Gold Fields Limited

Gold Fields sells all production at spot gold prices with no material hedging book, leaving revenue entirely dependent on commodity price levels that ranged from roughly $1,800/oz in FY2022 to over $4,000/oz by late FY2025. Forward visibility extends only to production guidance, with no backlog, long-term contracts, or subscription revenue.

Gold and gold-equivalent ounces account for virtually all revenue, with minor by-product credits from Cerro Corona's copper output in Peru. The group operates across five countries but all output is tied to a single commodity: gold.

Gold Fields operates in five countries: Australia (~44% of 2025 production), Ghana (~21%), Chile (~16%), South Africa (~12%), and Peru (~7%), providing meaningful operational diversification across distinct regulatory, labor, and geological environments. No single country exceeds 50% of production, and the five-country spread includes both developed and emerging market jurisdictions.

Gold mining is structurally capital-intensive, with sustaining and growth capex guidance of $1.9-2.1B for FY2026 against a production base of 2.4-2.6 million ounces. Some operating leverage exists at higher gold prices as fixed costs spread over similar output volumes, but incremental ounces require ongoing substantial capital investment.

Gold Fields sells gold into liquid spot markets where buyers face zero switching friction and pricing is entirely commodity-determined. Revenue is transactional, non-recurring, and exposed to discretionary investment demand and price-elastic jewelry end markets — the lowest quality structure for a revenue base.