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Mar 31
Gold Fields Q1 2025 Earnings Report
Gold Fields reported normalized production and strong financial recovery in Q1 2025 following weather-related disruptions in the prior year.
Key Takeaways
Gold Fields delivered a stable Q1 2025 with a strong rebound in production and revenues compared to Q1 2024. Higher gold prices and ramp-up at Salares Norte contributed to improved operational performance. Free cash flow turned positive, and the company maintained its annual guidance.
Gold-equivalent production increased to 551,000 oz, up from 464,000 oz in Q1 2024.
Revenue rose significantly, driven by a higher realized gold price of $2,900/oz.
Net income totaled $514 million for the quarter.
Salares Norte produced 50,000 oz as part of its ongoing ramp-up.
Gold Fields
Gold Fields
Gold Fields Revenue by Geographic Location
Revenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
Gold Fields reiterated its FY2025 guidance with production and cost targets unchanged. Focus remains on safety, cost control, and the ramp-up of Salares Norte.
Positive Outlook
- FY2025 production guidance maintained at 2.25Moz–2.45Moz.
- AISC guidance held at $1,500–$1,650/oz.
- Commercial production at Salares Norte expected in Q3.
- Net debt reduced sequentially, improving balance sheet strength.
- Strong cash flow performance supported ongoing capital priorities.
Challenges Ahead
- Lower production volumes compared to a strong Q4 2024.
- Higher unit costs due to seasonal downtime and grade variability.
- Capex remains elevated with Salares Norte ramp-up ongoing.
- Operating challenges still evident at certain legacy assets.
- Global inflation continues to pressure cost inputs and royalties.