On September 28, Gold Fields declined 5.99% overnight, trading at $37.95 per share, with turnover of $5.94 million.

The sell-off was triggered by a sudden flash crash in spot gold during the Asian session, with prices plunging nearly $70 to around $4,191 per ounce, marking an intraday drop exceeding 2% and moving further away from the near-$5,600 historical high reached earlier this year. The sharp decline in the underlying commodity dragged gold mining stocks broadly lower, with sector peers Coeur Mining down 4.47%, Kinross down 3.79%, Newmont Mining down 3.62%, and Wheaton Precious Metals down 3.50%.

Adding to the pressure, Australian gold major Northern Star Resources formally rejected Gold Fields' preliminary acquisition proposal, calling it \"highly speculative\" and stating it seriously undervalues Northern Star's intrinsic worth and growth prospects. The offer implied approximately A$27 per Northern Star share, comprising 0.3125 Gold Fields shares plus A$7.25 in cash, valuing the target at roughly A$38.7 billion. Northern Star's board argued the high equity component would expose shareholders to jurisdictional and operational risks they do not currently bear.

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