GFI: Media reports Ghana mine license renewal uncertainties; potentially negative

Research evidence excerpt

GFI: Media reports Ghana mine license renewal uncertainties; potentially negative

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Josh Wolfson (Head of Global Metals & Mining

Research)

David Monus (Associate)

Connor Snarr (Associate)

RBC Europe Limited

Marina Calero (Analyst)

Laura Chan (Analyst)

June 19, 2026

Gold Fields Limited

Media reports Ghana mine license renewal uncertainties; potentially negative

NYSE: GFI | USD 38.60 | Outperform | Price Target USD 50.00

Sentiment: Negative

Event: Bloomberg reports Ghana is considering various options for GFI's Tarkwa mining lease (12% of NAV, 14% of EBITDA) upon

its expiry in April 2027. GFI shares are currently trading 8% lower on the JSE.

Impact: Potentially negative.

• The article outlines Ghana is considering a lease extension, but also a potential transfer of the license to local companies. A

transfer of the license effectively represents full economic loss and would be the most severe outcome to GFI. We view this as

a low probability outcome, but acknowledge Tarkwa's mine license renewal remains an ongoing uncertainty.

• A decision to revise the asset's economics or transfer the mine license would have broader negative implications for companies

with exposure to Ghana, including AngloGold (19% of NAV, 18% of EBITDA) and Newmont (9% of NAV, 11% of EBITDA).

• In 2026, Ghana increased gold royalties. The country also has previously issued nationalistic statements regarding mining in

country, and specifically to Tarkwa, including additional potential revisions to fiscal terms, increases to its local ownership, and

mandated reliance upon local contractors.

• Previously in April 2026, Ghana transferred GFI's Damang license upon its expiry to a local company; however, the value of the

asset was nominal in value.