GOLD FIELDS LTD [GFIOF] Filings

20-F 1 gfi-20221231.htm 20-F gfi-20221231

As filed with the Securities and Exchange Commission on 30 March 2023

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_______________________

Form 20-F

_______________________

(Mark One)


☐			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 December 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to

Commission file number: 1-31318

_______________________

Gold Fields Limited

(Exact name of registrant as specified in its charter)

_______________________

Republic of South Africa

(Jurisdiction of incorporation or organisation)

150 Helen Road

Sandown, Sandton, 2196

South Africa

011-27-11-562-9700

(Address of principal executive offices)

with copies to:

Paul A. Schmidt

Chief Financial Officer

Tel: 011-27-11-562-9700

Fax: 011-27-86-720-2704

PaulS@goldfields.com

150 Helen Road

Sandown, Sandton, 2196

South Africa

Michael Z. Bienenfeld

Igor Rogovoy

Linklaters LLP

Tel: 011-44-20-7456-2000

Fax: 011-44-20-7456-2222

One Silk Street

London EC2Y 8HQ

United Kingdom

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

American Depositary Shares, each representing one ordinary share

GFI

New York Stock Exchange

Ordinary shares of no par value each

New York Stock Exchange*

*Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital

or common stock as of the close of the period covered by the Annual Report

891,378,571 ordinary shares of no par value

_______________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ Yes No ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statement. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

☐

International Financial Reporting Standards

as issued by the International Accounting Standards Board

☒

Other

☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

Gold Fields’ Operations

Form 20-F Cross Reference Guide

Item

Form 20-F Caption

Location in this document

Page

Identity of directors, senior management and advisers

—

Offer statistics and expected timetable

—

Key information

(b)Capitalisation and indebtedness

—

(c)Reasons for the offer and use of proceeds

—

(d)Risk factors

Further Information—Risk Factors

1-28

Information on the Company

(a)History and development of the Company

Presentation of Financial and Other Information

vii-viii

Further Information—Additional Information on the Company—Organisational Structure

Annual Financial Report—Accounting Policies

AFR 118-140

Further Information—Additional Information—Memorandum of Incorporation—General

104

Integrated Annual Report—Administration and Corporate Information

IAR 97

Integrated Annual Report—Our Business Model

IAR 8-9

Integrated Annual Report—Overview of Our Portfolio and Growth Strategy

IAR 82-85

Annual Financial Report—Management’s Discussion and Analysis of Financial Statements—Capital Expenditures

AFR 84-86

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 36. Proposed Joint Venture in Ghana Between Gold Fields and AngloGold Ashanti

AFR
176

Further Information—Description of Mining Business—Capital Expenditure

Integrated Annual Report—Chief Executive Officer’s Report

IAR 26-28

Further Information—Additional Information—Taxation—Documents on Display

114

(b)Business overview

Gold Fields’ Operations

Back of cover

Further Information—Additional Information on the Company—Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act

30-43

Further Information—Additional Information on the Company—Individual Property Disclosure Pursuant to Item 1304 of Regulation S-K under the Securities Act

43-71

Integrated Annual Report—Our Business

IAR 5-17

Integrated Annual Report—Chief Executive Officer’s Report

IAR 26-28

Integrated Annual Report—Our Portfolio and Growth Strategy

IAR 82-85

Item

Form 20-F Caption

Location in this document

Page

Integrated Annual Report—Production and Cost Performance

IAR 42-46

Integrated Annual Report—Environmental Stewardship

IAR 72-79

Annual Financial Report—Corporate Governance Report—Application of King IV within Gold Fields

AFR 18-21

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—Health and Safety Impact

AFR 72

Annual Financial Report—Accounting Policies—Provision for Environmental Rehabilitation Costs

AFR 137

Further Information—Description of Mining Business

78-82

Further Information—Description of the Mining Business—The Gold Mining Industry

Further Information—Environmental and Regulatory Matters

83-96

(c)Organisational structure

Further Information—Additional Information on the Company—Organisational Structure

(d)Property, plant and equipment

Further Information—Additional Information on the Company—Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act

30-43

Further Information—Additional Information on the Company—Individual Property Disclosure Pursuant to Item 1304 of Regulation S-K under the Securities Act

43-71

Further Information—Additional Information On the Company—Internal Controls Disclosure Pursuant to Item 1305 of Regulation S-K under the Securities Act

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements

AFR 67-114

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 14. Property, Plant and Equipment

AFR 156

Integrated Annual Report—Chief Executive Officer’s Report

IAR 26-28

Further Information—Additional Information On the Company—Summary Disclosure of Mining Operations Pursuant to Item 1303 of Regulation S-K under the Securities Act—Summary of Mineral Resources and Reserves

32-43

Integrated Annual Report—Environmental Stewardship

IAR 72-79

Integrated Annual Report—Production and Cost Performance

IAR 42-46

Further Information—Environmental and Regulatory Matters

83-96

Unresolved staff comments

—

Operating and financial review and prospects

(a)Operating results

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements

AFR 67-114

Annual Financial Report—Accounting Policies—Foreign Operations

AFR 129-130

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 38. Risk Management Activities—Foreign Currency Sensitivity

AFR 184-185

Item

Form 20-F Caption

Location in this document

Page

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 36. Events After the Reporting Date

AFR 176

Integrated Annual Report—Value Creation for Our Stakeholders—Governments

IAR 65-69

Further Information—Environmental and Regulatory Matters

83-96

(b)Liquidity and capital resources

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—Liquidity and Capital Resources

AFR 102-108

Integrated Annual Report—Financial Performance

IAR 47-48

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 24. Borrowings

AFR 166-168

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 34. Commitments

AFR 174

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 37. Financial Instruments

AFR 177-180

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 38. Risk Management Activities

AFR 180-190

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 39. Capital Management

AFR 191

(c)Research and development, patents and licences, etc.

—

(d)Trend information

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—Trend Outlook

AFR 114

Integrated Annual Report—Emerging Global Trends

IAR 15

Integrated Annual Report—Chief Executive Officer’s Report

IAR 26-28

(e)Off-balance sheet arrangements

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—Off-Balance Sheet Items

AFR 110

(f)Tabular disclosure of contractual obligations

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—Contractual Obligations, Commitments and Guarantees at 31 December 2021

AFR 111

(g)Safe harbour

Forward-Looking Statements

x-xi

Directors, senior management and employees

(a)Directors and senior management

Annual Financial Report—Corporate Governance Report—Directors

AFR 14-15

Integrated Annual Report—Governance and Leadership—Our Board of Directors

IAR 22-23

Further Information—Directors, Senior Management and Employees—Directors

97-99

Further Information—Directors, Senior Management and Employees—Executive Committee

99-100

Annual Financial Report—Directors’ Report

AFR 22-25

(b)Compensation

Annual Financial Report—Remuneration Report

AFR 29-66

Annual Financial Report—Note 40. Related Parties

AFR 192-194

(c)Board practices

Further Information—Directors, Senior Management and Employees

97-101

Integrated Annual Report—Governance and Leadership—Our Board of Directors

IAR 22-23

iii

Item

Form 20-F Caption

Location in this document

Page

Annual Financial Report—Corporate Governance Report—Directors

AFR 14-15

Annual Financial Report—Remuneration Report

AFR 29-66

Integrated Annual Report—Governance and Leadership—Our Board of Directors—Our Board Committees

IAR
24

Annual Financial Report—Audit Committee Report

AFR 26-28

Annual Financial Report—Corporate Governance Report—Application of King IV within Gold Fields

AFR 18-21

Annual Financial Report—Corporate Governance Report—Board Committees

AFR 9-13

(d)Employees

Integrated Annual Report—People Programmes for Strategic Delivery

IAR 39-40

Further Information—Directors, Senior Management and Employees—Employees

100

Integrated Annual Report—Building a Safe and Respectful Workplace

IAR 34-38

Integrated Annual Report—Building a Safe and Respectful Workplace—Health and Wellness

IAR 36-37

Further Information—Directors, Senior Management and Employees—Safety

101

(e)Share ownership

Annual Financial Report—Directors’ Report—Share Ownership of Directors and Executive Officers

AFR 23

Annual Financial Report—Remuneration Report

AFR 29-66

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 5. Share-based Payments

AFR 147-418

Major Shareholders and Related Party Transactions

(a)Major shareholders

Further Information—Major Shareholders and Related Party Transactions—Major Shareholders

102

Annual Financial Report—Shareholder’s Information

AFR 208-209

(b)Related party transactions

Further Information— Major Shareholders and Related Party Transactions—Related Party Transactions

102

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 40. Related Parties

AFR 192-194

(c)Interests of experts and counsel

—

Financial information

(a)Consolidated statements and other financial information

Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements

AFR 67-114

Annual Financial Report—Consolidated Income Statement

AFR
141

Annual Financial Report—Consolidated Statement of Comprehensive Income

AFR
142

Annual Financial Report—Consolidated Statement of Financial Position

AFR
143

Annual Financial Report—Consolidated Statement of Changes in Equity

AFR
144

Annual Financial Report—Consolidated Statement of Cash Flows

AFR
145

Item

Form 20-F Caption

Location in this document

Page

Annual Financial Report—Audit Committee Report

AFR 26-28

Annual Financial Report—Accounting Policies—Basis of Preparation—Provision for Silicosis Settlement Costs

AFR 126

Annual Financial Report—Accounting Policies—Basis of Preparation —Provision for Environmental Rehabilitation Costs

AFR 126

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 25. Provisions

AFR 169-170

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 35. Contingent Liabilities

AFR 175-176

Annual Financial Report—Management’s Discussion and Analysis—Silicosis Settlement Costs

AFR 97

Annual Financial Report—Directors’ Report—Financial Affairs—Dividend Policy

AFR 23

Integrated Annual Report—Financial Performance

IAR 47-48

(b)Significant changes

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 36. Events After the Reporting Date

AFR 176

The Offer and listing

(a)Listing details

Further Information—The Listing

103

(b)Plan of distribution

—

(c)Markets

Integrated Annual Report—Our Business

IAR 5

Annual Financial Report—Directors’ Report—Listings

AFR 22

Annual Financial Report—Administration and Corporate Information

AFR
221

(d)Selling shareholders

—

(e)Dilution

—

(f)Expenses of the issue

—

Additional information

—

(a)Share capital

—

(b)Memorandum and articles of association

Further Information—Additional Information—Memorandum of Incorporation

104-107

Further Information—Corporate Governance

116

Annual Financial Report—Corporate Governance Report—Board of Directors

AFR 6-8

(c)Material contracts

Further Information—Additional Information—Material Contracts

107-109

(d)Exchange controls

Further Information—Additional Information—Material Contracts—South African Exchange Control Limitations Affecting Security Holders

111

(e)Taxation

Further Information—Additional Information—Taxation

109-112

(f)Dividends and paying agents

—

(g)Statement by experts

—

(h)Documents on display

Further Information—Additional Information—Taxation—Documents On Display

112

(i)Subsidiary information

—

Quantitative and qualitative disclosures about market risk

Annual Financial Report—Notes to the Consolidated Financial Statements—Note 38. Risk Management Activities

AFR 180-190

Item

Form 20-F Caption

Location in this document

Page

Description of securities other than equity securities

(a)Debt securities

—

(b)Warrants and rights

—

(c)Other securities

—

(d)American depositary shares

Further Information—Additional Information—Deposit Agreement

108

Defaults, dividend arrearages and delinquencies

—

Material modifications to the rights of security holders and use of proceeds

—

Controls and procedures

Further Information—Controls and Procedures

113

Annual Financial Report— Management’s Discussion and Analysis—Internal Control over Financial Reporting

AFR 113-114

16A

Audit Committee financial expert

Further Information—Audit Committee Financial Expert

114

16B

Code of ethics

Annual Financial Report—Corporate Governance Report—Standards, Principles and Systems

AFR 5

16C

Principal accountant fees and services

Further Information—Principal Accountant Fees and Services

115

16D

Exemptions from the listing standards for audit committees

—

16E

Purchase of equity securities by the issuer and affiliated purchasers

—

16F

Change in registrant’s certifying accountant

—

16G

Corporate governance

Further Information—Corporate Governance

116

16H

Mine safety disclosure

—

Financial statements

—

Financial statements

Annual Financial Report—Reports of Independent Registered Public Accounting Firms

AFR 115-117

Annual Financial Report—Consolidated Income Statement

AFR
141

Annual Financial Report—Consolidated Statement of Comprehensive Income

AFR
142

Annual Financial Report—Consolidated Statement of Financial Position

AFR
143

Annual Financial Report—Consolidated Statement of Changes in Equity

AFR
144

Annual Financial Report—Consolidated Statement of Cash Flows

AFR
145

Annual Financial Report—Accounting Policies

AFR 118-140

Annual Financial Report—Notes to the Consolidated Financial Statements

AFR 146-199

Exhibits

119-120

Presentation of Financial and Other Information

Gold Fields Limited (Gold Fields or the Company) is a South African company and, in fiscal 2022, 13%, 32%, 44% and 11% of Gold Fields’ operations, based on managed gold-equivalent production, were located in South Africa, Ghana (including the Asanko JV (as defined below)), Australia and Peru, respectively. The Gold Fields consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency. The Group’s annual and interim financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), and as prescribed by law (refer to the “Basis of preparation” section of the accounting policies to the consolidated financial statements).

Except as otherwise noted, the financial information included in this annual report has been prepared in accordance with IFRS and is presented in U.S. dollars, and for descriptions of critical accounting policies, refer to accounting policies under IFRS.

Rounding adjustments have been made in calculating some of the financial and operating information included in this annual report. As a result, numerical figures shown as total amounts in some tables may not be exact arithmetic aggregations of the figures that make up such total amounts.

For Gold Fields’ consolidated financial statements, unless otherwise stated, statement of financial position item amounts are translated from Rand and A$ to U.S. dollars at the exchange rate prevailing on the statement of financial position date for fiscal 2022 (Rand 17.02 per U.S.$1.00 and U.S.$0.68 per A$1.00 as of 31 December 2022), except for specific items included within shareholders’ equity and the statement of cash flows that are translated at the rate prevailing on the date the relevant transaction was entered into, and income statement item amounts are translated from Rand and A$ to U.S. dollars at the weighted average exchange rate for each period (Rand 16.37 per U.S.$1.00 and U.S.$0.69 per A$1.00 for fiscal 2022).

In this annual report, Gold Fields presents the financial items “all-in sustaining costs” (AISC), “all-in sustaining costs per ounce”, “all-in costs” (AIC), and “all-in costs per ounce”, which have been determined using industry standards promulgated by the World Gold Council (WGC) and are non-IFRS measures. Gold Fields voluntarily adopted and implemented these metrics as from the quarter ended June 2013. On 14 November 2018, the WGC published an update to its guidance note on the interpretation of all-in sustaining and all-in costs. Gold Fields adopted the updated guidance prospectively from 1 January 2019. An investor should not consider these items in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS. While the WGC provided definitions for the calculation of AISC and AIC, the calculation of AISC, AISC per ounce, AIC and AIC per ounce may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies. See “—Glossary of Terms—All-in sustaining costs” and “—Glossary of Terms—All-in costs”. For the definitions and reconciliations of these non-IFRS measures to IFRS, see “—Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements”.

Gold Fields also presents “adjusted free cash flow”, “net debt”, “adjusted free cash flow margin for LTIP purposes”, “adjusted EBITDA” and “normalised profit” in this annual report, which are non-IFRS measures. An investor should not consider these items in isolation or as alternatives to cash flow from operating activities, cash and cash equivalents or any other measure presented in accordance with IFRS. Adjusted free cash flow is defined as net cash from operations less the South Deep Dividend, net capital expenditure (additions to property, plant and equipment less proceeds on disposal of property, plant and equipment), capital expenditure - working capital, contributions to environmental trust funds, payments of principal lease liabilities and redemption of Asanko preference shares, as per the consolidated statement of cash flows. Net debt (excluding lease liabilities) is defined as total borrowings less cash and cash equivalents and net debt is defined as total borrowings plus lease liabilities less cash and cash equivalents. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and depreciation and certain other costs. Normalised profit is defined as profit excluding gains and losses on foreign exchange, financial instruments and non-recurring items after taxation and non-controlling interest effect. The definition for the calculation of adjusted free cash flow, adjusted free cash flow margin for LTIP purposes, adjusted EBITDA and normalised profit may vary significantly between companies, and by themselves do not necessarily provide a basis for comparison with other companies. See “—Glossary of Terms”. For the definitions and reconciliations of these non-IFRS measures to IFRS, see “—Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements”.

This annual report also contains data on Gold Fields’ Scope 1, 2 and 3 greenhouse gas emissions. Data for Scope 1 and 2 emissions relate to Gold Fields’ own activities and supplied heat, power, and cooling which are measured using data from its own systems and independently assured, as described in our 2021 Climate Change Report. Scope 3 emissions relate to other organisations’ emissions and are therefore subject to a range of uncertainties and challenges. At present Scope 3 data is not yet consistently available in many value chains and is calculated, collected, or estimated in different

vii

ways. Gold Fields’ Scope 3 emissions data is determined using the ISO 14064 part 1 standard. As value chain emissions data advances over time, Gold Fields expects to improve the quality of its Scope 3 data and data reporting.

Market Information

This annual report includes industry data about Gold Fields’ markets obtained from industry surveys, industry publications, market research and other publicly available third-party information. Industry surveys and industry publications generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. Gold Fields and its advisers have not independently verified this data.

In addition, in many cases, statements in this annual report regarding the gold mining industry and Gold Fields’ position in that industry have been made based on internal surveys, industry forecasts and market research, as well as Gold Fields’ own experiences. While these statements are believed by Gold Fields to be reliable, they have not been independently verified.

Websites

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this annual report on Form 20-F.

viii

Defined Terms and Conditions

In this annual report, all references to the “Group” are to Gold Fields and its subsidiaries.

In this annual report, all references to “fiscal 2019” are to the 12-month period ended 31 December 2019, all references to “fiscal 2020” are to the 12-month period ended 31 December 2020, all references to “fiscal 2021” are to the 12-month period ended 31 December 2021, all references to “fiscal 2022” are to the 12-month period ending 31 December 2022, all references to “fiscal 2023” are to the 12-month period ended 31 December 2023, all references to “fiscal 2024” are to the 12-month period ended 31 December 2024 and all references to “fiscal 2025” are to the 12-month period ended 31 December 2025. In this annual report, all references to “South Africa” are to the Republic of South Africa, all references to “Ghana” are to the Republic of Ghana, all references to “Australia” are to the Commonwealth of Australia, all references to “Chile” are to the Republic of Chile, all references to “Peru” are to the Republic of Peru, all references to the “Philippines” are to the Republic of the Philippines and all references to the “United States” and “U.S.” mean the United States of America, its territories and possessions and any state of the United States and the District of Columbia.

In this annual report, all references to the “DMRE” are references to the South African Department of Mineral Resources and Energy, the government body responsible for regulating the mining industry in South Africa.

This annual report contains descriptions of gold mining and the gold mining industry, including descriptions of geological formations and mining processes. In order to facilitate a better understanding of these descriptions, this annual report contains a glossary defining a number of technical and geological terms. See “—Glossary of Terms”.

In this annual report, gold production figures are provided in troy ounces, which are referred to as “ounces” or “oz”, or in kilograms, which are referred as “kg”. Ore grades are provided in grams per metric tonne, which are referred to as “grams per tonne” or “g/t”. All references to “tonnes” or “t” in this annual report are to metric tonnes. All references to “gold” include gold and gold equivalent ounces, unless otherwise specified or where the context suggests otherwise. See “—Glossary of Terms” for further information regarding units of measurement used in this annual report and a table providing rates of conversion between different units of measurement. AIC, net of by-product revenue, and AISC, net of by-product revenue, are calculated per ounce of gold sold, excluding gold equivalent ounces. See “—Annual Financial Report—Management’s Discussion and Analysis of the Financial Statements—All-in Sustaining and All-in Costs”.

This annual report contains references to the “total recordable injury frequency rate” (TRIFR) at each Gold Fields operation. The TRIFR at each operation includes the total number of fatalities, lost time injuries, medically treated injuries (MTI) and restricted work injuries (RWI) per million man hours. A lost time injury (LTI) is a work-related injury resulting in the employee or contractor being unable to attend work for a period of one or more days after the day of the injury (i.e. the employee or contractor is unable to perform any of his/her duties). An MTI is a work-related injury sustained by an employee or contractor which does not incapacitate that employee and who, after having received medical treatment, is deemed fit to immediately resume his/her normal duties on the next calendar day, immediately following the treatment or re-treatment. An RWI is a work-related injury sustained by an employee or contractor which results in the employee or contractor being unable to perform one or more of their routine functions for a full working day from the day after the injury occurred, but the employee or contractor can still perform some of his/her duties.

In this annual report, “R” and “Rand” refer to the South African Rand and “SA cents” refers to subunits of the South African Rand, “$”, “U.S.$” and “U.S. dollars” refer to United States dollars, “U.S. cents” refers to subunits of the U.S. dollar, “A$” and “Australian dollars” refer to Australian dollars, “GH” refers to Ghana Cedi, “S/.” refers to the Peruvian Nuevo Sol and “CAD” refers to Canadian dollars.

In this annual report, except where otherwise noted, all production and operating statistics are based on attribution of 100% of Gold Fields’ total operations, which include production from the Tarkwa and Damang mines in Ghana and from the Cerro Corona mine in Peru, a portion of which is attributable to the non-controlling shareholders in those mines. In addition, production and operating statistics for Asanko (as defined below) are included on an attributable basis (based on Gold Fields’ 45% interest in Asanko). This annual report contains references to “gold equivalent ounces”, which are quantities of metals (such as copper) expressed as amounts of gold using the prevailing prices of gold and the other metals. To calculate this, the accepted total value of the metal based on its weight and value is divided by the accepted value of one troy ounce of gold.

Forward-looking statements

This annual report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 (the Securities Act) and Section 21E of the U.S. Securities Exchange Act of 1934 (the Exchange Act) with respect to Gold Fields’ financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues, income and 2023 production and operational guidance of Gold Fields, wherever they may occur in this annual report and the exhibits to the annual report, and including any climate change-related statements, targets and metrics, are necessarily estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this annual report. All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect” and words of similar meaning. 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 this disclaimer. Readers are cautioned not to place undue reliance on such statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

•changes in the market price of gold, and to a lesser extent copper and silver;

•material changes in the value of Rand and non-U.S. dollar currencies;

•high and rising inflation, including as a result of Russia’s invasion of Ukraine, supply chain issues, volatile commodity costs and other inflationary pressures;

•difficulties, operational delays, cost pressures and impact associated with the mine ramp-up at the South Deep operation in South Africa;

•the challenges associated with replacing annual Mineral Reserve and Resource depletion, as well as growing its Mineral Reserve and Resource base to extend the life of operations;

•the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures;

•the success of the Group’s business strategy, development activities and other initiatives, particularly at the Salares Norte project;

•changes in technical and economic assumptions underlying Gold Fields’ Mineral Reserve estimates;

•supply chain shortages and increases in the prices of production inputs;

•power cost increases, as well as unreliability of supply, power stoppages, fluctuations and usage constraints;

•current debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive conditions;

•the ability of the Group to protect its information technology and communication systems and the personal data it retains, as well as the failure of such systems;

•geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper underground, deposits;

•the continued status of South Africa’s credit rating as non-investment grade and its impact on Gold Fields’ ability to secure financing;

•the inability to modernise operations and remain competitive within the mining industry;

•reliance on outside contractors to conduct some of its operations;

•difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;

•the impact of HIV/AIDS, tuberculosis and the spread of contagious diseases;

•the impact from, and measures taken to address, the coronavirus (COVID-19) pandemic;

•the ability of the Group to comply with expectations that it provide benefits to affected communities;

•the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting mining and mineral rights;

•court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mineral rights legislation and the treatment of health and safety claims;

•changes in health and safety regulations that could lead to claims or liability for regulatory breaches;

•the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents and pollution incidents;

•increasing regulation of environmental and sustainability matters such as greenhouse gas emissions and climate change, and the impact of climate change on Gold Fields’ operations;

•the ability of the Group to meet its environmental, social and corporate governance targets;

•loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation among marginalised or underrepresented persons in management positions or sufficient gender diversity in senior management and Board level positions;

•discrimination or harassment preventing our employees from performing their roles;

•the ability to obtain, renew and comply with, water use licences and water quality discharge standards;

•the occurrence of future acid mine drainage related pollution;

•economic, political or social instability in the countries where Gold Fields operates;

•ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents;

•the effects of regional cessation of dewatering at South Deep;

•the effects of a failure of a tailings storage facility and the closure of adjacent mines;

•the costs and burdens associated with tenements in Australia which are subject to native title claims, including any compensation payable to native title holders;

•the effects of political and regulatory developments and social unrest in Chile;

•actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields’ operations that leads to censure, penalties or negative reputational impacts;

•the occurrence of labour disruptions and industrial actions;

•fluctuations in insurance cost and availability and the adequacy of the Group’s insurance coverage;

•financial flexibility could be limited by South African exchange control regulations;

•difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, for shareholders outside South Africa;

•liquidity risks in trading ordinary shares on JSE Limited;

•Gold Fields’ ability to pay dividends or make similar payments to its shareholders; and

•shareholders’ equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

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 annual report or to reflect the occurrence of unanticipated events.

Table of contents


			Page

FORM 20-F CROSS REFERENCE GUIDE			i
PRESENTATION OF FINANCIAL INFORMATION			vii
DEFINED TERMS AND CONVENTIONS			ix
FORWARD-LOOKING STATEMENTS			x
INTEGRATED ANNUAL REPORT			IAR-1
ANNUAL FINANCIAL REPORT			AFR-1
CLIMATE CHANGE REPORT			CCR-1
FURTHER INFORMATION			1
RISK FACTORS SUMMARY			1
RISK FACTORS			3
ADDITIONAL INFORMATION ON THE COMPANY			29
GLOSSARY OF TERMS			73
DESCRIPTION OF MINING BUSINESS			78
ENVIRONMENTAL AND REGULATORY MATTERS			83
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES			97
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS			103
THE LISTING			105
ADDITIONAL INFORMATION			106
CONTROLS AND PROCEDURES			115
AUDIT COMMITTEE FINANCIAL EXPERT			116
PRINCIPAL ACCOUNTANT FEES AND SERVICES			117
CORPORATE GOVERNANCE			118
EXHIBITS			119
SIGNATURES			121

xii

GOLD FIELDS LIMITED Integrated Annual Report 2022 G O LD FIELD S LIM ITED IN TEG RATED A N N U A L REPO RT 2022 Creating enduring value beyond mining IAR 1

Gold Fields Integrated Annual Report 2022 IAR 2 Pillar 2: Build on our leading commitments to ESG 53 Our ESG Charter and 2030 ESG targets  54 Value creation for our stakeholders  55 Environmental stewardship 72 Pillar 3: Grow the value and quality of our portfolio of assets 81 Overview of our portfolio and growth strategy 82 Life extension through near-mine exploration 86 Mineral Resources and Mineral Reserves summary 87 Assurance 90 Independent Reasonable Assurance Statement to Gold Fields Limited 91 Assured sustainability performance indicators 94 Assured South African Mining Charter performance indicators 95 Reporting boundary 96 ABOUT OUR COVER The cover photo of our 2022 Integrated Annual Report (IAR) shows our South Deep mine in South Africa. CREATING ENDURING VALUE BEYOND MINING SEND US YOUR FEEDBACK We value your feedback on our reporting suite. To support our efforts to report on the issues our stakeholders care about, please provide any feedback and questions to investors@goldfields.com or sustainability@goldfields.com. You can also visit www.goldfields.com and download the feedback form. CONTENTS About this report 4 Our business 5 Where we operate 6 Our business model 8 Material matters  10 Risks and opportunities 11 Governance and leadership 19 Chairperson’s report 20 Summarised governance report 21 Chief Executive Officer’s report 26 Pillar 1: Maximise the potential from our current assets through people and innovation 33 Building a safe and respectful workplace 34 People programmes for strategic delivery 39 Modernisation 41 Production and cost performance 42 Financial performance  47 Consolidated income statement, statement of financial position and statement of cash-flow 49 Integrated Annual Report Our primary report to stakeholders, detailing the Group’s value creation story over time Annual Financial Report Our full Corporate Governance Report, Board and Board committee reports, Directors’ Report, Remuneration Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements Mineral Resources and Mineral Reserves Supplement Detailed technical and operational information relating to our mines and growth projects Notice of Annual General Meeting The resolutions to be tabled to shareholders at our Annual General Meeting (AGM) Gold Fields Corporate Governance report_Proof 3 – 27 March 2023 GOLD FIELDS LIMITED Annual Financial Report including Governance Report 2022 Creating enduring value beyond mining GOLD FIELDS LIMITED Integrated Annual Report 2022 G O LD FIELD S LIM ITED IN TEG RATED A N N U A L REPO RT 2022 Creating enduring value beyond mining IAR 1 GOLD FIELDS LIMITED Mineral Resources and Mineral Reserves Supplement to the IAR 2022G O LD FIELD S LIM ITED M IN ERA L RESO U RC ES A N D M IN ERA L RESERV ES SU PPLEM EN T TO TH E IA R 2022 Creating enduring value beyond mining G O LD FIELD S LIM ITED M IN ERA L RESO U RC ES A N D M IN ERA L RESERV ES SU PPLEM EN T TO TH E IA R 2022 GOLD FIELDS LIMITED Notice of Annual General Meeting for the year ended 31 December 2022 Creating enduring value beyond mining REPORTING SUITE Our online IAR portal can be accessed at www.goldfields.com/2022- annual-report-suite.php from end-April 2023 onwards

IAR 3 linkedin.com/company/gold-fields business.facebook.com/GoldFieldsLTD @GoldFields_LTD instagram.com/goldfields_ltd/ Further reading available within this report Further information available online The three pillars of our strategy reflect the Group’s operational, environmental, social and governance (ESG) and growth priorities and support our purpose of creating enduring value beyond mining. Our three strategic pillars Pillar 1 Pillar 2 Pillar 3 Maximise the potential from our current assets through people and innovation Build on our leading commitment to ESG Grow the value and quality of our portfolio of assets We use innovative mining methods, along with the talents and expertise of our people, to maximise the potential of the mines we currently own. We aim to take care of the environment while we mine, meaningfully invest in our host communities and adhere to the highest ethical standards in the course of our business. We are adding quality, high-value mines to our portfolio so we have assets we can continue to mine in the future. HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Ounces of gold produced: 2.40Moz Adjusted free cash-flow: US$431m Net debt:EBITDA ratio: 0.29x Host community value created: US$913m Water recycled or reused: 75% Mines powered by renewable energy: 5 Salares Norte project: 87% complete Near-mine exploration: US$107m South Deep ramp-up to: 328koz Read more on p33 – 51 Read more on p53 – 79 Read more on p81 – 89 Climate Change Report Our Climate Change Report in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) Report to Stakeholders An overview of our contributions to our key stakeholders, as well as recent developments impacting these relationships GRI Content Index This Global Reporting Initiative (GRI) Content Index cross- references to the International Council on Mining and Metals (ICMM) Principles, United Nations Global Compact Principles, United Nations Sustainable Development Goals (SDGs) and the Value Reporting Foundation Form 20-F Our annual report on Form 20-F filed with the US Securities and Exchange Commission (US SEC) as a foreign private issuer trading on the New York Stock Exchange GOLD FIELDS LIMITED Climate Change Report 2022 G O LD FIELD S LIM ITED C LIM ATE C H A N G E REPO RT 2022 Creating enduring value beyond mining GOLD FIELDS LIMITED Report to Stakeholders 2022 G O LD FIELD S LIM ITED REPO RT TO STA KEH O LD ERS 2022 Creating enduring value beyond mining As filed with the Securities and Exchange Commission on 30 March 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ Form 20-F _______________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number: 1-31318 _______________________ Gold Fields Limited (Exact name of registrant as specified in its charter) _______________________ Republic of South Africa (Jurisdiction of incorporation or organisation) 150 Helen Road Sandown, Sandton, 2196 South Africa 011-27-11-562-9700 (Address of principal executive offices) with copies to: Paul A. Schmidt Chief Financial Officer Tel: 011-27-11-562-9700 Fax: 011-27-86-720-2704 PaulS@goldfields.com 150 Helen Road Sandown, Sandton, 2196 South Africa Michael Z. Bienenfeld Igor Rogovoy Linklaters LLP Tel: 011-44-20-7456-2000 Fax: 011-44-20-7456-2222 One Silk Street London EC2Y 8HQ United Kingdom (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act Title of Each Class Trading Symbol Name of Each Exchange on Which Registered American Depositary Shares, each representing one ordinary share GFI New York Stock Exchange Ordinary shares of no par value each New York Stock Exchange* *Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report 891,378,571 ordinary shares of no par value _______________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ Yes No ☒ Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statement. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐ If “Other” has

been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐ GOLD FIELDS LIMITED GRI Content Index 2022 G O LD FIELD S LIM ITED G RI C O N TEN T IN D EX 2022 Creating enduring value beyond mining

Gold Fields Integrated Annual Report 2022 IAR 4 About this report Our integrated reporting suite enables stakeholders – including our capital providers – to make informed decisions about Gold Fields’ (Gold Fields, the Company or the Group) long-term prospects and our ability to create and sustain value. This IAR details how we created, preserved or eroded value during 2022. We connect our performance with our purpose through integrated thinking and concisely and holistically unpack how we unlock value for stakeholders through our strategic pillars, material matters, risks and opportunities, operating environment and performance. Board approval Gold Fields’ Board of Directors (Board) acknowledges its responsibility to ensure the integrity of this IAR. It believes that the 2022 IAR addresses all matters that could substantively impact the Group’s ability to create value over the short, medium and long term, including Gold Fields’ strategic objectives. The Board is also of the opinion that this report materially complies with the relevant statutory and regulatory requirements – particularly the Integrated Reporting Framework, International Financial Reporting Standards (IFRS) and the Companies Act No 71 of 2008, as amended. Senior management led the preparation of this report. As part of our comprehensive internal and external review process, the IAR was submitted to the Group’s Audit Committee for review, who recommended it to the Board for approval. The Board unanimously approved the 2022 IAR and 2022 Annual Financial Report (AFR) – including our Annual Financial Statements – on 30 March 2023. Yunus Suleman Chairperson Our sustainability indices 5th miner (2021: 3rd miner) 11th gold miner (2021: 11th gold miner) E2 S1 G1 (2021: E1 S1 G1) 2nd gold miner (2021: 6th gold miner) AA-rating (2021: A-rating) See details of our commitment to the relevant SDGs on our website: www.goldfields.com/sustainability As a responsible gold miner, we believe we can create lasting socio-economic value for our host communities and governments. Our vision is to be the preferred gold mining company delivering sustainable, superior value and, in pursuit of this, we positively contribute directly and indirectly to 11 SDGs to enable meaningful change in our sector. 17 PARTNERSHIPS 15 LIFE ON LAND 13 CLIMATE ACTION 12 RESPONSIBLE CONSUMPTION 11 SUSTAINABLE CITIES 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 8 ECONOMIC HEALTH 7 AFFORDABLE AND CLEAN ENERGY 6 CLEAN WATER AND SANITATION 4 QUALITY EDUCATION 3 GOOD HEALTH AND WELLBEING See our reporting scope and boundary and forward-looking statements on p96. Assurance ERM Southern Africa (ERM) provided independent reasonable assurance over key sustainability information in this report, which is prepared in accordance with, and with reference to, the GRI Universal Standards. As a member of the ICMM, we are committed to obtaining assurance in line with the ICMM sustainability report assurance requirements. ERM assured all five ICMM subject matters in line with the ICMM Assurance and Validation Procedure. The key sustainability performance data assured by ERM in 2022 is detailed on p91 – 95.

Contractor with one of our drill rigs at Damang mine in Ghana OUR BUSINESS 5 IAR Our business IN THIS SECTION Where we operate 6 Our business model 8 Material matters 10 Risks and opportunities 11

Gold Fields Integrated Annual Report 2022 IAR 6 Where we operate Ghana Gold Fields has nine operating mines in Australia, South Africa, Ghana (including the Asanko joint venture (JV)) and Peru and one project in Chile. We have total attributable annual gold-equivalent production of 2.40Moz, Proved and Probable gold Mineral Reserves of 46.1Moz, Measured and Indicated Mineral Resources of 31.1Moz (excluding Mineral Reserves) and Inferred Mineral Resources of 11.2Moz (excluding Mineral Reserves). Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE). South Africa Australia Peru Chile 2022 2021 Safety Fatal incidents 1 1 Serious injuries 5 9 Total recordable injury frequency rate (TRIFR) 2.04 2.16 Workforce Employees 6,364 5,957 Contractors 16,720 16,153 Attributable production (koz) 2,399 2,340 All-in costs (AIC) (US$/eq-oz) 1,320 1,297 Adjusted free cash-flow (US$m)1 431 463 Gold Mineral Resources (Moz)2 42.30 44.10 Gold Mineral Reserves (Moz)3 46.10 47.40 Carbon emissions (kt CO2e) 2,279 2,256 Gender diversity (% of total) 23 22 The Group at a glance Contribution to Group attributable production 44%32% 13% 11% Australia South Africa Ghana Americas

IAR 7 OUR BUSINESS 2022 Performance 1 Cash-flow from operating activities less net capital expenditure, environmental payments, lease payment and redemption of Asanko preference shares 2 Attributable, Measured, Indicated and Inferred Gold Mineral Resources (excluding Mineral Reserves), excluding Asanko 3 Attributable Proved and Probable Gold Mineral Reserves, excluding Asanko 4 Cash-flow from operating activities less net capital expenditure, environmental payments and lease payment from the eight mining operations 5 Excludes 45% of Asanko 6 Includes 45% of Asanko Mine: Cerro Corona in Peru – copper, gold (open-pit mine) Project: Salares Norte in Chile – gold, silver deposit Safety (TRIFR) (Cerro Corona) 0.29 Workforce Employees 828 Contractors 6,531 Attributable gold-eq production (koz) 259 AIC (US$/eq-oz) 998 Adjusted free cash-flow (US$m)4 76 Gold Mineral Resources (Moz)2 0.91 Gold Mineral Reserves (Moz)3 4.33 Carbon emissions (kt CO2e) 106 Gender diversity (% of total) 26 AMERICAS AUSTRALIA Mines: St Ives, Granny Smith, Agnew and Gruyere (50/50 JV) (open-pit and underground mines) Safety (TRIFR) 5.80 Fatality 1 Workforce Employees 1,866 Contractors 1,881 Attributable production (koz) 1,061 AIC (US$/oz) 1,150 Adjusted free cash-flow (US$m)4 431 Gold Mineral Resources (Moz)2 8.71 Gold Mineral Reserves (Moz)3 7.97 Carbon emissions (kt CO2e) 819 Gender diversity (% of total) 22 GHANA Mines: Tarkwa, Damang and Asanko (50/50 JV) in Ghana (open-pit mines) Safety (TRIFR)5 0.20 Workforce5 Employees 1,054 Contractors 5,981 Attributable production (koz)5 762 AIC (US$/oz)5 1,220 Adjusted free cash-flow (US$m)4,6 219 Gold Mineral Resources (Moz)2 6.39 Gold Mineral Reserves (Moz)3 5.16 Carbon emissions (kt CO2e) 801 Gender diversity (% of total) 11 For more information refer to p44 For more information refer to p43 Mine: South Deep (underground mine) Safety (TRIFR) 3.27 Workforce Employees 2,495 Contractors 2,385 Attributable production (koz) 316 AIC (US$/oz) 1,356 Adjusted free cash-flow (US$m)4 129 Gold Mineral Resources (Moz)2 26.19 Gold Mineral Reserves (Moz)3 28.68 Carbon emissions (kt CO2e) 553 Gender diversity (% of total) 27 SOUTH AFRICA For more information refer to p46 For more information refer to p45

Gold Fields Integrated Annual Report 2022 IAR 8 Our business model Our diversified portfolio (with nine mines and one project in five countries) creates value through: INPUTS (The resources we rely on) BUSINESS PROCESSES (How we create value) HUMAN CAPITAL (p34) Our employees and contractors drive our strategy through their skills, expertise and commitment to entrenching our culture. 	z 6,364 employees (2021: 5,957) 	z 16,720 contractors (2021: 16,153) 	z US$9.0m spent on training and development (2021: US$8.3m) • Attracting, developing and retaining top skills in a highly competitive environment • Sourcing and developing the right skills from our host communities • Increasing workforce diversity and inclusivity • Maintaining a strong health and safety culture • Inclusion of mental and psychological wellbeing in our definition of zero harm NATURAL CAPITAL (p72) We rely on access to land to extract gold and copper resources, and on water security and reliable energy supply for our mining and processing activities. 	z 46.1Moz attributable Mineral Reserves (2021: 47.4Moz) 	z 42.3Moz attributable Mineral Resources excluding Mineral Reserves (EMR) (2021: 44.1Moz) 	z 14.1PJ energy consumed (2021: 13.9PJ) 	z 18.3GL water withdrawn (2021: 18.5GL) • Mitigating our contribution to and the impact of climate change on our operations and host communities • Operating in water-stressed regions • Securing a steady power supply and managing the increased cost of energy • Replacing depleted Mineral Reserves SOCIAL AND RELATIONSHIP CAPITAL (p55) The quality of our stakeholder relationships supports the sustainability and licence to operate of our business. 	z US$21m invested in socio-economic development (SED) programmes and projects in our host communities (2021: US$16m) 	z 2,336 stakeholder engagements with our host communities, capital providers and governments (2021: 2,350) 	z 87% of our employees are from our countries of operation and 97% of all goods and services are procured in-country • Addressing the trust gap between governments, communities and mining companies • Skills constraints in host communities as we seek to source employees from these communities • Access to water is shared with neighbouring communities • Pressures on companies to address major societal issues • Constraints in local government capacity and resources in emerging countries FINANCIAL CAPITAL (p42) Banks, shareholders and bondholders provide our financial capital, which enables us to create value across all capitals. • US$4,340m total equity (2021: US$4,130m) • US$1,069m capital expenditure (excluding Asanko) (2021: US$1,089m) • US$431m adjusted free cash-flow generated (2021: US$463m) • Managing the impact of market sentiment and geopolitical developments on key cost drivers • Investing in our mines to extend their longevity MANUFACTURED CAPITAL (p81) Our investment in machinery, equipment, technology and ICT infrastructure enable us to deliver our products. • Nine operating mines (including our Asanko JV) and one project • US$656m sustaining capital and US$413m growth capital (2021: US$576m; US$513m) • Maintaining and monitoring ageing infrastructure at our older mines • Modernising and digitising our mines while reducing costs • Ensuring our people are equipped to work in an increasingly automated and digitised work environment INTELLECTUAL CAPITAL (p41) Our people and partners’ intellectual input informs our strategic objectives, drives innovation and efficiencies and supports risk management. • US$1,411 per employee invested in training (2021: US$1,397) • Modernisation plan stretching over three horizons • Group-wide job architecture detailing knowledge, skills, qualifications, behavioural and technical competencies required for all roles • Developing the right talent to meet the needs of an increasingly mechanised, modernising and automated mining industry • Reskilling the existing workforce to ensure we can retain their experience and knowledge • Review of culture to strengthen workforce diversity and inclusivity Resource constraints EXPLORATION Our near-mine and selected greenfields exploration, in partnership with junior miners, focuses on resource extension to enhance the long-term sustainability of our portfolio DEVELOPMENT We invest in the development of projects that, once brought to fruition, will improve the cost and production profile of our portfolio PROCESSING We generate additional value through the physical and chemical processing of ore, which results in semi-pure gold doré and copper-gold concentrate. The doré is externally refined into gold bullion MINING We extract gold and copper-bearing ore from open-pit and underground mines through mechanised processes in Australia, South Africa, Ghana and Peru – either by our own teams or by contractors MINE CLOSURE We seek to responsibly manage mine closure and optimise our closure liabilities through integrated closure planning and progressive rehabilitation. Post-closure social and economic sustainability requires consultation with and investment in impacted communities during the life-of-mine

IAR 9 OUR BUSINESS Positive outcomes Negative outcomes OUTPUTS (What we produce) OUTCOMES (The value we create, preserve or erode) 2.40Moz  attributable gold- equivalent production (2021: 2.34Moz) (p42) 27kt  attributable copper production (2021: 25.9kt) (p49) 205Mt mining waste produced (p49) 1.7Mt Scope 1 and 2 CO2e emissions (p75) Maximise the potential from our current assets through people and innovationPillar 1 Build on our leading commitment to ESG   Zero Level 3 – 5 environmental incidents for the fourth consecutive year   Recycled 75% of water withdrawn and reduced our freshwater intake by 41% against a 2018 baseline   12th successive Top 5 mining ranking in DJSI   Achieved an A- score in the CDP’s Water Disclosure Project   Continued membership of Bloomberg Gender- Equality Index 2.3Mt Scope 1 – 3 CO2e emissions 205Mt of total material moved   All mines implemented at least 88% of their progressive rehabilitation plans 92 community grievances (84% resolved during 2022)   South Deep’s and Gruyere’s newly constructed solar plants commissioned   52% of workforce employed from our host communities   31% (or US$748m) of total procurement costs spent with host community enterprises   US$913m in host community value creation   US695m paid to governments in taxes and royalties 2 ZERO HUNGER 6 CLEAN WATER AND SANITATION 8 ECONOMIC HEALTH 12 RESPONSIBLE CONSUMPTION Pillar 2 Grow the value and quality of our portfolio of assets   US$565m in gross mining closure liabilities   US$230m spent on Salares Norte project capital   Invested US$107m in near-mine exploration (including Salares Norte) Mineral Reserves down 3% post-depletion   South Deep’s successful ramp-up to 328koz Yamana Gold acquisition terminated   Investment in junior miners to expand greenfields exploration 8 ECONOMIC HEALTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE Pillar 3   Continued investment in South Deep, South Africa’s largest bulk, mechanised, underground gold mine   Increased use of real-time data to enable decisions that facilitate safer and more productive mines   Increased use of remote mining that takes people away from potentially dangerous operations   US$468m paid in salaries and benefits One fatal incident Two new cases of Silicosis submitted to health authorities Five serious injuries   23% of our total workforce are women, including women in leadership (2021: 22%)   US$855m in adjusted free cash-flow from operations   US$411m paid in interest and dividends 3% rise in AIC, largely due to Salares Norte capex and mining cost inflation   Net debt decreased to US$704m   JSE share price up 1%; NYSE share price down 6%   Received US$300m break fee from Yamana Gold   Total dividend of R7.45/share 3 GOOD HEALTH AND WELLBEING 7 AFFORDABLE AND CLEAN ENERGY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE

Gold Fields Integrated Annual Report 2022 IAR 10 Our 2022 materiality analysis involved: 	z Reviewing the organisational context, activities and key stakeholders for 2022 	z Reviewing Gold Fields’ risks and impacts on people and the environment, their significance and our response through our established enterprise-wide risk management, business management and sustainability management processes 	z Considering the 2022 priority initiatives to deliver our vision, purpose and strategy, particularly the development of the Gold Fields culture, leadership and talent development and our decarbonisation work 	z Considering outcomes from our stakeholder reputation baseline survey and related stakeholder engagement plans To support our revised materiality analysis and disclosure, we started revising our public disclosures on the management of material issues, supported by our suite of sustainability reporting. Given the changes to the sustainability reporting landscape – as well as emerging or proposed ESG- related reporting standards, guidelines and frameworks – we will include an inclusive, double-materiality analysis in our next assessment cycle. This means we will not only report the impact our operations have on stakeholders, but also their impact on Gold Fields and its operations. We categorise our material matters as environmental, social or economic and governance matters for this materiality analysis cycle. While our 2022 material matters have not changed significantly, some have become increasingly important or been updated to reflect our evolving management approach: 	z Covid 19-is no longer the most material matter to our business 	z Social and stakeholder matters are becoming more important 	z Safety, health and wellbeing now includes psychological safety 	z Our diversity, equity and inclusion focus includes elements of human capital, labour practices and respectful workplace initiatives as part of our culture development 	z Decarbonisation (previously carbon management) is now a standalone material topic 	z Social and geopolitical risks became more important 	z Human rights remain material and is represented as cross-cutting in ESG-related material matters 	z Biodiversity is expanded to include nature The graphic below outlines our materiality analysis as at end-2022. Material matters Our materiality analysis identifies the significant economic and ESG factors that could substantively influence our capital providers’ and other stakeholders’ decisions about Gold Fields’ ability to deliver on its strategic objectives and create value over the short, medium and long term. This informs the Group’s business plans and strategies, as well as our sustainability reporting approach. We review and update our GRI-aligned materiality analysis annually, which informs and is informed by: 	z Our purpose to create enduring value beyond mining 	z Our strategy and leading commitment to ESG practices 	z Our ESG risk assessment which forms part of our enterprise-wide risk management processes

GOLD FIELDS LTD [GFIOF] Filings

GOLD FIELDS LTD [GFI] Filings