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GOLD FIELDS LIMITED - Gold Fields Operating Update Quarter ended 30 September 2019

08 November 2019 - 07:00 AM
GFI
Gold Fields Operating Update Quarter ended 30 September 2019

Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123

Media Release
Gold Fields Operating Update
Quarter ended 30 September 2019

JOHANNESBURG. 8 November 2019: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the quarter ended
30 September 2019. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and
December.

Key Statistics

                                                                         United States Dollars
Figures are in millions unless otherwise stated                                 Quarter
                                                                 September           June        September
                                                                      2019           2019             2018
Gold produced*                                          oz (000)       523            541              533
Tonnes milled/treated                                       000      9,850          9,037            8,878
Revenue (excluding Asanko)                               US$/oz      1,469          1,297            1,184
Cost of sales before gold inventory change
and amortisation and depreciation (excluding Asanko) US$/tonne           44             42               41
All-in sustaining costs - original interpretation        US$/oz       1,018            985              977
All-in sustaining costs - revised interpretation
guidance WGC                                             US$/oz         947            910                -
Total all-in cost                                        US$/oz       1,084          1,132            1,140
Net debt (Pre - IFRS16)                                    US$m       1,401          1,498            1,564
Net debt (Post - IFRS16)                                   US$m       1,735          1,794                -
*Gold produced in this table is attributable and includes Gold Fields share of 45 per cent in Asanko.
All of the key statistics are managed figures.
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent),
Cerro Corona in Peru (99.5 per cent), Gruyere JV (50 per cent) and Asanko JV (45 per cent equity share).
Gold produced (and sold) throughout this report includes copper gold equivalents of
approximately 7 per cent of Group production.
Figures may not add as they are rounded independently.


STOCK DATA FOR THE 3 MONTHS ENDED 30 SEPTEMBER 2019
Number of shares in issue                                   NYSE - (GFI)
- at end September 2019                828,632,707          Range - Quarter                 US$4.53 - US$6.14
- average for the quarter              828,632,707          Average Volume - Quarter        9,054,853 shares/day
Free Float                             100 per cent         JSE LIMITED - (GFI)
ADR Ratio                              1:1                  Range - Quarter                 ZAR66.49 - ZAR95.79
Bloomberg/Reuters                      GFISJ/GFLJ.J         Average Volume - Quarter        3,466,471 shares/day
Statement by Nick Holland
Chief Executive Officer of Gold Fields

Q3 2019 performance
Attributable equivalent gold production for the quarter was 2% lower YoY (3% lower QoQ) at 523koz. Production for the quarter was
impacted by an unusually high lock up of gold in circuit at two of the Australian operations; lower grade at Damang as the mine
transitions into the main pit; as well as lower grades mined and the lower price factor at Cerro Corona. South Deep delivered another
improved quarter, with production increasing 6% QoQ.

All-in sustaining costs (AISC), on the original interpretation, were 4% higher YoY (3% higher QoQ) at US$1,018/oz, AISC, on the revised
interpretation for Q3 2019 was US$947/oz, 4% higher QoQ. All-in costs (AIC) were 5% lower YoY (4% lower QoQ) at US$1,084/oz.

The net debt balance (pre-IFRS16) decreased by US$97m to US$1,401m from US$1,498m at 30 June 2019. Apart from the cash generated by the
operations, there were a number of components that impacted the net debt during the quarter including: US$92m inflow from the sale of
the Gold Road and Hummingbird stakes; US$34m outflow for the interim dividend; US$10m paid to Asanko as part of the deferred purchase
consideration.

Regional operational performance
The Australian region produced 210koz for the quarter, down 6% YoY (up 2% QoQ), with Gruyere contributing for the first time.
Production for the quarter was impacted by a build-up of gold in circuit at the end of the quarter at both St Ives and Gruyere,
amounting to approximately 7koz in total which was recovered shortly after quarter-end. AIC for the region was A$1,538/oz
(US$1,054/oz), up 16% YoY (down 14% QoQ) as the project capex at Gruyere comes to an end.

Production in Ghana for Q3 2019 was 205koz, up 5% YoY (down 5% QoQ), with AIC of US$1,067/oz, largely flat YoY (up 3% QoQ). As the
reinvestment project at Damang progresses, the mine is currently transitioning through the anticipated lower (more variable) grade
Huni sandstone lithology, which impacted production in the quarter.

Gold equivalent production at Cerro Corona was down 22% YoY (down 19% QoQ) at 65koz, due to lower grades mined (as per mining sequence)
and the lower price factor. Consequently, AIC for the quarter was US$929 per equivalent ounce, up 34% YoY (up 29% QoQ).

Production at South Deep increased again in Q3 2019 to 1,897kg (61koz), up 23% YoY (up 6% QoQ). Encouragingly, AIC for the quarter
decreased to R588,855/kg (US$1,258/oz), which enabled the mine to be cash positive for Q3 2019, being the second consecutive quarter.
There was continued QoQ improvement in a number of enabling activities at the mine including, destress mining, long hole stoping and
placement of backfill. South Deep is expected to exceed its production guidance for the year by between 5% and 10%. The AIC guidance is
expected to be achieved.

Update on projects
Gruyere
Gruyere produced 29koz (100% basis) during Q3 2019. Encouragingly, commercial levels of production (defined as a minimum total process
plant throughput rate of 70% of nameplate capacity, and a minimum average gold recovery of 85% of expected life of mine metallurgical
recovery) were achieved at Gruyere at the end of the September quarter, slightly ahead of schedule. Given the fact that throughput
rates and gold recoveries have been above expectations during the ramp up, gold production for 2019 is expected to be at the upper end
of guidance of 75koz - 100koz (100% basis). The final forecast capital cost is now estimated at A$607m (100% basis, +/- 1%).

Damang
Production at Damang decreased 9% QoQ to 49.7koz from 54.6koz in the June quarter, driven predominantly by lower yield. Ore tonnes
mined decreased by 25% QoQ due to completion of mining of the Amoanda pit ahead of plan together with a higher proportion of mining at
the west end of the Damang pit complex which has a higher strip ratio. At the end of the September quarter, 33 months into the Damang
Reinvestment Project, total material mined amounted to 111Mt (17% ahead of the project schedule) while gold produced was 486koz
(21% above plan of 401koz). Project capital spent to date is US$339m compared to plan of US$300m, largely driven by the additional
capital waste tonnes mined.

Salares Norte
The EIA process is progressing well and we expect it to be granted before the middle of 2020. We continue to work on a financing plan
and have commenced a process to evaluate the possibility of bringing in a partner for the project. Detailed engineering continues and
was 47% complete at the end of Q3 2019.

Guidance unchanged
Gold Fields expects to end 2019 on a strong footing and we expect to achieve previous production and all-in cost guidance for the year.
This provides us with a solid base to grow production and reduce all-in costs into 2020, enabling the group to generate strong free
cash flow.

Attributable equivalent gold production for the Group for 2019 is now expected to be at the upper end of the previously announced range
of 2.13Moz to 2.18Moz. AISC is expected to be between US$980/oz and US$995/oz based on the original WGC interpretation. AIC is planned
to be between US$1,075/oz and US$1,095/oz. These expectations assume exchange rates of R/US$:14.50 and A$/US$:0.69.

Hedging
As reported in August 2019, Gold Fields entered into select tactical hedges for 2020 during H1 2019. The hedges were entered into in
order to underwrite real net debt reduction of US$300-400m by the end of 2020. We do not plan to undertake any other hedging activity
for 2020 or beyond. However, in line with our hedging policy, we could look at hedging production at Salares Norte (not the rest of the
Group) in order to underwrite the payback for the project.


Nick Holland
Chief Executive Officer
8 November 2019


SALIENT FEATURE AND COST BENCHMARKS
Figures are in millions unless otherwise stated                                 United States Dollars

                                                    Total Mine    Total Mine          South                         West                            South
                                                    Operations    Operations         Africa                       Africa                          America
                                                     Including     Excluding         Region                       Region                           Region
                                                        Equity        Equity
                                                     Accounted     Accounted                                       Ghana                            Peru
                                                         Joint         Joint          South                                           Asanko*      Cerro
                                                       Venture       Venture           Deep              Total    Tarkwa    Damang        45%     Corona
Operating Results                     Sept   2019        9,850         9,202            563              5,242     3,437     1,158        648      1,648
Ore milled/treated o                  June   2019        9,037         8,418            282              5,227     3,441     1,167        619      1,652
(000 tonnes)                          Sept   2018        8,878         8,491            387              4,914     3,450     1,077        387      1,712
Yield                                 Sept   2019          1.8           1.7            3.4 o              1.2       1.2       1.3        1.3        1.2
(grams per tonne) o                   June   2019          1.9           1.9            6.3 o              1.3       1.2       1.5        1.4        1.5
                                      Sept   2018          2.0           2.0            4.0 o              1.2       1.1       1.6        1.4        1.5
Gold produced                         Sept   2019        540.7         512.6           61.0              205.1     127.3      49.7       28.1       64.8
(000 managed equivalent ounces)       June   2019        559.9         532.0           57.3              216.8     134.2      54.6       27.9       80.3
                                      Sept   2018        550.7         533.1           49.5              195.5     126.5      51.3       17.6       83.2
Gold sold                             Sept   2019        523.2         494.9           58.4              205.4     127.3      49.7       28.4       65.6
(000 managed equivalent ounces)       June   2019        565.6         535.7           58.6              218.7     134.2      54.6       29.9       76.9
                                      Sept   2018        545.6         527.5           47.3              195.9     126.5      51.3       18.1       80.0
Cost of sales before amortisation     Sept   2019       (374.8)       (350.7)         (64.2)            (141.2)    (82.7)    (34.5)     (24.0)     (39.3)
and depreciation                      June   2019       (379.5)       (358.1)         (65.1)            (138.2)    (86.5)    (30.3)     (21.4)     (38.7)
(million)                             Sept   2018       (352.2)       (338.7)         (66.1)            (118.6)    (76.0)    (29.1)     (13.5)     (38.9)
Cost of sales before gold inventory   Sept   2019           46            44            120 ^               28        25        34         32         25
change and amortisation and           June   2019           42            42            222 ^               27        26        28         32         24
depreciation (dollar per tonne)       Sept   2018           41            41            178 ^               26        21        34         41         23
Sustaining capital                    Sept   2019       (114.4)       (109.5)          (8.0)             (33.9)    (27.1)     (1.9)      (4.9)&    (15.5)
(million)                           June   2019       (129.5)             (118.4)             (8.3)              (42.3)    (29.7)      (1.5)    (11.0)&         (9.5)
(original interpretation)           Sept   2018       (142.5)             (139.0)            (10.5)              (45.3)    (38.3)      (3.5)     (3.5)         (10.7)
Non-sustaining capital              Sept   2019        (20.6)              (19.5)                -               (18.2)        -      (17.1)#    (1.1)             -
(million)                           June   2019        (66.3) ^            (64.7) ^              -               (24.9)        -      (23.2)#    (1.7)             -
(original interpretation)           Sept   2018        (36.3)              (35.9)             (4.8)              (31.5)        -      (31.1)#    (0.4)             -
Total capital expenditure           Sept   2019       (134.8)             (128.8)             (8.0)              (52.1)    (27.1)     (18.9)     (6.1)         (15.5)
(million)                           June   2019       (195.8) ^           (183.1) ^           (8.3)              (67.2)    (29.7)     (24.7)    (12.7)          (9.5)
                                    Sept   2018       (178.8)             (174.9)            (15.3)              (76.8)    (38.3)     (34.6)     (3.9)         (10.7)
All-in-sustaining costs             Sept   2019        1,011               1,000             1,258                 967       969        842     1,179            698
(dollar per ounce)                  June   2019          970                 958             1,275                 917       958        673     1,180            381
(original interpretation)           Sept   2018          966                 960             1,663                 900       972        682     1,018            443
All-in-sustaining costs             Sept   2019          940                 925             1,258                 967       969        842     1,179            604
(dollar per ounce)                  June   2019          895                 878             1,275                 917       958        673     1,180            364
(revised interpretation)            Sept   2018
Total all-in-cost                   Sept   2019        1,057               1,042             1,258               1,067       969      1,185     1,301            698
(dollar per ounce)                  June   2019        1,096               1,087             1,275               1,032       958      1,097     1,247            381
                                    Sept   2018        1,038               1,034             1,764               1,061       972      1,288     1,039            443


                                                                                                                                                                   South
                                                                                                                                                                 African
                                                                 United States Dollars                          Australian Dollars                                  Rand
                                                                       Australia                                    Australia                               South Africa
                                                                          Region                                       Region                                     Region
                                                                          Agnew/ Granny    Gruyere                        Agnew/          Granny Gruyere           South
                                                         Total   St Ives Lawlers   Smith       50%               Total   St Ives Lawlers   Smith      50%           Deep
Operating Results                     Sept 2019          2,396     1,070     307     464       555               2,396     1,070     307     464      555            563
Ore milled/treated                    June 2019          1,877     1,152     305     420         -               1,877     1,152     305     420        -            282
(000 tonnes)                          Sept 2018          1,866     1,077     310     479         -               1,866     1,077     310     479        -            387
Yield                                 Sept 2019            2.7       2.2     5.1     4.7       0.8                 2.7       2.2     5.1     4.7      0.8            3.4 o
(grams per tonne)                     June 2019            3.3       2.3     5.8     4.8         -                 3.3       2.3     5.8     4.8        -            6.3 o
                                      Sept 2018            3.7       2.6     6.2     4.7         -                 3.7       2.6     6.2     4.7        -            4.0 o
Gold produced                         Sept 2019          209.8      75.2     50.4   69.7      14.6               209.8      75.2    50.4    69.7     14.6          1,897
(000 managed equivalent ounces)       June 2019          205.6      84.6     56.4   64.7         -               205.6      84.6    56.4    64.7        -          1,782
                                      Sept 2018          222.6      89.2     61.3   72.1         -               222.6      89.2    61.3    72.1        -          1,539
Gold sold                             Sept 2019          193.7      78.2     45.7   69.8         -               193.7      78.2    45.7    69.8        -          1,818
(000 managed equivalent ounces)       June 2019          211.5      90.2     56.5   64.8         -               211.5      90.2    56.5    64.8        -          1,822
                                      Sept 2018          222.1      88.9     61.4   71.8         -               222.1      88.9    61.4    71.8        -          1,472
Cost of sales before amortisation     Sept 2019         (130.1)    (53.2)   (36.2) (40.7)        -              (189.6)    (77.6) (52.8) (59.2)         -         (936.5)
and depreciation                      June 2019         (137.5)    (60.7)   (39.3) (37.5)        -              (196.2)    (86.7) (56.1) (53.4)         -         (934.7)
(million)                             Sept 2018         (128.6)    (47.5)   (37.6) (43.6)        -              (176.1)    (64.6) (51.8) (59.7)         -         (941.0)
Cost of sales before gold inventory   Sept 2019             78        57      140     88         -                 114        82     203     127        -          1,742
change and amortisation and           June 2019             70        49      135     90         -                  99        69     192     129        -          3,189
depreciation (dollar per tonne)       Sept 2018             68        43      122     87         -                  93        60     168     120        -          2,494
Sustaining capital                    Sept 2019          (56.8)    (23.8)   (15.3) (17.7)        -               (82.9)    (34.6) (22.5) (25.8)         -         (117.1)
(million)                             June 2019          (69.4)    (25.9)   (26.2) (17.3)        -               (99.0)    (36.9) (37.4) (24.7)         -         (119.2)
(original interpretation)             Sept 2018          (76.0)    (36.4)   (17.7) (21.9)        -              (103.9)    (49.6) (24.2) (30.0)         -         (145.7)
Non-sustaining capital                Sept 2019           (2.5)        -        -      -      (2.5)               (3.7)        -       -       -     (3.7)             -
(million)                             June 2019          (41.5)        -        -      -     (41.5)              (59.0)        -       -       -    (59.0)             -
(original interpretation)             Sept 2018              -         -        -      -         -                   -         -       -       -        -          (68.7)
Total capital expenditure             Sept 2019          (59.2)    (23.8)   (15.3) (17.7)     (2.5)              (86.7)    (34.6)   (22.5) (25.8)    (3.7)        (117.1)
(million)                             June 2019         (110.9)    (25.9)   (26.2) (17.4)    (41.5)             (158.0)    (36.9)   (37.4) (24.7)   (59.0)        (119.2)
                                      Sept 2018          (76.0)    (36.4)   (17.7) (21.9)        -              (103.9)    (49.6)   (24.2) (30.0)       -         (214.4)
All-in-sustaining costs               Sept 2019          1,041     1,050    1,200    927         -               1,519     1,533    1,756 1,347         -        588,855
(dollar per ounce)                    June 2019          1,052     1,029    1,224    936         -               1,502     1,468    1,747 1,335         -        590,492
(original interpretation)             Sept 2018            969       993      945    957         -               1,325     1,355    1,300 1,311         -        758,304
All-in-sustaining costs               Sept 2019            878       873    1,061    763         -               1,280     1,275    1,548 1,109         -        588,855
(dollar per ounce)                    June 2019            868       873      983    760         -               1,238     1,245    1,402 1,085         -        590,492
(revised interpretation)              Sept 2018              -         -        -      -         -                   -         -        -      -        -              -
Total all-in-cost                     Sept 2019          1,054 +   1,050    1,200    927         -               1,538 +   1,533    1,756 1,347         -        588,855
(dollar per ounce)                    June 2019          1,249 +   1,029    1,224    936         -               1,781 +   1,468    1,747 1,335         -        590,492
                                      Sept 2018            969       993      945    957         -               1,325     1,355    1,300 1,311         -        804,998
Average exchange rates were US$1 = R14.63, US$1 = R14.40 and US$1 = R14.03 for the September 2019, June 2019 and September 2018 quarters, respectively.
The Australian/US dollar exchange rates were A$1 = US$0.69, A$1 = US$0.70 and A$1 = US$0.73 for the September 2019, June 2019 and September 2018 quarters, respectively.
Figures may not add as they are rounded independently.
# Relates to non-sustaining capital expenditure for Damang re-investment project.
* Equity accounted Joint Venture.
& Includes Gold Fields 45 per cent share of deferred stripping of US$10.2 million and US$20.5 million for the September 2019 and June 2019 quarters, respectively.
o Yield includes underground reef yield of 5.78g/t (321,100t) and surface yield of 0.17g/t (234,000t) in the September quarter compared with 6.33g/t (269,000t) and 3.97g/t (1,400t),
  respectively, in the June quarter.
^ Includes underground cost of US$204/t and surface cost of US$2/t in the September quarter compared with US$222/t and US$71/t, respectively, in the June quarter.
+ Includes Gruyere capital expenditure with no ounces sold reported due to commercial levels of production not achieved until end September.



Review of Operations

Quarter ended 30 September compared with quarter ended 30 June 2019

South Africa region
South Deep Project
                                                                        Sept              June
                                                                        2019              2019
Gold produced                                000oz                     61.0              57.3
                                                 kg                    1,897             1,782
Gold sold                                    000oz                     58.4              58.6
                                                 kg                    1,818             1,822
Yield - underground reef                        g/t                     5.78              6.60
Surface yield                                   g/t                     0.17              3.97
Total yield                                     g/t                     3.37              6.33
AISC- original interpretation                  R/kg                  588,855           590,492
                                             US$/oz                    1,258             1,275
AISC - revised interpretation
guidance (WGC November 2018)                   R/kg                  588,855           590,492
                                             US$/oz                    1,258             1,275
AIC                                            R/kg                  588,855           590,492
                                             US$/oz                    1,258             1,275

Gold production increased by 6 per cent from 1,782 kilograms (57,306 ounces) in the June quarter to 1,897 kilograms (60,990 ounces)
in the September quarter in line with the 2019 ramp up plan post the restructuring process concluded at the end of 2018.

Total underground tonnes mined increased by 26 per cent from 270,100 tonnes in the June quarter to 339,400 tonnes in the September
quarter. Ore tonnes mined increased by 29 per cent from 253,700 tonnes to 328,300 tonnes, while underground waste mined decreased by
32 per cent from 16,400 tonnes to 11,100 tonnes. Underground reef grade mined decreased by 9 per cent from 6.29 grams per tonne to
5.70 grams per tonne. Total gold mined from underground increased by 17 per cent from 1,596 kilograms (51,300 ounces) in the
June quarter to 1,872 kilograms (60,200 ounces) in the September quarter.

Total tonnes milled increased by 100 per cent from 281,500 tonnes in the June quarter to 562,700 tonnes in the September quarter.
Underground reef tonnes milled increased by 19 per cent from 269,000 tonnes in the June quarter to 321,100 tonnes in the
September quarter mainly due to increased stoping volume as a result of improved stope availability. In the September quarter
18 stopes were mined compared with 12 stopes in the June quarter. Underground reef yield decreased by 12 per cent from 6.60 grams per
tonne to 5.78 grams per tonne due to mining in lower grade areas.

Surface tailings material treated increased substantially from 1,400 tonnes in the June quarter to 234,300 tonnes in the September
quarter mainly due to increased backfill placement capability, enabled by the new CIL circuit being commissioned. In the June quarter
re-mining tonnes were not processed for gold recovery but instead were pumped directly underground for backfill (not declared as
surface treatment). Post commissioning of the new CIL circuit (which allows for the separating out of underground treatment and
surface treatment) re-mining tonnes were again treated for gold recovery prior to being pumped underground for backfill.

Gold recovered from underground amounted to 1,857 kilograms (59,703 ounces). In addition, 40 kilograms (1,286 ounces) were recovered
from the treatment of surface material. Surface yield decreased by 96 per cent from 3.97 grams per tonne to 0.17 grams per tonne due
to treating 1,400 tonnes of industrial waste material in the June quarter compared with 234,000 tonnes treated in the September quarter
comprising of 4,000 tonnes industrial waste and 230,000 tonnes tailings reclamation.

Destress mining increased by 31 per cent from 6,310 square metres in the June quarter to 8,291 square metres in the September quarter.
The increase is due to improved operational efficiency as a result of the mine business improvement programs and the reallocation of
resources to destress mining as new destress cuts became available.

Longhole stoping increased by 46 per cent from 137,500 tonnes to 200,400 tonnes. Development decreased by 10 per cent from
1,133 metres in the June quarter to 1,015 metres in the September quarter. Development in the current mine areas increased by 7 per
cent from 261 metres in the June quarter to 280 metres in the September quarter. Development North of Wrench decreased by 16 per cent
from 872 metres in the June quarter to 735 metres in the September quarter due to resources allocated to destress mining and due to
development being significantly ahead of requirement.

The current mine contributed 38 per cent of the total ore tonnes in the September quarter compared with 45 per cent of the total ore
tonnes in the June quarter. The North of Wrench contributed 62 per cent of the total ore tonnes in the September quarter compared with
55 per cent in the June quarter. The tonnage contribution from longhole stoping increased by 8 per cent from 51 per cent in the
June quarter to 59 per cent in the September quarter.

Cost of sales before amortisation and depreciation was similar at R937 million (US$64 million). Cost of sales before gold inventory
change and amortisation and depreciation increased by 9 per cent from R898 million (US$62 million) in the June quarter to R981 million
(US$67 million) in the September quarter mainly due to increased utilities, contractors and consumable costs in the September quarter
due to increased production and two months winter electricity tariffs. This was offset by a gold-in-process credit to cost of
R44 million (US$3 million) in the September quarter compared with a charge to cost of R37 million (US$3 million) in the June quarter.
The net gold-in-process movement was R81 million (US$6 million).

Capital expenditure decreased by 2 per cent from R119 million (US$8 million) in the June quarter to R117 million (US$8 million) in the
September quarter.

Sustaining capital expenditure decreased by 2 per cent from R119 million (US$8 million) in the June quarter to R117 million
(US$8 million) in the September quarter due to a decrease in major component and rebuild costs for the mines fleet. No growth
capital expenditure was incurred for the June and September 2019 quarters in line with the operational plan.

All-in sustaining costs and all-in costs decreased marginally from R590,492 per kilogram (US$1,275 per ounce) in the June quarter to
R588,855 per kilogram (US$1,258 per ounce) in the September quarter mainly due to higher gold sold, lower sustaining capital
expenditure, partially offset by marginally higher cost of sales before amortisation and depreciation.

West Africa region
Ghana
Tarkwa
                                                   Sept        June
                                                   2019        2019
Gold produced                    000oz           127.3       134.2
Gold sold                        000oz           127.3       134.2
Yield                               g/t            1.15        1.21
AISC - original interpretation   US$/oz             969         958
AISC - revised interpretation
guidance (WGC November 2018)     US$/oz             969         958
AIC                              US$/oz             969         958

Gold production decreased by 5 per cent from 134,200 ounces in the June quarter to 127,300 ounces in the September quarter mainly due
to lower feed grade in line with the mining plan.
Total tonnes mined, including capital waste stripping, increased by 3 per cent from 23.4 million tonnes in the June quarter to
24.0 million tonnes in the September quarter. Ore tonnes mined decreased by 8 per cent from 4.0 million tonnes to 3.7 million tonnes
in line with the plan.

Operational waste tonnes mined increased by 6 per cent from 11.5 million tonnes to 12.2 million tonnes due to higher operational waste
stripping required to expose ore in line with the plan. Capital waste tonnes mined increased by 3 per cent from 7.9 million tonnes to
8.1 million tonnes. Mined grade decreased by 3 per cent from 1.25 grams per tonne to 1.21 grams per tonne due to lower grade ore mined
at Akontansi pit. Gold mined decreased by 10 per cent from 159,000 ounces to 143,100 ounces as a result of decreased ore tonnes and
grade mined. The strip ratio increased from 4.9 to 5.5 due to higher stripping at Teberebie pit.

The CIL plant throughput was similar at 3.4 million tonnes.   Yield decreased by 5 per cent from 1.21 grams per tonne to 1.15 grams per
tonne mainly due to lower grade ore mined and fed.

Cost of sales before amortisation and depreciation decreased by 5 per cent from US$87 million to US$83 million mainly due to lower
operational costs and a gold-in-process credit to cost of US$5 million in both quarters.

Capital expenditure decreased by 10 per cent from US$30 million to US$27 million due to lower capital waste stripping and timing of
tailings storage construction.

All-in sustaining costs and total all-in cost increased by 1 per cent from US$958 per ounce in the June quarter to US$969 per ounce in
the September quarter due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation and lower
capital expenditure.

Damang
                                                   Sept         June
                                                   2019         2019
Gold produced                        000oz        49.7         54.6
Gold sold                            000oz        49.7         54.6
Yield                                   g/t        1.34         1.46
AISC - original interpretation       US$/oz         842          673
AISC - revised interpretation
guidance (WGC November 2018)         US$/oz         842          673
AIC                                  US$/oz       1,185        1,097

Gold production decreased by 9 per cent from 54,600 ounces in the June quarter to 49,700 ounces in the September quarter mainly due
to lower yield. Total tonnes mined, including capital stripping, remained similar at 8.4 million tonnes.

Ore tonnes mined, decreased by 25 per cent from 1.34 million tonnes in the June quarter to 1.00 million tonnes in the September quarter
due to Amoanda pit completion ahead of schedule and an increase in mining at the west end of Damang pit complex (DPC) with a relatively
high strip ratio. Total waste tonnes mined increased by 4 per cent from 7.1 million tonnes to 7.4 million tonnes due to higher
productivity at the DPC. Capital waste tonnes, included in total waste tonnes, decreased by 31 per cent from 5.8 million tonnes to
4.0 million tonnes due to geotechnical works at the east wall of Damang Pit Cutback. These works included installation of geotechnical
rock fall barriers (fencing) which included drilling and installation of base plates, mounting of posts and attachment of mesh to the
posts.

Operational waste tonnes mined increased by 162 per cent from 1.3 million tonnes to 3.4 million tonnes due to high volumes mined from
the west end of DPC which has a relatively higher strip ratio. In the September quarter total tonnes mined at Amoanda pit were
0.1 million tonnes, at Saddle 1.3 million tonnes and at Damang Pit Cutback (DPCB) 7.0 million tonnes.
Grade mined increased by 1 per cent from 1.57 grams per tonne to 1.59 grams per tonne due to higher grade material mined from Saddle
pit. Gold mined decreased by 24 per cent from 67,500 ounces to 51,300 ounces due to lower tonnes mined as a result of the end of life
of the Amoanda pit. The strip ratio increased from 5.3 to 7.4 due to more waste tonnes mined from the West of DPC.

Tonnes processed decreased by 1 per cent from 1.17 million tonnes in the June quarter to 1.16 million tonnes in the September quarter.
Yield decreased by 8 per cent from 1.46 grams per tonne to 1.34 grams per tonne due to lower feed grade. The lower feed grade is
mainly due to lower stockpile grade fed to supplement ore tonnes mined. In the September quarter, tonnes milled were sourced as
follows: 0.72 million tonnes at 1.70 grams per tonne from the pits and 0.44 million tonnes at 1.33 grams per tonne from stockpiles.
This compared with 0.96 million tonnes at 1.68 grams per tonne from the pits and 0.21 million tonnes at 1.53 grams per tonne from
stockpiles in the June quarter.

Cost of sales before amortisation and depreciation increased by 17 per cent from US$30 million in the June quarter to US$35 million
in the September quarter, mainly due to higher operating tonnes mined.

Capital expenditure decreased by 24 per cent from US$25 million in the June quarter to US$19 million in the September quarter due to
lower capital waste tonnes mined.

Sustaining capital expenditure was similar at US$2 million. Non-sustaining capital expenditure decreased by 26 per cent from
US$23 million to US$17 million mainly due to lower capital waste mined.

All-in sustaining costs increased by 25 per cent from US$673 per ounce in the June quarter to US$842 per ounce in the September
quarter mainly due to lower gold sold and higher cost of sales before amortisation and depreciation.

All-in costs increased by 8 per cent from US$1,097 per ounce in the June quarter to US$1,185 per ounce in the September quarter due to
lower gold sold and higher cost of sales before amortisation and depreciation, partially offset by lower non-sustaining capital
expenditure.
At the end of the September 2019 quarter, 33 months into the Damang Reinvestment Project (DRP 40m), total material mined amounts to
111 million tonnes, 17 per cent ahead of the project schedule. Gold produced for the same period was 485,930 ounces, 21 per cent above
the DRP ounces of 401,230. The project capital spent to date is US$339 million versus the DRP to date of US$300 million, largely driven
by the additional capital waste tonnes mined.

Asanko (Equity accounted Joint Venture)
                                                   Sept        June
                                                   2019        2019
Gold produced                         000oz       62.4        62.1
Gold sold                             000oz       63.0        66.3
Yield                                    g/t       1.34        1.39
AISC - original interpretation        US$/oz      1,179       1,180
AISC - revised interpretation
guidance (WGC November 2018)          US$/oz      1,179       1,180
AIC                                   US$/oz      1,301       1,247
All figures in table on a 100 per cent basis

Gold production increased by 1 per cent from 62,100 ounces in the June quarter to 62,400 ounces in the September quarter.

Total tonnes mined decreased by 16 per cent from 8.9 million tonnes in the June quarter to 7.5 million tonnes in the September quarter.
Ore tonnes mined was similar at 1.1 million tonnes. Grade mined decreased by 5 per cent from 1.55 grams per tonne in the June quarter
to 1.47 grams per tonne in the September quarter.

Total waste tonnes mined decreased by 18 per cent from 7.8 million tonnes in the June quarter to 6.4 million tonnes in the September
quarter. The strip ratio decreased by 22 per cent from 7.4 in the June quarter to 5.8 in the September quarter. The decrease in strip
ratio and waste tonnes mined in the September quarter was mainly due to waste mining from the Cut 2 pushback at Nkran nearing
completion in the September quarter.

Operating waste tonnes mined increased by 46 per cent from 2.8 million tonnes in the June quarter to 4.1 million tonnes in the
September quarter. Capital waste tonnes mined decreased by 54 per cent from 5.0 million tonnes in the June quarter to 2.3 million
tonnes in the September quarter.

The plant throughput was similar at 1.4 million tonnes. Yield decreased by 4 per cent from 1.39 grams per tonne in the June quarter to
1.34 grams per tonne in the September quarter. In the September quarter, total tonnes processed exceeded the ore tonnes mined. Total
tonnes processed included 345,000 tonnes fed from the ROM stockpile at an average grade of 1.35 grams per tonne and 1 094 000 tonnes
from the pits at a grade of 1.44 grams per tonne. This compared with 319,000 tonnes that were fed from the ROM stockpile at an average
grade of 1.31 grams per tonne and 1 056 000 tonnes from the pits at a grade of 1.55 grams per tonne in the June quarter.

Gold Fields 45 per cent share of gold produced and gold sold amounted to 28,100 ounces and 28,400 ounces for the September quarter,
respectively and 27,900 ounces and 29,900 ounces for the June quarter.

Cost of sales before amortisation and depreciation increased by 13 per cent from US$47 million in the June quarter to US$53 million in
the September quarter mainly due to higher operational waste tonnes mined of 1.3 million tonnes in the September quarter.

Capital expenditure decreased by 50 per cent from US$28 million in the June quarter to US$14 million in the September quarter and
included deferred stripping of US$20 million and US$10 million, respectively. Capital expenditure decreased due to a decrease in
deferred stripping as a result of the Cut 2 pushback at Nkran nearing completion as well as lower expenditure on the tailings storage
lift during the September quarter.

Sustaining capital decreased by 54 per cent from US$25 million in the June quarter to US$11 million in the September quarter.
Non-sustaining capital was similar at US$3 million.

Gold Fields share of cost of sales before amortisation and depreciation increased by 14 per cent from US$21 million to US$24 million.
Gold Fields share of capital expenditure decreased by 54 per cent from US$13 million in the June quarter to US$6 million in the
September quarter. Gold Fields share of sustaining capital decreased by 55 per cent from US$11 million in the June quarter to
US$5 million in the September quarter. Gold Fields share of non-sustaining capital decreased from US$2 million in the June quarter to
US$1 million in the September quarter.

All-in sustaining costs decreased marginally from US$1,180 per ounce in the June quarter to US$1,179 per ounce in the September
quarter.

All-in costs increased by 4 per cent from US$1,247 per ounce in the June quarter to US$1,301 per ounce in the September quarter mainly
due to lower gold sold and higher cost of sales before amortisation and depreciation, partially offset by lower capital expenditure.

South America region
Peru
Cerro Corona
                                                   Sept        June
                                                   2019        2019
Gold produced                       000oz         35.0        40.9
Copper produced                     tonnes        7,488       8,357
Total equivalent gold produced   000eq oz         64.8        80.3
Total equivalent gold sold       000eq oz         65.6        76.9
Yield    - gold                        g/t         0.69        0.80
         - copper                 per cent          0.47       0.53
         - combined                 eq g/t          1.22       1.51
AISC - original interpretation      US$/oz           698        381
AISC                             US$/eq oz           929        719
AISC - revised interpretation
guidance (WGC November 2018)         US$/oz          604         364
                                  US$/eq oz          877         710
AIC                                  US$/oz          698         381
AIC                               US$/eq oz          929         719
Gold price*                          US$/oz        1,466       1,301
Copper price*                         US$/t        5,819       6,146
* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold production decreased by 14 per cent from 40,900 ounces in the June quarter to 35,000 ounces in the September quarter due to lower
grades mined and processed and lower recovery. Copper production decreased by 10 per cent from 8,357 tonnes to 7,488 tonnes due to
lower grade mined and processed. Equivalent gold production decreased by 19 per cent from 80,300 ounces to 64,800 ounces mainly due to
lower grade processed in line with the mining sequence and lower price factor.

Gold head grade decreased by 10 per cent from 1.22 grams per tonne to 1.10 grams per tonne and gold recoveries decreased from 65.7 per
cent to 62.8 per cent mainly due to the elevated but localised arsenic content. Copper head grade decreased by 8 per cent from
0.59 per cent to 0.54 per cent in line with the mining sequence and copper recoveries decreased from 89.5 per cent to 88.3 per cent.
As a result of the above, gold yield decreased by 14 per cent from 0.80 grams per tonne to 0.69 grams per tonne. Copper yield
decreased by 11 per cent from 0.53 per cent to 0.47 per cent.

In the September quarter, concentrate with a payable content of 36,372 ounces of gold was sold at an average price of US$1,480 per
ounce and 7,475 tonnes of copper was sold at an average price of US$4,948 per tonne, net of treatment and refining charges. This
compared with 39,901 ounces of gold that was sold at an average price of US$1,292 per ounce and 8,017 tonnes of copper that was sold
at an average price of US$5,289 per tonne, net of treatment and refining charges, in the June quarter.

Total tonnes mined increased by 16 per cent from 5.45 million tonnes in the June quarter to 6.31 million tonnes in the September
quarter mainly due to higher ore and waste mined in line with the mining sequence. Ore mined increased by 18 per cent from
1.76 million tonnes to 2.07 million tonnes. Operational waste tonnes mined increased by 15 per cent from 3.69 million tonnes to
4.24 million tonnes in line with the mining plan. The strip ratio decreased from 2.10 to 2.05.

Ore processed was similar at 1.65 million tonnes.

Cost of sales before amortisation and depreciation was similar at US$39 million. The gold-in-process credit to cost of US$2 million
in the September quarter compared with a credit to cost of US$1 million in the June quarter due to a higher amount of low grade ore
stockpiled in the September quarter.

Capital expenditure increased by 60 per cent from US$10 million to US$16 million due to an increase in construction activities at the
tailings dam and waste storage facilities during the dry season.

All-in cost per gold ounce increased by 83 per cent from US$381 per ounce in the June quarter to US$698 per ounce in the September
quarter mainly due to higher capital expenditure, lower by-product credit due to lower copper price received and lower gold sold.
All-in cost per equivalent ounce increased by 29 per cent from US$719 per equivalent ounce to US$929 per equivalent ounce due to higher
capital expenditure and lower equivalent ounces sold.

Australia region
St Ives
                                                   Sept        June
                                                   2019        2019
Gold produced                       000oz         75.2        84.6
Gold sold                           000oz         78.2        90.2
Yield    - underground                 g/t         3.35        3.44
         - surface                     g/t         1.58        1.80
         - combined                    g/t         2.19        2.28
AISC - original interpretation       A$/oz        1,533       1,468
                                    US$/oz        1,050       1,029
AISC - revised interpretation
guidance (WGC November 2018)         A$/oz        1,275       1,245
                                    US$/oz          873         873
AIC                                  A$/oz        1,533       1,468
                                    US$/oz        1,050       1,029

Gold production decreased by 11 per cent from 84,600 ounces in the June quarter to 75,200 ounces in the September quarter due to
reduced ore tonnes processed as a result of a seven-day mill maintenance shutdown as well as lower grades of ore processed.

Total ore tonnes mined increased by 8 per cent from 1.3 million tonnes in the June quarter to 1.4 million tonnes in the September
quarter.

Total underground ore tonnes mined decreased by 3 per cent from 311,200 tonnes in the June quarter to 301,800 tonnes in the September
quarter. Grade mined increased by 7 per cent from 3.65 grams per tonne to 3.90 grams per tonne and resultant gold mined increased by
4 per cent from 36,500 ounces in the June quarter to 37,800 ounces in the September quarter. In the September quarter tonnes mined
were sourced as follows: 243,600 tonnes at 3.9 grams per tonne from Invincible, 54,600 tonnes at 4.1 grams per tonne from Cave Rocks
and 3,600 tonnes at 2.2 grams per tonne from Hamlet. This compared with 243,900 tonnes at 3.8 grams per tonne from Invincible,
50,600 tonnes at 3.4 grams per tonne from Cave Rocks and 16,700 tonnes at 2.9 grams per tonne from Hamlet in the June quarter.

At the Hamlet underground operation, mining of the main ore body is winding up with mine activities to be concluded by the end of 2019.
Simultaneously the higher-grade Hamlet North ore body is being developed with first production ore expected during the March 2020
quarter. Remnant mining of lower levels at the Cave Rocks underground mine continued in the September quarter with mining activities
at Cave Rocks to be concluded by the end of 2019.

Total tonnes mined at the open pits, decreased by 9 per cent from 3.4 million tonnes in the June quarter to 3.1 million tonnes in the
September quarter.

At the open pit operations, ore tonnes mined increased by 10 per cent from 1.0 million tonnes in the June quarter to 1.1 million tonnes
in the September quarter. Grade mined from open pits decreased by 5 per cent from 1.67 grams per tonne to 1.59 grams per tonne
reflecting the lower grade ore mined from Neptune pit in the September quarter. Gold mined from the open pits increased by 10 per cent
from 51,900 ounces to 56,900 ounces. In the September quarter, tonnes mined were sourced as follows: 0.7 million tonnes at 1.24 grams
per tonne from Neptune and 0.4 million tonnes at 2.11 grams per tonne from Invincible. This compared with 0.6 million tonnes at
1.32 grams per tonne from Neptune and 0.4 million tonnes at 2.16 grams per tonne from Invincible in the June quarter.

Operational waste tonnes mined increased by 125 per cent from 0.8 million tonnes in the June quarter to 1.8 million tonnes in the
September quarter with Neptune stage 5 moving to operational waste stripping and capital waste tonnes mined decreased by 88 per cent
from 1.6 million tonnes to 0.2 million tonnes with lower capital waste mining at Neptune stage 5. The strip ratio decreased from
2.5 to 1.8 with lower waste mining at Neptune.

Ounces mined at the total St Ives complex increased by 7 per cent from 88,300 ounces in the June quarter to 94,700 ounces in the
September quarter. At the end of the September quarter, stockpiled Neptune high-grade oxide material amounted to 1,075,800 tonnes at
1.21 grams per tonne, Invincible amounted to 133,300 tonnes at 2.12 grams per tonne and A5 amounted to 173,600 tonnes at 1.41 grams per
tonne. This compared with Neptune high-grade oxide material that amounted to 663,200 tonnes at 1.23 grams per tonne, Invincible that
amounted to 191,900 tonnes at 2.91 grams per tonne and A5 that amounted to 174,000 tonnes at 1.46 grams per tonne at the end of the
June quarter. Currently, Lefroy mill can only sustain a 25 per cent oxide material blend. The excess Neptune oxide material is
stockpiled and fed to the mill so as to maintain the optimum blend.

Throughput at the Lefroy mill decreased by 7 per cent from 1.15 million tonnes in the June quarter to 1.07 million tonnes in the
September quarter mainly due to a seven-day maintenance shutdown to perform mill relining work. Yield decreased by 4 per cent from
2.28 grams per tonne to 2.19 grams per tonne due to lower grade of ore mined in the blend and approximately 4,000 ounces left within
the circuit at the end of the September quarter 2019 which will be produced in the next quarter.

Cost of sales before amortisation and depreciation decreased by 10 per cent from A$87 million (US$62 million) in the June quarter to
A$78 million (US$53 million) in the September quarter. The gold inventory credit to cost of A$11 million (US$7 million) in the
September quarter compared with a charge to cost of A$7 million (US$5 million) in the June quarter, partially offset by increased
mining cost of A$8 million (US$5 million) due to increased ore and operational waste mined at the open pits in the September quarter.

Capital expenditure decreased by 5 per cent from A$37 million (US$26 million) to A$35 million (US$24 million) due to decreased capital
development in the September quarter.

All-in cost increased by 4 per cent from A$1,468 per ounce (US$1,029 per ounce) in the June quarter to A$1,533 per ounce (US$1,050 per
ounce) in the September quarter due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation
and lower capital expenditure.

Agnew
                                                   Sept        June
                                                   2019        2019
Gold produced                      000oz          50.4        56.4
Gold sold                          000oz          45.7        56.4
Yield                                 g/t          5.10        5.75
AISC - original interpretation      A$/oz         1,756       1,747
                                   US$/oz         1,200       1,224
AISC - revised interpretation
guidance (WGC November 2018)        A$/oz         1,548       1,402
                                   US$/oz         1,061         983
AIC                                 A$/oz         1,756       1,747
                                   US$/oz         1,200       1,224

Gold production decreased by 11 per cent from 56,400 ounces in the June quarter to 50,400 ounces in the September quarter due to lower
grades mined and processed.

Ore mined from underground increased by 20 per cent from 299,100 tonnes in the June quarter to 360,200 tonnes in the September quarter.
Mined grade decreased by 23 per cent from 6.38 grams per tonnes to 4.90 grams per tonne due to increased material mined from the lower
grade portion of Waroonga North area.

Deteriorating ground conditions in the FBH ore body during the June quarter 2019, precipitated a change in mining plans to expand
production from the Waroonga North ore body. Certain areas of the Waroonga North area ore body were associated with lower grades which
had the effect of reducing the overall mining grades. Due to the FBH conditions, the mining rate of FBH slowed down with additional
development to allow just in time stoping activities.

The delay in FBH and the resequencing of Waroonga North had a negative impact on the September quarter ounce production.   Additional
development was also undertaken at New Holland to assist in opening up additional mining fronts.

Gold mined decreased by 8 per cent from 61,300 ounces in the June quarter to 56,700 ounces in the September quarter. In the September
quarter tonnes mined were sourced as follows: 206,800 tonnes at 5.7 grams per tonne from Waroonga and 153,400 tonnes at 3.8 grams per
tonne from New Holland. This compared with 168,200 tonnes at 8.2 grams per tonne from Waroonga and 130,900 tonnes at 4.0 grams per
tonne from New Holland in the June quarter. The decline in the Waroonga grade is mainly due to lower grade and ore tonnes from the
Bengal ore body in line with the mining sequence and due to lower grades in the early stages of Waroonga North.

Tonnes processed increased by 1 per cent from 304,600 tonnes in the June quarter to 307,000 tonnes in the September quarter.
The combined yield decreased by 11 per cent from 5.75 grams per tonne to 5.10 grams per tonne due to lower grade ore mined.

Cost of sales before amortisation and depreciation decreased by 5 per cent from A$56 million (US$39 million) in the June quarter to
A$53 million (US$36 million) in the September quarter. The decrease was due to a gold inventory credit to cost of A$10 million
(US$7 million) in the September quarter compared with A$2 million (US$2 million) in the June quarter and a decrease of A$2 million
(US$1 million) in the cost of employee accommodation following the commissioning of the new accommodation village on site. These
decreases were partially offset by an increase in mining cost of A$6 million (US$4 million) due to increased ore mined.

Capital expenditure decreased by 38 per cent from A$37 million (US$26 million) to A$23 million (US$15 million) mainly due to the
completion of the new accommodation village and lower capital development at Waroonga in the September quarter.

All-in cost increased by 1 per cent from A$1,747 per ounce (US$1,224 per ounce) in the June quarter to A$1,756 per ounce (US$1,200 per
ounce) in the September quarter due to lower gold sold, partially offset by lower cost of sales before amortisation and depreciation
and lower capital expenditure.

Granny Smith
                                                   Sept        June
                                                   2019        2019
Gold produced                     000oz           69.7        64.7
Gold sold                         000oz           69.8        64.8
Yield                                g/t           4.67        4.79
AISC - original interpretation     A$/oz          1,347       1,335
                                  US$/oz            927         936
AISC - revised interpretation
guidance (WGC November 2018)       A$/oz          1,109       1,085
                                  US$/oz            763         760
AIC                                A$/oz          1,347       1,335
                                  US$/oz            927         936

Gold production increased by 8 per cent from 64,700 ounces in the June quarter to 69,700 ounces in the September quarter mainly due to
increased ore processed.

Ore mined from underground increased by 6 per cent from 425,600 tonnes to 450,900 tonnes due to increased ore development in the
September quarter resulting in increased flexibility and availability of production stoping fronts. Grade mined decreased by 1 per
cent from 5.16 grams per tonne in the June quarter to 5.12 grams per tonne in the September quarter in line with the mining sequence.
As a result, overall ounces mined increased by 5 per cent from 70,700 ounces in the June quarter to 74,300 ounces in the September
quarter.

Tonnes processed increased by 11 per cent from 419,900 tonnes in the June quarter to 464,100 tonnes in the September quarter due to
increased ore availability. The yield decreased by 3 per cent from 4.79 grams per tonne to 4.67 grams per tonne due to lower grade
mined.
Cost of sales before amortisation and depreciation increased by 11 per cent from A$53 million (US$38 million) in the June quarter to
A$59 million (US$41 million) in the September quarter due to increased ore tonnes mined and a major relining of the SAG Mill in the
September quarter.

Capital expenditure increased by 4 per cent from A$25 million (US$17 million) in the June quarter to A$26 million (US$18 million) in
the September quarter mainly due to increased exploration expenditure.

All-in cost increased by 1 per cent from A$1,335 per ounce (US$936 per ounce) in the June quarter to A$1,347 per ounce (US$927 per
ounce) in the September quarter due to higher cost of sales before amortisation and depreciation and higher capital expenditure,
partially offset by and higher gold sold.

Gruyere
                                                   Sept        June
                                                   2019        2019
Gold produced                      000oz          29.1           -
Gold sold*                         000oz          28.6           -
Yield                                 g/t          0.82           -
All figures in table on a 100 per cent basis
* Gold sold was credited to capital prior to commercial levels of production being achieved

Gold production commenced in the September quarter with 29,100 ounces produced in the September quarter. Approximately 3,000 ounces
were left within the circuit and will be produced in the next quarter. Commercial levels of production were achieved at the end of the
September quarter.

Commissioning of the final components at the process plant was achieved in the September quarter with the SAG and ball mills operating
steadily. Plant availability for the September quarter was at 73.4 per cent (82.4 per cent for the September month), while the
percentage of nameplate capacity (8.2 million tonnes per annum) achieved for the September quarter was 55.6 per cent (75 per cent in
the September month).

The final forecast capital cost (FFC) is estimated at A$607 million (level of accuracy range + 1 per cent/-1 per cent).

In accordance with the Joint Venture agreement entered into at the time of the acquisition, Gold Fields will fund up to 10 per cent of
costs overruns, excluding scope changes and force majeure costs. Consequently, Gold Fields share of the estimated FFC of A$607 million
(+/- 1 per cent) is approximately A$329 million. This has all been incurred by the end of September 2019.

Ore mined from the Gruyere open pit increased by 24 per cent from 1.7 million tonnes in the June quarter to 2.1 million tonnes in the
September quarter with additional low-grade material of 400,000 tonnes mined within the pit shell contributing to the ore tonnes and
grade. Grade mined increased by 5 per cent from 0.84 grams per tonne in the June quarter to 0.88 grams per tonne in the September
quarter and resultant ounces mined increased by 30 per cent from 46,000 ounces in the June quarter to 59,700 ounces in the September
quarter.

Grade control drilling has identified additional ore above the cut-off grade but below the average life of mine grade. This additional
ore is still within the existing pit shell and would otherwise be categorised as waste. The strategy is to stockpile the lower grade
ore above the cut-off grade and to preferentially process the high-grade ore.

At the end of the September quarter stockpiled material amounted to 84,100 ounces (3.3 million tonnes at 0.79 grams per tonne) compared
with 64,000 ounces (2.5 million tonnes at 0.82 grams per tonne) in the June quarter.

Ore tonnes processed in the September quarter were 1.1 million tonnes and yield was at 0.82 grams per tonne with total production of
29,100 ounces. The reduced yield was due to preferential treatment of low grade ore during the start-up in order to test the integrity
of the circuit as well as building up a baseline of gold-in-circuit.

UNDERGROUND AND SURFACE (UNREVIEWED)
                                                                 United States Dollars
                                           Total Mine    South             West                        South
                                           Operations   Africa           Africa                      America            Australia
                                            Including   Region           Region                       Region               Region
                                               Equity                     Ghana                         Peru            Australia
Imperial ounces with                        accounted   South                              Asanko#     Cerro              St    Agnew/   Granny   Gruyere
metric tonnes and grade                 Joint Venture    Deep    Total   Tarkwa   Damang       45%    Corona   Total    Ives Lawlers      Smith       50%
Tonnes mined              Sept   2019           1,441     328        -        -        -        -          -   1,113     302      360       451         -
(000 tonnes)*             June   2019           1,290     254        -        -        -        -          -   1,036     311      299       426         -
- underground ore         Sept   2018           1,314     277        -        -        -        -          -   1,037     275      302       461         -
                          Sept   2019             572      11        -        -        -        -          -     561     225      161       175         -
- underground waste       June   2019             623      16        -        -        -        -          -     607     217      214       175         -
                          Sept   2018              42      42        -        -        -        -          -       -       -        -         -         -
                          Sept   2019           9,403       -    5,163    3,666    1,000      497      2,070   2,170   1,115        -         -     1,055
- surface ore             June   2019           9,341       -    5,766    3,951    1,340      475      1,760   1,815     966        -         -       849
                          Sept   2018           7,645       -    5,352    3,511    1,317      525       1741     552     552        -         -         -
                          Sept   2019          11,416     339    5,163    3,666    1,000      497      2,070   3,844   1,642      521       626     1,055
- total                   June   2019          11,254     270    5,766    3,951    1,340      475      1,760   3,458   1,494      513       601       849
                          Sept   2018           9,000     319    5,352    3,511    1,317      525      1,741   1,589     827      302       461         -
Grade mined               Sept   2019             4.9     5.7        -        -        -        -          -     4.7     3.9      4.9       5.1         -
(grams per tonne)         June   2019             5.3     6.3        -        -        -        -          -     5.1     3.6      6.4       5.2         -
- underground ore         Sept   2018             5.6     6.1        -        -        -        -          -     5.3     3.9      7.0       4.9         -
                          Sept   2019               -       -        -        -        -        -          -       -       -        -         -         -
- underground waste       June   2019               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2018               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2019             1.2       -      1.3      1.2      1.6      1.5        1.0     1.2     1.6        -         -       0.9
- surface ore             June   2019             1.3       -      1.3      1.3      1.6      1.6        1.2     1.3     1.7        -         -       0.8
                          Sept   2018             1.4       -      1.4      1.2      1.7      1.5        1.1     2.3     2.3        -         -         -
                          Sept   2019             1.6     5.5      1.3      1.2      1.6      1.5        1.0     2.4     2.1      4.9       5.1       0.9
- total                   June   2019             1.8     5.9      1.3      1.3      1.6      1.6        1.2     2.7     2.2      6.4       5.2       0.8
                          Sept   2018             2.0     5.3      1.4      1.2      1.7      1.5        1.1     4.3     2.9      7.0       4.9         -
Gold mined                Sept   2019           229.0    60.2        -        -        -        -          -   168.8    37.8     56.7      74.3         -
(000 ounces)*             June   2019           219.8    51.3        -        -        -        -          -   168.5    36.5     61.3      70.7         -
- underground ore         Sept   2018           230.2    54.6        -        -        -        -          -   175.6    34.8     67.7      73.2         -
                          Sept   2019               -       -        -        -        -        -          -       -       -        -         -         -
- underground waste       June   2019               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2018               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2019           371.3       -    217.8    143.1     51.3     23.5       66.8    86.7    56.9        -         -      29.8
- surface ore             June   2019           391.5       -    250.2    159.0     67.5     23.7       66.4    74.9    51.9        -         -      23.0
                          Sept   2018           339.6     0.4    233.7    136.4     72.7     24.7       64.0    41.6    41.6        -         -         -
                          Sept   2019           600.3    60.2    217.8    143.1     51.3     23.5       66.8   255.5    94.7     56.7      74.3      29.8
- total                   June   2019           611.2    51.3    250.2    159.0     67.5     23.7       66.4   243.3    88.3     61.3      70.7      23.0
                          Sept   2018           569.9    54.9    233.7    136.4     72.7     24.7       64.0   217.3    76.5     67.7      73.2         -
Ore milled/treated        Sept   2019           1,458     321        -        -        -        -          -   1,137     366      307       464         -
(000 tonnes)              June   2019           1,331     269        -        -        -        -          -   1,062     338      305       420         -
- underground ore         Sept   2018           1,264     271        -        -        -        -          -     993     204      310       479         -
                          Sept   2019               7       7        -        -        -        -          -       -       -        -         -         -
- underground waste       June   2019              11      11        -        -        -        -          -       -       -        -         -         -
                          Sept   2018              42      42        -        -        -        -          -       -       -        -         -         -
                          Sept   2019           8,384     234    5,242    3,437    1,158      648      1,648   1,259     704        -         -       555
- surface ore             June   2019           7,753       1    5,227    3,441    1,167      619      1,652     873     815        -         -        58
                          Sept   2018           7,572      73    4,914    3,450    1,077      387      1,712     873     873        -         -         -
                          Sept   2019           9,850     563    5,242    3,437    1,158      648      1,648   2,396   1,070      307       464       555
- total                   June   2019           9,095     282    5,227    3,441    1,167      619      1,652   1,935   1,152      305       420        58
                          Sept   2018           8,878     387    4,914    3,450    1,077      387      1,712   1,866   1,077      310       479         -
Yield                     Sept   2019             4.7     5.8        -        -        -        -          -     4.4     3.3      5.1       4.7         -
(grams per tonne)         June   2019             5.0     6.6        -        -        -        -          -     4.6     3.4      5.8       4.8         -
- underground ore         Sept   2018             4.9     5.6        -        -        -        -          -     4.9     3.7      6.2       4.7         -
                          Sept   2019               -       -        -        -        -        -          -       -       -        -         -         -
- underground waste       June   2019               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2018               -       -        -        -        -        -          -       -       -        -         -         -
                          Sept   2019             1.2     0.2      1.2      1.2      1.3      1.3        1.2     1.2     1.6        -         -       0.8
- surface ore             June   2019             1.4     4.0      1.3      1.2      1.5      1.4        1.5     1.7     1.8        -         -         -
                          Sept   2018             1.5     0.1      1.2      1.1      1.6      1.4        1.5     2.3     2.3        -         -         -
                          Sept   2019             1.7     3.4      1.2      1.2      1.3      1.3        1.2     2.7     2.2      5.1       4.7       0.8
- combined               June    2019           1.9    6.3     1.3     1.2    1.5    1.4    1.5     3.3    2.3    5.8    4.8      -
                         Sept    2018           2.0    4.0     1.2     1.1    1.6    1.4    1.5     3.7    2.6    6.2    4.7      -
Gold produced            Sept    2019         219.2   59.7       -       -      -      -      -   159.5   39.4   50.4   69.7      -
(000 ounces)             June    2019         215.5   57.1       -       -      -      -      -   158.4   37.3   56.4   64.7      -
- underground ore        Sept    2018         207.1   49.2       -       -      -      -      -   157.9   24.5   61.3   72.1      -
                         Sept    2019             -      -       -       -      -      -      -       -      -      -      -      -
- underground waste      June    2019             -      -       -       -      -      -      -       -      -      -      -      -
                         Sept    2018             -      -       -       -      -      -      -       -      -      -      -      -
                         Sept    2019         321.5    1.3   205.1   127.3   49.7   28.1   64.8    50.3   35.7      -      -   14.6
- surface ore            June    2019         344.4    0.2   216.7   134.2   54.6   27.9   80.3    47.2   47.2      -      -      -
                         Sept    2018         343.8    0.3   195.5   126.5   51.3   17.6   83.2    64.7   64.7      -      -      -
                         Sept    2019         540.7   61.0   205.1   127.3   49.7   28.1   64.8   209.8   75.2   50.4   69.7   14.6
- total                  June    2019         559.9   57.3   216.7   134.2   54.6   27.9   80.3   205.6   84.6   56.4   64.7      -
                         Sept    2018         550.7   49.5   195.5   126.5   51.3   17.6   83.2   222.6   89.2   61.3   72.1      -
Cost of sales before
gold inventory change
and amortisation and
depreciation              Sept   2019          125    204       -       -      -      -      -     103     90    140     88      -
(dollar per tonne)        June   2019          130    222       -       -      -      -      -     106     98    135     90      -
- underground             Sept   2018          131    221       -       -      -      -      -      86     30    122     87      -
                          Sept   2019           28      2      29      25     34     35     25      39     39      -      -      -
- surface                 June   2019           26     71      27      26     28     32     24      26     28      -      -      -
                          Sept   2018           26      2      26      21     34     41     23      47     47      -      -      -
                          Sept   2019           43    120      29      25     34     35     25      78     57    140     88      -
- total                   June   2019           42    222      27      26     28     32     24      70     49    135     90      -
                          Sept   2018           41    178      26      21     34     41     23      68     43    122     87      -
* Excludes surface material at   South Deep



CERTAIN FORWARD LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or
the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to
Gold Fields financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth
opportunities for existing services, plans and objectives of management, markets for stock and other matters. Such forward-looking
statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans",
"anticipates", "aims", "continues", "expects", "hopes", "may", "will", "would" or "could" or, in each case, their negative or other
various or comparable terminology.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of
Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgment of the senior management of
Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested
by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various
important factors, including those set forth in this report. Important factors that could cause actual results to differ materially
from estimates or projections contained in the forward-looking statements include, without limitation:

-   overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere;
-   changes in assumptions underlying Gold Fields mineral reserve estimates;
-   the ability of the Group to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions
    or joint ventures;
-   the ability of the Group to achieve anticipated efficiencies and other cost savings as a result of measures such as retrenchments;
-   the ability of the Group to achieve anticipated production cost estimates at existing operations, projects or joint ventures as
    outlined in this report or as otherwise disclosed;
-   the success of the Groups business strategy, development activities and other initiatives;
-   the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected
    communities;
-   decreases in the market price of gold or copper;
-   the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Fields operations,
    projects or joint ventures;
-   the occurrence of work stoppages related to health and safety incidents at Gold Fields operations, projects or joint ventures;
-   the Groups loss of senior management or inability to hire or retain employees;
-   fluctuations in exchange rates, currency devaluations and other macro-economic monetary policies;
-   ongoing or future labour disruptions and industrial actions at Gold Fields operations, projects or joint ventures;
-   power cost increases as well as power stoppages, fluctuations and usage constraints;
-   supply chain shortages and increases in the prices of production imports;
-   the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and
    conditions of Gold Fields facilities and Gold Fields overall cost of funding;
-   the adequacy of the Groups insurance coverage;
-   the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects,
    exploration project or other initiatives;
-   changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations
    and potential new legislation affecting Gold Fields mining and mineral rights;
-   fraud, bribery or corruption at Gold Fields operations, projects or joint ventures that leads to censure, penalties or negative
    reputational impacts; and
-   political instability in South Africa, Ghana, Peru or regionally in Africa or South America.
    Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect
    events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Administration and corporate information
Corporate Secretary
Taryn Harmse
Tel: +27 11 562 9719
Fax: +27 11 562 9829
e-mail: taryn.harmse@goldfields.com

Registered office
Johannesburg
Gold Fields Limited
150 Helen Road
Sandown
Sandton
2196

Postnet Suite 252
Private Bag X30500
Houghton
2041
Tel: +27 11 562 9700
Fax: +27 11 562 9829

Office of the United Kingdom secretaries
London
St James's Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
e-mail: general@corpserv.co.uk

American depository receipts transfer agent
Shareholder correspondence should be mailed to:
BNY Mellon Shareowner Services
P.O. Box 30170
College Station, TX 77842-3170

Overnight correspondence should be sent to:
BNY Mellon Shareowner Services
211 Quality Circle, Suite 210
College Station, TX 77845
e-mail: shrrelations@cpushareownerservices.com

Phone Numbers
Tel: 888 269 2377 Domestic
Tel: 201 680 6825 Foreign

Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd

Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123

Investor enquiries
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
e-mail: avishkar.nagaser@goldfields.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
e-mail: thomas.mengel@goldfields.com

Media enquiries
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
e-mail: sven.lunsche@goldfields.com

Transfer secretaries
South Africa
Computershare Investor Services (Proprietary) Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196
P O Box 61051
Marshalltown
2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248

United Kingdom
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300
Calls cost 12p per minute plus your phone company's access charge.
If you are outside the United Kingdom,
please call +44 371 664 0300.
Calls outside the United Kingdom will be charged at the applicable international rate.
The helpline is open between 9:00am - 5:30pm, Monday to Friday excluding public holidays in England and Wales.
e-mail: enquiries@linkgroup.co.uk

Website
WWW.GOLDFIELDS.COM

Listings
JSE / NYSE / GFI
SWX: GOLI

CA Carolus+ (Chair)   RP Menell+ (Deputy Chair)   NJ Holland*## (Chief Executive Officer)    PA Schmidt## (Chief Financial Officer)
A Andani#+   PJ Bacchus+   TP Goodlace+   C Letton^+   P Mahanyele-Dabengwa##   SP Reid^+   YGH Suleman+
 ^Australian   *British    #Ghanaian
 +Independent Director    ##Non-independent Director

Date: 08/11/2019 08:00:00
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