Gold Fields : Download Mineral Resources and Mineral Reserves Supplement 2019

Mineral Resources and

Delivering

value

for a sustainable future

Mineral Reserves Supplement to the Integrated Annual Report2019

Deliveringvaluefor a sustainable future

"Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. We have a total attributable annualgold-equivalent production of 2.2Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE). The aim of our integrated reporting, which includes this Mineral Resources and Mineral Reserves Supplement, is to enable our stakeholders, including investors, to make a more informed assessment of the value of Gold Fields as well as its long-term prospects and how we seek to unlock value."

To be read in conjunction with the Gold Fields 2019 Integrated Annual Report (IAR). For abbreviations refer to p114; and for glossary of terms refer to p116 of this Mineral Resources and Mineral Reserves Supplement

An annexure to the Mineral Resources and Mineral Reserves Supplement is included on the Gold Fields website to provide additional information on the regional geology for each of Gold Fields' four operating regions and summarises a brief history for each of the assets.

This supplementary information should be referenced in conjunction with the Supplement itself and aims to streamline the effective review of the Company information provided.

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INTRODUCTION AND GROUP OVERVIEW

Aim of this report1

Group highlights2

Headline Mineral Resources and Mineral Reserves Statement4

Brownfield (on-lease) exploration7

The annual mine planning cycle9

Corporate governance11

External auditor's certificates of compliance15

34-71

72-83

84-109

110-117

AUSTRALIA REGION

Regional overview36

Agnew gold mine37

Granny Smith gold mine46

Gruyere JV gold mine - 50% attributable to Gold Fields54

St Ives gold mine61

Far Southeast Project - 40% attributable to Gold Fields70

Aim of this report

This report contains the Gold Fields Mineral Resources and Mineral Reserves Statement (the Supplement) as at December 2019. It provides key technical information to supplement the information summarised in the Integrated Annual Report (IAR) and it is available on the Company website atwww.goldfields.com.In addition to providing transparent and compliant information in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition (SAMREC Code), this Supplement highlights key developments and issues viewed as material to the reporting of Mineral Resources and Mineral Reserves per asset. Gold Fields' commitment to materiality, transparency and competency in its public reporting remains of paramount importance, and continues to be endorsed by the Group's external audit and assurance protocols.

STRATEGIC FIT

The custodianship and management of the Company's fundamental asset base, the Mineral Resources and Mineral Reserves, are central to delivering on its strategic goals and key performance targets. These goals fall under four main pillars:

• • Financial - To make money sustainably

• • Stakeholders - Build and maintain stakeholder support

• • Organisational capacity - Ensuring that the Company has the capacity to deliver

• • Internal business process - Build the processes required for delivery

Gold Fields' significant internal focus on investment, spending US$1bn over the last three years, was designed to ensure the portfolio of mines continues to generate cash sustainably into the foreseeable future, driven by lowering our All-in costs (AIC) and extending mine life. Maintaining and growing our Mineral Reserves beyond annual depletion is pivotal to sustaining the business, and targeting the 2.0 to 2.5Moz range is viewed as an optimal annual production level for Gold Fields.

HEADLINE NUMBERS - GROUP OVERVIEW AS AT DECEMBER 2019

This year's Mineral Resources and Mineral Reserves estimate again reflects the Company strategy in action, specifically the consistent funding of brownfield exploration, reinvestment in the sustainability and growth of the operations, embedded Business Improvement (BI) and modernisation programmes, and the advancement of value accretive projects. The robustness of the Mineral Resources and Mineral Reserves is testimony to the quality of the assets in our portfolio, and is the result of a rigorous annual planning process that enforces a strong linkage between strategic, business and life-of-mine (LoM) planning.

Managed Attributable

December 2018

Au Mineral Resources Cu Mineral Resources Au Mineral Reserves Cu Mineral Reserves

115.3Moz 10,769Mlb 51.9Moz 695Mlb

96.6Moz 4,813Mlb 48.1Moz 691Mlb

12-months depletion

Au production depletion from Mineral Resources Cu production depletion from Mineral Resources Au production depletion from Mineral Reserves Cu production depletion from Mineral Reserves Au Mineral Resources

2.4Moz 2.3Moz

95Mlb 95Mlb

2.4Moz 2.2Moz

89Mlb 89Mlb

December 2019

Cu Mineral Resources Au Mineral Reserves Cu Mineral Reserves

• - Group total figures for 2019 are inclusive of projects and the Asanko joint venture (JV), and are net of production depletion

• - The gold and copper prices used for the December 2019 Mineral Resources were US$1,400/oz and US$3.2/lb and for the Mineral Reserves gold, US$1,200/oz and copper short term 2020 US$2.6/lb to long term 2021 onwards US$2.8/lb

• - Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves

GFI - managed Mineral Resource reconciliation

GFI - managed Mineral Resource reconciliation

GFI - managed Mineral Reserve reconciliation

GFI - managed Mineral Reserve reconciliation

Gold (Moz)

Copper (MIb)

Gold (Moz)

Copper (MIb)

140

120

100

80

60

40

20

0

0

12,000

60

60

10,000

50

50

8,000

40

40

6,000

30

30

4,000

20

20

2,000

10

10

0

0

Dec 2018 Mined	GrowthDec 2019	Dec 2018 Mined GrowthDec 2019	Dec 2018 Mined	GrowthDec 2019	Dec 2018 Mined
depletion	depletion	depletion	depletion

GrowthDec 2019

■ Increase■ Decrease

■ Total

■ Increase■ Decrease

■ Total

■ Increase■ Decrease

■ Total

■ Increase■ Decrease

■ Total

Group highlights*

Gold Resources increased by7%net of depletion

• • 123.4Moz (115.3Moz) driven primarily by South Deep (+3.98Moz) resulting from a decrease in cut-off grade and an increase from in-design material

• • Asanko is included for the first time in 2019 (+1.93Moz 50% share)

• • Mineral Resources increased at all other operations net of depletion except for nominal reductions at Cerro Corona and Damang

• • Strong Resources growth delivered at Agnew (23%), St Ives (12%), Tarkwa (9%) and Granny Smith (6%)

• • Strengthening of the Resources base and project pipeline in Australia and Ghana is providing the platform for the next generation mining fronts in these regions

Gold Reserves increased by3%net of depletion

• • 53.2Moz (51.9Moz) driven primarily by Asanko's first time reporting (1.2Moz 50% share)

• • A net increase of Reserves of 1.35Moz with strong contributions from extensions to existing mines and new mining positions at Agnew (38%), St Ives (31%) and Tarkwa (2%)

• • Largest Reserves at St Ives since 2011, largest Reserves at Agnew since 2014, and the first time Tarkwa fully replaced Reserves depletion in 15 years

• •Increased proportion of Mineral Reserves outside of South Africa - South Deep's portion of the Group's total attributable gold-equivalent Mineral Reserves has reduced from 59% to 57% year-on-year, including Asanko's 50%

Company strategy has delivered:

• • Tangible progress at South Deep post the significant restructuring in 2018, with the workforce reduced by 30%, the fleet rationalised, marginal mining eliminated, and productivity levels up by one-third

• • Consistent significant investment in brownfield exploration in Australia for 2019 A$84m (US$58m) continues to pay dividends at St Ives, Granny Smith and Agnew - A$74m (US$52m) is scheduled for 2020

• • Gruyere achieved commercial production and there was good traction on the Damang Reinvestment project, with significant gold production from the target higher grade ore zone scheduled in 2020

• • The updated Salares Norte feasibility study (FS) was presented to the Board in February 2020, and the final notice to proceed (FNTP) was provided

* All figures are post annual depletion and managed (December 2018 numbers are shown in brackets)

Portfolio management:

• • Emphasis continues on improving the overall quality of the portfolio and to ensure the sustainability of the cash-flow generated by the operations

• • US$1bn project capital spent during 2017 to 2019 building two new mines - Gruyere in Western Australia and the reinvestment in the Damang mine in Ghana - and bringing our Salares Norte project in Chile to a positive construction decision

• • Focus is on reducing Group AIC, capital discipline, increasing the free cash-flow (FCF)/oz and extending the life of the assets

• •The Asanko JV reports maiden Reserves for Gold Fields supported by a PFS and a new LoM plan

Growth project FSE Americas region + SN Australia region West Africa region South Africa region	0	19.19. 17.118.5 16.018.8	8	6.260.	1
(0.0 1.4	) 6.2.1
2.	7
4	0

(10) 0 10 20 30 40 50 60 70■ Variance■ Dec 2018■ Dec 2019

Mineral Resource change per region

Moz

The charts above depict the Group's comparative 2019 versus 2018 managed and owned gold Mineral Resources and Mineral Reserves ounces split by region and growth projects. The project Resources only reflect the Far Southeast (FSE) asset. Mineral Resources (excluding FSE) comprise 18% Australia, 18% West Africa, 6% Americas and 58% South Deep. Mineral Reserves comprise 13% Australia, 16% West Africa, 9% Americas and 62% South Deep.

IMPORTANT NOTICES AND CONSIDERATIONS

The following list of notices are consolidated to provide a reference for the important elements considered and embodied in the Mineral Resources and Mineral Reserves estimates:

• 1 This Supplement should be read in conjunction with the IAR, which provides additional information regarding the operations and their financial performance

• 2 The Group's Mineral Resources and Mineral Reserves numbers were subjected to internal review and scrutiny by the relevant regional technical and financial disciplines, and peer reviewed for technical assurance and compliance in reporting by the Corporate Technical Services (CTS), Sustainable Development and Operations Finance teams

• 3 All Mineral Resources and Mineral Reserves figures reported are 100% managed or owned by Gold Fields unless otherwise stated

• 4 The Gruyere JV project is reported as 50% of the 'managed JV'. Gruyere is reported by Gold Fields as part of the Gruyere JV with Gold Road Resources

• 5 Mineral Resources are reported inclusive of Mineral Reserves, and Mineral Resources include stability pillars when appropriate

• 6 Mineral Resources tonnages and grades are estimatedin situover a minimum mining width, and may include mineralisation below the selected cut-off grade to ensure that the Mineral Resources comprise practical mining blocks of adequate size and continuity

• 7 Mineral Resources categories are assigned with consideration given to

Mineral Reserve change per region

Moz

Americas region + SN Australia region West Africa region South Africa region	(0.2	) 5.25.0 6. 6. 7	49 .48.4	33	2.82.8
0.5
1.
0.0

(5) 0 50 10 15 20 25 30 35■ Variance■ Dec 2018■ Dec 2019

geological complexity, grade variance, drill hole intersection spacing and proximity of mining development

• 8 Mineral Resources are estimates, being dependent on interpretation of limited information about the location, shape, and continuity of the occurrence and available sampling results. As the understanding of the ore body improves and the methods and modifying factors that determine its extraction criteria gain increased resolution, the estimates may also change and the Mineral Resources and Mineral Reserves data modified accordingly

• 9 A Mineral Reserve is that portion of the Mineral Resource which, as technical and economic studies have demonstrated, can justify extraction at the time of disclosure (to a minimum of a pre-feasibility study (PFS) level). Estimates of tonnages and grades quoted as Mineral Reserves include allowances for all mining dilution, all other mining factors (modifying factors) and are consequently reported as net tonnes and grades delivered to the mill

• 10 Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves

• 11 The Mineral Resources and Mineral Reserves are estimated at a point in time and can be affected by changes in the gold price, US Dollar currency exchange rates, permitting, legislation, costs and operating parameters

• 12 The Group's underground Mineral Reserves are classified as being above existing infrastructure. This is in line with international practice, where Reserves are continually accessed via ramps for which the planned expenditure has been provided in the LoM

• 13 Open pit Mineral Resources are confined to pit shells that are defined by the price, costs and relevant modifying factors used for their estimates. These pit shells are used to constrain the mineralisation to that which is economically and practically extractable under assumed economic conditions

• 14 Underground Mineral Resources are typically confined using Mineable Shape Optimiser (MSO) software which assists with generating optimised stope designs to maximise the volume of recovered ore within the given ore body and design constraints, including minimum mining widths and mining cut-off grades

• 15 All regions and operations have documented the assumptions, inputs and modifying factors that underpin the LoM plans, which are supported by mine designs and schedules

• 16 Although all permitting may not be finalised, there is no reason to expect that these will not be granted based on existing processes and protocols. However, the duration taken for final approval may impact the production schedules

• 17 Caution should be exercised when interpreting the grade tonnage curves provided within this report. The ability to high-grade (selectively mine) the deposits may be precluded by the deposit geometry, mining method and the need for practical development of the ore body

• 18 Operations are entitled to mine all declared material located within their respective mineral rights and/or mining rights, and all necessary statutory mining authorisations and permits are in place or have reasonable expectation of being granted

• 19 All references to tonnes (t) are metric units

• 20 The 31 December 2019 Mineral Resources and Mineral Reserves figures are net of 2019 production depletion

• 21 Locations on maps are indicative only

• 22 All metals (gold, silver and copper) are reported individually and not as metal equivalents, except where alternatively specified as described in the SAMREC Code

• 23 The limited metal from Inferred Mineral Resources material considered in the LoM plans is not converted to Mineral Reserves and is omitted from all economic studies

• 24 Where metal equivalents are quoted, it should be noted that the selling cost, including refining and royalties, plus metallurgical recovery rate, are excluded from the calculation. However, in the Competent Persons' (CPs) opinion, all metals so converted have a reasonable potential to be recovered and sold. As Gold Fields is primarily a gold producer, all metal equivalents have been converted to gold

• 25 Rounding-off of figures in this report may result in minor computational discrepancies

• 26 The Gold Fields Mineral Resources and Mineral Reserves reporting for fiscal 2021 (ie December 2021 annual reporting) will comply with the new SEC modernisation rules for 20-F disclosure. These amendments will rescind Industry Guide 7 and consolidate the disclosure requirements for registrants in a new subpart of Regulation S-K