Gold Fields Limited (GFI) Earnings Call Transcript & Summary

Good morning, good afternoon, everybody, and thank you all for joining our inaugural Capital Markets Day presentation. This is a hybrid event. So we have a number of people with us here today in-person, and we also have a number online. We've got -- this morning, we put out a fairly comprehensive presentation and outlook for Gold Fields. This was delivered on the -- on our website. We will try and go through this at a fairly rapid pace and obviously pause at the appropriate moment. Obviously, we will be open to taking questions. So during the course of the presentation, there will be some questions that we'll take. But we also look forward to engaging with the investors and analysts in due course as well so that we can really unpack some of the questions in due course. So I don't believe this is the only opportunity we're going to have to talk about it. Clearly, when we think about at Capital Markets Day and delivering what we are delivering today, there's certainly degrees of risk in putting this out there. But the one thing that we stand for as Gold Fields, and you've been around long enough to know that what really we value is not just getting caught up in the hype of today, but really setting up our business for the long term and delivering steady, reliable ongoing performance. And we certainly think that in time, that will set us apart rather than getting caught up in the hype of today. Having said that, we have got some really good news and some really good story that we're going to talk about our portfolio as well as capital allocation when we get to it. But again, just the important framing here, when we think about our business, we think about multigenerational business rather than just the business of today. So with that, I just want to draw your attention to the disclosures on Page 2 and 3. It's the first time I've seen disclosures on 2 pages. So clearly must be kind of worried about what we're going to say. So just on an introduction, I think the first thing that I'll just set the scene on it is, we absolutely believe that we have got a business that's set to outperform our peer group in the sector. We have a best-in-class production profile relative to our peers with both near- and long-term optionality to sustain our business. What is really important for us is that we think about our business in three horizons. So we've got a very clear focused 5-year plan, which we're going to talk about today, which sets the first horizon. In this first horizon, we are going to be investing in our business for the second and third horizon. So we are making clear capital allocation decisions, again, which we can unpack and talk to. What we'll also demonstrate is that we have very clear opportunities across many of our assets to extend life. And when we think about the levers of growth and life extension, clearly, investing in our business is the lowest form or the lowest cost options to extend life and improve our business. And so we've kind of really focused on unearthing those opportunities. Again, our focus and our strategy, it isn't about growing size and production ounces per se. We're focused on improving the quality of our business, and quality comes from growing cash flow per share on a relative basis. So everything that we decide on and we look to is how are we improving the relative margin of our business. So today, again, we'll talk about the 5-year guidance. We'll unpack capital as well. So what are we doing? We have got a significant -- if you look at our cash profile over the next 5 years, we will deliver significant cash, even at consensus, which today is nearly $1,000 below what we're seeing on spot. And Alex will unpack later, even with the small additional discretionary investments we're making, it doesn't detreack the ability to again pay very significant returns to shareholders during this period as well as putting significant amounts of cash back into our balance sheet to create flexibility in line with our ambitions. What is also important, and we show this up here is ultimately, whilst we're really focused on predictable, reliable, safe operating performance and safe and reliable delivery of our projects and improving our business. Ultimately, those outcomes are a function of the inputs that you have in your organization. So we are also very focused on building organization capability to deliver a safe, reliable and predictable organization into the future. And we see many opportunities, which I'll unpack later around optimizing our organization to deliver this performance into the future. So just quickly on the agenda. What we'll do is we've split this session up into three portions. Firstly, we will talk about our portfolio. I'll cover the guidance. Chris will talk to the levers for growth that we have in the business, and we'll then break for a Q&A session. We then go into the second session, which is around our portfolio quality. Jason Sander, acting Chief Technology Officer; and Bernadette Dippenaar, Vice President, Strategy and Strategic Planning, will cover those sessions. Again, we'll take a bit of a break during that session as well as taking some questions. We'll continue through the rest of our portfolio and then also deal with Windfall Project update at the back end of it. And then we'll close in the third session where Alex will talk about capital allocation, and we'll close again with some questions at that point. For those that you've probably seen this, this is our Gold Fields leadership team. Everybody is here with the exception of Francois Swanepoel, our Chief Operating Officer, who unfortunately was not able to be with us for personal reasons. But we do have a full representation and the team is fully aligned and committed to the plan that we're presenting to you. We also, as I said, in addition to Bernadette, have Thomas Mengel, our VP, Investor Relations, and [indiscernible] Govinda our Head of External Communication. As customary in Gold Fields, we don't start any meeting without a safety or value share. And in that context, I'm going to ask Mariëtte Steyn to join me here and provide the safety share.

Thank you, Mike, and good afternoon. Our mining industry has a terrible record of really poor safety performance, and every year, we report of the number of people that loses their life under our watch. At Gold Fields, we believe that it is possible for us to run operations and projects without serious injuries or fatalities. Now when you look back at our history, you will see that our results does not necessarily reflect that belief yet. And as a result of that, over the last 18 months, we have made significant investment in changing the culture of our organization, building people capability and systems and processes that will help us guarantee a change in our safety outcomes. The investment that we make has very clear benefits. We can deliver that aspiration of reduction in serious injuries and fatalities over multiple years through that -- our investment. But it also has a very clear link to our social license to operate for two very important stakeholder groups. First of all, our own people, and secondly, those people out of our communities that they entrust into our employment. But we also know from our own experience and from our own assets, that safety performance is linked to really good, predictable operating outcomes. So you might ask and argue today, why are we starting an Investor Day with a discussion about safety? And Mike talks about it, and it's culturally important for us to build that belief. But it's also because we deeply believe that safety is an outcome, of an operation where you have engaged people, where work is well designed and well executed. And that safety performance is a telltale of the maturity of the discipline of our operating culture. So when we talk about our safety improvement plan, it is important because what we are building into our culture and our systems delivers predictable, safe operating outcome. That's how we deliver our strategy. And ultimately, the story we're going to tell you today, this is the foundation of how we believe we build long-term sustainable value creation. Thank you, Mike.

Thank you, Mariëtte. Thanks for that share. I'll now move on. And again, just to reinforce, that's such an important part of the DNA that we stand for, is creating that predictability and reliable delivery because we can put any kind of slides up here about what we're committing to, but if we don't deliver it, then it doesn't stand for anything. And it ultimately comes back to the organization that we're building. So I just wanted to show this. This is just a truncated slide of Gold Fields history. Gold Fields is proud history of over 138 years as a pure-play gold producer. It was one of the pioneers of developing the and unlocking the [ Vardenis ] Gold Fields, but in the last 30 years, you've seen that migration to be a globally-diversified gold producer. One of the key transformations in this slide is obviously what happened in 2012 with the unbundling of the Sibanye assets in South Africa. And that was a very deliberate strategic pivot to say, South Africa, hugely labor-intensive, deep underground, low mechanization and obviously, pure single country risk. That migration, which you've seen to being a globally diverse company that has now highly mechanized operations is really where Gold Fields has emerged to. Some of the key highlights, if you look at this slide is the entry into Ghana in 1993. The initial move into Australia in 2001 with further growth in 2013, 2016 and ultimately, the consolidation of Gruyere that we saw this year. The acquisition of Cerro Corona in 2003, the discovery of Salares Norte in 2011 and ultimately, the two transactions that allowed us to get the entry into Canada. And I think the key message around this is just to demonstrate that if you want to be a pure-play gold miner, portfolio optimization and continue to be active in improving the quality of your business over the long term, whether it's investing in your current assets, whether it's finding new opportunities, Gold Fields has got a really good track record of delivering that. And to me, that in addition to the investments that we're making along the lines that Mariëtte has spoken about of being able to deliver predictably, the combination of that really sets us in a unique position to be a very good investment going forward. If you just look at this portfolio and how it's evolved, these are three charts, which just shows our geographic mix prior to 2012, 2018 and where we are today. What's interesting is that Africa has continued to become a smaller part of it. It's not because we don't believe in the opportunities in Africa. But as we thought about growing our business, the opportunities on a risk-adjusted basis have certainly presented themselves very differently in other parts of the world. And if you look at our mix going forward, if you fully consolidate the potential of Windfall in Salares Norte, we'll have around 70% of our production coming from OECD countries in the next 5 years. And again, if I can talk to the uniqueness about what Gold Fields offers, we are very comfortable in delivering and performing in emerging markets. But we have got a really stable production base in OECD jurisdictions. So it's kind of a unique mix that we're able to deliver on. If you -- as a result of these deliberate efforts, you can see our portfolio today. We have a highly diverse portfolio of high-quality assets across a number of jurisdictions. We also have a really interesting number of exploration properties, and Chris will talk to that later. We have well in excess of 20 exploration targets through partnerships that we're working on. And those again form a very interesting part of our growth story. I just wanted to spend a minute on this. So what's important is having a very clear strategy. And our strategy is unchanged from what you would have seen before. It's very simple, three pillars. One, is we operate and deliver in a safe and reliable cost-effective way. Secondly, we deliver positive social and environmental impact on the communities that are around us. And thirdly, we continue to focus on growing the quality of our portfolio. What is new and what you haven't seen before is our 2035 strategic aspirations. So what was important when we came together as a leadership team last year is to say, how do we think about where we want to go in our business? We can have a strategy, which kind of sets what we're going to do, but how do we really focus on setting clear and measurable objectives about what we're going to do? And really, they cover a number of things. It's about our people. So how do we deliver safe outcomes? How do we create an inclusive culture? How do we become a trusted partner for the communities and governments where we operate? How do we continue to improve the quality of our portfolio and how do we deliver results that are superior to our peer group? What we have done as a result of this exercise is actually set our own very clear aspirations in quantitative terms, and we measure that. We measure that. We share that with our Board. So we've got a very clear goal of what we're trying to create in our business, and the 5-year plan that we're showing is a key component of taking us towards that journey. Ultimately, as we've shared now twice before, is that we believe that outcomes are a function of the organization that we have to deliver that. And so we are also really focused on building a reliable, resilient organization that is simple, that is efficient and is effective in delivering these outcomes. And we've made a lot of changes already, starting with the culture work following the Elizabeth Broderick report in 2023. We've invested very heavily in leadership development. We've also developed our safety improvement plan. And I must say, whilst we are still seeing significant near misses, so we're not out of the woods, but the impact of that program is having actually on safety performance has been actually remarkable. And the great thing about that is it just demonstrates to me that within Gold Fields, we've got that capability. If we apply our minds to something, we can deliver change and we can deliver positive outcomes. We've also changed our operating model, which has helped us to really get much tighter and much more connected and aligned in the journey that we're under. We've also continued to invest in leadership capability through all of our layers because acknowledging that culture change and performance comes in having aligned leadership. We've also aligned reward systems. You think about that as a pretty basic thing. But if you can -- everybody aligned to one scorecard for the organization so that everyone is targeting the same outcomes, it makes a huge difference. We are also investing in our AO programs. And one of the key levers that Alex is pushing now is we've never really had a global supply organization to look at opportunities to unlock value from working together on major categories. We are also looking at work on simplifying our operating systems. We have multiply duplicative IT systems. We have lots of duplication on OT systems, and it's a function of how we were organized in the past. These are all opportunities to simplify, reduce cost and drive efficiencies and more predictable outcomes. As we think about our business, we look at our business across three time horizons. So what we're going to unpack today is the next 5 years, and we're going to provide specific cost, volume and capital guidance over that 5 years. But again, to reiterate, the investments that we are making in the next 5 years is to really set ourselves up for the longer term. What we can see is that our business has got a very clear pathway to the upper part of 3 million ounces by the end of the decade. We'll be firmly in the 2.5 million to 3 million ounce range in the next horizon. And in our current portfolio, we deliver over 70% of our current production profile beyond 2035, and I think this is something, again, when I joined 18 months ago, I heard a lot of noise about Gold Fields is a short-life business. It needs to go and do a lot of things. It needs to go and do a lot of M&A to bolster its profile. It didn't help that we did do two transactions, but those two transactions were opportunistic and they've added quality. And as Chris will show, these were perfectly timed opportunities to bring into the portfolio, but we didn't need to necessarily do those transactions. And again, the key message is M&A will always be opportunistic and our preference will always be to invest in our business because we've got great opportunities to extend life and unlock value as Jason and Bernadette will show a little later. So this is the money slide, and I'm sure this is the one that's going to generate quite a lot of questions here. And it's the first time that we've really, as a company, put out guidance that's been longer than 12 months, with the exception maybe of Salares Norte, where we provided probably 2 years out and a little bit further. So we've kind of -- the way that we're thinking about this now is that this is our current outlook. Clearly, what we -- we don't sit on our hands and only deliver this, but we will continue to look at ways of further optimizing this, particularly in the area of cost. But for me, the most important thing is that, again, in the journey that we have in becoming a great company is we focus on safety first and organization culture. Then we drive effectiveness and outcomes and ensuring that we predictably deliver and safely deliver on the production outcomes. And then we can drive efficiency in the organization to deliver that margin expansion. And so when we think about this profile over the next few years, you can see that actually we show a really neat growth profile within the portfolio. And this comes across a number of assets. It's incremental ounces at St Ives, it's incremental growth at South Deep, there's some incremental ounces out at Tarkwa. We show improvement at Gruyere, we're showing, obviously, the addition of Windfall at the back end of the decade. And again, this is what is great about this portfolio is you're going to have ups and downs depending on different investments at different points in time. But overall, our portfolio is growing, and I can show you a slide later, which, in our view, is certainly a best-in-class growth profile. What you'll also see at the top bar, the kind of lightly shaded blue bar is the all-in cost profile. And that all-in cost profile shows an increased trajectory, but that's reflective of the $2 billion of discretionary investment that we're going to be making into the business over the next 5 years as well as the Windfall capital that we're going to add into delivering that production growth. Again, as Alex will demonstrate later, all of that will be self-funded, and it will be able to be delivered in a way that it doesn't detract our ability to deliver upper quartile shareholder returns as well as improving the flexibility and quality of our balance sheet. If you look at our all-in sustaining cost, largely what we're able to demonstrate is a flat-real all-in sustaining cost profile over the next 5 years. Some of the investments that we're making, particularly into the material handling system at St Ives and Granny Smith will deliver cost outcomes into the second horizon. So into the second horizon, to reiterate, we are expecting real reductions in all-in sustaining costs on the base portfolio. Just to call out on our guidance for 2025, as we shared last week, our guidance remains intact. We believe production guidance will be towards the upper half of the guidance and our cost guidance will be comfortably within our group cost guidance. Just going to 2026, you'll see there is a slight step-up in sustaining costs. And this comes from -- just to unpack that slightly, there's around $100 an ounce as a result of inflation. There's about $25 per ounce of business improvement that offset some of that inflationary improvement. We have $50 negative impact on strengthening producer currencies within that. We have around $30 per ounce from Cerro Corona because they migrate to treating stockpiles. So again, that's a negative item. And then we do see the offsets of about $100 an ounce at a portfolio level from the Salares Norte having fully ramped up. So what you can see is there's kind of a mix of things that are playing into it. But what we do then see is some of that benefit flowing into '27 as we kind of see the offsets again coming back through. Just again, turning into the capital in a little bit more detail. We look at capital in three buckets. Firstly, it's the sustaining capital. Historically, that's in that $350 to $400 per ounce, and that's sustained over the next 5 years. That's the dark blue bar. We then have discretionary capital, which is around $2 billion over the next 5 years, which I'll talk to you in a minute of what that entails. And then we have Windfall growth capital of about $1.7 billion to $1.9 billion in the range, and I'll talk to that in a little bit more detail because it needs a bit of a conversation. And again, those discretionary investments that we can make in the next couple of years are about unlocking the future potential of our existing ore body. And again, to reiterate, this is the best type of investment that we can make and the highest yielding and highest returning investments. So just again, moving on to unpacking what these discretionary capital investments are, and we've got the detail of what those are on the right-hand side of this chart. Importantly to note is of this investment, nearly 35% of it is stripping activities at Agua Amarga, and that's all about providing life extension at Salares Norte. So again, high-quality, really good investment to be making. We have around 20% of that capital going into material handling system, both at St Ives and Granny Smith. These give us life extension as well as absolute cost reduction because we're changing our mining costs. As a byproduct of that, for example, Granny Smith gets an almost 6 years life extension by the addition of the Material Handling System. Again, to be clear, these are all discretionary investments. So at any point in time, prior to sanction, we can turn these things off. But we've got the best opportunity now with the cash flow profile that Alex will share to actually make these decisions -- make these investments decisions to set ourselves up for the future. And then probably just to kind of move on to what this actually means? On our production compound average growth rate over the next 3 years, you can see we are at the top end of our peer group. And on an all-in sustaining cost, those are also very competitive against our peer group. And this is against the peer set at the bottom of the page. What is also important, if you project this through to '28 to '30, and unfortunately, the data gets a bit weaker in terms of the analysis, we still, based on the data that we can see, are highly competitive and at the bottom end of that peer group. I think the real issue here that exercises us despite this best-in-class production and cost outlook, we continue to trade at a relative discount against the peer average. And that's certainly an opportunity in our view to -- if we consistently deliver against this plan that we will be able to see sustained out-performance on a relative basis going forward. And ultimately, this isn't a 1-year wonder. This is a company that's got 138 years of track record. We are building a business for the next generation, and we have a business that's delivering fantastic results today. And we believe that more upside remains available on a relative basis in Gold Fields. I'm now going to hand over to Chris to talk about the various growth levers we have in our business. Over to you, Chris.

That's great. Thank you, Mike. Again, I'm Chris Gratias, EVP of Strategy and Corporate Development. I'm very excited to be a part of, as Mike said, Gold Fields inaugural Capital Markets Day. And it's -- thank you for everyone in the room coming. It's nice to see a number of familiar faces, and I know there's a big group online. So we really appreciate you taking the time to spend a few hours with us today. Mike talked about the strong outlook for our portfolio over the next 5 years. I have the pleasure to really address what are those future levers for growth that will help grow and sustain our business, not just around the current Horizon, but Horizons 2 and 3. Brownfields exploration is a core strength at Gold Fields. And as Mike said, one of the most cost-effective ways to grow and extend our reserve life. We are currently spending over $100 million a year within our brownfields program, and our success has been demonstrated by continued extension of our reserve life at our core assets. For example, we have consistently grown the average reserve life in Australia at less than a cost of $50 per ounce. We have reinvigorated our growth on greenfields exploration, the next lever. And as Mike said, have built up a current portfolio of over 20 projects with a lot of recent momentum. Our objective is to find the next 1 or 2 projects to sustain our portfolio into Horizon 3. We're open to multiple structures that could involve wholly-owned projects, earn-in joint ventures or strategic equity investments, and we can be quite flexible given the specific opportunity, and finally, around bolt-on M&A, we've been very fortunate to have been able to complete two transactions in what we all know is a very dynamic market environment. We're very pleased with the staged acquisition of 100% of the Windfall Project and obviously, the recent Gold Road acquisition to consolidate Gruyere. I'll go into more detail on both deals later in the presentation, but each does demonstrate a measured approach to improving the quality and value of our portfolio, and we continue to assess new opportunities, but always with the same key principles in mind. Let's go into each of these levels, and I'll try to unpack some of them in a bit more detail. So as I mentioned, one of Gold Field's biggest strengths has always been our ability to reinvest smartly through brownfields exploration to extend life on a sustainable basis. And as you can see on this slide, across a number of our key mines, Tarkwa, St Ives, Agnew, Damang, Granny Smith to highlight a few, we've been able to consistently replace and grow reserves over decades. It really shows the Gold Fields model in action, acquire well, explore effectively, reinvest with discipline and convert good mines into multi-decade assets. We have seen this continued early success at Gruyere and are very excited about the opportunity ahead of us as a result of the Gold Road acquisition and access to the exploration land around Gruyere to extend and drive life. Next on to greenfields exploration. We really have reinvigorated this program with a clear strategy to discover and build the next generation of assets that will sustain our production well beyond 2035. We focus on high-margin discoveries with the potential for 200,000 ounces of production for over 10 years of life with district scale potential. Gold Fields already operates in world-class jurisdictions and expanding our footprint within these regions will remain the key priority for greenfields exploration opportunities. However, given our current balanced portfolio that Mike talked to, this does provide us with strategic flexibility to look at new and emerging jurisdictions, but we'll only go there where the risk/reward profile stacks up. With over 20 projects across 4 continents, we have a strong capability uplift following the Osisko and Gold Road acquisitions, where we have brought on exceptionally strong talent to supplement our existing team in this area. We are targeting around a USD 50 million spend a year on maintaining the existing portfolio and looking at new opportunities, but we will step out for deals like the recent Founders Metals investment we announced last week when the quality of the opportunity presents. To talk about some of our recent momentum activity in this space, I'll talk about four separate things here. So I'm mentioning Founders Metals, a great example of what we see as a measured approach to investing in a new and emerging prospective jurisdiction. We announced last week a CAD 50 million investment for a 10.5% equity stake with an investor rights agreement in the formation of a technical committee. In a short time, Founders has built real momentum with a quality and experienced management team delivering standout drill results that point to the potential for multiple discoveries along a 20-kilometer gold trend and recent land consolidation has strengthened this district potential. It's a classic orogenic gold belt, which is right in Goldfields wheelhouse. It's the same deposit style we've operated and grown successfully across a number of our assets within our portfolio. Moving to Chile with the Santa Cecilia JV, which is we're advancing under Torq's capable operator-ship. Again, early drilling has confirmed large-scale mineralization across multiple phases and the project's position right beside Newmont and Barrick's Norte Abierto joint venture places it in one of the best addresses for gold, copper systems in South America. With the Stage 2 spend now approved, we will earn into a 51% ownership position by mid-'26, while Torq continues as operator driving the next campaign. We also own a 15% equity stake in the company. Moving on to Canada, which we're obviously very excited about. We're building on a consolidation strategy around Windfall and broadening our reach into new opportunities in other nearby proven mining districts. Through the Osisko Mining acquisition, we inherited a number of greenfield investments that we have continued to invest in. The Phoenix joint venture with Bonterra continues to advance high-grade satellites near Windfall, and we will earn-in to a 70% interest, which is on track to be achieved in the first half of 2026. We've also increased our equity stakes in Onyx Gold to about 10%, and then got promising assets in Timmins and the Yukon, and Vior, we have a north of a 20% equity position. This is backing and providing exposure to high-quality discovery teams that are showing strong early results. Mike and Jason will specifically speak to the exploration potential at Windfall later in the presentation. Now on to Australia, where we've had a good reset. There's been great recent progress. At Edinburgh Park, for example, in Queensland, we now have our first greenfields drill rigs turning in over a decade, which is a major milestone. The Gold Road acquisition added 9 new projects, driving an approximate 200% increase in our land package across Australia and brings a major uplift in our technical capability. We're excited about unpacking all of that and building on what Gold Road had created over a number of years. We're now focused on optimizing that portfolio, integrating the best, some we will divest and really concentrating capital where discovery potential is the strongest. And obviously, a great example of greenfields when it works well. Salares Norte was a Gold Fields discovery. So with a consistent focus that dates back to 2004, that led to the discovery of Salares in 2011. The project was found for around $75 an ounce to the maiden reserve, which is an exceptional outcome for a greenfields discovery. And fast forward to look at Salares today, as we know, delivering -- has reached commercial production to deliver over 500,000 ounces a year at below $600 AISC. Consensus NAV on that project today is over $4 billion. So just a great example of when we get it right in greenfields, it can really create transformational value. And finally, to unpack a little bit our two recent acquisitions. As Mike said, in M&A, you could never predict timing, but you do need to be ready to act. We have positioned ourselves to be opportunistic to take advantage of these opportunities when they presented. Both of these transactions fit exactly into what we are trying to achieve strategically from this growth lever, which is building and adding to the value of our value and quality of our portfolio. Tier 1 jurisdictions, asset scale, lower operating costs and extension of average mine life in the portfolio. Hindsight is obviously easy around timing of these transactions, but clearly, we feel very good about the timing that we were able to achieve here. Cash-funded deals made sense in the circumstances. And given that each deal is meaningfully accretive across all of our key metrics and will drive significant improvement in our cash flow per share metrics, which Mike talked to as one of our core strategic objectives. M&A will generally be a more expensive alternative to growing the business relative to brownfields or greenfields, but it is an important lever that we must continue to have in our toolkit. Well, we'll unpack both Gold Road and Osisko in a bit more detail, a few points. On Gold Road, it had long been an objective to consolidate this land package around Gruyere and simplify the structure. The deal adds potential for meaningful life extension and brings significant G&A and in particular, tax synergies, which is in the hundreds of millions. The net acquisition cost of about $1.5 billion, which is after the sale of the Northern Star block, which we did at no risk to Gold Fields, resulted in an approximately 0.6x net asset value purchase multiple using current consensus, which obviously generates very attractive returns for our business. And on Osisko, again, this was a very measured and staged approach to entering into a new highly attractive jurisdiction. The ability to acquire this size land package in the Abitibi will provide huge future opportunities for our business. Again, our net acquisition cost was around $1.5 billion, driving a purchase multiple of 0.7x net asset value based on current consensus at the time. Even with the CapEx inflation we are seeing, our returns have been meaningfully enhanced from our base investment decision in the current environment. Windfall will be a cornerstone asset in our portfolio for years to come. So with that, I think we'll stop and pause for some Q&A.

Thanks. Chris. So because we've got participants both online and in-person, I will alternate the questions and take two questions from the room and then the ones online. So for the room participants, if there's anyone with a question on this session, I'll happily take those. Okay. There we go. If you could just introduce yourself and the organization.

It's Chris Nicholson from RMB Morgan Stanley. Thanks so much for the presentation today. I know we're going to get into more of the details as the presentation continues. You've lifted your reserve price assumption to $2,000 an ounce. You're presenting this morning quite a material step-up in CapEx, the $2 billion in discretionary CapEx Windfall project. Do all these make a return at $2,000 an ounce? Or are you using different prices, different metrics? How do you assess a return against the gold price framework?

Chris, thanks for the question. I'm going to probably delegate that to Alex to answer because he holds the capital allocation.

So I think, Chris, when we look at it, obviously, these do all to meet -- a lot of these capital investments do meet the threshold of a reserve at $2,000 an ounce. So these make $1 at that price. So they comfortably meet that. And then when we do model returns, we model them at both that is sort of our low price scenario to go, does it still reach our cost of capital, which it does. Then we go and model it at consensus prices where we're obviously looking for sort of double-digit returns, and they all do that. So we're quite comfortable that these investments make sense. But what I think is really important on that slide and that $2 billion of discretionary investment is a lot of those are still in early conceptual stage of studies. We're going to advance them through the different stage gates. We haven't made the final investment decision on any of those. And we will be very disciplined in how we allocate that capital when we get to that final investment decision. But we wanted to show the optionality out there.

But even at the conceptual level, we've done the early economics and the early economics indicate that these are all hugely accretive. And again, they come in on an incremental basis, cash basis much lower than the reserve price.

[indiscernible] at Investec Bank. If you can talk a little bit more about the discretionary CapEx, the $2 billion and the impact if that spend was not actually incurred. I think you actually did say if conditions change, it's CapEx that you could pull off. If that CapEx was not invested, what will be the impact on the business?

Yes. Good question. And I think we haven't covered all of that in specific detail. I think Jason and Bernadette can touch on where those investments are going into each of the assets. But if you think about the big buckets, the first one would be 35% of that capital is going into Agua Amarga spend, which is the additional ounces out of Salares Norte. And that would take 4 years out of the life of Salares Norte if we didn't do that. So that's one. I think the other big bucket would be the two investments in material handling at both St. Ives and Granny Smith. Again, we've spoken in Granny Smith, that would probably take 6 years of the extended life that we're presenting in the plan today. But those all come in the 2030s, 2040s. So you can kind of discount it. But St. Ives, it does allow us to ramp up production to on average, 450,000 ounces into the early 2030s. So that would probably take that away from it. And it would probably add costs into the Second Horizon that we talked to because we wouldn't be able to mitigate the mining cost inflation of using the current mining method of haul trucks through a deep decline. So that's probably another one. There's 15% of that discretionary capital is on brownfields investments, so brownfields drilling. And again, if we take that out, we'll probably reduce the further extension of our assets into the second and third Horizon. Yes, South of Ranch at South Deep, that gives us a potential 20% lift in ounces at South Deep into the second horizon. The renewables investment is really mitigating the energy-supply risk in South Africa, but also helps us to reduce cost and decarbonize at South Deep. Our investment in renewables at South Deep is the single biggest return on investment in energy across any of our assets in the business. So that kind of gives you an idea maybe of how it unpacks. But we can -- as we dive into this, we can maybe just call out a few of those things as well.

Thank you. Just a few questions on the online. So there's two from Adrian Hammond, which I'll read together. He says, what is driving the production uplift at group level in 2031? It's some 200,000 ounces. So that's the first one. His second one says regarding greenfields prospects, how soon could these projects be brought into reserves and then into production?

Thank you. I'll ask Chris to answer the question on greenfields. But in a minute, just on the 2031, that's largely driven by the Windfall ounces coming in as well as the Agua Amarga ounces coming back in from Salares Norte because if we go into the presentation, you'll see in '29, there's a bit of a drop-off in Salares as we're doing the big strip to get the access to those ounces. Now again, I must just say that we will push really hard to see if some of those ounces of Salares can come back earlier and we can shift that profile, but that's our best view today. And it probably just reflects how we think about guidance as well. Whilst we put a range guidance out there, our internal plan is the top end of guidance. That's how we're driving and planning our business. But again, we want to be smart about how we guide and how we think about the business because in mining, not everything goes according to plan. And so we do, do probabilistic determination of the inherent variability in our portfolio, and therefore, that's where the range comes from. So there's a bit of science behind it. And clearly, what we are wanting to do is to provide a high likelihood of delivering in our guidance consistently quarter-by-quarter.

And just to add to that, and Adrian, there are also the incremental benefits of the two Material Handling Systems at both St Ives and Granny Smith as well as the benefit of the stripping campaign through '27, '28 and '29 at Tarkwa, delivering high grades.

There was a question on greenfields.

When are the greenfields opportunities coming in?

Yes. I guess the easy answer is, it depends. Look, we've got across the portfolio, a number of investments that are at different stages, some more advanced, some very early stage. Look, I think if you look at the history of greenfields exploration from initial investment, to when you can have a project that's in production, it's 15 years plus. The question on when can you get something into reserves. I think there are things in our portfolio that are quite well advanced that maybe could come on earlier in Horizon 2. But I think realistically, greenfield is really about solving that bucket around Horizon 3.

Yes. Thanks, Chris. And maybe just to add to that, again, it's how we think about those growth levers. If you think about the cost of replacement, brownfields has probably been around $50 per ounce of discovered reserve. Greenfields have been that $75 to $100 and then M&A adding reserves is probably multiples of that. So the greenfields opportunity is really about saying our portfolio, obviously, we're going to add brownfields, but the real gap and opportunity is to bring some of these in into that third horizon post 2035 because we're kind of fine for the next 10 years within our existing business. And so building that portfolio out, we spend $50 million a year on greenfields, over 10 years and you come out with two really advanced projects that you're taking into development pipeline, that's a really, really good acquisition cost. So that's how we think about it. And so we shouldn't -- we're not modeling in our business that those ounces will be in, in the next 10 years.

Perhaps talking to the levers of growth, there's a question from David Hart from Global Mining Research. He says there's been a lot of M&A activity in Australia by domestic players. Would you consider selling into that activity, for example, Agnew or maybe Granny's?

Look, Chris can answer this. But I think the way we look at it is that everything has got value, both an internal view of value and a market view of value. And if the market view of value is far outside of our perception of value, then everything should have a price on it. And I think the question specifically on Agnew and Granny Smith, absolutely, if you look at our portfolio, we call those assets that have upside optionality. And Granny Smith, in particular, we've now got a clear pathway through the exploration efforts, we really want to understand what Agnew can offer. But these are two assets that have just consistently delivered upside for us over a long period of time. And so again, if we did one to be active in placing them, we'd have to be very clear about what that predictability means for us as well.

And maybe the only -- the other way I'd answer it is everything is for sale at the price. So if there's the right opportunity, as Mike said, where we see a value that's above where we see value, of course, we would consider it. But I'd sort of frame it in the context of as we think about the M&A context and what we're looking for around extending life, quality of the portfolio, and we're going to go buy that externally. If we can continue to invest in our existing assets, again, compare that cost versus external M&A, like you would continue to invest in your own assets. So again, why sell something when -- like at Agnew when as you think about M&A, that's what we're trying to find as well is a life extension quality asset in a place like Australia.

Thanks, Chris. We're going to come back into the room. I just want to see if there's any hands up for questions.

It strikes me that you're sort of going from a decentralized model to a centralized model. You can just sort of map out the pitfalls that might find, especially in Australia, where it seems to be quite a successful model in the past.

Yes. I think it's a good question, and it's something that we have agonized quite a bit about is to say what has happened in the past. But if I look at our business today, yes, we're global, but we are a simple business. We've got 8 to 10 assets. We produce a single commodity. We don't have a massive big commercial back end that's trying to market into a market. So we explore, we develop, we operate assets. And what we've allowed ourselves to do is to actually get quite complex on a simple business because we've had these regional structures that have actually gone down their own pathways. You've got things like -- and Alex pulls his hair out, but we've got 5 different SAP platforms across the business that's actually really simple. We have different standards across our business. We were probably too short-term focused is kind of my argument. We're very focused on short-term delivery. So what we've been trying to do now over the last 2 years is really elevate the horizon of the business. And this is what we're trying to demonstrate that we've done today. What that does, though, is it's important as you elevate that horizon is make sure that you've got true competition for capital across your business. And if you've got these regional elements, it's much harder to kind of allocate capital. At a practical sense, probably some of the downsides are as you're making this migration to a simpler, more kind of streamlined business and efficient business is that there is sometimes quite a heavy lift on time zones because you've got Mariette and Kelly sitting in Perth and Bernadette and now servicing assets in Canada. So we're very mindful of making sure that we try and get those wheels oiled very quickly so that we can take some of the lift out of it. And we do that by getting our leaders aligned and being very clear about where our focus is, where our effort needs to be applied. Our rhythms and routines are quite clear so that we can take away the kind of ad hoc effects of the drag that could occur in a global business. So I still think on balance, it's absolutely the right view in my mind, and I'm sure each of the team would answer that in the same way because in the absence of that, it's really hard to kind of have full control, unless you go back to that old model of saying, look, it's all -- free for all and the only way we control you is how we pay you and whether we hire or fire you. And frankly, then you just liberate the entire asset base. It's another way of thinking about it. Alex, I don't know if you want to add to that?

Just a couple of questions. How much of your Horizon 2 ambition is dependent on the gold price? Obviously, if gold is at $4,000 for 2 or 3 years, you'll have way too much cash to invest. And I suppose a lot of that will go into accelerating some of your greenfield or making more of those discretionary CapEx sort of part of your base case. So just in terms of what will be the scenario if gold remains at $4,000, what would be the Horizon 2 look like? Is it 3.5 million to 4 million ounces? Or is it still 3 million to 3.5 million ounces or 3 million maybe the first one?

Yes. Maybe I can answer that quickly because this is a good question. I mean I think it comes back to the core part of who we want to be as a DNA. To us, it's quality and cash flow growth per share rather than ounces growth. So it's really focusing on how are we growing that cash flow per share. And if you get -- continue to hooked up into growing ounces, the replacement of those ounces don't come easy. And you can then get trapped into -- to try and maintain your headline number, get trapped into making really poor investment decisions just to maintain the headline. And then you detract from your main game, which is growing the value of the company and growing cash flow per share. So the -- to answer your question, the investments that we're making, the discretionary investments over the next few years is really about locking in at a very low cost, that profile, helping us to reduce costs in the second Horizon and enabling us to again grow that relative margin per share. If gold prices hold at $4,000, I think Alex has got that cash flow graph, which says in 5 years, we're going to generate $20 billion of free cash. You add another $10 billion at least on top of that. And then you're in kind of an interesting territory because you've probably squeezed a lot of the internal options that we can successfully prosecute in the next 5 years because there's also a capacity issue of what we can do. And then you've got a decision to say, well, do you just kind of grow your balance sheet? You clearly have to return some additional amounts to shareholders. But that's a good place to be.

And the $50 that you're going to spend on greenfield or $50 million, sorry, is that a net number, i.e., kind of that includes kind of disposals of properties that you wouldn't hold? Or is it a gross number?

I think the way to think about it is a gross number, but it's an evolving portfolio. So maybe in a different way, what's the right number of investments? Again, it's a capacity question as well. So I think we're probably in the right range of in the 20s around investments, you just need to consistently cycle those. Some are going to drop out and you'll divest, but you need to continue to add to the front end of that. It's all about where you are in that quality spectrum and the results you're getting. So I think it's -- $50 million is more of the growth number versus a net number.

I think realistically, the challenges with these juniors is that they tend to be quite illiquid. In the moment, the drill results on that promising, you probably see the stock coming off and become less liquid.

There's three remaining online. So I'm going to pull those together. The first one says, why are we hanging ourselves to a fixed dividend? Could we stay with a linear dividend policy of 30% of basic earnings, zero the debt and buy back with the spare cash?

Thank you. I think -- I mean, I guess the first principle is it isn't a fixed dividend. We have a variable base dividend with a targeted minimum. So basically, it is linked to free cash flow now, free cash flow before discretionary growth investments. So that's before any of the discretionary capital you saw that Mike talked to before Windfall capital, before exploration spend as well. So that is the free cash flow figures linked to and it's 35% of that. Then we will obviously look at -- and I'll unpack it in detail in the capital allocation section, but we will then obviously look at what is the right amount of de-levering of the balance sheet, what are the additional returns we could give to shareholders. And when we're looking at additional returns to shareholders, we will look at both special dividends, share buybacks or a combination of the two.

Thank you, Alex. The next one is from Herbert Kharivhe. He says, is it fair to think of Gold Fields as a $1,700 per ounce gold producer going forward?

Herbert, good question. And I think if you look at our profile, you can kind of bring that conclusion to the numbers. But I do think that we still have more work to do, and it's how I spoke about what we're doing with the business is really driving effectiveness, consistent delivery and our AO program is probably still playing a bit of catch-up. I think some of the investments that we're making now will deliver improved outcomes into the early 2030s. You will also get a bit of portfolio effect again into the 2030s. So I think the $1,700 in real terms should be -- we certainly would not be comfortable with that as a sustainable long-term number.

And Herbert, as we unpack the asset deep dives, you'll see what kind of the targets for each of the assets are that we're driving. The next one is from Rene [indiscernible]. He says you've spent a lot of money on acquiring 100% of Gruyere for quite a low, in my view, extra 5 years of life. Could you expand on your thinking on this? And what could the 5 years extend to on a best case scenario?

Thanks, Rene. I think what we'll do is unpack Gruyere. And certainly, we believe the economics of that transaction worked on the known reserve and the addition of the known reserve, but there's certainly upside, which both Jason and Bernadette will cover a little later.

Yes. Look, I think when we looked at it, one, bringing in what Gold Road had, Gilmour and the exploration potential as we modeled that and the upside, we saw significant life extensions. Obviously, a lot of work to do to unpack that. But I would say even in a base case, if you use that 5-year life extension, it's still extremely attractive from a return standpoint relative to what we paid. But again, we see a lot more upside than what is just a 15-year life ore body.

Chris, Mike and Alex will take you off the hot seat and also Jason and Bernadette up there for the asset deep dives into Session 2. I appreciate that it might be a bit warm in here, and I do apologize. We are trying to get the aircon resolved, and we'll also just maybe try and open the windows for those that are in the room. We'll dive into the next session. And then halfway through it, we'll take a bit of a comfort break and a leg stretch, if that's okay with everyone.

Okay. Thank you, everyone. We really appreciate Bernadette and I the opportunity to showcase the portfolio quality that we have at Gold Fields. So from the brownfields exploration track record slide that Chris presented earlier, I would like to reiterate one of Gold Fields' biggest strengths and part of our DNA is its ability to acquire quality assets and then reinvest through brownfields exploration and growth projects. During 2025, we have been able to increase our reserve base through dedicated exploration, asset optimization and initiatives, changes in the gold price, we anticipate this year of exceeding our 2021 reserve position. From last week's Q3 2025 operational results release, we were -- where we announced a reserve growth at Tarkwa of 3.2 million ounces that now has Tarkwa's reserve at 7.4 million with an inclusive mineral resource of 11.2 million ounces. This has extended life at Tarkwa with the reserve case now being 17 years, and the resource life now being over 21 years. We are also expecting reserve growth at all our Australian assets over the next 12 months. So if we deep dive into the Australian assets in terms of their reserve position. This slide demonstrates how targeted exploration from committed and dedicated teams have unlocked value at our highly prospective Australian assets. At St. Ives, the reserves have grown beyond depletion through the development of the Invincible underground and Santa Ana open pit complexes. St Ives has a wealth of early-stage exploration opportunities that we hope to develop in coming years. Now I'll hand over to Bernadette.

Good afternoon. The asset guidance details that we're going to provide in the coming slides is based on showing you a managed basis. So with guidance showing our planned numbers as the upper limit and the lower limit as a risk-adjusted number. Our plans are deterministic and consider risk events and resourcing in them. We've decided to start talking to you today about St Ives. St Ives is our longest life asset in Australia. It has been in our hands since 2001 and has produced 9 million ounces across its life. The story for St Ives, we think, is not as well understood as it should be. And so we're going to unpack that a little bit for you in terms of the Invincible underground and the Santa Ana pit and what's coming in the future. St Ives for us is a long-life asset with a great reserve growth story. Since 2021, we've increased reserve by 40%. It's a medium -- in its medium-term future, it's an asset producing at 450,000 ounces per annum, supported by the Invincible underground and the Santa Ana pit, peaking at above 500,000 ounces from 2030 and beyond. The cost profile is somewhat variable in the next few years. And that's based on a few things. First, us completing the Invincible underground and investing in the materials handling solution to support it, which will complete in 2029. This will give us a 90,000 ounce bump up, which is a critical bump so that we can hit the 400,000 ounce mark a year. It's also going to help us reduce our cost profile for the years that follow. We will be completing our dewatering and development of the Santa Ana pit in 2026, and Jason will be talking to you more about what Santa Ana looks like in the coming slides. The other thing is that we will be completing the investment in our renewables project which will complete in 2027, giving us a micro grid that helps us reduce our cost base from '27 and beyond. And then finally, in 2028, we're planning a mill replacement. Now that mill replacement is still a few years out. So we're working on optimizing what that time frame will be and the extent of the replacement. These investments in the medium term are based on us believing in the historical replacement we've seen. So we believe that St Ives has a long life ahead of it and well beyond 2045. In 2029 and 2030, we expect all-in sustaining costs to settle at around the $1,500 an ounce mark. Over to you, Jason.

Thanks, Bernadette. Here, we show the Invincible complex. And you can see that there is 3 distinct zones there, Invincible North, Invincible and Invincible South. We believe Invincible is a world-class deposit. From the first discovery hole all the way back in 1994, then with the follow-up program in 2012, Invincible has come a long way and now has a strike length in excess of 3 kilometers, and it's still growing. Invincible has progressed to potentially having the 3 areas, but we are -- importantly with the 3 areas is that they can be mined independently. So essentially, you've got 3 mines within a mine. On top of that, the deep drilling has confirmed the continuation of the mineralization along the plunge of the main zones. Additionally, confirming drilling is underway to further scope out the extent of the system to support the materials handling solution that we are wanting to take to investments. What's interesting about Invincible is that Invincible is now the deepest underground mine in the St Ives entire complex. And St Ives has been an operating asset since 1980. So -- and is still open at depth, so which is quite exciting for us. So the intent of the minerals -- the materials handling solution is that we want all the ore and waste to be taken up the twin decline system as well too. This will unlock further production capacity within the Invincible complex. Go to the next slide. So here, we look at what is the potential alternative sources to supplement a world-class Invincible ore body. Excitingly, we are returning to an extended period of open pit mining at St Ives. And we are commencing with the Santa Ana operation here in the dark green. Santa Ana is only 2 kilometers away from Invincible. This has the potential of having at least 16 years of continuous open pit mining to supplement Invincible. Further work is needed to increase the mill capacity again. This work is underway. A balanced exploration -- brownfields exploration is a critical component to deliver reserve growth and to support our production ambitions and capital decisions. So go to the next slide. Thanks. So here we got is the whole lease that we have at St Ives so, all the tenements as well too. So from this slide, you can see that we have tens of kilometers of prospective exploration corridors. They're marked in yellow around the yellow lines there. St Ives since the acquisition has discovered more than 10 million ounces with the rate of discovery still increasing. We have 10 years of reserve in front of us right now. However, we've got line of sight to 20 years. And with the allocation of around about $90 million over the next 3 years in terms of exploration to unlock that potential. Predominantly at Invincible, however, there's other perspective, particularly in the open pit sense as well. All this has provided confidence in our value-accretive investments that we believe will secure our long-term future. Thank you.

Our second largest mine in Australia is Gruyere, the open pit mine. We acquired the first 50% of Gruyere exactly 9 years ago for $350 million, what a bargain. A month ago, we acquired the other 50%. Underpinning this investment is our belief that Gruyere is a multi-decade asset. Current mining is exclusively from the Gruyere open pit. And in the next few years, we will transition to adding the Golden Highway extension, as well as the Gilmour area, which came with the Gold Road acquisition in 2029. 2025 has seen a minor production downgrade between 300,000 and 320,000 ounces. This is based on volume and plant issues we had early on in the year. Gruyere has seen -- has been in a ramp-up phase for the past 2 to 3 years. The Gold Road acquisition consolidates our position and provides us with the full benefits of the ramp-up and additional ounces in the exploration package which Jason will talk to in the coming slides. In the last 2 years, the total volume movement at Gruyere has doubled, building to the critical 70 million tonne mark, which will stand us in good stead to get to the 75 million tonne mark in 2026. For -- on this slide here, you'll see that in '26 and '27, we've had a technical assumption change, which has seen the ounces come down slightly in our mining model. From '28 and 2030, you see the increase again when we add the Golden Highway and the Gilmour profiles. Areas like Gilmour gives us flexibility in terms of potentially delaying more expensive CapEx but also we are able to bring in a grade uplift at the same time. It's early days since our acquisition. There's still a lot of work for us to do, but the options are significant, and we're pretty excited about it. The increased production to 400,000 ounces post 2030 and beyond will enable us to leverage the infrastructure already in place at Gruyere from a camp perspective, a mill perspective and other areas, which will then help us exploit the Yamarna land package which we've just acquired. As with St Ives, our aim is to focus on providing operational flexibility that can be used to ensure safe, predictable ounces. Jason will talk to you about the opportunities at Gruyere in the next slide.

Thanks, Bernadette. So with this slide here, you can see the current Gruyere pit, and you can see the potential of the last stage, which is Stage 7 at this here. So then you can see the potential of the underground as well. And the underground model is still open at depth. So we conducted a scoping study that was completed earlier this year and which highlighted that we do have a positive NPV with a bulk underground. What you see here is the scoping study design which is based on a concept model. We are actively engaged in assessing the underground, as well as the potential of taking another cutback at the Gruyere main pit. The underground drilling is underway and it's progressing well, and we are ahead of plan. We are option-rich at Gruyere and -- one being the underground, but also we have multiple options in the Yamarna belt now as follows in the next slide. With the Yamarna belt, we believe there's high potential with -- as we believe it is underexplored. Like the Gruyere main pit, the multimillion ounce Tropicana deposit is also along the Yamarna belt towards the south. The expanded Yamarna belt landholding that we now have has at least 5 additional mining options that we are looking at. Gilmour, Smokebush, Warbler and Renegade. This is on top of the potential we see in growing the Golden Highway deposits as well, too. Of particular interest to Gold Fields is the potential Gilmour which Chris and Bernadette had mentioned earlier. When Gold Road declared a main reserve back in January 2024, we at Gold Fields are now undertaking further studies in 2026 to see if we can grow that further and have a viable mine life extension at Gruyere on top of what we know already, thank you. Bernadette?

Granny Smith was acquired in 2013, and it will shortly hit 10 million ounces produced. It's also interestingly enough, one of the first mines in the world to have 4 GLTE underground. All production currently comes from the Wallaby underground mine, which is known for its world-class ore body and long-term production potential. For 2025, production guidance is approximately 25,000 ounces, and we are on track to deliver this. Granny Smith is a consistent deliverer of ounces for us with future potential in the Zone 135, 150, 160 and beyond. Once executed, the investment in the materials handling solution will reduce the cost of the future zones. Jason will talk you through what those zones look like and where we believe they go to. For context, we are currently mining in Zone 120, and preparing for Zone 135 and 150. We are currently mining at a depth just below 1,200 meters and taking out around 1.6 million tonnes per annum. We're looking at utilizing technology to allow us to safely mine below 2,000 meters at Granny Smith. The initial increase in all-in sustaining cost is driven by 3 main things. The investment in ventilation and power upgrades, the development of Zone 150 and 160, and the drilling to shore up our understanding of Zone 150 and 160. The benefit from these structural investments is that in the long term, we expect all-in costs to settle to around $1,300 an ounce. The future of Granny Smith is to continue production from Wallaby and take advantage of the latent capacity. Jason will take a look at some of the options for us.

Thank you, Bernadette. So here on this slide, you can see the Wallaby ore body as we know -- as Bernadette said. So as you can see, there's multiple, what we call stack lenses, as well from the open pit. The open pit was mined by a previous mining company, and that finished back in 2007, and we went underground in 2005. So we've been underground at Wallaby so far for 20 years. And what is really interesting is that as we're going deeper, every zone is getting bigger and the grade is improving, which is really quite exciting for us. This graphic clearly does not give justice to the size of what Z150 which we are in well-advanced feasibility in and Z160 loads. It is important to note they are significantly larger compared to what the other zones are. We believe that they have potential greater than 1 million ounces per load. And in terms of overall size, we're thinking they're around about 1,000 meters -- by 1,000 meters, so roughly 1 square kilometer. So to put that in context, that's roughly the same distance as the [ mall ] here just outside the Buckingham Palace. So it's quite substantial. We are doing drilling underway at Z160 right now. As Bernedette did mention, we are actively looking at technology that will help us safely and importantly, go deeper and extract more of the ore body. For instance, we tried autonomous trucking underground as one example. Further to this, we are looking at a materials handling solution, which Bernadette mentioned earlier, and that can readily be extended and we go deeper underground at Wallaby. The proposed materials handling solution will need to be established at the Zone 120, where we're mining now, and with works planned to be undertaken in 2026. This approach will reduce the cost to mine the future zones. As we reduce congestion in the mine, which will allow us to also derisk delivery by mining multiple zones at the same time. Like St Ives, we see a 20-year-plus horizon here at Wallaby through the investment in the materials handling and also through further exploration. So if you look at the greater land package here at Granny Smith and in terms of its overall prospectivity, the thing that strikes us now, which has got the most potential is the Granny Smith open pit, which was mined all the way back in the early '90s. So we like this because it's obviously very close to the existing 3.3 million tonne processing facility. So further study work is underway to potentially bring this into resource as we recently received approval to dewater the pit when required. We will continue to look for opportunities to complement the world-class, we believe, world-class Wallaby ore body as even small discoveries can have a material impact as we have seen at St Ives. Thank you. Bernadette?

Agnew has a long history in Gold Fields and in Western Australia, with the first gold being found by Patrick Lawlers in 1894. Shortly thereafter, the Waroonga mine was opened in 1904. We are still mining the Waroonga extension today. Proved and probable reserves sit just below 1 million ounces at around 972,000. Our internal strategic plans see it going well beyond that. The site tenement package covers 714 square kilometers, which Jason will talk to in the coming slides. Our immediate focus is to capitalize on the existing infrastructure in Waroonga, Redeemer and New Holland with the expectation that production will remain fairly consistent over the 5 years and beyond at around 230,000 ounces. The cost increase in '26, '27 and '28 is based on underground infrastructure and exploration and maintaining life for the lower cost ounces to come. Given our continued commitment to exploration at Agnew, we are actively working with our asset optimization team to address the increase in the cost profile over the 5 years. Jason?

Thank you, Bernadette. So this slide here shows you the outline of the Waroonga ore body as well. What's interesting near where that picture of the pit is there's a small underground working there. That's actually part of New Holland. And one of the reasons why Gold Fields was interested in the Yilgarn South acquisition back in 2013, which was Lawlers, which was part of that New Holland mine, Granny Smith and also Darlot at the time. So New Holland and Waroonga are only 600 meters apart. So we're calling New Holland, Waroonga pretty much the same complex now. It is the second oldest underground operation that we have in our Gold Fields portfolio, only second behind only South Deep. Waroonga continues to be the high-grade backbone for Agnew. Waroonga has multiple exploration targets as shown in this long section. But this is also the case elsewhere at Agnew as well. In the Waroonga long section, the sub areas in yellow, these are potential future targets that we are looking at in terms of the depth extensions, but also those lateral extensions of that, for instance, the Saint area and also that Fitzroy area towards the south of ore 2. So we go to the next slide. Thanks, Bernadette. So with this picture, you can see the Agnew tenements is quite long. It's all up, it's 80 kilometers north to south. So it's quite substantial. One thing I would like to remind the audience with Agnew despite the fact it's got a very low reserve number, its reserve multiplier is the highest of old Gold Fields assets. The current exploration focus is discovering value-accretive ounces that will extend the life of mine at Agnew, which has been 3 years for the last 30 years. And no doubt, it can be more than 3 years in 30 years' time. The mine central corridor, which is from Waroonga all the way down to Songvang, which is Vietamese for River of Gold, has -- this is where 80% of all the ounces ever mined in the Agnew Lawlers area since the 1890s has come from. And the thing about it is still high prospective. Thanks, Bernadette.

Jason. I -- just to break this up, we'll take a couple more questions, and then we'll have a next stretch and a bit of a refresher break. Just one second, first question from Raj.

This is Raj Ray from BMO Capital Markets. First up on your St Ives. You talked about Santa Ana pit. And if you look at your open pit throughput, it's around 2 million tonnes per annum just over with Santa Ana coming on. Expect that open pit throughput to remain around those levels?

Thank you. Raj, that's a great question. So we have the ability to bring the mill back up to the 4.8 million tonne capacity that it had when it was originally commissioned back in 2005. So that is one of the studies that we are looking at as well is how do we actually bring the mill back up to the 4.8 million tonnes. So there is capacity within the existing plant.

Okay. And so your underground is going to over 3 million tonnes by 2029 and the remaining will be coming from the open pit?

That's right. That's right.

And if you look at your CapEx profile for St Ives, you've spoken about the all-in sustaining cost. On top of that, what's the nonsustaining element over that period in terms of bringing that material handling system in place?

Master of Finance.

Sorry, Raj. Let's get front of the [indiscernible] so I'm on TV. So I think from the capital perspective, the materials handling system is about AUD 300 million to AUD 400 million, and that is in the growth element. And then there's very limited -- because from a growth capital perspective, we only classify pre-strip and at Santa Ana because it's previously been mined, it's about AUD 40 million of pre-strip. Then all the other strip or the capitalized strip will go into sustaining capital, 2 investments there.

Okay. One more question from me. When you look at Granny Smith, I mean, your ore body is moving away from the infrastructure. You talked about the material handling system. Can you give some more details on what you're thinking about? Is it a new shaft and the amount of capital that's built into your estimate at this point at Granny?

So in terms of the materials handling solution, one of the key options that we're really looking at is a [ Warbler ] as well too. So the beauty about Wallaby is that it's a twin decline arrangement. So what we're looking at is converting one of the declines to a railveyor decline. So all the haulage will go through that, which is the reason why once we extend further down to Z135 and then Z150, we can actually bring it down with us as well, too.

And if you look at -- I mean, compared to South Africa, the stress levels in Australia, 2 kilometers is much higher than what you see at South Deep, for example, right? You talked about other ore bodies getting wider at depth in terms of your ability to pull the same amount of throughput as you're starting to go deep and while controlling the geotechnical stresses can comment on that?

One thing about Wallaby is that we've got a very well-established team within the Gold Fields team, we've got very strong geotechnologists also. It is very much a mine sequence constrained operation that requires backfill, and we have backfill readily available at Wallaby. And that's how we actually control things as well. So we believe that we can still mine down at Z150 and below as well.

It's Chris Nicholson from RMB Morgan Stanley again. If I look at these slides, look, I understand it's a Capital Markets Day, so you're trying to put the best foot forward. But if you look at the next 2 years in both these slides across most of these operations in Australia, actually production reset slightly lower before it rebounds. Maybe could you just make some comments as to maybe why that is? Has there been a bit of a catch-up of CapEx required, a bit of underinvestment in the last few years? Are you a bit late on this? And then just to expand on Raj's question, you're showing the all-in sustaining cost profile. How much CapEx in addition to that is going to be needed? I know you've given the [ 2 billion ] discretionary CapEx. Is that all growth? Or is that in sustaining costs and specifically in relation to the Australian region?

So I can take both of those, Chris, if you want and Jason can add in. But I think probably if you look at the Australian assets, I think one of the fundamental issues with the raise boring fatality we had at St Ives a few years ago, which put a moratorium on the rate boring activity. So we are catching up on an infrastructure perspective from a ventilation perspective, to get the power and the ventilation and the underground mine so we can increase our extraction rates back up. So I think that's part of what's driving the production and the higher capital in the next years. And that is why materials handling is also such a big opportunity at both St Ives and Granny Smith because it will increase our extraction rates as we go to depth at the underground mines. So that's probably one of the major things we're solving for. When you look at all of that capital -- discretionary capital is included in the -- not in the all-in sustaining cost, it all goes into growth all-in costs. And it's those charts on the earlier pages. I can help you unpack that in more detail, Chris, as you go, but it's not included in the all-in sustaining cost numbers that you saw.

So for the group then, okay, so that's on top. So for the group, then I know you're kind of guiding to $400 to $500 an ounce of sustaining capital for the group. In Australia, particularly in particular, is it higher than that?

It is higher, yes.

So it's higher and then you get the discretionary CapEx on top?

Yes, that's right. They are more -- due to the nature of the ore bodies, they're more capital intensive than the other assets.

Nkateko Mathonsi Investec Bank again. Can you talk a little bit more about your grade profile for the whole portfolio? I think you spoke about Gruyere and Granny Smith that you're potentially going to see a grade uplift. But in the mining industry as a whole, we've seen pressure on grades. So I just want to know compared to now, what is that grade profile for Horizon 1 and also going into Horizon 2?

So the grade profile will stay relatively static. However, we are cognizant is that one of the reasons why we're wanting to turn, say, Invincible into -- 3 mines into 1 is because the grade is lower than what we have mined historically. We have to become more efficient. We have to be able to get the ore out and up to surface more efficiently. And with Wallaby, yes, we have higher grade there, but the key is how do we get it from Z150 is 1.8 kilometers below surface. So how do we get it more efficient? Is that's also that cost versus grade argument. So we're starting to talk more about value accretive ounces more so than just grade. It's just grade for the sake of grade.

And I think just one other to really call out and what really attracts us about the acquisition is Windfall. That's going to significantly change the grade profile of the group as we bring on the high-grade deposit at Windfall. I think probably worth calling out that the likes of Tarkwa which is our low-grade mine, that's really consistent grade. We're going to see a similar grade profile over life. Gruyere, we see options with those satellite pits to increase the grade of the Gruyere pit. So those are probably the key ones worth calling out.

Good. There's two online, and then we'll take it to the comfort break. The first is, for Gruyere, what scale of underground development can you see in terms of mine tonnage and grade and timing of a possible start? That's also from David [ Houghton ] from I think it's GMR Research.

So we're currently doing the underground drilling, and we're progressing to a pre-feasibility study. The pre-feasibility study will be ready in 2027. So we'll really ascertain actual size of the price that we have at the main Gruyere operation. The key thing now that we've got the full control over Gruyere is to really understand what are the potential that we have there as well too. And Gilmour is a high-grade operation compared to what the potential underground is at Gruyere. So that's what our focus is moving forward is continuing on with the PFS study for Gruyere underground, but also looking at Gilmour open pit and underground.

I just want to add to that. So I think it's important to note that from the slide that we showed that you have two options that you can trigger there. So you've got Stage 8 or the underground. You could do both. You could do either, you can sequence them. So probably the underground for us is a second horizon, so we're post 2030 at the moment. We're concluding the study so we can do the trade-off, but we have so many options in the shorter term that, that won't come in until the second horizon.

There are no ounces from either of those options, including the profile included in the profiles we showed.

Yes. It's over and above.

Last one before we break. What is the landscape like for labor in Australia? Is competition increasing? And how is this affecting your cost profile?

Thanks, Jongisa. Australia labor market and then the current sort of growth, specifically in the areas in which we are operating at the current gold price is a very competitive labor market. I think one of the benefits that we have, although our sites are significantly fly in, fly out, they're actually relatively easy fly-in, fly-out sites compared to others. We can get someone back to Perth on any given day of the week, which is quite unique for a FIFO operation. And that gives us the ability to attract more diverse talent, and we've certainly seen that increase in our labor portfolio and our labor profile over the last couple of years. We are a largely outsourced organization. So we still see that from own employees, it's relatively stable, where we probably see higher turnover in our contractor employment.

Just Mariette while we have you up there, there was one earlier. What are you doing to improve your healthy and safety track record? And also to improve productivity? So if you could speak to health and safety.

Yes. Thanks, Jongisa, thanks for this question from Tanya. Thanks for that question. We touched on that briefly in the safety share but there are really 4 key areas that we're focusing on. As Mike talked to earlier about just what we found with having such a federated model is that we don't have a consistency in our health and safety system across the organization. So we're building real foundational health and safety basic health and safety systems. So our first effort was into putting into safety leadership. So we're really getting top-down people in the field safety leadership whilst we're building our system of risk management. Since Mike talked to the time line of Gold Fields, since 2013 in Gold Fields as we know today in the spin-out of Sibanye, we've had 22 fatalities. And being able to have a consistent safety standard that captures the learnings out of all of those are really important components of what we're doing from building the safety system of work in Gold Fields. The third component of that is bringing our frontline and the voice of our front line in and bringing this hyper social aspect of safety management so that people are not afraid to speak up when it's not safe to do work. And fourthly, the most -- but unique probably to other organizations, the Gold Fields, 70% of our workforce don't actually are not employed by us. So how we integrate our business partners and contractors into our business is a really important part of our safety journey and the work that we're doing so that the experience on site is, one. One Gold Fields experience are not different and the standards that we set in Gold Fields are equal and integrated with the experience of our contractors.

Okay. We're just over halfway through. So we will have a 10-minute comfort break for everyone. Just for those that are in the room, there's some waters and coffees outside. I'm sure you're desperate for some fresh air. And for those that are online, we will recommence at 14:50, or 16:50 South African time. Thank you. [Break]

It's been in the portfolio for nearly 20 years and has the world's largest gold ore body with 31 million ounces as at the end of 2024. We're on track to deliver our '25 guidance. Our focus at South Deep is to keep things stable and predictable. We've seen really good performance in 2025 and look forward to continuing that into '26 and beyond with small incremental changes each year. In particular, we're looking to stabilize the North of Wrench area, which Jason will talk to the 2 areas in the next slide, and then open up our South of Wrench area to give us more flexibility and ounces in Horizon 2. We're targeting 380,000 ounces by 2030. And as I said, those are small incremental steps we would like to take upwards. As per our strategy with our Australian assets, flexibility is key for us and using South of Wrench to bring that flexibility is our plan. The short-term increase in costs in '26 and '27 relate to underground development, renewables expansion and shaft maintenance that we'll be undertaking. The inclusion of South of Wrench ounces post FY '28 will help bring our all-in sustaining costs down to the $1,500 an ounce mark for the medium term and beyond. Jason is going to talk you through the areas underground.

Thanks, Bernadette. So I guess to try and describe what we're seeing here on this picture. So the top half of the picture is what we call current mine and north of Wrench. In the bottom half where that red line is below that is South Wrench. So we're currently mining in that where that light green color is, that's the current mine/Wrench area as well too. So there's 4 distinct corridors or fingers that we're currently mining as well too. So that shaded area sort of towards the top of the page, that is where the actual twin shafts where we're actually holding the material out of the mine and also bringing people in and out of the mine as well too. So with the South of Wrench, which has got in its own right, a 20 million-plus ounce reserve, which extends our mine life out to 80 years. That has actually been mine designed all the way out at this stage as well. However, as Bernadette mentioned earlier, it is an 80-year mine life. How do we actually future-proof this operation? And this is the work that we're currently doing. We have a study underway where we really want to understand how we can actually future-proof it with embedding that transformational optimization as well too. How do we, I have to say the word again, future proof as well, too. What kind of technology will be around in, say, 20 years, 50 years' time as well, too. So this is the work that we're doing because we've got over 20 million ounces there, probably even more. So how do we future-proof it? And this is the work that is underway currently.

Tarkwa has been in the Gold Fields stable for over 20 years. We have a strong connection with the local community, given our continued investment in the region and its supporting infrastructure. In its life, it's produced over 15 million ounces for us. Tarkwa is a consistent deliver of ounces to our portfolio at around 500,000 ounces a year, with an opportunity to increase to 600,000 ounces in the medium term and beyond. We have just last week announced a significant life extension, both Mike and Jason have spoken about that earlier, taking Tarkwa to a multi-decade asset, on the back of which we'll be submitting a lease extension application shortly. We've done extensive work to improve our cost base and believe we see a clear path to a $300 an ounce decrease in sustaining cost. The all-in sustaining cost increase in '26 and '27 that you see here is based on strip ratio increase, discretionary investment in infrastructure relocation and development to facilitate the increase in ounces in '29 and '30. Jason?

Thank you, Bernadette. So this picture here outlines what the reserve and resource is for the Tarkwa lease as well too. So what we got here is we got on the left-hand side is Kottraverchy, in the middle there is Akontansi where that green is -- where that dark green is just north of that is where the processing plant is at Tarkwa. And then as we go around to the top there, you've got Pepe, Mantraim and Teberebie. So Tarkwa is a paleoplacer ore body, which is essentially a very old ancient river bed essentially and how it's formed. But what is really interesting for us is that yes, we have seen growth, but the growth has come mostly from the gold price, but also 20% of it is from some asset optimization work in terms of the benches, increasing the benches as well as also those design optimizations that we've done as well. So we have 17 years of reserve and 21 years of resource with every likelihood that we'll be able to extend that even further into the future. So it is very much exciting times for us at Tarkwa, and we have confidence to continue to invest in Tarkwa. Thank you.

Thank you. As you heard earlier, Salares Norte was a Gold Fields discovery in 2011 based on diligent exploration efforts and now is our high altitude mine set to be our largest producer in 2026. Salares is a 3.4 million ounce resource -- sorry, reserve with 2025 guidance being well on its way to being achieved. The Salares plant recently achieved commercial production. Salares has been an exceptional investment and will be fully paid back by 2026. The ramp-up ounces you see in '25 and '26 here relates to processing of in-situ high-grade stockpiles mined from Brecha Principal. The Agua Amarga extension, which Mike spoke about earlier, is a development that will commence stripping in 2027 through to 2030. The profile on the screen is based on 4 years of stripping for Aqua Amarga and then considering, which is slightly delayed from what you've seen before, and it's based on what we understand from our Chinchilla relocation and capture program. We are hoping to expedite this, but the work is still underway. As you know, we have provided 2031 production here, which is slightly different from the other assets we showed you previously. That's to show the extent of the ramp-up given the investment in Aqua Amarga. Jason is going to talk to our exploration efforts in Salares.

Thanks, Bernadette. So we do remain committed to growth around Salares Norte. We do have a large [indiscernible] holding that we are still really active in. But in terms of the brownfields exploration potential, we are looking at growth opportunities through cutbacks in both the existing Brecha Principal, where we're currently mining and also potentially in the Aqua Amarga open pit, which is right next door to Brecha Principal, pending on Chinchilla rockery clearances. We're also continuing to explore the Horizonte deposit, which is more closer to the village and the processing plant, but still very close. And also looking at underground opportunities potentially at Aqua Amarga once the open pit is finished. So there's still a pipeline of growth at Salares Norte that we're definitely interested in exploring further.

Thank you. We're handing over to Mike for Windfall project.

Thank you, Bernadette.

Thank you.

Thanks, Bernadette. So just moving on to Windfall. And I think, firstly, I'd just like to say that this is -- we are super excited about the addition of Windfall into our portfolio. I think the investment in 2023 was a very -- a smart investment, which allowed us access at a very low entry cost. And I think when Osisko decided to put themselves up for sale last year, we were absolutely convinced this was the right deal for us. It may have come -- at that time, it felt like a little bit early in the piece for us on the development, but in hindsight, that was absolutely perfect timing. And the fact we now have 100% control on the asset at a very low entry price, I always say, I think if this asset at 100% terms was available in the market today, we probably would not be able to be competitive, I think, to put it fairly bluntly. So we feel very privileged to have a stewardship of this remarkable footprint. And I think this slide, again, which just puts it in context, this is a multi-decade district opportunity here. If you look at the top right, the gray -- the dark gray blocks is really our land package. It's around 2,400 square kilometers across the Urban-Barry and Quévillon camps. If you put that in context, Val-d'Or is around 1,400 square kilometers and has produced 100 million ounces over the past number of years and has a current resource inventory of around 47 million ounces. So you can just see the potential of this just on a pure visible perspective. What's also interesting is this is highly underexplored. 80% of the drilling on this property has only taken place after 2016 and only 10% of this land package has really been effectively explored. What is really great about the acquisition is we've largely kept our exploration team in place. So the team that we've got on the ground deeply understands this. And I think the working relationship between our current -- our Gold Fields greenfields team who are bringing some of that technology overlay into really understanding this land package has been truly great. So again, I think this is a long journey for us, whilst we talk about the Windfall deposit and the development of that in a few minutes, we've got to just put this in context. So let's just talk to Windfall and the main project, which really forms the foundation for the development of this future land package. Again, we have an initial phase project, which is 300,000 ounces over initial 10-year period. We're already looking at what the next phase of that is doing further optimizations, both on plant yields, potential shaft infrastructures, et cetera, for a later stage of development. But this is the first phase, and that underpins the current environmental permitting. We have secured hydro energy for this plant through a very innovative agreement with the First Nations. Again, that puts us in a very unique position where the ounces that we will produce will be very low carbon intensity and reduce our overall intensity across our portfolio. Relationships with the First Nation are incredibly good. They're very supportive of the development. And ultimately, the economic interest through the hydropower line means that they are fully aligned economically to see this project being developed and again, spoken about the upside of it. On the project capital, and I see Josh in the room, and I know Josh has kind of guided probably a slightly lower capital number in the range. But we were very thoughtful about what we wanted to come out and provide guidance on in terms of numbers. I mean, first and foremost, we want to make sure that we deliver within the guidance range. So that's what we're guiding for. Put this in context, we also haven't taken it to the Board fully for an FID. So once we get there, obviously, we'll unpack then how the full numbers have ramped up. But importantly, what we've also done is on schedule, we've spoken in the past about first gold in H2 of 2028. This plan assumes a delayed case. So it assumes first gold only in 2029. We are still working very hard on delivering a potential upside case of H2 2028, but it really depends on permitting. And we've done a huge amount of work. We've now got a really good team in Canada that are helping us with the engagements with the First Nations and the provincial government to get these permits over the line. And our target is if we can get permitting in place by Q1 of next year, get through FID, we're ready for taking this to our Board for an investment decision, then we should be able to claw back some of that time. And if we can claw back some of that time, that obviously has a capital benefit for us because we have the project on foot for a shorter period of time. So there is a little bit of upside, but we're kind of being appropriately conservative in the plan and saying, look, based on what we expect is potentially a bit of delay on permitting, this probably sets the best schedule on it. Again, just for those that don't understand, we do have a mine. We've got a well-developed mine under the old bulk palm exploration permitting process. We have an underground workshop developed. So we have an effective operating mine. And most of the capital really is going to -- around 45% is the plant and surface infrastructure. Then it's labor and flights and accommodation, et cetera, and contingency, obviously, which is included in this number. In terms of operating costs, so we're currently assuming all-in sustaining costs of circa $1,000 an ounce. Again, this probably needs a little bit more scrubbing. The current base case is that -- and it's included in the capital is that it will be an owner mining operation rather than a current contractor operation that we have at the moment. So that kind of obviously adds to some of the initial capital estimates. Just on schedule very quickly, again, starting at the bottom, assuming first gold in H1 '29, for us to do that, we do need most of the permitting in place by at least Q3 of next year. We want to do camp clearing, camp construction, allows us then into '27 to start doing all of the civils and clearing with plant construction in '27 through '28, commissioning maybe at the back end of '28. So that's kind of the rough time line that we're working to at the moment. I've spoken to the opportunities of potential upside. And just on that upside, whilst you might think it's just kind of a flight of fancy, we're working really hard with the First Nations as well as the provincial government, working through the Secretary General, who will essentially act as a shopper on both the primary and secondary permitting. So we're working really hard to try and keep the original schedule intact. But I think for the purposes of today's guidance, we feel appropriately conservative on that. Okay. I'm now going to hand over to Jason to talk just about the geological potential of the current Lynx deposit.

Thank you so much, Mike, for that. So basically, we have the Lynx, which is -- that's where the current development is as well. So we're down 700 meters at Windfall already. And you've got the main load, which is the next one that we want to target and then there's Underdog. But what we see with the Triple 8 and even extensions of the Lynx is that with the previously Osisko drilled holes, we do see that there is life extensions with what we know currently. And that is super exciting for us as well, too. We have started to do more drilling ourselves in that lower Lynx area and Triple 8 determine. And you can see on the infographic there is that the grades are quite impressive. So it's very exciting times for us at just the Windfall deposit alone. We believe it's going to be like very much a multi-decade deposit. And also, it will allow us to look at further capital investments for the long term, including its own materials handling solution as well. Thanks, Mike. So what we see here in terms of the Windfall district, I mean, it's very much like what we see so nice as well too. It's multi-decade, multimillion ounce potential as well too. So our goal is clear, we do want to find the next Windfall. We believe that there is a Windfall somewhere in there. We just got to find it. So -- but right now, our idea is to extend the life of Windfall so that we have the time to find the next Windfall. On that note, I'm done. Thank you, Mike.

Thanks, Jason. We'll now go to Q&A, I guess.

Okay. Thanks, Mike and Jason. So we'll take some questions related to this section. But if there's any from earlier, I see there's some that have filtered into the online one as well related to the Australian assets. So we'll take those as well. Okay. First one is from Josh.

Josh Wolfson, RBC Capital Markets. For Windfall, when will you have more clarity on what the time lines are? I guess, what's the sort of date you need to receive the permits by? And then in the event that you can accelerate the time lines, what would be the opportunity on CapEx?

Yes. I think it's a very good question, Josh. And so I think from a time line, what we're working really hard to do to say is can we get all the permitting in place by the end of Q1 of next year because what's crucial for us is to do tree clearing during the course of April next year. And if we missed the tree clearing period, then we go into kind of May and then we probably run out of time to get the camp constructed and completed before you get into the winter season. So that's kind of the first window for us to be on track for the upside case, which is H1 -- H2 2028. If we lose that, then the next critical date is for us to get primary and secondary permits in place by September of 2026, which then allows us to build -- to do clearing in the back end of H2 and also have the pond collection dams in place during Q4 of 2026, which sets us up for civils works in early 2027. So kind of roughly. So '26 is an important period. either by achieving Q1, which is an upside case or probably Q3 for the secondary case.

And then sort of one more.

And sorry, let me answer the second part of your question, which was around the upside on capital opportunity. So what we are talking about is what then cash conservation can you take place if you do delay case? And what demobilization could you have without losing access to the skills that you need for the long-term project. So there is ongoing work that we're doing around optimization of our holding costs. And secondly, does that bias more time to kind of optimize and scrub the capital if there's a slight delay case.

And one more question sort of tangential to permitting for the delay for the Agua Amarga stripping, that was, I think, previously planned in late 2026. Now it's bumped to '27, the prior plan was for the Chinchilla movement to be done for the rockery, I think, by May, at least. Is there a change in that time line? Or sort of what basically is causing the Agua Amarga strip delay?

Do you want to talk to the Chinchilla program, Mariette?

Thanks, Mike. And I think the original plan value Chinchilla to be finished in the next summer. But we currently are seeing with the way we look at the rockery removal now, there's probably an additional summer of rockery removal before we can get there. So it is slower than what was initially in the plan, but gives us the guarantee of being able to do that successfully with the experience we've had in the last 2 years.

Just the one thing that we haven't factored in, which we will continue to explore, is there a way of advancing and accelerating the stripping activity because the stripping activity on Agua Amarga assumes 40 million tonnes a year. So I think there's an opportunity potentially to resequence that, but that's not our current base plan, and that would be upside if we can do that.

A couple of questions. First up on South Deep. Can you talk to -- so previously, the plan was to potentially get to somewhere around 350 to 400 with North of Wrench itself. What's been the challenge in terms of ramping up production in North of Wrench? And then as you start to develop into the South of Wrench, what sort of infrastructure challenges or additional infrastructure you will need because you're working in a high stress environment? So that's the first one. And then on Tarkwa, if you can talk to -- so big increase in reserves, positive to see, also positive to see that the grades actually stayed or increased slightly. If you can talk to what's driving that grade increase at Tarkwa despite you moving your reserve gold price from $1,500 to $2,000 and some details around the infrastructure that you need to move.

Maybe we start with the South Deep question.

Yes. So in terms of North of Wrench, the reason why we have capped it, I guess, one for a better word is to make sure that we have a sustainable mine as well, too. The last thing we want to do is mine too hard and then all of a sudden, we have a rehabilitation cycle as well too. So we're trying to manage what we have open so that we can actually maintain that safe, predictable mining, and that's really important. And we've seen that in the past at South Deep, and we want to try and make sure that we enable that into the future. So the learnings that we have from North of Wrench, we are definitely going to try and move across to South of Wrench. With what we know of South of Wrench, we believe it's very much an anagram of what we see North of Wrench as well too. So the key thing for us at the moment is to put those drives in to start to get to the South of Wrench, then go and start to open up the ore body to ascertain are those assumptions still valid. So -- but from what we know so far, we believe that it is.

As you're starting to develop in South of Wrench, you're using the same infrastructure that you have for North of Wrench or you can access it through a different...

So if you want, what we can do is we can go back to that picture. So the light gray is -- and I will point and I apologize for people online as well. So here's twins. So to access North of Wrench is these levels here across, and then you go down in terms of these fingers here. This here is the South of Wrench infrastructure. So it's independent of the North of Wrench.

Part of the study is also an options analysis, right? So there's the basic study of how do you access what you want to do now. But then also, this is an 80-year mine life, right? And South of Wrench is like 30 of that. So to look at what are the options that you can do because with 30 years, there's a lot that you can do. So we're testing ourselves on that.

I think the other point on North of Wrench, just on North of Wrench is the -- I think the plan currently is based on, as Jason has said, is kind of a consistent improvement and steady as she goes rather than trying to put the foot on the accelerator hard because we've known that, that hasn't worked always. But what we have seen pleasingly in the last 12 months is really an improvement in stope turnover. And that's really the key constraint. And as we improve the performance of stope turnover, we could start seeing more performance, but we're not going to commit to that today. And maybe you want to talk to Tarkwa grade and infrastructure.

So the first one about, if we go back to that picture, sorry, Bernadette, in terms of the reserve and resource, so...

So which one do you want to go back to?

So the actual Tarkwa R&R picture.

Sorry, I'm going to make you all seasick now.

So once again, I apologize to the people online. I just want to -- I'll start to point to the picture.

That's one you were looking for?

No.

No, sorry, it's not changing. It will sink in a second, Jason, so just go ahead.

No, no, no, it's not -- the actual plane view. I apologize.

All right. My apologies, the reserve view.

So as much as Tarkwa is a paleoplacer ore body, there's a degree of consistency. There are elements of it which are better grade than others. And where we're seeing the potential is in this Akontansi area as well. So this is where we've seen the biggest growth at Tarkwa as well. So where we got here, this is where the actual -- the plant is. This is where the heavy vehicle workshop is. This is where the Genser power station as well too. So we've got plans underway now to move the Genser outside of the future envelope that we have of Tarkwa. That includes moving the heavy vehicle workshop as well too. So we've always known about this potential for a long time at Tarkwa. So now that we've done the work and we realize [indiscernible] and so that's where the grade is as well too, and that's what's driving the big increase.

Nkateko Mathonsi, Investec Bank again. Can you please talk to the key learning points out of Salares Norte that you are applying on Windfall to potentially reduce the execution risk, especially on potential CapEx overruns?

Yes, excellent question. And Jason should talk to some of the technical aspects. I'll talk to some of the organizational factors that we went through. And we did do a detailed review post Salares to just understand, well, what went -- not what went wrong, but what could we have done better. And I think we put it in a couple of categories. I think, firstly, don't approve a project in the middle of a global pandemic. Frankly, that -- and we didn't know. I mean, just to kind of put it out there, I think nobody would have known in the beginning of 2020 what that could have meant to the world. And quite clearly, that in combination with probably hiring a contractor who was kind of priced at the low end of the spectrum and was always going to try and maximize margin through -- additions through the contract period. The moment that you had this global pandemic playing out really impacted productivity, which meant that the contractor was under a lot of financial stress. There was a lot of contestation right from the beginning with the contractor. And that really created a lot of stress between and tension between the project team and the contractor through that period. That resulted in delays, costs, et cetera. I think the second part organizationally is that there was a kind of a huge fixation, and I know we talk about first gold, but huge fixation on first gold as the kind of primary metric of what you're solving for. But actually, what you're solving for is an effective and safe ramp-up in line with your project schedule. And I think because we were so fixated on this concept of first gold is that we kept on kind of pushing first gold date, which meant that we weren't really thinking about a safe ramp-up. And probably where it kind of broke down and look at myself and Mariette, we said in December of 2023, I attended a meeting where everyone says, okay, it's not going to be December of 2023, first gold. It's now going to be April. But once you got to April, you were right at the front end of winter. And we now know, and this is a lesson for Windfall and we get told by all of the Canadians don't ever start trying to do a ramp-up of a project ahead of winter. So that was a miss, I think, from our point of view. And I think the third thing from an organizational factor is that we, in our old operating model, essentially make a capital investment decision and delegate it to the local team to deliver a $1 billion project. In the way that we're working today with our new model, the Project Director actually reports into Jason. And we separate the operating team and the project execution team. So you have the right level of separation of accountability and governance and oversight. So we now have clear organization standards, clear assurance right throughout the execution process and separation accountability. So I think those kind of factors we've absolutely taken on board. But I don't know if there's any other technical lessons that you want to...

Yes. Thanks, Mike. One of the key things is that we have learned from Salares and we also learned from Gruyere as well too. So we are trying to compartment-wise in terms of individual work packages, we do have an oversight with Hatch being involved in a process as well. But we are trying to have those individual packages. One of the big differences about Windfall compared to, say, Salares Norte is that we actually got a mine there already as well too. So the focus has been on the actual -- on the plant as well too in terms of how we get the plant. So -- and we've got people who are actively involved in trying to engineer that. And if we can compare to what the Osisko plan was, as well too, we've done a lot more engineering work as well too compared to what was originally proposed as well too. So this is ultimately about to try and derisk once we can get the project to FID, which is what we're currently doing.

Thank you. I'm going to take a few offline. There's quite a bit that's come in, and I'm going to pick up pace a little bit, Mike. So I'm going to take 3 from Tanya. The first one says the Windfall CapEx range, which is $1.7 billion to $1.9 billion, is that including 2025 spend? Or does it start when you break ground, hopefully, in 2026 after the permits are approved?

Happy to take that. So that does not include 2025, that is spend from 2026 onward with FID.

And perhaps a follow-on with that, how are negotiations with the First Nation going? Can you share what some of the times of interests are and what is taking time to conclude? And also with the permitting, what else is taking so long?

Yes. Look, the key pathway is that it's a very sequential process. So we need through -- there's 2 key agreements that we need with the First Nations. The first is the impact and benefit agreement, which is progressing now, and that's been a journey over the last 12 to 18 months. So we're making good progress on that. But probably the biggest impact on delay has been the recommendation from COMEX, which is the independent body of both -- that includes the First Nations as well as the Government of Quebec to make a recommendation to the Environmental Ministry to approve the EIA. We know that we have support from the government and there's support from the First Nations. There's just a kind of pretty pedestrian way in which they approach this. The key work to hit our upside case of Q1 of next year would mean that we close out the IBA negotiations within the next 2 months. And we also get to public participation in January of next year, which would then lead us to potentially a recommendation and approval by February or so and secondary permits shortly thereafter. So that's our high road case that we're working to, and we're trying to get full alignment around that at the moment.

Thanks, Mike. Just going to -- the last one from Tanya is what's required to get production from 500,000 ounces to 600,000 ounces at Tarkwa?

It's stripping.

It's stripping ramps up to 140 million tonnes per annum at the current rate of 85. And the key thing around that is that we also have an asset optimization opportunity around bringing in a larger fleet. And ideally, you'd want to bring in the larger fleet before we do the big heavy load on the strip because that's inefficient otherwise.

Thank you. There are a few from Adrian. First one is South Deep represents some 60% of the group reserves, but only 12% of the production, which sets the company apart from most of its global peers. Does this contrast concern you? And what does the market perceive your jurisdictional risk is per your reserve metrics?

Look, good question, and it's probably not something that we've thought that the reserve profile really translates into jurisdictional risk because I think most people would manage us on -- or value us on fundamental financial metrics rather than reserve necessarily. But I do think South Deep and the reason that we still like it and call it a cornerstone asset is it's got a huge reserve potential. And I think that reserve potential can translate into higher ounces over time. We've got in our next 2 horizons a kind of fairly big step-up in production, at least on its own. But then there's a huge amount of other opportunities, which could be further dated. And you have to believe in the work that we're doing at South Deep through technology will unlock that ore body into the future. So I absolutely believe that whilst the market doesn't fully value South Deep today, we can see a pathway for greater value creation. And I think we're setting it up to have the potential for the -- at least not our generation, but the next generation to take full advantage of it.

Thank you, Mike. I'm just going to check if there's any questions in the room.

My name is Frederic Bolton from BMO. Just circulating back to Windfall. So with the -- just follow on, on the point that you made about the IBA for the mine. When you get the approved IBA and approval, will that apply to the wider Windfall exploration ground? Or would you have to restart that process again if you were to find another Windfall? And the second part of my question is, how do you prioritize exploration in that land package given the scale of it?

Yes. So I can ask Jason to talk about how we're looking at exploration. But I think in terms of the IBA and the negotiation, it really is around the current -- the Windfall Project. So if we developed a new project, we'd probably go back and reengage on that, and that would require a new permit as well. So that's not inconsistent with how it works elsewhere. So all of our peers, every time there's a new project they renegotiate.

So there's one thing that Mike mentioned in his intro about Windfall is that we've been lucky, we've kept the majority of the Osisko exploration team who know that ground. So we're leveraging off their knowledge for us to try and find that next Windfall.

Just testing if there's one more in the room. So at Windfall, what do you see as -- sorry, this is from [ David Houghton ]. At Windfall, what do you see as the life of mine sustaining capital? And the capital and operating costs look well up from previous estimates. It looks like inflation and possible scope changes. Are these the main drivers for the higher costs?

I can take that. So on a sustaining capital level basis, it's mainly the underground development as we develop the ore body, and that's in the area of about CAD 80 million per annum. And then on the OpEx side, I think there are a couple of fundamental differences between how we've costed it and how it was cost in the feasibility study. The first is we've gone for owner operations, owner mining operations and we've included all the maintenance costs for the fleet, which they didn't have in there. So that's probably one large element. Another one is also all the costs around clearing of roads of snow, running the camps, flights. They didn't have any of the indirect costs in the valuation. That was all just left out. So we've included all of that. And then the third one I'd probably like to call out is the general and administration costs. They didn't have anything in for that for running a Montreal office. We allocate all our management fees of the overhead of the group to all our assets. So those don't sit outside of any underlying asset costs, including all of that in as well. So those are probably the key ones and then obviously inflation.

Just mindful of time, we are going to wrap up this Q&A and just hand over to Alex to do the good stuff on the money.

Apologies. Thank you, everyone, and thanks, and welcome, and thank you for having us today. I suppose I didn't expect to have said so many words already today. So I was getting ready to say hi, I'm Alex Dall, the CFO, who many of you do know, but I suppose I've answered a few number of questions today. Jongisa obviously wants to keep us under a bit of time pressure. So luckily, I prefer numbers over words. So I think I'm going to unpack the capital allocation section. I mean, I suppose you've seen the great growth opportunity we see in the group, and it's how do we wisely spend this money to get the levers right, and that's what we're trying to balance. Up here, I put a slide that we have previously presented, but it has been refined. It's a refinement of the previously communicated framework. And I think the core thing is from our cash flow from operating activities, we want to ensure that we do 3 main things, firstly, which is invest in our assets to ensure the safe, reliable and cost-effective operations, and that's what we would call sustaining capital expenditure as well as maintain our investment-grade credit rating and to pay a sector-leading base dividend. After this, in this gold price environment, we will then deliver significant additional cash flow. And it's really about getting that competitive tension about what do we do with that cash. It's either allocating it and investing in our future, building balance sheet flexibility and additional shareholder returns. We are confident that we will be able to do all 3. I would like to call out the change in the base dividend policy, and I will unpack this further in the next slides. This next slide is our capital profile over the historically as well as looking forward in the next 5 years. We have consistently spent the capital to sustain our operations and to fund growth, the major one in the past being Salares Norte, which has now reached commercial levels of production. Sustaining capital over the next 5 years is expected to average between $350 and $400 an ounce. As highlighted by Bernadette and Jason, as we invest in the future of our assets to deliver both Horizon 2 and Horizon 3, this will be slightly higher over the next 2 years. This includes underground development and capital strip at Gruyere, St Ives, Granny Smith and Tarkwa as well as a number of key infrastructure spend items at the Australian operations, including power and ventilation at Granny Smith for Zone 135 and Zone 150. In addition, we continue to maintain our investment-grade credit ratings, which we are very proud of as being the only South African company who can say that, with a stable outlook at both S&P and Moody's and very strong financial metrics. Key to delivering on our growth and per share metrics is ensuring that we effectively use our balance sheet. We do not want to issue equity that dilutes shareholders, and we believe that the balance sheet is a strong lever we have to fund our growth ambitions. A great example of this is how we use the balance sheet to fund the acquisitions of both Gold Road and Osisko to grow the quality of our portfolio. I'll call out that in September 2024, our net debt position was $1.1 billion. After spending approximately $3 billion on the Osisko and Gold Road transactions, paying shareholders over $700 million and spending the capital necessary to deliver Salares Norte to commercial levels of production, we are forecasting to end 2025 in the same net debt position of $1.1 billion. At current consensus gold prices, we are forecasting to hit net cash towards the back end of 2026. I'd also like to call out our very strong debt maturity profile. In the 2025 year, we do have the Gold Road, the bridge that was taken out to fund the Gold Road acquisition. We are currently in the process of refinancing that, looking at a term loan in Australia. And after this, our first material debt repayment will be the $500 million notes in 2029. We will continue to ensure that we delever and build flexibility into the balance sheet for future opportunities. Here's the money slide for everyone. So our aspiration is to pay sector-leading shareholder returns. We believe we have historically always done that, and we believe we can continue to do so. We have updated our base dividend policy to link this to underlying cash flows before discretionary investments. So this includes all those items we saw on the earlier slides being the $2 billion of discretionary expenditure or $400 million a year over the next 5 years, the $1.7 billion to $1.9 billion of Windfall expenditure or roughly $600 million per 12 months over the 36-month construction period. It might flow over 4 years, but that's roughly -- and between $100 million to $150 million of exploration expenditure. What we are trying to ensure here is we see that we have significant investment opportunities in our business, but we do not want us investing in those opportunities to impact the base dividend given back to shareholders. And we believe that a change from earnings to cash flow is more aligned to our capital allocation framework, which is a cash flow model. We will target a payout ratio of 35%, and we will pay a minimum of USD 0.50 per share per annum paid semiannually at $0.25 per share. If the minimum is less than the 35% of free cash flow before growth investments, we will pay a top-up to ensure that we give the higher gold price back to shareholders. In addition, we are pleased to announce that based on our current forecast, we should be in a position to deliver our proposed additional shareholder returns of up to $500 million over 2 years. This will be either through share buybacks, special dividends or a combination of both. The mechanics and quantum of this will be declared as part of the final 2025 dividend in February 2026. On this slide, we show that we have continued to grow our dividend through the higher gold price environment, and we have been able to deliver top quarter yields. We are confident that through our new base dividend policy and the use of additional returns, we'll be able to continue doing this based on sector-leading year-on-year cash flow growth. In FY 2025, the forecast 35% of free cash flow before growth investments will deliver about 45% of normalized earnings, which is towards the top end of the range of our old policy, and of total free cash flow. When modeling additional shareholder returns, this amount increases even more to about 50% of normalized earnings and slightly more than 50% of free cash flow and a yield of about 5% based on the current share price. As our growth expenditure increases in the future, as outlined in the earlier slides by Mike, Bernadette, Jason and Chris, this payout ratio of total free cash flow will be well in excess of 50%. So I put this slide together, which sort of unpacks how we see the cash generation over the next 5 years. Based on consensus gold price and our forecast ranges that were shown earlier on in the presentation, we'll generate circa $20 billion of cash flow from operations. In addition, we have significant leverage at spot prices. This will increase by another -- approximately another $10 billion. This enables us to deliver on our capital allocation priorities in a very disciplined manner, ensuring we get the tension right between the 3 core pillars. Firstly, reinvesting in the business with over $5 billion of sustaining capital, discretionary investments of $2 billion and the Windfall capital of between $1.7 billion and $1.9 billion, delivering strong shareholder returns through distributing about $6 billion as a base dividend, which is more than our sustaining capital, I'd like to call out, and additional returns of up to $500 million over 2 years. This will be reassessed on a continuous basis as we look at both our interim and final dividends, and we see strong potential to continue building on these returns over time. While doing both of these, we'll be in a position to delever and build balance sheet flexibility. I do want to call out that in the spot prices, when we talk about the extra $10 billion, I think that really has the potential to enhance total shareholder returns. As to Mike's earlier view, we don't have -- we've sort of mapped out all the growth potential opportunities within the portfolio. So in closing, we'll generate strong cash flows over the next 5 years, and we are confident that we'll be able to deliver on all our capital allocation priorities, including investing in our future, delivering sector-leading returns and building balance sheet flexibility. We will remain disciplined in how we allocate this capital to ensure we maximize value. Thank you. And I'll hand back to Mike to wrap up.

Thank you, Alex. And that didn't excite anybody, then I'm not sure what will. I don't know when you think about it, those kind of capital -- those cash flow returns, it's kind of quite eye-watering when you think about what the market value of the company is. So it's generating a massive amount of cash at the moment. And I think when we kind of decided on this, the dividend policy was quite interesting because even the gold price was slightly different when we spoke about this 4 months ago. So I just want to kind of just close out on the messaging for today. I don't know where we're going. It's out of sync. Sorry, guys and ladies. I'm not sure what happened with that. Okay. Good. So I'm now completely out of sequence here. But look, I think just a couple of things. I mean, one message I'd like you to take away is that Gold Fields has got a really strong history of just kind of improving the quality of its portfolio over time. We've been very active in portfolio management. I think all of these have been really disciplined in investments and have really set the platform for the company we have today. I think what's also important as we thought about the growth and the point that Alex has made, we've been really disciplined about using equity to fund this growth. And we much prefer funding it through our own internal cash generation because it really ties back to what we're trying to solve for is growing the value of the company by growing those relative per share metrics. Ultimately, that's what we stand for. We've got a very clear plan, which we've now set out over the next 5 years. We're not going to -- as I said right upfront, we're not going to sit on our hands and say this is the best that it can be. We're working really hard every day to see what we can do to further optimize and improve our business. A lot of that improvement is really going to come back through the investment in the core capabilities of our organization that gives people the confidence to continue to drive predictable outcomes and drive improvements because ultimately, improvement comes off a very stable base. So I've got every confidence that our plan over the next 5 years really sets our business up to be sector-leading in terms of the cash generation in the business, allows us to deliver sector-leading shareholder returns and set our business up for the next generation to be a continued high-quality company in the sector. And again, with the cash generation that we're delivering, it allows us to do all of those things, both invest in our business, continue to optimize our portfolio and provide sector-leading returns to shareholders. So I just want to thank everybody again for being here. I know we've got a few minutes left for questions, and I'll hand over to Jongisa.

Thank you very much. I do see one in the room from Ravi. Just one second.

On the cash flow waterfall generation, you still at the end, have got about $4.4 billion to $7 billion balance sheet flexibility left on consensus gold prices, which are arguably $1,000 to $1,500 below where we are today. That's 3 windfalls worth of CapEx to sort of put it in that perspective. What would you say is the order of priority of using that additional balance sheet flexibility? Is it one more Windfall? Is it additional returns? Or is it sort of more other projects?

No. And thanks a lot for that question, Ravi. I think one of the key things I want to call out is we've only modeled in that waterfall, the $500 million of additional returns. We -- Mike and I are confident that if these prices maintain, we'll continuously top up that program. We just couldn't put a number in today. As obviously, we've got to have all the sort of approvals in place to put those top-ups in. So I do definitely believe a significant chunk of that remaining balance will go towards additional returns. We are also today sitting in a sort of net debt position of just over $2 billion after funding the Gold Road transaction. So I do think there is room to use some of that to delever the balance sheet as well to put us in a sort of similar position that our peers sit at the moment.

Please go ahead, Chris.

[ Chris Salvator ] from [indiscernible]. I have a question on just given the horizons and the focus on the long term, how have incentives changed, particularly given the structure of centralizing. Have you changed any of the long-term incentives? Anything you can update?

Yes. And Mariette can provide the color, but that was an important cultural lever for us. So we had -- our incentive programs, whilst we had a common program, they were very much driven by regional targets and regional goals. So what we've done this year for the first time is we have one group scorecard, which is kind of a balanced set of commitments that we commit to delivering to the Board. That forms the basis for determining the short-term incentive bonus pool. And that then defines what we have available, and we cascade it down to individual assets functions depending on their relative performance and contribution to that. So ultimately, everybody is tied and aligned to the Gold Fields Group performance. As it relates to our long-term incentives, we kind of certainly haven't made as many changes to that. But the one fundamental difference that we've done is that for the first time, we're actually going to buy shares on market to fund any of our executive incentive programs, whereas in the past, we issued shares. And we're kind of saying, "Look, given where we believe shares are undervalued, that's probably the worst thing for us to do." So those are 2 of the big changes we made. But Mariette, anything you want to add to that?

I think maybe just talking to that sort of long-term incentive as a result of now buying shares is that we actually -- where in the past, we have a very small percentage of our executives really participated in owning shares and that would be benefiting today because of our share price uplift and everybody else would have got it in cash because we had constraints about the number of shares we could issue. We now have over 600 people in the organization actually will be shareholders through this plan. So ensuring driving through our senior leadership that long-term alignment and what we want to get right is a lot more linked to our reward process.

Yes. And probably there was one other element I should have mentioned is that our [ SDR ] program, we changed as well so that only half is delivered in cash and the other half is converted to shares and delayed for 2 years. So there's kind of a further delay on the delivery of the short-term incentive, whereas I think historically, there was like big upfront payments rather than...

And I think it is worth just on the LTI calling out 50% of the vesting percentages related to shareholder returns, 25% to some financial metric and 25% to ESG metrics.

Okay. Great. One more from online from Herbert Kharivhe from Absa. If all the projects are executed, growth included, is the new CapEx run rate of $1.7 billion to $1.9 billion per annum over the next 5 years ending 2030, and what does it look like beyond?

So I think it peaks in the first sort of 3 years with Windfall. I think that number then drops off in 2029 and 2030. So we've probably come down sort of more to the $1.4 billion to $1.5 billion sort of area. And we see a similar profile through the remaining horizons. That is obviously -- I'd love for Bernadette and Jason to find something nice and exciting that's going to add value that we could invest it.

The next one is from Arnold Van Graan from Nedbank. He says, it's an old question that always comes up, but have you looked at the redom question again? And is the cost still prohibitive?

So I mean, it's an interesting question. And every time it comes up, I kind of go down a rabbit hole of trying to understand it. But I think there's actually 3 parts of -- you got to ask yourself, what are you solving for? Are you solving for a listing? Are you solving for a jurisdictional redomicile? Or are you solving for changing your tax base? And I think we've got to continue to evaluate that. If it's simply a lift and shift of the corporate entity because you want to redomicile the entire organization, then that comes with a cost. And I think where we stand today, and we'll continue to do the work and evaluate it is I'm not sure that the cost of doing that actually warrants the capital to be allocated to that execution because I'm not sure the shareholders would see the return out of that exercise. But we continue to evaluate it and to see whether that would translate into a value uplift and a relative rerating of the stock. But at this point, it's inconclusive is kind of our take.

Thanks, Mike. Two more from Tanya and then we've got 2 minutes to go. So first is, with all your projects or expansion in place, do you have the key necessary people, labor in place to deliver on this? Or do we need to add to the organization? And the second one is, what is the minimum cash balance you want to keep to run your business?

Should I take that second one first and then we can hand over to Mariette. So I mean, I assume we're talking not a net debt position, just the cash balance around the business that's sort of in the area of $600 million to $700 million.

I think that's a great question, Tanya. Thank you. When we think about just the mere size of projects that goes with the capital spend, as part of our organizational model redesign, we've built significant project capability in the center. And I think Mike was referring earlier to just sort of having approved Salares and left it to the regional team to deliver. We now have a group team that oversee that work, both from the planning and execution component of that as well as from doing the first second line assurance over ensuring that we are designing projects to Alex's point to the hurdle rates as well as the technical components of what's required to deliver that. Does it mean that as we go into this project execution that we need to ramp up significant project skills every time? Absolutely. And we've seen that, that sometimes perhaps something that we don't model as accurately in our project time line, certainly in our Windfall experience, finding French-speaking specific project skills in Quebec has not been as simple, perhaps as what it looks on paper. So -- and similarly, we're seeing quite a significant capital expansion in Australia, where we have a more dedicated team of people that we can access and have relationships with.

Thanks, Mariette, and that brings us to the top of the hour. So thank you very much to Mike and Gold Fields team. And that is it. And thank you to those who joined us online. That brings our sessions to a close. Thank you.

Thank you.