infrastructure improvements at existing operations;

• net debt (including and excluding lease liabilities) is used in the ratio to monitor the capital of the group; and

• adjusted free cash flow is defined as cash flow from operating activities less net capital expenditure, environmental payments, lease payments and

redemption of Asanko preference shares and is considered a relevant measure by the Company.

As part of this process, information about the Company’s financial position and financial performance has been extracted by the directors from the
Company’s preliminary condensed consolidated financial statements for the year ended 31 December 2021, on which a review report has been
published.

Directors’ responsibility

The directors of the Company are responsible for compiling the pro forma financial information on the basis of the applicable criteria specified in the
JSE Listings Requirements and described in the media release.

Our independence and quality control

We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors, issued by the
Independent Regulatory Board for Auditors’ (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence
and due care, confidentiality and professional behaviour. The IRBA Code is consistent with the corresponding sections of the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards).

The firm applies International Standard on Quality Control 1 and, accordingly, maintains a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.

Reporting accountant’s responsibility

Our responsibility is to express an opinion about whether the pro forma financial information has been compiled, in all material respects, by the
directors on the basis of the applicable criteria specified in the JSE Listings Requirements and described in the media release based on our procedures
performed.

We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to
Report on the Compilation of Pro Forma Financial Information Included in a Prospectus issued by the International Auditing and Assurance Standards
Board. This standard requires that we plan and perform our procedures to obtain reasonable assurance about whether the pro forma financial
information has been compiled, in all material respects, on the basis specified in the JSE Listings Requirements.

For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used
in compiling the pro forma financial information, nor have we, in the course of this engagement, performed an audit or review of the financial information
used in compiling the pro forma financial information.

The purpose of pro forma financial information is solely to illustrate the impact of a significant event or transaction on unadjusted financial information
of the company as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration.
Accordingly, we do not provide any assurance that the actual outcome of the event or transaction would have been as presented.

Gold Fields Results

2021

A reasonable assurance engagement to report on whether the pro forma financial information has been compiled, in all material respects, on the basis
of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the directors in the compilation of the pro
forma financial information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain
sufficient appropriate evidence about whether:
• The related pro forma adjustments give appropriate effect to those criteria; and
• The pro forma financial information reflects the proper application of those adjustments to the unadjusted financial information.

The procedures selected depend on our judgment, having regard to our understanding of the nature of the Company, the event or transaction in respect
of which the pro forma financial information has been compiled, and other relevant engagement circumstances.

Our engagement also involves evaluating the overall presentation of the pro forma financial information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the pro forma financial information has been compiled, in all material respects, on the basis of the applicable criteria specified by the
JSE Listings Requirements and described in the media release.

PricewaterhouseCoopers Inc.

Director: PC Hough
Registered Auditor
Johannesburg

17 February 2022

Gold Fields Results

2021

Administration and corporate information

Corporate secretary

Anre Weststrate

Tel: +27 11 562 9719

Mobile: +27 83 635 5961

email: anre.weststrate@goldfields.com

Registered office

Johannesburg

Gold Fields Limited
150 Helen Road
Sandown

Sandton
2196

Postnet Suite 252
Private Bag X30500
Houghton

2041

Tel: +27 11 562 9700

Fax: +27 11 562 9829

Office of the United Kingdom secretaries

London

St James’s Corporate Services Limited
Suite 31, Second Floor

107 Cheapside
London

EC2V 6DN

United Kingdom

Tel: +44 (0) 20 7796 8644

email:

general@corpserv.co.uk

American depository receipts transfer agent

Shareholder correspondence should be mailed to:

BNY Mellon

P O Box 505000

Louisville, KY 40233 – 5000

Overnight correspondence should be sent to:

BNY Mellon

462 South 4th Street, Suite 1600
Louisville, KY40202

email:

shrrelations@cpushareownerservices.com

Phone numbers

Tel: 866 247 3871 Domestic

Tel: 201 680 6825 Foreign

Sponsor

J.P. Morgan Equities South Africa Proprietary Limited
1 Fricker Road

Illovo, Johannesburg 2196
South Africa

Investor enquiries

Avishkar Nagaser

Tel: +27 11 562 9775

Mobile: +27 82 312 8692

email:

avishkar.nagaser@goldfields.com

Thomas Mengel

Tel: +27 11 562 9849

Mobile: +27 72 493 5170

email:

thomas.mengel@goldfields.com

Media enquiries

Sven Lunsche

Tel: +27 11 562 9763

Mobile: +27 83 260 9279

email:

sven.lunsche@goldfields.com

Transfer secretaries

South Africa

Computershare Investor Services (Proprietary) Limited
Rosebank Towers

15 Biermann Avenue
Rosebank
Johannesburg

2196

PO Box 61051

Marshalltown
2107

Tel: +27 11 370 5000

Fax: +27 11 688 5248

United Kingdom

Link Group

10th Floor, Central Square
29 Wellington Street
Leeds

LSI 4 DL

England

Tel: 0371 664 0300

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

Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. Business is open between 09:00 – 17:30, Monday to
Friday excluding public holidays in England and Wales.

email: shareholderenquiries@linkgroup.co.uk

Website

www.goldfields.com

Listings

JSE / NYSE / GFI

CA Carolus ^† (Chairperson) CI Griffith• (Chief Executive Officer) PA Schmidt• (Chief Financial Officer) A Andani ^#† PJ Bacchus ^*† TP Goodlace ^†

JE McGill^, PG Sibiya ^† SP Reid ^ ^† YGH Suleman ^†

^ Australian * British

Ghanaian

^† Independent Director • Non-independent Director

www.goldfields.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

GOLD FIELDS LIMITED

Dated: 17 February 2022

By:

/s/ C I Griffith

Name:

CI Griffith

Title:

Chief Executive Officer

This regulatory filing also includes additional resources:
goldfields_results.pdf

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