Gold Fields finalizes Gold Road acquisition, sells Northern Star shares for A$1.1bn

Gold Fields Limited confirmed that all conditions for the acquisition of Gold Road Resources Limited have been met, with the Scheme becoming effective on September 26, 2025. Gold Road shareholders will receive A$3.06423 per share, comprising A$2.08306 in fixed cash and A$0.98117 in variable cash. The total Scheme consideration values Gold Road's equity at approximately A$3.3bn, implying a total enterprise value of A$2.6bn.

The implementation date for the Scheme is set for October 14, 2025. Gold Fields also announced the successful monetization of Northern Star shares, acquired via Gruyere, through an Equity Forward Transaction with J.P. Morgan Securities. J.P. Morgan Securities sold these shares at A$22.05 per share, generating total proceeds of A$1.1bn, which will be used to repay a portion of the acquisition financing bridge facility.

Gold Fields CEO Mike Fraser noted that this acquisition is a strategically logical, low-risk opportunity to enhance the quality of their portfolio by consolidating a high-quality asset already operated by the company.