Gold Fields Limited: Operational performance and trading statement for FY 2022

JOHANNESBURG, Feb. 15, 2023

FY 2022 operational performance
Attributable gold equivalent production for FY 2022 is expected to be 2,399koz, a 3% increase YoY (FY 2021: 2,340koz), exceeding the guidance range (upgraded in August 2022) of 2,310koz – 2,360koz.

All-in costs (AIC) for FY 2022 is expected to be US$1,320/oz, 2% higher than FY 2021 (US$1,297/oz), and below the lower end of the guidance range of US$1,370/oz – US$1,410/oz. The YoY increase is driven by an increase in operating costs due to mining inflation, partially offset by decreased project capex at Salares Norte and weaker exchange rates. AIC, if adjusted to 2022 guidance exchange rates (R/US$15.55 and US$/A$0.76), is expected to be US$1,381/oz, within the guidance range.

All-in sustaining costs (AISC) for FY 2022 is expected to be US$1,105/oz, 4% higher than FY 2021 (US$1,063/ oz), also below the lower end of the guidance range of US$1,140/oz - US$1,180/oz. AISC, if adjusted to 2022 guidance exchange rates, is expected to be US$1,160/oz, also within the guidance range.

Q4 2022 operational performance
For Q4 2022, attributable gold equivalent production is expected to be 601koz (Q3 2022: 597koz), with AIC for the quarter expected to be US$1,298/oz (Q3 2022: US$1,279/oz). AISC is expected to be US$1,063/oz (Q3 2022: US$1,061/oz).

Trading statement
Headline earnings per share for the twelve months ended 31 December 2022 (FY 2022) are expected to range from US$1.16-1.22 per share (US$0.16-0.22 per share higher), which is 16% to 22% higher than the headline earnings of US$1.00 per share reported for the twelve months ended 31 December 2021 (FY 2021). The increase in headline earnings is driven by the net proceeds relating to the Yamana break fee of US$202m.

Basic earnings per share for FY 2022 are expected to range from US$0.77-0.83 per share (US$0.06- 0.12 per share lower), which is 7% to 13% lower than the basic earnings of US$0.89 per share reported for FY 2021. The decrease in basic earnings is due to impairments recognised at Tarkwa and Cerro Corona mainly due to an increase in discount rates; a write down of the investment in Far South East; as well as inflationary cost pressures experienced in 2022. This was partially offset by the net proceeds from the Yamana break fee.