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.

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.

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 longerterm.
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