Gold Fields (NYSE: GFI) sees H1 2026 earnings jump and keeps 2026 gold output guidance
Rhea-AI Filing Summary
Gold Fields Limited expects a sharp improvement in H1 2026 results, with headline earnings per share of US$1.98–US$2.18 and basic EPS of US$1.97–US$2.17, up roughly 71–90% from US$1.15 a year earlier. Adjusted free cash flow before discretionary investments is guided at US$2,385m–US$2,636m, an increase of 91–111% from US$1,251m, driven by higher gold-equivalent ounces sold and stronger realised gold prices, partly offset by higher costs.
H1 2026 attributable gold-equivalent production of 1,260koz is about 12% above H1 2025, while AIC rose to US$2,120/oz and AISC to US$1,900/oz. Q2 2026 production was 630koz with AIC of US$2,200/oz and AISC of US$1,960/oz, reflecting higher royalties, costs and capital spend.
The company remains on track to meet 2026 group guidance, expecting production towards the upper end of 2.4–2.6Moz, with AISC of US$1,800–US$2,000/oz and AIC of US$2,075–US$2,300/oz, likely near the lower end. Capital expenditure is now forecast at US$1,600m–US$1,800m, below prior guidance. At the Windfall project, Gold Fields signed an Impact Benefit Agreement with Cree partners, expects EIA approval in H2 2026, and sees project capital at the upper end of US$1.7bn–US$1.9bn.
Positive
- HEPS and EPS up 71–90% year-on-year for H1 2026, reflecting higher gold-equivalent sales volumes and stronger realised gold prices.
- Adjusted free cash flow before discretionary investments is expected at US$2,385m–US$2,636m, up 91–111% from H1 2025’s US$1,251m.
- Group production growth with H1 2026 attributable gold-equivalent output of 1,260koz, about 12% higher than H1 2025’s 1,136koz.
- 2026 production guidance remains intact, with output expected at the upper end of the 2.4–2.6Moz range.
- Lower projected capital expenditure of US$1,600m–US$1,800m versus prior guidance of US$1,900m–US$2,100m, easing near-term cash outflows.
- Windfall de-risking step via signing of an Impact Benefit Agreement with Cree partners, supporting project advancement and community alignment.
Negative
- Unit costs rising: H1 2026 AISC expected at US$1,900/oz (up 13%) and AIC at US$2,120/oz (up 8%) versus H1 2025.
- Q2 2026 cost pressure with AIC of US$2,200/oz and AISC of US$1,960/oz, higher than Q1 due to increased costs and capital spend.
- Operational guidance risk at Gruyere and Tarkwa, which are described as being at risk of not meeting full-year production guidance.
- Windfall capex inflation, with project capital now expected at the upper end of the US$1.7bn–US$1.9bn range, implying higher development spend.
Filing Explained
Mine-level production risks remain within unchanged group guidance, while the reported H1 figures and outlook remain unaudited.
Gold Fields leaves its 2026 group production and cost guidance unchanged, but reports that Gruyere and Tarkwa are at risk of missing their mine-level targets; higher output at Salares Norte is expected to offset those reductions at group level.
The H1 2026 operational figures and the 2026 guidance underlying this trading statement have not been reviewed or reported on by the company’s external auditors.
The next specified checkpoint is the release of H1 2026 financial and operational results on
Key Figures
H1 2026 HEPS guidance: US$1.98–US$2.18 per share
H1 2025 HEPS baseline: US$1.15 per share
H1 2026 adjusted free cash flow: US$2,385m–US$2,636m
+5 more
8 metrics
H1 2026 HEPS guidance
US$1.98–US$2.18 per share
Expected headline earnings per share for six months ended 30 June 2026
H1 2025 HEPS baseline
US$1.15 per share
Headline earnings per share for six months ended 30 June 2025
H1 2026 adjusted free cash flow
US$2,385m–US$2,636m
Adjusted free cash flow before discretionary investments, versus US$1,251m in H1 2025
H1 2026 gold-equivalent production
1,260koz
Group attributable gold equivalent production, 12% higher than H1 2025
H1 2026 AISC
US$1,900/oz
All-in sustaining cost for H1 2026 versus US$1,682/oz in H1 2025
2026 production guidance
2.4–2.6Moz
Full-year 2026 attributable gold-equivalent production guidance range
2026 capex guidance
US$1,600m–US$1,800m
Revised 2026 group capital expenditure guidance, reduced from US$1,900m–US$2,100m
Windfall project capital
US$1.7bn–US$1.9bn
Expected at upper end of this range in real 2025 terms
Key Terms
headline earnings per share (HEPS), all-in sustaining cost (AISC), all-in cost (AIC), Impact Benefit Agreement (IBA), +2 more
6 terms
all-in sustaining cost (AISC) financial
"All-in sustaining cost (AISC) for Q2 2026 is expected to be US$1,960/oz"
All-in sustaining cost (AISC) is a per-unit measure of what a mining operation spends to produce its commodity, including routine operating expenses plus the ongoing capital and maintenance needed to keep the operation running. Investors use AISC to compare true production costs across companies and judge profitability and cash flow resilience—think of it like the total cost per mile to operate a car, not just the fuel.
all-in cost (AIC) financial
"all-in costs (AIC) of US$2,200/oz (Q1 2026: US$2,046/oz)"
Impact Benefit Agreement (IBA) regulatory
"signing of the Impact Benefit Agreement (IBA) with the Cree Nation of Waswanipi"
Environmental Impact Assessment (EIA) regulatory
"await approval of the Environmental Impact Assessment (EIA) for Windfall"
An environmental impact assessment (EIA) is a formal study that evaluates how a proposed project or operation could affect air, water, land, wildlife and local communities. For investors it matters because EIA findings can change project costs, timelines, permitting and legal risk—like a home inspection revealing hidden repairs that could alter the purchase decision; favorable or mitigated EIAs can protect value, while adverse findings can delay or halt projects and reduce returns.
Final Investment Decision (FID) financial
"expected that the Project will be progressed to Final Investment Decision (FID)"
A final investment decision (FID) is the point when a company or investor commits to proceeding with a project or purchase after reviewing all relevant information and options. It is like deciding to buy a house after careful consideration, signaling that plans are now set in motion. This decision is important because it marks the official start of spending significant money and resources on the project.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How is Gold Fields (GFI) H1 2026 earnings expected to compare with H1 2025?
Gold Fields expects H1 2026 HEPS of US$1.98–US$2.18 and basic EPS of US$1.97–US$2.17, versus US$1.15 in H1 2025. This represents an increase of roughly 71–90%, driven by higher gold-equivalent sales and stronger realised gold prices.
What free cash flow guidance did Gold Fields (GFI) give for H1 2026?
Adjusted free cash flow before discretionary investments for H1 2026 is guided at US$2,385m–US$2,636m, compared with US$1,251m in H1 2025. This implies an increase of 91–111%, reflecting higher production, better pricing and despite increased costs.
How did Gold Fields (GFI) production and costs trend in H1 2026?
H1 2026 attributable gold-equivalent production is expected at 1,260koz, about 12% above H1 2025. However, AISC is expected to rise to US$1,900/oz and AIC to US$2,120/oz, driven by higher royalties, cost of sales and sustaining capital expenditure.
What is Gold Fields (GFI) full-year 2026 production and cost guidance?
For 2026, Gold Fields expects production towards the upper end of 2.4–2.6Moz. AISC is guided at US$1,800–US$2,000/oz and AIC at US$2,075–US$2,300/oz, with AIC anticipated near the lower end of that range.
What update did Gold Fields (GFI) provide on the Windfall project?
Gold Fields signed an Impact Benefit Agreement with Cree partners for Windfall and expects EIA approval in H2 2026. Project capital is now expected at the upper end of the US$1.7bn–US$1.9bn range, with further updates after FID.
How did Gold Fields (GFI) perform operationally in Q2 2026?
Q2 2026 attributable gold-equivalent production is expected at 630koz versus 633koz in Q1 2026. AIC is guided at US$2,200/oz and AISC at US$1,960/oz, reflecting higher cost of sales and increased sustaining and non-sustaining capital expenditure.
Is Gold Fields’ (GFI) 2026 capital expenditure guidance changing?
Total capital expenditure for 2026 is now forecast at US$1,600m–US$1,800m, reduced from US$1,900m–US$2,100m. The decrease mainly reflects reclassification of certain Windfall spend to exploration, while sustaining capital guidance remains US$1,300m–US$1,400m.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated 11 August 2026
Commission File Number 001-31318
Gold Fields Limited
(Translation of registrant’s name into English)
150 Helen Rd.
Sandown, Sandton 2196
South Africa
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F | ☐ Form 40-F | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Gold Fields Limited | |||||||||||
Date: 11 August 2026 | By: | /s/ Mike Fraser | |||||||||
Name: | Mike Fraser | ||||||||||
Title: | Chief Executive Officer | ||||||||||
INDEX TO EXHIBITS
No. | Exhibit | |||||||
99.1 | Gold Fields SENS Announcement | |||||||
Gold Fields Limited (Incorporated in the Republic of South Africa, Reg. No. 1968/004880/06) JSE, NYSE, DIFX Share Code: GFI ISIN Code: ZAE000018123 (“Gold Fields” or the “Group”) TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE SIX MONTHS ENDED 30 JUNE 2026 In compliance with paragraph 6.26 to 6.33 of the JSE Listings Requirements, Gold Fields advises that headline earnings per share (HEPS) for the six months ended 30 June 2026 (H1 2026) are expected to be in the range of US$1.98 to US$2.18 per share which is 72% to 90% higher than HEPS reported for the six months ended 30 June 2025 (H1 2025) of US$1.15 per share. Basic earnings per share (EPS) for H1 2026 are expected to be in the range of US$1.97 to US$2.17 per share which is 71% to 89% higher than that reported for H1 2025 of US$1.15 per share. Adjusted free cash flow before discretionary investments for the six months ended June 2026 is expected to be in the range of US$2,385m to US$2,636m which is 91 to 111% higher than that reported for H1 2025 of US$1,251m. The increase in headline and basic earnings expected in H1 2026 is primarily due to higher gold-equivalent ounces sold and the higher gold price realised during this period, partially offset by higher cost of sales. Gold Production for the six months ending 31 December 2026 (H2 2026) is expected to be in line with H1 2026 production, as planned improvements at Gruyere, Tarkwa and Agnew offset ounces from Damang (which exited the portfolio in April 2026) and lower planned ounces at Salares Norte in H2 2026. Further details will be provided as part of the H1 2026 financial and operational results to be released on Tuesday, 25 August 2026. Q2 2026 operational performance Q2 2026 Group attributable gold equivalent production is expected to be 630koz (Q1 2026: 633koz), with all-in costs (AIC) of US$2,200/oz (Q1 2026: US$2,046/oz). All-in sustaining cost (AISC) for Q2 2026 is expected to be US$1,960/oz (Q1 2026: US$1,829/oz). AIC and AISC were impacted by higher cost of sales before amortisation and depreciation, higher sustaining and non-sustaining capital expenditure and lower by-product credits. Salares Norte continues to outperform, with the operation focused on ensuring stable plant performance through the winter season. The mine is currently on track to exceed full year guidance. Gruyere’s gold production was 25% higher in Q2 2026 than Q1 2026, with improvements in mining operations leading to increased availability of fresh rock during the quarter. Despite this improvement, the mine is at risk of not meeting full year guidance due to lower mining productivity as a result of high contractor labour turnover and lower effective fleet utilisation. Tarkwa's gold production was slightly higher in Q2 2026 than Q1 2026 due to higher tonnes milled owing to higher plant availability in the quarter. While the recovery is gaining traction, Tarkwa is also at risk of not meeting full year guidance due to the weaker first half. H1 2026 operational performance Group attributable gold equivalent production for H1 2026 at 1,260koz is expected to be 12% higher than the corresponding period in 2025 (H1 2025: 1,136koz). AIC for H1 2026 is expected to be 8% higher period-on-period at US$2,120/oz (H1 2025: US$1,957/oz) and AISC is expected to be 13% higher at US$1,900/oz (H1 2025: US$1,682/oz). AIC increased as a result of higher royalties, higher cost of sales and higher sustaining capital expenditure, partially offset by lower non-sustaining capital expenditure. Windfall project update During H1 2026, Gold Fields reached an important milestone at Windfall with the signing of the Impact Benefit Agreement (IBA) with the Cree Nation of Waswanipi and the Cree Nation Government/Grand Council of the Crees. The IBA marks a significant step forward for the development of Windfall and reflects Gold Fields’ commitment to building strong partnerships with its host communities while providing greater certainty for the development of the project. Further to the update provided in our operational update for Q1 2026, Gold Fields continues to await approval of the Environmental Impact Assessment (EIA) for Windfall from the Environmental and Social Impact Review Committee (COMEX) of Québec. Based on engagements with both the Government of Québec and the Cree Nation Government, EIA approval is now expected in H2 2026, after which it is expected that the Project will be progressed to Final Investment Decision (FID). The focus will remain on advancing engineering, optimising execution planning, and progressing operational readiness for the project during this period, which is expected to deliver significant de-risking of the project upon final approval. We are adjusting activities on site and the project development schedule to optimise costs, while maintaining flexibility to progress FID and development after the EIA approval is received. Project capital is expected to be at the upper end of the US$1.7bn – US$1.9bn (real 2025 terms) guidance provided at our Capital Markets Day in November 2025. Gold Fields will provide a further update once the EIA is approved and FID is confirmed, together with an updated project execution schedule and capital estimate. Windfall is a world-class project with robust economics. Once developed, we expect it to become a cornerstone asset within the Gold Fields portfolio. 2026 Group guidance Gold Fields remains on track to meet the full-year 2026 Group production and cost guidance provided in February 2026. Attributable gold-equivalent production for 2026 is expected to be at the upper end of the guidance range of between 2.4Moz and 2.6Moz. To support delivery of this guidance, production has been adjusted to reflect reductions at Gruyere and Tarkwa, offset by an increase at Salares Norte following its continued outperformance. In line with the guidance provided in February 2026, AISC and AIC are expected to be between US$1,800 and US$2,000/oz, and US$2,075 and US$2,300/oz respectively. AIC is expected to be towards the lower end of the range, as group capital expenditure is now expected to be between US$1,600m and US$1,800m, compared to prior guidance of US$1,900m to US$2,100m. This reduction primarily reflects the reclassification of certain Windfall expenditure from capital expenditure to exploration expenses. Accordingly, while capital expenditure is expected to decrease, a portion of the reduction will be offset by higher exploration expenditure. Sustaining capital expenditure guidance remains unchanged at US$1,300m to US$1,400m. The operational performance, 2026 guidance and the financial information on which this trading statement is based, have not been reviewed or reported on by the Group's external auditors. ENDS 11 August 2026 Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Investor enquiries contact: Jongisa Magagula Tel: +27 11 562 9775 Mobile: +27 82 562 5288 Email: jongisa.magagula@goldfields.com Andiswa Ntantiso Tel: +27 11 562 9700 Email: andiswa.ntantiso@goldfields.com Media enquiries contact: Kershnee Govender Tel: +27 11 562 9700 Email: kershnee.govender@goldfields.com Nelly Hlungwani Tel: +27 11 562 9700 Email: nelly.hlungwani@goldfields.com About Gold Fields Gold Fields is a globally diversified gold producer with eight operating mines in Australia, South Africa, Ghana, Chile and Peru, and one project in Canada. As at December 2025, the Company reported total attributable annual gold-equivalent production of 2.44Moz, proved and probable gold Mineral Reserves of 48.3Moz, measured and indicated gold Mineral Resources for continuing operations of 31.6Moz (excluding Mineral Reserves) and inferred Gold Mineral Resources of 12.2Moz (excluding Mineral Reserves). The Company's shares are listed on the Johannesburg Stock Exchange (JSE) and American depositary shares trade on the New York Stock Exchange (NYSE). Forward-looking statements This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as "aim", "anticipate", "will", "would", "expect", "may", "could", "believe", "target", "estimate", "project" and words of similar meaning. These forward-looking statements, including among others, those relating to Gold Fields’ future business strategy, development activities (including the approvals, permitting, development, operations and final investment decision relating to the Windfall Project) and other initiatives, anticipated benefits of acquisitions or joint ventures (including the acquisition of Gold Road Resources Limited), ability to successfully renew, extend and/or retain mining rights, licences or other interests (including the satisfaction of licence conditions), ability to conclude divestments on favourable terms (if at all), business prospects, financial positions, production and operational guidance, climate and ESG-related statements, targets and metrics, are necessary estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in Gold Fields’ Integrated Annual Report 2025 filed with the Johannesburg Stock Exchange and the Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC)on 30 March 2026 (SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company’s external auditors. This announcement includes certain non-International Financial Reporting Standards (IFRS) financial measures, including all-in sustaining cost (AISC), all-in cost (AIC), and adjusted free-cash flow. These measures may not be comparable to similarly-titled measures used by other companies and are not measures of Gold Fields financial performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The financial information contained in this announcement has not been reviewed or reported on by Gold Fields' external auditors.