Can Gold Fields Maintain Its Upward Gold Production Momentum?

Gold Fields Ltd. GFI delivered standout third-quarter 2025 results, with a meaningful increase in attributable gold-equivalent production that was a key highlight of the quarter. The company reported 621,000 ounces of gold-equivalent production in the quarter, representing a 22% increase from 510,000 ounces in the third quarter of 2024. 

This growth was underpinned by continued ramp-up at the Salares Norte mine in Chile, which contributed approximately 112,000 oz of gold-equivalent in the quarter, up 53% sequentially from 73,000 oz. 

Tarkwa in Ghana made a significant contribution with 123,000 ounces in the quarter, benefiting from higher feed grades and improved processing mix, a 15% increase sequentially that reinforced its role as a core volume driver. Damang, South Deep in South Africa, and the Gruyere and St Ives mines in Australia maintained solid production levels, collectively supporting the broader increase across the portfolio. 

The stronger production output not only exceeded prior-year volumes but also contributed to improved cost metrics, with All-in Costs (AIC) and All-in Sustaining Costs (AISC) declining to $1,835/oz and $1,557/oz, respectively, in the quarter. 

Among peers, Allied Gold Corporation AAUC posted a notable increase in gold-equivalent production in the third quarter of 2025, delivering 87,020 ounces, up from 85,147 ounces in the year-ago quarter, supported by stronger grades and improved sequencing across its portfolio. This production uplift was accompanied by 92,099 ounces of gold sold, highlighting solid operational throughput for Allied Gold. Higher production translated into better cost discipline, with AISC at $2,092/oz and AIC at $2,383/oz, underscoring Allied Gold’s ability to sustain stable unit economics despite inflationary pressures. 

AngloGold Ashanti plc. AU recorded a meaningful increase in gold-equivalent production in the third quarter of 2025, delivering 768,000 ounces, marking a 17% rise from 657,000 ounces in the year-ago quarter, supported by higher output from key operations such as Sukari, Obuasi, Geita and Kibali. This production lift translated into 764,000 ounces sold compared with 667,000 ounces a year earlier, reflecting broad-based operational strength for AngloGold Ashanti. The company also reported AISC of $1,720/oz and an AIC of $1,225/oz, slightly higher sequentially with increased sustaining capital, underscoring AngloGold Ashanti’s steady cost structure amid expanding production. 

The Zacks Rundown for GFI

Shares of GFI have popped 240.3% in the year compared with its industry’s 168.1% rise. 

From a valuation perspective, GFI is currently trading at a forward 12-month price-to-sales of 4.5X, higher than the industry’s average of 4.08X. It carries a Value Score of C. 

The Zacks Consensus Estimate for GFI for 2026 and 2027 earnings implies year-over-year growth and decline of 261% and 16%, respectively. 

The consensus estimate for EPS for fiscal 2026 and 2027 has been trending northward and southward, respectively, over the past 30 days.

GFI currently carries a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank here.

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This article originally published on Zacks Investment Research (zacks.com).

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