Gold Fields

Gold Fields Limited is a South African gold producer with eight mining operations in Australia, Ghana, South Africa, Chile and Peru: St Ives, Agnew, Granny Smith and Gruyere in Australia, Tarkwa in Ghana, South Deep in South Africa, Salares Norte in Chile and Cerro Corona in Peru. The Windfall project in Québec, Canada, is in development. Attributable gold-equivalent production was 1.267 million ounces (Moz) in the first half of 2026 and 605 thousand ounces (koz) in Q3 2026.

Gold Fields expects the upper end of its 2026 guidance of 2.4 to 2.6 Moz. The average realised gold price was $4,678 per ounce in the first half of 2026. Mike Fraser is Chief Executive Officer.

Gold Fields is a foreign private issuer: it files a Form 20-F each year and furnishes its results on Form 6-K. The pick is the American Depositary Share (ADS) on the NYSE (GFI), in US dollars. The 20-F for 2025 states that each ADS represents one ordinary share.

The market prices Gold Fields close to the AI estimate, as a gold miner whose profit moves with the gold price and whose Ghana mine may lose its mining leases. Tarkwa produced 101koz in Q3 2026, and its five mining leases expire in April 2027. Gold Fields sent a commercial proposal to the Government of Ghana in July 2026. On November 5, 2026 it had no reply and no timeframe.

Costs also rose: the all-in sustaining cost (AISC) was $1,965 per ounce in Q3 2026, against $1,557 a year earlier, because of royalties linked to the gold price, stronger currencies in the producer countries and higher input costs. In September 2026 Gold Fields also offered to buy Northern Star Resources. Northern Star's board declined to engage, and Gold Fields says that it will act only if a deal creates compelling value for its shareholders. For the price to stay close to the AI estimate, the Tarkwa leases must renew on terms that keep the mine profitable, costs must stay inside the 2026 guidance, and any deal must leave shareholder returns intact.

The balance sheet is strong: net debt to adjusted EBITDA was 0.13 times at September 30, 2026, and the company has returned $1.11 billion under its additional shareholder returns programme. The next dated tests are the 2026 results and the Windfall investment decision, both expected by February 2027, and the Tarkwa lease expiry in April 2027. If the leases renew and costs hold, the price can stay close to the AI estimate. If Ghana refuses or changes the terms, the AI estimate would fall.

AI estimate, checked by Kevin. How it is made

1. Feb 19, 2027 · est.Pending

   2026 results and Windfall decisionA published Windfall capital estimate and schedule with a decision to build passes; a delay or a higher capital estimate fails.
2. Apr 2027 · est.Pending

   Tarkwa mining leases expireA renewal on terms that keep Tarkwa profitable passes; no renewal, or terms that end its profit, fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Gold Fields gave its Q3 2026 operational update. Attributable production was 605koz, AISC was $1,965 per ounce and all-in cost (AIC) was $2,266 per ounce. Net debt was $981 million at September 30, 2026 ($410 million without leases), after an interim dividend of $878 million and $215 million of share buy-backs. The company expects the upper end of its 2.4 to 2.6 Moz production guidance. It also agreed with BHP to buy the Kambalda Nickel Concentrator in Western Australia, which it expects to complete in 2027.
• November 2, 2026Gold Fields said that Québec issued the Certificate of Authorisation for the Windfall project on October 30, 2026. The certificate allows construction and full development. Windfall is expected to produce about 300,000 ounces of gold a year once it is at full rate. Gold Fields expects to publish the capital estimate, the construction schedule and the mineral reserves by February 2027, with its 2026 results.
• September 28, 2026Gold Fields confirmed that on September 13, 2026 it sent Northern Star Resources a non-binding proposal to buy all its shares by a scheme of arrangement. The terms were 0.3125 Gold Fields shares and A$7.25 in cash for each Northern Star share. Northern Star's board answered on September 24, 2026 that it was not appropriate to engage in further talks at that time.

Next earnings

Expected about February 19, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed March 30, 2026 · gfi-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 27, 2025 · gfi-20241231

Every filing on SEC EDGAR (CIK 1172724)

• Tarkwa leases. The five mining leases of Tarkwa in Ghana expire in April 2027. Gold Fields has no reply to its July 2026 proposal and no timeframe. Gold Fields says that an adverse outcome would have a material and adverse effect on the company.
• Gold price. Revenue and profit move with the gold price. The average gold price was $4,278 per ounce in Q3 2026, against $4,505 in Q2 2026. A fall in the price cuts profit faster than costs can fall.
• Rising costs. AISC rose 26% from Q3 2025 to $1,965 per ounce in Q3 2026. Royalties that follow the gold price, stronger local currencies and input costs drive this. Gruyere and Tarkwa may still deliver below their 2026 guidance.
• Large deals. The offer for Northern Star would issue up to 447 million new shares and pay up to A$10.4 billion in cash. Windfall needs capital of $1.7 billion to $1.9 billion, at the upper end of that range. A bad deal or a cost overrun would lower returns.
• Country risk. The mines are in Ghana, Chile, Peru, South Africa and Australia. Changes in taxes, royalties, permits or labor rules in any of these countries can cut profit.
• Currency of the dividend. Gold Fields declares dividends in South African cents, so the US dollar amount that ADS holders receive depends on the rand exchange rate.

At September 30, 2026, Gold Fields had net debt of $981 million with lease liabilities, or $410 million without them, against $437 million at June 30, 2026. The interim dividend of $878 million and $215 million of share buy-backs in Q3 caused the rise. Read more

Yield at the current rate

6.5% (current annual rate, at today’s price)

Dividend yield

6.5% (last 12 months, at today’s price of $37.56)

Paid per share

$2.456 in the last 12 months (2 payments)

Current annual rate

$2.456 (the last two payments)

Latest ex-dividend date

September 11, 2026, $1.014 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 18.6% a year. From 2015 to 2025, the dividend grew by about 34.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.