GOLD FIELDS LIMITED - Operational Update for the Q6 May 2021
Operational Update for the Quarter ended 31 March 2021

GOLD FIELDS Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE000018123
("Gold Fields" or “the Company”) 

JOHANNESBURG, 6 MAY 2021: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the
quarter ended 31 March 2021. Detailed financial and operational results are provided on a six-monthly basis i.e. at 
the end of June and December.

OPERATIONAL UPDATE FOR THE QUARTER ENDED 31 MARCH 2021
STATEMENT BY NEWLY APPOINTED CEO OF GOLD FIELDS, CHRIS GRIFFITH

Being in the seat for 36 days, confirmed my expectations that Gold Fields is well on its way to being a global leader
in sustainable gold mining. The deliberate strategy of moving away from labour-intensive, conventional mining to focus
on mechanised open pit and underground operations, with majority international exposure, has served the company well. 
In addition, the reinvestment programme over the past four years has placed Gold Fields in a position where it can maintain
and even grow its production profile over the next decade. Salares Norte is indeed a world class project and delivering
the project on time and on budget is one of the key focus areas in the coming years. Our ESG work continues to evolve
and we remain on track to provide more definitive targets for our key ESG priorities by year-end. 

It is with deep sadness that within my first month of being at Gold Fields, we lost a colleague at our South Deep mine
in a mining incident. Vumile Mgcine (46), a shaft timberman, succumbed from injuries sustained while attempting to
unblock a chute outlet on an underground conveyor belt. There is no more tragic reminder of the overriding importance 
of safety at our mines than the death of a colleague. My heartfelt condolences go out to Vumile's family, friends and
colleagues.

Notwithstanding the impact of COVID-19 on Q1 2021 (particularly impacting Cerro Corona and South Deep), Group
attributable equivalent gold production was 541koz, largely flat YoY (down 9% QoQ). Group production remains on track to 
deliver the guidance provided in February 2021. Group AISC for the quarter was US$1,078/oz, up 11% QoQ and YoY. AIC for the
Group was US$1,249/oz, 18% higher YoY (up 12% QoQ) as capital expenditure at Salares Norte starts to ramp up. Net debt at
the end of the quarter was US$1,224m, compared to US$1,069m at the end of December 2020, primarily driven by the payment
of the final dividend of US$190m. The net debt to EBITDA at the end of the quarter was 0.59x, largely unchanged QoQ. The
balance sheet remains in a strong position. 

COVID-19

Since we last reported our COVID-19 statistics, two further colleagues have passed as a result of their COVID-19 infections. 
This brings the total for Gold Fields to 11 employees and contractors. These are tragic losses and our heartfelt condolences 
go out to the family members, friends and colleagues of these men. So far we have had a total of 3,457 positive cases in the 
Group, of which 62 were active as at 2 May 2021 with seven receiving care in hospitals. There have been no cases to date at 
our Australian mines. 

SALIENT FEATURES
541,000
ounces of attributable gold production

US$1,249
per ounce of all-in cost

The table below provides an overview of the number of COVID-19 infections at our mines to date, as well as recovery
rates and other data.

COVID-19 report (as at 2 May 2021)       Total                                              
Tested                                  95,735
Positive                                 3,457
Negative                                92,152
Awaiting results                           126
Active cases                                62
Hospitalised                                 7
Recovered                                3,384
Died                                        11
*Note: "Awaiting results", "Active cases" and "Hospitalised" refers to the current figures.
 Numbers exclude Asanko/Galiano.

During 2020 our operations spent approximately US$30m on COVID-19 related initiatives and interventions such as
specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities. 
A further US$3m was spent on donations to assist governments and communities in their fight against the pandemic. 
In Q1 this year the respective figures were US$6.3m and US$280,000.

Our operations are also starting to work closely with their respective governments on the rollout of vaccines, not
just to employees and contractors, but also to communities. In the countries that we operate, mining has been classified 
as an essential service which means that our employees will be among the earlier groups to receive vaccinations.

Q1 2021 operational performance
The Australian region produced 236koz at AIC of A$1,529/oz (US$1,181/oz) and AISC of A$1,442/oz (US$1,115/oz). 
Our mines in Ghana produced 221koz (including 45% of Asanko) at AIC of US$1,078/oz and AISC of US$1,038/oz.

Production at Cerro Corona in Peru was impacted by unusually high rainfall during the March quarter, with the mine
producing 46koz (gold equivalent) at AIC of US$1,160 per gold equivalent ounce and AISC of US$1,067 per gold equivalent
ounce.

Despite the second wave of COVID-19 that affected South Africa during December 2020 and the early parts of 2021,
production at South Deep was only marginally lower YoY.  The mine produced 60koz during the first quarter at AIC of
R694,685/kg (US$1,444/oz) and AISC of R667,614/kg (US$1,388/oz).

Encouragingly, productivity trends continued to improve across key leading indicators during the quarter, with stoping
productivity being the focus area for improvement over the remainder of the year.

Update on Salares Norte
Salares Norte maintained its positive momentum and continued to track ahead of the project schedule during Q1 2021.
US$86.9m was spent on the project during the quarter, comprising US$58.6m in capex, US$7.6m in exploration, a US$27.6m
investment in working capital and a credit of US$9.7m from the realised portion of the FX hedge. Encouragingly, the
detailed engineering was completed in January. Pre-stripping of the Brecha Principal pit started on 6 January 2021 and 
volumes continued to track ahead of schedule during the quarter. All other key activities continue to track ahead of plan. 
For a detailed update on the project refer below.

ESG
At the end of March we released a suite of reports under the umbrella of the Integrated Annual Report (IAR). These
include the IAR itself, the Annual Financial Report (including our Governance Report) and the Mineral Resource and 
Reserve supplement. This was followed up at the end of April with a suite of ESG reports, namely our 2020 Report 
to Stakeholders, the GRI Content Index and the 2020 Climate Change Report, the latter produced in line with the 
recommendations  of the Task Force on Climate-related Financial Disclosure (TCFD). We also launched the online version 
of the IAR and a portal detailing our work on Tailings Storage Facilities (TSF) on our website.

Gold Fields was one of 380 companies globally included in the 2021 Bloomberg Gender-Equality Index (GEI), the third
consecutive year it achieved this. Companies in the GEI are recognised for their efforts in achieving workplace gender
equality and their disclosure of key gender equality metrics. This is the third year in a row that Gold Fields has been
listed in the GEI, which measures gender policies across five pillars: female leadership and talent pipeline, equal pay 
and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.

South Deep Solar Plant
The Gold Fields Board this week gave the green light for the construction of a 40MW solar plant at the South Deep mine
in South Africa. This follows the granting of a licence by the National Energy Regulator of South Africa on 25 February
2021. The 40MW solar plant will generate over 20% of the average electricity consumption of the mine. It will comprise
116,000 solar panels and cover a 118ha area roughly the size of 200 soccer fields and will be on mine property.  The
estimated capital investment for the plant is R660m, including contingencies, but the use of self-generated, renewable
energy will translate into savings of around R120m on the cost of electricity a year. South Deep is currently finalising
procurement strategies and contractor criteria for the construction of the plant, which will begin during Q2 2021. The
plant is expected to be commissioned during Q2 2022.

The South Deep solar plant is the latest step in our renewable energy journey and follows the plants that are in
operation at Agnew and Granny Smith as well as the plans for solar plants at Gruyere and Salares Norte.

FY 2021 guidance unchanged
As previously guided, 2021 is a high capital expenditure year for Gold Fields (US$1.177bn). Two additional projects
were approved post quarter end: 
- the development of the Huni Pit at Damang, which adds incremental production to the project and provides
  flexibility on the mining front, at a cost of US$43m, with approximately US$15m to be incurred in 2021; and
- the solar plant at South Deep, with R318m (US$21m) capex being incurred in 2021.

Despite this additional expenditure, we maintain our cost guidance provided in February 2021. For 2021, attributable
gold equivalent production is expected to be between 2.30Moz and 2.35Moz. AISC is expected to be between US$1,020/oz and
US$1,060/oz, with AIC expected to be US$1,310/oz to US$1,350/oz. If we exclude the very significant project capex at
Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange rates used for our 2021 guidance are:
R/US$15.50 and US$/A$0.75.

Group production guidance also remains unchanged, however two mines within the group have been impacted by COVID-19 
during Q1 2021. As a result, production at South Deep is expected to be 300kg (9.3koz) lower at 8,700kg (280.0koz). 
Gold production at Cerro Corona is expected to be 20koz lower at 110koz, with copper production remaining at similar 
levels. However, the higher copper price has more than offset this impact on a gold equivalent ounce basis. Consequently, 
Group guidance remains intact.

Chris Griffith
Chief Executive Officer
6 May 2021

KEY STATISTICS
                                                                       United States Dollars           
                                                                              Quarter                  
                                                                        March       December      March
Figures in millions unless otherwise stated                              2021           2020       2020
Gold produced*                                          oz (000)          541           593         537
Tonnes milled/treated                                        000       10,378        10,700      10,346
Revenue (excluding Asanko)                                US$/oz        1,778         1,866       1,561
Cost of sales before gold inventory change and 
amortisation and depreciation (excluding Asanko)       US$/tonne           43            40          39
All-in sustaining costs                                   US$/oz        1,078           971         975
Total all-in cost                                         US$/oz        1,249         1,113       1,060
Net debt                                                    US$m        1,224         1,069       1,260
Net debt (excluding lease liabilities)                      US$m          788           640         957
Net debt to EBITDA ratio                                    US$m         0.59          0.56        0.94
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 31 March 2021, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep 
in South Africa (96.43%), 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 4% of 
Group production.
Figures may not add as they are rounded independently.


STOCK DATA FOR THE 3 MONTHS ENDED 31 MARCH 2021                                                            
Number of shares in issue                            NYSE - (GFI)                                                                                                                                           
- at end March 2021            887,564,061           Range - Quarter               US$8.16 - US$10.52      
- average for the quarter      886,139,691           Average volume - Quarter      6,863,946 shares/day    
Free float                     100 per cent          JSE LIMITED - (GFI)                                   
ADR ratio                      1:1                   Range - Quarter               ZAR121.93 - ZAR158.79   
Bloomberg/Reuters              GFISJ/GFLJ.J          Average volume - Quarter      3,397,964 shares/day    

SALIENT FEATURES AND COST BENCHMARKS
                                                                                                United States Dollars
                                                                 Total          Total                                                     South
                                                                  Mine           Mine      South             West Africa                America 
                                                            operations     operations    African                Region                   Region 
                                                             including      excluding     Region                       Ghana               Peru 
                                                                equity         equity
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                           March 2021         10,378          9,728        707    5,269     3,436    1,183       650    1,635  
(000 tonnes)                                   Dec 2020         10,700         10,053        741    5,304     3,452    1,205       647    1,680 
                                             March 2020         10,346          9,716        546    5,259     3,479    1,150       630    1,675 
Yield (grams per tonne)                      March 2021            1.7            1.7        2.6      1.3       1.1      1.9       1.3      0.9 
                                               Dec 2020            1.8            1.8        2.6      1.3       1.1      1.9       1.4      0.9 
                                             March 2020            1.7            1.7        3.5      1.1       1.1      1.0       1.5      1.2  
Gold produced                                March 2021          562.9          535.9       59.7    221.1     122.5     71.7      27.0     46.4  
(000 managed                                   Dec 2020          613.0          583.4       61.5    230.1     127.2     73.3      29.5     47.9
equivalent ounces)                           March 2020          553.8          523.9       60.6    193.9     127.1     36.9      29.8     62.3  
Gold produced                                March 2021          541.3          514.3       57.6    201.8     110.3     64.5      27.0     46.2  
(000 attributable                              Dec 2020          592.6          563.1       61.5    210.0     114.5     66.0      29.5     47.7
equivalent ounces)                           March 2020          536.9          507.1       60.6    177.4     114.4     33.2      29.8     62.0  
Gold sold (000 managed                       March 2021          558.1          529.7       57.2    222.5     122.5     71.7      28.3     52.6  
equivalent ounces)                             Dec 2020          625.7          598.4       63.2    227.9     127.2     73.3      27.3     51.9
                                             March 2020          551.1          520.6       58.0    194.6     127.1     36.9      30.5     60.4  
Cost of sales before                         March 2021         (433.1)        (406.2)     (70.2)  (138.9)    (73.2)   (38.8)    (26.9)   (49.9) 
amortisation and                               Dec 2020         (405.8)        (384.3)     (67.0)  (118.6)    (57.2)   (40.0)    (21.4)   (47.6)
depreciation (million)                       March 2020         (409.3)        (389.3)     (61.9)  (159.6)    (82.6)   (57.0)    (20.1)   (34.0)  
Cost of sales before gold inventory          March 2021             43             43        101       30        21       45        45       25   
change and amortisation and                    Dec 2020             40             40         91       29        19       50        43       26 
depreciation (dollar per tonne)              March 2020             40             39        114       30        24       40        42       25   
Sustaining capital (million)                 March 2021         (113.2)        (111.5)      (8.3)   (55.0)    (50.7)    (2.6)   (1.7)&     (2.2)  
                                               Dec 2020         (128.2)        (123.8)     (22.1)   (47.4)    (38.2)    (4.9)   (4.4)&     (9.6)
                                             March 2020          (76.0)         (75.2)      (7.5)   (31.2)    (28.7)    (1.6)   (0.8)&     (4.5)  
Non-sustaining capital (million)             March 2021          (28.8)         (25.4)      (3.2)    (5.9)        -     (2.5)     (3.4)    (4.6)  
                                               Dec 2020          (24.3)         (18.7)      (3.2)    (5.6)        -        -      (5.6)    (8.4)
                                             March 2020          (23.5)         (22.0)      (0.5)    (4.2)        -     (2.6)     (1.6)    (7.1)  
Total capital expenditure (million)          March 2021           (142)        (136.9)     (11.5)   (60.9)    (50.7)    (5.1)     (5.1)    (6.8)  
                                               Dec 2020         (152.5)        (142.5)     (25.3)   (53.0)    (38.2)    (4.9)    (10.0)   (18.0)
                                             March 2020          (99.5)         (97.2)      (8.0)   (35.4)    (28.7)    (4.2)     (2.4)   (11.6)  
All-in-sustaining costs (dollar per ounce)   March 2021          1,071          1,066      1,388    1,038     1,190      733     1,158      136   
                                               Dec 2020            964            954      1,443      962       996      824     1,174      513 
                                             March 2020            968            978      1,227    1,105       994    1,734       805      446   
Total all-in-cost (dollar per ounce)         March 2021          1,132          1,121      1,444    1,078     1,190      791     1,323      358   
                                               Dec 2020          1,007            988      1,494      991       996      824     1,418      834 
                                             March 2020          1,015          1,023      1,236    1,130       994    1,804       881      647   
Average exchange rates were US$1 = R14.96, US$1 = R15.61 and US$1 = R15.03 for the March 2021, December 2020 
and March 2020 quarters, respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.77, A$1 = US$0.73 and A$1 = US$0.67 for the March 2021,
December 2020 and March 2020 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$1.1m and US$3.3m (100% basis US$2.4m and US$7.3m) 
for the March 2021 and December 2020 quarters, respectively.

SALIENT FEATURES AND COST BENCHMARKS continued
                                                                                                                                             South  
                                                                                                                                           African  
                                                          United States Dollars                      Australian Dollars                       Rand  
                                                                                                                                             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                  March 2021   2,767     1,027     297      385    1,058     2,767     1,027     297      385    1,058       707 
(000 tonnes)                          Dec 2020   2,974     1,180     324      417    1,053     2,974     1,180     324      417    1,053       741  
                                    March 2020   2,867     1,154     322      429      963     2,867     1,154     322      429      963       546  
Yield (grams per tonne)             March 2021     2.6       2.8     5.3      4.7      1.0       2.6       2.8     5.3      4.7      1.0       2.6  
                                      Dec 2020     2.9       2.8     6.3      5.0      1.0       2.9       2.8     6.3      5.0      1.0       2.6  
                                    March 2020     2.6       2.5     4.6      4.8      1.0       2.6       2.5     4.6      4.8      1.0       3.5  
Gold produced (000 managed          March 2021   235.7      94.0    50.9     57.6     33.1     235.7      94.0    50.9     57.6     33.1     1,858 
equivalent ounces)                    Dec 2020   273.4     106.4    65.3     66.4     35.4     273.4     106.4    65.3     66.4     35.4     1,914 
                                    March 2020   236.9      93.1    47.4     66.6     29.8     236.9      93.1    47.4     66.6     29.8     1,885 
Gold produced (000 attributable     March 2021   235.7      94.0    50.9     57.6     33.1     235.7      94.0    50.9     57.6     33.1     1,792 
equivalent ounces)                    Dec 2020   273.4     106.4    65.3     66.4     35.4     273.4     106.4    65.3     66.4     35.4     1,914 
                                    March 2020   236.9      93.1    47.4     66.6     29.8     236.9      93.1    47.4     66.6     29.8     1,885 
Gold sold (000 managed              March 2021   225.8      88.6    47.9     57.1     32.2     225.8      88.6    47.9     57.1     32.2     1,778 
equivalent ounces)                    Dec 2020   282.8     109.8    69.6     68.8     34.6     282.8     109.8    69.6     68.8     34.6     1,965 
                                    March 2020   238.1      93.3    48.3     66.6     29.9     238.1      93.3    48.3     66.6     29.9     1,803 
Cost of sales before                March 2021  (174.1)    (65.8)  (42.5)   (47.5)   (18.3)   (225.3)    (85.2)  (55.0)   (61.4)   (23.7) (1,049.9)
amortisation and depreciation         Dec 2020  (172.6)    (62.3)  (43.2)   (47.3)   (19.9)   (237.6)    (85.6)  (59.3)   (65.3)   (27.3) (1,055.4)
(million)                           March 2020  (153.8)    (60.2)  (37.0)   (39.4)   (17.2)   (231.1)    (90.4)  (55.6)   (59.2)   (25.9)   (930.7)
Cost of sales before gold           March 2021      64        61     142      127       21        82        79     184      164       27     1,505 
inventory change and amortisation     Dec 2020      55        49     123      111       18        75        67     168      152       25     1,429 
and depreciation (dollar per tonne) March 2020      52        48     114       93       19        79        72     172      140       28     1,718 
Sustaining capital (million)        March 2021   (47.7)    (17.4)  (10.8)    (8.6)   (10.9)    (61.8)    (22.6)  (13.9)   (11.1)   (14.1)   (124.0)
                                      Dec 2020   (49.1)    (17.2)   (9.7)   (13.7)    (8.4)    (67.6)    (23.7)  (13.2)   (18.9)   (11.7)   (357.1)
                                    March 2020   (32.8)    (16.5)   (8.8)    (5.1)    (2.4)    (49.4)    (24.8)  (13.2)    (7.7)    (3.7)   (112.7)
Non-sustaining capital (million)    March 2021   (15.1)     (2.8)   (6.2)    (6.0)    (0.1)    (19.5)     (3.6)   (8.0)    (7.8)    (0.1)    (48.1)
                                      Dec 2020    (7.1)     (3.0)   (1.0)    (2.7)    (0.4)     (9.3)     (4.1)   (1.2)    (3.4)    (0.6)    (52.3)
                                    March 2020   (11.7)     (1.5)   (2.0)    (8.0)    (0.2)    (17.6)     (2.3)   (3.1)   (12.0)    (0.2)     (7.7) 
Total capital expenditure           March 2021   (62.8)    (20.2)  (17.0)   (14.6)   (11.0)    (81.3)    (26.2)  (21.9)   (18.9)   (14.2)   (172.1)
(million)                             Dec 2020   (56.2)    (20.2)  (10.7)   (16.4)    (8.8)    (76.9)    (27.8)  (14.4)   (22.3)   (12.3)   (409.4)
                                    March 2020   (44.5)    (18.0)  (10.8)   (13.1)    (2.6)    (67.0)    (27.1)  (16.3)   (19.7)    (3.9)   (120.4)
All-in-sustaining costs             March 2021   1,115     1,027   1,271    1,145    1,068     1,442     1,329   1,645    1,482    1,382   667,614 
(dollar per ounce)                    Dec 2020     903       816     893    1,023      960     1,243     1,123   1,226    1,413    1,324   734,814 
                                    March 2020     876       891   1,047      770      785     1,316     1,339   1,574    1,157    1,180   592,925 
Total all-in-cost                   March 2021   1,181     1,058   1,400    1,250    1,070     1,529     1,370   1,812    1,618    1,385   694,685 
(dollar per ounce)                    Dec 2020     928       843     907    1,062      971     1,276     1,160   1,244    1,463    1,340   761,455 
                                    March 2020     925       907   1,090      890      791     1,390     1,364   1,637    1,338    1,188   597,181 
Average exchange rates were US$1 = R14.96, US$1 = R15.61 and US$1 = R15.03 for the March 2021, December 2020   
and March 2020 quarters, respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.77, A$1 = US$0.73 and A$1 = US$0.67 for the March 2021,
December 2020 and March 2020 quarters, respectively. 
Figures may not add as they are rounded independently. 

REVIEW OF OPERATIONS
Quarter ended 31 March 2021 compared with quarter ended 31 December 2020   

Figures may not add as they are rounded independently  
South Africa region 

South Deep
                                                              March         Dec              % 
                                                               2021        2020       Variance  
Ore mined                                      000 tonnes       346         304            14%  
Waste mined                                    000 tonnes        39          45          (13)%  
Total tonnes                                   000 tonnes       385         349            10%  
Grade mined - underground reef                        g/t      5.63        6.30          (11)%
Grade mined - underground total                       g/t      5.06        5.49           (8)%
Gold mined                                             kg     1,948       1,915             2%
                                                   000'oz      62.6        61.6             2%
Destress                                               m2    12,032      10,054            20%
Development                                             m     1,086       1,012             7%
Secondary support                                       m     2,821       2,577             9%
Backfill                                               m3    42,803      68,821          (38)%
Ore milled - underground                       000 tonnes       362         324            12%  
Ore milled - underground waste                 000 tonnes        26          37          (30)%  
Ore milled - surface                           000 tonnes       318         380          (16)%
Total tonnes milled                            000 tonnes       707         741           (5)%  
Yield - underground reef                              g/t      5.03        5.76          (13)%
Surface yield                                         g/t      0.11        0.13          (18)%
Total yield                                           g/t      2.63        2.58             2%
Gold produced                                          kg     1,858       1,914           (3)%
                                                   000'oz      59.7        61.5           (3)%
Gold sold                                              kg     1,778       1,965           (9)%
                                                   000'oz      57.2        63.2           (9)%
AISC - revised interpretation 
guidance (WGC November 2018)                         R/kg   667,614     734,814           (9)%
                                                   US$/oz     1,388       1,443           (4)%
AIC                                                  R/kg   694,685     761,455           (9)%
                                                   US$/oz     1,444       1,494           (3)%
Sustaining capital expenditure                         Rm     124.0       357.1          (65)%
                                                     US$m       8.3        22.1          (63)%
Non-sustaining capital expenditure                     Rm      48.1        52.3           (8)%
                                                     US$m       3.2         3.2             -%
Total capital expenditure                              Rm     172.2       409.4          (58)%
                                                     US$m      11.5        25.4          (55)%

South Deep continued to show positive traction on a number of key performance indicators during the March quarter
including activities such as total tonnes mined, destress m?, development metres and secondary support, notwithstanding the
negative impact of the second wave of COVID-19 on the operation during the quarter. 

Gold production decreased by 3% to 1,858kg (59,700oz) in the March quarter from 1,914kg (61,500oz) in the December
quarter as a result of lower tonnes milled, partially offset by a marginally higher total yield. Gold mined increased by 2%
to 1,948kg (62,600oz) in the March quarter from 1,915kg (61,600oz) in the December quarter largely influenced by the
increase in destress and reef access development. 

Reef yield decreased by 13% to 5.03g/t in the March quarter from 5.76g/t in the December quarter in line with the
reduction in broken grade, which reduced by 11%, as lower grade stopes were mined and treated. 

Underground tonnes milled increased by 7% to 388kt in the March quarter from 361kt in the December quarter due to increased
volumes mined from stopes and destress. Surface ore tonnes milled decreased by 16% to 318kt in the March quarter from 380kt in
the December quarter in line with reduced backfill requirements. As a result of the lower surface tonnes and higher
underground tonnes processed, the total yield increased by 2% quarter-on-quarter.

Development increased by 7% to 1,086 metres in the March quarter from 1,012 metres in the December quarter and
destress increased by 20% to 12,032m2 in the March quarter from 10,054m2 in the December quarter. The increase in development
and destress will set the mine up for the projected production ramp-up in the coming months. 

Secondary support increased by 9% to 2,821 metres in the March quarter from 2,577 metres in the December quarter which is
in line with increased development and destress, while backfill decreased quarter-on-quarter by 38% to 42,803m? in the March
quarter from 68,821m? in the December quarter due to stope unavailability as there was active mining in line with
increased stoping volumes. 

All-in cost decreased by 9% to R694,685/kg (US$1,444/oz) in the March quarter from R761,455/kg (US$1,494/oz) in the
December quarter mainly driven by lower capital expenditure in the current quarter compared to the December quarter,
partially offset by the decrease in gold sold in the current quarter. 

Sustaining capital expenditure decreased by 65% to R124.0m (US$8.3m) in the March quarter from R357.1m (US$22.1m) in
the December quarter mainly due to lower expenditure on fleet and infrastructure change-outs in the current quarter. In
addition, the Metallurgical Plant fence, main entrance to Twin Shaft and on-site power generation projects are near
completion with the major portion of these projects completed in the previous quarter resulting in lower spend in the current
quarter.

Non-sustaining capital expenditure decreased by 8% to R48.1m (US$3.2m) in the March quarter from R52.3m (US$3.2m) in
the December quarter mainly due to decreased expenditure on new mine development activities.

Revised guidance

At the time of providing the original guidance in February 2021 it was stated that guidance excludes any impacts due
to COVID-19 as these were indeterminable. As a result of the impact of the second wave of COVID-19 on the operation
during the March quarter it became necessary to update the 2021 guidance for South Deep to the following:
-  Gold produced -  8,700kg (280,000oz), original guidance 9,000kg (289,300oz);
-  Sustaining capital expenditure - R1,219m (US$82m) including the solar plant, original guidance R889m (US$57m);
-  All-in sustaining costs - R672 000/kg (US$1,410/oz), original guidance R620,000/kg (US$1,240/oz); and
-  Total all-in cost - R712 000/kg (US$1,495/oz), original guidance R660,000/kg (US$1,320/oz).

The remainder of the guidance numbers remain unchanged.

The potential risk of further disruptions due to COVID-19 for the remainder of the year have not been factored into
the revised guidance.

West Africa region
Ghana 
Tarkwa
                                                     March        Dec           % 
                                                      2021       2020    Variance                                                          
Ore mined                            000 tonnes      2,405      2,922       (18)%                             
Waste (Capital)                      000 tonnes     12,859     14,016        (8)%                                 
Waste (Operational)                  000 tonnes      6,132      4,938         24%                                
Total waste mined                    000 tonnes     18,991     18,954          -%                             
Total tonnes mined                   000 tonnes     21,397     21,876        (2)%                             
Strip ratio                           waste/ore        7.9        6.5         22%
Grade mined                                 g/t       1.46       1.54        (5)%
Gold mined                               000'oz      112.6      144.6       (22)%
Tonnes milled                        000 tonnes      3,436      3,452         -%                            
Yield                                       g/t       1.11       1.15        (3)%
Gold produced                            000'oz      122.5      127.2        (4)%
Gold sold                                000'oz      122.5      127.2        (4)%
AISC - revised interpretation 
guidance (WGC November 2018)             US$/oz      1,190        996         19%
AIC                                      US$/oz      1,190        996         19%
Sustaining capital expenditure             US$m       50.7       38.2         33%
Non-sustaining expenditure                 US$m          -          -          -%
Total capital expenditure                  US$m       50.7       38.2         33%


Gold production decreased by 4% to 122,500oz in the March quarter from 127,200oz in the December quarter due to lower
realised yield. Realised yield decreased by 3% to 1.11g/t in the March quarter from 1.15g/t in the December quarter due
to higher volumes of stockpile processed in the March quarter. In the March quarter, 1.4Mt stockpiles at 0.74g/t were
processed compared with 1.2Mt at 0.80g/t in the December quarter.

Stockpile balance at the end of the March quarter was 8.9Mt at an average grade of 0.85g/t compared to 9.9Mt at an
average grade of 0.83g/t at the end of the December quarter.

Total tonnes mined, including capital waste stripping, decreased by 2% to 21.4Mt tonnes in the March quarter from
21.9Mt in the December quarter. Ore mined decreased by 18% to 2.4Mt in the March quarter from 2.9Mt in December quarter in
line with the plan. Capital waste decreased by 8% to 12.9Mt in the March quarter from 14.0Mt in the December quarter in
line with the planned mining sequence. Operational waste increased by 24% to 6.1Mt in the March quarter from 4.9Mt in
December quarter due to increased focus on waste mining to expose ore.

All-in cost increased by 19% to US$1,190/oz in the March quarter from US$996/oz in the December quarter due to higher
cost of sales before amortisation and depreciation, higher capital expenditure and lower ounces sold.

Capital expenditure increased by 33% to US$50.7m in the March quarter from US$38.2m in the December quarter due to
higher capital waste expenditure as a result of higher mining unit cost rates, partially offset by lower capital waste tonnes
mined, higher tailings storage and timing of other capital expenditure.

Damang
                                                                           March      Dec          %  
                                                                            2021     2020   Variance  
Ore mined                                                   000 tonnes     2,071    2,204       (6)%     
Waste (Capital)                                             000 tonnes         -        -         -%     
Waste (Operational)                                         000 tonnes     4,050    5,254      (23)%     
Total waste mined                                           000 tonnes     4,050    5,254      (23)%     
Total tonnes mined                                          000 tonnes     6,121    7,458      (18)%     
Strip ratio                                                  waste/ore      1.96     2.38      (18)%     
Grade mined                                                        g/t      1.63     1.81      (10)%     
Gold mined                                                      000'oz     108.2    128.0      (15)%     
Tonnes milled                                               000 tonnes     1,183    1,205       (2)%       
Yield                                                              g/t      1.88     1.89         -%         
Gold produced                                                   000'oz      71.7     73.3       (2)%       
Gold sold                                                       000'oz      71.7     73.3       (2)%       
AISC - revised interpretation                                            
guidance (WGC November 2018)                                    US$/oz       733      824      (11)%      
AIC                                                             US$/oz       791      824       (4)%       
Sustaining capital expenditure                                    US$m       2.6      4.9      (47)%      
Non-sustaining expenditure                                        US$m       2.5       -        100%       
Total capital expenditure                                         US$m       5.1      4.9         4%         


Gold production decreased by 2% to 71,700oz in the March quarter from 73,300oz in the December quarter mainly due to
lower mill throughput and yield. Yield decreased marginally to 1.88g/t in the March quarter from 1.89g/t in the December.

Total tonnes mined decreased by 18% to 6.1Mt tonnes in the March quarter from 7.5Mt in the December quarter in line
with the plan. Ore tonnes mined decreased by 6% to 2.1Mt tonnes in the March quarter from 2.2Mt in the December quarter.

In the March quarter, ore tonnes mined remained higher than tonnes processed with preferential processing of higher
grade ore and stockpiling of lower grade material. This is in line with the mining sequence as per the Damang Reinvestment
Project (DRP).  

Gold mined decreased by 15% to 108.2koz in the March quarter from 128.0koz in the December quarter due to lower ore
tonnes and lower grade mined.

Mined grade decreased by 10% to 1.63/t in the March quarter from 1.81g/t in the December quarter due to mining in the
slightly lower grade portion of the orebody in the far northern and southern portions of the pit in the March quarter to
expose relatively better grades in the lower benches for the second half of 2021. 
All-in cost decreased by 4% to US$791/oz in the March quarter from US$824/oz in the December quarter mainly due to
lower cost of sales before amortisation and depreciation resulting from lower operating tonnes mined, partially offset by
higher capital expenditure and lower ounces sold.

Sustaining capital expenditure decreased by 47% to US$2.6m in the March quarter from US$4.9m in the December quarter
due to timing of expenditure. Non-sustaining capital expenditure increased from nil in the December quarter to US$2.5m in
the March quarter due to expenditure incurred on the stage 3 construction of the Far East Tailings Storage Facility
(FETSF).

Revised guidance

Post quarter end the development of the Huni Pit at Damang was approved, which adds incremental production to the
project and provides flexibility on the mining front. Total cost is US$43m, with approximately US$15m to be incurred in
2021. As a result the original guidance for Damang is revised as follows:
-  Growth capital expenditure - US$25m, original guidance US$10m; and
-  Total all-in cost - US$840/oz, original guidance US$790/oz.

The remainder of the guidance numbers remain unchanged.

Asanko (Equity accounted Joint Venture)
All figures in table on a 100 per cent basis
                                                       March      Dec           % 
                                                        2021     2020    Variance 
Ore mined                              000 tonnes      1,841    1,964        (6)% 
Waste (Capital)                        000 tonnes        258    1,175       (78)% 
Waste (Operational)                    000 tonnes      9,294   10,597       (12)% 
Total waste mined                      000 tonnes      9,552   11,772       (19)% 
Total tonnes mined                     000 tonnes     11,393   13,736       (17)% 
Strip ratio                            waste/ore         5.2      6.0       (13)% 
Grade mined                            g/t              1.30     1.42        (8)% 
Gold mined                             000'oz           76.7     89.4       (14)% 
Tonnes milled                          000 tonnes      1,444    1,438          -% 
Yield                                  g/t              1.29     1.42        (9)% 
Gold produced                          000'oz           60.0     65.6        (8)% 
Gold sold                              000'oz           62.9     60.7          4% 
AISC - revised interpretation                            
guidance (WGC November 2018)           US$/oz          1,158    1,174        (1)% 
AIC                                    US$/oz          1,323    1,418        (7)% 
Sustaining capital expenditure         US$m              3.7      9.7       (62)% 
Non-sustaining expenditure             US$m              7.6      12.5      (39)% 
Total capital expenditure              US$m             11.3     22.2       (49)% 

Gold production decreased by 8% to 60,000oz (100% basis) in the March quarter from 65,600oz (100% basis) in the
December quarter mainly due to lower yield. Yield decreased by 9% to 1.29g/t in the March quarter from 1.42g/t in the December
quarter.

Total tonnes mined decreased by 17% to 11.4Mt tonnes in the March quarter from 13.7Mt in the December quarter. Waste
tonnes mined decreased by 19% to 9.6Mt tonnes in the March quarter from 11.8Mt in the December quarter. In the December
quarter, the focus was on waste mining in order to expose ore. Ore tonnes mined decreased by 6% to 1.8Mt tonnes in the
March quarter from 2.0Mt in the December quarter due to depletion of the Akwasiso cut 2 pit.

All-in cost decreased by 7% to US$1,323/oz in the March quarter from US$1,418/oz in the December quarter due to lower
capital expenditure and higher gold sold, partially offset by higher cost of sales before amortisation and depreciation.

Sustaining capital expenditure decreased by 62% to US$3.7m in the March quarter from US$9.7m in the December quarter
mainly due to timing of expenditure. Non-sustaining capital expenditure decreased by 39% to US$7.6m in the March quarter
from US$12.5m in the December quarter due to timing of expenditure on the Tetrem relocation project (Tetrem RAP) as the
project comes to conclusion.

South America region
Peru 
Cerro Corona
                                                           March       Dec          % 
                                                            2021      2020    Variance 
Ore mined                                    000 tonnes    1,099     1,343       (18)% 
Waste mined                                  000 tonnes    4,995     3,975         26% 
Total tonnes mined                           000 tonnes    6,094     5,319         15% 
Grade mined - gold                                  g/t     0.86      0.96       (10)% 
Grade mined - copper                           per cent     0.48      0.47          2% 
Gold mined                                       000'oz     30.5      41.5       (26)% 
                                             000 tonnes    5,241     6,265       (16)% 
                                             000 tonnes    1,635     1,680        (3)% 
Gold recovery                                  per cent    57.40     59.12        (3)% 
Copper recovery                                per cent    85.91     87.20        (1)% 
Yield - Gold                                        g/t     0.40      0.48       (18)% 
- Copper                                       per cent     0.35      0.37        (3)% 
- Combined                                       eq g/t     0.88      0.89        (1)% 
Gold produced                                    000'oz     20.0      25.0       (20)% 
Copper produced                                  tonnes    5,559     5,895        (6)% 
Total equivalent gold produced               000' eq oz     46.4      47.9        (3)% 
Total equivalent gold sold                   000' eq oz     52.6      51.9          1% 
AISC - revised interpretation guidance                                            
(WGC November 2018)                              US$/oz      136       513       (73)% 
AISC                                          US$/eq oz    1,067     1,220       (13)% 
AIC                                              US$/oz      358       834       (57)% 
AIC                                           US$/eq oz    1,160     1,392       (17)% 
Sustaining capital expenditure                     US$m      2.2       9.6       (77)% 
Non-sustaining expenditure                         US$m      4.6       8.4       (45)% 
Total capital expenditure                          US$m      6.8      18.0       (62)% 

As communicated at the end of the December 2020 quarter, Cerro Corona commenced with a waste recovery plan to mitigate
the COVID-19 impacts during 2020 which includes the recovery of about 9Mt delayed tonnes. The recovery will take place
over the next 3 years, at a rate of about 3Mt per year of accelerated stripping. The waste recovery plan, although
implemented, was not fully achieved during the March quarter due to the impact of the 2nd wave of COVID-19 as well as 
the impact of the abnormally high rainy season.

Gold equivalent production decreased by 3% to 46,400oz in the March quarter from 47,900oz in the December quarter due
to a lower gold grade and a lower gold recovery as a result of different metallurgical conditions.  

Total tonnes mined increased by 15% to 6.1Mt tonnes in the March quarter from 5.3Mt in the December quarter mainly due
to an increase in waste tonnes mined of 26% to 5.0Mt tonnes in the March quarter from 4.0Mt in the December quarter.
This is line with the waste recovery plan implemented at the end of 2020, through the employment of additional mining
fleet and equipment (total of 45 trucks, 6th shovel and 6th drill-rig on site). Ore tonnes mined decreased by 18% to 
1.1Mt tonnes in the March quarter from 1.3Mt in the December quarter with focus directed at catching up of waste tonnes 
delayed in 2020 as a result of the COVID-19 restrictions.

Gold yield decreased by 18% to 0.40g/t in the March quarter from 0.48g/t in the December quarter. This is mainly 
due to a decrease in gold grade mined of 10%, the processing of about 0.5Mt of low grade stockpiles and lower 
recovery due to the mining of different metallurgical domains. The copper yield decreased by 3% to 0.35% in the 
March quarter from 0.37% in the December quarter mainly due to lower copper head grade and lower recovery in the 
March quarter.

All-in cost per gold ounce decreased by 57% to US$358/oz in the March quarter from US$834/oz in the December quarter
driven by higher by-product credits resulting from the higher copper price and lower capital expenditure, partially
offset by higher cost of sales before amortisation and depreciation and lower gold ounces sold. All-in cost per 
equivalent ounce decreased by 17% to US$1,160 per equivalent ounce in the March quarter from US$1,392 per equivalent 
ounce in the December quarter due to lower capital expenditure and higher equivalent ounces sold in the March quarter 
compared to the December quarter, partially offset by higher cost of sales before amortisation and depreciation.

Unplanned COVID-19 related expenditure amounted to US$3m during the March quarter.

Capital expenditure decreased by 62% to US$6.8m in the March quarter from US$18.0m in the December quarter mainly due
to reduced activities during the rainy season.

Salares Norte
Salares Norte maintained its positive momentum and continued to track ahead of the project schedule during Q1 2021.
US$86.9m was spent on the project during the quarter, comprising US$58.6m in capex, US$7.6m in exploration, a US$27.6m
investment in working capital and a credit of US$9.7m from the realised portion of the FX hedge. Encouragingly, the
detailed engineering was completed in January and pending work is being tracked through a punch list. Relocation of 
Chinchilla remains on hold and we continue to work with the authorities around a revised plan. The team continues to 
monitor the two Chinchilla that had already been relocated.

Construction progressed 7.7% during the quarter, bringing the overall construction progress at the end of March to
23.3%, ahead of the planned 18.8%. Camp construction was completed three months ahead of schedule and included an
additional module to accommodate COVID-19 restriction measures and allow for distancing of employees. The plant office 
complex progressed to 90%, two months ahead of the plan, and the plant canteen became fully operational on 1 April. 

Most of the mass earthworks were completed during the March quarter with minor works remaining in Q2 2021. The main
plant and truck shop contractors started construction in January 2021 with pre-cast concrete, in situ concrete and 
steel structure installation in progress. Installation of the Primary crusher wall has commenced and the filter plant
earthworks are ongoing. Pre-cast installation at the grinding, stockpile, leaching and CIP areas continues to plan and 
the contractor has commenced the structural steel installation at the grinding area. The HME workshop contractor has 
begun the structural steel installation which is progressing to plan. Fabrication of thickeners 2, 6 & 7 was completed 
during the quarter and transportation to site has commenced. The water system contract was awarded during March 2021.

Pre-stripping of the Brecha Principal pit started on 6 January 2021, nine days earlier than planned. Volumes continued
to track ahead of plan during the quarter, with 1.8Mt moved by the end of March compared to the planned 1.35Mt.

The team remains focused on exploring the greater district, with US$7.6m spent on district exploration during the
March quarter. A total of 8,580 metres were drilled, slightly more than planned.

Australia region
St Ives
                                                     March         Dec           % 
                                                      2021        2020    Variance 
Underground                                                                        
                                                                                
Ore mined                            000 tonnes        446         428          4% 
Waste mined                          000 tonnes        183         167         10% 
Total tonnes mined                   000 tonnes        629         596          6% 
Grade mined                                 g/t       5.13        5.15          -% 
Gold mined                               000'oz       73.6        70.9          4% 
Surface                                                                            
Ore mined                            000 tonnes        412         446        (8)% 
Surface waste (Capital)              000 tonnes        832         883        (6)% 
Surface waste (Operational)          000 tonnes        627         751       (16)% 
Total waste mined                    000 tonnes      1,459       1,634       (11)% 
Total tonnes mined                   000 tonnes      1,871       2,080       (10)% 
Grade mined                                 g/t       2.33        2.74       (15)% 
Gold mined                               000'oz       30.8        39.2       (21)% 
Strip ratio                           waste/ore        3.5         3.7        (3)% 
Total (Underground and Surface)                                                    
Total ore mined                      000 tonnes        858         874        (2)% 
Total grade mined                           g/t       3.78        3.92        (3)% 
Total tonnes mined                   000 tonnes      2,500       2,676        (7)% 
Total gold mined                         000'oz      104.4       110.1        (5)% 
Tonnes milled                        000 tonnes      1,027       1,180       (13)% 
Yield - underground                         g/t       4.57        4.26          7% 
Yield - surface                             g/t       1.57        1.64        (5)% 
Yield - combined                            g/t       2.85        2.80          2% 
Gold produced                            000'oz       94.0        106.4      (12)% 
Gold sold                                000'oz       88.6        109.8      (19)% 
AISC - revised interpretation guidance    A$/oz      1,329        1,123        18% 
(WGC November 2018)                      US$/oz      1,027          816        26% 
AIC                                       A$/oz      1,370        1,160        18% 
                                         US$/oz      1,058          843        25% 
Sustaining capital                          A$m       22.6         23.7       (5)% 
expenditure                                US$m       17.4         17.2         1% 
Non-sustaining capital                      A$m        3.6          4.1      (12)% 
expenditure                                US$m        2.8          3.0       (7)% 
Total capital                               A$m       26.2         27.8       (6)% 
expenditure                                US$m       20.2         20.2         -% 

Gold production decreased by 12% to 94,000oz in the March quarter from 106,400oz in the December quarter due to
decreased tonnes processed during the March quarter. 

Waste tonnes mined at the underground mines increased by 10% to 183,000t in the March quarter from 167,000t in 
the December quarter, with higher development rates achieved at Hamlet North.

Operational waste tonnes mined in the open pits decreased by 16% to 627,000t in the March quarter from 751,000t 
in the December quarter, in accordance with the mine plan.

Surface mined grade decreased by 15% to 2.33g/t in the March quarter from 2.74g/t in the December quarter with 
lower grade ore sourced from Neptune stage 5 pit during the March quarter.

Throughput at Lefroy mill decreased by 13% to 1,027kt in the March quarter from 1,180kt in the December quarter, 
with a planned maintenance shutdown and a reduction in draw-down of stockpiles to supplement production during the 
March quarter.

All-in cost increased by 18% to A$1,370/oz (US$1,058/oz) in the March quarter from A$1,160/oz (US$843/oz) in the
December quarter mainly due to decreased gold sold, partially offset by lower capital expenditure.

Capital expenditure decreased by 6% to A$26.2m (US$20.2m) in the March quarter from A$27.8m (US$20.2m) in the 
December quarter with decreased expenditure on mine infrastructure during the March quarter. Non-sustaining capital 
expenditure decreased by 12% to A$3.6m (US$2.8m) in the March quarter from A$4.1m (US$3.0m) in the December quarter 
due to decreased near mine exploration drilling in the March quarter.

Agnew
                                                          March        Dec             % 
                                                           2021       2020      Variance  
Underground ore mined                    000 tonnes         258        296         (13)%     
Underground waste mined                  000 tonnes         239        170           40%       
Total tonnes mined                       000 tonnes         497        466            7%        
Grade mined - underground                       g/t        6.12       6.89         (11)%     
Gold mined                                   000'oz        50.8       65.5         (22)%     
Tonnes milled                            000 tonnes         297        324          (8)%      
Yield                                           g/t        5.33       6.26         (15)%     
Gold produced                                000'oz        50.9       65.3         (22)%     
Gold sold                                    000'oz        47.9       69.6         (31)%     
AISC - revised interpretation guidance                               
(WGC November 2018)                           A$/oz        1,645     1,226           34%       
                                             US$/oz        1,271       893           42%       
AIC                                           A$/oz        1,812     1,244           46%       
                                             US$/oz        1,400       907           54%       
Sustaining capital expenditure                  A$m         13.9      13.2            5%        
                                               US$m         10.8       9.7           10%       
Non-sustaining capital expenditure              A$m          8.0       1.2          567%      
                                               US$m          6.2       1.0          520%      
Total capital expenditure                       A$m         21.9      14.4           52%       
                                               US$m         17.0      10.7           59%       

Gold production decreased by 22% to 50,900oz in the March quarter from 65,300oz in the December quarter due to
decreased tonnes milled and grade of ore mined and processed during the March quarter.

Ore mined decreased by 13% to 258,000t in the March quarter from 296,000t in the December quarter, with focus during
the March quarter on development of the Kath orebody at Waroonga and the Sheba ore body at New Holland resulting in 
a 40% increase in waste tonnes mined of 239,000t in the March quarter from 170,000t in the December quarter. This 
horizontal and vertical development sets the mine up to deliver higher ore tonnes for the remainder of the year. 

Mined grade decreased by 11% to 6.12g/t in the March quarter from 6.89g/t in the December quarter, with lower grade
material mined at New Holland, in accordance with the mine plan. 

Yield was impacted by the lower grade of ore mined, decreasing by 15% to 5.33g/t in the March quarter from 6.26g/t in
the December quarter. 

All-in cost increased by 46% to A$1,812/oz (US$1,400/oz) in the March quarter from A$1,244/oz (US$907/oz) in the
December quarter due to lower gold sold and increased capital expenditure, partially offset by lower cost of sales 
before amortisation and depreciation. 

Total capital expenditure increased by 52% to A$21.9m (US$17.0m) in the March quarter from A$14.4m (US$10.7m) in the
December quarter. Non-sustaining capital expenditure increased by 567% to A$8.0m (US$6.2m) in the March quarter from
A$1.2m (US$1.0m) in the December quarter with development under way to access the Kath Lower and Sheba Extension ore 
bodies as well as a ramp up of exploration activities at the Redeemer Complex.

Granny Smith
                                                           March       Dec           %
                                                            2021      2020    Variance 
Underground ore mined                      000 tonnes        395       424        (7)% 
Underground waste mined                    000 tonnes        187       165         13% 
Total tonnes mined                         000 tonnes        582       589        (1)% 
Grade mined - underground                         g/t       5.04      5.28        (4)% 
Gold mined                                     000'oz       64.1      72.0       (11)% 
Tonnes milled                              000 tonnes        385       417        (8)% 
Yield                                             g/t       4.65      4.96        (6)% 
Gold produced                                  000'oz       57.6      66.4       (13)% 
Gold sold                                      000'oz       57.1      68.8       (17)% 
AISC - revised interpretation guidance                                                 
(WGC November 2018)                             A$/oz      1,482     1,413          5% 
                                               US$/oz      1,145     1,023         12% 
AIC                                             A$/oz      1,618     1,463         11% 
                                               US$/oz      1,250     1,062         18% 
Sustaining capital expenditure                    A$m       11.1      18.9       (41)% 
                                                 US$m        8.6      13.7       (37)% 
Non-sustaining capital expenditure                A$m        7.8       3.4        129% 
                                                 US$m        6.0       2.7        124% 
Total capital expenditure                         A$m       18.9      22.3       (15)% 
                                                 US$m       14.6      16.3       (11)% 

Gold production decreased by 13% to 57,600oz in the March quarter from 66,400oz in the December quarter due to
decreased tonnes milled, as well as lower grades of ore mined and processed.

Underground waste mined increased by 13% to 187,000t in the March quarter from 165,000t in the December quarter with
677 meters advanced at the second decline during the March quarter (December quarter - 113 meters).

Gold mined decreased by 11% to 64,100oz in the March quarter from 72,000oz in the December quarter. The decrease in
gold mined was mainly due to a 7% decrease in underground ore mined, as a result of paste fill sequence delays in 
Zones 110 and 120.

All-in cost increased by 11% to A$1,618/oz (US$1,250/oz) in the March quarter from A$1,463/oz (US$1,062/oz) in the
December quarter due to a decrease in gold sold, partially offset by lower cost of sales before amortisation and
depreciation and lower capital expenditure.

Capital expenditure decreased by 15% to A$18.9m (US$14.6m) in the March quarter from A$22.3m (US$16.3m) in the
December quarter. Sustaining capital expenditure decreased by 41% to A$11.1m (US$8.6m) in the March quarter from 
A$18.9m (US$13.7m) in the December quarter due to reduced capital works expenditure and a focus on the development of 
the second decline in the March quarter which is included as non-sustaining. Non-sustaining capital expenditure increased 
by 129% to A$7.8m (US$6.0m) in the March quarter from A$3.4m (US$2.7m) in the December quarter due to increased development 
at the second decline. When completed, the second decline will provide a reduction in current congestion in the main decline 
and will support short interval control measures to maintain the production profile.

Gruyere
                                                                     March        Dec           %
                                                                      2021       2020    Variance
Mine physicals in table on a 100 per cent basis                                                  
Ore mined                                             000 tonnes     1,946      2,268       (14)%
Waste (Capital)                                       000 tonnes     6,227      5,656         10%
Waste (Operational)                                   000 tonnes        99        407       (76)%
Total waste mined                                     000 tonnes     6,325      6,063          4%
Total tonnes mined                                    000 tonnes     8,271      8,331        (1)%
Grade mined                                                  g/t      1.07       1.18        (9)%
Gold mined                                                000'oz      67.2       86.4       (22)%
Strip ratio                                            waste/ore       3.3        2.7         22%
Tonnes milled                                         000 tonnes     2,116      2,106          -%
Yield                                                        g/t      0.97       1.05        (7)%
Gold produced                                             000'oz      66.2       70.8        (6)%
Gold sold                                                 000'oz      64.4       69.2        (7)%
                                                                                                 
AISC - revised                                             A$/oz     1,382      1,324          4%
interpretation guidance (WGC November 2018)               US$/oz     1,068        960         11%
AIC                                                        A$/oz     1,385      1,340          3%
                                                          US$/oz     1,070        971         10%
Sustaining capital                                           A$m      14.1       11.7         20%
expenditure - 50% basis                                     US$m      10.9        8.4         29%
Non-sustaining capital                                       A$m       0.1        0.6       (81)%
expenditure - 50% basis                                     US$m       0.1        0.4       (79)%
Total capital expenditure -                                  A$m      14.2       12.3         16%
50% basis                                                   US$m      11.0        8.8         24%

Gold production decreased by 6% to 66,200oz in the March quarter from 70,800oz in the December quarter due to
decreased grade of ore mined and processed.

Ore tonnes mined decreased by 14% to 1.95Mt in the March quarter from 2.27Mt in the December quarter with a greater
portion of capital waste material mined during the quarter.

Capital waste mined increased by 10% to 6.23Mt tonnes in the March quarter from 5.66Mt in the December quarter with
increased pre-strip activities at Stages 2 and 3 of the pit.

Operational waste mined decreased by 76% to 99Kt in the March quarter from 407Kt in the December quarter with focus
during the quarter on pre-stripping of Stages 2 and 3.

Grade mined decreased by 9% to 1.07g/t in the March quarter from 1.18g/t in the December quarter in accordance with
the mine plan. 

Gold mined was impacted by the reduction in ore tonnes mined and lower grades, decreasing by 22% to 67,200oz in 
the March quarter from 86,400oz in the December quarter.

All-in cost increased by 3% to A$1,385/oz (US$1,070/oz) in the March quarter from A$1,340/oz (US$971/oz) in the
December quarter due to lower gold sold and higher capital expenditure, partially offset by lower cost of sale before
amortisation and depreciation.

Capital expenditure (on a 50% basis) increased by 15% to A$14.2m (US$11.0m) in the March quarter from A$12.3m
(US$8.8m) in the December quarter reflecting increased development at Stages 2 and 3 of the pit.

Underground and surface
                                          Total Mine
                                          operations    South                                      South
                                           including   Africa                                    America
                                              equity   Region           West Africa Region        Region                 Australia Region
                                           accounted                         Ghana                  Peru                     Australia   
Imperial ounces with                           Joint    South                           Asanko#    Cerro                          Granny  Gruyere
metric tonnes and grade                      Venture     Deep   Total  Tarkwa   Damang      45%   Corona   Total  St Ives   Agnew  Smith      50%
Tonnes mined                   March 2021      1,446      346       -       -        -        -        -   1,100      446     258    395        -
(000 tonnes)*                    Dec 2020      1,452      304       -       -        -        -        -   1,148      428     296    424        -
- underground ore              March 2020      1,398      275       -       -        -        -        -   1,123      358     348    418        -
                               March 2021        648       39       -       -        -        -        -     609      183     239    187        -
- underground waste              Dec 2020        547       45       -       -        -        -        -     502      167     170    165        -
                               March 2020        547        8       -       -        -        -        -     539      230     186    123        -
                               March 2021      7,789        -   5,305   2,405    2,071      828    1,099   1,385      412       -      -      973
- surface ore                    Dec 2020      8,933        -   6,010   2,922    2,204      884    1,343   1,580      446       -      -    1,134
                               March 2020      9,2.5        -   4,919   3,319      740      860    2,795   1,552      633       -      -      919
                               March 2021      9,883      385   5,305   2,405    2,071      828    1,099   3,093    1,041     497    582      973
- total                          Dec 2020     10,932      349   6,010   2,922    2,204      884    1,343   3,231    1,041     466    589    1,134
                               March 2020     11,211      283   4,919   3,319      740      860    2,795   3,214    1,221     534    540      919
Grade mined                    March 2021        5.4      5.6       -       -        -        -        -     5.3      5.1     6.1    5.0        -
(grams per tonne)                Dec 2020        5.8      6.3       -       -        -        -        -     5.6      5.1     6.9    5.3        -
- underground ore              March 2020        5.1      5.9       -       -        -        -        -     5.0      4.7     4.8    5.4        -
                               March 2021        1.4        -     1.5     1.5      1.6      1.3      0.9     1.4      2.3       -      -      1.1
- surface ore                    Dec 2020        1.5        -     1.6     1.5      1.8      1.4      1.0     1.6      2.7       -      -      1.2
                               March 2020        1.2        -     1.4     1.3      1.4      1.5      0.8     1.3      1.6       -      -      1.1
                               March 2021        2.0      5.1     1.5     1.5      1.6      1.3      0.9     3.2      3.8     6.1    5.0      1.1
- total                          Dec 2020        2.0      5.5     1.6     1.5      1.8      1.4      1.0     3.3      3.9     6.9    5.3      1.2
                               March 2020        1.7      5.7     1.4     1.3      1.4      1.5      0.8     2.8      2.7     4.8    5.4      1.1
Gold mined                     March 2021      251.1     62.6       -       -        -        -        -   188.5     73.6    50.8   64.1        -
(000 ounces)*                    Dec 2020      269.9     61.6       -       -        -        -        -   208.4     70.9    65.5   72.0        -
- underground ore              March 2020      231.0     52.1       -       -        -        -        -   178.9     53.5    53.3   72.1        -
                               March 2021      350.3        -   255.3   112.6    108.2     34.5     30.5    64.4     30.8       -      -     33.6
- surface ore                    Dec 2020      436.7        -   312.8   144.6    128.0     40.2     41.5    82.4     39.2       -      -     43.2
                               March 2020      349.9        -   214.3   137.9     33.6     42.8     71.3    64.4     33.2       -      -     31.2
                               March 2021      601.4     62.6   255.3   112.6    108.2     34.5     30.5   253.0    104.4    50.8   64.1     33.6
- total                          Dec 2020      706.6     61.6   312.8   144.6    128.0     40.2     41.5   290.8    110.1    65.5   72.0     43.2
                               March 2020      581.0     52.1   214.3   137.9     33.6     42.8     71.3   243.3     86.7    53.3   72.1     31.2
Ore milled/treated             March 2021      1,482      362       -       -        -        -        -   1,120      437     297    385        -
(000 tonnes)                     Dec 2020      1,588      324       -       -        -        -        -   1,264      523     324    417        -
- underground ore              March 2020      1,429      291       -       -        -        -        -   1,138      388     322    429        -
                               March 2021         26       26       -       -        -        -        -       -        -       -      -        -
- underground waste              Dec 2020         37       37       -       -        -        -        -       -        -       -      -        -
                               March 2020          5        5       -       -        -        -        -       -        -       -      -        -
                               March 2021      8,870      318   5,269   3,436    1,183      650    1,635   1,648      590       -      -    1,058
- surface ore                    Dec 2020      9,074      380   5,304   3,452    1,205      647    1,680   1,710      657       -      -    1,053
                               March 2020      8,913      250   5,259   3,479    1,150      630    1,675   1,729      766       -      -      963
                               March 2021     10,378      707   5,269   3,436    1,183      650    1,635   2,767    1,027     297    385    1,058
- total                          Dec 2020     10,700      741   5,304   3,452    1,205      647    1,680   2,974    1,180     324    417    1,053
                               March 2020     10,346      546   5,259   3,479    1,150      630    1,675   2,867    1,154     322    429      963
Yield                          March 2021        4.9      5.0       -       -        -        -        -     4.8      4.6     5.3    4.7        -
(Grams per tonne)                Dec 2020        5.2      5.8       -       -        -        -        -     5.0      4.3     6.3    5.0        -
- underground ore              March 2020        4.9      6.4       -       -        -        -        -     4.6      4.2     4.6    4.8        -
                               March 2021        1.2      0.1     1.3     1.1      1.9      1.3      0.9     1.2      1.6       -      -      1.0
- surface ore                    Dec 2020        1.2      0.1     1.3     1.1      1.9      1.4      0.9     1.3      1.6       -      -      1.0
                               March 2020        1.1      0.1     1.1     1.1      1.0      1.5      1.2     1.3      1.6       -      -      1.0
                               March 2021        1.7      2.6     1.3     1.1      1.9      1.3      0.9     2.6      2.8     5.3    4.7      1.0
- combined                       Dec 2020        1.8      2.6     1.3     1.1      1.9      1.4      0.9     2.9      2.8     6.3    5.0      1.0
                               March 2020        1.7      3.5     1.1     1.1      1.0      1.5      1.2     2.6      2.5     4.6    4.8      1.0
Gold produced                  March 2021      231.5     58.6       -       -        -        -        -   172.9     64.3    50.9   57.6        -
(000 ounces)*                    Dec 2020      263.3     60.0       -       -        -        -        -   203.3     71.6    65.3   66.4        -
- underground ore              March 2020      226.3     59.7       -       -        -        -        -   166.5     52.6    47.4   66.6        -
                               March 2021      331.4      1.1   221.1   122.5     71.7     27.0     46.4    62.8     29.7       -      -     33.1
- surface ore                    Dec 2020      349.7      1.6   230.1   127.2     73.3     29.5     47.9    70.1     34.7       -      -     35.4
                               March 2020      327.5      0.9   193.9   127.1     36.9     29.8     62.3    70.4     40.6       -      -     29.8
                               March 2021      562.9     59.7   221.1   122.5     71.7     27.0     46.4   235.7     94.0    50.9   57.6     33.1
- total                          Dec 2020      613.0     61.5   230.1   127.2     73.3     29.5     47.9   273.4    106.4    65.3   66.4     35.4
                               March 2020      553.8     60.6   193.9   127.1     36.9     29.8     62.3   236.9     93.1    47.4   66.6     29.8
Cost of sales before gold 
inventory change and      
amortisation and depreciation  March 2021        133      169       -       -        -        -        -     121     101       142   127        -
(dollar per tonne)               Dec 2020        115      166       -       -        -        -        -     101     79        123   111        -
- underground                  March 2020        117      206       -       -        -        -        -      94      79       114    93        -
                               March 2021         27       17      30      21       45       45       25      25      32         -     -       21
- surface                        Dec 2020         27       19      30      19       50       43       26      21      25         -     -       18
                               March 2020         27        6      30      24       40       42       25      25      32         -     -       19
                               March 2021         43      101      30      21       45       45       25      64      61       142   127       21
- total                          Dec 2020         40       91      30      19       50       43       26      55      49       123   111       18
                               March 2020         40      114      30      24       40       42       25      52      48       114    93       19
* Excludes surface material at South Deep.
# Includes only 45% of Asanko (Equity Accounted JV).

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-U.S. 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 2020 and the annual report on Form 20-F for the fiscal year ended 31 December 2020. 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. These 
forward-looking statements have not been reviewed or reported on by the Company's external auditors.


Administration and corporate information

Corporate secretary                                     Investor enquiries                                                    
Anre Weststrate                                         Avishkar Nagaser                                                      
Tel: +27 11 562 9719                                    Tel: +27 11 562 9775                                                  
Mobile: +27 83 635 5961                                 Mobile: +27 82 312 8692                                               
email: anre.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: +27 11 562 9829                                    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 Group                                                            
BNY Mellon                                              The Registry                                                          
P O Box 505000                                          10th Floor, Central Square                                            
Louisville, KY 40233 - 5000                             29 Wellington Street                                                  
                                                        Leeds                                                                 
Overnight correspondence should be sent to:             LSI 4 DL                                                              
BNY Mellon                                              England                                                               
462 South 4th Street, Suite 1600                        Tel: 0371 664 0300                                                    
Louisville, KY40202                                                                                                           
email: shrrelations@cpushareownerservices.com           If you are outside the United Kingdom please call (0) 371 664 0300    
Phone numbers                                           Calls are charged at the standard geographic rate and will vary by    
Tel: 866 269 2377 Domestic                              provider. Calls outside the United Kingdom will be charged at the     
Tel: 201 680 6825 Foreign                               applicable international rate. Business is open between 09:00 - 17:30,
                                                        Monday to Friday excluding public holidays in England and Wales.      
Sponsor                                                 email: shareholderenquiries@linkgroup.co.uk                           
J.P. Morgan Equities South Africa     
Proprietary Limited                   
1 Fricker Road                        
Illovo, Johannesburg 2196             
South Africa                          

Website
www.goldfields.com

Listings
JSE / NYSE / GFI

CA Carolus* (Chair) CI Griffith~ (Chief Executive Officer)  PA Schmidt~ (Chief Financial Officer)  A Andani^*  PJ Bacchus+* 
TP Goodlace*  C Letton#*  PG Sibiya*  SP Reid#*  YGH Suleman* 

#Australian   +British   ^Ghanaian  
*Independent Director   ~Non-independent Director

www.goldfields.com
Date: 06-05-2021 08:00:00
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