Gold Fields : Q3 2020

Media Release

Operational update

for the quarter ended 30 September 2020

SALIENT FEATURES

557,000	US$1,070
ounces of
per ounce of
attributable gold
all-in-cost
production

STATEMENT BY NICK HOLLAND, CHIEF EXECUTIVE OFFICER

Q3 2020 was a period of recovery for our operations that were most severely disrupted by COVID-19, namely South Deep and Cerro Corona. The business in general performed well during the quarter and continues to settle into the 'new' normal created by COVID-19. While the impact of COVID-19 has been largely contained at our operations, a second wave has commenced in certain parts of the world (mainly in the Northern hemisphere). However, we cannot rule out a second wave in the countries in which we operate and we must ensure that the necessary protocols are maintained across the business.

Attributable gold equivalent production for Q3 2020 was 557koz, up 7% YoY (up 1% QoQ). All-in costs (AIC) decreased by 1% YoY (flat QoQ) to US$1,070/oz, while all-in sustaining costs (AISC) increased 2% YoY (and decreased 3% QoQ) to US$964/oz.

The Australian region produced 250koz at AIC of A$1,363/oz (US$984/oz) and AISC of A$1,288/oz (US$931/oz). Our mines in Ghana produced 211koz (including 45% of Asanko) at AIC of US$1,068/oz and AISC of US$1,030/oz. Cerro Corona in Peru produced 51koz (gold equivalent) at AIC of US$1,146 per gold equivalent ounce and AISC of US$953 per gold equivalent ounce.

South Deep had a strong recovery after a disrupted Q2 2020, producing 65koz at an AIC of R583,344/kg (US$1,075/oz) and AISC of R572,447/kg (US$1,055/oz). The mine is generating meaningful cashflow at current prices.

COVID-19 update

As at 9 November 2020, the number of active cases among Gold Fields' workforce was only 26 with none in hospital. Since the beginning of the pandemic in March, Gold Fields has conducted more than 41,000 tests among its workforce, of which 1,745 were positive.

COVID-19 status report (as at 9 November 2020)	Total
Tested	41,273
Positive	1,745
Negative	39,435
Awaiting results*	93
Active cases*	26
Recovered	1,716
Died	3

* "Awaiting results" and "Active cases" refers to the current figures.

The high level of testing is a tribute to the work done by our operations to keep our employees safe. Remarkably, we have had no single positive case in our Australian operations. Other key activities to ensure safe operations include:

• Strict adherence to all government regulations/protocols;
• Closure of offices and imposition of travel restrictions;
• Standard operating procedures on return to work;
• Social distancing, sanitisation and mask wearing mandatory;
• Regular communication to employees about COVID-19, assisting them to work remotely and how to deal with the fall-out of the pandemic;
• Dedicated COVID-19 information portal;
• Mental health support programmes; and
• Social media awareness and return-to-work communication campaigns for employees, communities and others.

JOHANNESBURG. 12 November 2020: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the quarter ended 30 September 2020. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.

Gold Fields Operational
2020
update September quarter

Balance sheet

Gold Fields remains in a strong financial position. During Q3 2020, there was a further decrease in the net debt balance (including leases) to US$1,159m at 30 September 2020 from US$1,239m at 30 June 2020, after taking into account the interim dividend payment of US$85m. This implies a net debt to EBITDA of 0.68x, compared to 0.84x at end June 2020. The net debt balance (excluding leases) decreased to US$796m from US$876m at the end of June 2020.

Post quarter end, Gold Fields repaid the 2020 bond that were outstanding from a combination of cash resources and by drawing on our US$ debt facilities.

In a report released on 2 November 2020, Standard and Poor's Global ratings revised its outlook on Gold Fields to positive from stable, and affirmed the 'BB+/B' global scale ratings and 'zaAAA/zaA-1+' South Africa national scale ratings.

Salares Norte

The Salares Norte project continued its positive momentum during Q3 2020. Year-to-date, US$78m has been spent on the project, including pre- development costs of US$11m (incurred during Q1 2020), district exploration of US$11m, camp Phase 1 construction costs of US$13m and initial capex of US$43m. At the end of September 2020, engineering progress was 85.3% compared to plan of 83.0%.

At the end of Q3 2020, construction progress stood at 8.8% vs. plan of 4.9%, contributing towards total project progress of 19.4% coming in slightly ahead of plan of 18.1%. Camp Phase I construction was completed during Q3 2020 while Phase II construction was three months ahead of schedule at the end of the quarter. The diversion channel earthworks and precast installation progressed as planned during Q3 and the bulk earthworks contractor commenced activities on 21 September. The mining contractor completed mobilisation and began pioneering works on 1 October, as planned. The pre-strip and construction of the process plant is expected to commence at the end of the year.

Although no district exploration drilling was planned for Q3 2020, 1,650 metres were drilled during September. This allowed the team to catch up on the metres that were planned but not drilled during Q2 due to COVID-19 related restrictions. At the end of Q3 2020, total district exploration metres stood at 10,108 metres for the year compared to plan of 9,084 metres.

At the end of September 78% of the project Estimate at Completion (EAC) budget (excluding remaining contingency) had a fixed and firm price (excluding inflation factors) through contracts and purchase orders awarded, significantly reducing the risk of price differences.

Outlook and guidance

FY 2020 production and cost guidance remains unchanged from the update in August 2020. Attributable equivalent gold production for 2020 for the Group is expected to be between 2.200Moz and 2.250Moz (original guidance: 2.275Moz - 2.315Moz).

AISC is expected to be between US$960/oz and US$980/oz (original guidance: US$920/oz - US$940/oz) and AIC is expected to be between US$1,070/oz and US$1,090/oz (original guidance: US$1,035/oz - US$1,055/oz).

Potential further COVID-19 related disruptions increases the risk to Group production and cost guidance.

We have maintained the view that the appropriate level of sustaining capital expenditure for our business is US$250-300/oz. In recent years, we have spent at the lower end of this range due to high project capital expenditure. However, our most recent business planning process shows that for next year, we will be required to spend closer to the upper end of the range. This will enable us to spend on key projects that will allow us to sustain our production base for the next 8-10 years. Specifically in Australia, to ensure that we maintain the 1Moz production base, we will need to spend additional capital to extend the mine life at Agnew; develop a second decline at Wallaby at Granny Smith; and continue to invest in the ever-growing Invincible complex at St Ives.

Nick Holland

Chief Executive Officer

12 November 2020

2

			Gold Fields Operational
			2020
Key statistics			update September quarter
	United States Dollars
			Quarter
		Sept		Sept
Figures in millions unless otherwise stated		2020	June 2020	2019
Gold produced*	oz (000)	557	550	523
Tonnes milled/treated	000	10,433	11,227	9,850
Revenue (excluding Asanko)	US$/oz	1,921	1,709	1,469
Cost of sales before gold inventory change and amortisation and		41
depreciation (excluding Asanko)	US$/tonne	35	44
All-in sustaining costs	US$/oz	964	998	947
Total all-in cost	US$/oz	1,070	1,070	1,084
Net debt (IFRS 16 impact included)	US$m	1,159	1,239	1,735
Net debt (pre -IFRS 16)	US$m	796	876	1,401
Net debt to EBITDA ratio	US$m	0.68	0.84	1.51

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

All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), 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 7% of Group production.

Figures may not add as they are rounded independently.

STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2020

Number of shares in issue			NYSE - (GFI)
- at end September 2020	883,333,518		Range - Quarter	US$9.27 - US$14.54
- average for the quarter	883,333,518		Average volume - Quarter	8,330,299 shares/day
Free float	100 per cent	JSE LIMITED - (GFI)
ADR ratio	1:1		Range - Quarter	ZAR157.00 - ZAR255.69
Bloomberg/Reuters	GFISJ/GFLJ.J		Average volume - Quarter	4,002,686 shares/day

3

Gold Fields Operational
2020
update September quarter

SALIENT FEATURES AND COST BENCHMARKS

				United States Dollars
		Total	Total							South
		Mine	Mine	South		West Africa		America
		operations	operations		Region			Region
		African
		including	excluding
		Region		Ghana			Peru
		equity	equity
Figures are in millions		accounted	accounted	South					Asanko	Cerro
unless otherwise stated		Joint Venture	Joint Venture	Deep	Total	Tarkwa	Damang	45%	Corona
Operating Results
Ore milled/treated	Sept 2020	10,433	9,773	563	5,295	3,468		1,167	660	1,751
(000 tonnes)	June 2020	11,227	10,490	408	5,849	3,835		1,277	737	1,690
	Sept 2019	9,850	9,202	563	5,242	3,437		1,158	648	1,648
Yield (grams per tonne)	Sept 2020	1.7	1.8	3.6	1.2	1.1		1.6	1.0	0.9
	June 2020	1.6	1.6	3.0	1.2	1.2		1.2	1.3	0.9
	Sept 2019	1.8	1.7	3.4	1.2	1.2		1.3	1.3	1.2
Gold produced (000 managed	Sept 2020	576.3	554.2	64.9	211.2	127.3		61.9	22.0	50.5
equivalent ounces)	June 2020	569.4	538.3	39.8	226.4	144.5		50.8	31.1	46.3
	Sept 2019	540.7	512.6	61.0	205.1	127.3		49.7	28.1	64.8
Gold sold (000 managed equivalent	Sept 2020	556.1	531.9	65.9	213.5	127.3		61.9	24.3	40.6
ounces)	June 2020	578.8	551.2	39.8	223.0	144.5		50.8	27.6	52.6
	Sept 2019	523.2	494.9	58.4	205.4	127.3		49.7	28.4	65.6
Cost of sales before amortisation and	Sept 2020	(368.4)	(337.7)	(58.6)	(137.0)	(77.6)		(28.6)	(30.7)	(28.1)
depreciation (million)	June 2020	(399.9)	(378.0)	(41.4)	(147.7)	(79.6)		(46.3)	(21.9)	(44.8)
	Sept 2019	(374.8)	(350.7)	(64.2)	(141.2)	(82.7)		(34.5)	(24.0)	(39.3)
Cost of sales before gold inventory	Sept 2020	41	41	102	32	21		59	42	20
change and amortisation and	June 2020	35	35	98	27	19		45	34	23
depreciation (dollar per tonne)
Sept 2019	46	44	120	28	25		34	32	25
Sustaining capital (million)	Sept 2020	(107.9)	(104.8)	(7.7)	(49.9)	(41.5)		(5.3)	(3.1)&	(5.2)
	June 2020	(108.8)	(104.2)	(6.5)	(45.4)	(38.8)		(2.1)	(4.6)&	(4.4)
	Sept 2019	(79.7)	(74.7)	(8.0)	(33.9)	(27.1)		(1.9)	(4.9)	(12.6)
Non-sustaining capital (million)	Sept 2020	(28.1)	(22.7)	(1.3)	(6.8)	-		(1.4)	(5.4)	(7.4)
	June 2020	(20.2)	(14.5)	(0.1)	(7.7)	-		(2.1)	(5.6)	(3.4)
	Sept 2019	(55.4)	(54.3)	-	(18.2)	-		(17.1)	(1.1)	(3.1)
Total capital expenditure (million)	Sept 2020	(136.0)	(127.5)	(9.0)	(56.7)	(41.5)		(6.7)	(8.5)	(12.6)
	June 2020	(128.9)	(118.7)	(6.6)	(53.1)	(38.8)		(4.2)	(10.2)	(7.7)
	Sept 2019	(135.1)	(129.0)	(8.0)	(52.1)	(27.1)		(19.0)	(6.0)	(15.7)
All-in-sustaining costs (dollar per	Sept 2020	956	930	1,055	1,030	1,099		710	1,488	271
ounce)	June 2020	987	983	1,227	1,021	982		1,108	1,067	669
	Sept 2019	940	925	1,258	967	969		842	1,179	604
Total all-in-cost (dollar per ounce)	Sept 2020	1,011	975	1,075	1,068	1,099		732	1,760	594
	June 2020	1,025	1,011	1,231	1,060	982		1,149	1,305	783
	Sept 2019	1,057	1,042	1,258	1,067	969		1,185	1,301	698

Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and September 2019 quarters, respectively.

The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020, June 2020 and September 2019 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$1.5m and US$1.4m (100% basis US$3.4m and US$3.1m) for the September 2020 and June 2020 quarters, respectively.

4

									Gold Fields Operational
										2020
									update September quarter
SALIENT FEATURES AND COST BENCHMARKS continued
													South
													African
			United States Dollars				Australian Dollars				Rand
													South
				Australia					Australia				Africa
				Region					Region				Region
				Australia					Australia
Figures are in millions					Granny	Gruyere				Granny	Gruyere		South
unless otherwise stated		Total	St Ives	Agnew	Smith	50%	Total	St Ives	Agnew	Smith	50%		Deep
Operating Results
Ore milled/treated	Sept 2020	2,825	1,122	334	425	944	2,825	1,122	334	425	944	563
(000 tonnes)	June 2020	3,280	1,362	377	448	1,094	3,280	1,362	377	448	1,094	408
	Sept 2019	2,396	1,070	307	464	555	2,396	1,070	307	464	555	563
Yield (grams per tonne)	Sept 2020	2.7	2.5	5.8	5.1	0.9	2.7	2.5	5.8	5.1	0.9	3.6
	June 2020	2.4	2.2	4.8	4.7	1.0	2.4	2.2	4.8	4.7	1.0	3.0
	Sept 2019	2.7	2.2	5.1	4.7	0.8	2.7	2.2	5.1	4.7	0.8	3.4
Gold produced (000 managed	Sept 2020	249.6	90.5	62.1	69.1	28.0	249.6	90.5	62.1	69.1	28.0	2,019
equivalent ounces)	June 2020	256.9	94.9	58.5	67.5	35.9	256.9	94.9	58.5	67.5	35.9	1,238
	Sept 2019	209.8	75.2	50.4	69.7	14.6	209.8	75.2	50.4	69.7	14.6	1,897
Gold sold (000 managed equivalent	Sept 2020	236.2	86.9	58.4	62.5	28.4	236.2	86.9	58.4	62.5	28.4	2,049
ounces)	June 2020	263.4	103.8	57.2	67.4	35.1	263.4	103.8	57.2	67.4	35.1	1,238
	Sept 2019	193.7	78.2	45.7	69.8	-	193.7	78.2	45.7	69.8	-	1,818
Cost of sales before amortisation and	Sept 2020	(144.7)	(48.2)	(40.5)	(38.7)	(17.3)	(199.6)	(65.7)	(56.3)	(53.6)	(23.9)	(990.1)
depreciation (million)	June 2020	(166.0)	(63.4)	(42.1)	(41.7)	(18.8)	(255.9)	(97.8)	(64.8)	(64.3)	(29.0)	(774.3)
	Sept 2019	(130.1)	(53.2)	(36.2)	(40.7)	-	(189.7)	(77.6)	(52.8)	(59.2)	-	(936.5)
Cost of sales before gold inventory	Sept 2020	59	60	115	101	19	83	85	159	141	27	1,726
change and amortisation and	June 2020	49	44	113	92	16	76	68	173	141	25	1,846
depreciation (dollar per tonne)
Sept 2019	78	57	140	88	-	114	82	203	127	-	1,742
Sustaining capital (million)	Sept 2020	(45.1)	(11.2)	(12.0)	(13.0)	(8.9)	(62.9)	(15.0)	(16.8)	(18.4)	(12.7)	(130.6)
	June 2020	(52.5)	(17.0)	(12.9)	(15.5)	(7.0)	(80.6)	(26.3)	(19.9)	(23.7)	(10.8)	(118.0)
	Sept 2019	(25.1)	(9.9)	(8.9)	(6.3)	-	(36.6)	(14.5)	(13.0)	(9.1)	-	(117.1)
Non-sustaining capital (million)	Sept 2020	(12.6)	(4.7)	(2.7)	(4.9)	(0.3)	(17.7)	(6.7)	(3.8)	(6.8)	(0.3)	(22.3)
	June 2020	(9.0)	(2.3)	(2.7)	(3.5)	(0.4)	(13.9)	(3.6)	(4.2)	(5.5)	(0.6)	(3.2)
	Sept 2019	(34.1)	(13.8)	(6.3)	(11.4)	(2.5)	(50.0)	(20.1)	(9.5)	(16.7)	(3.7)		-
Total capital expenditure (million)	Sept 2020	(57.7)	(15.9)	(14.7)	(17.9)	(9.2)	(80.6)	(21.7)	(20.6)	(25.2)	(13.0)		(152.9)
	June 2020	(61.4)	(19.3)	(15.6)	(19.0)	(7.4)	(94.4)	(29.8)	(24.0)	(29.2)	(11.4)	(121.2)
	Sept 2019	(59.2)	(23.7)	(15.2)	(17.7)	(2.5)	(86.6)	(34.6)	(22.5)	(25.8)	(3.7)	(117.1)
All-in-sustaining costs (dollar per	Sept 2020	931	785	1,039	965	1,076	1,288	1,071	1,448	1,342	1,505	572,447
ounce)	June 2020	959	878	1,119	991	874	1,476	1,353	1,723	1,524	1,345	735,521
	Sept 2019	878	873	1,061	763	-	1,280	1,275	1,548	1,109	-	588,855
Total all-in-cost (dollar per ounce)	Sept 2020	984	839	1,085	1,044	1,085	1,363	1,149	1,513	1,451	1,518	583,344
	June 2020	993	900	1,167	1,043	886	1,529	1,388	1,796	1,606	1,363	738,079
	Sept 2019	1,054	1,050	1,200	927	-	1,538	1,533	1,756	1,347	-	588,855

Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and September 2019 quarters, respectively.

The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020, June 2020 and September 2019 quarters, respectively. Figures may not add as they are rounded independently.

5

Gold Fields Operational
2020
update September quarter

Review of Operations

Quarter ended 30 September 2020 compared with quarter ended 30 June 2020

Figures may not add as they are rounded independently.

South Africa region

South Deep

		Sept	June	%
		2020	2020	Variance
	000	341	215
Ore mined	tonnes	59%
	000	25	8
Waste mined	tonnes	213%
	000	366	223
Total tonnes	tonnes	64%
Grade mined -		6.37	6.74
underground reef	g/t	(5)%
Grade mined -		5.94	6.51
underground total	g/t	(9)%
	kg	2,174	1,452	50%
Gold mined	000'oz	69.9	46.7	50%
Destress	m2	10,533	5,751	83%
Development	m	995	638	56%
Secondary support	m	3,322	1,273	161%
Backfill	m3	113,027	50,923	122%
Ore milled - underground	000	329	210
reef	tonnes	57%
Ore milled - underground	000	6	8
waste	tonnes	(25)%
	000	228	191
Ore milled - surface	tonnes	19%
	000	563	408
Total tonnes milled	tonnes	38%
Yield - underground reef	g/t	6.07	5.80	5%
Surface yield	g/t	0.08	0.10	(20)%
Total yield	g/t	3.59	3.03	18%
Gold produced	kg	2,019	1,238	63%
	000'oz	64.9	39.8	63%
Gold sold	kg	2,049	1,238	66%
	000'oz	65.9	39.8	66%
AISC - revised	R/kg	572,447	735,521	(22)%
interpretation guidance		1,055	1,227
(WGC November 2018)	US$/oz	(14)%
	R/kg	583,344	738,079	(21)%
AIC	US$/oz	1,075	1,231	(13)%
Sustaining capital	Rm	130.6	118.0	11%
expenditure	US$m	7.7	6.5	18%
Non-sustaining capital	Rm	22.3	3.2	597%
expenditure	US$m	1.3	0.1	1200%
	Rm	152.9	121.2	26%
Total capital expenditure	US$m	9.0	6.6	36%

South Deep was significantly impacted by the COVID-19 pandemic and related lockdown restrictions during Q2 2020. The mine has slowly ramped up production as labour numbers returned to normal, while adherence to COVID-19 protocols has continued in order to manage the pandemic.

Gold production increased by 63% to 2,019kg (64,900oz) in the September quarter from 1,238kg (39,800oz) in the June quarter due to an increase in volume mined.

Underground reef grade mined decreased by 6% to 6.37g/t in the September quarter from 6.74g/t in the June quarter as a result of an increase in destress mining as well as mining lower grade stopes compared to Q2. The reduction in broken grade is in line with the mining sequence. Reef yield increased by 5% to 6.07g/t in the September quarter from 5.80g/t in the June quarter.

Development increased by 56% to 995m in the September quarter from 638m in the June quarter, while destress increased by 83% to 10,533m2 in the September quarter from 5,751m2 in the June quarter. These increases are mainly as a result of production ramp-up post COVID-19 restrictions. Similarly, secondary support and backfill increased by 161% quarter-on-quarter and 122% quarter-on-quarter, respectively.

All-in cost decreased by 21% to R583,344/kg (US$1,075/oz) in the September quarter from R738,079/kg (US$1,231/oz) in the June quarter mainly driven by higher gold sold, partially offset by higher cost of sales before amortisation and depreciation and higher capital expenditure.

West Africa region

Ghana

Tarkwa

		Sept	June	%
		2020	2020	Variance
	000	2,613
Ore mined	tonnes	3,024	(14)%
	000	12,804
Waste (Capital)	tonnes	13,495	(5)%
	000	6,281
Waste (Operational)	tonnes	7,382	(15)%
	000	19,085
Total waste mined	tonnes	20,877	(9)%
	000	21,698
Total tonnes mined	tonnes	23,901	(9)%
Strip ratio	waste/ore	7.3	6.9	6%
Grade mined	g/t	1.40	1.37	2%
Gold mined	000'oz	117.7	133.2	(12)%
	000	3,468
Tonnes milled	tonnes	3,835	(10)%
Yield	g/t	1.14	1.17	(3)%
Gold produced	000'oz	127.3	144.5	(12)%
Gold sold	000'oz	127.3	144.5	(12)%
AISC - revised
interpretation guidance		1,099
(WGC November 2018)	US$/oz	982	12%
AIC	US$/oz	1,099	982	12%
Sustaining capital		41.5
expenditure	US$m	38.8	7%
Non-sustaining		-
expenditure	US$m	-	-%
Total capital expenditure	US$m	41.5	38.8	7%

Gold production decreased by 12% to 127,300oz in the September quarter from 144,500oz in the June quarter mainly due to lower tonnes milled as a result of lower production days. Yield decreased by 3% to 1.14g/t in the September quarter from 1.17g/t in the June quarter. The difference between the mined grade of 1.40g/t and the yield of 1.14g/t is attributable to lower grade stockpiles processed.

Ore processed in the September quarter included 1.0Mt of stockpiles at an average head grade of 0.78g/t compared to 1.1Mt of stockpiles at an average head grade of 0.80g/t processed in the June quarter.

All-in cost increased by 12% to US$1,099/oz in the September quarter from US$982/oz in the June quarter due to lower gold sold and higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation.

Capital expenditure increased by 7% to US$41.5 million in the September quarter from US$38.8 million in the June quarter.

All-in cost for Tarkwa is expected to be US$1,020/oz, above original guidance for 2020 (US$970/oz), mainly as a result of higher royalties on the back of a higher gold price realised and additional COVID-19 costs. The higher cost guidance is already factored into Group guidance.

6

Damang

		Sept	June	%
		2020	2020	Variance
	000	2,265
Ore mined	tonnes	1,470	54%
	000	-
Waste (Capital)	tonnes	-	-%
	000	5,609
Waste (Operational)	tonnes	6,671	(16)%
	000	5,609
Total waste mined	tonnes	6,671	(16)%
	000	7,874
Total tonnes mined	tonnes	8,141	(3)%
Strip ratio	waste/ore	2.5	4.5	(44)%
Grade mined	g/t	1.57	1.51	4%
Gold mined	000'oz	114.6	71.2	61%
	000	1,167
Tonnes milled	tonnes	1,277	(9)%
Yield	g/t	1.65	1.24	33%
Gold produced	000'oz	61.9	50.8	22%
Gold sold	000'oz	61.9	50.8	22%
AISC - revised
interpretation guidance		710
(WGC November 2018)	US$/oz	1,108	(36)%
AIC	US$/oz	732	1,149	(36)%
Sustaining capital		5.3
expenditure	US$m	2.1	152%
Non-sustaining		1.4
expenditure	US$m	2.1	(33)%
Total capital expenditure	US$m	6.7	4.2	60%

Gold production increased by 22% to 61,900oz in the September quarter from 50,800oz in the June quarter mainly due to higher yield. Yield increased by 33% to 1.65g/t in the September quarter from 1.24g/t in the June quarter due to higher grades fed from the Damang Pit Cutback as the mining transitioned from the Huni Sandstones to the better mineralised lithologies. Mining transitioned through the bulk of the Huni Sandstone during the quarter, with minimal volumes of Huni Sandstone remaining.

Total tonnes mined decreased by 3% to 7.9Mt in the September quarter from 8.1Mt in the June quarter mainly due to less production days following the change in the production calendar in the June quarter. However, ore tonnes mined increased by 54% to 2.3Mt in the September quarter from 1.5Mt in the June quarter due to improved equipment availability and mining in exposed ore areas.

Gold mined increased by 61% to 115koz in the September quarter from 71koz in the June quarter due to higher ore tonnes and grade mined.

All-in cost decreased by 36% to US$732/oz in the September quarter from US$1,149/oz in the June quarter mainly due to higher gold sold and lower cost of sales before amortisation and depreciation, partially offset by higher capital expenditure.

Sustaining capital expenditure increased by 152% to US$5.3m in the September quarter from US$2.1m in the June quarter mainly due to expenditure incurred on engineering projects, gravity screens and a Knelson concentrator. Non-sustaining capital expenditure decreased by 33% to US$1.4m in the September quarter from US$2.1m in the June quarter due to timing of capital expenditure for the second phase of the Far East Tailings Storage Facility (FETSF) raise.

	Gold Fields Operational
	2020
	update September quarter
Asanko (Equity accounted Joint Venture)
		Sept	June		%
		2020	2020	Variance
	000	958
Ore mined	tonnes	1,361		(30)%
	000	3,161
Waste (Capital)	tonnes	1,680		88%
	000	8,160
Waste (Operational)	tonnes	6,448		27%
	000	11,321
Total waste mined	tonnes	8,128		39%
	000	12,279
Total tonnes mined	tonnes	9,488		29%
Strip ratio	waste/ore	11.8	6.0		97%
Grade mined	g/t	1.35	1.41		(4)%
Gold mined	000'oz	41.6	61.8		(33)%
	000	1,467
Tonnes milled	tonnes	1,638		(10)%
Yield	g/t	1.04	1.31		(21)%
Gold produced	000'oz	49.0	69.0		(29)%
Gold sold	000'oz	53.9	61.4		(12)%
AISC - revised
interpretation guidance		1,488
(WGC November 2018)	US$/oz	1,067		39%
AIC	US$/oz	1,760	1,305		35%
Sustaining capital		7.0
expenditure	US$m	10.2		(31)%
Non-sustaining		12.1
expenditure	US$m	12.5		(3)%
Total capital expenditure	US$m	19.1	22.7		(16)%

All figures in table on a 100% basis.

Gold production decreased by 29% to 49,000oz (100% basis) in the September quarter from 69,000oz (100% basis) in the June quarter mainly due to lower yield and tonnes milled. Yield decreased by 21% to 1.04g/t in the September quarter from 1.31g/t in the June quarter.

Total tonnes mined increased by 29% to 12.3Mt in the September quarter from 9.5Mt in the June quarter on the back of increased stripping at the Esaase and Akwasiso pits. Ore tonnes mined decreased by 30% to 1Mt in the September quarter from 1.4Mt in the June quarter. The Nkran Cut 2 west wall failure has forced the team to look for other ore sources and as a result has required the acceleration of stripping activities to expose more ore.

Waste tonnes mined increased by 39% to 11.3Mt in the September quarter from 8.1Mt in the June quarter due to accelerated stripping of the Esaase main pit to expose ore source for Q4. Further updates will be given in the March 2021 quarter after review of the long term plan.

The accelerated stripping to expose new ore sources has significantly increased costs. This increased stripping together with increased exploration activity has resulted in a 35% increase in all-in cost to US$1,760/oz in the September quarter from US$1,305/oz in the June quarter.

Sustaining capital expenditure decreased by 31% to US$7.0m in the September quarter from US$10.2m in the June quarter mainly due to timing of expenditure on the TSF raise. Non-sustaining capital expenditure decreased by 3% to US$12.1m in the September quarter from US$12.5m in the June quarter due to timing.

7

Gold Fields Operational
2020
update September quarter

South America region

Peru

Cerro Corona

		Sept	June	%
		2020	2020	Variance
	000	1,700
Ore mined	tonnes	1,465	16%
	000	2,645
Waste mined	tonnes	1,116	137%
	000	4,345
Total tonnes mined	tonnes	2,581	68%
Grade mined - gold	g/t	0.87	0.85	2%
Grade mined - copper	per cent	0.40	0.44	(9)%
Gold mined	000'oz	47.5	39.9	19%
	000	6,799
Copper mined	tonnes	6,417	6%
	000	1,751
Tonnes milled	tonnes	1,690	4%
Gold recovery	per cent	67.1	67.1	-%
Copper recovery	per cent	87.2	87.7	(1)%
Yield - Gold	g/t	0.56	0.53	6%
- Copper	per cent	0.36	0.38	(5)%
- Combined	eq g/t	0.90	0.85	6%
Gold produced	000'oz	30.1	27.4	10%
Copper produced	tonnes	5,973	6,084	(2)%
Total equivalent gold	000'	50.5
produced	eq oz	46.3	9%
	000'	40.6
Total equivalent gold sold	eq oz	52.6	(23)%
AISC - revised
interpretation guidance		271
(WGC November 2018)	US$/oz	669	(59)%
	US$/	953
AISC	eq oz	1,086	(12)%
AIC	US$/oz	594	783	(24)%
	US$/	1,146
AIC	eq oz	1,152	(1)%
Sustaining capital		5.2
expenditure	US$m	4.4	18%
Non-sustaining		7.4
expenditure	US$m	3.4	118%
Total capital expenditure	US$m	12.6	7.7	64%

Gold equivalent gold production increased by 9% to 50,500oz in the September quarter from 46,300oz in the June quarter due to higher gold grades processed, together with a higher price factor, resulting from the higher copper price during the September quarter.

Total tonnes mined increased by 68% to 4.3Mt in the September quarter from 2.6Mt in the June quarter due to the increase in the workforce and mining fleet after COVID-19 restrictions were lifted. A waste recovery plan has been implemented, which includes progressive increase of the mining fleet and building an access ramp on the north of the pit to implement an additional mining front in 2021.

Gold yield increased by 6% to 0.56g/t in the September quarter from 0.53g/t in the June quarter due to a 6% increase in gold head grade processed to 0.83g/t in the September quarter from 0.78g/t in the June quarter. The copper yield decreased by 5% to 0.36% in the September quarter from 0.38% in the June quarter on the back of a decrease in copper head grade processed.

All-in cost per gold ounce decreased by 24% to US$594/oz in the September quarter from US$783/oz in the June quarter driven by lower operating expenses and the positive impact of inventory movement resulting from higher closing concentrate stocks, partially offset by lower by-product credits, lower gold ounces sold and higher capital expenditure. All-in cost per equivalent ounce decreased by 1% to US$1,146 per equivalent ounce in the September quarter from US$1,152 per equivalent ounce in the June quarter driven mainly by the positive impact of the inventory movement.

Capital expenditure increased by 64% to US$12.6 million in the September quarter from US$7.7 million in the June quarter due to increased construction activities at the tailings dam and waste storage facilities following the impact of COVID-19 restrictions in the June quarter.

All-in cost for Cerro Corona is expected to be US$1,120/oz gold equivalent (US$790/oz gold), above original guidance for 2020 (US$830/oz gold equivalent, US$575/oz gold), mainly as a result of lower production on the back of COVID-19 interruptions, additional COVID-19 costs and additional royalties due to higher metal prices. The higher cost guidance is already factored into Group guidance.

Australia region

St Ives

		Sept	June	%
		2020	2020	Variance
Underground
	000	467
Ore mined	tonnes	484	(4)%
	000	161
Waste mined	tonnes	214	(25)%
	000	628
Total tonnes mined	tonnes	698	(10)%
Grade mined	g/t	5.64	5.46	3%
Gold mined	000'oz	84.7	85.0	-%
Surface
	000	461
Ore mined	tonnes	791	(42)%
	000	11
Surface waste (Capital)	tonnes	1,331	(99)%
Surface waste	000	1,628
(Operational)	tonnes	1,970	(17)%
	000	1,639
Total waste mined	tonnes	3,300	(50)%
	000	2,100
Total tonnes mined	tonnes	4,092	(49)%
Grade mined	g/t	1.76	1.21	45%
Gold mined	000'oz	26.1	30.7	(15)%
Strip ratio	waste/ore	3.6	4.2	(15)%
Total (Underground and
Surface)
	000	928
Total ore mined	tonnes	1,275	(27)%
Total grade mined	g/t	3.71	2.82	32%
	000	2,728
Total tonnes mined	tonnes	4,789	(43)%
Total gold mined	000'oz	110.8	115.6	(4)%
	000	1,122
Tonnes milled	tonnes	1,362	(18)%
Yield - underground	g/t	4.18	4.58	(9)%
Yield - surface	g/t	1.24	1.06	17%
Yield - combined	g/t	2.51	2.17	16%
Gold produced	000'oz	90.5	94.9	(5)%
Gold sold	000'oz	86.9	103.8	(16)%
AISC - revised	A$/oz	1,071	1,353	(21)%
interpretation guidance		785
(WGC November 2018)	US$/oz	878	(11)%
	A$/oz	1,149	1,388	(17)%
AIC	US$/oz	839	900	(7)%
Sustaining capital	A$m	15.0	26.3	(43)%
expenditure	US$m	11.2	17.0	(34)%
Non-sustaining capital	A$m	6.7	3.6	86%
expenditure	US$m	4.7	2.3	104%
Total capital	A$m	21.7	29.8	(27)%
expenditure	US$m	15.9	19.3	(18)%

Gold production decreased by 5% to 90,500oz in the September quarter from 94,900oz in the June quarter as an 18% decrease in tonnes milled was partially offset by a 16% increase in yield.

8

Total tonnes mined at the underground mines decreased by 10% to 628,000t in the September quarter from 698,000t in the June quarter due to less production days in the September quarter compared to the June quarter. During the September quarter the underground development fleet was rationalised and emphasis shifted to ore production.

Total waste tonnes mined in the open pits decreased by 50% to 1.6 Mt in the September quarter from 3.3Mt in the June quarter. Capital waste tonnes decreased by 99% to 11,000t in the September quarter from 1.3Mt in the June quarter, following the conclusion of pre-strip activities at Neptune stage 6 pit early in the September quarter. Operational waste tonnes decreased by 17% to 1.6Mt in the September quarter from 2.0Mt in the June quarter. Year-to-date the open pit production is in line with the planned mining sequence and during Q3 the mining fleet was also utilised to focus on additional progressive rehabilitation. In addition the current quarter had a reduced number of days compared to the previous quarter.

Ore tonnes mined at the open pits decreased by 42% to 461,000t in the September quarter from 791,000t in the June quarter, with all open pit ore being sourced from Neptune pit stages 5 and 6. Pre-strip activities of Neptune stage 7 pit will commence in November 2020.

Surface mined grade increased by 45% to 1.76g/t in the September quarter from 1.21g/t in the June quarter with high grade ore sourced from Neptune stage 6 pit.

Total tonnes processed decreased by 18% to 1.12Mt in the September quarter from 1.36Mt in the June quarter due to less production days in the September quarter compared to the June quarter and a four day planned mill shutdown to replace liners.

All-in cost decreased by 17% to A$1,149/oz (US$839/oz) in the September quarter from A$1,388/oz (US$900/oz) in the June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially offset by lower gold sold.

Capital expenditure decreased by 27% to A$22 million (US$16 million) in the September quarter from A$30 million (US$19 million) in the June quarter following the conclusion of Neptune stage 6 pre-strip activities during the September quarter.

Agnew

		Sept	June	%
		2020	2020	Variance
	000	297
Underground ore mined	tonnes	354	(16)%
	000	184
Underground waste mined	tonnes	210	(12)%
	000	481
Total tonnes mined	tonnes	564	(15)%
Grade mined -		6.39
underground	g/t	5.33	20%
Gold mined	000'oz	61.0	60.6	1%
	000	334
Tonnes milled	tonnes	377	(11)%
Yield	g/t	5.78	4.83	20%
Gold produced	000'oz	62.1	58.5	6%
Gold sold	000'oz	58.4	57.2	2%
AISC - revised	A$/oz	1,448	1,723	(16)%
interpretation guidance		1,039
(WGC November 2018)	US$/oz	1,119	(7)%
AIC	A$/oz	1,513	1,796	(16)%
US$/oz	1,085	1,167	(7)%
Sustaining capital	A$m	16.8	19.9	(16)%
expenditure	US$m	12.0	12.9	(7)%
Non-sustaining capital	A$m	3.8	4.2	(10)%
expenditure	US$m	2.7	2.7	-%
Total capital	A$m	20.6	24.0	(14)%
expenditure	US$m	14.7	15.6	(6)%

Gold production increased by 6% to 62,100oz in the September quarter from 58,500oz in the June quarter due to an increase in grade of ore mined and processed.

Total tonnes mined decreased by 15% to 481,000t in the September quarter from 564,000t in the June quarter mainly due to less production days in the September quarter compared to the June quarter.

Gold Fields Operational
2020
update September quarter

Mined grade increased by 20% to 6.39g/t in the September quarter from 5.33g/t in the June quarter, with mining of the higher grade Waroonga North lower and Kath areas continuing, together with improved grades achieved from the New Holland Sheba area.

Tonnes processed decreased by 11% to 334,000t in the September quarter from 377,000t in the June quarter due to less production days in the September quarter compared to the June quarter.

All-in cost decreased by 16% to A$1,513/oz (US$1,085/oz) in the September quarter from A$1,796/oz (US$1,167/oz) in the June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, as well as increased gold sold.

Capital expenditure decreased by 14% to A$21 million (US$15 million) in the September quarter from A$24 million (US$16 million) in the June quarter with decreased capital development in the Sheba and Kath areas.

Granny Smith

		Sept	June	%
		2020	2020	Variance
	000	405
Underground ore mined	tonnes	452	(10)%
	000	180
Underground waste mined	tonnes	169	7%
	000	585
Total tonnes mined	tonnes	621	(6)%
Grade mined -		5.63
underground	g/t	5.05	11%
Gold mined	000'oz	73.3	73.5	-%
	000	425
Tonnes milled	tonnes	448	(5)%
Yield	g/t	5.06	4.68	8%
Gold produced	000'oz	69.1	67.5	2%
Gold sold	000'oz	62.5	67.4	(7)%
AISC - revised	A$/oz	1,342	1,524	(12)%
interpretation guidance		965
(WGC November 2018)	US$/oz	991	(3)%
AIC	A$/oz	1,451	1,606	(10)%
US$/oz	1,044	1,043	-%
Sustaining capital	A$m	18.4	23.7	(22)%
expenditure	US$m	13.0	15.5	(16)%
Non-sustaining capital	A$m	6.8	5.5	24%
expenditure	US$m	4.9	3.5	40%
Total capital expenditure	A$m	25.2	29.2	(14)%
US$m	17.9	19.0	(6)%

Gold production increased by 2% to 69,100oz in the September quarter from 67,500oz in the June quarter due to higher grades mined and processed.

Grade mined increased by 11% to 5.63g/t in the September quarter from 5.05g/t in the June quarter as high-grade stopes were mined during the quarter, in line with the mining sequence. In addition, higher grade development ore was realised.

All-in cost decreased by 10% to A$1,451/oz (US$1,044/oz) in the September quarter from A$1,606/oz (US$1,043/oz) in the June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially offset by a decrease in gold sold.

Capital expenditure decreased by 14% to A$25 million (US$18 million) in the September quarter from A$29 million (US$19 million) in the June quarter following the purchase of a replacement underground drill rig in the June quarter.

Non-sustaining capital expenditure increased by 24% to A$7 million (US$5 million) from A$6 million (US$4 million) in the June quarter due to increased capital development in the Zone 135 area. Stoping activities in this area are scheduled to commence in 2022.

9

Gold Fields Operational
	2020
update September quarter
Gruyere
			Sept	June	%
			2020	2020	Variance
	000	1,858
Ore mined		tonnes	2,125	(13)%
	000	5,140
Waste (Capital)		tonnes	2,879	79%
	000	548
Waste (Operational)		tonnes	946	(42)%
	000	5,688
Total waste mined		tonnes	3,825	49%
	000	7,546
Total tonnes mined		tonnes	5,950	27%
Grade mined		g/t	1.03	1.06	(3)%
Gold mined		000'oz	61.4	72.4	(15)%
Strip ratio	waste/ore	3.1	1.8
	000	1,889
Tonnes milled		tonnes	2,187	(14)%
Yield		g/t	0.92	1.02	(10)%
Gold produced		000'oz	55.9	71.9	(22)%
Gold sold		000'oz	56.8	70.2	(19)%
AISC - revised		A$/oz	1,505	1,345	12%
interpretation guidance			1,076
(WGC November 2018)		US$/oz	874	23%
		A$/oz	1,518	1,363	11%
AIC		US$/oz	1,085	886	22%
Sustaining capital		A$m	12.7	10.8	18%
expenditure - 50% basis		US$m	8.9	7.0	27%
Non-sustaining capital		A$m	0.3	0.6	(43)%
expenditure - 50% basis		US$m	0.3	0.4	(37)%
Total capital expenditure -		A$m	13.0	11.4	15%
50% basis		US$m	9.2	7.4	23%

Mine physicals in table on a 100% basis.

Gold production decreased by 22% to 55,900oz in the September quarter from 71,900oz in the June quarter due to decreased ore processed and decreased yield.

Ore tonnes mined decreased by 13% to 1.86Mt in the September quarter from 2.13Mt in the June quarter as mining activity focused on stripping in stages 2 and 3 of the pit.

Yield decreased by 10% to 0.92g/t in the September quarter from 1.02g/t in the June quarter due to the processing of low grade stockpiles together with a decrease in grade of ore from source.

Tonnes processed decreased by 14% to 1.89Mt in the September quarter from 2.19Mt in the June quarter with decreased availability at the processing plant due to less production days in the September quarter compared to the June quarter, combined with an extended planned shutdown to perform a full reline on the SAG mill and crusher. A ball mill bearing failure on restarting the process plant after the shutdown impacted production for a further seven days. A specialist team was mobilised and the root cause of the failure was determined and rectified prior to the installation of a replacement bearing.

All-in cost increased by 11% to A$1,518/oz (US$1,085oz) in the September quarter from A$1,363/oz (US$886/oz) in the June quarter due to lower gold sold and increased capital expenditure, partially offset by lower cost of sale before amortisation and depreciation.

Capital expenditure (on a 50% basis) increased by 15% to A$13 million (US$9 million) in the September quarter from A$11 million (US$7 million) in the June quarter with pre-strip activities at the Gruyere pit stage 3 continuing during the quarter.

All-in cost for Gruyere is expected to be A$1,350/oz (US$945/oz), above original guidance for 2020 (A$1,150/oz, US$795/oz), mainly as a result of lower production due to plant downtime resulting from a ball mill motor bearing failure (previously reported on by Gold Road) and mill configuration changes to cater for increased fresh rock processing, higher processing and COVID-19 relating expenditure, as well as additional royalties due to a higher gold price realised. The higher cost guidance is already factored into Group guidance.

10

Gold Fields Operational
2020
update September quarter

UNDERGROUND AND SURFACE

		Total Mine	South						South
		operations	Africa						America
		including	Region		West Africa Region		Region			Australia Region
		equity			Ghana		Peru				Australia
		accounted
Imperial ounces with metric		Joint	South					Asanko	Cerro						Granny	Gruyere
tonnes and grade		Venture	Deep	Total	Tarkwa	Damang	45%	Corona	Total	St Ives		Agnew	Smith	50%
Tonnes mined	Sept 2020	1,511	341	-	-	-		-	-	1,169	467		297		405	-
(000 tonnes)*	June 2020	1,506	215	-	-	-		-	-	1,290	484		354		452	-
- underground ore	Sept 2019	1,441	328	-	-	-		-	-	1,113	302		360		451	-
	Sept 2020	550	25	-	-	-		-	-	525	161		184		180	-
- underground waste	June 2020	600	8	-	-	-		-	-	593	214		210		169	-
	Sept 2019	572	11	-	-	-		-	-	561	225		161		175	-
	Sept 2020	8,399	-	5,309	2,613	2,265		431	1,700	1,390	461		-		-	929
- surface ore	June 2020	8,425	-	5,107	3,024	1,470		612	1,465	1,854	791		-		-	1,062
	Sept 2019	9,403	-	5,163	3,666	1,000		497	2,070	2,170	1,115		-		-	1,055
	Sept 2020	10,460	366	5,309	2,613	2,265		431	1,700	3,085	1,090		480		586	929
- total	June 2020	10,531	223	5,107	3,024	1,470		612	1,465	3,737	1,489		564		621	1,062
	Sept 2019	11,416	339	5,163	3,666	1,000		497	2,070	3,844	1,642		521		626	1,055
Grade mined	Sept 2020	5.9	6.4	-	-	-		-	-	5.8	5.6		6.4		5.6	-
(grams per tonne)	June 2020	5.5	6.7	-	-	-		-	-	5.3	5.5		5.3		5.1	-
- underground ore	Sept 2019	4.9	5.7	-	-	-		-	-	4.7	3.9		4.9		5.1	-
	Sept 2020	1.3	-	1.5	1.4	1.6		1.4	0.9	1.3	1.8		-		-	1.0
- surface ore	June 2020	1.3	-	1.4	1.4	1.5		1.4	0.8	1.1	1.2		-		-	1.1
	Sept 2019	1.2	-	1.3	1.2	1.6		1.5	1.0	1.2	1.6		-		-	0.9
	Sept 2020	2.0	5.9	1.5	1.4	1.6		1.4	0.9	3.4	3.7		6.4		5.6	1.0
- total	June 2020	1.9	6.5	1.4	1.4	1.5		1.4	0.8	2.8	2.8		5.3		5.1	1.1
	Sept 2019	1.6	5.5	1.3	1.2	1.6		1.5	1.0	2.4	2.1		4.9		5.1	0.9
Gold mined	Sept 2020	288.9	69.9	-	-	-		-	-	219.0	84.7		61.0		73.3	-
(000 ounces)*	June 2020	265.8	46.7	-	-	-		-	-	219.1	85.0		60.6		73.5	-
- underground ore	Sept 2019	229.0	60.2	-	-	-		-	-	168.8	37.8		56.7		74.3	-
	Sept 2020	355.3	-	251.0	117.7	114.6		18.7	47.5	56.8	26.1		-		-	30.7
- surface ore	June 2020	339.0	-	232.2	133.2	71.2		27.8	39.9	66.9	30.7		-		-	36.2
	Sept 2019	371.3	-	217.8	143.1	51.3		23.5	66.8	86.7	56.9		-		-	29.8
	Sept 2020	644.2	69.9	251.0	117.7	114.6		18.7	47.5	275.8	110.8		61.0		73.3	30.7
- total	June 2020	604.8	46.7	232.2	133.2	71.2		27.8	39.9	286.0	115.6		60.6		73.5	36.2
	Sept 2019	600.3	60.2	217.8	143.1	51.3		23.5	66.8	255.5	94.7		56.7		74.3	29.8
Ore milled/treated	Sept 2020	1,571	329	-	-	-		-	-	1,242	483		334		425	-
(000 tonnes)	June 2020	1,462	210	-	-	-		-	-	1,252	427		377		448	-
- underground ore	Sept 2019	1,458	321	-	-	-		-	-	1,137	366		307		464	-
	Sept 2020	6	6	-	-	-		-	-	-	-		-		-	-
- underground waste	June 2020	8	8	-	-	-		-	-	-	-		-		-	-
	Sept 2019	7	7	-	-	-		-	-	-	-		-		-	-
	Sept 2020	8,856	228	5,295	3,468	1,167		660	1,751	1,583	639		-		-	944
- surface ore	June 2020	9,757	191	5,849	3,835	1,277		737	1,690	2,028	935		-		-	1,094
	Sept 2019	8,384	234	5,242	3,437	1,158		648	1,648	1,259	704		-		-	555
	Sept 2020	10,433	563	5,295	3,468	1,167		660	1,751	2,825	1,122		334		425	944
- total	June 2020	11,227	408	5,849	3,835	1,277		737	1,690	3,280	1,362		377		448	1,094
	Sept 2019	9,850	563	5,242	3,437	1,158		648	1,648	2,396	1,070		307		464	555
Yield	Sept 2020	5.2	6.1	-	-	-		-	-	4.9	4.2		5.8		5.1	-
(Grams per tonne)	June 2020	4.9	5.8	-	-	-		-	-	4.7	4.6		4.8		4.7	-
- underground ore	Sept 2019	4.7	5.8	-	-	-		-	-	4.4	3.4		5.1		4.7	-
	Sept 2020	1.1	0.1	1.2	1.1	1.6		1.0	0.9	1.1	1.2		-		-	0.9
- surface ore	June 2020	1.1	0.1	1.2	1.2	1.2		1.3	0.9	1.0	1.1		-		-	1.0
	Sept 2019	1.2	0.2	1.2	1.2	1.3		1.3	1.2	1.2	1.6		-		-	0.8
	Sept 2020	1.7	3.6	1.2	1.1	1.6		1.0	0.9	2.7	2.5		5.8		5.1	0.9
- combined	June 2020	1.6	3.0	1.2	1.2	1.2		1.3	0.9	2.4	2.2		4.8		4.7	1.0
	Sept 2019	1.7	3.4	1.2	1.2	1.3		1.3	1.2	2.7	2.2		5.1		4.7	0.8
Gold produced	Sept 2020	260.4	64.3	-	-	-		-	-	196.1	64.9		62.1		69.1	-
(000 ounces)*	June 2020	228.2	39.2	-	-	-		-	-	189.0	63.0		58.5		67.5	-
- underground ore	Sept 2019	219.2	59.7	-	-	-		-	-	159.5	39.4		50.4		69.7	-
	Sept 2020	315.9	0.6	211.2	127.3	61.9		22.0	50.5	53.5	25.5		-		-	28.0
- surface ore	June 2020	341.2	0.6	226.4	144.5	50.8		31.1	46.3	67.9	31.9		-		-	35.9
	Sept 2019	321.5	1.3	205.1	127.3	49.7		28.1	64.8	50.3	35.7		-		-	14.6
	Sept 2020	576.3	64.9	211.2	127.3	61.9		22.0	50.5	249.6	90.5		62.1		69.1	28.0
- total	June 2020	569.4	39.8	226.4	144.5	50.8		31.1	46.3	256.9	94.9		58.5		67.5	35.9
	Sept 2019	540.7	61.0	205.1	127.3	49.7		28.1	64.8	209.8	75.2		50.4		69.7	14.6
Cost of sales before gold	Sept 2020	114	168	-	-	-		-	-	100	88		115		101	-
inventory change and	June 2020	111	176	-	-	-		-	-	100	97		113		92	-
amortisation and depreciation
(dollar per tonne) - underground	Sept 2019	125	204	-	-	-		-	-	103	90		140		88	-
	Sept 2020	28	6	32	21	59		42	20	28	39		-		-	19
- surface	June 2020	24	9	27	19	45		34	23	18	20		-		-	16
	Sept 2019	28	2	29	25	34		35	25	39	39		-		-	-
	Sept 2020	41	102	32	21	59		42	20	59	60		115		101	19
- total	June 2020	35	98	27	19	45		34	23	49	44		113		92	16
	Sept 2019	43	120	29	25	34		35	25	78	57		140		88	-

* Excludes surface material at South Deep.

11

Gold Fields Operational
2020
update September quarter

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-US 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 Damang and 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 2019 and the annual report on Form 20-F for the fiscal year ended 31 December 2019. 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.

12

Gold Fields Operational
2020
update September quarter

ADMINISTRATION AND CORPORATE INFORMATION

Corporate Secretary	Investor enquiries
Anré Weststrate	Avishkar Nagaser
Tel: [phone]	Tel: [phone]
Fax: [phone]	Mobile: [phone]
email: anré[e-mail]	email: [e-mail]

Registered office

Johannesburg

Gold Fields Limited 150 Helen Road Sandown Sandton

2196

Postnet Suite 252 Private Bag X30500 Houghton

2041

Tel: [phone]

Fax: [phone]

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: [phone]

email: [e-mail]

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: [e-mail] Phone numbers

Toll Free: 866 247 3871 Domestic

Tel: [phone] Domestic

Tel: [phone] Foreign

Thomas Mengel

Tel: [phone]

Mobile: [phone]

email: [e-mail]

Media enquiries

Sven Lunsche

Tel: [phone]

Mobile: [phone]

email: [e-mail]

Transfer secretaries

South Africa

Computershare Investor Services (Proprietary) Limited Rosebank Towers

15 Biermann Avenue Rosebank Johannesburg 2196

PO Box 61051

Marshalltown 2107

Tel: [phone]

Fax: [phone]

United Kingdom

Link Asset Services

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU

England

Tel: [phone]

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: [e-mail]

Sponsor

J.P. Morgan Equities South Africa Proprietary Limited

1 Fricker Road

Illovo, Johannesburg 2196

South Africa

Gold Fields Limited

Incorporated in the Republic of South Africa

Registration number 1968/004880/06

Share code: GFI

Issuer code: GOGOF

ISIN: ZAE 000018123

Website

www.goldfields.com

Listings

JSE / NYSE / GFI

CA Carolus† (Chair) RP Menell† (Deputy Chair) NJ Holland*• (Chief Executive Officer) PA Schmidt• (Chief Financial Officer) A Andani#†

PJ Bacchus*† TP Goodlace† C Letton^† P Mahanyele-Dabengwa• SP Reid^† YGH Suleman†

• • Australian * British # Ghanaian
• Independent Director • Non-independent Director

13

www.goldfields.com