Gold Fields : provides market update on proposed Yamana Gold acquisition (460 Kb)

Gold Fields Limited			Postnet Suite 252
Reg. 1968/004880/06
Tel	[phone]	Private Bag X30500
150 Helen Road, Sandown,
Fax	[phone]	Houghton, 2041
Sandton, 2196
www.goldfields.com	South Africa

GOLD FIELDS PROVIDES MARKET UPDATE ON PROPOSED YAMANA GOLD ACQUISITION

Johannesburg, 11 July 2022: Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) is pleased to provide a market update regarding the proposed acquisition of all the outstanding common shares of Yamana Gold Inc. (TSX: YRI; NYSE: AUY; LSE: AUY) (Yamana) (the Transaction), including additional information on the quality and investment case of the combined company.

Gold Fields is also announcing two developments which it believes improve the value of the Transaction to shareholders:

• Enhanced dividends: Given our strong conviction on cash flows, Gold Fields will revise its dividend policy to enable it to declare an interim and final dividend in respect of each financial year, based on 30-45% of the normalised earnings attributable to owners of the parent. Furthermore, and subject to attaining the relevant normalised earnings and the applicable legal and board approvals required to declare a dividend, Gold Fields targets paying a dividend at the top end of the revised dividend policy (45% of normalised earnings) for the 2023 dividend cycles (being the 2023 interim and final dividends), following implementation of the proposed acquisition.
• Toronto Stock Exchange (TSX) listing: Gold Fields will apply to have its securities listed on the TSX, subject to the completion of the Transaction, to provide shareholders additional flexibility at limited incremental cost. The TSX listing would be in addition to Gold Fields' existing primary listing on the Johannesburg Stock Exchange (JSE) and secondary listing of American depositary shares on the New York Stock Exchange. The TSX listing is subject to the approval of the TSX in accordance with its listing requirements. The TSX has not conditionally approved Gold Fields' listing application and there is no assurance that the TSX will approve the listing application.

Investor Enquiries	Investor Enquiries	Media Enquiries
Avishkar Nagaser	Thomas Mengel	Sven Lunsche
Tel	[phone]	Tel	[phone]	Tel	[phone]
Mobile	[phone]	Mobile	[phone]	Mobile	[phone]
Email	[e-mail]	Email	[e-mail]	Email	[e-mail]

Directors: YGH Suleman (Chair), CI Griffith** (Chief Executive Officer), PA Schmidt** (Chief Financial Officer), A Andani #, PJ Bacchus†, MC Bitar@, TP Goodlace, JE McGill^, SP Reid^, PG Sibiya

^Australian, †British, @Chilean, #Ghanaian, ** Executive Director Company Secretary: Anré Weststrate

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Chris Griffith, Chief Executive Officer of Gold Fields, says: "We have a strong track record of growing the value and quality of our portfolio, being a disciplined operator, and rewarding our shareholders with superior returns. We believe the Yamana acquisition delivers on our strategy to grow the value and quality of our portfolio, by creating a winning combination of excellent assets with complementary operational strengths and proactively addressing industry wide production and reserve replacement challenges.

"Gold Fields has proven capacity to unlock the full potential of Yamana's world class assets which will give us a stronger capital markets profile and enable us to generate superior shareholder returns.

I have been greatly encouraged by the constructive discussions we have had with our shareholders. The Board and management team remain steadfast in their belief in the long-term benefits that this deal will bring to both sets of shareholders.

"The acquisition of Yamana represents the culmination of many months of assessing the best option to accelerate Gold Fields' growth strategy and deliver long term shareholder value. Having explored both organic growth and bolt-on acquisitions, moving now to complete this transaction is the best opportunity for both speed of delivery and value to accelerate the next phase of the company's growth."

The Transaction will require the approval of at least two-thirds of the votes cast by Yamana Gold shareholders voting in person or represented by proxy at a special meeting of Yamana shareholders called for that purpose.

The issuance of Gold Fields' shares under the Transaction is also subject to the approval of at least 75% of the voting rights exercised on such resolution by Gold Fields' shareholders at a special meeting of Gold Fields' shareholders called to approve the Transaction. The Transaction is subject to, among other things, the approval by the Ontario Superior Court of Justice (Commercial List), applicable stock exchange approvals and other regulatory approvals.

Transaction rationale

Gold Fields presently benefits from a strong near-term growth outlook with the Salares Norte mine coming on stream in early 2023. Acquiring the 10-15-year quality replacement and growth profile of Yamana provides a logical strategic fit that will result in long-term growth of the quality and value of the combined portfolio of assets, while maintaining capital discipline and optimising shareholder returns.

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Gold Fields is confident that now is the time to invest in the right asset pipeline given the global scarcity of quality assets that are long-life, low cost, and located in appealing jurisdictions. Gold Fields' believes that the proposed Yamana acquisition will deliver on Gold Fields' strategy and ensure it has the assets, capital and technical capability to continue to grow and deliver value for shareholders for the longer- term.

The new Gold Fields will have an industry-leading portfolio of high-quality, secure long-life assets with a strong growth pipeline. Gold Fields' proven track record in portfolio optimisation and project development makes the Company well placed to unlock the full potential of Yamana's development potential and create sustainable value into the longer-term. The proposed acquisition is further expected to deliver a stronger capital markets profile, increased balance sheet strength, significantly improved liquidity and low leverage in line with industry peers.

An updated market presentation is being released today on our website - www.goldfields.com- which explains in more detail the Transaction benefits for both sets of shareholders. An investor conference call and media roundtable will be held later today (details below).

ENDS

NOTICE OF INVESTOR CONFERENCE CALL: An investor conference call and presentation is available to all interested parties via live webcast today at 1:30pm UK time/ 2:30pm South African Time/ 8.30am Eastern Time, via www.newgoldmajor.comand www.goldfields.comor per the link and numbers below. A replay of the webcast will be available after the completion of the call and will remain available for an extended period.

Register for the webcast athttp://78449.themediaframe.com/links/goldfields220711.htmland on the company website -www.goldfields.com. We encourage you to pre-registerfor the webcast.

To dial into the telephone conference, please register at https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=4905425&linkSecurit yString=a54a1e565

Dial in details are as follows:

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South Africa:	+27	010 500 4108
UK:	+44	203 608 8021
Australia:	+61	073 911 1378
USA and Canada:	[phone]
International:	+27	10 500 4108

NOTICE OF MEDIA CALL: Gold Fields CEO Chris Griffith will host a media conference call at 9:00am UK time/ 10:00am South African Time/ 4:00am Eastern Time today. Callers are advised to dial in 5 minutes prior to the start time. Register at https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=6367644&linkSecurit yString=d69b57804

Dial in details are as follows:
South Africa:	+27	10 201 6644 or [phone]
UK:	+44	333 300 1417
Australia:	+27	028 015 2168
USA and Canada:	[phone]

For further information, please visit the dedicated Transaction microsite www.newgoldmajor.com.

Notes to editors

About Gold Fields

Gold Fields Limited is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa, and West Africa (including the Asanko Joint Venture) and one project in Chile. We have total attributable annual gold-equivalent production of 2.34Mo, attributable gold-equivalent Mineral Reserves of 48.6Moz and gold Mineral Resources of 111.8Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary share trade on the New York Stock Exchange (NYSE).

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

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About Yamana Gold

Yamana is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.

For more information, please contact:

Gold Fields Investors and Media

Avishkar Nagaser, EVP, Investor Relations and Corporate Affairs

Tel: [phone]; Mobile: [phone]

Email:[e-mail]

Thomas Mengel, Manager, Investor Relations

Tel: [phone]; Mobile: [phone]

Email:[e-mail]

Media

Brunswick Group (Communications advisor to Gold Fields)

Johannesburg: Timothy Schultz; Tel: [phone]

London: Pip Green / Nick Bias / Tom Pigott; Tel: [phone]

North America: Emily Levin / Nikki Ritchie; Tel: [phone] / Tel: [phone]

Important Information

Further information pertaining to the Transaction will be provided in due course pursuant to the documentation to be released by Gold Fields and Yamana in relation to the Transaction (the "Transaction Documents"). Investors are advised to read the Transaction Documents, which will contain the terms and conditions of the Transaction, with care and in full. Any decision or analysis of and/or election in respect of the Transaction, and/or other matters dealt with in the Transaction Documents should be made only on the basis of such information.

Nothing contained in this announcement constitutes, or is intended to constitute, investment, tax, legal, accounting or other professional advice.

No Offer or Solicitation

This announcement is for information purposes only and does not constitute or form part of any offer to sell or issue or any solicitation of any offer to buy or subscribe for any securities in the United States or any other

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