Gold Fields Limited

Gold Fields said attributable production in H1 2026 increased 12% to 1.267 million ounces, sales volumes were 18% higher, and the average realized gold price was 51% higher at $4,678. Adjusted free cash flow came in at $2.225 billion, more than double the prior period, while cash costs rose 10% and all-in sustaining costs rose 13% to $1,893/oz; Alex Dall also said all-in cost was $2,125/oz and net debt ended the half at $437 million, with net debt-to-EBITDA at 0.06x. Management said production is tracking toward the upper end of guidance, AISC is expected toward the midpoint, and all-in cost toward the lower end, with group CapEx revised slightly down and sustaining capital unchanged.

Mike Fraser framed the quarter as evidence that the company can both return capital and invest for growth. He emphasized safer operations, stronger productivity, and a transformation program focused on simplicity, cost competitiveness, and reliability. Strategically, he said Gold Fields is prioritizing cash flow per share over ounces for their own sake, while keeping optionality across brownfields, greenfields, and selective bolt-on M&A.

Alex Dall highlighted that H1 headline earnings, EPS, and free cash flow more than doubled, driven by higher production and a stronger gold price. He pointed to adjusted free cash flow of $2.2 billion, net debt of $437 million, and a net cash position excluding lease liabilities, while noting $0.6 billion invested in sustaining capital, $0.3 billion in growth investments, and $1.4 billion returned to shareholders. He also said the company will keep using excess cash first to pay down revolvers, then consider term debt and bonds opportunistically if pricing makes sense.

Analysts focused on whether Salares Norte could beat its 500,000-550,000 ounce guidance and whether Windfall scope could be enlarged now that Gold Fields has more cash. Management said Salares is likely to beat guidance and now looks more like 550,000-600,000 ounces, helped by better grade reconciliation, recoveries, and higher silver prices, but cost will still depend partly on silver. On Windfall, they said the current scope is tied to the existing EIA process and changing it now would risk the approvals; they also warned that if the EIA is not received by year-end, first production could slip to the back end of 2029 or later.