February 22, 2024

Falcor

Funding Thesis

Gold Fields Restricted (NYSE:GFI) is a gold mining firm headquartered in South Africa with 2.25Moz in gold equal manufacturing per 12 months and $1,381/oz in AISC (all-in sustaining prices).

Along with natural growth by GFI, there are vitaltalk about in our article on the trendy gold market

E2024

E2025

E2026

Value-to-Gross sales

2.7

2.6

2.5

Value-to-Earnings

12.4

13.2

12.3

Quarter ending September

AISC (all-in sustaining prices) ($/Oz)

Manufacturing (Gold Equal kOz)

As a % of complete Adjusted Free Money

Americas

$1,762

51.7

15%

West Africa

$1,485

185.4

24%

Australia

$1,272

244.1

41%

South Africa

$1,309

80.7

20%

Complete

$1,381

546

AISC (all-in sustaining prices) ($/Oz)

Yearly Manufacturing (Gold Equal kOz)

2024E

$700

220-250

2025E

$700

600

2024E-2029E (Prime Years)

$700

500

2024E-2033E (Full Life)

$780

355

Quarter ending September

Yr-over-Yr Change

Manufacturing (excluding royalties)

-9.2%

Income (excluding royalties)

13.2%

AISC (all-in sustaining prices)

30.2%