DRDGOLD Limited

DRDGOLD Limited is a South Africa-based world leader in large-scale mechanised surface gold mining, focused on environmental sustainability and operational efficiency. With 130 years of continuous operation, the company stands as South Africa's oldest listed mining company still in operation, dual-listed on the Johannesburg Stock Exchange (JSE: DRD) and New York Stock Exchange (NYSE: DRD). DRDGOLD's unique business model transforms historical mine waste into gold while simultaneously restoring the environment, creating a sustainable circular economy approach to mining.

The company operates two primary processing facilities—Ergo and Far West Gold Recoveries (FWGR)—on the world-renowned Witwatersrand Basin, with a substantial mineral resource base of 6.27 million ounces of gold, of which 5.85 million ounces are classified as mineral reserves. This resource base supports current production of 140,000-150,000 ounces annually and provides a foundation for the ambitious Vision 2028 growth strategy targeting 200,000 ounces per annum.

DRDGOLD offers a compelling investment opportunity as a proven gold producer with demonstrated operational excellence, financial discipline, and environmental leadership. The company benefits from a vast, long-life surface resource that provides decades of production visibility, with 22 years of reserves at Ergo and 16 years at FWGR. The feasibility of expanding operations is underpinned by robust project economics and a debt-free balance sheet with R1.3 billion in cash and R2.0 billion in undrawn secured facilities.

The company's all-in sustaining costs margin of 39% positions it as a high-margin operator, generating substantial free cash flow even in volatile gold price environments. With an average rand gold price received of R1,632,275 per kilogram in FY2025, DRDGOLD delivered operating profit of R3.5 billion on revenue of R7.9 billion, representing a 69% increase year-over-year. The company's 18-year track record of uninterrupted dividend payments demonstrates consistent capital returns to shareholders.

DRDGOLD's commitment to environmental, social, and governance (ESG) principles is not ancillary but central to its business model. The company is pursuing carbon credits through its solar facility, has reduced potable water consumption to just 4% of total usage (beating its 10% target), and concurrently rehabilitates land as tailings are processed. This positions DRDGOLD as a responsible mining operator aligned with global sustainability trends and attractive to ESG-focused institutional investors.

DRDGOLD is led by an experienced management team with deep expertise in South African mining, legal compliance, and financial management.

Niël Pretorius, Chief Executive Officer (BProc, LLB, LLM) brings two decades of mining industry experience. He joined DRDGOLD in 2003 as legal advisor, progressed through roles including Group Legal Counsel and Managing Director, and became CEO in 2009. He represents DRDGOLD on the Minerals Council South Africa and World Gold Council.​

Henriette Hooijer, CFO Designate and General Manager: Finance (BCom (Hons), CA(SA)) oversees financial operations. She joined in 2016 after 11 years at KPMG auditing listed mining companies. She becomes CFO on 1 February 2026, succeeding Riaan Daval.​

Jaco Schoeman, Chief Operating Officer (National Diploma and BTech in Analytical Chemistry) directs operations. He joined in 2011 to expand the surface retreatment business and was appointed Operations Director for Ergo Mining Operations in 2014.​

This leadership team combines legal, financial, and technical expertise essential for executing DRDGOLD's Vision 2028 growth strategy while maintaining operational excellence and environmental stewardship.

DRDGOLD is executing a comprehensive Vision 2028 growth strategy focused on increasing production to 200,000 ounces annually while maintaining its commitment to environmental restoration and operational excellence. The strategy centers on five key projects currently in progress, all on schedule, within budget, and self-funded to date.

At Ergo Operations: The company is developing Daggafontein TSF (120Mt deposition capacity, 500,000tpm rate, 20-year life) and recommissioning Withok TSF (310Mt capacity, 1.3Mtpm eventual rate) to extend Ergo's life beyond 20 years. These projects augment the current Brakpan TSF and provide long-term deposition capacity for expanded operations.

At FWGR Operations: The Driefontein 2 Plant expansion adds a dedicated elution circuit and smelter house, increasing initial feed to 600,000tpm. This is complemented by a 135km dual pipeline system connecting the expanded plant to the new Regional Tailings Storage Facility (RTSF), which offers 800Mt deposition capacity and a 30+ year life, creating enormous positive regional environmental impact.

Sustainability Integration: The Ergo solar plant and battery energy storage system (BESS), commissioned in November 2024, operates at 97% designed capacity, delivering R108 million in cost savings and 41.8MWh surplus energy to the Eskom grid. This renewable energy infrastructure is a long-term enabler for growth, reducing carbon footprint and earning carbon credits.

As of FY2025 (ended 30 June 2025), DRDGOLD demonstrates exceptional financial strength with a debt-free balance sheet and substantial cash generation. The company reported revenue of R7.9 billion, operating profit of R3.5 billion, and headline earnings of 260.6 cents per share, representing increases of 26%, 81%, and 69% respectively. Cash and cash equivalents stood at R1.3 billion, up 151% year-over-year, supported by R3.5 billion in net cash inflow from operating activities.

The company's capital allocation discipline is evident in its ability to self-fund the R2.3 billion capital expenditure program while maintaining strong liquidity. The undrawn R2.0 billion secured facility provides additional financial flexibility for project execution or strategic opportunities.

DRDGOLD's financial performance is underpinned by high-margin operations, with cash operating profit of US$1,549 per ounce and all-in sustaining costs margin of 39%. The company has delivered 90% share price growth over the past year, reflecting market recognition of its operational excellence and growth potential.

With 18 years of uninterrupted dividend payments totaling 70 cents per share in FY2025, DRDGOLD balances growth investment with consistent shareholder returns. The company's strong financial position enables it to fund the R8 billion Vision 2028 strategy while maintaining its dividend policy and exploring consolidation opportunities.

DRDGOLD Limited represents a unique investment opportunity combining proven gold production, environmental restoration, and compelling growth prospects. With 130 years of operational history, a debt-free balance sheet, and 18 years of uninterrupted dividends, the company offers stability rare in the mining sector while delivering 90% share price appreciation.

The Vision 2028 strategy positions DRDGOLD to increase production by 33% to 200,000 ounces annually, leveraging existing infrastructure and proven technology. The company's sustainable business model—where environmental rehabilitation occurs concurrently with gold production—creates long-term value for all stakeholders while addressing critical environmental challenges.

As global demand for responsibly sourced gold increases and ESG considerations dominate investment decisions, DRDGOLD's leadership in sustainable mining practices, carbon reduction, and community development provides a competitive moat. The company's substantial resource base, expansion pipeline, and financial strength create multiple pathways for value creation, making it an attractive investment for those seeking exposure to gold with environmental, social, and governance excellence.