Windfall Mining Group inc. reaches a new milestone in its development in Quebec
Montreal, July 27, 2025 – Windfall Mining Group inc. (WMG), Canadian subsidiary of the global gold group Gold Fields Limited, announces today a series of key developments to support the advancement of the Windfall project and to strengthen its sustainable presence in Quebec. Set to become Canada’s next major mining complex, the Windfall Project is located in the Eeyou Istchee James Bay territory in Québec, 115 km east of Lebel-sur-Quévillon.
Second Series of Responses to COMEX and Update of Key Studies for the Advancement of the Windfall Project
WMG confirms the continuation of the environmental assessment process through the submission of the second series of responses to COMEX questions. This revision reflects the company’s ESG performance standards, adapted to Canadian and Quebec regulatory requirements.
“WMG remains committed to developing a low-carbon operation, including through its partnership with the Cree First Nation, positioning Windfall among the lowest carbon-intensity gold projects globally”, said Mike Fraser, CEO of Gold Fields.
“The update of our environmental impact assessment study with the submission of this second series of responses to COMEX demonstrates our commitment to advancing the Windfall project in accordance with the best practice environmental, social, and regulatory standards.” added Andréanne Boisvert, Vice President, Environment and Community Relations.
Visual Identity: The Lynx Gives Way to the Lion
Following the full acquisition of the Windfall project in 2024, WMG is adopting the corporate group’s visual identity. The company’s transitional logo is being replaced by that of Gold Fields, marking the integration of the project into the global Gold Fields family, which operates across four continents.
“This change reflects Gold Fields’ long-term commitment to Canada and its intention to establish a sustainable strategic presence in Québec—one of the world’s most respected mining jurisdictions—and across Canada”, concluded Fraser.
Strategic Appointment to Propel the Windfall Project
GMW is also proud to announce the appointment of Sylvain Lessard as General Manager. A mining engineer by training, Mr. Lessard brings over 30 years of experience managing complex projects in Quebec, in Canada and internationally, particularly in the underground mining sector. Having assumed the role on June 16, 2025, Mr. Lessard brings a wealth of experience to lead operations at the site.
About Gold Fields
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Chile, Ghana, South Africa and Peru, and one project in Canada. Its Australian assets span the world-renowned Goldfields mining region and employ more than 3,700 people in Western Australia. Our purpose is to create enduring value beyond mining by delivering positive and sustainable value for our employees, communities, and business partners. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Exchange (NYSE).
Forward-looking statement
This announcement contains forward-looking statements. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “aim”, “anticipate”, “will”, “would”, “expect”, “may”, “could”, “believe”, “target”, “estimate”, “project” and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields’ future business strategy, development activities (including the permitting, development and operations of the Windfall project) and other initiatives, business prospects, financial positions, production and operational guidance are necessary estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth 3 in Gold Fields’ Integrated Annual Report 2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001-31318).
Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company’s external auditors.
Media contact – Canada
Eric Pietrantoni
Lead Specialist External Communications and Government Affairs
eric.pietrantoni@goldfields.com
438-870-6237
Montréal, February 20, 2025—Gold Fields Limited (“Gold Fields” or the “Company”) filed its financial statements for 2024. The mining company has achieved several significant milestones last year in boosting its long-term growth prospects, including laying the foundations for a strong Québec structure with the acquisition of Osisko Mining in October 2024. The acquisition of projects in new jurisdictions, such as the Windfall Project in Northern Québec, demonstrates the Company’s commitment to continually improve its investment portfolio.
The improved operational performance in the second half of 2024 resulted in strong financial results, allowing Gold Fields to declare a final dividend of 700 South African cents per share, an increase of 67% over last year’s final dividend. This brings the total dividend for 2024 to 1,000 South African cents per share, representing a distribution rate of 40% of normalized earnings and a dividend yield of 3.58%. The strong growth momentum continued in the early part of the year, positioning the Corporation’s portfolio for a significant operational and financial improvement in 2025.
Windfall acquisition increases the value and quality of Gold Fields’ portfolio
In October 2024, Gold Fields entered a transaction to acquire 100% of the outstanding shares of Osisko Mining, for a price of C$2.02bn. This acquisition provided Gold Fields with a 100% interest in the Windfall Project.
The main objective for the Windfall Project during 2025 is to obtain the environmental approvals required to support large-scale construction and mining. The Corporation is also advancing the necessary engineering work for a final investment decision expected in the first quarter of 2026. Construction of the project’s infrastructure is expected to take approximately 18 to 24 months, with production expected to begin in 2028, marking Windfall’s first year of significant contribution. Once in stable production, Windfall is expected to add 300,000 ounces of gold per year to Gold Fields’ total production with a significantly reduced cost profile.
2025 Outlook
Gold Fields is pleased to have several key members of the original Windfall project team on board. Mike Fraser, Gold Fields CEO, said: “Gold Fields is in a unique position. In addition to having high-quality production assets, the company offers attractive short-term growth and a solid portfolio of development and exploration projects. We expect to create additional value in 2025 as the Windfall project progresses towards a final investment decision.”
These strategic advances, coupled with a program to optimize operating costs, positions the company for sustainable growth and increased returns for shareholders. For 2025, Gold Fields is guiding for production of 2.25Moz – 2.45 Moz (2023: 2.07Moz) at All-in Sustaining Cost of US$1,500/oz—US$1,650/oz (2023: US$1,629/oz).
To find out more about Gold Fields’ 2024 financial year results, see the CEO Statement attached and find the full results release at www.goldfields.com.
Forward-looking statements
This announcement contains forward-looking statements. All statements other than statements of historical fact included in this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “aim”, “anticipate”, “will”, “would”, “expect”, “may”, “could”, “believe”, “target”, “estimate”, “project” and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields’ future business strategy, development activities (including the permitting and development of the Windfall Project) and other initiatives, business prospects, financial positions, production and operational guidance are necessary estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in Gold Fields’ Integrated Annual Report 2023 filed with the Johannesburg Stock Exchange and annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001–31318).
Readers are cautioned not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company’s external auditors.
MEDIA INFORMATION AND REQUESTS (for Canada):
Jean-François Belleau
Jean-francois.belleau@goldfields.com
418-953-7384
MEDIA INFORMATION AND REQUESTS (for Gold Fields Group):
Sven Lunsche
+27 83 260–9279