GOLD FIELDS LIMITED - Operational update for the q5 May 2022
Operational update for the quarter ended 31 March 2022

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

Media Release

Operational update for the quarter ended 31 March 2022

SALIENT FEATURES

- 580,000 ounces of attributable gold production
- US$1,320 per ounce of all-in cost

JOHANNESBURG, 5 May 2022: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update 
for the quarter ended 31 March 2022. Detailed financial and operational results are provided on a six-monthly 
basis i.e. at the end of June and December.

STATEMENT BY CHRIS GRIFFITH, CEO

Solid quarter despite inflationary pressures
Q1 2022 was another challenging start to a year from a macro viewpoint. As we finally seemed to have overcome 
the worst of Covid-19 around the world, the invasion of Ukraine by Russia has had a material impact. Despite the 
devastation caused by any form of war, the world is being plagued with heightened inflation, driven by high oil 
and gas prices and more broadly, higher commodity prices. While we expected the mining sector to be challenged 
by high inflation at the start of the year, the impact has been worse than initially expected. High commodity 
prices have driven inflation in energy costs; logistics and consumables.

Despite the global challenges, Gold Fields had a solid Q1 2022. Group attributable equivalent gold production 
was 580koz, up 7% YoY (down 8% QoQ). Group production remains on track to deliver the guidance provided in February 2022.
Group AISC for the quarter was US$1,150/oz, up 7% YoY and up 9% QoQ. AIC for the Group was US$1,320/oz, 6% higher 
YoY(down 4% QoQ) as project capital expenditure at Salares Norte continued into 2022. Net debt at the end of the 
quarter was US$984m, compared to US$969m at the end of December 2021, primarily driven by the payment of the final 
dividend of US$153m and a non-controlling interest holders dividend of US$14m. The Group generated free 
cash flow of US$161m in Q1 2022. The net debt to EBITDA at the end of the quarter was 0.39x, largely unchanged QoQ. 
The balance sheet remains in a very strong position.

Covid-19 update
We are pleased to report that we had no further Covid-19-related deaths among our workforce this year (up to end-April), 
but we continue to apply comprehensive measures to prevent our employees and contractors from contracting the virus. 
As at 30 April 2022, 86% of our global workforce had been fully vaccinated, while 46% had received at least one booster 
vaccination. We have also continued with regular testing. Covid-19-related expenditure in Q1 totalled US$6.8m, 
of which US$4.0m occurred in Chile to cover the logistics and accommodation requirements of the construction workforce 
at the Salares Norte project.

Q1 2022 operational performance
The Australian region produced 258koz, up 10% YoY (down 8% QoQ) at AIC of A$1,714/oz (US$1,241/oz) (up 12% YoY and up
12% QoQ) and AISC of A$1,604/oz (US$1,161/oz) (up 11% YoY and up 15% QoQ).

Our mines in Ghana produced 210koz (including 45% of Asanko), down 5% YoY (down 3% QoQ), at AIC of US$1,213/oz 
(up 13% YoY and up 8% QoQ) and AISC of US$1,181/oz (up 14% YoY and up 7% QoQ).

Production at Cerro Corona in Peru was 56koz (gold equivalent), up 21% YoY (down 30% QoQ) at AIC of US$1,009 per gold
equivalent ounce (up 21% YoY and up 6% QoQ) and AISC of US$963 per gold equivalent ounce (up 35% YoY and up 13% QoQ).

South Africa continued the strong momentum from H2 2021, with Q1 2022 production of 78koz, largely flat QoQ
(historically Q1 is seasonally weak), and 31% higher YoY. During the first quarter AIC was R705,316/kg (US$1,441/oz)
(up 2% YoY and down 3% QoQ) and AISC of R671,829/kg (US$1,373/oz) (up 1% YoY and down 3% QoQ). Productivity trends
continued to improve across key leading indicators during the quarter.

Update on Salares Norte
A protracted third wave of COVID-19 in Chile, which resulted in increased absenteeism, impacted the Salares Norte
project during Q1 2022, due to a lower number of personnel on site. By the end of the quarter, the third wave had
subsided and activity on the site increased. Total project progress at the end of March was 70%, compared to the 63% 
at the end of Q4 2021. The project remains on track for first gold at the end of Q1 2023.

US$77.5m was spent on the project during the quarter, comprising US$63.0m in capex, US$9.2m in exploration, US$4.3m 
in investment in working capital and US$2.8m in other cost, partially offset by a realised gain of US$1.8m on the FX
hedge. Given the elevated level of inflation, the contingency that was built into the capex forecast has started to 
be eroded. Should inflation continue at current levels, we expect the overall project capex to be 5-7% higher than
expected. To-date, the Peso hedge has paid out US$40m, which will be credited to the cost of the project.

Pre-stripping of the Brecha Principal pit continues to progress well and volumes continued to track ahead of schedule
during the quarter. A total of 34Mt has been mined to-date.

Integrated Reporting
At the end of March, we released a suite of reports under the umbrella of the 2021 Integrated Annual Report (IAR).
These include the IAR itself, the Annual Financial Report (including our Governance Report), the Mineral Resource 
and Reserve supplement and the Climate Change Report, produced in line with the recommendations of the Task Force 
on Climate-related Financial Disclosure (TCFD). This was followed up at the end of April with the 2021 Report 
to Stakeholders and the GRI Content Index.

South Deep and Gruyere solar plants
The South Deep 50MW solar plant is on track for commissioning in Q3 2022, with installation of the 101,000 solar 
panels proceeding as scheduled. Almost 240 people are being employed in the construction phase of the project, 
with BEE contractors carrying out most of the work.

At Gruyere, the construction of the 12MW solar plant and the 4.4MW battery storage facility has been completed 
with the system now being performance tested and ramping up for commissioning, scheduled for June.

Upgrades from credit ratings agencies
On 6 April 2022, Moody's Investor Services affirmed Gold Fields' Baa3 issuer rating and changed the outlook to 
stable from negative following the rating affirmation of South Africa's Ba2 government rating and change of outlook 
to stable from negative.

On 28 April 2022, S&P Global Ratings upgraded Gold Fields credit rating from 'BBB-' from 'BB+' and the debt ratings 
on the Group's senior unsecured notes. S&P also raised to 'A-3' from 'B' the short-term rating on the Group and 
affirmed its 'zaAAA/zaA-1+' South African national scale ratings.

FY 2022 guidance unchanged
Given the solid operational performance in Q1 2022, we are on track to achieve the Group production guidance provided
in February 2022. As indicated earlier, inflation has been higher than initially expected as shown in the table below,
however, the higher-than-expected copper by-production credit has partially offset the higher cost inflation.
Consequently, we leave our cost guidance for the year unchanged.

For 2022, attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz and 2.29Moz
(2021 comparable 2.25Moz). Including Asanko, attributable gold equivalent production is expected to be between 2.29Moz
and 2.34Moz. AISC is expected to be between US$1,140/oz and US$1,180/oz, with AIC expected to be US$1,370/oz to
US$1,410/oz. If we exclude the very significant project capex at Salares Norte, AIC is expected to be US$1,230/oz 
to US$1,270/oz. The exchange rates used for our 2022 guidance are: R/US$15.55 and US$/A$0.76.

2022 Effective mining inflation forecast

              Forecast inflation as at February 2022     Forecast inflation as at April 2022
Australia                                       9.4%                                   10.2%
Ghana                                          10.9%                                   12.2%
Peru                                            6.8%                                   10.5%
South Africa                                   11.2%                                    8.6%
Chile                                           2.7%                                    8.9%

Chris Griffith
Chief Executive Officer

5 May 2022

Key statistics

                                                                        United States Dollars
                                                                               Quarter
                                                                       March   December    March
Figures in millions unless otherwise stated                             2022       2021     2021
Gold produced*                                          oz (000)         580        631      541
Tonnes milled/treated                                       000       10,520     10,586   10,378
Revenue (excluding Asanko)                               US$/oz        1,884      1,805    1,778
Cost of sales before gold inventory change and        
amortisation and depreciation (excluding Asanko)      US$/tonne           47         48       43
All-in sustaining costs                                  US$/oz        1,150      1,055    1,078
Total all-in cost                                        US$/oz        1,320      1,369    1,249
Net debt                                                   US$m          984        969    1,224
Net debt (excluding lease liabilities)                     US$m          559        553      788
Net debt to adjusted EBITDA ratio                          US$m         0.39       0.40     0.59
* Gold produced in this table is attributable and includes Gold Fields' share of 45% in Asanko.

At 31 March 2022, 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 5% of Group production.

All-in sustaining costs and total all-in cost in the key statistics table include all Gold Fields operations, projects
and offices. The tables on pages 4 and 5 present only the mining operations. See reconciliation below.

Figures may not add as they are rounded independently.

All-in cost reconciliation

                                                        United States Dollars
                                                               Quarter
                                                       March   December   March
Figures in millions unless otherwise stated             2022       2021    2021
All-in cost for mining operations (page 4)   US$/oz    1,198      1,090   1,132
Salares Norte                                US$/oz      109        240     110
Corporate and other                          US$/oz       13         39       7
Total all-in cost                            US$/oz    1,320      1,369   1,249

Currencies

                                                               Quarter
                                                       March   December   March
                                                        2022       2021    2021
US$1-ZAR                                               15.22      15.43   14.96
A$1-US$                                                 0.72       0.73    0.77

Stock data for the three months ended 31 March 2022
Number of shares in issue                         NYSE - (GFI)                
- at end March 2022            891,244,132        Range - Quarter            US$9.84 - US$16.71
- average for the quarter      890,029,351        Average volume - Quarter   9,596,414 shares/day
Free float                     100 per cent       JSE LIMITED - (GFI)
ADR ratio                      1:1                Range - Quarter            ZAR154.90 - ZAR254.41
Bloomberg/Reuters              GFISJ/GFLJ.J       Average volume - Quarter   3,802,753 shares/day

Salient features and cost benchmarks
                                                                                       
                                                                                United States Dollars
																							   
																							   
                                                                       Total      South                   West                        South
                                                       Total            Mine    African                 Africa                      America
                                                        Mine  operations and     Region                 Region                       Region
                                                  operations        projects                                                        
                                                and projects       excluding                             Ghana                   Peru      Chile
                                                   including          equity                                                                 Salares
Figures are in millions                     equity accounted       accounted       South                                Asanko*     Cerro      Norte
unless otherwise stated                        Joint Venture   Joint Venture        Deep      Total   Tarkwa   Damang       45%    Corona    Project

Operating results                   
Ore milled/treated                  
(000 tonnes)                        March 2022        10,520           9,853        734      5,286    3,447    1,171        667     1,729          -
                                      Dec 2021        10,586           9,924        695      5,265    3,401    1,201        663     1,736          -
                                    March 2021        10,378           9,728        707      5,269    3,436    1,183        650     1,635          -
Yield (grams per tonne)             March 2022           1.8             1.8        3.3        1.2      1.2      1.6        0.9       1.0          -
                                      Dec 2021           1.9             2.0        3.4        1.3      1.2      1.7        1.1       1.4          -
                                    March 2021           1.7             1.7        2.6        1.3      1.1      1.9        1.3       0.9          -
Gold produced                       March 2022         602.0           582.9       78.0      209.5    128.5     62.0       19.1      56.1          -
(000 managed equivalent ounces)       Dec 2021         653.6           630.9       76.8      216.2    129.1     64.5       22.6      79.6          -
                                    March 2021         562.9           535.9       59.7      221.1    122.5     71.7       27.0      46.4          -
Gold produced                       March 2022         579.9           560.8       75.2      190.5    115.7     55.8       19.1      55.8          -
(000 attributable equivalent ounces)  Dec 2021         631.1           608.4       74.0      196.9    116.2     58.0       22.6      79.2          -
                                    March 2021         541.3           514.3       57.6      201.8    110.3     64.5       27.0      46.2          -
Gold sold                                                                                                                                          
(000 managed equivalent ounces)     March 2022         602.4           583.5       78.0      209.3    128.5     62.0       18.9      59.8          -
                                      Dec 2021         656.8           633.6       76.8      216.7    129.1     64.5       23.1      85.0          -
                                    March 2021         558.1           529.7       57.2      222.5    122.5     71.7       28.3      52.6          -
Cost of sales before amortisation   March 2022        (477.2)         (452.8)     (81.3)    (151.2)   (89.7)   (37.1)     (24.4)    (46.4)         -
and depreciation (million)            Dec 2021        (457.5)         (429.5)     (71.4)    (147.6)   (79.6)   (40.0)     (28.0)    (51.0)         -
                                    March 2021        (433.1)         (406.2)     (70.2)    (138.9)   (73.2)   (38.8)     (26.9)    (49.9)         -
Cost of sales before gold           March 2022            46              47        110         32       25       47         39        27          -
inventory change and amortisation     Dec 2021            48              48        109         37       32       47         46        33          -
and depreciation (dollar per tonne) March 2021            43              43        101         30       21       45         45        25          -
																														 
Sustaining capital                  March 2022        (161.0)         (160.5)     (23.4)     (68.7)   (57.2)   (10.9)    (0.5)&      (2.9)         -
(million)                             Dec 2021        (165.4)         (162.1)     (31.1)     (56.4)   (45.8)    (7.3)    (3.3)&     (11.6)         -
                                    March 2021        (113.2)         (111.5)      (8.3)     (55.0)   (50.7)    (2.6)    (1.7)&      (2.2)         -
																														 
Non-sustaining capital (million)    March 2022         (89.8)          (89.2)      (5.3)      (3.2)       -     (2.6)      (0.6)     (2.2)     (63.0)
                                      Dec 2021        (176.6)         (174.4)      (6.0)      (2.4)       -     (0.2)      (2.2)     (7.9)    (134.3)
                                    March 2021         (87.4)          (84.0)      (3.2)      (5.9)       -     (2.5)      (3.4)     (4.6)     (58.6)
Total capital expenditure (million) March 2022        (250.8)         (249.7)     (28.7)     (71.9)   (57.2)   (13.5)      (1.1)     (5.1)     (63.0)
                                      Dec 2021        (342.0)         (336.5)     (37.1)     (58.8)   (45.8)    (7.5)      (5.5)    (19.5)    (134.3)
                                    March 2021        (200.6)         (195.5)     (11.5)     (60.9)   (50.7)    (5.1)      (5.1)     (6.8)     (58.6)
All-in sustaining costs             March 2022         1,136           1,122      1,373      1,181    1,269      891      1,538      (129)         -
(dollar per ounce)                    Dec 2021         1,016             995      1,401      1,099    1,127      885      1,539      (138)         -
                                    March 2021         1,071           1,066      1,388      1,038    1,190      733      1,158       136          -
Total all-in cost                                                                                                                                  
(dollar per ounce)                  March 2022         1,198           1,183      1,441      1,213    1,269      967      1,639       (27)         -
                                      Dec 2021         1,090           1,067      1,479      1,123    1,127      915      1,680        63          -
                                    March 2021         1,132           1,121      1,444      1,078    1,190      791      1,323       358          -
Average exchange rates were US$1 = R15.22, US$1 = R15.43 and US$1 = R14.96 for the March 2022, December 2021 and March
2021 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.73 and A$1 = US$0.77 for the March 2022,
December 2021 and March 2021 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$0.0m and US$0.4m (100% basis US$0.0m and US$0.8m) for the
  March 2022 and December 2021 quarters, respectively.

                                                                                                                                                     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                                                                              
(000 tonnes)                         March 2022   2,772     1,021      292      389     1,071     2,772     1,021      292      389       1,071        734
                                       Dec 2021   2,891     1,015      320      438     1,118     2,891     1,015      320      438       1,118        695
                                     March 2021   2,767     1,027      297      385     1,058     2,767     1,027      297      385       1,058        707
Yield                                                                                           
(grams per tonne)                    March 2022     2.9       2.9      6.7      5.3       1.0       2.9       2.9      6.7      5.3         1.0        3.3
                                       Dec 2021     3.0       3.4      5.6      5.6       0.9       3.0       3.4      5.6      5.6         0.9        3.4
                                     March 2021     2.6       2.8      5.3      4.7       1.0       2.6       2.8      5.3      4.7         1.0        2.6
Gold produced                        March 2022   258.4      93.9     63.0     65.9      35.6     258.4      93.9     63.0     65.9        35.6      2,425
(000 managed equivalent ounces)        Dec 2021   281.0     110.5     57.5     79.1      33.9     281.0     110.5     57.5     79.1        33.9      2,387
                                     March 2021   235.7      94.0     50.9     57.6      33.1     235.7      94.0     50.9     57.6        33.1      1,858
Gold produced                                                                                   
(000 attributable equivalent ounces) March 2022   258.4      93.9     63.0     65.9      35.6     258.4      93.9     63.0     65.9        35.6      2,338
                                       Dec 2021   281.0     110.5     57.5     79.1      33.9     281.0     110.5     57.5     79.1        33.9      2,302
                                     March 2021   235.7      94.0     50.9     57.6      33.1     235.7      94.0     50.9     57.6        33.1      1,792
Gold sold                            March 2022   255.3      95.9     64.5     59.7      35.1     255.3      95.9     64.5     59.7        35.1      2,425
(000 managed equivalent ounces)        Dec 2021   278.2     108.6     57.1     79.1      33.5     278.2     108.6     57.1     79.1        33.5      2,387
                                     March 2021   225.8      88.6     47.9     57.1      32.2     225.8      88.6     47.9     57.1        32.2      1,778
Cost of sales before amortisation    March 2022  (198.3)    (79.4)   (49.0)   (46.1)    (23.7)   (273.9)   (109.7)   (67.7)   (63.7)      (32.7)  (1,237.6)
and depreciation (million)             Dec 2021  (187.5)    (76.6)   (41.2)   (49.8)    (19.9)   (257.0)   (104.7)   (56.6)   (68.3)      (27.4)  (1,107.2)
                                     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)
Cost of sales before gold inventory                                                      
change and amortisation and          March 2022      69        63      162      136        25        95        87      223      188          34      1,679
depreciation (dollar per tonne)        Dec 2021      63        65      135      112        22        87        90      186      153          30      1,694
                                     March 2021      64        61      142      127        21        82        79      184      164          27      1,505
Sustaining capital (million)         March 2022   (66.0)    (28.1)   (15.5)   (13.3)     (9.1)    (91.2)    (38.8)   (21.5)   (18.3)      (12.6)    (356.4)
                                       Dec 2021   (66.3)    (21.1)   (13.1)   (21.6)    (10.5)    (90.9)    (29.0)   (18.1)   (29.3)      (14.5)    (468.1)
                                     March 2021   (47.7)    (17.4)   (10.8)    (8.6)    (10.9)    (61.8)    (22.6)   (13.9)   (11.1)      (14.1)    (124.0)
Non-sustaining capital (million)     March 2022   (16.0)     (0.2)    (8.6)    (7.3)        -     (22.2)     (0.2)   (11.8)   (10.1)          -      (81.2)
                                       Dec 2021   (25.9)     (3.8)   (11.9)    (9.9)     (0.3)    (35.3)     (5.2)   (16.1)   (13.6)       (0.4)     (92.4)
                                     March 2021   (15.1)     (2.8)    (6.2)    (6.0)     (0.1)    (19.5)     (3.6)    (8.0)    (7.8)       (0.1)     (48.1)
Total capital expenditure (million)  March 2022   (82.0)    (28.3)   (24.1)   (20.6)     (9.1)   (113.4)    (39.0)   (33.3)   (28.4)      (12.6)    (437.6)
                                       Dec 2021   (92.2)    (24.9)   (25.0)   (31.5)    (10.8)   (126.2)    (34.2)   (34.2)   (42.9)      (14.9)    (560.5)
                                     March 2021   (62.8)    (20.2)   (17.0)   (14.6)    (11.0)    (81.3)    (26.2)   (21.9)   (18.9)      (14.2)    (172.1)
All-in sustaining costs              March 2022   1,161     1,217    1,142    1,133     1,088     1,604     1,681    1,577    1,565       1,503    671,829
(dollar per ounce)                     Dec 2021   1,019       978    1,091    1,007     1,058     1,397     1,339    1,500    1,378       1,453    691,362
                                     March 2021   1,115     1,027    1,271    1,145     1,068     1,442     1,329    1,645    1,482       1,382    667,614
Total all-in cost                    March 2022   1,241     1,244    1,285    1,279     1,088     1,714     1,718    1,775    1,767       1,503    705,316
(dollar per ounce)                     Dec 2021   1,112     1,013    1,299    1,133     1,067     1,524     1,387    1,782    1,550       1,465    730,076
                                     March 2021   1,181     1,058    1,400    1,250     1,070     1,529     1,370    1,812    1,618       1,385    694,685
Average exchange rates were US$1 = R15.22, US$1 = R15.43 and US$1 = R14.96 for the March 2022, December 2021 and March 2021 
quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.73 and A$1 = US$0.77 for the March 2022, December 2021 and March 2021 
quarters, respectively.	
Figures may not add as they are rounded independently.

Review of Operations
Quarter ended 31 March 2022 compared with quarter ended 31 December 2021
Figures may not add as they are rounded independently

South Africa region
South Deep

                                            March       Dec         %
                                             2022      2021  Variance
                                      000
Ore mined                          tonnes     364       375      (3)%
                                      000
Waste mined                        tonnes      63        53       19%
                                      000
Total tonnes                       tonnes     427       428        -%
Grade mined - underground reef        g/t    6.32      6.66      (5)%
Grade mined - underground total       g/t    5.39      5.83      (8)%
Gold mined                             kg   2,303     2,499      (8)%
                                   000'oz    74.0      80.3      (8)%
Destress                                m   1,186     1,043       14%
Development                             m   1,562     1,447        8%
Secondary support                       m   3,906     3,814        2%
Backfill                               m3  86,418    93,949      (8)%
                                      000
Ore milled - underground reef      tonnes     345       354      (3)%
                                      000
Ore milled - underground waste     tonnes      57        53        8%
                                      000
Total underground tonnes milled    tonnes     402       407      (1)%
                                      000
Ore milled - surface               tonnes     332       288       15%
                                      000
Total tonnes milled                tonnes     734       695        6%
Yield - underground reef              g/t    6.92      6.65        4%
Surface yield                         g/t    0.11      0.11        -%
Total yield                           g/t    3.31      3.44      (4)%
Gold produced                          kg   2,425     2,387        2%
                                   000'oz    78.0      76.8        2%
Gold sold                              kg   2,425     2,387        2%
                                   000'oz    78.0      76.8        2%
AISC                                 R/kg 671,829   691,362      (3)%
                                   US$/oz   1,373     1,401      (2)%
AIC                                  R/kg 705,316   730,076      (3)%
                                   US$/oz   1,441     1,479      (3)%
Sustaining capital expenditure         Rm   356.4     468.1     (24)%
                                     US$m    23.4      31.1     (25)%
Non-sustaining capital expenditure     Rm    81.2      92.4     (12)%
                                     US$m     5.3       6.0     (12)%
Total capital expenditure              Rm   437.6     560.5     (22)%
                                     US$m    28.7      37.1     (23)%

Gold production increased by 2% to 2,425kg (78,000oz) in the March quarter from 2,387kg (76,800oz) in the December
quarter as a result of a release of GIP in the March quarter. Total tonnes mined decreased marginally to 427kt in 
the March quarter from 428kt in the December quarter. Total gold mined decreased by 8% to 2,303kg (74,000oz) in the 
March quarter from 2,499kg (80,300oz) in the December quarter mainly as a result of lower reef grade mined which decreased 
by 5% to 6.32g/t when compared to the previous quarter of 6.66g/t driven by a slight change in mining mix.

Reef yield increased by 4% to 6.92g/t in the March quarter from 6.65g/t in the December quarter due to the
quarter-on-quarter GIP movement.

Total underground tonnes milled decreased marginally by 1% to 402kt in the March quarter from 407kt in the December
quarter. Surface tonnes milled increased by 15% to 332kt in the March quarter from 288kt in the December quarter.

Development increased by 8% to 1,562 metres in the March quarter from 1,447 metres in the December quarter and
similarly destress increased by 14% to 1,186 metres in the March quarter from 1,043 metres in the December quarter 
as a result of an increase in rig production rates, which is in line with the production ramp-up plan.

Secondary support installed increased by 2% to 3,906 metres in the March quarter from 3,814 metres in the December
quarter, which is in line with the increase in development and destress performance. Backfill decreased by 8% to
86,418m3 in the March quarter from 93,949m3 in the December quarter due to pumping infrastructure constraints and 
stope availability.

All-in cost decreased by 3% to R705,316/kg (US$1,441/oz) in the March quarter from R730,076/kg (US$1,479/oz) 
in the December quarter mainly due to an increase in gold sold and a decrease in capital expenditure (solar plant 
and equipment deliveries), partially offset by an increase in cost of sales before amortisation and depreciation 
compared to the December quarter.

Total capital expenditure decreased by 22% to R438m (US$29m) in the March quarter from R561m (US$37m) in the December
quarter.

Sustaining capital expenditure decreased by 24% to R356m (US23m) in the March quarter from R468m (US$31m) in the
December quarter mainly due to lower equipment spend and lower spending on the Doornpoort tailings facility, 
partially offset by higher spending on the solar plant.

Non-sustaining capital expenditure decreased by 12% to R81m (US$5m) in the March quarter from R92m (US$6m) 
in the December quarter due to a decrease in spending on the ground handling systems in the new mine during the 
current quarter.

With the President of South Africa announcing that licensing for electricity self-generation will increase to 100MW,
South Deep applied to NERSA for approval to increase the solar project output capacity from 40MW to 60MW. South Deep
obtained approval for such increase on 16 March 2022. Now that NERSA has approved the expansion, Eskom will carry out
the work required to allow for the self-generation of 50MW and to eventually expand to 60MW. Year to date expenditure
on the plant is R164m (US$11m). Total year forecast expenditure on the plant is R554m (US$38m). Total expenditure to
build and commission the plant is estimated to be R700m (US$47m).

The construction of the plant is currently 9% behind plan, due to global supply constraints and securing shipping
slots, however, the team remains confident that the plant will still "Go-Live" in August 2022 to supply electricity 
as planned.

West Africa region
Ghana

Tarkwa

                                           March       Dec            %
                                             2022     2021     Variance
                                     000
Ore mined                         tonnes    3,283    3,545         (7)%
                                     000
Waste (Capital)                   tonnes   10,931    9,504          15%
                                     000
Waste (Operational)               tonnes    7,845    8,111         (3)%
                                     000
Total waste mined                 tonnes   18,776   17,615           7%
                                     000
Total tonnes mined                tonnes   22,059   21,160           4%
Strip ratio                    waste/ore      5.7      5.0          14%
Grade mined                          g/t     1.16     1.31        (11)%
Gold mined                        000'oz    122.9    149.8        (18)%
                                     000
Tonnes milled                     tonnes    3,447    3,401           1%
Yield                                g/t     1.16     1.18         (2)%
Gold produced                     000'oz    128.5    129.1           -%
Gold sold                         000'oz    128.5    129.1           -%
AISC                              US$/oz    1,269    1,127          13%
AIC                               US$/oz    1,269    1,127          13%
Sustaining capital expenditure      US$m     57.2     45.8          25%
Non-sustaining expenditure          US$m        -        -           -%
Total capital expenditure           US$m     57.2     45.8          25%
							   
Gold production decreased marginally to 128,500oz in the March quarter from 129,100oz in the December quarter due 
to lower yield, partially offset by higher tonnes milled. Yield decreased by 2% to 1.16g/t in the March quarter from
1.18g/t in the December quarter due to lower grade ore mined and processed. Ex-pit ore processed in the March quarter
was 3.1Mt at 1.16g/t compared with 2.9Mt at 1.31g/t in the December quarter.

Total tonnes mined, including capital waste stripping, increased by 4% to 22.1Mt in the March quarter from 21.2Mt 
in the December quarter in line with the mining sequence. Ore mined decreased by 7% to 3.3Mt in the March quarter 
from 3.5Mt in the December quarter due to focus on capital waste stripping to expose ore. Capital waste stripping 
increased by 15% to 10.9Mt in the March quarter from 9.5Mt in the December quarter in line with the 2022 production 
schedule. Operational waste decreased by 3% to 7.8Mt in the March quarter from 8.1Mt in the December quarter due to 
focus on capital waste stripping. Strip ratio increased by 14% to 5.7 in the March quarter from 5.0 in the December 
quarter due to the higher capital strip in line with the mining schedule. Gold mined decreased by 18% to 122.9koz 
in the March quarter from 149.8koz in the December quarter due to lower ore tonnes and grade mined.

Tonnes processed increased by 1% to 3,447kt in the March quarter from 3,401kt in the December quarter due to improved
overall plant effectiveness.

All-in cost increased by 13% to US$1,269/oz in the March quarter from US$1,127/oz in the December quarter due to higher
cost of sales before amortisation and depreciation as a result of higher mining cost, lower gold sold and higher
capital expenditure.

Capital expenditure increased by 25% to US$57m in the March quarter from US$46m in the December quarter mainly due 
to higher capital waste tonnes mined and higher mining unit cost.

Damang

                                           March    Dec             %
                                            2022    2021     Variance
                                     000
Ore mined                         tonnes   1,875   2,046         (8)%
                                     000
Waste (Capital)                   tonnes   1,662     810         105%
                                     000
Waste (Operational)               tonnes   3,005   3,672        (18)%
                                     000
Total waste mined                 tonnes   4,667   4,482           4%
                                     000
Total tonnes mined                tonnes   6,542   6,528           -%
Strip ratio                    waste/ore     2.5     2.2          14%
Grade mined                          g/t    1.53    1.54         (1)%
Gold mined                        000'oz    92.3   101.4         (9)%
                                     000
Tonnes milled                     tonnes   1,171   1,201         (2)%
Yield                                g/t    1.64    1.67         (2)%
Gold produced                     000'oz    62.0    64.5         (4)%
Gold sold                         000'oz    62.0    64.5         (4)%
AISC                              US$/oz     891     885           1%
AIC                               US$/oz     967     915           6%
Sustaining capital expenditure      US$m    10.9     7.3          49%
Non-sustaining expenditure          US$m     2.6     0.2       1,200%
Total capital expenditure           US$m    13.5     7.5          80%

Gold production decreased by 4% to 62,000oz in the March quarter from 64,500oz in the December quarter due 
to lower yield and throughput. Yield decreased by 2% to 1.64g/t in the March quarter from 1.67g/t in the December 
quarter due to movements in gold-in-circuit and lower recovery.

Total tonnes mined remained similar in the March quarter at 6.5Mt. Ore tonnes mined decreased by 8% to 1.9Mt 
in the March quarter from 2.0Mt in the December quarter. The decrease in ore tonnes mined is attributable to the 
change in grade control modelling which has enhanced the definition of the geometry of the mineralisation resulting 
in lower ore tonnage at a relatively higher grade. In addition, the unrealised scattered mineralisation within the 
Huni sandstone lithology at Huni pit resulted in further lower ore tonnage. Mined grade decreased by 1% to 1.53g/t 
in the March quarter from 1.54g/t in the December quarter in line with plan. Operational waste tonnes mined decreased 
by 18% to 3.0Mt in the March quarter from 3.7Mt in the December quarter in line with the schedule. Capital waste tonnes 
mined increased by 105% to 1.7Mt in the March quarter from 0.8Mt in the December quarter due to the increased mining 
rate at Huni pit.

Strip ratio increased by 14% to 2.5 in the March quarter from 2.2 in the December quarter due to the increased waste
stripping in the Huni pit.

All-in cost increased by 6% to US$967/oz in the March quarter from US$915/oz in the December quarter mainly due 
to lower gold sold and higher capital expenditure on the Huni waste stripping, partially offset by lower cost of sales
before amortisation and depreciation.

Total capital expenditure increased by 80% to US$14m in the March quarter from US$8m in the December quarter.
Sustaining capital expenditure increased by 49% to US$11m in the March quarter from US$7m in the December quarter 
due to the Huni waste stripping. Non-sustaining capital expenditure increased to US$3m in the March quarter from US$0m 
in the December quarter due to the timing of the Far East Tailings Storage Facility (FETSF) stage three raise.

Asanko (Equity accounted Joint Venture)
All figures in table on a 100% basis

                                           March      Dec            %
                                            2022     2021     Variance
                                     000
Ore mined                         tonnes   1,075    1,623        (34)%
                                     000
Waste (Capital)                   tonnes       -      517       (100)%
                                     000
Waste (Operational)               tonnes   5,279    8,235        (36)%
                                     000
Total waste mined                 tonnes   5,279    8,752        (40)%
                                     000
Total tonnes mined                tonnes   6,354   10,375        (39)%
Strip ratio                    waste/ore     4.9      5.4         (9)%
Grade mined                          g/t    1.49     1.24          20%
Gold mined                        000'oz    51.6     64.9        (20)%
                                     000
Tonnes milled                     tonnes   1,482    1,472           1%
Yield                                g/t    0.89     1.06        (16)%
Gold produced                     000'oz    42.3     50.3        (16)%
Gold sold                         000'oz    41.9     51.4        (18)%
AISC                              US$/oz   1,538    1,539           -%
AIC                               US$/oz   1,639    1,680         (2)%
Sustaining capital expenditure      US$m     1.1      7.3        (85)%
Non-sustaining expenditure          US$m     1.4      5.0        (72)%
Total capital expenditure           US$m     2.5     12.3        (80)%

Gold production decreased by 16% to 42,300oz (100% basis) in the March quarter from 50,300oz (100% basis) 
in the December quarter mainly due to lower yield. The lower yield is mainly due to recovery challenges experienced 
in treating the Esaase fresh and transition ore characterised by high organic carbon content and refractory. 
The mill feed in the March quarter was sourced primarily from Esaase pit, Akwasiso cut 3 and lower grade stockpiles.

Total tonnes mined decreased by 39% to 6.4Mt in the March quarter from 10.4Mt in the December quarter. Total waste
tonnes mined decreased by 40% to 5.3Mt in the March quarter from 8.8Mt in the December quarter due to a reduced 
strip ratio at Esaase pit in preparation to suspend mining activities. Ore tonnes mined decreased by 34% to 1.1Mt 
in the March quarter from 1.6Mt in the December quarter with reduced ore tonnes from Esaase pit. Mining at Akwasiso 
cut 3 during the March quarter contributed to the ore processed.

All-in cost decreased by 2% to US$1,639/oz in the March quarter from US$1,680/oz in the December quarter mainly 
due to lower capital expenditure, partially offset by lower gold sold.

Total capital expenditure decreased by 80% to US$3m in the March quarter from US$12m in the December quarter.

Sustaining capital expenditure decreased by 85% to US$1m in the March quarter from US$7m in the December quarter 
mainly due the completion of TSF Stage 6 raise in the December quarter. Non-sustaining capital expenditure decreased 
by 72% to US$1m in the March quarter from US$5m in the December quarter mainly due to reduced expenditure as planned.

As per the production guidance provided by Galiano Gold at the end of March 2022, while technical work to support a
mineral reserve is ongoing, mining will continue at Akwasiso cut 3 and Esaase cut 3 until their depletion (expected 
in Q2 2022). Following this, processing of ore will continue at full plant capacity (5.8Mtpa) by processing some 
of the 9.5Mt existing stockpiles. Full year gold production guidance (100% basis) is estimated at between 100Koz-120Koz.

South America region
Peru

Cerro Corona

                                          March     Dec          %
                                           2022     2021  Variance
                                    000
Ore mined                        tonnes   2,293    3,047     (25)%
                                    000
Waste mined                      tonnes   3,634    3,167       15%
                                    000
Total tonnes mined               tonnes   5,927    6,214      (5)%
Grade mined - gold                  g/t    0.66     0.78     (15)%
Grade mined - copper           per cent    0.39     0.43      (9)%
Gold mined                       000'oz    48.8     76.6     (36)%
                                    000
Copper mined                     tonnes   8,881   13,015     (32)%
                                    000
Tonnes milled                    tonnes   1,729    1,736        -%
Gold recovery                  per cent    69.9     71.4      (2)%
Copper recovery                per cent    88.5     89.1      (1)%
Yield - Gold                        g/t    0.46     0.72     (36)%
- Copper                       per cent    0.36     0.46     (22)%
- Combined                       eq g/t    1.01     1.43     (29)%
Gold produced                    000'oz    24.5     38.4     (36)%
Copper produced                  tonnes   5,913    7,617     (22)%
                                   000'
Total equivalent gold produced    eq oz    56.1     79.6     (30)%
                                   000'
Total equivalent gold sold        eq oz    59.8     85.0     (30)%
AISC                             US$/oz    (129)    (138)     (7)%
                                   US$/
AISC                              eq oz     963      853       13%
AIC                              US$/oz     (27)      63    (143)%
                                   US$/
AIC                               eq oz   1,009      953        6%
Sustaining capital expenditure     US$m     2.9     11.6     (75)%
Non-sustaining expenditure         US$m     2.2      7.9     (72)%
Total capital expenditure          US$m     5.1     19.5     (74)%

Gold equivalent production decreased by 30% to 56,100oz in the March quarter from 79,600oz in the December quarter mainly 
due to lower gold and copper grades in line with the mining sequence combined with lower gold and copper recoveries as a 
result of metallurgical conditions and the impact of the lower grades of material processed.

Total tonnes mined decreased by 5% to 5.9Mt in the March quarter from 6.2Mt in the December quarter, mainly due to a 
decrease in ore mined of 25% to 2.3Mt in the March quarter from 3.0Mt in the December quarter. This was partially offset 
by an increase in waste mined of 15% to 3.6Mt in the March quarter from 3.2Mt in the December quarter. The decrease in 
total tonnes mined is in line with the mining schedule, considering the rainy season during the March quarter.

Gold and copper grades mined decreased by 15% and 9% respectively, in line with the mining sequence expected for the 
March quarter. Consequently, gold yield decreased by 36% to 0.46g/t in the March quarter from 0.72g/t in the December
quarter and copper yield decreased by 22% to 0.36% in the March quarter from 0.46% in the December quarter.

The gold and copper mined grades are expected to remain similar for the rest of the year in line with the 2022
operational plan. Gold and copper yields are forecast to increase for the remainder of 2022 as a result of preferential
processing of higher grade ore while stockpiling lower grades.

Total equivalent gold sold decreased by 30% to 59,800oz in the March quarter from 85,000oz in the December quarter,
mainly due to lower gold and copper production.

All-in cost per gold ounce sold decreased to a negative US$27/oz in the March quarter from US$63/oz in the December
quarter, mainly due to lower cost of sales before amortisation and depreciation, lower capital expenditure during 
the March quarter, and the effect of higher by-product credit resulting from higher copper price received, partially 
offset by lower gold ounces sold. All-in cost per equivalent ounce increased by 6% to US$1,009 per equivalent ounce 
in the March quarter from US$953 per equivalent ounce in the December quarter mainly due to lower equivalent ounces 
sold, partially offset by lower cost of sales before amortisation and depreciation and lower capital expenditure.

Total capital expenditure decreased by 74% to US$5m in the March quarter from US$20m in the December quarter, 
as a result of a planned slowdown of construction activities at the tailing storage facility and waste storage 
facilities during the rainy season. Sustaining capital expenditure decreased by 75% to US$3m in the March quarter 
from US$12m in the December quarter, due to timing of expenditure as well as the crusher replacement and land 
acquisition capital included in the December 2021 quarter. Non-sustaining capital expenditure decreased by 72% 
to US$2m in the March quarter from US$8m in the December quarter due to reduced construction activities at Ana 
and Arpon waste storage facilities, as a result of the rainy season.

Salares Norte
The Salares Norte project continued progressing during Q1 2022. A protracted third wave of COVID-19 in Chile, resulted
in increased absenteeism, impacting the Salares Norte project during Q1 2022. By the end of the quarter, the third wave
had subsided and activity on the site increased. Total project progress at the end of March was 70%, compared to the
63% at the end of Q4 2021. Construction progress at the end of March 2022 was 64%, compared to 55% at the end of Q4
2021. The project remains on track for first gold at the end of Q1 2023.

During Q1 2022 the highlights were the completion of the Fresh Water system, including pumping tests from the wells 
to the plant and the completion of the truck shop facilities. The SAG mill gear was installed during the quarter.
Installation of all leaching and CIP tanks continued during the quarter. Mechanical installation of the thickeners 
is underway. Significant progress was achieved in the civil works of the Merrill Crowe plant, the lime plant and the
cyanide building facilities.

US$77.5m was spent on the project during the quarter, comprising US$63.0m in capex, US$9.2m in exploration, US$4.3m 
in investment in working capital and US$2.8m in other cost, partially offset by a realised gain of US$1.8m on the FX
hedge. Given the elevated level of inflation, the contingency that was built into the capex forecast has started to 
be eroded. Should inflation continue at current levels, we expect the overall project capex to be 5-7% higher than
expected, The hedge gain will be credited to the cost of the project.

Pre-stripping of the Brecha Principal pit continues to progress well and volumes continued to track ahead of schedule
during the quarter, with 11Mt mined. A total of 34Mt has been mined to-date.

US$9.2m was spent on district exploration during the March quarter compared to US$9.9m spent in the December quarter.
Total metres drilled in the March quarter were 6,148 metres compared to 9,105 metres drilled in the December quarter.

Australia region
St Ives

                                                March    Dec          %
                                                 2022    2021  Variance
Underground
                                          000
Ore mined                              tonnes     417     453      (8)%
                                          000
Waste mined                            tonnes     199     244     (18)%
                                          000
Total tonnes mined                     tonnes     616     697     (12)%
Grade mined                               g/t    5.43    4.92       10%
Gold mined                             000'oz    72.8    71.7        2%
Surface
                                          000
Ore mined                              tonnes       -     295    (100)%
                                          000
Surface waste (Capital)                tonnes   3,773     801      371%
                                          000
Surface waste (Operational)            tonnes       -     303    (100)%
                                          000
Total waste mined                      tonnes   3,773   1,104      242%
                                          000
Total tonnes mined                     tonnes   3,773   1,399      170%
Grade mined                               g/t       -    1.91    (100)%
Gold mined                             000'oz       -    18.1    (100)%
Strip ratio                         waste/ore       -     3.7    (100)%
Total (Underground and Surface)
                                          000
Total ore mined                        tonnes     417     748     (44)%
Total grade mined                         g/t    5.43    3.74       45%
                                          000
Total tonnes mined                     tonnes   4,389   2,096      109%
Total gold mined                       000'oz    72.8    89.8     (19)%
                                          000
Tonnes milled                          tonnes   1,021   1,015        1%
Yield - underground                       g/t    5.06    4.93        3%
Yield - surface                           g/t    1.10    1.44     (24)%
Yield - combined                          g/t    2.86    3.39     (16)%
Gold produced                          000'oz    93.9   110.5     (15)%
Gold sold                              000'oz    95.9   108.6     (12)%
AISC                                    A$/oz   1,681   1,339       26%
                                       US$/oz   1,217     978       24%
AIC                                     A$/oz   1,718   1,387       24%
                                       US$/oz   1,244   1,013       23%
Sustaining capital expenditure            A$m    38.8    29.0       34%
                                         US$m    28.1    21.1       33%
Non-sustaining capital expenditure        A$m     0.2     5.2     (96)%
                                         US$m     0.2     3.8     (95)%
Total capital
expenditure                               A$m    39.0    34.2       14%
                                         US$m    28.3    24.9       14%

Gold production decreased by 15% to 93,900oz in the March quarter from 110,500oz in the December quarter mainly 
due to lower underground ore tonnes mined and processed.

At the underground operations, ore mined decreased by 8% to 417,000t in the March quarter from 453,000t in the 
December quarter with less ore mined from Hamlet, in line with the planned mining schedule.

Grade mined from underground operations increased by 10% to 5.43g/t in the March quarter from 4.92g/t in the 
December quarter, due to increased grades mined at Invincible underground mine. Gold mined increased by 2% 
to 72,800oz in the March quarter from 71,700oz in the December quarter due to higher grades mined, partially offset 
by lower volumes mined.

No open pit ore mining occurred in the March quarter (December quarter - 295kt) as focus was given to pre-stripping 
of Neptune stage 7, resulting in capital waste tonnes mined increasing by 371% to 3,773kt in the March quarter from 
the 801kt in the December quarter.

As a result of no open pit ore being mined, total ore mined (underground and surface) decreased by 44% to 417kt 
in the March quarter from 748kt in the December quarter and grade mined increased by 45% to 5.43g/t in the March 
quarter from 3.74g/t in the December quarter, resulting in a decrease of 19% in gold mined, to 72,800oz in the March 
quarter from 89,800oz in the December quarter.

Surface yield of stockpiles processed decreased by 24% to 1.10g/t in the March quarter from 1.44g/t in the December
quarter with lower grade ore from historical stockpiles processed in the March quarter.

All-in cost increased by 24% to A$1,718/oz (US$1,244/oz) in the March quarter from A$1,387/oz (US$1,013/oz) in the
December quarter as open pit mining was focused solely on pre-stripping leading to higher capital costs coupled with 
an increase in the cost of ore drawn from stockpiles.

Total capital expenditure increased by 14% to A$39m (US$28m) in the March quarter from A$34m (US$25m) in the December
quarter.

Sustaining capital expenditure increased by 34% to A$39m (US$28m) in the March quarter from A$29m (US$21m) in the
December quarter due to increased pre-stripping of Neptune stage 7.

Non-sustaining capital expenditure decreased by 96% to A$0.2m (US$0.2m) in the March quarter from A$5m (US$4m) 
in the December quarter due to a reduction in non-sustaining exploration spend.

Agnew

                                             March    Dec          %
                                              2022    2021  Variance
                                       000
Underground ore mined               tonnes     250     266      (6)%
                                       000
Underground waste mined             tonnes     208     208        -%
                                       000
Total tonnes mined                  tonnes     458     474      (3)%
Grade mined - underground              g/t    8.08    7.11       14%
Gold mined                          000'oz    65.0    60.8        7%
                                       000
Tonnes milled                       tonnes     292     320      (9)%
Yield                                  g/t    6.73    5.58       21%
Gold produced                       000'oz    63.0    57.5       10%
Gold sold                           000'oz    64.5    57.1       13%
AISC                                 A$/oz   1,577   1,500        5%
                                    US$/oz   1,142   1,091        5%
AIC                                  A$/oz   1,775   1,782        -%
                                    US$/oz   1,285   1,299      (1)%
Sustaining capital expenditure         A$m    21.5    18.1       19%
                                      US$m    15.5    13.1       18%
Non-sustaining capital expenditure     A$m    11.8    16.1     (27)%
                                      US$m     8.6    11.9     (28)%
Total capital expenditure              A$m    33.3    34.2      (3)%
                                      US$m    24.1    25.0      (4)%

Gold production increased by 10% to 63,000oz in the March quarter from 57,500oz in the December quarter due to
increased grade of ore mined and processed.

Mined grade increased by 14% to 8.08g/t in the March quarter from 7.11g/t in the December quarter with high grade 
ore mined from the Kath lode at Waroonga and Sheba lode at New Holland during the March quarter. As a result of the
increase in grade, gold mined increased by 7% to 65,000oz in the March quarter from 60,800oz in the December quarter.

All-in cost remained similar at A$1,775/oz (US$1,285/oz) in the March quarter from A$1,782/oz (US$1,299/oz) in the
December quarter. The March quarter was impacted by inflationary pressures on commodity inputs and employee costs,
partially offset by increased gold production.

Total capital expenditure decreased by 3% to A$33m (US$24m) in the March quarter from A$34m (US$25m) in the December
quarter.

Sustaining capital expenditure increased by 19% to A$22m (US$16m) in the March quarter from A$18m (US$13m) in the
December quarter due to increased exploration drilling and expenditure on expansion of the site accommodation village.
Non-sustaining capital expenditure decreased by 27% to A$12m (US$9m) in the March quarter from A$16m (US$12m) in the
December quarter with lower expenditure on the mill crushing circuit expansion.

Granny Smith

                                             March     Dec         %
                                              2022    2021  Variance
                                       000
Underground ore mined               tonnes     405     424      (4)%
                                       000
Underground waste mined             tonnes     172     240     (28)%
                                       000
Total tonnes mined                  tonnes     577     664     (13)%
Grade mined - underground              g/t    5.39    6.01     (10)%
Gold mined                          000'oz    70.2    81.9     (14)%
                                       000
Tonnes milled                       tonnes     389     438     (11)%
Yield                                  g/t    5.27    5.62      (6)%
Gold produced                       000'oz    65.9    79.1     (17)%
Gold sold                           000'oz    59.7    79.1     (25)%
AISC                                 A$/oz   1,565   1,378       14%
                                    US$/oz   1,133   1,007       13%
AIC                                  A$/oz   1,767   1,550       14%
                                    US$/oz   1,279   1,133       13%
Sustaining capital expenditure         A$m    18.3    29.3     (38)%
                                      US$m    13.3    21.6     (38)%
Non-sustaining capital expenditure     A$m    10.1    13.6     (26)%
                                      US$m     7.3     9.9     (26)%
Total capital expenditure              A$m    28.4    42.9     (34)%
                                      US$m    20.6    31.5     (35)%

Gold production decreased by 17% to 65,900oz in the March quarter from 79,100oz in the December quarter due to lower
ore tonnes milled as well as lower grade of ore processed.

Underground waste mined decreased by 28% to 172kt in the March quarter from 240kt in the December quarter following
completion of development in zones Z80 and Z90.

Grade mined decreased by 10% to 5.39g/t in the March quarter from 6.01g/t in the December quarter due to decreased
grades mined from zones Z80 and Z100. As a result of the decrease in grade and a 4% decrease in ore mined, gold mined
decreased by 14% to 70,200oz in the March quarter from 81,900oz in the December quarter.

Tonnes milled decreased by 11% to 389kt in the March quarter from 438kt in the December quarter due to decreased
availability of underground ore and the timing of the March milling campaign.

All-in cost increased by 14% to A$1,767/oz (US$1,279/oz) in the March quarter from A$1,550/oz (US$1,133/oz) in the
December quarter. The March quarter was impacted by inflationary pressures on commodity inputs and employee costs, 
as well as a decrease in gold sold. These adverse impacts were partially offset by a decrease in capital expenditure.

Total capital expenditure decreased by 34% to A$28m (US$21m) in the March quarter from A$43m (US$32m) in the December
quarter.

Sustaining capital expenditure decreased by 38% to A$18m (US$13m) in the March quarter from A$29m (US$22m) in the
December quarter due to decreased mine development in the March quarter and A$6m (US$4m) spent on new mobile equipment 
in the December quarter compared to A$1m (US$0.4m) spent in the March quarter. Non-sustaining capital expenditure
decreased by 26% to A$10m (US$7m) in the March quarter from A$14m (US$10m) in the December quarter due to decreased
exploration expenditure in the March quarter.

Gruyere

                                                          March       Dec         %
                                                            2022     2021  Variance
Mine physicals in table on a 100% basis                                    
                                                     000                   
Ore mined                                         tonnes   2,637    3,164     (17)%
                                                     000                   
Waste (Capital)                                   tonnes   6,748    6,602        2%
                                                     000                   
Waste (Operational)                               tonnes     795      939     (15)%
                                                     000                   
Total waste mined                                 tonnes   7,543    7,541        -%
                                                     000                   
Total tonnes mined                                tonnes  10,180   10,705      (5)%
Grade mined                                          g/t    1.08     1.00        8%
Gold mined                                        000'oz    91.3    101.2     (10)%
Strip ratio                                    waste/ore     2.9      2.4       21%
                                                     000                   
Tonnes milled                                     tonnes   2,142    2,236      (4)%
Yield                                                g/t    1.03     0.94       10%
Gold produced                                     000'oz    71.1     67.8        5%
Gold sold                                         000'oz    70.3     66.9        5%
AISC                                               A$/oz   1,503    1,453        3%
                                                  US$/oz   1,088    1,058        3%
AIC                                                A$/oz   1,503    1,465        3%
                                                  US$/oz   1,088    1,067        2%
Capital in table on a 50% basis                                            
Sustaining capital expenditure - 50% basis           A$m    12.6     14.5     (13)%
                                                    US$m     9.1     10.5     (13)%
Non-sustaining capital expenditure - 50% basis       A$m       -      0.4    (100)%
                                                    US$m       -      0.3    (100)%
Total capital expenditure - 50% basis                A$m    12.6     14.9     (15)%
                                                    US$m     9.1     10.8     (16)%

Gold production increased by 5% to 71,100oz in the March quarter from 67,800oz in the December quarter due to an
increase in grade of ore mined and processed, partially offset by a decrease in tonnes milled.

Ore mined decreased by 17% to 2.64Mt in the March quarter from 3.16Mt in the December quarter with a reduction of 1.0Mt
mined from stage 1 of the pit, partially offset by an increase of 0.48Mt from stage 3 of the pit.

Operational waste tonnes mined decreased by 15% to 0.80Mt in the March quarter from 0.94Mt in the December quarter and lower
ore tonnes mined during the March quarter reflected the mine plan.

Grade mined increased by 8% to 1.08g/t in the March quarter from 1.00g/t in the December quarter due to increased
volumes mined from the higher grade stage 3 and decreased volumes from the lower grade stage 1 of the pit.

As a result of the decreased ore mined and the increased average grade mined, gold mined decreased by 10% to 91,300oz
in the March quarter from 101,200oz in the December quarter.

All-in cost increased by 3% to A$1,503/oz (US$1,088/oz) in the March quarter from A$1,465/oz (US$1,067/oz) in the
December quarter due to an increase in cost of sales before amortisation and depreciation, partially offset by lower
capital expenditure and increased gold sold.

Total capital expenditure (on a 50% basis) decreased by 15% to A$13m (US$9m) in the March quarter from A$15m (US$11m)
in the December quarter. Sustaining capital expenditure (on a 50% basis) decreased by 13% to A$13m (US$9m) in the March
quarter from A$15m (US$11m) in the December quarter with lower expenditure on stage 3 of the tailings facility as
construction nears completion.

Underground and surface
                                                   
                                               South                                                South                                                  
					      Africa                                              America                                                       
					      Region           West Africa Region                  Region
                                 Total Mine                            Ghana                                           Australia Region
                       operations including                                                          Peru                  Australia
Imperial ounces            equity accounted    South                                  Asanko#       Cerro                              Granny   Gruyere
with metric                   Joint Venture     Deep        Total   Tarkwa   Damang       45%      Corona    Total   St Ives   Agnew    Smith       50%
tonnes and grade
																				
Tonnes mined        March 2022        1,436      364            -        -        -         -           -    1,072       417     250      405         -
(000 tonnes)*         Dec 2021        1,518      375            -        -        -         -           -    1,142       453     266      424         -
- underground ore   March 2021        1,446      346            -        -        -         -           -    1,100       446     258      395         -
                    March 2022          641       63            -        -        -         -           -      578       199     208      172         -
- underground waste   Dec 2021          745       53            -        -        -         -           -      692       244     208      240         -
                    March 2021          648       39            -        -        -         -           -      609       183     239      187         -
                    March 2022        9,253        -        5,642    3,283    1,875       484       2,293    1,319         -       -        -     1,319
- surface ore         Dec 2021       11,244        -        6,321    3,545    2,046       730       3,047    1,877       295       -        -     1,582
                    March 2021        7,789        -        5,305    2,405    2,071       828       1,099    1,385       412       -        -       973
                    March 2022       11,331      427        5,642    3,283    1,875       484       2,293    2,969       616     458      577     1,319
- total               Dec 2021       13,507      428        6,321    3,545    2,046       730       3,047    3,711       991     474      664     1,582
                    March 2021        9,883      385        5,305    2,405    2,071       828       1,099    3,093     1,041     497      582       973
Grade mined         March 2022          6.1      6.3            -        -        -         -           -      6.0       5.4     8.1      5.4         -
(grams per tonne)     Dec 2021          6.0      6.7            -        -        -         -           -      5.8       4.9     7.1      6.0         -
- underground ore   March 2021          5.4      5.6            -        -        -         -           -      5.3       5.1     6.1      5.0         -
                    March 2022          1.1        -          1.3      1.2      1.5       1.5         0.7      1.1         -       -        -       1.1
- surface ore         Dec 2021          1.2        -          1.4      1.3      1.5       1.2         0.8      1.1       1.9       -        -       1.0
                    March 2021          1.4        -          1.5      1.5      1.6       1.3         0.9      1.4       2.3       -        -       1.1
                    March 2022          1.8      5.4          1.3      1.2      1.5       1.5         0.7      3.3       5.4     8.1      5.4       1.1
- total               Dec 2021          1.8      5.8          1.4      1.3      1.5       1.2         0.8      2.9       3.7     7.1      6.0       1.0
                    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
Gold mined          March 2022        282.0     74.0            -        -        -         -           -    208.0      72.8    65.0     70.2         -
(000 ounces)*         Dec 2021        294.7     80.3            -        -        -         -           -    214.4      71.7    60.8     81.9         -
- underground ore   March 2021        251.1     62.6            -        -        -         -           -    188.5      73.6    50.8     64.1         -
                    March 2022        332.8        -        238.4    122.9     92.3      23.2        48.8     45.6         -       -        -      45.6
- surface ore         Dec 2021        425.7        -        280.4    149.8    101.4      29.2        76.6     68.7      18.1       -        -      50.6
                    March 2021        350.3        -        255.3    112.6    108.2      34.5        30.5     64.4      30.8       -        -      33.6
                    March 2022        614.8     74.0        238.4    122.9     92.3      23.2        48.8    253.6      72.8    65.0     70.2      45.6
- total               Dec 2021        720.4     80.3        280.4    149.8    101.4      29.2        76.6    283.1      89.8    60.8     81.9      50.6
                    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
Ore milled/treated  March 2022        1,480      345            -        -        -         -           -    1,135       454     292      389         -
(000 tonnes)          Dec 2021        1,678      354            -        -        -         -           -    1,324       566     320      438         -
- underground ore   March 2021        1,482      362            -        -        -         -           -    1,120       437     297      385         -
                    March 2022           57       57            -        -        -         -           -        -         -       -        -         -
- underground waste   Dec 2021           53       53            -        -        -         -           -        -         -       -        -         -
                    March 2021           26       26            -        -        -         -           -        -         -       -        -         -
                    March 2022        8,984      332        5,286    3,447    1,171       667       1,729    1,637       566       -        -     1,071
- surface ore         Dec 2021        8,855      288        5,265    3,401    1,201       663       1,736    1,567       449       -        -     1,118
                    March 2021        8,870      318        5,269    3,436    1,183       650       1,635    1,648       590       -        -     1,058
                    March 2022       10,520      734        5,286    3,447    1,171       667       1,729    2,772     1,021     292      389     1,071
- total               Dec 2021       10,586      695        5,265    3,401    1,201       663       1,736    2,891     1,015     320      438     1,118
                    March 2021       10,378      707        5,269    3,436    1,183       650       1,635    2,767     1,027     297      385     1,058
Yield               March 2022          5.9      6.9            -        -        -         -           -      5.6       5.1     6.7      5.3         -
(Grams per tonne)     Dec 2021          5.6      6.6            -        -        -         -           -      5.3       4.9     5.6      5.6         -
- underground ore   March 2021          4.9      5.0            -        -        -         -           -      4.8       4.6     5.3      4.7         -
                    March 2022          1.1      0.1          1.2      1.2      1.6       0.9         1.0      1.1       1.1       -        -       1.0
- surface ore         Dec 2021          1.2      0.1          1.3      1.2      1.7       1.1         1.4      1.1       1.4       -        -       0.9
                    March 2021          1.2      0.1          1.3      1.1      1.9       1.3         0.9      1.2       1.6       -        -       1.0
                    March 2022          1.8      3.3          1.2      1.2      1.6       0.9         1.0      2.9       2.9     6.7      5.3       1.0
- combined            Dec 2021          1.9      3.4          1.3      1.2      1.7       1.1         1.4      3.0       3.4     5.6      5.6       0.9
                    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
Gold produced       March 2022        279.6     76.8            -        -        -         -           -    202.8      73.9    63.0     65.9         -
(000 ounces)*         Dec 2021        302.0     75.7            -        -        -         -           -    226.3      89.7    57.5     79.1         -
- underground ore   March 2021        231.5     58.6            -        -        -         -           -    172.9      64.3    50.9     57.6         -
                    March 2022        322.4      1.2        209.5    128.5     62.0      19.1        56.1     55.6      20.0       -        -      35.6
- surface ore         Dec 2021        351.6      1.0        216.2    129.1     64.5      22.6        79.6     54.7      20.8       -        -      33.9
                    March 2021        331.4      1.1        221.1    122.5     71.7      27.0        46.4     62.8      29.7       -        -      33.1
                    March 2022        602.0     78.0        209.5    128.5     62.0      19.1        56.1    258.4      93.9    63.0     65.9      35.6
- total               Dec 2021        653.6     76.8        216.2    129.1     64.5      22.6        79.6    281.0     110.5    57.5     79.1      33.9
                    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
Cost of sales     
before gold 
inventory change
and amortisation
and depreciation    March 2022          142      172            -        -        -         -           -      131       107     162      136         -
(dollar per tonne)    Dec 2021          122      161            -        -        -         -           -      109        93     135      112         -
- underground       March 2021          133      169            -        -        -         -           -      121       101     142      127         -
                    March 2022           30       35           32       25       47        39          27       26        28       -        -        25
- surface             Dec 2021           34       36           37       32       47        43          33       25        31       -        -        22
                    March 2021           27       17           30       21       45        45          25       25        32       -        -        21
                    March 2022           46      110           32       25       47        39          27       69        63     162      136        25
- total               Dec 2021           48      109           37       32       47        46          33       63        65     135      112        22
                    March 2021           43      101           30       21       45        45          25       64        61     142      127        21
* 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 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 2021 and the annual report on Form 20-F for the fiscal year ended 31 December 2021. 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                                                   
St James's Corporate Services Limited                    Rosebank
Suite 31, Second Floor                                   Johannesburg
107 Cheapside                                            2196
London                                                   
EC2V 6DN                                                 PO Box 61051
United Kingdom                                           Marshalltown
Tel: +44 (0) 20 7796 8644                                2107
email: general@corpserv.co.uk                            Tel: +27 11 370 5000
                                                         Fax: +27 11 688 5248
American depository receipts transfer agent              
Shareholder correspondence should be mailed to:          United Kingdom
BNY Mellon                                               Link Group
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                                            
Tel: 866 247 3871 Domestic                               Calls are charged at the standard geographic rate and will vary by provider. 
Tel: 201 680 6825 Foreign                                Calls outside the United Kingdom will be charged at the applicable international rate. 
                                                         Business is open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales. 
							 email: shareholderenquiries@linkgroup.co.uk

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

Website
www.goldfields.com

Listings
JSE / NYSE / GFI

CA Carolus+ (Chairperson)  CI Griffith- (Chief Executive Officer) PA Schmidt- (Chief Financial Officer) 
A Andani#+  PJ Bacchus*+?  MC Bitar@+   TP Goodlace+? JE McGill^  PG Sibiya+?  SP Reid^+? YGH Suleman+

^ Australian * British @Chilean # Ghanaian
+ Independent Director - Non-independent Director
Date: 05-05-2022 08:00:00
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