South Deep

Witwatersrand Basin, West Rand Goldfield · Au · Gold Fields, via Newshelf 899 (Pty) Ltd

intelligence-gradeproducing

Derived from the deployed data layer at build · dataset v2.4.3 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/south-deep.json

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stageproducing Derived

Operating statusOperating long-life underground; 85-year LOM Sourced

Reserve scale (P+P)175.173 Mt @ 5.0 g/t Au ≈ 28 Moz contained Sourced

Reserve basis (verbatim)Attributable to Gold Fields (~27.998 Moz)

Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I (exclusive of Reserves))130.6 Mt @ 4.5 g/t Au Sourced

Resource basis (verbatim)Attributable to Gold Fields (~19.046 Moz)

Primary sourceGold Fields South Deep S-K 1300 TRS effective 27 March 2025 (data as at 31 Dec 2024); Gold Fields 2024 IAR; Q1 2025 operating update [Sourced 2026-05-02] Sourced

Comparables (Au-matched)5 African M&A — $122–228/oz (set span, n=2) · 2 intl — $394–403/oz (set span, n=2) · 1 financing/benchmark — set spans, not market curves · deals Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeKaapvaal Craton — 5.3/10 Derived

Ownership structureNewshelf 899 holds 100% of property; Newshelf itself = Gold Fields 90.245% + BBBEE outside shareholders 9.755%; group operational reporting level cites 96.4% attributable Sourced

Recent events (record)2024 production 267 koz (-17% YoY); reserves down 241 koz due to depletion; Q1 2025 production ~70-72 koz (+24% YoY) after backfill leakage + rehandling fixes; 2025 guidance 280-305 koz … Sourced

What this record does not yet support — disclosed, not estimated

Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.