Gold Fields rated Strong Buy as it boosts production and cash flow, led by Salares Norte's success.

Gold Fields Limited is rated a Strong Buy due to its transition from growth to strong cash generation, highlighted by an 18% production increase in 2025 and $2.97 billion in adjusted free cash flow. The Salares Norte mine reached steady-state operations, producing 397,000 ounces and generating $808 million in free cash flow in 2025, supporting a shareholder-friendly dividend policy targeting 35% of free cash flow. Despite trading below sector medians, Gold Fields' improved portfolio quality and record cash flows position it for a potential equity rerating, with risks mainly tied to maintaining Salares Norte's performance.