Half Year 2025 Gold Fields Ltd Earnings Call

Speaker #2: Good afternoon, ladies and gentlemen, and welcome to the Gold Fields H1 2025 results call. All participants will be in listen-only mode. There will be an opportunity to ask questions later during the conference.

Speaker #2: If you need assistance during the call, please signal an operator by pressing START and ZERO. Please note that this call is being recorded.

Speaker #2: I would now like to turn the conference over to Michael Fraser. Please go ahead, sir.

Speaker #3: Thank you, and good afternoon, good morning, everybody. Welcome to the presentation of Gold Fields H1 2025 results. I'm joined here in the room in Johannesburg by Alex Dahl, our Chief Financial Officer, who will take us through the specific financial details of these results.

Mike Fraser: Thank you, and good afternoon, good morning, everybody, and welcome to the presentation of Gold Fields' H1 2025 results. I am joined here in the room in Johannesburg by Alex Dall, our Chief Financial Officer, who will take us through the specific financial details of these results. I just draw your attention to the forward-looking statements in the presentation pack. Going into our results, I just want to remind everyone that Gold Fields is a global gold miner. We have a number of high-quality operations in quality jurisdictions, and we have a high-quality growth pipeline ahead of us. Just to remind everyone of our strategy, our strategy is very clear. It is around delivering safe and reliable and cost-effective operations, having a positive social impact on our communities and environment, and continually growing the quality of our portfolio.

Speaker #3: I just draw your attention to the forward-looking statements in the presentation pack. Just going into our results, I want to remind everyone that Gold Fields is a global gold miner; we have a number of high-quality operations in quality jurisdictions, and we have a high-quality growth pipeline ahead of us.

Speaker #3: Just to remind everyone of our strategy: our strategy is very clear. It's around delivering safe, reliable, and cost-effective operations, while having a positive social impact on our communities and environment.

Speaker #3: And continually growing the quality of our portfolio. Our focus really, if you look at our portfolio, we have four multi-decade assets, which provide the production baseload.

Mike Fraser: Our focus really, if you look at our portfolio, we have four multi-decade assets which provide the production baseload. We have an additional four assets that have upside optionality, and through our greenfields, brownfields exploration, activities, and M&A, we continue to improve the quality and value of our portfolio. The way that we think about creating value is by enhancing the longevity and quality of our portfolio of assets. The focus is on growing cash flow per share, and if we continue to do that, we are allowed to trade off the options of returning additional funds to shareholders, investing in our business, and strengthening our balance sheet to take advantage of future options. If you look at our first half 2025, we have actually had a strong performance relative to the same period of last year.

Speaker #3: We have an additional four assets that have upside optionality. Through our greenfields, brownfields exploration activities, and M&A, we continue to improve the quality and value of our portfolio.

Speaker #3: The way that we think about creating value is by enhancing the longevity and quality of our portfolio of assets. The focus is on growing cash flow per share, and if we continue to do that, we are allowed to trade off the options of returning additional funds to shareholders.

Speaker #3: Investing in our business and strengthening our balance sheet to take advantage of future options. If you look at our first half of 2025, we've actually had a strong performance relative to the same period of last year.

Speaker #3: Firstly, and most importantly, the benefits of our safety improvement plan are becoming visible. We have seen an improved safety performance in H1 2025. In fact, over the last four quarters, we have continued to see improvements as we've ramped up that program.

Mike Fraser: Firstly, and most importantly, the benefits of our safety improvement plan are becoming visible, and we have seen an improved safety performance in H1 2025. In fact, over the last four quarters, we have continued to see the improvements as we ramped up that program. We are on track to deliver both against our production and cost guidance for 2025. Whilst our H1 25 unit costs are slightly elevated, they have come off in absolute terms per ounce, and we continue to see an improvement in H2. One of the impacts in the first half was also that we had 45,000 ounces of gold, which were sold and shipped during the second half. In terms of improving the quality of our portfolio, we have had a strong performance from Solaris Norte, with ramp-up progressing according to plan.

Speaker #3: We are on track to deliver both against our production and cost guidance for 2025. While our H1 2025 unit costs are slightly elevated, they have improved in absolute terms per ounce, and we continue to see an improvement in H2.

Speaker #3: One of the impacts in the first half was also that we had 45,000 ounces of gold, which were sold and shipped during the second half.

Speaker #3: In terms of improving the quality of our portfolio, we have had a strong performance from Solaris Nauto, with ramp-up progressing according to plan. We have seen continued operations throughout the winter.

Mike Fraser: We have seen continued operations throughout the winter, and even post-period end, we continue to see good performance. We also completed the signing of the Gold Road acquisition in Q2, and we expect that transaction to conclude in October. We have also identified significant opportunities across our portfolio for improving our assets, and I will highlight a couple of those ideas later in the presentation. Our focus is very much on returns to shareholders, and we have announced an interim dividend today of 700 cents per share, which is 133% higher on the equivalent period last year and matches the full-year dividend that we declared in February. We have made some really good progress in the enablers of our strategy. We continue to invest in creating a sustainable, simple, reliable organization.

Speaker #3: And even post-period end, we continue to see good performance. We also completed the signing of the Gold Road acquisition in Q2, and we expect that transaction to conclude in October.

Speaker #3: We've also identified significant opportunities across our portfolio for improving our assets, and I'll highlight a couple of those ideas later in the presentation. Our focus is very much on returning value to shareholders, and we've announced an interim dividend today of $700 per share, which is 133% higher than the equivalent period last year.

Speaker #3: And matches the full-year dividend that we declared in February. So, we've made some really good progress in the enablers of our strategy and continue to invest in creating a sustainable, simple, reliable organization.

Speaker #3: Then, just moving on to our H1 operational performance, again, just to reinforce, we've had a very strong delivery in H1. Our safety performance— we've made some really good progress.

Mike Fraser: Moving on to our H1 operational performance, again, just to reinforce, we have had a very strong delivery in H1. For our safety performance, we have made some really good progress. We did, however, have two serious injuries, which demonstrates that the journey on safety is never-ending, and every day we drive our focus. Importantly, and one of the key enablers of that is our cultural changes, and we have now completed 90% of the EBNCO recommendations and continue to make good progress in investing in culture. In the first half, we had a 24% improvement in gold production compared to the same period last year. That enabled us to deliver an improvement in unit costs, which Alex Dall will talk to later, and importantly, saw that translate into, with the combined leverage of a 40% improvement in realized gold prices, a 256% improvement in cash flow from operations.

Speaker #3: We did, however, have two serious injuries, which demonstrates that the journey on safety is never-ending, and every day we drive our focus. Importantly, one of the key enablers of that is our cultural changes.

Speaker #3: We have now completed 90% of the EBN co-recommendations and continue to make good progress in investing in culture. In the first half, we had a 24% improvement in gold production compared to the same period last year.

Speaker #3: That enabled us to deliver an improvement in unit costs, which Alex will talk to later. And importantly, we saw that translate into, with the combined leverage of a 40% improvement in realized gold prices, a 256% improvement in cash flow from operations.

Speaker #3: Importantly, an important driver for performance is the ramp-up of Solaris Nauto. We saw a 46% improvement quarter on quarter for Solaris. We see commercial production being delivered in Q3 as planned, with a steady-state plan for Q4.

Mike Fraser: Importantly, and an important driver for performance, is the ramp-up of Solaris Norte, and we saw a 46% improvement quarter on quarter for Solaris. We see commercial production being delivered in Q3 as planned, with a steady state plan for Q4. We are well on track for the delivery of our guidance, and our production in the first half is around 48% of the midpoint of our 2025 guidance. Briefly touching on our social and environmental performance, we have completed a midterm review as intended in 2025, but we have also made really good progress across all dimensions of our ESG commitments. We have made some good inroads to our safety, health, and environmental improvement. We have made some good progress on gender diversity, where we now have 28% of women in leadership and 56% of women in core operating roles.

Speaker #3: And we're well on track for the delivery of our guidance. Our production in the first half is around 48% of the midpoint of our 2025 guidance.

Speaker #3: Just very briefly touching on our social and environmental performance, we have completed a midterm review, as intended, in 2025. But we have made really good progress across all dimensions of our ESG commitments.

Speaker #3: We've made some good inroads to our safety, health, and environmental improvement. We've made some good progress on gender diversity, where we now have 28% of women in leadership.

Speaker #3: And 56% of women in core operating roles. We have delivered $2.9 billion of value created for stakeholders, of which just under $800 million has been delivered to our host community.

Mike Fraser: We have delivered $2.9 billion of value created for stakeholders, of which just under $800 million has been delivered to our host community. On decarbonization, we have made some good progress. We have had a 14% absolute reduction against our 2016 baseline. We continue to make good progress on the investment in renewables. The one area that is lagging is that the technology in our industry has really not caught up and enabled us to make those significant inroads into diesel usage in our portfolio, and that remains a key area of focus. On tailings, last week we launched our GISTM conformance report. Pleasingly, I can say that we have a high level of achievement against all of our tailings facilities, and in particular, all of our high-priority tailings are fully conforming. Again, we continue to focus on water stewardship.

Speaker #3: On decarbonization, we have made some good progress. We have had a 14% absolute reduction against our 2016 baseline. We continue to make good progress on the investment in renewables, but probably the one area that's lagging is that the technology in our industry has really not caught up and enabled us to make those significant inroads into diesel usage in our portfolio.

Speaker #3: And that remains a key area of focus. On tailings, last week we launched our GISTM conformance report, and pleasingly, I can say that we have a high level of achievement against all of our tailings facilities.

Speaker #3: And in particular, all of our high-priority tailings are fully conforming. Again, we continue to focus on water stewardship. Just on production, what I can say is that we have made good progress.

Mike Fraser: On production, again, what I can say is that we have made good progress. As I said, up 24% half on half and remain well placed on our full-year guidance, and I will talk to you some of the highlights on the assets in a short while. I will now hand over to Alex Dall to talk about the cost performance in the half.

Speaker #3: As I said, up 24%, 24% half on half, and we remain well placed on our full guidance. I'll talk to some of the highlights on the assets in a short while.

Speaker #3: I'll now hand over to Alex to talk about the cost performance in the half.

Speaker #4: Thank you, Mike. Pleasingly, we saw a $100 decrease in our all-in costs, from $2,060 an ounce to $1,957. This was really on the back of the strong production, as outlined on the earlier slides from Mike.

Alex Dall: Thank you, Mike. Pleasingly, we saw a $100 decrease in our all-in costs from $2,060 an ounce to $1,957. This was really on the back of the strong production as outlined on the earlier slides from Mike, offset by an increase in operating costs of $230. $60 of these $230 is due to the inclusion of Solaris Norte in operating costs for the first time. The remaining is due significantly from the increase in volumes and mining contractor rates in Australia. Also, on the back of these increased volumes, we have seen an offset in GIP as well as the unsold gold of 45,000 ounces. Again, we have also seen an increase in sustaining capital. This is due to winterization projects at Solaris Norte, as well as higher volumes at our Australian mines and infrastructure spend there. Back to you, Mike.

Speaker #4: Offset by an increase in operating costs of $230 million; $60 million of this $230 million is due to the inclusion of Solaris Nauto in operating costs for the first time.

Speaker #4: And the remaining is due to significantly increased volumes and mining contractor rates in Australia. Also, on the back of these increased volumes, we have seen an offset in GIP, as well as the unsold gold of 45,000 ounces.

Speaker #4: Again, we've also seen an increase in sustaining capital; this is due to winterization projects at Solaris Nauto, as well as higher volumes at our Australian mines and infrastructure spend there.

Speaker #4: So back to you, Mike.

Speaker #3: Thank you, Alex. I just want to quickly run through each of the operations and highlight some key points. Firstly, I want to call out South Deep, which has had a 31% improvement in attributable production half on half.

Mike Fraser: Thank you, Alex. Just want to quickly run through each of the operations and talk to some of the highlights. Firstly, just to call out South Deep, which has had a 31% improvement in attributable production half on half. You will recall that we have had a really difficult start to 2024 at South Deep, but pleasingly, there has been some really significant improvements, largely driven by improved underground mining and improved stoke turnover. We are also seeing some slightly higher grades from the de-stress activities, and that has certainly provided the benefit to South Deep. Again, because of the higher fixed cost nature of the operation, those higher volumes have translated into lower all-in cost.

Speaker #3: And you'll recall that we've had a really difficult start to 2024 at South Deep. But pleasingly, there's been some really significant improvements, largely driven by improved underground mining and improved stoke turnover.

Speaker #3: We also seeing some slightly higher grades and from the de-stress activities. And that's certainly provided the benefit to South Deep. Again, because of the higher or the higher fixed cost nature of the operation, those higher volumes have translated into lower all-in cost.

Speaker #3: At Takwa, we were slightly down on the half, but that was largely because of a planned higher stripping—accelerated stripping in the second quarter—which meant that we replaced fresh rock with the stockpiled material, which came in at the lower grade.

Mike Fraser: At Tarquil, we were slightly down on the half, but that was largely because of a planned higher accelerated stripping in the second quarter, which meant that we replaced fresh rock with the stockpiled material, which came in at the lower grade. We do see that production weighted to the second half and remain confident of the delivery of the full-year guidance for Tarquil. St Ives, we saw a really good improvement, so a 33% improvement in attributable production in H1, and that was largely due to the improved open-foot volumes and improved grade. Pleasingly, again, we see a second half waiting for St Ives, and they really are tracking really well against their full-year plan. Gruyère, we did see a 14% improvement in attributable production. That could have been slightly higher, but we did have some challenges in January with the process plant.

Speaker #3: We do see that production is weighted to the second half and remain confident in the delivery of the full guidance for Takwa. So now, as we saw a really good improvement—a 33% improvement in attributable production in H1.

Speaker #3: And that was largely due to the improved open-foot volumes and improved grade. And, pleasingly, again, we see a second half waiting for St. Ives, and they really are tracking well against their full-year plan.

Speaker #3: Gruyères, we did see a 14% improvement in attributable production. That could have been slightly higher, but we did have some challenges in January with the process plant.

Speaker #3: I think, pleasingly, apart from the difficult challenges that we had in Gruyères over the past few years with our mining contracting, we saw an 82% increase in tons moved.

Mike Fraser: I think, pleasingly, apart from the difficult challenges that we had in Gruyère over the past few years with our mining contracting, we saw an 82% increase in tons moved and really a significant acceleration in the stage five waste strip. That contributed to a slightly higher all-in cost for the asset. We also see a second half waiting for Gruyère in performance, but I think the most pleasingly, we are seeing really the constraint moving from the mine to the plant, which is what we wanted to see. Granny Smith continues to deliver as per expectations, and again, we are very pleased with the performance out of Granny Smith. Their costs were slightly higher in the six months, largely due to some catch-up capital and infrastructure spend during the six months. Agnew also saw an increased production in the six months, largely due to improved grade mines and processed.

Speaker #3: And really, a significant acceleration in the Stage Five waste strip contributed to a slightly higher all-in cost for the asset. We also see a second half waiting for Gruyères and performance.

Speaker #3: But I think, most pleasingly, we're seeing the constraint moving from the mine to the plant, which is what we wanted to see.

Speaker #3: Granny Smith continues to deliver as per expectations, and again, we are very pleased with the performance out of Granny Smith. Their costs were slightly higher in the six months, largely due to some catch-up capital and infrastructure spend during the six months.

Speaker #3: Agnew also saw an increased production in the six months, largely due to improved grade mines and processing. Again, we also saw slightly higher costs due to higher capital, but also due to a renewed underground mining contract, which came in slightly higher than inflation.

Mike Fraser: Again, we also saw slightly higher costs due to higher capital, but also due to a renewed underground mining contract, which came in slightly higher than inflation, and we are looking at opportunities to mitigate those increases. At Solaris Norte, ramp-up is going really well, going according to plan. We did have some higher capital, which Alex Dall will touch on, due to the delayed commercial production and also to some additional winterization activities, which were one-off items. Demand continues to track according to plan.

Speaker #3: And we're looking at opportunities to mitigate those increases. At Solaris Nauto, again, ramp-up is going really well, going according to plan. We did have some higher capital, which Alex will touch on, due to the delayed commercial production and also to some additional winterization activities, which were one-off items.

Speaker #3: Demand continues to track according to plan. We did renew our mining lease for 12 months, and we are continuing to process stockpiles as well as mining some of the satellite footpaths per plan.

Mike Fraser: We did renew our mining lease for 12 months, and we are continuing to process stockpiles as well as mining some of the satellite pits as per plan, and now continue to work with Governor Garner on the transition of the asset. At Cerro Corona, we did see some increased volumes and better grades mined and processed, which allowed us to deliver a 24% improvement in production, and costs were obviously positively impacted by the higher gold sold and some of the byproduct credits. Just quickly touching on the catalysts, we have got a planned investor day in November where we will unpack some of these opportunities. We are very conscious we haven't really lifted the lid on the full potential of some of our assets, but just to give a bit of a highlight on the work that's going on.

Speaker #3: And now, continue to work with Governor Garner on the transition of the asset. Sarah Corona, we did see some increased volumes and better grades mined and processed, which allowed us to deliver a 24% improvement in production, and costs were obviously positively impacted by the higher gold sale.

Speaker #3: And some of the byproduct credits. Just quickly touching on the catalysts, we have a planned investor day in November where we will unpack some of these opportunities.

Speaker #3: We're very conscious we haven't really lifted the lid on the full potential of some of our assets. But just to give a bit of a highlight on the work that's going on.

Speaker #3: So at Gruyères, clearly we are very confident about a future life extension and looking at the various options of what life extension looks like for Gruyères.

Mike Fraser: At Gruyère, clearly, we are very confident about a future life extension and looking at the various options of what life extension looks like for Gruyère. That includes also the pit and plant optimization, looking at exploration opportunities of the larger Yamana land package, which we've acquired with Gold Road Resources. At Granny Smith, the real constraint is really haulage. We know the ore body continues at depth and continues fairly consistently. So we are starting a material handling system, which enables us to unlock that future life and reduce costs. At St Ives, similarly, we've got a very large and significant ore body in that invincible ore body, and to unlock the full potential of that, it's really looking at how we really optimize material handling and improve stoke turnover. We've got a number of initiatives that are driving performance at St Ives.

Speaker #3: That includes also the pit and plant optimization. We're looking at exploration opportunities of the larger Yamana land package, which we've acquired with Gold Road. At Granny Smith, the real constraint is really haulage.

Speaker #3: We know that all bodies continue at depth and continue fairly consistently. So we are starting a material handling system, which enabled us to unlock that future life and reduce costs.

Speaker #3: At St. Ives, similarly, we've got a very large and significant all-body in that invincible all-body. To unlock the full potential of that, we really need to look at how we optimize material handling and improve stock turnover. We have a number of initiatives that are driving performance at St. Ives.

Speaker #3: Ives, this is again a long-life anchor asset in our portfolio. Agnew, there's also an opportunity. This has always been a four-year life asset.

Mike Fraser: This is, again, a long-life anchor asset in our portfolio. At Agnew, there's also an opportunity. This has always been a four-year life asset, so we've always kind of drilled out four years ahead of us. We do believe there's an opportunity through optimizing mining costs, really looking at brownfields exploration across the tenement to look at how we can really extend life at Agnew because, again, it's been a very good contributor for a long time in our portfolio. At South Deep, the focus is all around stoke turnover. We've got really significant installed infrastructure capacity, and if you're seeing what the performance is in the last six months, we've seen improved backfill placement, improving drilling accuracy, and enhanced stoke extraction, which will help us to incrementally improve extraction. At Tarquil, we are really focused on future life extension on that asset.

Speaker #3: So we've always kind of drilled out four years ahead of us. But we do believe there's an opportunity through optimizing mining costs, really looking at brownfields exploration across the tenement to look at how we can really extend life at Agnew.

Speaker #3: Because, again, it's been a very good contributor for a long time in our portfolio. South Deep's focus is all around stoke turnover. We've got really significant installed infrastructure capacity.

Speaker #3: And if you see what the performance has been in the last six months, we've seen improved backfill placement, improved drilling accuracy, and enhanced stope extraction, which will help us to incrementally improve extraction.

Speaker #3: Takwa, we are really focused on future life extension on that asset. As I've flagged earlier, the key opportunity for us there, because mining costs represent 60% of the cost base for the mine, is how we improve mining efficiencies.

Mike Fraser: As I've flagged earlier, the key opportunity for us there, because mining costs represent 60% of the cost base for the mine, is to how we improve mining efficiencies and how we drive lower mining costs, which allows us to extend life at Tarquil and lift the value opportunity that exists there. At Solaris Norte, it's all about finding additional ore. We have got a lot of work going on on brownfields exploration, and that certainly is the opportunity for us to provide additional life into Solaris Norte. Lastly, at Cerro Corona, the real constraint is around tailings. We are looking for additional ore sources, but the work that's going on now is to see what opportunities exist for additional tailings capacity. I'll now hand over to Alex Dall to take us through the financial performance.

Speaker #3: And we drive lower mining costs, which allows us to extend the life at Takwa and lift the value opportunity that exists there. Solaris Nauto, it's all about finding additional ore.

Speaker #3: We have a lot of work going on in brownfields exploration, and that certainly is an opportunity for us to provide additional life to Solaris Nauto.

Speaker #3: And lastly, at Sarah Corona, the real constraint there is around tailings; we are looking for additional ore sources, but the work that's going on now is to see what opportunities exist for additional tailings capacity.

Speaker #3: I'll now hand over to Alex to take us through the financial performance.

Speaker #4: Thank you, Mike. This is the summary slide. I'll unpack each block in a bit more detail in the further slides. On the back of the strong production increase of 24%, as well as a 40% increase in the gold price, we were able to deliver very strong headline and normalized earnings of approximately $1 billion each.

Alex Dall: Thank you, Mike. This is the summary slide. I will unpack each block in a bit more detail in the further slides. On the back of the strong production increase of 24%, as well as a 40% increase in the gold price, we were able to deliver a very strong headline and normalize earnings of approximately $1 billion each. This enabled us to declare an interim dividend of 7 rand per share, which is a 133% increase on the H1 2024 interim dividend of 3 rand per share. Pleasingly, we delivered an adjusted free cash flow of $952 million against an outflow of $58 million in the prior comparative period, which is an over $1 billion swing or $1.06 per share. Pleasingly, even after the funding of the Osisko Mining acquisition in the prior periods, our net debt to EBITDA is sitting at 0.37 times.

Speaker #4: This enabled us to declare an interim dividend of $700 per share, which is a 133% increase on the H1 2024 interim dividend of $300 per share.

Speaker #4: Pleasingly, we delivered adjusted free cash flow of $952 million against an outflow of $58 million in the prior comparative period, which is an over $1 billion swing.

Speaker #4: Or $1.06 per share. Pleasingly, even after the funding of the Cisco acquisition in the prior periods, our net debt to EBITDA is sitting at 0.37 times.

Speaker #4: If we unpack the cash flow a bit further, the operations, before taxes, generated $2.1 billion. We paid, on the back of the higher gold price, taxes of $463 million to the governments in the jurisdictions in which we operate.

Alex Dall: If we unpack the cash flow a bit further, the operations before taxes generated $2.1 billion. We paid on the back of the higher gold price, taxes of $463 million to the governments in the jurisdictions in which we operate. After paying interest, working capital, and other movements, we were left with $1.7 billion of free cash flow. This does include funding of $100 million of spend at WINDFALL project. Then we spent $665 million on capital. Significant capital spend in the first period was at Solaris Norte as we got ready for the winterization. We do expect that to come off and normalize in the second half of the year, as well as on underground and open pit development at our Australian operations and the St Ives renewables project. That enabled us to reach the $952 million of adjusted free cash flow.

Speaker #4: After paying interest, working capital, and other movements, we were left with $1.7 billion of free cash flow. This does include funding of $100 million of spend at Windfall.

Speaker #4: Then we paid; we spent $665 million on capital. Significant capital spend in the first period was at Solaris Nauto, as we got ready for the winterization.

Speaker #4: We do expect that to come off and normalize in the second half of the year, as well as on underground and open-pit development at our Australian operations and the Sunise Renewables project.

Speaker #4: That enabled us to reach $952 million of adjusted free cash flow. Again, we have a very robust capital allocation framework in place that we allocate all our spend to.

Alex Dall: Again, we have a very robust capital allocation framework in place that we allocate all our spend to. We have pleasingly maintained our investment-grade credit rating during the half with reviews from both S&P and Moody's confirming that. As I have outlined on the previous slide, we have made significant investments in our business, including $500 million on sustaining capital, $100 million at WINDFALL project, and $160 million on growth. We have declared a base dividend of 7 rand per share or 34% of normalized earnings. This has still enabled us to have $950 million of remaining free cash flow that must compete based on returns. We invested $600 million. After the dividend, it was $600 million, and that went to improving the balance sheet. On the next slide, we outline the balance sheet.

Speaker #4: We have pleasingly maintained our investment-grade credit ratings during the half, with reviews from both S&P and Moody's confirming that. As outlined in the previous slide, we have made significant investments in our business, including $500 million on sustaining capital, $100 million at Windfall, and $160 million on growth.

Speaker #4: We have declared a base dividend of $700 per share, or 34% of normalized earnings. This has still enabled us to have $950 million of remaining free cash flow that must compete based on returns.

Speaker #4: We invested $600 million; after the dividend, it was $600 million, and that went to improving the balance sheet. On the next slide, we outlined the balance sheet, and as you can see, pleasingly, our net debt has reduced to $1.5 billion from $2.1 billion at December 2024, and our net debt to EBITDA ratio is 0.37 times.

Alex Dall: As you can see, pleasingly, our net debt has reduced to $1.5 billion from $2.1 billion at December 2024, and our net debt to EBITDA ratio is 0.37 times. During the half year, we raised a seven-year bond of $750 million, which was used to repay the bridge taken out to fund the Osisko Mining acquisition. Also, we have now completed a $2.3 billion bridge facility to underwrite the Gold Road Resources acquisition. We have had a strong improvement in dividend from 3 rand to 7 rand. This is at a conservative payout ratio of 34%, which is in line with previous year's practice, where we paid a top-up at the end of the period. This equates to an annualized dividend yield of 3%. If we look at our cash flow profile of our portfolio as Solaris Norte ramps up, we believe we have an opportunity to provide sector-leading returns.

Speaker #4: During the half-year, we raised a seven-year bond of $750 million, which was used to refund and repay the bridge taken out to fund the Cisco acquisition.

Speaker #4: And also, we have now completed a $2.3 billion bridge facility to underwrite the Gold Road acquisition. We have had a strong improvement in dividend from $300 to $700.

Speaker #4: This is a conservative payout ratio of 34%, which is in line with the previous year's practice, where we paid a top-up at the end of the period.

Speaker #4: This equates to an annualized dividend yield of 3%. If we look at our cash flow profile of our portfolio as Solaris Nauto ramps up, we believe we have an opportunity to provide sector-leading returns.

Speaker #4: As mentioned by Mike earlier, at the Capital Markets Day on the 12th of November, we will unpack our strategy around shareholder returns. Thank you, Mike, and back to you.

Alex Dall: As mentioned by Mike Fraser earlier, at the Capital Markets Day on November 12, we will unpack our strategy around shareholder returns. Thank you, Mike Fraser, and back to you.

Speaker #3: Thanks very much, Alex. I just wanted to spend, before we go into questions, talking about our portfolio and the work that we're doing to improve our portfolio quality.

Mike Fraser: Thanks very much, Alex. I just wanted to spend, before we go into questions, to talk about our portfolio and the work that we're doing to improve our portfolio quality. Firstly, to start off with the levers and the way that we think about how we grow the value of our portfolio. Firstly, we look at M&A really through the lens of bolt-on opportunities. If you look at the two transactions that we've done recently, those were really opportunities that we knew they were low-risk opportunities. One was acquiring the other half of the WINDFALL project that we already owned, including that very significant land package in Canada, around 2,500 square kilometers of highly prospective land package. Then the consolidation of 100% of Gruyère, plus the additional opportunity that we identified through the Yamana tenements. We'll continue to look at value-enhancing opportunities in key jurisdictions.

Speaker #3: And I think just firstly to start off with the levers and the way that we think about how we grow the value of our portfolio.

Speaker #3: And firstly, you know, we look at M&A really through the lens of bolt-on opportunities. If you look at the two transactions that we've done recently, those were really opportunities that we knew were low-risk opportunities.

Speaker #3: One was acquiring the other half of the Windfall project that we already owned, including that very significant land package in Canada, around 2,500 square kilometers of highly prospective land package.

Speaker #3: And then the consolidation of 100% of Gruyères, plus the additional opportunity that we identified through the Yamana tenements. We'll continue to look at value-enhancing opportunities in key jurisdictions.

Speaker #3: But again, M&A, we see as something we'll continue to monitor, but it's not something we have to do. However, it is an element of our growth strategy.

Mike Fraser: Again, M&A we see as something we'll continue to monitor, but it's not something we have to do. It is an element of our growth strategy. The second one is really around brownfields exploration, and we've been very, very successful historically, particularly in our Australian assets in replacing reserves. In H1 2025, we've spent $63 million on brownfields exploration, including $7 million at WINDFALL. Of this, $48 million was spent with our Australian business and $5 million spent in Chilean H1, with really the focus on extending life of Solaris Norte. Lastly, we've also invigorated our greenfields exploration program, and I'll talk a little bit about some of the successes that we've had. Really, the focus there is building the early-stage project pipeline for Gold Fields and trying to fill the opportunity set that will deliver projects a decade from now.

Speaker #3: The second one is really around brownfields exploration, and we've been very, very successful historically, particularly in our Australian assets, in replacing reserves. In H1 2025, we've spent $63 million on brownfield exploration, including $7 million at Windfall.

Speaker #3: That's $48 million spent with our Australian business, and $5 million spent in Chile during H1, with really the focus on extending the life of Solaris Nauto.

Speaker #3: Lastly, we've also invigorated our greenfields exploration program. I'll talk a little bit about some of the successes that we've had. Really, the focus there is on building the early-stage project pipeline for Gold Fields and trying to fill the opportunity set that will deliver projects a decade from now.

Speaker #3: We've built a really attractive portfolio of greenfield interests, and I'll talk about some of the recent ones that we've done. Most of these include earning opportunities and equity partnerships.

Mike Fraser: We've built a really attractive portfolio of greenfield interests, and I'll talk about some of the recent ones that we've done. Most of these include earning opportunities and equity partnerships. Again, our focus around greenfields is less about proprietary exploration, but more about leveraging some of the great opportunities that our juniors hold. Many of our juniors continue to remain capital constrained to develop these opportunities. Just looking at some of the near-term options, again, we are very excited about both of these opportunities in our portfolio. Solaris Norte, despite a difficult 2024, we have had uninterrupted operations despite similar weather conditions in 2024. We have also now captured five chinchillas and relocated them before the program was paused due to the winter months.

Speaker #3: Again, our focus around greenfields is less about proprietary exploration but more about leveraging some of the great opportunities that our juniors hold. Many of our juniors continue to remain capital constrained.

Speaker #3: To develop these opportunities, just looking at some of the near-term options, I think, you know, again, we are very excited about both of these opportunities in our portfolio.

Speaker #3: So, Solaris Nauto, despite a difficult 2024, we've had uninterrupted operations despite similar weather conditions in 2024. We have also now captured $510 million and relocated them before the program was paused due to the winter months.

Speaker #3: So we feel very confident about our partnership with the environmental agency in Chile to enable us to continue that once the end of the winter occurs in October.

Mike Fraser: We feel very confident about our partnership with the environmental agency in Chile to enable us to continue that once the end of the winter occurs in October. We are on track to achieve commercial levels of production in Q3, and we are making good progress to deliver a steady state production in Q4 as per our plan. The key focus for us in the second half is that continued exploration program and preparing ourselves and reinitiating the chinchilla capture program so that by Q4 2026, we can start some of that pioneering work in preparing for the Agua Maga open pit pre-strip activities. On WINDFALL, the focus for the next six months is very much on execution preparedness, progressing the ERA process, progressing the RBA program, and advancing the detailed engineering and technical work in preparation for an FID in Q1 of 2026 post the receipt of the ERA.

Speaker #3: We are on track to achieve commercial levels of production in Q3. We are making good progress to deliver a steady-state production in Q4 as per our plan.

Speaker #3: And again, the key focus for us in the second half is that continued exploration program and preparing ourselves and reinitiating the Chinchea capture program so that by Q4 2026, we can start some of that pioneering work in preparing for the Agua Amarga open-foot pre-strip activities.

Speaker #3: On Windfall, again, the focus for the next six months is very much on execution preparedness, progressing the ERA process, progressing the RBA program, and advancing the detailed engineering and technical work in preparation for an FID in Q1 of 2026.

Speaker #3: Post the receipt of the ERA, we see this as a 24-month construction period, with the planned delivery of first gold in 2028. There's clearly a lot of questions that many of you will have around capital estimates for Windfall.

Mike Fraser: We see this as a 24-month construction period with the planned delivery of first gold in 2028. There are clearly a lot of questions that many of you will have around capital estimates for WINDFALL, and we intend to provide guidance and the execution plan at our Capital Markets Day in November. The next item just to call out, which again we are really excited about, is the acquisition of Gold Road, which really allows us to consolidate the ownership of Gruyère. If you look at the indicative timeline, we signed the transaction in the beginning of May. There are a number of steps to that pathway. Last Friday, the scheme booklet was distributed to shareholders, and we are expecting an implementation date of around mid-October.

Speaker #3: And we intend to provide guidance and the execution plan at our Capital Markets Day in November. The next item, just to call out, which again we are really excited about, is the acquisition of Gold Road.

Speaker #3: Which really allows us to consolidate the ownership of Gruyères. If you look at the indicative timeline, we signed the transaction at the beginning of May.

Speaker #3: There were a number of steps to that pathway on last Friday. The scheme booklet was distributed to shareholders, and we expect an implementation date of around mid-October.

Speaker #3: Having said that, whilst that's when we will essentially acquire the Gold Road and the corporation and essentially start reporting the production in Q4, all of the cash really starts generating and becomes accreted from the data signature of the transaction.

Mike Fraser: Having said that, whilst that is when we will essentially acquire Gold Road and the corporation and essentially start reporting the production in Q4, all of the cash really starts generating and becomes accreted from the date of signature of the transaction. We are really seeing the benefit of that playing out. There was also an independent expert report, which was produced in early August, and that demonstrated and confirmed that our offer was within the reasonable valuation range. Just on the Yamana land package, many people have certainly suggested that that has been significantly explored for some time by Gold Road Resources. I think this really ties to why the strategic rationale behind the transaction now is Gruyère was really the only operating asset in the Gold Road Resources portfolio. Our development agendas were maybe slightly different in how we thought about development.

Speaker #3: So we're really seeing the benefit of that playing out. There was also an independent expert report, which was produced in early August, and that demonstrated and confirmed that our offer was within the reasonable valuation range.

Speaker #3: Just on the Yamana land package, many people have certainly suggested that it has been significantly explored for some time by Gold Road. I think this really ties to the strategic rationale behind the transaction now.

Speaker #3: Gruyères was really the only operating asset in the Gold Road portfolio, and our development agendas were maybe slightly different in how we thought about development.

Speaker #3: Clearly, Gold Road, we're looking for another Gruyères on the Yamana package. For us, all that we need to do is continue to find those small packages like Smoke Bush and Gilmore, which provide a great sweetener to the Gruyères mold because they are absolutely within trucking distance.

Mike Fraser: Clearly, Gold Road Resources were looking for another Gruyère on the Yamana tenements package. For us, all that we need to do is to continue to find those small packages like Smoke Bush and Gilmore, which provide a great sweetener to the Gruyère Mole because they are absolutely within trucking distance. Our kind of thinking around the strategic value of that land package may be slightly different. Again, we are very pleased with the inclusion of this in our future growth prospects. Lastly, on our greenfields exploration portfolio, we really invigorated this around two years ago and have made some fantastic progress. During H1, we made probably four continued important progress with our partners. On Onyx Gold, we lifted our stake to just under 10%. There has been some outstanding intercepts in the drilling that Onyx Gold have delivered. Again, that presents a really exciting partnership.

Speaker #3: So our kind of thinking around the strategic value of that land package may be slightly different. But again, we are very pleased with the inclusion of this in our future growth prospects.

Speaker #3: And then just lastly, on our greenfield exploration portfolio, we really invigorated this around two years ago and have made some fantastic progress. During H1, we made probably four important continued progress with our partners.

Speaker #3: So, on X Gold, we lifted our stake to under 10%. And there have been some outstanding intercepts in the drilling that X Gold has delivered.

Speaker #3: So again, that presents a really exciting partnership. In addition, we participated in a capital raise with VOR in Canada and maintained our 20% stake.

Mike Fraser: In addition, we participated in a capital raise with VOR in Canada and maintained our 20% stake. This supports a 60,000-meter drilling campaign on that project. Again, both of these are high-quality exploration projects in a jurisdiction that we have recently entered into. Also, in addition, with Hamelin Gold in Australia, we maintained our stake in the West Tanami project. In addition, at Tesoro Gold, we participated in a raise and our 17% stake maintained to support regional exploration. We are now building a really nice package of opportunities through these deep partnerships, which allow us to start building that long-term pipeline for the future success of Gold Fields Ltd. Just to move into the conclusion and our outlook, pleasingly, I can confirm that our production and capital and cost guidance remains intact and unchanged for the full year.

Speaker #3: And this supports a $60,000 meter drilling campaign on that project. Again, both of these are high-quality exploration projects in a jurisdiction that we have recently entered into.

Speaker #3: Also, in addition, with Hamlin Gold in Australia, we maintained our stake in the Westernami project. At Tesoro Gold, we participated in a raise, and our 17% stake was maintained.

Speaker #3: To support regional exploration, we are now building a really nice package of opportunities. Through these deep partnerships, we aim to start building that long-term pipeline for the future success of Gold Fields.

Speaker #3: Just to move on to the conclusion and our outlook, pleasingly, I can confirm that our production, capital, and cost guidance remains intact and unchanged for the full year.

Speaker #3: Our focus for the remainder of the year is very simple: continuing to improve our safety performance and ensuring that everyone goes home safe and well at the end of every day.

Mike Fraser: Our focus for the remainder of the year is very simple. It is continuing to improve our safety performance and ensure and guarantee that everyone goes home safe and well at the end of every day. We do that through the work on our safety improvement program and our investment in culture. It's the predictable delivery of our plan. It's the continued safer ramp-up at Solaris Norte, delivering on our core asset plans, as well as improving the quality of our portfolio through preparing for the WINDFALL FID, completing the Gold Road acquisition, and continuing safe delivery of our exploration activities. As I indicated earlier, we do have a planned Capital Markets Day on November 12, which I'm hoping many of you can join.

Speaker #3: We do that through the work on our safety improvement program and our investment in culture. It's the predictable delivery of our plan. It's the continued safe ramp-up at Solaris Nauto.

Speaker #3: Delivering on our core asset plans, as well as improving the quality of our portfolio through preparing for the windfall FID, completing the Gold Road acquisition, and continuing the safe delivery of our exploration activities.

Speaker #3: As I indicated earlier, we do have a planned Capital Markets Day on the 12th of November, which I'm hoping many of you can join.

Speaker #3: And at that meeting, what we would like to do is really to start providing a bit of a longer-term outlook on Gold Fields and our portfolio as it evolves.

Mike Fraser: At that meeting, what we would like to do is really to start providing a bit of a longer-term outlook on Gold Fields and our portfolio as it evolves. We are certainly excited about the opportunities, not with just the bigger projects, but with what each of our assets can deliver and the opportunity to deliver on our strategy, which is really growing the value of the company and ultimately being the preferred gold player in the sector. We do that by growing cash flow per share and making sure that we are disciplined in capital allocation and growing returns to shareholders. With that, I thank you and move over to questions.

Speaker #3: We are certainly excited about the opportunities not just with the bigger projects, but with what each of our assets can deliver. There is an opportunity to deliver on our strategy, which is really about growing the value of the company and ultimately being the preferred gold player in the sector.

Speaker #3: And we do that by growing cash flow per share and making sure that we are disciplined in capital allocation and growing returns to shareholders.

Speaker #3: So, with that, I thank you and move over to questions.

Speaker #5: Thank you so much, Mike. Just because we've got a combination of questions that are coming from the webcast online, as well as through the chorus call.

Moderator: Thank you so much, Mike. Because we have a combination of questions that are coming from the webcast online, as well as through chorus call, I propose taking one from each and starting with the webcast questions. The first one is from Tom Middleton. He says, "Mike, leadership is such a critical factor in delivering on the strategy in gold mining. How do you approach building and sustaining that leadership strength across Gold Fields Ltd? To what extent do you draw on specialist partners in the industry to help you identify and secure the right talent?

Speaker #5: I propose taking one from each. And starting with the webcast questions, the first one's from Tom Middleton. He says, "Mike, leadership is such a critical factor in delivering on the strategy in mining."

Speaker #5: How do you approach building and sustaining that leadership strength across Gold Fields? And to what extent do you draw on specialist partners in the industry to help you identify and secure the right talent?

Speaker #6: Hello, Tom. Thank you very much for that, and that's a really excellent question. It's been quite interesting in the 18 months that I've been with Gold Fields.

Mike Fraser: Hello, Tom. Thank you very much for that, and a really excellent question. It's been really quite interesting in the 18 months that I've been with Gold Fields Ltd. We've made quite a number of changes in the way that we organized, and that's certainly been a part of our culture and our change journey. We've also invested very heavily in leadership development, and that was a journey that started probably six months before I joined. It was certainly a recognition that as part of the feedback that we got on the mirror from EB and company, that we needed to do a lot of work around leadership development. We did that firstly by having experts like EBNCO and others provide that mirror back to us on where we had gaps.

Speaker #6: We've made quite a number of changes in the way that we organized, and that's certainly been a part of our culture and our change journey.

Speaker #6: We've also invested very heavily in leadership development, and that was a journey that started probably six months before I joined. It was certainly a recognition that as part of the feedback we got on the mirror from EB and company, we needed to do a lot of work around leadership development.

Speaker #6: And we did that firstly by having experts like EB and others provide that mirror back to us on where we had gaps.

Speaker #6: And then we did need to partner up to ensure that we had that capability lift given and provided to us. In addition, you know, going to the way that we think about our talent in our business, we also acknowledge that we had a huge amount of latent capacity that just weren't being given the opportunity to grow and develop.

Mike Fraser: Then we did need to partner up to ensure that we had that capability lift given and provided to us. In addition, going to the way that we think about our talent in our business, we also acknowledge that we had a huge amount of latent capacity that just weren't being given the opportunity to grow and develop. It's been quite interesting as we've gone through processes of benchmarking our talent externally. We've realized we've got, yes, whilst we have opportunities to close gaps, Chris is in the room with us, Chris Garachis, who's our Executive Vice President of Corporate Development. We did bring in externally because we recognized we needed some new thinking and new capability in that area.

Speaker #6: And it's been quite interesting as we've gone through processes of benchmarking our talent externally. We've realized we've got, yes, while we have opportunities to close gaps. And, you know, Chris in the room with us, Chris Garcia, is our EVP of Corporate Development.

Speaker #6: We did bring in externally because we recognize we needed some new thinking and new capability in that area. But increasingly, in addition to that, in the room next to me, we have Alex Dahl, who's our CFO and has grown up in the business and is actually doing an excellent job.

Mike Fraser: Increasingly, in addition to that, in the room next to me, we have Alex Dall, who's our CFO and has grown up in the business and is actually doing an excellent job, and I'll still say he's doing an excellent job in 12 months' time. I think it's a balance. It's about a balance of making sure you grow your own timber in the business, but equally supplementing that from time to time where we need to bring in some new capability and skills. I think it's a bit of both, but I fully agree. Ultimately, the sustainability of our business is going to come down to the culture and capability that we have to set this business up for the next generation.

Speaker #6: And I'll still say he's doing an excellent job in 12 months' time. But I think it's a balance. It's about a balance of making sure you grow your own timber in the business, but equally supplementing that from time to time where we need to bring in some new capability and skills.

Speaker #6: So, I think it's a bit of both, but I fully agree. Ultimately, the sustainability of our business is going to come down to the culture and capability that we have to set this business up for the next generation.

Speaker #5: Good, thank you. I'll pause for a second, Mike, and we can hand over to the operator to advise if there are any questions coming through the call.

Moderator: Good. Thank you. I will pause for a second, Mike, and we can hand over to the operator to advise if there are any questions coming through the call.

Speaker #7: There are a few questions from the call, but just a reminder for those on the conference: if you would like to ask a question, please press star and then one.

Operator (Q&A facilitator): There are a few questions from the call, but just a reminder for those on the conference, if you would like to ask a question, please press star and then one now. The first question we have comes from Josh Wolfson of RBC. Please go ahead.

Speaker #7: Now, the first question we have comes from Josh Wolfson of RBC. Please go ahead.

Speaker #8: Hi, thank you very much. First question I have is on Solaris; there were some very solid performances this quarter. On throughput improvements, the grade was healthy.

Josh Wolfson: Hi. Thank you very much. First question I have is on Solaris Norte. There was some very solid performance this quarter on throughput improvements, and grade was healthy. On the recovery side, gold is, I guess, a little bit below plan, silver improved. With all this in mind, I am just wondering what we should be thinking about more specifically on grade and recoveries in the second half of the year. I recall there had been some discussion about managing stockpiles and really what that means for the second half. Thank you.

Speaker #8: On the recovery side, gold is, I guess, a little bit below plan. Silver improved. You know, with all this in mind, I'm just wondering what we should be thinking about more specifically on grade and recoveries in the second half of the year.

Speaker #8: And I recall there had been some discussion about managing stockpiles and really what that means for the second half. Thank you.

Speaker #6: Thank you, Josh. And thanks for that question on Solaris. So I think on Solaris, we certainly what we have done and I think we may have flagged this earlier in the year; what we acknowledged in terms of recoveries is that we are struggling with the amount of silver that we could actually process, which kind of ultimately impacted the realized gold equivalent of the throughput.

Mike Fraser: Thank you, Josh, and thanks for that question on Solaris. On Solaris, we certainly, what we have done, and I think we may have flagged this earlier in the year, what we acknowledged in terms of recoveries is that we probably are struggling with the amount of silver that we could actually process, which kind of ultimately impacted the realized gold equivalent of the throughput. What we have done is we have actually put in a larger capacity furnace, and that was commissioned in the beginning of August. We are already seeing some of the benefits of that coming through. We think that kind of those recoveries and maybe some of those challenges that we had a little bit earlier, which I would not call challenges, they are really just part of ramp-up tiering issues, will be significantly mitigated by that.

Speaker #6: So, what we have done is we've actually put in a larger capacity furnace, and that was commissioned in the beginning of August. We are already seeing some of the benefits of that coming through.

Speaker #6: So we think that those recoveries and maybe some of those challenges that we had a little bit earlier, which I would not call challenges, they really are just part of, you know, ramp-up teething issues.

Speaker #6: I think we'll be significantly mitigated by that. And already what we've seen in July and into August certainly gives us confidence that we're going to see some of those additional benefits coming through.

Mike Fraser: Already what we have seen in July and into August certainly gives us confidence that we are going to see some of those additional benefits coming through. I think in respect of grade, whilst we have a very good stockpile management and we have got these key kind of fingers that really allow us to separate the different grades, what we also track really closely is making sure that we try and process largely in line with our life of mine grade profile. What we do not want to do, and in particular during this ramp-up, is to be high grading those stockpiles, even though the grades are super, super good for us. I think what we should expect to see for the remainder of the year is trying to get us back towards our long-term grade profile of roughly around that 8 grams per ton.

Speaker #6: I think, in respect of grade, whilst we have a very good stockpile management and we've got these key kind of fingers that really allow us to separate the different grades, what we also track really closely is making sure that we try and process largely in line with our life-of-mine grade profile.

Speaker #6: Because what we don't want to do, and in particular during this ramp-up, is to be high-grading those stockpiles even though the grades are, you know, super good for us.

Speaker #6: But I think what we should expect to see for the remainder of the year is trying to get us back towards our long-term grade profile of, you know, roughly around that 8 grams per ton.

Speaker #6: So, I think that's largely what we delivered in the first half and probably something we should expect in the second half to be close to that as well.

Mike Fraser: I think that is largely what we delivered in the first half and probably something what we should expect in the second half to be close to that as well.

Speaker #8: Got it. Thank you. And then one other question on Gold Fields Ltd.

Josh Wolfson: Got it. Thank you. One other question on.

Speaker #5: Please go ahead, Josh.

Moderator: Please go ahead, Josh.

Speaker #8: Just sorry if I, yeah, one other question if I can ask. Just as it relates to Gold Road, in the Northern Star share position as part of the company, could you remind us, you know, what the mechanism there is exactly and what the intention is with that share position?

Josh Wolfson: Sorry. If I, yeah, one other question if I can ask, just as it relates to Gold Road Resources and the Northern Star share position as part of the company, could you remind us, you know, what the mechanism there is exactly and what the intention, you know, is with that share position?

Speaker #6: Yeah, thanks, Josh. Chris Garcia, our EVP of Corporate Development, is in the room, so I'm going to ask Chris to talk to.

Mike Fraser: Yeah, thanks, Josh. Chris Garachis, our Executive Vice President Corporate Development, is in the room, so I'm going to ask Chris to talk too.

Speaker #3: Sure, thanks, Mike. So, there was a mechanism agreed that the value of our offer would float with the change in the Northern Star share price.

Chris Garachis: Sure. Thanks, Mike. There was a mechanism agreed that the value of our offer would float with the change in the Northern Star share price. There is a five-day VWAP calculation that will be implemented around the court hearing date, which is towards the end of September. That will fix the amount of the cash that will be paid to the Gold Road shareholders. We will then inherit the shares while we are considering our options. It is not going to be a non-core holding for us. We will look to find ways to then offload that position and not take on any unnecessary risk.

Speaker #3: And there's a five-day VWAP calculation that will be implemented around the court hearing date, which is towards the end of September. That will fix the amount of cash that will be paid to the Gold Road shareholders.

Speaker #3: We will then inherit the shares, and while we're considering our options, it's not going to be a non-core holding for us. So we will look to find ways to offload that position and not take on any unnecessary risk.

Speaker #8: I think thank you very much.

Mike Fraser: Thank you very much. I think since the signing on May 5, we have seen a slight construction in that value.

Speaker #6: I think that since the signing on the 5th of May, we have seen a slight contraction in the value.

Speaker #3: The headline value of our offer on May 5th was A$3.40 a share. There has been some pressure on the Northern Star share price; obviously, that moves all the time.

Chris Garachis: The headline value of our offer on May the 5th was Aussie $3.40 a share. There has been some pressure on the Northern Star share price. Obviously, that moves all the time, but currently, the implied value of the offer is $3.30 a share, so there has been a 10% increment. Again, that value is passed through to a Gold Road shareholder and is not risk to us.

Speaker #3: But currently, the implied value of the offer is $3.30 a share, so there's been a 10% increment. But again, that value passed through to a Gold Road shareholder is not a risk to us.

Speaker #6: Yep.

Mike Fraser: Yep. Great. Thank you very much.

Speaker #8: Great, thank you very much.

Speaker #5: All right, it's just mindful that you said there's quite a few questions on the call. We'll take one more, and then we'll go back to the ones on the web.

Moderator: Mindful that you said there are quite a few questions on the call, I will take one more, and then we will go back to the ones on the web.

Speaker #7: Thank you.

Operator (Q&A facilitator): Thank you. The next question we have comes from Adrian Hammond of SBG. Please go ahead.

Speaker #5: The next question we have comes from Adrian Hammond of SBG. Please go ahead.

Speaker #8: Yeah, thanks, upgrade. Good day, Mike. I appreciate your slide on 14, the catalyst for portfolio optimization. It sounds like you've got a lot of good things planned.

Adrian Hammond: Yeah, thanks, operator. Good day, Mike. I appreciate your slide on 14, the catalyst for portfolio optimization. It sounds like you've got a lot of good things planned. Obviously, this will come at a cost. I was just wanting to give a sense to us, if you can, about where Gold Fields Ltd sits in the capital cycle, knowing, of course, you also have a few projects lined up as well.

Speaker #8: Obviously, this will come at a cost. I was just wanting to give a sense to us, if you can, about where Gold Fields sits in the CapEx cycle.

Speaker #8: Knowing, of course, you also have a few projects lined up as well.

Speaker #6: Yeah, really good question, Adrian. And I think the issue for us is we think about all of these opportunities, is trying to ensure that whilst we want to identify and pursue these opportunities, we are going to rank them.

Mike Fraser: Yeah, really good question, Adrian. I think the issue for us as we think about all of these opportunities is trying to ensure that whilst we want to identify and pursue these opportunities, we are going to rank them. We have got to make sure that we deliver the most value-accretive options as priorities. We are ranking all of these options. But I do think it is important for us to think about, and it comes back to capital allocation, which Alex Dall talks to, is we are in a very privileged point in the price cycle where we are generating a huge amount of cash.

Speaker #6: So we've got to make sure that we deliver the most valuable creative options as priorities. We are ranking all of these options, but I do think it's important for us to think about, and it comes back to capital allocation, which Alex talks to. We are in a very privileged point in the price cycle where we are generating a huge amount of cash.

Speaker #6: And what we're wanting to do is to again deliver those three things that we spoke about: one, invest in our business for the long term.

Mike Fraser: What we are wanting to do is to, again, deliver those three things that we spoke about, is, one, invest in our business for the long term, take debt off the balance sheet and improve the quality of our balance sheet, but equally making sure that we continue to deliver upper quartile returns to shareholders. I think the, you know, how we are going to be measured undoubtedly in the coming years, and particularly as we deliver on this potential of this business, is how we manage and balance those opportunities. Because if we kind of create imbalance, i.e., we keep all the cash on the balance sheet, we do not invest in our business, we do not return to shareholders, we are not going to be attractive. So it is really about trying to manage that balance. As you rightly identify, many of these come with capital.

Speaker #6: Take debt off the balance sheet and improve the quality of our balance sheet, while also ensuring that we continue to deliver upper quartile returns to shareholders.

Speaker #6: And I think that, you know, how we are going to be measured undoubtedly in the coming years, particularly as we deliver on the potential of this business, is how we manage and balance those opportunities.

Speaker #6: Because if we kind of create imbalance, i.e., we keep all the cash on the balance sheet, we don't invest in our business, we don't return to shareholders, we're not going to be attractive.

Speaker #6: So it's really about trying to manage that balance. As you rightly identify, many of these come with capital. I think the wisdom for us is about how we can balance those competing tensions and use the benefit of the tailwinds that we have today to invest judiciously in the future.

Mike Fraser: I think the wisdom for us is about how we can balance those competing tensions and using the benefit of the tailwinds that we have today to invest judiciously in the future. Where we do make these investments, making sure that they are setting up these assets for the long term at a lower cost and at a higher margin, which really becomes a multiplier in the ability to deliver superior returns to shareholders. But I think you have hit the key issue here. Yes, one thing about identifying the opportunities and being very focused on how they add value to us, but then being very, very judicious about how we are disciplined in allocating capital to those opportunities in the portfolio. Alex Dall, if you want to add to that.

Speaker #6: And where we do make these investments, we ensure that they're setting up these assets for the long term at a lower cost and at a higher margin, which really becomes a multiplier in our ability to deliver superior returns to shareholders.

Speaker #6: But I think you've hit the key issue here. Yes, one thing about identifying the opportunities and being very focused on how they add value to us.

Speaker #6: But then, being very, very judicious about how we are disciplined in allocating capital to those opportunities in the portfolio. Alex, if you want to add to that.

Speaker #4: No, and I think Mike's hit the nail on the head there. And I think, Adrian, if you look at a lot of those opportunities on those slides, a lot of them come to life extension.

Alex Dall: Mike has hit the nail on the head there. Adrian, if you look at a lot of those opportunities on those slides, a lot of them come to life extension, and that is just continuing our investment in brownfields exploration and a lot of the Australian assets, that being Gruyère and Agnew. Yes, if materials handling systems become an option at both Granny Smith and St Ives, as we look to unlock that value, that will obviously come with a CapEx spend. But to Mike, it needs to have the right returns on it and give a material decrease in costs and increase in volumes. Otherwise, a lot of them are just the baseline expenditure we spend anywhere.

Speaker #4: And that's just continuing our investment in brownfields exploration and a lot of the Australian assets, including Gruyères and Agnew. Yes, if materials handling systems become an option at both Granny Smith and Sunrise as we look to unlock that value, that will obviously come with a CapEx spend.

Speaker #4: But to Mike, it needs to have the right returns on it, given material decreases in costs and increases in volumes. But otherwise, a lot of them are just sort of the baseline expenditure we spend anywhere.

Speaker #6: Yeah. And I think the other point, Adrian, I just made is we also, as we think about these projects, we're looking at them through the lens of, in addition to ranking, what is the point at which they become sterilized as an option?

Mike Fraser: I think the other point, Adrian, I would just make is also, as we think about these projects, we are looking at them through the lens of, in addition to ranking, what is the point at which they become sterilized as an option? Some of these options, you get to a point, well, if you do not make this investment, then really we probably need to think about what is the time to move on. Because then if we are not prepared to make some of these investments, then it is better off in the hands of others.

Speaker #6: And, you know, some of these options you get to a point where, if you don't make this investment, then really we probably need to think about what is the time to move on. Because if we're not prepared to make some of these investments, then it's better off in the hands of others.

Speaker #8: Yeah, that's clear. I mean, no doubt these are the challenges in mining. But while Alex was happy to talk a bit more, I mean, the dividend surely is obviously a balancing act with everything else that you discussed: CapEx and debt reduction.

Adrian Hammond: Yeah, that's clear. I mean, no doubt, these are the challenges in gold mining. While Alex Dall was happy to talk a bit more, the interim dividend surely is obviously a balancing act with everything else that you discussed, CapEx and debt reduction. Yet, I think it's fair to say that the market is looking towards returns more now that you have a windfall from the gold price. You're paying a ratio that is still somewhat short of the top end. I mean, should we be thinking that given what you've discussed with us today, that we should be a bit more conservative in the way we should be modeling dividend payouts?

Speaker #8: Yet, I think it's fair to say that the market is looking towards returns more. Now that you have a windfall from the gold price, you're paying a ratio that is still somewhat short of the top end.

Speaker #8: I mean, should we be thinking that, given what you've discussed with us today, we should be a bit more conservative in the way we model dividend payouts?

Speaker #6: No, and Alex can talk to this. I think what we've done in the interim this year is being quite consistent with how we've paid out an interim in past years in terms of percentage of underlying earnings.

Mike Fraser: No, Alex can talk to this. I think what we've done in the interim this year has been quite consistent with how we've paid out an interim in the past years in terms of percentage of underlying earnings. But what we do know is that there is going to be further opportunity for additional returns. Alex is going to talk about that in November. We certainly think that with the outlook in our portfolio and the significant cash generation, even at consensus, we will absolutely be in a position to be a bit more generous in how we think about returns to shareholders. But Alex, maybe you want to cover that.

Speaker #6: But what we do know is that there is going to be further opportunity for additional returns. And I think Alex is going to talk about that in November.

Speaker #6: But we certainly think that with the outlook in our portfolio and the significant cash generation, even at consensus, we will absolutely be in a position to be a bit more generous in how we think about returns to shareholders.

Speaker #6: But Alex, maybe you want to cover that.

Speaker #4: No, no, I think that's spot on. Mike's covered it, Adrian. We have consistently paid out approximately 35% of normalized earnings as our interim dividend.

Alex Dall: No, no, I think that's spot on, Mike's commented, Adrian. We have consistently paid out approximately 35% of normalized earnings as our interim dividend. Then we look at the year-end at any top-up optionality.

Speaker #4: And then we look at the year-end at any top-up optionality.

Speaker #6: And just again to call out, you know, I think we are very confident with our portfolio outlook that we can both fund our internal growth options and a number of these capital improvement options that we identify in the portfolio and deliver upper quartile returns to shareholders.

Mike Fraser: Again, to call out, I think we are very confident with our portfolio outlook that we can both fund our internal growth options and a number of these capital improvement options that we identify in the portfolio and deliver upper quartile returns to shareholders.

Speaker #8: Thanks, thanks Mike, thanks Alex.

Adrian Hammond: Thanks, thanks, Mike. Thanks, Alex.

Speaker #5: Thanks, Adrian. Just two from online. From Gatecho, Matonsi. Please, can you give us some color on the winterization program at Solaris? And whether the operation is now fully winter-proofed for the coming years.

Moderator: Thanks, Adrian. Just two from online from Gateco Matonzi. Please, can you give us some color on the winterization program at Solaris Norte and whether the operation is now fully winter-proofed for coming years? I am also going to lump in a next question from her: Can you give us guidance at a high level on production in ASIC 426 and 427?

Speaker #5: And then I'm also going to lump in a next question from her. Can you give us guidance at a high ASIC for 2026 and 2027?

Speaker #6: Yeah, thanks, Gatecho. So, on Solaris, some of the additional capital that we spent this year was following a review that we had undertaken by independent experts to say, is there anything additional that we could do?

Mike Fraser: Yeah, thanks, Gateco. On Solaris Norte, some of the additional capital that we spent this year was following a review that we had undertaken by independent experts to say, is there anything additional that we could do to provide protection for Solaris Norte? That wasn't because we didn't believe that our existing design was sufficient, but we said, what additional could we do? This really entailed a couple of things. It entailed additional heat tracing on the larger diameter piping. It entailed complete encapsulation on some of our exposed parts, as well as some full encapsulation on our exposed large diameter valves, which we've now completed. I think that in conjunction with that continued operation, which is always going to be a requirement, and operational readiness to make sure you minimize downtime during winter is really what's enabled us to deliver the good results this year.

Speaker #6: To provide protection for Solaris. And that wasn't because we didn't believe that our existing design was sufficient, but we said, what additional could we do?

Speaker #6: And this really entailed a couple of things. It entailed additional heat tracing on the larger diameter piping. It entailed complete encapsulation on some of our exposed pipes, as well as some full encapsulation on our exposed large diameter valves.

Speaker #6: Which we've now completed. I think that, in conjunction with that continued operation—which is always going to be a requirement—and operational readiness to make sure you minimize downtime during winter, is really what's enabled us to deliver the good results this year.

Speaker #6: And so, as long as we continue to operate this plant in that consistent way, then there's nothing really additional that we need to invest in for future winterization.

Mike Fraser: As long as we continue to operate this plant in that consistent way, then there's nothing really additional that we need to invest in for future winterization. We think we're in a good place at Solaris Norte. In relation to your second question, we will come out at the Capital Markets Day in November and provide long-term guidance. I'd ask your indulgence to hold until then for us to provide that.

Speaker #6: So, we think we're in a good place at Solaris. In relation to your second question, we will come out at the Capital Markets Day in November and provide long-term guidance.

Speaker #6: And so, I'd ask your indulgence to hold until then for us to provide that.

Speaker #5: Thanks, Mike. One more from Peter Comridge: could Gold Fields look at another U.S. dollar bond to replace the Gold Road acquisition facility?

Moderator: Thanks, Mike. One more from Peter Comrich. Could Gold Fields look at another U.S. dollar bond to replace the Gold Road acquisition facility?

Speaker #6: Alex, thanks. Thanks, Peter. So obviously once the gold road bridge facility is in place, we need to look at our various takeout options, which could be putting in another bank facility, either a Volvo term loan or it could be looking at the US dollar bond markets, as well as in this strong gold price environment, the strong cash generation in the group, there could be some ability to use that cash to pay down a portion of the debt.

Alex Dall: Alex. Thanks, thanks, Peter. So, obviously, once the Gold Road bridge facility is in place, we need to look at our various takeout options, which could be putting in another bank facility, either a VOR term loan, or it could be looking at the U.S. dollar bond markets. As well as in this strong gold price environment, the strong cash generation in the group, there could be some ability to use that cash to pay down a portion of the debt. But it goes back to balancing that tension of our capital allocation framework. We know that we need to deliver the balance sheet after these two investments being Osisko Mining and Gold Road Resources and give returns to shareholders as well as invest in our business. So we will keep all our options open.

Speaker #6: But it goes back to balancing that tension of our capital allocation framework. We know that we need to deliver the balance sheet after these two investments being in Cisco and Gold Road.

Speaker #6: And give returns to shareholders as well as invest in our business. So, I mean, we will keep all our options open, but as always, the window for when we can do a bond is in April and May on the back of our publishing of our 20-F.

Alex Dall: But as always, the window for when we can do a bond is in April and May on the back of our publishing of our 20F. So we do have some time to see what our debt profile looks like.

Speaker #6: So we do have some time to see what our debt profile looks like.

Speaker #5: Over to you, operator, to just check in if there's any other questions in the queue.

Moderator: Over to you, operator, to just check in if there's any other questions in the queue.

Speaker #7: Thank you. We have two more questions. The first question we have comes from Chris Nicholson of R&B Morgan Stanley. Please go ahead, Bob.

Operator (Q&A facilitator): Thank you. We have two more questions. The first question we have comes from Chris Nicholson of RMB Morgan Stanley. Please go ahead, sir.

Speaker #4: Hi, Mike, and team, thanks. Thanks again for chatting today. My questions largely revolve around just CapEx. There are a couple of interrelated questions. So, not to lose the wood for the trees here, obviously, the news that Solaris is ramping up and has done well through the winter so far is great.

Chris Nicholson: Hi Mike, and team, thanks. Thanks again for chatting today. My questions largely revolve around CapEx. There are a couple of interrelated questions. Not to lose the wood for the trees here, obviously, the news that Solaris Norte is ramping up and has done well through the winter so far is great. The expenditure on Solaris Norte, I think you have explained, is quite a bit higher than what you originally guided this year. I think you are tracking at around $200 million. Where do you think that the Solaris Norte total CapEx for this year will end up? Linked to that then, obviously, you are spending quite a bit more CapEx this year at Solaris Norte than originally guided, but you are not changing your group capital guidance. Are you pulling back on CapEx anywhere else through the remainder of the year?

Speaker #4: The expenditure on Solaris, I think you've explained, is quite a bit higher than what you originally guided this year. I think you're tracking a rate around $200 million.

Speaker #4: Where do you think that the Solaris total CapEx for this year will end up? Kind of linked to that, then obviously you're spending quite a bit more CapEx this year at Solaris than originally guided, but you aren't changing your group capital guidance.

Speaker #4: Are you pulling back on CapEx anywhere else through the remainder of the year? And then, just a final question: there is some capital expenditure in the group that I think has kind of moved up.

Chris Nicholson: Then just final question, there is some capital expenditure in the group that I think has kind of moved up. Obviously, you are stripping at Tarquil, certainly the infrastructure build-out in Australia is higher, and you are doing a bit of catch-up there. Should we expect that to continue into 2026? Thanks.

Speaker #4: So obviously you're doing your stripping at Tarkwa; certainly, the infrastructure build-out in Australia is higher, and you're doing a bit of catch-up there. Should we expect that to continue into 2026?

Speaker #4: Thanks. Perfect. Thanks very much for that question, Chris. If we go to the CapEx at Solaris, we do expect that to come off significantly in the second half of the year.

Alex Dall: Thanks.

Chris Nicholson: Second.

Alex Dall: Perfect. Thanks very much for that.

Operator: Summary, if we go to the CapEx at Solaris Norte, we do expect that to come off significantly in the second half of the year. There is a small element of uncertainty on what exact month we reach commercial levels of production because there you reclassify operating cost to capital expenditure. That will determine where we land up, but that is going to come off significantly in the second half of the year. When you look at the total group guidance, there are probably two other key drivers there that bring us back within the range.

Speaker #4: There is an element of a small element of uncertainty on what exact month we reach commercial levels of production, because you there you reclassify operating costs to capital expenditure.

Speaker #4: So that will determine where we land up, but that is going to come off significantly in the second half of the year. And when you look at the total group guidance, probably there are two other key drivers there that bring us back within the range.

Speaker #4: The first being that as demand has a life that is shorter than 12 months, all of the capital spend, which would have been classified as capital spend, is being classified as operating expenditure.

Operator: The first being that as Demang has a life that is shorter than 12 months, all of their capital spend, what would have been classified as capital spend, is being classified as operating expenditure on the stripping of the mini pits, as well as at WINDFALL for certain items that we had originally included in the guidance as capital turned out to be exploration expenditure. So they go to the operating expenditure line. We are quite comfortable from that capital perspective on that side. In 2026, we do expect to see the continued stripping at TAKU.

Speaker #4: On the stripping of the money pits, as well as at Windfall, certain items that we had originally included in the guidance as capital have turned out to be exploration expenditures.

David Brown: Okay, thank you. That's helpful.

Mike Fraser: Thank you.

Alex Dall: Thank you.

Mike Fraser: Operating expenditure.

Alex Dall: Next question we have. The next question comes from Tanya Yokoskanen of Scotiabank. Please go ahead.

Moderator: Great. Good afternoon. Good morning, everybody. Thank you for taking my three questions. The first one is on WINDFALL project. Can I just confirm that there is still going to be that updated feasibility study on November 12th? Is that, Mike Fraser, what you were talking about that we are getting?

Operator: Yeah, I think, Tanya, just to put that in perspective, we will provide an update on capital estimates as well as the execution plan. We will likely put when we declare the reserves for the WINDFALL project, which we are expecting in February of 2026, which will be in line with the expected timing of the EIA receipt. That is when we will probably more formally release some of the detailed documentation. But what we intend to do on the 12th of November is at least provide some insight and guidance. Clearly, one of the things that we do not want to distract from during the EIA process is to have, you know, formal additional documents in the public domain. But we will provide updates on the capital and development pathway.

Moderator: Okay, got it. I am saying capital, I am assuming it is operating costs as well.

Operator: We will provide guidance on that.

Moderator: the WINDFALL project, I just want to try and understand, where are we exactly on the permitting and the negotiations with First Nations? Can someone just give me an update on what has been done? I am just not up to speed on where we are on that process.

Operator: The EIA has been in train for some time. We have now, at the end of July, submitted the second round of questions to COMEX, which are really the recommended body, to approve the EIA. We are now waiting for their responses to that. We are still expecting to go to public consultation around the end of October, which really puts us in place to then get that approval in Q1 of 2026 in line with the timing of the FID. That is going according to plan. We do not think there are any further questions that we expect back from them. We have addressed two rounds of them, and certainly the second round were relatively minor. In terms of the engagement with our host community, the Cree First Nation of West Winnipeg, we have been engaging again for an extended period with the community.

Operator: I think we started in February with the actual chapters of the RBA. We have done, obviously, as you can appreciate, some of the easy chapters. We are now, this month, getting into the specific compensation chapters. Again, we are moving at the right pace, in line with the expected timing of having this completed by the end of the calendar year. Again, just to remind everyone on the call, the one thing that is really unique about our relationship with the West Winnipeg First Nation is they have an active economic interest in seeing the mine developed because of their ownership and operatorship of the hydropower line that supplies power into WINDFALL project. The sooner we get that plant up and running and developed, the sooner the rent from that and that investment in that transmission line starts paying effect.

Operator: We think the economic interests are strongly aligned, but we do need to work through systemically the chapters of the RBA, which is in train at the moment.

Moderator: Okay. So the RBA, we do not need that to be in place with the permit to start. If we do not get it, it is not critical. Is that what I am understanding as well?

Operator: I think they both should be looked at as a package. They will be stapled. I think the RBA and the EIA we should expect at the same time.

Moderator: Okay, that is helpful. Thank you. My second question is on Solaris Norte. I just want to understand because I thought the definition of commercial production was 30 days at 60% capacity at the mill and 85% recovery on the gold side. I see the recovery at 85% on the gold side. Is it the mill? I understood you had an issue with the silver recovery. I am just trying to understand what exactly is happening to declare commercial production.

Operator: will leave it with Alex to answer that. No, thanks, Tanya. That is correct as a definition, but the other element of it was that we were also forecasting to maintain that. There was, just as Mike Fraser mentioned, some uncertainty around the silver grade and the new furnace coming online. So our group technical team went and actually are doing a detailed metal accounting review. Once they are comfortable with the recoveries and where they are sitting, we will be in a position to declare commercial levels of production. I think just from a just to manage the expectations on disclosures, John Giese, we will disclose that with our Q3 production update rather than a separate release.

Moderator: Yeah. Okay. All right, got that. My last question is just on South Deep. I know you talked about the portfolio optimization, Mike, about some of the scopes of work you are doing there. How does all of this fit into the previous plan, and maybe it is not a plan anymore, of getting this mine up from that 300,000 ounce production to 400 plus in the next three, five years? Is this still a plan or is that gone? I am just trying to understand.

Operator: Yes, absolutely. We do have a future plan for South Deep where we will see a ramp-up. Part of that is about the investment into South of Ridge, which is the next mining domain. Again, we will share some of that more strategic insight into the future for South Deep. We do see it as an update. I think, again, for the next few years, and as I have always said, every year that we can incrementally improve South Deep until we open up those new domains, until we have sustainably delivered on some of the reliability on scope turnover, if I can call it that, or removing that variation. I think we want to be cautious, certainly in the next few years. In the longer horizon, our ambition is absolutely to unlock some of the potential that sits in South Deep. We will share some of that in November.

Operator: Again, if you look at South Deep, even for the six months, we produced 150,000 ounces of gold, but we generated $170 million of free cash flow over six months. South Deep is becoming rapidly a very valuable contributor into our portfolio. Getting that right will provide a real long-term anchor to our contribution from Gold Fields.

Moderator: No, thanks, Mike. It would be great to get an update on that plan. Thank you for taking my question.

Operator: Thanks, Tanya.

Mike Fraser: Thanks, Tanya. Just a question from the webcast, Mike. On WINDFALL, how much flexibility will you have within the environmental approval to potentially scale up a WINDFALL mine? Can you get amendments to the approval post-FID if the mine design looks vastly different to the Osisko Mining design, or would you need to restart a more comprehensive approval process?

Operator: Yeah, thank you for that question. I think we are already starting to look forward. What is really the way that the WINDFALL project was conceived and the initial application was really to ensure that it stayed within the provincial approval levels and did not fall into the federal approval levels. As we think about the technical review of the project ahead of the next stage of FID, we are not just looking at the optimization of the process plant, but really looking at how we optimize the mine for the long term. So we have really looked at some incremental improvements there. But all of those are designed to stay within the intent of the current feasibility study as well as the provincial approval levels.

Operator: Quite clearly, when you are looking at a mine with this kind of horizon and life that we believe it has, and with the upside optionality of even nearby exploration, we are already starting to put our minds to, what could the future look like for WINDFALL? There is a number of studies that we will need to go through. I think once we have gone through those studies, that will then start informing us, what is the development pathway? So at this stage, it is probably a little bit too early to answer that question. We are clearly mindful that, in particular during this approvals process, that we remain largely in integrity, retain the integrity of the current application. But there is no doubt that given the potential of WINDFALL, there is more upside opportunity to come.

Mike Fraser: Thanks for that, Mike. A question from Patrick Jones. He says, another major mining company this week indicated that a lack of technological and commercial advancement for trucking and decarbonization is delaying diesel replacement and thus presents a risk to miners' long-term emission reduction targets. What has been the key impediment to progress? Are you confident that major OEM plans for truck transition can be delivered, or does the industry need to shift focus to different decarb pathways?

Operator: Yeah, that's a really good question, Patrick. I'll answer it this way. That answer is precisely right. I think we are seeing a very slow reaction to how we remove diesel out of our fleets and how we look to electrify fleets. We've done various different studies along the way. You're right. I think the way that we've got to start thinking about it, and probably if we answer the reason, well, why has the industry been slow? It's probably because the OEMs see our industry as relatively small scale compared to some of the other vehicle sectors or uses of vehicles. There hasn't been that kind of crossover yet where OEMs have seen the value and the returns in significant investments in low-carbon fleet solutions. We've got to continue to try and work with the OEMs and try and drive that forward.

Operator: In the absence of that, I think it looks at it comes down to how each gold mining company can look at the opportunities in the portfolio to drive decarbonization. An example is the one opportunity that we highlighted at Granny Smith, for example. When we get down to zone 160 or even at zone 150, you've got a three-hour cycle time of all trucks from the bottom of the decline to the top. The best way that we can take diesel out of that system is to put in a material handling system, which enables us to eliminate trucks out of the cycle. If you combine that with renewable energy sources, immediately that will unlock and decarbonize. I think we're not sitting on our hands by any means. Despite the slow transition of diesel fleets, there are definitely alternatives that we've got to pursue.

Mike Fraser: Thanks, Mike. Back to you, operator, to check in if there's any questions remaining on the call.

Alex Dall: At this stage, there are no further questions on the conference.

Mike Fraser: is none further on the webcast or online as well, Mike. So over to you for closing them up.

Operator: Great. Thank you very much. Thank you, everyone, for joining on a Friday for our results presentation. To summarize, we are very pleased to have delivered a safe, reliable delivery for the first six months of this year. At this stage, we remain very confident of our delivery in the second half. We are also very excited about the work that is going on to optimize our business, simplify it, and set it up for long-term success. We look forward to sharing some of the outlook and the great upside that we believe is in our business at the Capital Markets Day in November. I look forward to engaging with you again then. Thanks again for joining. I really appreciate it.

Alex Dall: Thank you, sir. Ladies and gentlemen, that's the end of today's conference. Thank you for joining us. You may now disconnect your lines.