Gold Fields (GFI) Q2 2026 Earnings Call Transcript

Founders Metals (FDR) completed the acquisition of the remaining 30% stake in the Antino Gold Project, consolidating 100% ownership. The deal included a $17M cash payment and 13.57M shares issued to Nana Resources, with up to $21M in milestone payments. Gold Fields (GFI) increased its stake to 19.9% with a $77.42M investment. Founders is undertaking a 70,000m drilling program at Antino, aiming to establish a district-scale gold camp.

U.S.-listed gold miners rose in premarket trading as bullion prices rebounded 1.4% to $4,324.39/oz. Newmont and Barrick Gold each gained 1.2%, while Harmony Gold and Gold Fields rose 3.7% and 2.3%. The dollar softened, and oil prices retreated, supporting gold's rebound after the Fed's rate hike and hawkish stance.

Gold Fields' share price has underperformed peers despite improved cash flow. Adjusted free cash flow doubled to $2.2bn, net debt fell 71% to $437m, and dividends increased. However, regulatory issues with Tarkwa mine and Windfall project delays weigh on investor sentiment. Analysts expect increased shareholder returns as the balance sheet strengthens.

Gold Fields (GFI) reported a 12% increase in production and a doubling of adjusted free cash flow to $2.225 billion for the first half of 2026, driven by higher gold prices and improved mine performance. The company raised its full-year guidance for Salares Norte and increased shareholder returns through dividends and buybacks. However, costs rose and uncertainties remain around lease renewals and permitting for some projects.

Gold Fields Ltd (GFI) reported a 12% increase in attributable production to 1.267 million ounces, driven by strong performance at Salares Norte and Granny Smith. Adjusted free cash flow more than doubled to $2.225 billion, resulting in a free cash flow yield of 11%. The company returned $1.4 billion to shareholders, including a 132% increase in the interim dividend and a $500 million top-up to its share buyback program. However, all-in sustaining costs increased 13% to $1,893 per ounce, and the

Gold prices fell 1% to $4,649.10/oz after a hotter-than-expected US inflation report, retreating from a three-month high. Spot gold is still up 14% in August. Silver also declined. The Fed's preferred inflation gauge, PCE, rose 3.7% YoY in July, above forecasts. Investors await Fed Chair Warsh's speech at Jackson Hole for further rate guidance. Gold's recent rally was driven by US Treasury bond market intervention and ETF inflows. Miners like Agnico Eagle and AngloGold have seen significant gain