Salares Norte Changed The Story For Gold Fields

I am rating Gold Fields a Strong Buy rating as it transitions from a multi-year build story to robust cash generation, notably driven by Salares Norte. GFI delivered an 18% production increase in 2025 and $2.97Bn in adjusted FCF and has implemented a shareholder-friendly dividend policy targeting 35% of FCF. Salares Norte reached steady-state operations, producing 397 Koz in 2025 with $808Mn FCF, positioning GFI for a potential equity rerating.