Gold Fields anticipates that its headline earnings per share (HEPS) for the twelve months ending December 31, 2025, will range between $2.79 and $2.97. This represents an increase of 110% to 123% compared to the HEPS of $1.33 reported for the prior year, according to the company’s trading statement and operational update released on February 6.
The robust earnings are attributed to elevated gold prices, higher volumes of gold sold, and the full consolidation of the Gruyere mine in Australia. These factors were partially offset by increased cost of sales consistent with general mining inflation, higher royalties resulting from increased gold prices and greater volumes mined, as stated by Gold Fields.
Basic earnings per share (EPS) for 2025 are forecasted to be between $3.87 and $4.11 per share, reflecting a 178% to 196% rise over the basic EPS of $1.39 reported for 2024. Normalised EPS is expected to fall within the range of $2.91 to $3.09 per share, which is 112% to 126% above the 2024 figure of $1.37. Normalised earnings are defined as profit excluding gains and losses on foreign exchange, financial instruments, and non-recurring items after taxation and non-controlling interest effects.
Group attributable gold equivalent production for the fourth quarter of 2025 is projected at 681,000 ounces, up from 621,000 ounces in the third quarter. All-in costs (AIC) are estimated at $1,969 per ounce, compared to $1,835 per ounce in the previous quarter, while all-in sustaining costs (AISC) are expected to be $1,673 per ounce, up from $1,557 per ounce in the third quarter. The fourth-quarter results include 100% of Gruyere’s production, an increase from 50% in the third quarter.
Following commercial production commencement in the third quarter of 2025, the Salares Norte mine in Chile reached steady-state operation in the fourth quarter, producing 161,000 ounces of gold equivalent—a 43% increase from 112,000 ounces in the third quarter.
For the full year 2025, group attributable gold equivalent production is expected to exceed 2.4 million ounces, marking an 18% rise from approximately two million ounces produced in 2024 and aligning with the upper end of the company’s guidance range of 2.25 million to 2.45 million ounces. The AIC for the year is anticipated to be $1,927 per ounce, representing a 3% increase over the 2024 level of $1,873 per ounce, while AISC is projected to reach $1,645 per ounce, up 1% from $1,629 in 2024. Both metrics remain within the company’s guidance, according to Gold Fields.
Gold Fields further noted that the AIC benefited from higher volumes of gold sold during the year, which were offset by increased cost of sales before amortisation and depreciation—primarily at Salares Norte—and by sustaining capital expenditures, mainly at Gruyere, Granny Smith (Australia), Tarkwa (Ghana), and Salares Norte.The company announced that its full-year 2025 financial and operational results will be published on February 19
