GOLD FIELDS LIMITED - Operational update for the q12 Nov 2020
Operational update for the quarter ended 30 September 2020

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

Operational update for the quarter ended 30 September 2020

SALIENT FEATURES
- 557,000 ounces of attributable gold production
- US$1,070 per ounce of all-in-cost

STATEMENT BY NICK HOLLAND, CHIEF EXECUTIVE OFFICER
Q3 2020 was a period of recovery for our operations that were most severely disrupted by COVID-19, namely South Deep
and Cerro Corona. The business in general performed well during the quarter and continues to settle into the 'new' 
normal created by COVID-19. While the impact of COVID-19 has been largely contained at our operations, a second wave has
commenced in certain parts of the world (mainly in the Northern hemisphere). However, we cannot rule out a second wave in 
the countries in which we operate and we must ensure that the necessary protocols are maintained across the business. 

Attributable gold equivalent production for Q3 2020 was 557koz, up 7% YoY (up 1% QoQ). All-in costs (AIC) decreased by
1% YoY (flat QoQ) to US$1,070/oz, while all-in sustaining costs (AISC) increased 2% YoY (and decreased 3% QoQ) to
US$964/oz. 

The Australian region produced 250koz at AIC of A$1,363/oz (US$984/oz) and AISC of A$1,288/oz (US$931/oz). Our mines
in Ghana produced 211koz (including 45% of Asanko) at AIC of US$1,068/oz and AISC of US$1,030/oz. Cerro Corona in Peru
produced 51koz (gold equivalent) at AIC of US$1,146 per gold equivalent ounce and AISC of US$953 per gold equivalent
ounce.

South Deep had a strong recovery after a disrupted Q2 2020, producing 65koz at an AIC of R583,344/kg (US$1,075/oz) and
AISC of R572,447/kg (US$1,055/oz). The mine is generating meaningful cashflow at current prices. 

COVID-19 update
As at 9 November 2020, the number of active cases among Gold Fields' workforce was only 26 with none in hospital.
Since the beginning of the pandemic in March, Gold Fields has conducted more than 41,000 tests among its workforce, 
of which 1,745 were positive.

COVID-19 status report (as at 9 November 2020)       Total    
                                                              
Tested                                              41,273    
Positive                                             1,745    
Negative                                            39,435    
Awaiting results*                                       93    
Active cases*                                           26    
Recovered                                            1,716    
Died                                                     3    
* "Awaiting results" and "Active cases" refers to the current figures.

The high level of testing is a tribute to the work done by our operations to keep our employees safe. Remarkably, we
have had no single positive case in our Australian operations. Other key activities to ensure safe operations include:
- Strict adherence to all government regulations/protocols;
- Closure of offices and imposition of travel restrictions;
- Standard operating procedures on return to work;
- Social distancing, sanitisation and mask wearing mandatory;
- Regular communication to employees about COVID-19, assisting them to work remotely and how to deal with the
  fall-out of the pandemic;
- Dedicated COVID-19 information portal;
- Mental health support programmes; and
- Social media awareness and return-to-work communication campaigns for employees, communities and others.

JOHANNESBURG 12 November 2020: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for 
the quarter ended 30 September 2020. Detailed financial and operational results are provided on a six-monthly basis 
i.e. at the end of June and December.    

Balance sheet 
Gold Fields remains in a strong financial position. During Q3 2020, there was a further decrease in the net debt
balance (including leases) to US$1,159m at 30 September 2020 from US$1,239m at 30 June 2020, after taking into account 
the interim dividend payment of US$85m. This implies a net debt to EBITDA of 0.68x, compared to 0.84x at end June 2020. 
The net debt balance (excluding leases) decreased to US$796m from US$876m at the end of June 2020. 

Post quarter end, Gold Fields repaid the 2020 bond that were outstanding from a combination of cash resources and by
drawing on our US$ debt facilities. 

In a report released on 2 November 2020, Standard and Poor's Global ratings revised its outlook on Gold Fields to
positive from stable, and affirmed the 'BB+/B' global scale ratings and 'zaAAA/zaA-1+' South Africa national scale ratings.

Salares Norte
The Salares Norte project continued its positive momentum during Q3 2020. Year-to-date, US$78m has been spent on the
project, including pre-development costs of US$11m (incurred during Q1 2020), district exploration of US$11m, camp Phase
1 construction costs of US$13m and initial capex of US$43m. At the end of September 2020, engineering progress was 85.3%
compared to plan of 83.0%. 

At the end of Q3 2020, construction progress stood at 8.8% vs. plan of 4.9%, contributing towards total project
progress of 19.4% coming in slightly ahead of plan of 18.1%. Camp Phase I construction was completed during Q3 2020 while
Phase II construction was three months ahead of schedule at the end of the quarter. The diversion channel earthworks and
precast installation progressed as planned during Q3 and the bulk earthworks contractor commenced activities on 21
September. The mining contractor completed mobilisation and began pioneering works on 1 October, as planned. The pre-strip 
and construction of the process plant is expected to commence at the end of the year. 

Although no district exploration drilling was planned for Q3 2020, 1,650 metres were drilled during September. This
allowed the team to catch up on the metres that were planned but not drilled during Q2 due to COVID-19 related
restrictions. At the end of Q3 2020, total district exploration metres stood at 10,108 metres for the year compared to 
plan of 9,084 metres.

At the end of September 78% of the project Estimate at Completion (EAC) budget (excluding remaining contingency) had a
fixed and firm price (excluding inflation factors) through contracts and purchase orders awarded, significantly
reducing the risk of price differences.

Outlook and guidance
FY 2020 production and cost guidance remains unchanged from the update in August 2020. Attributable equivalent gold
production for 2020 for the Group is expected to be between 2.200Moz and 2.250Moz (original guidance: 2.275Moz -
2.315Moz).

AISC is expected to be between US$960/oz and US$980/oz (original guidance: US$920/oz - US$940/oz) and AIC is expected
to be between US$1,070/oz and US$1,090/oz (original guidance: US$1,035/oz - US$1,055/oz). 

Potential further COVID-19 related disruptions increases the risk to Group production and cost guidance.

We have maintained the view that the appropriate level of sustaining capital expenditure for our business is
US$250-300/oz. In recent years, we have spent at the lower end of this range due to high project capital expenditure. 
However, our most recent business planning process shows that for next year, we will be required to spend closer to the upper 
end of the range. This will enable us to spend on key projects that will allow us to sustain our production base for the next
8-10 years. Specifically in Australia, to ensure that we maintain the 1Moz production base, we will need to spend
additional capital to extend the mine life at Agnew; develop a second decline at Wallaby at Granny Smith; and continue to
invest in the ever-growing Invincible complex at St Ives. 

Nick Holland
Chief Executive Officer

12 November 2020

Key statistics

                                                                   United States Dollars
                                                                          Quarter
Figures in millions unless otherwise stated                     Sept        June           Sept     
                                                                2020        2020           2019     
Gold produced*                                    oz (000)       557         550            523      
Tonnes milled/treated                                  000    10,433      11,227          9,850    
Revenue (excluding Asanko)                          US$/oz     1,921       1,709          1,469    
Cost of sales before gold inventory                          
change and amortisation                                      
and depreciation (excluding Asanko)              US$/tonne        41          35             44       
All-in sustaining costs                             US$/oz       964         998            947      
Total all-in cost                                   US$/oz     1,070       1,070          1,084    
Net debt (IFRS 16 impact included)                    US$m     1,159       1,239          1,735    
Net debt (pre -IFRS 16)                               US$m       796         876          1,401    
Net debt to EBITDA ratio                              US$m      0.68        0.84           1.51     
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.

All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), Cerro Corona in Peru (99.5%), 
Gruyere JV (50%) and Asanko JV (45% equity share).
Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7% of Group
production.
Figures may not add as they are rounded independently.

STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2020
Number of shares in issue                              NYSE - (GFI)                                           
- at end September 2020        883,333,518             Range - Quarter               US$9.27 - US$14.54       
- average for the quarter      883,333,518             Average volume - Quarter      8,330,299 shares/day     
Free float                     100 per cent            JSE LIMITED - (GFI)                                    
ADR ratio                      1:1                     Range - Quarter               ZAR157.00 - ZAR255.69    
Bloomberg/Reuters              GFISJ/GFLJ.J            Average volume - Quarter      4,002,686 shares/day     

SALIENT FEATURES AND COST BENCHMARKS
                                                                                       United States Dollars
                                               Total           Total                                                           South      
                                                Mine            Mine                     West Africa Region                  America    
                                          operations      operations      South                                               Region     
                                           including       excluding    African                                                     
                                              equity          equity     Region                Ghana                            Peru
Figures are in millions                    accounted       accounted      South                                    Asanko      Cerro   
unless otherwise stated                Joint Venture   Joint Venture       Deep       Total    Tarkwa    Damang       45%     Corona
Operating Results                                                                                                                    
Ore milled/treated             Sept 2020      10,433           9,773        563       5,295     3,468     1,167       660      1,751      
(000 tonnes)                   June 2020      11,227          10,490        408       5,849     3,835     1,277       737      1,690      
                               Sept 2019       9,850           9,202        563       5,242     3,437     1,158       648      1,648      
Yield (grams per tonne)        Sept 2020         1.7             1.8        3.6         1.2       1.1       1.6       1.0        0.9        
                               June 2020         1.6             1.6        3.0         1.2       1.2       1.2       1.3        0.9        
                               Sept 2019         1.8             1.7        3.4         1.2       1.2       1.3       1.3        1.2        
Gold produced (000             Sept 2020       576.3           554.2       64.9       211.2     127.3      61.9      22.0       50.5       
managed equivalent             June 2020       569.4           538.3       39.8       226.4     144.5      50.8      31.1       46.3       
ounces)                        Sept 2019       540.7           512.6       61.0       205.1     127.3      49.7      28.1       64.8       
Gold sold (000 managed         Sept 2020       556.1           531.9       65.9       213.5     127.3      61.9      24.3       40.6       
equivalent ounces)             June 2020       578.8           551.2       39.8       223.0     144.5      50.8      27.6       52.6       
                               Sept 2019       523.2           494.9       58.4       205.4     127.3      49.7      28.4       65.6       
Cost of sales                  Sept 2020      (368.4)         (337.7)     (58.6)     (137.0)    (77.6)    (28.6)    (30.7)     (28.1)     
before amortisation            June 2020      (399.9)         (378.0)     (41.4)     (147.7)    (79.6)    (46.3)    (21.9)     (44.8)     
and depreciation (million)     Sept 2019      (374.8)         (350.7)     (64.2)     (141.2)    (82.7)    (34.5)    (24.0)     (39.3)     
Cost of sales before           Sept 2020          41              41        102          32        21        59        42         20         
gold inventory                 June 2020          35              35         98          27        19        45        34         23         
change and amortisation        Sept 2019          46              44        120          28        25        34        32         25
and depreciation                                                                                                             
(dollar per tonne)                                                                                                           
Sustaining capital             Sept 2020      (107.9)         (104.8)      (7.7)      (49.9)    (41.5)     (5.3)     (3.1)&     (5.2)      
(million)                      June 2020      (108.8)         (104.2)      (6.5)      (45.4)    (38.8)     (2.1)     (4.6)&     (4.4)      
                               Sept 2019       (79.7)          (74.7)      (8.0)      (33.9)    (27.1)     (1.9)     (4.9)     (12.6)     
Non-sustaining capital         Sept 2020       (28.1)          (22.7)      (1.3)       (6.8)        -      (1.4)     (5.4)      (7.4)      
(million)                      June 2020       (20.2)          (14.5)      (0.1)       (7.7)        -      (2.1)     (5.6)      (3.4)      
                               Sept 2019       (55.4)          (54.3)         -       (18.2)        -     (17.1)     (1.1)      (3.1)      
Total capital                  Sept 2020      (136.0)         (127.5)      (9.0)      (56.7)    (41.5)     (6.7)     (8.5)     (12.6)     
expenditure (million)          June 2020      (128.9)         (118.7)      (6.6)      (53.1)    (38.8)     (4.2)    (10.2)      (7.7)      
                               Sept 2019      (135.1)         (129.0)      (8.0)      (52.1)    (27.1)    (19.0)     (6.0)     (15.7)     
All-in-sustaining costs        Sept 2020         956             930      1,055       1,030     1,099       710     1,488        271        
(dollar per ounce)             June 2020         987             983      1,227       1,021       982     1,108     1,067        669        
                               Sept 2019         940             925      1,258         967       969       842     1,179        604        
Total all-in-cost (dollar      Sept 2020       1,011             975      1,075       1,068     1,099       732     1,760        594        
per ounce)                     June 2020       1,025           1,011      1,231       1,060       982     1,149     1,305        783        
                               Sept 2019       1,057           1,042      1,258       1,067       969     1,185     1,301        698        

Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and
September 2019 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020,
June 2020 and September 2019 quarters, respectively.
Figures may not add as they are rounded independently.
- Equity accounted Joint Venture.
& Includes Gold Fields 45% share of deferred stripping of US$1.5m and US$1.4m (100% basis US$3.4m and US$3.1m) for
  the September 2020 and June 2020 quarters, respectively.

SALIENT FEATURES AND COST BENCHMARKS continued
                                                                                                                                          South African
                                                                                                                                                   Rand
                                                        United States Dollars                                 Australian Dollars
                                                                                                                                                  South
                                                              Australia                                            Australia                     Africa
                                                                Region                                               Region                      Region
                                                              Australia                                            Australia
Figures are in millions                                                   Granny    Gruyere                                  Granny   Gruyere     South  
unless otherwise stated                    Total    St Ives      Agnew     Smith        50%       Total   St Ives    Agnew    Smith       50%      Deep   
Operating Results                                                                                                                                              
Ore milled/treated            Sept 2020    2,825      1,122        334       425        944       2,825     1,122      334      425       944       563      
(000 tonnes)                  June 2020    3,280      1,362        377       448      1,094       3,280     1,362      377      448     1,094       408      
                              Sept 2019    2,396      1,070        307       464        555       2,396     1,070      307      464       555       563      
Yield (grams per tonne)       Sept 2020      2.7        2.5        5.8       5.1        0.9         2.7       2.5      5.8      5.1       0.9       3.6      
                              June 2020      2.4        2.2        4.8       4.7        1.0         2.4       2.2      4.8      4.7       1.0       3.0      
                              Sept 2019      2.7        2.2        5.1       4.7        0.8         2.7       2.2      5.1      4.7       0.8       3.4      
Gold produced (000            Sept 2020    249.6       90.5       62.1      69.1       28.0       249.6      90.5     62.1     69.1      28.0     2,019    
managed equivalent ounces)    June 2020    256.9       94.9       58.5      67.5       35.9       256.9      94.9     58.5     67.5      35.9     1,238    
                              Sept 2019    209.8       75.2       50.4      69.7       14.6       209.8      75.2     50.4     69.7      14.6     1,897    
Gold sold (000 managed        Sept 2020    236.2       86.9       58.4      62.5       28.4       236.2      86.9     58.4     62.5      28.4     2,049    
equivalent ounces)            June 2020    263.4      103.8       57.2      67.4       35.1       263.4     103.8     57.2     67.4      35.1     1,238    
                              Sept 2019    193.7       78.2       45.7      69.8          -       193.7      78.2     45.7     69.8      -        1,818    
Cost of sales before          Sept 2020   (144.7)     (48.2)     (40.5)    (38.7)     (17.3)     (199.6)    (65.7)   (56.3)   (53.6)    (23.9)   (990.1)  
amortisation and              June 2020   (166.0)     (63.4)     (42.1)    (41.7)     (18.8)     (255.9)    (97.8)   (64.8)   (64.3)    (29.0)   (774.3)  
depreciation (million)        Sept 2019   (130.1)     (53.2)     (36.2)    (40.7)         -      (189.7)    (77.6)   (52.8)   (59.2)        -    (936.5)  
Cost of sales before gold     Sept 2020       59         60        115       101         19          83        85      159      141        27     1,726    
inventory change and          June 2020       49         44        113        92         16          76        68      173      141        25     1,846    
amortisation and depreciation Sept 2019       78         57        140        88         -          114        82      203      127        -      1,742    
(dollar per tonne)                                                                                                                                        
Sustaining capital (million)  Sept 2020    (45.1)     (11.2)     (12.0)    (13.0)      (8.9)      (62.9)    (15.0)   (16.8)   (18.4)    (12.7)   (130.6)  
                              June 2020    (52.5)     (17.0)     (12.9)    (15.5)      (7.0)      (80.6)    (26.3)   (19.9)   (23.7)    (10.8)   (118.0)  
                              Sept 2019    (25.1)      (9.9)      (8.9)     (6.3)         -       (36.6)    (14.5)   (13.0)    (9.1)        -    (117.1)  
Non-sustaining capital        Sept 2020    (12.6)      (4.7)      (2.7)     (4.9)      (0.3)      (17.7)     (6.7)    (3.8)    (6.8)     (0.3)    (22.3)   
(million)                     June 2020     (9.0)      (2.3)      (2.7)     (3.5)      (0.4)      (13.9)     (3.6)    (4.2)    (5.5)     (0.6)     (3.2)    
                              Sept 2019    (34.1)     (13.8)      (6.3)    (11.4)      (2.5)      (50.0)    (20.1)    (9.5)   (16.7)     (3.7)        -        
Total capital expenditure     Sept 2020    (57.7)     (15.9)     (14.7)    (17.9)      (9.2)      (80.6)    (21.7)   (20.6)   (25.2)    (13.0)   (152.9)  
(million)                     June 2020    (61.4)     (19.3)     (15.6)    (19.0)      (7.4)      (94.4)    (29.8)   (24.0)   (29.2)    (11.4)   (121.2)  
                              Sept 2019    (59.2)     (23.7)     (15.2)    (17.7)      (2.5)      (86.6)    (34.6)   (22.5)   (25.8)     (3.7)   (117.1)  
All-in-sustaining costs       Sept 2020      931        785      1,039       965      1,076       1,288     1,071    1,448    1,342     1,505    572,447  
(dollar per ounce)            June 2020      959        878      1,119       991        874       1,476     1,353    1,723    1,524     1,345    735,521  
                              Sept 2019      878        873      1,061       763          -       1,280     1,275    1,548    1,109         -    588,855  
Total all-in-cost             Sept 2020      984        839      1,085     1,044      1,085       1,363     1,149    1,513    1,451     1,518    583,344  
(dollar per ounce)            June 2020      993        900      1,167     1,043        886       1,529     1,388    1,796    1,606     1,363    738,079  
                              Sept 2019    1,054      1,050      1,200       927          -       1,538     1,533    1,756    1,347         -    588,855  

Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and
September 2019 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020,
June 2020 and September 2019 quarters, respectively.
Figures may not add as they are rounded independently.

REVIEW OF OPERATIONS
Quarter ended 30 September 2020 compared with quarter ended 30 June 2020    

Figures may not add as they are rounded independently.
South Africa region
South Deep
                                           Sept             June              %           
                                           2020             2020       Variance    
                                  000         
Ore mined                      tonnes       341              215            59%    
                                  000           
Waste mined                    tonnes        25                8           213%
                                  000       
Total tonnes                   tonnes       366              223            64%
Grade mined -                          
underground reef                  g/t      6.37             6.74           (5)%
Grade mined -                        
underground total                 g/t      5.94             6.51           (9)%
                                  kg       2,174           1,452            50%     
Gold mined                        000'oz   69.9             46.7            50%
Destress                          m2       10,533          5,751            83%
Development                       m           995            638            56%         
Secondary support                 m         3,322          1,273           161%        
Backfill                          m3      113,027         50,923           122%        
Ore milled -                     000                  
underground reef               tonnes         329            210            57%
Ore milled -                      000          
underground waste              tonnes           6              8           (25)%
                                  000                 
Ore milled - surface           tonnes         228             191            19%    
                                  000          
Total tonnes milled            tonnes         563             408            38%    
Yield - underground reef          g/t        6.07            5.80             5%    
Surface yield                     g/t        0.08            0.10          (20)%    
Total yield                       g/t        3.59            3.03            18%    
Gold produced                      kg       2,019           1,238            63%                
                               000'oz        64.9            39.8            63%    
Gold sold                          kg       2,049           1,238            66%                   
                               000'oz        65.9            39.8            66%    
AISC - revised                   R/kg     572,447         735,521          (22)%    
interpretation guidance                                                            
(WGC November 2018)            US$/oz       1,055           1,227          (14)%              
                                 R/kg     583,344         738,079          (21)%    
AIC                            US$/oz       1,075           1,231          (13)%               
Sustaining capital                 Rm       130.6           118.0            11%        
expenditure                      US$m         7.7             6.5            18%             

Non-sustaining capital             Rm        22.3             3.2           597%                    
expenditure                      US$m         1.3             0.1          1200%            
                                   Rm       152.9           121.2            26%    
Total capital expenditure        US$m         9.0             6.6            36% 

South Deep was significantly impacted by the COVID-19 pandemic and related lockdown restrictions during Q2 2020. The
mine has slowly ramped up production as labour numbers returned to normal, while adherence to COVID-19 protocols has
continued in order to manage the pandemic.   

Gold production increased by 63% to 2,019kg (64,900oz) in the September quarter from 1,238kg (39,800oz) in the June
quarter due to an increase in volume mined.  

Underground reef grade mined decreased by 6% to 6.37g/t in the September quarter from 6.74g/t in the June quarter as a
result of an increase in destress mining as well as mining lower grade stopes compared to Q2. The reduction in broken
grade is in line with the mining sequence. Reef yield increased by 5% to 6.07g/t in the September quarter from 5.80g/t 
in the June quarter.  

Development increased by 56% to 995m in the September quarter from 638m in the June quarter, while destress increased
by 83% to 10,533m2 in the September quarter from 5,751m2 in the June quarter. These increases are mainly as a result of
production ramp-up post COVID-19 restrictions. Similarly, secondary support and backfill increased by 161%
quarter-on-quarter and 122% quarter-on-quarter, respectively. 

All-in cost decreased by 21% to R583,344/kg (US$1,075/oz) in the September quarter from R738,079/kg (US$1,231/oz) in
the June quarter mainly driven by higher gold sold, partially offset by higher cost of sales before amortisation and
depreciation and higher capital expenditure.

West Africa region
Ghana
Tarkwa
                                                 Sept            June             %           
                                                 2020            2020      Variance    
                                  000                 
Ore mined                      tonnes           2,613           3,024         (14)%     
                                  000                    
Waste (Capital)                tonnes          12,804          13,495          (5)%     
                                  000                
Waste (Operational)            tonnes           6,281           7,382         (15)%     
                                  000                   
Total waste mined              tonnes          19,085          20,877          (9)%     
                                  000                   
Total tonnes mined             tonnes          21,698          23,901          (9)%     
                            waste/ore               
Strip ratio                                       7.3             6.9            6%     
Grade mined                       g/t            1.40            1.37            2%     
Gold mined                     000'oz           117.7           133.2         (12)%     
                                  000                   
Tonnes milled                  tonnes           3,468           3,835         (10)%     
Yield                             g/t            1.14            1.17          (3)%     
Gold produced                  000'oz           127.3           144.5         (12)%     
Gold sold                      000'oz           127.3           144.5         (12)%     
AISC - revised                         
interpretation guidance                                                              
(WGC November 2018)            US$/oz           1,099             982           12%     
AIC                            US$/oz           1,099             982           12%
Sustaining capital                      
expenditure                      US$m            41.5            38.8            7%     
Non-sustaining                      
expenditure                      US$m               -                -           -%     
Total capital expenditure       US$m             41.5             38.8           7%  

Gold production decreased by 12% to 127,300oz in the September quarter from 144,500oz in the June quarter mainly due
to lower tonnes milled as a result of lower production days. Yield decreased by 3% to 1.14g/t in the September quarter
from 1.17g/t in the June quarter. The difference between the mined grade of 1.40g/t and the yield of 1.14g/t is
attributable to lower grade stockpiles processed.

Ore processed in the September quarter included 1.0Mt of stockpiles at an average head grade of 0.78g/t compared to
1.1Mt of stockpiles at an average head grade of 0.80g/t processed in the June quarter.

All-in cost increased by 12% to US$1,099/oz in the September quarter from US$982/oz in the June quarter due to lower
gold sold and higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation.
Capital expenditure increased by 7% to US$41.5 million in the September quarter from US$38.8 million in the June
quarter.

All-in cost for Tarkwa is expected to be US$1,020/oz, above original guidance for 2020 (US$970/oz), mainly as a result
of higher royalties on the back of a higher gold price realised and additional COVID-19 costs. The higher cost guidance
is already factored into Group guidance. 

Damang
                                              Sept       June 2020             %           
                                              2020                      Variance    
                                  000                 
Ore mined                      tonnes         2,265          1,470           54%   
                                  000                      
Waste (Capital)                tonnes              -            -             -%   
                                  000                   
Waste (Operational)            tonnes          5,609         6,671         (16)%   
                                  000                 
Total waste mined              tonnes          5,609         6,671         (16)%   
                                  000                  
Total tonnes mined             tonnes          7,874         8,141          (3)%   
                            waste/ore               
Strip ratio                                      2.5           4.5         (44)%        
Grade mined                       g/t           1.57          1.51            4%   
Gold mined                     000'oz          114.6          71.2           61%   
                                  000                   
Tonnes milled                  tonnes          1,167         1,277          (9)%   
Yield                             g/t           1.65          1.24           33%   
Gold produced                  000'oz           61.9          50.8           22%   
Gold sold                      000'oz           61.9          50.8           22%   
AISC - revised                        
interpretation guidance                                                            
(WGC November 2018)            US$/oz            710         1,108         (36)%        
AIC                            US$/oz            732         1,149         (36)%   
Sustaining capital                   
expenditure                      US$m            5.3           2.1          152%         
Non-sustaining                       
expenditure                      US$m            1.4           2.1         (33)%                 
Total capital expenditure        US$m            6.7           4.2           60%

Gold production increased by 22% to 61,900oz in the September quarter from 50,800oz in the June quarter mainly due to
higher yield. Yield increased by 33% to 1.65g/t in the September quarter from 1.24g/t in the June quarter due to higher
grades fed from the Damang Pit Cutback as the mining transitioned from the Huni Sandstones to the better mineralised
lithologies. Mining transitioned through the bulk of the Huni Sandstone during the quarter, with minimal volumes of Huni
Sandstone remaining.

Total tonnes mined decreased by 3% to 7.9Mt in the September quarter from 8.1Mt in the June quarter mainly due to less
production days following the change in the production calendar in the June quarter. However, ore tonnes mined
increased by 54% to 2.3Mt in the September quarter from 1.5Mt in the June quarter due to improved equipment availability 
and mining in exposed ore areas.

Gold mined increased by 61% to 115koz in the September quarter from 71koz in the June quarter due to higher ore tonnes
and grade mined.

All-in cost decreased by 36% to US$732/oz in the September quarter from US$1,149/oz in the June quarter mainly due to
higher gold sold and lower cost of sales before amortisation and depreciation, partially offset by higher capital
expenditure. 

Sustaining capital expenditure increased by 152% to US$5.3m in the September quarter from US$2.1m in the June quarter
mainly due to expenditure incurred on engineering projects, gravity screens and a Knelson concentrator. Non-sustaining
capital expenditure decreased by 33% to US$1.4m in the September quarter from US$2.1m in the June quarter due to timing
of capital expenditure for the second phase of the Far East Tailings Storage Facility (FETSF) raise. 

Asanko (Equity accounted Joint Venture)
                                              Sept             June             %
                                              2020             2020      Variance    
                                  000                 
Ore mined                      tonnes          958            1,361         (30)%   
                                  000                    
Waste (Capital)                tonnes          3,161          1,680           88%   
                                  000                  
Waste (Operational)            tonnes          8,160          6,448           27%   
                                  000                  
Total waste mined              tonnes         11,321          8,128           39%   
                                  000                    
Total tonnes mined             tonnes         12,279          9,488           29%   
                               waste/            
Strip ratio                       ore           11.8            6.0           97%   
Grade mined                       g/t           1.35           1.41          (4)%   
Gold mined                     000'oz           41.6           61.8         (33)%   
                                  000                  
Tonnes milled                  tonnes          1,467          1,638         (10)%   
Yield                             g/t           1.04           1.31         (21)%   
Gold produced                  000'oz           49.0           69.0         (29)%   
Gold sold                      000'oz           53.9           61.4         (12)%   
AISC - revised                        
interpretation guidance                                                             
(WGC November 2018)            US$/oz         1,488          1,067           39%    
AIC                            US$/oz         1,760          1,305           35%    
Sustaining capital                  
expenditure                      US$m           7.0           10.2         (31)%    
Non-sustaining                      
expenditure                      US$m          12.1           12.5          (3)%    
Total capital expenditure        US$m          19.1           22.7         (16)%   

All figures in table on a 100% basis.

Gold production decreased by 29% to 49,000oz (100% basis) in the September quarter from 69,000oz (100% basis) in the
June quarter mainly due to lower yield and tonnes milled. Yield decreased by 21% to 1.04g/t in the September quarter from
1.31g/t in the June quarter.

Total tonnes mined increased by 29% to 12.3Mt in the September quarter from 9.5Mt in the June quarter on the back of
increased stripping at the Esaase and Akwasiso pits. Ore tonnes mined decreased by 30% to 1Mt in the September quarter
from 1.4Mt in the June quarter. The Nkran Cut 2 west wall failure has forced the team to look for other ore sources and as
a result has required the acceleration of stripping activities to expose more ore.

Waste tonnes mined increased by 39% to 11.3Mt in the September quarter from 8.1Mt in the June quarter due to
accelerated stripping of the Esaase main pit to expose ore source for Q4. Further updates will be given in the March 2021 
quarter after review of the long term plan.

The accelerated stripping to expose new ore sources has significantly increased costs. This increased stripping
together with increased exploration activity has resulted in a 35% increase in all-in cost to US$1,760/oz in the September
quarter from US$1,305/oz in the June quarter.

Sustaining capital expenditure decreased by 31% to US$7.0m in the September quarter from US$10.2m in the June quarter
mainly due to timing of expenditure on the TSF raise. Non-sustaining capital expenditure decreased by 3% to US$12.1m in
the September quarter from US$12.5m in the June quarter due to timing.


South America region
Peru
Cerro Corona
                                                  Sept        June             %
                                                  2020        2020      Variance    
                                       000           
Ore mined                           tonnes       1,700       1,465          16%
                                       000       
Waste mined                         tonnes       2,645       1,116         137%
                                       000       
Total tonnes mined                  tonnes       4,345       2,581          68%
Grade mined - gold                     g/t        0.87        0.85           2%    
Grade mined - copper              per cent        0.40        0.44         (9)%
Gold mined                          000'oz        47.5        39.9          19%
                                       000             
Copper mined                        tonnes       6,799       6,417           6%
                                       000               
Tonnes milled                       tonnes       1,751       1,690           4%
Gold recovery                     per cent        67.1       67.1            -%
Copper recovery                   per cent        87.2       87.7          (1)%
Yield - Gold                           g/t        0.56       0.53            6%    
 - Copper                         per cent        0.36       0.38          (5)%
 - Combined                         eq g/t        0.90       0.85            6% 
Gold produced                       000'oz        30.1       27.4           10%
Copper produced                     tonnes       5,973      6,084          (2)%
Total equivalent gold produced        000'              
                                     eq oz        50.5       46.3            9%
                                      000'        40.6       52.6         (23)%
Total equivalent gold sold           eq oz                                      
AISC - revised                      US$/oz         271        669         (59)%
interpretation guidance                                                        
(WGC November 2018)                   US$/         953      1,086         (12)%
AISC                                 eq oz                                      
AIC                                 US$/oz         594        783         (24)%
                                      US$/       1,146      1,152          (1)% 
AIC                                  eq oz                                      
Sustaining capital                    US$m         5.2        4.4           18%  
expenditure                                                                    
Non-sustaining                        US$m         7.4        3.4          118% 
expenditure                                                                    
Total capital expenditure             US$m        12.6       7.7            64%

Gold equivalent gold production increased by 9% to 50,500oz in the September quarter from 46,300oz in the June quarter
due to higher gold grades processed, together with a higher price factor, resulting from the higher copper price during
the September quarter.

 Total tonnes mined increased by 68% to 4.3Mt in the September quarter from 2.6Mt in the June quarter due to the
increase in the workforce and mining fleet after COVID-19 restrictions were lifted. A waste recovery plan has been
implemented, which includes progressive increase of the mining fleet and building an access ramp on the north of the pit to
implement an additional mining front in 2021. 

Gold yield increased by 6% to 0.56g/t in the September quarter from 0.53g/t in the June quarter due to a 6% increase
in gold head grade processed to 0.83g/t in the September quarter from 0.78g/t in the June quarter. The copper yield
decreased by 5% to 0.36% in the September quarter from 0.38% in the June quarter on the back of a decrease in copper head
grade processed.

All-in cost per gold ounce decreased by 24% to US$594/oz in the September quarter from US$783/oz in the June quarter
driven by lower operating expenses and the positive impact of inventory movement resulting from higher closing
concentrate stocks, partially offset by lower by-product credits, lower gold ounces sold and higher capital expenditure. 
All-in cost per equivalent ounce decreased by 1% to US$1,146 per equivalent ounce in the September quarter from US$1,152 per
equivalent ounce in the June quarter driven mainly by the positive impact of the inventory movement.

Capital expenditure increased by 64% to US$12.6 million in the September quarter from US$7.7 million in the June
quarter due to increased construction activities at the tailings dam and waste storage facilities following the impact of
COVID-19 restrictions in the June quarter.

All-in cost for Cerro Corona is expected to be US$1,120/oz gold equivalent (US$790/oz gold), above original guidance
for 2020 (US$830/oz gold equivalent, US$575/oz gold), mainly as a result of lower production on the back of COVID-19
interruptions, additional COVID-19 costs and additional royalties due to higher metal prices. The higher cost guidance 
is already factored into Group guidance.

Australia region
St Ives
                                                 Sept            June             %           
                                                 2020            2020      Variance    
Underground                                                                            
                                    000                                      
Ore mined                        tonnes           467             484          (4)%   
                                    000                                
Waste mined                      tonnes           161             214         (25)%   
                                    000                                
Total tonnes mined               tonnes           628             698         (10)%   
Grade mined                         g/t          5.64            5.46            3%      
Gold mined                       000'oz          84.7            85.0            -%   
Surface                                                                               
                                    000                              
Ore mined                        tonnes           461             791         (42)%   
                                    000                              
Surface waste (Capital)          tonnes            11           1,331         (99)%   
Surface waste (Operational)         000                               
                                 tonnes         1,628           1,970         (17)%   
                                     000                              
Total waste mined                tonnes         1,639           3,300         (50)%   
                                    000                               
Total tonnes mined               tonnes         2,100           4,092         (49)%   
Grade mined                         g/t          1.76            1.21           45%      
Gold mined                       000'oz          26.1            30.7         (15)%  
                                 waste/                              
Strip ratio                        ore            3.6             4.2          (15)%  
Total (Underground                                                                    
and Surface)                                                                          
                                    000                             
Total ore mined                  tonnes           928           1,275          (27)%  
                                    g/t          3.71            2.82            32%     
Total grade mined                                                                     
Total tonnes mined                  000                                
                                 tonnes         2,728          4,789          (43)%  
Total gold mined                 000'oz         110.8          115.6           (4)%  
                                    000                          
Tonnes milled                    tonnes         1,122          1,362          (18)%  
Yield - underground                 g/t          4.18           4.58           (9)%     
Yield - surface                     g/t          1.24           1.06            17%     
Yield - combined                    g/t          2.51           2.17            16%     
Gold produced                    000'oz          90.5           94.9           (5)%  
Gold sold                        000'oz          86.9          103.8          (16)%  
AISC - revised                    A$/oz         1,071          1,353          (21)%   
interpretation guidance                                                              
(WGC November 2018)              US$/oz           785            878          (11)%  
                                  A$/oz         1,149          1,388          (17)%   
AIC                              US$/oz           839            900           (7)%   
                                          
Sustaining capital                  A$m          15.0           26.3          (43)%    
expenditure                                                                          
                                   US$m          11.2           17.0          (34)%   
Non-sustaining capital                                     
expenditure                         A$m           6.7            3.6            86%   
                                   US$m           4.7            2.3           104%   
Total capital                       A$m          21.7           29.8          (27)%   
expenditure                        US$m          15.9           19.3          (18)% 

Gold production decreased by 5% to 90,500oz in the September quarter from 94,900oz in the June quarter as an 18%
decrease in tonnes milled was partially offset by a 16% increase in yield. 

Total tonnes mined at the underground mines decreased by 10% to 628,000t in the September quarter from 698,000t in the
June quarter due to less production days in the September quarter compared to the June quarter. During the September
quarter the underground development fleet was rationalised and emphasis shifted to ore production. 

Total waste tonnes mined in the open pits decreased by 50% to 1.6 Mt in the September quarter from 3.3Mt in the June
quarter. Capital waste tonnes decreased by 99% to 11,000t in the September quarter from 1.3Mt in the June quarter,
following the conclusion of pre-strip activities at Neptune stage 6 pit early in the September quarter. Operational waste
tonnes decreased by 17% to 1.6Mt in the September quarter from 2.0Mt in the June quarter. Year-to-date the open pit
production is in line with the planned mining sequence and during Q3 the mining fleet was also utilised to focus on 
additional progressive rehabilitation. In addition the current quarter had a reduced number of days compared to the 
previous quarter.

Ore tonnes mined at the open pits decreased by 42% to 461,000t in the September quarter from 791,000t in the June
quarter, with all open pit ore being sourced from Neptune pit stages 5 and 6. Pre-strip activities of Neptune stage 
7 pit will commence in November 2020.

Surface mined grade increased by 45% to 1.76g/t in the September quarter from 1.21g/t in the June quarter with high
grade ore sourced from Neptune stage 6 pit.

Total tonnes processed decreased by 18% to 1.12Mt in the September quarter from 1.36Mt in the June quarter due to less
production days in the September quarter compared to the June quarter and a four day planned mill shutdown to replace
liners.

All-in cost decreased by 17% to A$1,149/oz (US$839/oz) in the September quarter from A$1,388/oz (US$900/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially
offset by lower gold sold.

Capital expenditure decreased by 27% to A$22 million (US$16 million) in the September quarter from A$30 million 
(US$19 million) in the June quarter following the conclusion of Neptune stage 6 pre-strip activities during the 
September quarter.


Agnew
                                                          Sept       June             %
                                                          2020       2020      Variance   
Underground ore mined                             000      297        354         (16)% 
                                               tonnes                                   
Underground waste mined                           000      184        210         (12)% 
                                               tonnes                                   
Total tonnes mined                                000      481        564         (15)% 
                                               tonnes                                     
Grade mined - underground                         g/t     6.39       5.33           20%   
Gold mined                                     000'oz     61.0       60.6            1%    
Tonnes milled                                     000      334        377         (11)% 
                                               tonnes                                     
Yield                                             g/t     5.78       4.83           20%   
Gold produced                                  000'oz     62.1       58.5            6%    
Gold sold                                      000'oz     58.4       57.2            2%    
AISC - revised                                  A$/oz    1,448      1,723         (16)% 
interpretation guidance                                                                   
(WGC November 2018)                            US$/oz    1,039      1,119          (7)%  
                                                A$/oz    1,513      1,796         (16)% 
AIC                                           US$/oz     1,085      1,167          (7)%  
Sustaining capital                                A$m     16.8       19.9         (16)% 
expenditure                                      US$m     12.0       12.9          (7)%  
Non-sustaining capital                            A$m      3.8        4.          (10)% 
expenditure                                      US$m      2.7        2.7            -%    
Total capital                                     A$m     20.6       24.0         (14)% 
expenditure                                      US$m     14.7       15.6          (6)%  

Gold production increased by 6% to 62,100oz in the September quarter from 58,500oz in the June quarter due to an
increase in grade of ore mined and processed.

Total tonnes mined decreased by 15% to 481,000t in the September quarter from 564,000t in the June quarter mainly due
to less production days in the September quarter compared to the June quarter.

Mined grade increased by 20% to 6.39g/t in the September quarter from 5.33g/t in the June quarter, with mining of the
higher grade Waroonga North lower and Kath areas continuing, together with improved grades achieved from the New Holland
Sheba area. 

Tonnes processed decreased by 11% to 334,000t in the September quarter from 377,000t in the June quarter due to less
production days in the September quarter compared to the June quarter.

All-in cost decreased by 16% to A$1,513/oz (US$1,085/oz) in the September quarter from A$1,796/oz (US$1,167/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, as well as
increased gold sold.

Capital expenditure decreased by 14% to A$21 million (US$15 million) in the September quarter from A$24 million 
(US$16 million) in the June quarter with decreased capital development in the Sheba and Kath areas.

Granny Smith
                                                          Sept       June             %    
                                                          2020       2020      Variance    
                                                 000       405        452         (10)%       
Underground ore mined                         tonnes                                            
                                                 000       180        169            7%          
Underground waste mined                       tonnes                                            
                                                 000       585        621          (6)%        
Total tonnes mined                            tonnes                                            
Grade mined - underground                        g/t      5.63       5.05           11%         
Gold mined                                    000'oz      73.3       73.5            -%          
Tonnes milled                                    000       425        448          (5)%        
                                              tonnes                                            
Yield                                            g/t      5.06       4.68            8%          
Gold produced                                 000'oz      69.1       67.5            2%          
Gold sold                                     000'oz      62.5       67.4          (7)%        
AISC - revised                                 A$/oz     1,342      1,524         (12)%       
interpretation guidance                                                                         
(WGC November 2018)                           US$/oz       965        991          (3)%
                                               A$/oz     1,451      1,606         (10)%       
AIC                                           US$/oz     1,044      1,043            -%          
Sustaining capital                               A$m      18.4       23.7         (22)%       
expenditure                                     US$m      13.0       15.5         (16)%       
Non-sustaining capital                           A$m       6.8        5.5           24%         
expenditure                                     US$m       4.9        3.5           40%         
Total capital expenditure                        A$m      25.2       29.2         (14)%       
                                                US$m      17.9       19.0          (6)%        

Gold production increased by 2% to 69,100oz in the September quarter from 67,500oz in the June quarter due to higher
grades mined and processed.

Grade mined increased by 11% to 5.63g/t in the September quarter from 5.05g/t in the June quarter as high-grade stopes
were mined during the quarter, in line with the mining sequence. In addition, higher grade development ore was
realised.

All-in cost decreased by 10% to A$1,451/oz (US$1,044/oz) in the September quarter from A$1,606/oz (US$1,043/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially
offset by a decrease in gold sold.

Capital expenditure decreased by 14% to A$25 million (US$18 million) in the September quarter from A$29 million 
US$19 million) in the June quarter following the purchase of a replacement underground drill rig in the June quarter.

Non-sustaining capital expenditure increased by 24% to A$7 million (US$5 million) from A$6 million (US$4 million) in
the June quarter due to increased capital development in the Zone 135 area. Stoping activities in this area are scheduled
to commence in 2022.

Gruyere
                                                           Sept       June             %           
                                                           2020       2020      Variance    
                                                 000      1,858      2,125         (13)%       
Ore mined                                     tonnes                                       
                                                 000      5,140      2,879           79%         
Waste (Capital)                               tonnes                                       
                                                 000        548        946         (42)%       
Waste (Operational)                           tonnes                                       
                                                 000      5,688      3,825           49%         
Total waste mined                             tonnes                                          
                                                 000      7,546      5,950           27%         
Total tonnes mined                            tonnes                                       
Grade mined                                      g/t       1.03       1.06          (3)%        
Gold mined                                    000'oz       61.4       72.4         (15)%       
Strip ratio                                waste/ore        3.1        1.8                      
                                                 000      1,889      2,187         (14)%       
Tonnes milled                                 tonnes                                             
Yield                                            g/t       0.92       1.02         (10)%       
Gold produced                                 000'oz       55.9       71.9         (22)%       
Gold sold                                     000'oz       56.8       70.2         (19)%       
AISC - revised                                 A$/oz      1,505      1,345           12%         
interpretation guidance                                                                          
(WGC November 2018)                           US$/oz      1,076        874           23%         
                                               A$/oz      1,518      1,363           11%         
AIC                                           US$/oz      1,085        886           22%         
Sustaining capital                               A$m       12.7       10.8           18%         
expenditure - 50% basis                         US$m        8.9        7.0           27%         
Non-sustaining capital                           A$m        0.3        0.6         (43)%       
expenditure - 50% basis                         US$m        0.3        0.4         (37)%       
Total capital expenditure -                      A$m       13.0       11.4           15%         
50% basis                                       US$m        9.2        7.4           23%         

Mine physicals in table on a 100% basis.

Gold production decreased by 22% to 55,900oz in the September quarter from 71,900oz in the June quarter due to
decreased ore processed and decreased yield.

Ore tonnes mined decreased by 13% to 1.86Mt in the September quarter from 2.13Mt in the June quarter as mining
activity focused on stripping in stages 2 and 3 of the pit.

Yield decreased by 10% to 0.92g/t in the September quarter from 1.02g/t in the June quarter due to the processing of
low grade stockpiles together with a decrease in grade of ore from source.

Tonnes processed decreased by 14% to 1.89Mt in the September quarter from 2.19Mt in the June quarter with decreased
availability at the processing plant due to less production days in the September quarter compared to the June quarter,
combined with an extended planned shutdown to perform a full reline on the SAG mill and crusher. A ball mill bearing
failure on restarting the process plant after the shutdown impacted production for a further seven days. A specialist team
was mobilised and the root cause of the failure was determined and rectified prior to the installation of a replacement
bearing.   

All-in cost increased by 11% to A$1,518/oz (US$1,085oz) in the September quarter from A$1,363/oz (US$886/oz) in the
June quarter due to lower gold sold and increased capital expenditure, partially offset by lower cost of sale before
amortisation and depreciation.

Capital expenditure (on a 50% basis) increased by 15% to A$13 million (US$9 million) in the September quarter from
A$11 million (US$7 million) in the June quarter with pre-strip activities at the Gruyere pit stage 3 continuing during the
quarter. 

All-in cost for Gruyere is expected to be A$1,350/oz (US$945/oz), above original guidance for 2020 (A$1,150/oz,
US$795/oz), mainly as a result of lower production due to plant downtime resulting from a ball mill motor bearing failure
(previously reported on by Gold Road) and mill configuration changes to cater for increased fresh rock processing, higher
processing and COVID-19 relating expenditure, as well as additional royalties due to a higher gold price realised. The
higher cost guidance is already factored into Group guidance.

UNDERGROUND AND SURFACE
                                               South                                        South                         
                                              Africa                                      America
                                  Total Mine  Region           West Africa Region          Region                Australia Region
                                  operations
                                   including                                                                                       
                                      equity                         Ghana                    Peru                  Australia
                                   accounted                                                                                                               
Imperial ounces with metric            Joint   South                               Asanko    Cerro                              Granny   Gruyere 
tonnes and grade                     Venture    Deep     Total   Tarkwa   Damang      45%   Corona      Total  St Ives   Agnew   Smith       50%   
Tonnes mined              Sept 2020    1,511     341         -        -        -        -        -      1,169      467     297     405         -          
(000 tonnes)*             June 2020    1,506     215         -        -        -        -        -      1,290      484     354     452         -          
- underground ore         Sept 2019    1,441     328         -        -        -        -        -      1,113      302     360     451         -          
- underground waste       Sept 2020      550      25         -        -        -        -        -        525      161     184     180         -          
                          June 2020      600       8         -        -        -        -        -        593      214     210     169         -          
                          Sept 2019      572      11         -        -        -        -        -        561      225     161     175         -          
- surface ore             Sept 2020    8,399       -     5,309    2,613    2,265      431    1,700      1,390      461       -       -       929        
                          June 2020    8,425       -     5,107    3,024    1,470      612    1,465      1,854      791       -       -     1,062      
                          Sept 2019    9,403       -     5,163    3,666    1,000      497    2,070      2,170    1,115       -       -     1,055      
- total                   Sept 2020   10,460     366     5,309    2,613    2,265      431    1,700      3,085    1,090     480     586       929        
                          June 2020   10,531     223     5,107    3,024    1,470      612    1,465      3,737    1,489     564     621     1,062      
                          Sept 2019   11,416     339     5,163    3,666    1,000      497    2,070      3,844    1,642     521     626     1,055      
Grade mined               Sept 2020      5.9     6.4         -        -        -        -        -        5.8      5.6     6.4     5.6         -          
(grams per tonne)         June 2020      5.5     6.7         -        -        -        -        -        5.3      5.5     5.3     5.1         -          
- underground ore         Sept 2019      4.9     5.7         -        -        -        -        -        4.7      3.9     4.9     5.1         -          
- surface ore             Sept 2020      1.3       -       1.5      1.4      1.6      1.4      0.9        1.3      1.8       -       -       1.0        
                          June 2020      1.3       -       1.4      1.4      1.5      1.4      0.8        1.1      1.2       -       -       1.1        
                          Sept 2019      1.2       -       1.3      1.2      1.6      1.5      1.0        1.2      1.6       -       -       0.9        
- total                   Sept 2020      2.0     5.9       1.5      1.4      1.6      1.4      0.9        3.4      3.7     6.4     5.6       1.0        
                          June 2020      1.9     6.5       1.4      1.4      1.5      1.4      0.8        2.8      2.8     5.3     5.1       1.1        
                          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        
Gold mined                Sept 2020    288.9    69.9         -        -        -        -        -      219.0     84.7    61.0    73.3         -          
(000 ounces)*             June 2020    265.8    46.7         -        -        -        -        -      219.1     85.0    60.6    73.5         -          
- underground ore         Sept 2019    229.0    60.2         -        -        -        -        -      168.8     37.8    56.7    74.3         -          
- surface ore             Sept 2020    355.3       -     251.0    117.7    114.6     18.7     47.5       56.8     26.1       -       -      30.7       
                          June 2020    339.0       -     232.2    133.2     71.2     27.8     39.9       66.9     30.7       -       -      36.2       
                          Sept 2019    371.3       -     217.8    143.1     51.3     23.5     66.8       86.7     56.9       -       -      29.8       
- total                   Sept 2020    644.2    69.9     251.0    117.7    114.6     18.7     47.5      275.8    110.8    61.0    73.3      30.7       
                          June 2020    604.8    46.7     232.2    133.2     71.2     27.8     39.9      286.0    115.6    60.6    73.5      36.2       
                          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       
Ore milled/treated        Sept 2020    1,571     329         -        -        -        -        -      1,242      483     334     425         -          
(000 tonnes)              June 2020    1,462     210         -        -        -        -        -      1,252      427     377     448         -          
- underground ore         Sept 2019    1,458     321         -        -        -        -        -      1,137      366     307     464         -          
- underground waste       Sept 2020        6       6         -        -        -        -        -          -        -       -       -         -          
                          June 2020        8       8         -        -        -        -        -          -        -       -       -         -          
                          Sept 2019        7       7         -        -        -        -        -          -        -       -       -         -          
- surface ore             Sept 2020    8,856     228     5,295    3,468    1,167      660    1,751      1,583      639       -       -       944        
                          June 2020    9,757     191     5,849    3,835    1,277      737    1,690      2,028      935       -       -     1,094      
                          Sept 2019    8,384     234     5,242    3,437    1,158      648    1,648      1,259      704       -       -       555        
- total                   Sept 2020   10,433     563     5,295    3,468    1,167      660    1,751      2,825    1,122     334     425       944        
                          June 2020   11,227     408     5,849    3,835    1,277      737    1,690      3,280    1,362     377     448     1,094      
                          Sept 2019    9,850     563     5,242    3,437    1,158      648    1,648      2,396    1,070     307     464       555        
Yield                     Sept 2020      5.2     6.1         -        -        -        -        -        4.9      4.2     5.8     5.1         -          
(Grams per tonne)         June 2020      4.9     5.8         -        -        -        -        -        4.7      4.6     4.8     4.7         -          
- underground ore         Sept 2019      4.7     5.8         -        -        -        -        -        4.4      3.4     5.1     4.7         -          
- surface ore             Sept 2020      1.1     0.1       1.2      1.1      1.6      1.0      0.9        1.1      1.2       -       -       0.9        
                          June 2020      1.1     0.1       1.2      1.2      1.2      1.3      0.9        1.0      1.1       -       -       1.0        
                          Sept 2019      1.2     0.2       1.2      1.2      1.3      1.3      1.2        1.2      1.6       -       -       0.8        
- combined                Sept 2020      1.7     3.6       1.2      1.1      1.6      1.0      0.9        2.7      2.5     5.8     5.1       0.9        
                          June 2020      1.6     3.0       1.2      1.2      1.2      1.3      0.9        2.4      2.2     4.8     4.7       1.0        
                          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        
Gold produced             Sept 2020    260.4    64.3         -        -        -        -        -      196.1     64.9    62.1    69.1         -          
(000 ounces)*             June 2020    228.2    39.2         -        -        -        -        -      189.0     63.0    58.5    67.5         -          
- underground ore         Sept 2019    219.2    59.7         -        -        -        -        -      159.5     39.4    50.4    69.7         -          
- surface ore             Sept 2020    315.9     0.6     211.2    127.3     61.9     22.0     50.5       53.5     25.5       -       -      28.0       
                          June 2020    341.2     0.6     226.4    144.5     50.8     31.1     46.3       67.9     31.9       -       -      35.9       
                          Sept 2019    321.5     1.3     205.1    127.3     49.7     28.1     64.8       50.3     35.7       -       -      14.6       
- total                   Sept 2020    576.3    64.9     211.2    127.3     61.9     22.0     50.5      249.6     90.5    62.1    69.1      28.0       
                          June 2020    569.4    39.8     226.4    144.5     50.8     31.1     46.3      256.9     94.9    58.5    67.5      35.9       
                          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       
Cost of sales before      Sept 2020      114     168         -        -        -        -        -        100       88     115     101         -          
gold inventory change     June 2020      111     176         -        -        -        -        -        100       97     113      92         -          
and amortisation and      Sept 2019      125     204         -        -        -        -        -        103       90     140      88         -          
depreciation (dollar per                                                                                                               
tonne) - underground                                                                                                                   
- surface                 Sept 2020       28       6        32       21       59       42       20         28       39       -       -        19         
                          June 2020       24       9        27       19       45       34       23         18       20       -       -        16         
                          Sept 2019       28       2        29       25       34       35       25         39       39       -       -         -          
- total                   Sept 2020       41     102        32       21       59       42       20         59       60     115     101        19         
                          June 2020       35      98        27       19       45       34       23         49       44     113      92        16         
                          Sept 2019       43     120        29       25       34       35       25         78       57     140      88         -          

* 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
(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 production and operational guidance of Gold Fields, wherever they may occur in this report, 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 report. 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-US Dollar currencies;
- difficulties, operational delays, cost pressures and impact from labour relations following its restructuring at the
  South Deep operation in South Africa;
- the ability of the Group to comply with requirements 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;
- the challenges associated with replacing annual mineral reserve and resource depletion as well as growing its
  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 Damang
  and 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 imports;
- 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;
- loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation
  among Historically Disadvantaged Persons in management positions;
- power cost increases as well as power stoppages, fluctuations and usage constraints;
- regulation of greenhouse gas emissions and climate change;
- high 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;
- 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;
- geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex,
  often deeper underground, deposits;
- economic, political or social instability in the countries where Gold Fields operates;
- downgrades in the credit rating of South Africa and its impact on Gold Fields' ability to secure financing;
- reliance on outside contractors to conduct some of its operations;
- ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial
  accidents;
- the inability to modernise operations and remain competitive within the mining industry;
- the effects of regional re-watering at South Deep;
- the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;
- 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;
- the adequacy of the Group's insurance coverage;
- financial flexibility could be limited by South African exchange control regulations;
- difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;
- 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 impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);
- the identification of a material weakness in disclosure and internal controls over financial reporting;
- 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.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields' filings with
the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated
Annual Report 2019 and the annual report on Form 20-F for the fiscal year ended 31 December 2019. 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                                              Investor enquiries                                            
Anr? Weststrate                                                  Avishkar Nagaser                                              
Tel: +27 11 562 9719                                             Tel: +27 11 562 9775                                          
Fax: +086 720 2704                                               Mobile: +27 82 312 8692                                       
email: anr?.weststrate@goldfields.com                            email: avishkar.nagaser@goldfields.com                        
                                                                                                                               
Registered office                                                Thomas Mengel                                                 
Johannesburg                                                     Tel: +27 11 562 9849                                          
Gold Fields Limited                                              Mobile: +27 72 493 5170                                       
150 Helen Road                                                   email: thomas.mengel@goldfields.com                           
Sandown                                                                                                                        
Sandton                                                          Media enquiries                                               
2196                                                             Sven Lunsche                                                  
                                                                 Tel: +27 11 562 9763                                          
Postnet Suite 252                                                Mobile: +27 83 260 9279                                       
Private Bag X30500                                               email: sven.lunsche@goldfields.com                            
Houghton                                                                                                                       
2041                                                             Transfer secretaries                                          
Tel: +27 11 562 9700                                             South Africa                                                  
Fax: +086 720 270                                                Computershare Investor Services (Proprietary) Limited         
                                                                 Rosebank Towers                                               
Office of the United Kingdom secretaries                         15 Biermann Avenue                                            
London                                                           Rosebank                                                      
St James's Corporate Services Limited                            Johannesburg                                                  
Suite 31, Second Floor                                           2196                                                          
107 Cheapside                                                                                                                  
London                                                           PO Box 61051                                                  
EC2V 6DN                                                         Marshalltown                                                  
United Kingdom                                                   2107                                                          
Tel: +44 (0) 20 7796 8644                                        Tel: +27 11 370 5000                                          
email: general@corpserv.co.uk                                    Fax: +27 11 688 5248                                          
                                                                                                                               
American depository receipts transfer agent                      United Kingdom                                                
Shareholder correspondence should be mailed to:                  Link Asset Services                                           
BNY Mellon                                                       The Registry                                                  
P O Box 505000                                                   34 Beckenham Road                                             
Louisville, KY 40233 - 5000                                      Beckenham                                                     
                                                                 Kent BR3 4TU                                                  
Overnight correspondence should be sent to:                      England                                                       
BNY Mellon                                                       Tel: 0371 664 0300                                            
462 South 4th Street, Suite 1600                                                                                               
Louisville, KY40202                                              If you are outside the United Kingdom please                  
email: shrrelations@cpushareownerservices.com                    call (0) 371 664 0300                                         
Phone numbers                                                    Calls are charged at the standard geographic rate             
Toll Free: 866 247 3871 Domestic Tel: 888 269 2377 Domestic      and will vary by provider. Calls outside the                       
Tel: 201 680 6825 Foreign                                        United Kingdom will be charged at the applicable              
                                                                 international rate. Business is open between 
                                                                 09:00 - 17:30, Monday to Friday excluding public
                                                                 holidays in England and Wales.
                                                                 email: shareholderenquiries@linkgroup.co.uk

Sponsor                                                                                                                 
J.P. Morgan Equities South Africa Proprietary Limited                                                                   
1 Fricker Road                                                                                                          
Illovo, Johannesburg 2196                                                                                               
South Africa                                                                                                            

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

Website
http://www.goldfields.com

Listings
JSE / NYSE / GFI

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: 12-11-2020 08:00:00
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