Quarterly UpdatesMay 7, 2026, 06:13 AM
Gold Fields Q1 Gold-Eq Production +15% YoY to 633koz; Net Debt Down 34%
AI Summary
Gold Fields reported a solid Q1 2026, with attributable gold-equivalent production increasing 15% year-on-year to 633,000 ounces. The company significantly reduced net debt by 34% year-on-year to $1.304 billion, improving its net debt to adjusted EBITDA ratio to 0.19x. Despite higher all-in sustaining costs of $1,829/oz (+13% YoY) and all-in costs of $2,046/oz (+10% YoY) due to inflation and royalties, the company generated strong cash flow and reaffirmed its full-year production and cost guidance. Several mines faced operational challenges, and a $100 million share buyback program saw limited execution due to market volatility.
Key Highlights
- Attributable gold-equivalent production increased 15% YoY to 633,000 ounces in Q1 2026.
- Net debt decreased 34% YoY to $1.304 billion as of March 31, 2026.
- Net debt to adjusted EBITDA ratio improved to 0.19x from 0.26x in Q4 2025.
- All-in sustaining costs (AISC) rose 13% YoY to $1,829/oz.
- All-in costs (AIC) increased 10% YoY to $2,046/oz.
- Salares Norte gold-equivalent production surged 245% YoY to 173,000 ounces.
- Full-year 2026 production and cost guidance remains unchanged.
- $100 million share buyback program execution was limited by market volatility.