HIGHLIGHTS
Operating profit
increased by 14% to
R2 081.3 million
1

Headline earnings of
R1 327.2 million

Final cash dividend of
20 SA cps

R2 985.7 million ofcapital expenditureGold production
decreased by 5% to
5 002 kilogramsAll-in sustaining costs
1
margin of 24%

All-in sustaining costs is based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013. For a reconciliation, please see page 11.

REVIEW OF OPERATIONSYear ended
30 June 2024
Gold production
Gold soldCash operating costs
All-in sustaining costs
Average gold price received

Year ended
30 Jun 2023%
1
change

kg

5 002

5 282

(5)

oz

160 818169 820

(5)

kg

4 989

5 273

(5)

oz

160 400

169 531(5)

R per kg

833 536697 382

20

US$ per oz

1 386

1 221

14

R per kg

946 848827 148

14

US$ per oz

1 575

1 449

9

1 248 679

1 041 10220
14

R per kg
US$ per oz

2 077

1 823

Average exchange rate

R/US$

18.7

17.8

5

Operating profit

R million

2 081.3

1 819.014

Operating margin

%

33.4

33.1

1

All-in sustaining costs margin

%

24.3

20.6

18

Headline earnings

R million

1 327.2

1 274.1

4

154.1

148.2

4

2

SA cents per share ("cps")
1

Percentage change is rounded to the nearest percent and is based on the amounts as presented.
All-in sustaining costs is based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013. For a reconciliation, please see page 11.

2Rounding of figures may result in computational discrepancies.

SHAREHOLDER INFORMATIONFORWARD LOOKING STATEMENTSDRDGOLD Limited
Incorporated in the Republic of South Africa
Registration number: 1895/000926/06
JSE and A2X share code: DRD
NYSE trading symbol: DRD
ISIN: ZAE000058723

Many factors could cause the actual results, performance or achievements to bematerially different from any future results, performance or achievements that may
be expressed or implied by such forward-looking statements, including, among
others, adverse changes or uncertainties in general economic conditions in themarkets we serve, a drop in the gold price, a sustained strengthening of the Rand
against the US Dollar, regulatory developments adverse to DRDGOLD or difficulties
in maintaining necessary licenses or other governmental approvals, changes in
DRDGOLD’s competitive position, changes in business strategy, any major
disruption in production at key facilities or adverse changes in foreign exchange
rates and various other factors.

(“DRDGOLD” or the “Company” or the “Group”)

Price of stock traded• 12-month intra-day high• 12-month intra-day low• CloseJSE (R)
21.47
12.00
15.70

NYSE
1
(US$)
1.20
0.65
0.86

1

This data represents per share data and not American Depository Receipt ("ADR")
data: one ADR reflects 10 ordinary shares.
Issued capital as at 30 June 2024
864 588 711 ordinary shares of no par value (30 June 2023: 864 588 711)
3 090 081 treasury shares held within the Group (30 June 2023: 3 896 663)
5 000 000 cumulative preference shares (30 June 2023: 5 000 000)
Market capitalisation

Rm

US$m

30 June 2024

13 574743

30 June 2023

17 223915

RESULTSThe reviewed condensed consolidated financial statements of DRDGOLD
for the year ended 30 June 2024 are available on DRDGOLD’s website(www.drdgold.com) as well as at the Company’s registered office.

These risks include, without limitation, those described in the section entitled “Risk
Factors” included in our annual report for the fiscal year ended 30 June 2023,
which we filed with the United States Securities and Exchange Commission on
30 October 2023 on Form 20-F. You should not place undue reliance on theseforward-looking statements, which speak only as of the date thereof. We do notundertake any obligation to publicly update or revise these forward-looking
statements to reflect events or circumstances after the date of this report or to theoccurrence of unanticipated events. Any forward-looking statements and financial
information included in this announcement have not been reviewed and reported
on by DRDGOLD’s auditors.
DIRECTORS(#Independent) (^Lead Independent)
Executive directors
DJ Pretorius (Chief Executive Officer)
AJ Davel (Chief Financial Officer)
Non-executive directors
TJ Cumming (Non-executive Chairman)#
JA Holtzhausen#
KP Lebina#
TVBN Mnyango#
JJ Nel#EA Jeneker ^#CD Flemming
SponsorFOR FURTHER INFORMATION
Tel: +27(0) 11 470 2600
Fax: +27(0) 86 524 3061
Website: www.drdgold.com
Registered address:
Constantia Office Park
Cnr 14th Avenue and Hendrik
Potgieter Road
Cycad House, Building 17,
Ground Floor
Weltevreden Park, 1709
South Africa
Registered postal address:
PO Box 390
Maraisburg, 1700

One CapitalSouth Africa

SHAREHOLDER LETTER

DEAR SHAREHOLDERYEAR ENDED 30 JUNE 2024 ("FY2024") VS YEAR ENDED
30 JUNE 2023 ("FY2023")
OVERVIEW

I am pleased to report to shareholders, DRDGOLD’s results for FY2024
after an eventful year and a mixed bag of outcomes and results. While
much of the 14% rise in our operating profit over the past financial year
might be attributed to the buoyant gold price, we trust too that ourshareholders will value our performance in the context of work done toposition our company for its next phase to extend life of mine.

SAFETY

After five years of operating without a fatality, we very sadly lost acolleague (a young man, aged 36 years) to fatal injuries sustained on
13 April 2024 when a side-wall slip at the 5L27 dump impacted the loader
he was operating (we do not disclose the name of our colleague forreasons based on the protection of privacy provisions that apply in law).
On behalf of the board of directors and management of DRDGOLD, we
extend our deepest sympathies to the family and friends of our deceased
colleague.

REFLECTING ON THE YEAR

Our purpose is at the heart of what we do: Rolling back the environmental
legacy of mining, adding to quality of life. Our model for value creationmeans that environmental, social and governance ("ESG") factors arecentral to the business and not simply add-ons. Every tonne we process
supports environmental regeneration and resource renewal, every
kilogram we produce creates jobs, supports communities and pays taxes.
While our ethos – doing more with less, and with less impact – makes goodbusiness sense, it also has a substantial positive environmental and social
impact.
With this longer-term value creation journey in mind, our performance thisyear should be seen in the context of the transition that DRDGOLD iscurrently undergoing to reposition for the future. We are now positioning
to bring on stream by the financial year ending 30 June 2028 ("FY2028") a
combination of reclamation sites designed to lift tonnage throughput to3 million tonnes per month, and gold production to just over 6 tonnes perannum, described in more detail below. In order to make this happen, we
had to establish a platform to support an aggressive capital reinvestment
programme to create the capacity infrastructure to realise our vision for
FY2028 and beyond.
For Ergo Mining Proprietary Limited ("Ergo") that meant setting it up
beyond its original mine works programme and the resource base that
supported its original re-capitalisation in 2008. In a changed gold priceenvironment and with substantial available infrastructure, it made sense to
re-write the Ergo story and to add a few more chapters. Whilst we gave
ourselves the best possible chance to bring about a seamless transition
from the last of Ergo’s maturing reclamation sites (five of which ran out inthe 24 months before the current financial year end), starting the licensing
process as far back as 2018, the effect of COVID-19 on regulatory
functioning, community disruptions at some sites and ongoing delays insecuring water use licences put pay to these ambitions, and the transition
was not seamless.
We had to dig deep to find replacement tonnes, and in the end we had toaccelerate the rate at which we were mechanically clearing clean-up andlegacy sites. By November 2023, we had run out of legacy material though– all of 700,000 tonnes of material scattered across nine late-phase cleanup and legacy sites – while the last of the licences was only issued in
January 2024. Tonnage throughput picked up, but the gap that had opened
up was too big to fill by financial year-end. We ended up 16% short ofplanned tonnage throughput, and produced only 93% of planned gold,
coming in short of our previously published production guidance ofbetween 165 000 ounces and 175 000 ounces. The typically higher gradesfrom the clean-up and legacy sites also more than off-set higher unit costs
associated with mechanical lifting and hauling, resulting in us coming inshort of our previously published cash operating unit cost guidance ofR800 000/kg, however had the added benefit of an environmental 'win'.
Importantly though, the four sites where commissioning was delayed are
now in steady state, and this, together with the commissioning of a fifthsite in June 2024, have restored volume capacity to enable the company
to deliver in line with its guided targets.
The construction of our Ergo's solar photovoltaic ("PV") power plantremains on track with 20MW now operational, 40MW being substantiallycompleted, and the addition of 160MWh battery energy storage system("BESS") underway. The entire project is expected to be completed andoperational by October 2024. In FY2024, this PV facility generated

13 113 650 kWh of energy, amounting to 10% of Ergo’s consumption, andby the financial year ending 30 June 2025 ("FY2025"), it will contribute
approximately half of Ergo’s energy consumption as the BESS will ensure
capacity outside of peak sunlight hours. As a result, we anticipate areduction of R9-R15/t in Ergo’s electricity costs in the year ahead.
Our PV facility has been tied into the Eskom grid, and the infrastructure wehave developed on behalf of Eskom to facilitate this, has been handed overto Eskom. This will now allow for the wheeling of excess energy generated
at Ergo into the national grid, which will help to offset power consumption
in the rest of the business.
Far West Gold Recoveries Proprietary Limited ("FWGR") Phase II, and theestablishment of the Regional Tailings Storage Facility ("RTSF"), is a very
substantial project. Once commissioned, the RTSF will not only be large
enough to receive the operations entire remaining resource in this region
but will offer a complete solution to the ongoing impact of tailings storage
facilities ("TSFs") built over environmentally sensitive aquifers in the region.
The breaking of ground at this complex, on 5 June 2024, follows theappointment of a leading contractor to construct the RTSF and the receiptof the requisite permits.

OPERATIONAL, FINANCIAL AND ESGPERFORMANCE SUMMARY

Our results reflect the transition period for the Group.

OPERATIONAL REVIEWGroup gold production for the year decreased by 5% to 5 002kg(FY2023: 5 282kg) reflecting a 3% decline in throughput to 22.3Mt(FY2023: 23.0Mt) which resulted in a 2% decrease in the average yield to0.225g/t (FY2023: 0.229g/t).
The Group cash operating unit costs were 20% higher at R833 536/kg(FY2023: R697 382/kg), while Group all-in sustaining costs were 14% higher
at R946 848/kg (FY2023: R827 148/kg).

FINANCIAL REVIEWGroup revenue for FY2024 rose by 14% to R6 239.7 million(FY2023: R5 496.3 million), bolstered by a 20% increase in the average gold
price received to R1 248 679/kg (FY2023: R1 041 102/kg).
The 14% increase in Group cash operating costs meant that the operating
margin remained virtually unchanged at 33.4% (FY2023: 33.1%).
Total headline earnings increased by 4% to R1 327.2 million(FY2023: R1274.1 million), with headline earnings per share increasing by acorresponding 4% to 154.1cps (FY2023: 148.2cps). The Group ended
FY2024 with cash and cash equivalents of R521.5 million(FY2023: R2 471.4 million) as cash applied to capital rose to
R2 985.7 million (FY2023: R1 145.2 million) of which the majority related to
growth capex. The decline in cash and cash equivalents also took accountof cash dividends paid of R731.7 million (FY2023: R515.3 million). As at
30 June 2024, the Group remained free of bank debt. A bank facility andrevolving credit facility ("RCF") was secured with Nedbank Limited (acting
through its Corporate and Investment banking division) ("Nedbank") as weembark on our expended capital programme for repositioning in 2028.

ESG REVIEWIn FY2024, DRDGOLD employed 893 people, paying salaries and benefits of
R734.9 million (FY2023: 927 people and R663.4 million, respectively). The
Group paid R72.5 million (FY2023: 314.8 million) in income tax and PAYE
collected and paid to the fiscus amounted to R208.3 million(FY2023: R183.1 million).
The Group’s electricity consumption decreased by 6% to 312 333Mwh(FY2023: 333 249Mwh).
Potable water consumption decreased significantly by 58% to 988Ml(FY2023: 2 380Ml).
Total hectares vegetated during the year more than doubled to 59ha
(FY2023: 27ha).
The Group’s socio-economic development spend for FY2024 was
R51.3 million (FY2023: R55.2 million).
A detailed breakdown of our operating and financial performance, with
year-on-year comparisons appears below and in the pages that follow.

Page 2

SHAREHOLDER LETTER (continued)

ERGO MINING PROPRIETARY LIMITEDGold production at Ergo decreased by 7% to 3 639kg (FY2023: 3 931kg)
mostly due to the reduction in tonnage throughput which was impacted by
the late commissioning of the 5L27 and 4L3 sites. The Department of
Water and Sanitation (DWS) requested unanticipated design amendments
and studies for the 4L3 site which resulted in further delays in obtaining
approvals for the Water Use Licence (WUL).
Furthermore, the community-related disruptions for inclusion in projects
experienced at the 5L27 site in the first half of FY2024 led to production
from this site being delayed until late January 2024.
Throughput was sustained by the addition of high-grade remnant sites,
resulting in a significant clean-up of these sites in the region albeit at ahigher cost. Importantly, seven sites have been brought to the point where
we will apply for closure, including radiation clearance.
Yield declined marginally to 0.226g/t (FY2023: 0.227g/t).
Cash operating unit costs increased by 20% to R974 764/kg(FY2023: R809 199/kg) due to the significant increase in contract
reclamation costs and machine hire costs driven by the reclamation ofmaterial at clean-up sites. The reduction in gold production also
contributed to an increase in cash operating unit costs.
Sustaining capex decreased by 8% to R244.3 million(FY2023: R266.1million) due to completion of the development costs of the
4L3, 5L27 and, more recently, the 4L14 sites that have replaced the 4L50,
Elsburg and Van Dyk sites. Sustaining capex is expected to be marginallyhigher in FY2025. Growth capex increased to R2 110.3 million(FY2023: R549.9 million) as a result of the construction of the solar projectand is expected to decrease in FY2025.

FAR WEST GOLD RECOVERIES PROPRIETARY LIMITEDGold production at FWGR increased by 1% to 1 363kg (FY2023: 1 351kg),
mainly due to a 9% increase in tonnage to 6.2Mt (FY2023: 5.7Mt).
Yield decreased by 7% to 0.221g/t (FY2023: 0.237g/t) due to the lower headgrade of the top-layer material reclaimed at Driefontein 3.
The cash operating unit costs increased by 24% to R458 207/kg(FY2023: R368 206/kg) due to operating Driefontein 3 and Driefontein 5
simultaneously, one of which is a clean-up site. Furthermore, costs were
aggravated by an increase in reagent consumption driven by the increased
acidity and coarser nature of material reclaimed from Driefontein 3.
Electricity costs have also spiked given the longer pumping distance toDriefontein 3.
While sustaining capex decreased by 62% to R77.8 million(FY2023: R205.1 million), this is expected to stabilise in FY2025. Growthcapex increased to R678.8 million (FY2023: R4.7 million) and is expected toincrease further in FY2025 with the planned construction of the RTSF andthe expansion of DP2 to 1.2mtpm.

MAKING AN IMPACT BEYOND MINING

Our ESG performance is firmly embedded in our business. It is worth
reflecting on several particular areas of the work undertaken during theyear.
A key area of progress was the commissioning of the solar plant at Ergo.
The installation of this facility aligns with our business objectives. It will
help reduce the cost of electricity while minimising the impact of any
outages, which have both significant operational and environmental
consequences. The transition to renewable energy use is an integral part ofour approach to decreasing our environmental footprint and impact. Ourdecarbonisation strategy will see the proportion of renewable energy usedrising to around 14 000MWhr/month or approximately half of Ergo's
overall energy consumption by Q2 of FY2025, resulting in a significant
reduction in our Scope 2 emissions.
We recognise that while decarbonisation is a significant lever in our
approach to climate change, we need to take an integrated, ecosystem
based approach that considers the use of water, and our impact on water
bodies and biodiversity.
We carefully manage our water usage and have seen a deliberate andfurther significant decrease in our potable water off-take during the year tothe point where our closed circuits run largely 70% on recycled and grey
water. Potable water is reserved for human consumption, however ourmost significant impact will be in the way in which our operations pursue
environmental regeneration and social renewal, through recovery,
processing and rehabilitation, make usable land available for people andreducing historical environmental impacts.
Over the past 12 years, we have removed and reprocessed more than 138
mine dumps, clearing and restoring around 700 hectares of previously
sterile land for productive use, with applications lodged with the National
Nuclear Regulator for around 170 hectares. While we have enjoyedconsiderable success in rehabilitating previously impacted land, in FY2024
we embarked on a number of biodiversity studies at and around ouroperations. We are seeking to understand both the ecological andagricultural value associated with the areas that we are regenerating,within their unique contexts, so that our approach is able to maximise thebest outcomes.
In FY2024, the Group spent a total of R40.8 million on environmental
rehabilitation (FY2023: R41.9 million). This includes R29.8 million(FY2023: R37.6 million) spent at Ergo and R11.0 million(FY2023: R4.3 million) at FWGR. The increased spend at FWGR was for thevegetation of Driefontein 4 and the clean-up of Driefontein 5. A total of
25ha (FY2023: 20ha) was vegetated on Ergo’s TSFs and 15ha (FY2023: 5ha)
on FWGR’s TSF. What may not always be immediately reflected in thesenumbers is how DRDGOLD is firmly embedded in the circular economy.
Our operations are inherently likely to generate dust, and are invariably
located in close proximity to populated areas, particularly informal
settlements that have developed around the facilities we are mining. We
are very mindful of our neighbours and monitor and manage dust and anyother unwanted impacts very closely. A total of six dust exceedances(FY2023: 12) were detected in FY2024 (0.5% of the sample), four at Ergo
(FY2023: 10) and two at FWGR (FY2023: two).
The Group’s social capital spend, which is aimed at poverty alleviation,
youth education and improving quality of life, was R35.6 million in FY2024(FY2023: R38.6 million). The opportunities created by the Group are also
noteworthy: 78% of employees in managerial and supervisory positionsare Historically Disadvantaged South Africans (FY2023: 75%). The
representation of women in mining – 25% in FY2024 is significantly above
the gold industry average of 18%.

Page 3

SHAREHOLDER LETTER (continued)

CASH DIVIDENDThe DRDGOLD board of directors (“Board”) has declared a final cash
dividend of 20 South African (“SA”) cents per ordinary share for the year
ended 30 June 2024 as follows:• The dividend has been declared out of income reserves• The local Dividend Withholding Tax rate is 20% (twenty percent)• The gross local dividend amount is 20 SA cents per ordinary share forshareholders exempt from Dividend Withholding Tax• The net local dividend amount is 16 SA cents per ordinary share forshareholders liable to pay Dividend Withholding Tax• DRDGOLD currently has 864 588 711 ordinary shares in issue (which
includes 3 090 081 treasury shares)• DRDGOLD’s income tax reference number is 9160/013/60/4
In compliance with the requirements of Strate Proprietary Limited(“Strate”) and the JSE Limited Listings Requirements ("Listings
Requirements"), given the Company’s primary listing on the exchange
operated by the JSE Limited, the salient dates for payment of the dividend
are as follows:• Last date to trade in ordinary shares cum-dividend: Tuesday,
10 September 2024
• Ordinary shares trade ex-dividend: Wednesday, 11 September 2024
• Record date: Friday, 13 September 2024
• Payment date: Monday, 16 September 2024
On payment date, dividends due to holders of certificated ordinary shareson the SA share register will either be electronically transferred to suchshareholders’ bank accounts or, in the absence of suitable mandates,
dividends will be held in escrow by the Company until suitable mandates
are received to electronically transfer dividends to such shareholders.

ADR information is tentative and subject to confirmation by the depositorybank. Assuming an exchange rate of R18.00/$1, the net dividend payable
on an ADR is equivalent to 9 United States (“US”) cents per share for ADR
holders liable to pay Dividend Withholding Tax. However, the actual rate ofpayment will depend on the exchange rate on the date of currency
conversion.

LOOKING AHEAD
Ergo's near and medium-term outlook, with its newly commissioned
reclamation sites and the added benefit of 60MW of renewable power, ispositive and it is well positioned to deliver on its strategy to add at a capital
cost of approximately R3.1 billion, funded substantially from ongoing
operations, potentially another 14 years of production
While the buoyant gold price is welcome,the construct of our cost profile ischanging to offer better resilience should the cycle turn. Key drivers in thisregard include decreasing the complexity of our operations bysystematically reducing the Ergo operating footprint from 15 sites to 5,
lower energy costs from the solar plant and a reduction in mechanised
lifting and haulage of reclamation material.
At FWGR, we anticipate capital investment of some R7 billion over the next
five years, with beneficial occupation of the RTSF targeted for the second
half of the 2027 calendar year. Monthly throughput capacity of 1.2 million
tonnes at the Driefontein 2 plant is planned for the second half of the 2027
calendar year. This could potentially add 25 years to FWGR's life of mine.
The Company guides output for FY2025 of between 155 000 ounces and
165 000 ounces of gold (depending by and large on volume throughput)and cash operating costs at approximately R870 000/kg. Planned total
capital investment for the year is approximately R3.5 billion.

Dividends in respect of dematerialised shareholdings will be credited tosuch shareholders’ accounts with the relevant Central Securities
Depository Participant (CSDP) or broker.
To comply with the further requirements of Strate, between Wednesday,
11 September 2024 and Friday, 13 September 2024, both days inclusive, notransfers between the SA share register and any other share register will
be permitted and no ordinary shares pertaining to the SA share register
may be dematerialised or rematerialised. The currency conversion date for
the Australian and United Kingdom share registers will be Monday,
16 September 2024. The holders of American Depositary Receipts (“ADRs”)
should confirm dividend details with the depository bank.

Niël Pretorius
Chief Executive Officer
21 August 2024

Page 4

CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSCONDENSED CONSOLIDATEDCONDENSED CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

STATEMENT OF FINANCIAL POSITION
As atYear ended
Year ended
30 June 2024 30 June 2023
Notes

Rm

Rm

Reviewed

Audited

Notes

Rm

Rm

Reviewed

Audited7 956.8

4 940.3

6 794.9

3 909.5
789.7

Revenue

6 239.7

5 496.3

Cost of sales(4 429.9)(3 911.0)

Gross profit from operating activities

1 809.8

1 585.3

2.0

10.4

Administration expenses and other costs(199.3)(172.9)Investments in rehabilitation and other
funds

912.5

Results from operating activities

1 612.5

1 422.8

Payments made under protest

45.6

39.7

280.8

334.3

Other investments

180.4

168.6

Other income

Finance income

6, 7

AssetsNon-current assets
Property plant and equipment

2

6

Finance expenses(76.4)(70.7)

Deferred tax asset

23.4

32.8

Profit before tax

1 816.9

1 686.4

Current assets

1 493.6

3 214.2(488.2)(405.0)Inventories

460.0

413.6

1 328.7

1 281.4

Current tax receivable

33.1

40.6

479.0

288.6

521.5

2 471.4

9 450.4

8 154.5

Equity6 889.4

6 274.1

Non-current liabilities

1 607.5

1 161.7

Income tax

3

Profit for the year
Other comprehensive income ("OCI")

Trade and other receivables

11.7

17.9

Total other comprehensive
income for the year

11.7

17.9

Total assets

1 340.4

1

Basic earnings per share

1

Diluted basic earnings per share

2

Cash and cash equivalents

Items that will not be reclassified to profit
or loss, net of tax
Net fair value adjustment on equity
investments at fair value through othercomprehensive income
6, 8

Total comprehensive income
for the year

1

As at

30 June 2024 30 June 2023

1 299.3

4

154.3

149.1

4

153.5

148.2

All per share financial information is presented in South African cents per share(cps) and is rounded to the nearest one decimal point based on the results aspresented, which are rounded to the nearest million Rand.

These condensed consolidated financial statements for the year ended
30 June 2024 were independently reviewed by BDO South Africa Inc.
and have been prepared under the supervision of DRDGOLD’s Chief
Financial Officer, Mr AJ Davel CA(SA). The condensed consolidated
financial statements were authorised by the directors on
14 August 2024 for issue on 21 August 2024.

Equity and liabilities

Provision for environmental rehabilitation

5

616.8

562.1

Deferred tax liability

3

958.0

560.7

Liability for post-retirement medical
benefits

10.4

10.5

Lease liabilities

22.3

28.4

Current liabilities

953.5

718.7

Trade and other payables

917.4

700.5

Current portion of lease liabilities

6.9

11.3

Current tax liability

29.2

6.9

Total liabilities

2 561.0

1 880.4

Total equity and liabilities

9 450.4

8 154.5

CONDENSED CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY
Year ended
Year ended
30 June 2024 30 June 2023
Rm

Rm

Reviewed

Audited6 274.1

5 439.9

1 328.7

1 281.4

11.7

17.9

Dividend on ordinary share capital(731.7)(515.3)Equity-settled share-based payment
expense

26.4

22.0

Equity-settled share based payment
income tax impact on equity(20.5)

27.7

Notes
Balance at the beginning of the year
Total comprehensive income
Profit for the year
Other comprehensive income

6, 8Transactions with the owners of theparentEquity-settled share based payment
vesting impact on equity
Balance at the end of the year

0.7

0.5

6 889.4

6 274.1

Page 5

CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (continued)
NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSCONDENSED CONSOLIDATEDSTATEMENT OF CASH FLOWS
Year ended
Year ended
30 June 2024 30 June 2023
Rm

Rm

Reviewed

AuditedNet cash inflow from operating
activities

1 845.2

1 655.6

Cash generated from operations

1 738.3

1 708.7

154.6

188.6

29.3

78.3

Notes

Finance income received
Dividends received

6

Finance expense paid

(4.5)

(5.2)

Income tax paid

(72.5)(314.8)(3 042.6)(1 186.5)(2 985.7)(1 145.2)

0.3

0.9

Investment in other funds(33.8)(28.4)

Environmental rehabilitation payments
to reduce decommissioning liabilities(23.4)(13.8)Net cash outflow from investing
activities
Acquisition of property, plant andequipment

2

Proceeds on disposal of property, plantand equipment

Net cash outflow from financing
activities(750.7)(532.2)

Dividends paid on ordinary shares(731.7)(515.3)

Repayment of lease liabilities(19.0)(16.9)(1 948.1)(63.1)Net decrease in cash and cash
equivalents
Effect of exchange rate fluctuations on
cashOpening cash and cash equivalents
Closing cash and cash equivalents

7

(1.8)

8.9

2 471.4

2 525.6521.5

2 471.4

RECONCILIATION OF CASH
GENERATED FROM OPERATIONSProfit for the year

The accompanying notes are an integral part of the condensed
consolidated financial statements.

1. BASIS OF PREPARATIONThe condensed consolidated financial statements for the year ended
30 June 2024 are prepared in accordance with the Listings Requirements
and the requirements of the Companies Act of South Africa, No. 71 of 2008("Companies Act").
The Listings Requirements require condensed financial statements to beprepared in accordance with the framework concepts and themeasurement and recognition requirements of the International Financial
Reporting Standards ("IFRS") Accounting Standards("Accounting Standards") and the South African financial reporting
requirements defined as the South African Institute of Chartered
Accountants Financial Reporting Guides as issued by the Accounting
Practices Committee and the Financial Pronouncements as issued by the
Financial Reporting Standards Council, and to also, at a minimum, containthe information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the condensed
consolidated financial statements are in terms of the Accounting Standards
and are consistent with those applied in the previous consolidated annual
financial statements.
The condensed consolidated financial statements have been prepared on agoing concern basis.

2. PROPERTY, PLANT AND EQUIPMENTThe Group's property, plant and equipment increased from
R3 909.5 million at 30 June 2023 to R6 794.9 million at 30 June 2024 mainly
due to the capital spend on the solar power plant and battery energy
storage system at Ergo and the expansion of capacity at DP2 andconstruction of the RTSF at FWGR.
Included in trade and other receivables at 30 June 2023 were prepayments
made towards capital projects including those of the solar power plant andbattery energy storage system which have now been recognised as
property, plant and equipment.
Included in trade and other receivables as at 30 June 2024 is customs VAT
monies receivable as a result of the import of the battery energy storage
system.

1 328.7

1 281.4

Income tax

488.2

405.0

Depreciation

270.4

217.5

Environmental rehabilitation payments
to reduce restoration liabilities

(1.3)

(1.3)

Change in estimate of environmental
rehabilitation recognised in profit orloss(11.6)(7.1)

Movement in gold in process(34.9)(10.8)

Share-based payment expense

26.4

22.0

TAX RATE ADJUSTMENT
Deferred tax is recognised using the gold mining tax formula to calculate aforecast weighted average tax rate considering the expected timing of thereversal of temporary differences. The formula is calculated as:

Adjusted for:

Gain on disposal of property, plant andequipment(0.6)(10.3)(280.8)(334.3)Finance expense

76.4

70.7

Insurance claim received

(1.2)

31.7

2.4

—

(123.8)44.2

Trade and other receivables(296.2)

19.9

Payment made under protest(12.8)(12.6)

Consumable stores and stock piles(12.9)(13.6)

Trade and other payables

198.1

50.5

1 738.3

1 708.7

Changes in:

Cash generated from operations

Rm

Rm

Reviewed

Audited(67.3)—

3. DEFERRED TAX

Finance income

Other non-cash items

Year ended
Year ended
30 June 2024 30 June 2023

Impact of the change in the forecast weighted
tax rate:

Y = 33 – 165/X where Y is the percentage rate of tax payable and X is the ratioof taxable income, net of any qualifying capital expenditure that bears tomining income derived, expressed as a percentage.
Due to the forecast weighted average tax rate being based on the expected
future profitability, the tax rate can vary significantly year-on-year and canmove contrary to current year financial performance.
The forecast weighted average deferred tax rate of Ergo increased from 22%
to 25% as result of an increase in profitability which was primarily driven by
the increase in forecast gold prices and expected electricity savings from thesolar power plant and battery energy storage system. The forecast weighted
average deferred tax rate of FWGR remained at 29% for FY2024.

Page 6

CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (continued)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Year ended
Year ended
30 June 2024 30 June 2023
Rm

Rm

Reviewed

Audited1 328.7

1 281.4

(0.6)

(7.3)

4. EARNINGS PER SHARE
Reconciliation of headline earnings
Profit for the year
Adjusted for:
Gain on disposal of property, plant andequipment, net of tax
Income from insurance claim, net of tax
Headline earnings
Weighted average number of ordinary sharesin issue adjusted for treasury shares
Diluted weighted average number of ordinary
shares adjusted for treasury shares
Basic earnings per share—
1 274.1

861 240 788

859 538 847

865 547 433

864 962 204

154.3

149.1

153.5

148.2

154.1

148.2

153.3

147.3

1

Diluted basic earnings per share
Headline earnings per share

1

1

Diluted headline earnings per share
1(0.9)
1 327.2

1

shareholding will be reduced to nil in 2032 per agreement with the South
African Mint (partner in Prestige Bullion).
The fair value of Rand Refinery increased as a result of an increase in theenterprise value of the refining operations of Rand Refinery. The enterprisevalue of the refining operations of Rand Refinery increased as a result of asignificant increase in forecast commodity prices despite increases inforecast operating costs and forecast capital costs.
The value of the forecasted dividends for Prestige Bullion decreased as aresult of a continued low demand for Krugerrands.
The fair value measurement uses significant unobservable inputs
and relates to a fair value hierarchy level 3 financial instrument.
Marketability and minority discounts (both unobservable inputs) of 15.3%
and 16.9% (30 June 2023: 15.3% and 17.0%), respectively, were applied. The
latest budgeted cash flow forecasts provided by Rand Refinery as at
30 June 2024 were used, and therefore classified as an unobservable input
into the models.
Year ended Year ended
30 June 2024 30 June 2023

Year ended
Year ended
30 June 2024 30 June 2023
Rm

Reviewed

AuditedBalance at the beginning of the year

156.3

136.1

Fair value adjustment on equity investments atfair value through other comprehensive income

10.5

20.2

Balance at the end of the year

166.8

156.3

Dividends received

29.3

77.4

Key observable/unobservable inputs into the model include:
Rand Refinery refining operations
1

5. PROVISION FOR ENVIRONMENTALREHABILITATION
Balance at the beginning of the year

Rm
AuditedReconciliation of investment in Rand Refinery:

All per share financial information is presented in SA cps and is rounded to thenearest one decimal point based on the results which are rounded to the nearest
million Rand.

Rm

Rm
Reviewed

Average gold price1

Average silver price
562.1

1

Average South African CPI

517.7

2

Terminal growth rate

Unwinding of provision for environmental
rehabilitation

56.3

46.2

South African long-term government bond rate

Change in estimate of environmental
rehabilitation recognised in profit or loss (a)(11.6)(7.1)

Investment in Prestige Bullion

Change in estimate of environmental
rehabilitation recognised to property, plantand equipment (b)

34.7

20.4

Environmental rehabilitation payments (c)(24.7)(15.1)To reduce decommissioning liabilities(23.4)(13.8)To reduce restoration liabilities

(1.3)

(1.3)

Balance at the end of the year

616.8

562.1

1

2

Weighted average cost of capital
2

Discount period(a) Change in estimate of environmental rehabilitation recognised in profit
or loss
Decreases in provision for environmental rehabilitation mainly as result of
updated survey results on remaining historical spills at Ergo.
(b) Change in estimate of environmental rehabilitation recognised toproperty, plant and equipment

2

Weighted average cost of capital1
2

1 209 686

R/kg

15 142

%

4.5

%

4.5

%

9.9

%

17.0

years

9

%

17.0

Observable input
Unobservable input

The fair value measurement is most sensitive to the Rand denominatedgold price and operating costs. The higher the gold price, the higher thefair value of the Rand Refinery investment. The higher the operating costs,
the lower the fair value of the Rand Refinery investment. The fair value
measurement is also sensitive to the discount rate, minority andmarketability discounts applied. The alongside table indicates the extent ofsensitivity of the Rand Refinery equity value to the inputs:

Increases mainly as a result of double digit inflationary increases onvegetation rates driven by higher machine hire rates and cost of lime.

Sensitivity(c) Environmental rehabilitation payments

Rand Refinery refining operations

25ha of the Brakpan/Withok TSF and 15.1ha of the Driefontein 4 TSF werevegetated during the year.

Rand US Dollar exchange rate

6. INVESTMENT IN RAND REFINERY PROPRIETARY
LIMITED ("RAND REFINERY")

Operating costs

1

Commodity prices (gold and silver)2

Weighted average cost of capital
Minority discount

The fair value of DRDGOLD’s 11.3% interest in Rand Refinery at
30 June 2024 is estimated at R166.8 million (30 June 2023: R156.3 million).
In accordance with IFRS 13 Fair Value Measurement, the income approachhas been established to be the most appropriate basis to estimate the fairvalue of the investment in Rand Refinery. This method relies on the futurebudgeted cash flows as estimated by Rand Refinery. Management used amodel developed by an external expert to perform the valuation. Rand
Refinery’s refining operations (excluding Prestige Bullion) were valued
using the Free Cash Flow model, whereby an enterprise value using a
Gordon Growth formula for the terminal value was estimated. The
forecasted dividend income to be received from Prestige Bullion wasvalued using a finite-life dividend discount model as Rand Refinery’s

R/kg

Marketability

2

2

2

1

Increase/(decrease)% Change in
OCI, net oftax

1%/(1%)

3.2/(3.2)

1%/(1%)

2.5/(2.5)

1%/(1%)(2.9)/2.9

1%/(1%)(3.7)/3.7

1%/(1%)(1.2)/1.2

1%/(1%)(1.2)/1.2

1%/(1%)(0.4)/0.4

1%/(1%)

0.1/(0.1)

Investment in Prestige Bullion
Weighted average cost of capital
Prestige dividend forecast
1
2

2

2

Observable input
Unobservable input

Page 7

CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (continued)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
7. FINANCIAL RISK MANAGEMENT FRAMEWORKCOMMODITY PRICE SENSITIVITY
The Group’s profitability and cash flows are primarily affected by changes
in the market price of gold which is sold in US Dollars and then converted
to Rand. In line with our long-term strategy of being an unhedged gold
producer, we generally do not enter into forward gold sales contracts to
reduce our exposure to market fluctuations in the US Dollar gold price or
the exchange rate movements. However, during periods when mediumterm debt is incurred to fund growth projects and hence introduce liquidity
risk to the Group, we may mitigate this liquidity risk by entering into
facilities to achieve price protection. No such facilities were entered into
during the current reporting period.

LIQUIDITY MANAGEMENT
Our cash balance for the Group reduced from R2 471.4 million as at
30 June 2023 to R521.5 million as at 30 June 2024, as we are utilising cash
savings to finance the capital expenditure, the bulk of which paid for thesolar power plant and battery energy storage system at Ergo.
To fund the significant capital expansion programme at both operations,on 28 June 2024, DRDGOLD secured a R500 million general bank facility("GBF") with Nedbank. The facility remained undrawn at 30 June 2024. In
addition to the GBF, on 31 July 2024, DRDGOLD entered into a 5-year
R1 billion RCF with a R500 million accordion option with Nedbank.
Furthermore, the Group remains free of bank debt as at 30 June 2024
(30 June 2023: Rnil). Liquidity will further be enhanced by sustained highRand gold price levels.

8. FAIR VALUESThe Group’s assets that are measured at fair value at reporting dateconsist of equity instruments at fair value through other comprehensive
income and are included in other investments in the statement of financial
position. Of this line item, R7.5 million (30 June 2023: R7.2 million) relates
to fair value hierarchy level 1 instruments. This balance increased as resultof an increase in the share price of West Wits Mining Limited.
R172.8 million (30 June 2023: R161.4 million) relates to fair value
hierarchy level 3 instruments, mainly the investment in Rand Refinery,refer to note 6.

10. SUBSEQUENT EVENTS
There were no subsequent events between the reporting date of
30 June 2024 and the date of issue of these condensed consolidated
financial statements other than included in the notes above and described
below:

CASH DIVIDEND
On 21 August 2024, the Board declared a final gross cash dividend for theyear ended 30 June 2024 of 20 SA cents per share, payable on Monday,
16 September 2024.

11. REVIEW OF THE INDEPENDENT AUDITOR
These condensed consolidated financial statements for the year ended
30 June 2024 have been reviewed, in accordance with the Companies Act
and the International Standard on Review Engagements (ISRE) 2410, by
BDO South Africa Inc. who expressed an unmodified review conclusion.
The auditor's review report does not report on all of the information
contained herein and limited to the condensed consolidated financial
statements set out on pages 5 to 9. Shareholders are advised that, toobtain a full understanding of the nature of the auditor's review
engagement, they should refer to the auditor's review report containedon page 10, together with the accompanying financial information
contained herein.

12. OPERATING SEGMENTS
The Group has one material revenue stream, the sale of gold to South
African Bullion banks. The following summary describes the operations in
the Group’s reportable operating segments:•

Ergo is a surface gold retreatment operation which treats old slime
dams and sand dumps to the south of Johannesburg’s central business
district as well as the East and Central Rand goldfields. The operation
comprises three plants. The Ergo plant as a metallurgical plant and theCity Deep and Knights plants as a pump/milling station feeding theErgo plant.

•

FWGR is a surface gold retreatment operation which treats old slime
dams in the West Rand goldfields. The operation comprises theDriefontein 2 plant and relevant infrastructure to process tailings fromthe Driefontein 5 and 3 slimes dam and deposit residues on the
Driefontein 4 TSF.

•

Corporate office and other reconciling items (collectively referred to as"Other reconciling items") represent the items to reconcile to thecondensed consolidated financial statements. This does not represent
a separate segment as it does not generate mining revenue.

9. CONTINGENT LIABILITY
On 18 May 2024, Ergo received a summons from Benoni Gold Mine(“BGM”), a contractor with which it concluded in May 2018, a land lease andload and haulage agreement. The summons initiates two contractual
damages claims against Ergo. The first being for R37.1 million for the
alleged breach of Ergo’s duties of good faith and breach of BGM’s haulage
rights under the agreement and the second for three alleged repudiations
by Ergo of same land lease and haulage agreement, for which damages of
R53.3 million are being sought by BGM. On 25 July, Ergo filed its pleaon the particulars of its defence on the matter. Pleadings have closed
and both parties are preparing for discovery in order to prepare for trial
and for Ergo to vehemently defend its position on the allegations madeby BGM.

Page 8

CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS (continued)
12. OPERATING SEGMENTS (continued)

Ergo

Year ended 30 June 2024

Year ended 30 June 2023

Reviewed

AuditedOther
reconciling
FWGR
items

Other
reconciling
FWGR
items

Total

Ergo

Rm

Rm

Rm

Rm

Rm

Rm

Rm

Total
Rm

Revenue (External)

4 524.9

1 714.8—

6 239.7

4 108.6

1 387.7—

5 496.3

Cash operating costs(3 571.0)(622.3)—(4 193.3)(3 183.2)(504.9)—(3 688.1)

Movement in gold in process and finishedinventories - Gold Bullion

37.5

(2.6)

—

34.9

(1.8)

12.6

—

10.8

Segment operating profit

991.4

1 089.9—

2 081.3

923.6

895.4

—

1 819.0(2 354.6)(756.6)(2.7)(3 113.9)(816.0)(209.8)(5.1)(1 030.9)

Segment operating profit

991.4

1 089.9—

2 081.3

923.6

895.4

—

1 819.0

Depreciation(138.7)(129.5)(2.2)(270.4)(120.6)(95.8)(1.1)(217.5)Additions to property, plant and equipment
Reconciliation of segment operating profit toprofit after tax

Change in estimate of environmental rehabilitation
recognised in profit or loss

11.1

0.2

0.3

11.6

6.2

—

0.9

7.1

Ongoing rehabilitation expenditure(13.0)

(2.1)

(1.0)

(16.1)(24.7)

(1.7)

(0.4)

(26.8)

Care and maintenance

—

—

2.5

2.5

—

—

(0.4)

(0.4)

Other operating costs

0.9

—

—

0.9

3.9

—

—

3.9

Other income

0.6

1.3

0.2

2.1

0.1

10.2

0.1

10.4
(172.9)Administration expenses and other costs(10.6)(5.5)(183.3)(199.4)

(8.3)

(2.9)

(161.7)

Finance income

51.8

53.9

175.1

280.8

34.4

31.8

268.1

334.3

Finance expense(60.9)(11.7)(3.8)(76.4)(58.7)

(9.7)

(2.3)

(70.7)(286.3)Current tax

5.4(92.5)(12.6)(99.7)(51.1)(201.9)(33.3)

Deferred tax(205.1)(183.7)0.3(388.5)(73.8)(47.9)

3.0(118.7)

Profit after tax

632.9

720.3

(24.5)

1 328.7

631.0

577.5

72.9

1 281.4

Cost of sales(3 673.1)(756.4)(0.4)(4 429.9)(3 320.2)(589.8)(1.0)(3 911.0)

Depreciation

138.7

129.5

2.2

270.4

120.6

95.8

1.1

217.5

Change in estimate of environmental rehabilitation
recognised in profit or loss

(11.1)

(0.2)

(0.3)

(11.6)

(6.2)

—

(0.9)

(7.1)

Movement in gold in process and finishedinventories - Gold Bullion(37.5)

2.6—(34.9)

1.8(12.6)—(10.8)

Ongoing rehabilitation expenditure

13.0

2.1

1.0

16.1

24.7

1.7

0.4

26.8

Care and maintenance

—

—

(2.5)

(2.5)

—

—

0.4

0.4

Other operating costs

(0.9)

—

—

(0.9)

(3.9)

—

—

(3.9)

Cash operating costs(3 570.9)(622.4)—(4 193.3)(3 183.2)(504.9)—(3 688.1)

Reconciliation of cost of sales to cash operating
costs

Page 9INDEPENDENT AUDITOR'SREVIEW REPORTPage 10

OPERATIONAL PERFORMANCE

Year ended 30 June 2024

Year ended 30 June 2023

Unaudited

Ergo

Other
reconciling
FWGR
items

Unaudited
Other
reconciling
FWGR
items

Total

Ergo

Rm

Rm

Rm

Rm

Rm

Rm

Rm

Rm

16 1016 166-

22 26817 3345 698-

23 032

0.226

0.221

-

0.225

0.227

0.237

-

0.229

(R/t)

222

101

-

188

184

89

-

160

(US$/t)

12

5

-

10

10

5

-

9

Gold produced (kg)

3 639

1 363

-

5 002

3 931

1 351

-

5 282

Gold sold (kg)

3 625

1 364

-

4 989

3 936

1 337

-

5 273

Ore milled (000’t)
Yield (g/t)

Total

Cash operating costs

Reconciliation of All-in sustaining costs(All amounts presented in R million unless otherwise
indicated)
Cash operating costs(3 571.0)(622.3)-(4 193.3)(3 183.2)(504.9)-(3 688.1)

Movement in gold in process

37.5

(2.6)

-

34.9

(1.8)

12.6

-

10.8

Administration expenses and general costs(sustaining)(10.6)(3.4)(182.4)(196.4)

(8.3)

(2.7)

(161.2)(172.2)Other operating costs excluding care andmaintenance costs(46.4)(23.8)

70.4

0.2(36.1)(20.2)

59.7

3.4

Change in estimate of environmental rehabilitation
recognised in profit or loss

11.6

6.2

-

0.9

7.1

11.1

0.2

0.3

Unwinding of provision for environmental
rehabilitation(43.9)(11.5)(0.9)(56.3)(36.3)

(9.4)

(0.5)

(46.2)

Capital expenditure (sustaining)(244.3)(77.8)(2.7)(324.8)(266.1)(205.1)(5.1)(476.3)(3 867.6)(741.2)(115.3)(4 724.1)(3 525.6)(729.7)(106.2)(4 361.5)

-

-

2.5

2.5

-

-

(0.4)

(0.4)

(13.0)

(2.1)

(1.0)

(16.1)(24.7)

(1.7)

(0.4)

(26.8)

All-in sustaining costs
Care and maintenance costs
Ongoing rehabilitation expenditure
Administration expenses and general costs(non-sustaining)

-

(2.0)

-

(2.0)

-

(0.2)

-

(0.2)

Capital expenditure (non-sustaining)(2 110.3)(678.8)-(2 789.1)(549.9)(4.7)-(554.6)All-in costs(5 990.9)(1 424.1)(113.8)(7 528.8)(4 100.2)(736.3)(107.0)(4 943.5)

Cash operating costs (R/kg)

974 764458 207-833 536809 199368 206-

697 382

Cash operating costs (US$/oz)

1 621

762

-

1 386

1 417

645

-

1 221

1 066 948

543 553-946 848895 741545 780-

827 148

1

All-in sustaining costs (R/kg)

1

All-in sustaining costs (US$/oz)
1All-in cost (R/kg)

1

All-in cost (US$/oz)
1

1 775

904

-

1 575

1 569

956

-

1 449

1 652 688

1 044 207-

1 509 040

1 041 733

550 717-937 525

2 749

1 737

-

2 510

1 824

964

-

1 642

All-in sustaining costs and All-in cost definitions are based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013.

There have been no material changes to the technical information relating to, inter alia, the Group’s Mineral Resources and Mineral Reserves, legal title to its
mining and prospecting rights and legal proceedings relating to its mining and exploration activities as disclosed in DRDGOLD’s annual report for the year ended
30 June 2023.
The technical information referred to in this report is in accordance with The South African Code for the Reporting of Exploration Results, Mineral Resources andMineral Reserves (The SAMREC Code), 2016 edition and has been reviewed by Messrs Mpfariseni Mudau (Pr. Sci.Nat.), Vaughn Duke (Pr Eng),
Professor Steven Rupprecht (HFSAIMM) and Mr Nicholas Weeks (Pr.Sci.Nat.). All are independent contractors of DRDGOLD.
They approved this information in writing before the publication of the report.

Page 11