How does Gold Fields’ 100% acquisition of Osisko Mining enhance its portfolio?

This US$2 billion transaction enables us to fully leverage the world-class asset of Windfall, located in the tier-one jurisdiction of Québec. This acquisition fits with Gold Fields’ growth strategy, bolstering our long-term asset portfolio production and cash flow profile. Deposits of Windfall’s scale and quality are extremely rare. Combined with its wider regional exploration portfolio, Gold Fields has increased its exposure to high-grade gold while broadening our development prospects in Canada. Could you provide some broader background on the acquisition?

Windfall has been explored for decades, with major progress since Osisko Mining acquired it in 2015. A key milestone came in 2018, with the discovery of the Lynx deposit, now central to the project and the focus of 66% of Gold Fields’ future operations at Windfall. At its peak, Windfall was the world’s most active exploration site, with over 30 drills operating simultaneously. In 2022, a feasibility study projected a 10-year mine life producing over 300,000 oz/y of gold.

Gold Fields acquired a 50% stake in Windfall in 2023, plus Osisko’s exploration assets at Quévillon and Urban-Barry – marking the company’s entry into Canada. Partnering with Osisko provided vital local expertise, community ties, and regulatory insight, enabling a fast and effective integration. When the chance came to acquire 100% of Osisko, the decision was easy and the transition seamless. What are the next steps at Windfall?

Working through regulatory processes towards approval is one of our key areas of focus this year. We are working diligently towards that objective, while maintaining full and open dialogue with our host communities. In parallel, we continue our Impact Benefit Agreement negotiations with the Cree First Nation of Waswanipi and the Cree Nation Government, and our work with the city of Lebel-sur-Quévillon. We hope to attain those permits and approvals by the end of 2025.

Meanwhile, we are also working towards our target of our FID in Q1 2026. We are in the midst of producing our final design work and detailed engineering. Assuming a positive FID, we envision an 18-24 month construction period. We anticipate production starting in 2028. How is Gold Fields implementing high ESG standards in its Québec operations?

We are targeting highly energy-efficient, low-carbon operations. The mining complex’s design is based on a minimal footprint, supported by strict water and tailings management, and protecting biodiversity. The intention is for Windfall to serve as a model for the next generation of mining in Québec, integrating cutting-edge technologies for the construction phase and beyond.

As well as our ongoing community dialogue, we are promoting local employment with the intention of boosting the regional economy. Inclusion of underrepresented groups, including the greater participation of women in mining, are key pillars in our strategy. How does the rise in the gold price shape Gold Fields’ outlook?

A high gold price is naturally very positive for Gold Fields, supporting the profitability of our current operations and reinforcing the viability of our development projects like Windfall. It enables us to generate solid cash flow, and secures increased shareholder returns from our long-term investment. Furthermore, it allows us to invest more in energy transition projects and our ESG commitments.

Still, we are proceeding with caution – although the price of gold is high now, we must also prepare for times when it might not be so. Our portfolio optimization strategy is based on gold’s cyclical nature, so we plan for all scenarios and are conservative in our predictions. That allows us to be confident that the scale and high-grade quality of assets like Windfall can be a hedge against any potential price headwinds should they arise in future. What does this acquisition mean for Québec as a jurisdiction?

It is a major deal for the province’s M&A landscape, and could serve as a catalyst for future transactions in gold and perhaps even critical minerals. I believe it signals a renewed global interest in the province, which continues to attract attention thanks to its predictability, political stability, abundant natural resources and skilled workforce. In fact, the transaction was recognized by Resourcing Tomorrow as the Deal of the Year for 2024 – clearly illustrating that it is an acquisition with implications even beyond Québec.