Gold Fields, Cree First Nation sign IBA for Windfall project in Quebec

Gold Fields (JSE: GFI) announced it has entered into an impact benefit agreement (IBA) with the Cree First Nation of Waswanapi establishing the framework for the parties’ joint involvement in the Windfall mining project.

The Windfall project, located within the Eeyou Istchee James Bay region of Québec, represents one of Canada’s largest gold deposits. The Johannesburg-based miner became sole owner of the project in 2024 when it acquired Osisko Mining in a C$2.2 billion ($1.6 billion) deal.

The project site is powered by hydroelectricity, with the power line owned and operated by the Cree First Nation, on whose traditional land the proposed mine is located.

The Windfall project, known as the Uukiimau (ᐆᑮᒪᐤ ᓀᔅᑯᒨᓐ) (Oo-ki-maw) agreement to the Cree Nation, meaning “the leader” or “the head” – is a name that speaks to origin and direction, like the headwaters of a river, and honours Father Lake, a place of deep cultural significance.

The Nation sees this agreement as a “defining moment” that marks an enduring partnership built on mutual respect, shared purpose and a common vision for the future. “This agreement is a commitment made in good faith, rooted in sustained dialogue and designed to last for the life of the Windfall operation,” it said.

“Strong relationships are built when parties work together with honesty, respect, and a shared sense of responsibility. The Uukiimau agreement reflects that approach and establishes a foundation for responsible development that respects Cree values while creating long-term opportunities for our communities and future generations” Cree Nation Government Grand Chief Paul John Murdoch said.

“The Uukiimau agreement marks an important milestone in our partnership with Gold Fields,” Chief Irene Neeposh of the Cree First Nation of Waswanipi added. “Together, we have established a framework that will create lasting benefits for Waswanipi through jobs, training, and contracting opportunities, while ensuring that development respects our land, our values, and our Cree way of life.”

The Windfall project is estimated to measured and indicated resources of 9.5 million tonnes grading 10.5 g/t gold and 5.2 g/t silver, for contained metal of 3.2 million oz. gold and 1.6 million oz. silver. It also has inferred resources totalling 13 million tonnes grading 8.6 g/t gold and 4.7 g/t silver for 3.6 million oz. gold and 2.0 million oz. silver.

Gold Fields plans to bring the Windfall mine into production by the end of 2026 or early 2027, eventually ramping up to approximately 300,000 ounces annually.

“This agreement represents a shared commitment towards our partnership for the responsible and sustainable development of the Windfall project,” Gold Fields’ Canada SVP Patrick Tobin said. “We are proud to move forward together.”