|                                                  |  |  |
|--------------------------------------------------|--|--|
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION |

|         |                                                                                                                                        |  |  |  |  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934                                    |
| OR      |
| ☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 |
| OR      |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                          |
| OR      |
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|
| REPUBLIC OF SOUTH AFRICA(Jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Constantia Office Park Cnr 14th Avenue and Hendrik Potgieter Road Cycad House, Building 17, Ground Floor, Weltevreden Park, 1709, South Africa (Address of principal executive offices)Riaan Davel, Chief Financial Officer, Tel. no.+27 11 470 2600, Email riaan.davel@drdgold.comMpho Mashatola, Group Financial Manager Tel. no. +27 11 470 2600, Email mpho.mashatola@drdgold.com(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person) |

|                                                                    |                |                                                |  |  |  |  |  |  |
|--------------------------------------------------------------------|----------------|------------------------------------------------|--|--|--|--|--|--|
| Title of each class:                                           | Trading symbol | Name of each exchange on which registered: |
| American Depositary Shares, each  representing ten ordinary shares | DRD            | New York Stock Exchange                        |
| Ordinary shares                                                    |                | New York Stock Exchange*                       |

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|                   |                                                            |      |  |  |  |  |  |  |
|-------------------|------------------------------------------------------------|------|--|--|--|--|--|--|
| TABLE OF CONTENTS |
|                   |                                                            | Page |
| PART I            |
| ITEM 1.           | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS      | 6    |
| ITEM 2.           | OFFER STATISTICS AND EXPECTED TIMETABLE                    | 6    |
| ITEM 3.           | KEY INFORMATION                                            | 6    |
| 3A.               | [Reserved]                                         | 6    |
| 3B.               | Capitalization And Indebtedness                            | 6    |
| 3C.               | Reasons For The Offer And Use Of Proceeds                  | 6    |
| 3D.               | Risk Factors                                               | 6    |
| ITEM 4.           | INFORMATION ON THE COMPANY                                 | 19   |
| 4A.               | History And Development Of The Company                     | 19   |
| 4B.               | Business Overview                                          | 19   |
| 4C.               | Organizational Structure                                   | 25   |
| 4D.               | Property, Plant And Equipment                              | 25   |
| ITEM 4A.          | UNRESOLVED STAFF COMMENTS                                  | 36   |
| ITEM 5.           | OPERATING AND FINANCIAL REVIEW AND PROSPECTS               | 36   |
| 5A.               | Operating Results                                          | 36   |
| 5B.               | Liquidity And Capital Resources                            | 45   |
| 5C.               | Research And Development, Patents And Licenses, Etc        | 46   |
| 5D.               | Trend Information                                          | 46   |
| 5E.               | Critical Accounting Estimates                              | 49   |
| ITEM 6.           | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                 | 49   |
| 6A.               | Directors And Senior Management                            | 49   |
| 6B.               | Compensation                                               | 52   |
| 6C.               | Board Practices                                            | 58   |
| 6D.               | Employees                                                  | 61   |
| 6E.               | Share Ownership                                            | 62   |
| ITEM 7.           | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS          | 63   |
| 7A.               | Major Shareholders                                         | 63   |
| 7B.               | Related Party Transactions                                 | 64   |
| 7C.               | Interests Of Experts And Counsel                           | 64   |
| ITEM 8.           | FINANCIAL INFORMATION                                      | 65   |
| 8A.               | Consolidated statements And Other Financial Information    | 65   |
| 8B.               | Significant Changes                                        | 65   |
| ITEM 9.           | THE OFFER AND LISTING                                      | 66   |
| 9A.               | Offer And Listing Details                                  | 66   |
| 9B.               | Plan Of Distribution                                       | 66   |
| 9C.               | Markets                                                    | 66   |
| 9D.               | Selling Shareholders                                       | 66   |
| 9E.               | Dilution                                                   | 66   |
| 9F.               | Expenses Of The Issue                                      | 66   |
| ITEM 10.          | ADDITIONAL INFORMATION                                     | 66   |
| 10A.              | Share Capital                                              | 66   |
| 10B.              | Memorandum and articles of association                     | 66   |
| 10C.              | Material Contracts                                         | 69   |
| 10D.              | Exchange Controls                                          | 69   |
| 10E.              | Taxation                                                   | 71   |
| 10F.              | Dividends And Paying Agents                                | 74   |
| 10G.              | Statement By Experts                                       | 74   |
| 10H.              | Documents On Display                                       | 74   |
| 10I.              | Subsidiary Information                                     | 74   |
| ITEM 11.          | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 75   |

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|                   |                                                                              |      |  |  |  |  |  |  |
|-------------------|------------------------------------------------------------------------------|------|--|--|--|--|--|--|
| TABLE OF CONTENTS |
|                   |                                                                              | Page |
| PART II           |
| ITEM 12.          | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 76   |
| 12A.              | Debt Securities                                                              | 76   |
| 12B.              | Warrants and Rights                                                          | 76   |
| 12C.              | Other Securities                                                             | 76   |
| 12D               | American Depositary Shares                                                   | 76   |
| ITEM 13.          | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 78   |
| ITEM 14.          | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 78   |
| ITEM 15.          | CONTROLS AND PROCEDURES                                                      | 78   |
| ITEM 16.          | [RESERVED]                                                           | 78   |
| ITEM 16A.         | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 78   |
| ITEM 16B.         | CODE OF ETHICS                                                               | 79   |
| ITEM 16C.         | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 79   |
| ITEM 16D.         | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 79   |
| ITEM 16E.         | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 79   |
| ITEM 16F          | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT                                 | 79   |
| ITEM 16G.         | CORPORATE GOVERNANCE                                                         | 79   |
| ITEM 16H.         | MINE SAFETY DISCLOSURES                                                      | 80   |
| ITEM 16I.         | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS          | 80   |
|                   |                                                                              |      |
| PART III          |
| ITEM 17.          | FINANCIAL STATEMENTS                                                         | 81   |
| ITEM 18.          | FINANCIAL STATEMENTS                                                         | 81   |
| ITEM 19.          | EXHIBITS                                                                     | 81   |
|                   |                                                                              |      |
|                   | SIGNATURES                                                                   | 82   |

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3D. 
Risk Factors

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|                  |                       |                      |                        |  |  |  |  |  |  |  |  |
|------------------|-----------------------|----------------------|------------------------|--|--|--|--|--|--|--|--|
| Metric           | Imperial              | Imperial             | Metric                 |
| 1 metric tonne   | 1.10229 short tons    | 1 short ton          | 0.9072 metric tonnes   |
| 1 kilogram       | 2.20458 pounds        | 1 pound              | 0.4536 kilograms       |
| 1 gram           | 0.03215 troy ounces   | 1 troy ounce         | 31.10353 grams         |
| 1 kilometer      | 0.62150 miles         | 1 mile               | 1.609 kilometers       |
| 1 meter          | 3.28084 feet          | 1 foot               | 0.3048 meters          |
| 1 liter          | 0.26420 gallons       | 1 gallon             | 3.785 liters           |
| 1 hectare        | 2.47097 acres         | 1 acre               | 0.4047 hectares        |
| 1 centimeter     | 0.39370 inches        | 1 inch               | 2.54 centimeters       |
| 1 gram/tonne | 0.0292 ounces/ton | 1 ounce/ton      | 34.28 grams/tonnes |
| 0 degree Celsius | 32 degrees Fahrenheit | 0 degrees Fahrenheit | - 18 degrees Celsius   |

|                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |
|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Glossary of Terms and Explanations                                             |
|                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| The table below sets forth a glossary of terms used in this Annual Report: |
|                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Adjusted EBITDA                                                                | Adjusted EBITDA means earnings before interest, tax, depreciation, amortisation, share-based payment (benefit)/expense, change in estimate of environmental rehabilitation recognised in profit or loss, gain/(loss) on disposal of property, plant and equipment, gain/(loss) on financial instruments, IFRS 16 lease payments, exploration expenses and transaction costs, and retrenchment costs. This is a non-IFRS financial measure and should not be considered a substitute measure of net income reported by us in accordance with IFRS.                                                                                                                        |
| Administration expenses and other costs excluding non-recurring items          | Administration expenses and other costs excluding loss on disposal of property, plant and equipment and transaction costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| All-in sustaining costs                                                        | All-in sustaining costs is a measure on which guidance is provided by the World Gold Council and includes cash operating costs of production, plus movement in gold in process on a sales basis, corporate administration expenses and other (costs)/income, the accretion of rehabilitation costs and sustaining capital expenditure. Costs other than those listed above are excluded. All-in sustaining costs per kilogram are calculated by dividing total all-in sustaining costs by kilograms of gold produced. This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS. |
| All-in costs                                                                   | All-in costs is a measure on which guidance is provided by the World Gold Council and includes all-in sustaining costs, retrenchment costs, care and maintenance costs, ongoing rehabilitation expenditure, growth capital expenditure and capital recoupments. Costs other than those listed above are excluded. All-in costs per kilogram are calculated by dividing total all-in costs by kilograms of gold produced. This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS.                                                                                                  |
| Assaying                                                                       | The chemical testing process of rock samples to determine mineral content.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Brakpan/Withok final life design                                           | The Brakpan/Withok Tailings Storage Facility final life design is the engineering design that ultimately brings the tailings storage facility to its finality in terms of extent, operation, rehabilitation and management. The implemented final design would result in alignments with the Global Industry Standard on Tailings Management (“GISTM”) and regulatory bodies, increase deposition capacity, improve operation/management and bring about the sustainable closure of the facility.                                                                                                                                                                |
| $/oz                                                                       | US dollar per ounce.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Called gold content                                                            | The theoretical gold content of material processed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Care and maintenance costs                                                     | Costs to ensure that the Ore Reserves are open, serviceable and legally compliant after active mining activity at a shaft has ceased.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Cash operating costs                                                           | Cash operating costs of production are operating costs less ongoing rehabilitation expenses, care and maintenance costs and net other operating costs/(income). This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS.                                                                                                                                                                                                                                                                                                                                                       |
| Cash operating costs per kilogram                                              | Cash operating costs are operating costs incurred directly in the production of gold and include labor costs, contractor and other related costs, inventory costs and electricity costs. Cash operating costs per kilogram are calculated by dividing cash operating costs by kilograms of gold produced. This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS.                                                                                                                                                                                                                 |
| Cut‐off grade                                                            | The grade (i.e., the concentration of metal or mineral in rock) that distinguishes material deemed to have no economic value from material deemed to have economic value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| CIL Circuit                                                                    | Carbon-in-leach circuit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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|                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |
|----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Definitive Feasibility Study ("DFS") | A definitive engineering estimate of all costs, revenues, equipment requirements and production at a -5% to +10% level of accuracy. The study is used to define the economic viability of a project and to support the search for project financing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Depletion                                    | The decrease in the quantity of ore in a deposit or property resulting from extraction or production.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Deposition                                   | Deposition is the geological process by which material is added to a landform or land mass. Fluids such as wind and water, as well as sediment flowing via gravity, transport previously eroded sediment, which, at the loss of enough kinetic energy in the fluid, is deposited, building up layers of sediment. Deposition occurs when the forces responsible for sediment transportation are no longer sufficient to overcome the forces of particle weight and friction, creating a resistance to motion.                                                                                                                                                                                                                                                                                                       |
| Dilution                                     | Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Doré                                    | Unrefined gold and silver bullion bars consisting of approximately 90% precious metals which will be further refined to almost pure metal.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Footwall                                     | The underlying side of a stope or ore body.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Grade                                        | The amount of gold contained within auriferous material generally expressed in ounces per ton or grams per tonne of ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Growth capital expenditure                   | Capital additions that are not sustaining capital expenditure. This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| g/t                                      | Grams per tonne.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Indicated Mineral Resources                  | That part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated Mineral Resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated Mineral Resource has a lower level of confidence than the level of confidence of a measured Mineral Resource, an indicated Mineral Resource may only be converted to a probable Mineral Reserve.                                                                                                                                                                                  |
| Inferred Mineral Resources                   | That part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred Mineral Resource may not be considered when assessing the economic viability of a mining project and may not be converted to a Mineral Reserve.           |
| Measured Mineral Resources                   | That part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured Mineral Resource is sufficient to allow a qualified person to apply modifying factors, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured Mineral Resource has a higher level of confidence than the level of confidence of either an indicated Mineral Resource or an inferred Mineral Resource, a measured Mineral Resource may be converted to a proven Mineral Reserve or to a probable Mineral Reserve.                                                                                                  |
| Metallurgical plant                          | A processing plant (mill) erected to treat ore and extract the contained gold.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Mineral Reserves                             | An estimate of tonnage and grade or quality of indicated and measured Mineral Resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, the economically mineable part of a measured or indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mineral Resources                            | A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.                                                                                                                                                                                                              |
| Mine call factor                             | The gold content recovered expressed as a percentage of the called gold content.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Modifying factors                            | The factors that a qualified person must apply to indicated and measured Mineral Resources and then evaluate in order to establish the economic viability of Mineral Reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated Mineral Resources to proven and probable Mineral Reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project |
| Mt                                           | Million tons.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Ore                                          | A mixture of valuable and worthless materials from which the extraction of at least one mineral is technically and economically viable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Other operating costs / (income)         | Expenses incurred, and income generated in the course of operating activities, which are not directly attributable to production activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Operating costs                              | Operating costs are cost of sales less depreciation, change in estimate of rehabilitation provision, movement in gold in process and finished inventory – gold bullion, ongoing rehabilitation expenditure, care and maintenance, other operating income and retrenchment costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| oz/t                                     | Ounces per ton.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Prefeasibility study ("PFS") | A comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the modifying factors and the evaluation of any other relevant factors which are sufficient for a competent person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A prefeasibility study is at a lower confidence level than a feasibility study. |
| Proven Mineral Reserves              | The economically mineable part of a measured Mineral Resource and can only result from conversion of a measured Mineral Resource and can only result from conversion of a measured Mineral Resource.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Probable Mineral Reserves            | The economically mineable part of an indicated and in some cases, a measured Mineral Resource.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Qualified Person                     | An individual who is a mineral industry professional with at least 5 years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant, and an eligible member or licensee in a good standing of a recognized professional organization at the time the technical report is prepared.                                                                                                                                                                                                                                                                                                                                          |
| Refining                             | The final purification process of a metal or mineral.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Rehabilitation                       | The process of restoring mined land to a condition approximating its original state.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Reserves                             | That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Sediment                             | The deposition of solid fragmental material that originated from weathering of rocks and was transported from a source to a site of deposition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Slimes                               | The tailings discharged from a processing plant after the valuable minerals have been recovered.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Sustaining capital expenditure       | Sustaining capital expenditure are those capital additions that are necessary to maintain current gold production. This is a non‐IFRS financial measure and should not be considered a substitute measure of costs and expenses reported by us in accordance with IFRS.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T’000                          | Tonnes in thousands.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Tailings                             | Finely ground rock from which valuable minerals have been extracted by milling, or any waste rock, slimes or residue derived from any mining operation or processing of any minerals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Tailings facility                    | A dam created from waste material of processed ore after the economically recoverable gold has been extracted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Tonnage/Tonne                    | Quantities where the metric tonne is an appropriate unit of measure. Typically used to measure reserves of gold‐bearing material in‐situ or quantities of ore and waste material mined, transported or milled.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Tpm                                  | Tonne per month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Yield                                | The amount of recovered gold from production generally expressed in ounces or grams per ton or tonne of ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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|                                 |                                                                                                          |         |         |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|----------------------------------------------------------------------------------------------------------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|
|                                 | The following table sets out aggregate production for Ergo and FWGR for the last three fiscal years: |         |
| Total aggregate gold production | 2023                                                                                                     | 2022    | 2021    |
|                                 |                                                                                                          |         |         |  |
| Gold produced (ounces)          | 169,820                                                                                                  | 183,902 | 183,999 |

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|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------------------|--------------------|----------|---------|---------------|----------|----------|--------------|---------------|----------|--------------|---------|---------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| DRDGOLD's summary Mineral Resources (Exclusive of Mineral Reserves) are set forth in the tables below:                                                                                                                                                                                                                                                                                                                                                |
| Mineral Resources (Exclusive of Mineral Reserves) as of June 30, 2023                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Measured Resources | Indicated Resources | Inferred Resources | Total    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Tons               | Grade               | Gold Content       | Tons     | Grade   | Gold Content  | Tons     | Grade    | Gold Content | Tons          | Grade    | Gold Content |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (mill)             | (g/tonne)       | ('m ozs)           | (tonnes) | (mill)  | (g/tonne) | ('m ozs) | (tonnes) | (mill)       | (g/tonne) | ('m ozs) | (tonnes)     | (mill)  | (g/tonne) | ('m ozs) | (tonnes) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
| Ergo                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 66.04              | 0.26                | 0.55               | 17.17    | 375.41  | 0.25          | 3.06     | 93.85    | 21.32        | 0.24          | 0.16     | 5.12         | 462.77  | 0.27          | 3.77     | 116.14   |
| FWGR 1                                                                                                                                                                                                                                                                                                                                                                                                                                                    | —            | —             | —            | —  | — | —       | —  | —  | —      | —       | —  | —      | — | —       | —  | —  |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 66.04              | 0.26                | 0.55               | 17.17    | 375.41  | 0.25          | 3.06     | 93.85    | 21.32        | 0.24          | 0.16     | 5.12         | 462.77  | 0.27          | 3.77     | 116.14   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
| 1Mineral Resources when stated exclusive of Mineral Reserves amount to zero for FWGR, because all of the Mineral Resources will be exploited and converted to Mineral Reserves                                                                                                                                                                                                                                                                            |
| 2 For the fiscal year ended June 30, 2023, Mineral Resources increased by approximately 1% (2022: 3.73m ozs). The increase in Mineral Resources resulted from updated survey results.                                                                                                                                                                                                                                                                 |
| Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K.These Mineral Resources are stated inclusive of Mineral Reserves In situ Mineral Resource estimate reported according to S-K 1300 requirements No geological losses applied |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------|----------------|----------|--------|---------------|----------|----------|--------------|---------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| DRDGOLD's summary Mineral Reserves are set forth in the tables below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mineral Reserves as of June 30, 2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                 |                   |                |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Proved Reserves | Probable Reserves | Total Reserves |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Tons            | Grade             | Gold Content   | Tons     | Grade  | Gold Content  | Tons     | Grade    | Gold Content |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (mill)          | (g/tonne)     | ('m ozs)       | (tonnes) | (mill) | (g/tonne) | ('m ozs) | (tonnes) | (mill)       | (g/tonne) | ('m ozs) | (tonnes) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
| Ergo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 185.29          | 0.31              | 1.85           | 57.44    | 196.17 | 0.25          | 1.60     | 49.04    | 381.46       | 0.28          | 3.45     | 106.48   |
| FWGR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 208.99          | 0.33              | 2.20           | 68.58    | 12.88  | 0.33          | 0.14     | 4.24     | 221.87       | 0.33          | 2.34     | 72.83    |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 394.28          | 0.32              | 4.05           | 126.02   | 209.05 | 0.25          | 1.74     | 53.28    | 603.33       | 0.30          | 5.79     | 179.30   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
| Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.The Mineral Reserves constitute the feed to the gold plants The Mineral Reserves are stated at a price of ZAR1,081,261/kg The input studies are to a PFS level of accuracy No mining losses or dilution has been applied in the conversion process nor has a mine call factor been applied.Tons and grade Run-of-Mine (RoM) as delivered to the plantThe Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Reserves |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                               |           |           |      |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------|-----------|------|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The following table details certain production and financial results of Ergo for the past three fiscal years. |           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                               | 2023      | 2022      | 2021 |
| Production (imperial)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                               |           |           |
| Ore milled ('000 tons)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 17,334                                                                                                        | 22,111    | 22,952    |
| Recovered grade (oz/ton)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 0.008                                                                                                         | 0.006     | 0.006     |
| Gold produced (ounces)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 126,382                                                                                                       | 133,618   | 137,059   |
| Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                               |           |           |
| Revenue (R million)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 4,108.6                                                                                                       | 3,704.9   | 3,943.0   |
| Cost of sales (R million)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (3,320.2)                                                                                                     | (3,141.8) | (2,871.0) |
|   Cash operating costs (R million)1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (3,183.2)                                                                                                     | (3,009.8) | (2,666.5) |
|   Cash operating costs (R/kilogram)1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 809,199                                                                                                       | 718,676   | 629,585   |
|   All-in sustaining costs (R/kilogram) 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 895,741                                                                                                       | 826,891   | 704,503   |
|   All-in cost (R/kilogram) 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,041,733                                                                                                     | 848,683   | 717,755   |
| 1 Cash operating cost, cash operating costs per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram are financial measures of performance that we use to determine cash generating capacities of the mines and to monitor performance of our mining operations. These are all non-IFRS measures. For a reconciliation of these measures to the nearest IFRS measure see Item 5A.: “Operating Results - Reconciliation of cash cost per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.” |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                               |         |         |      |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------|---------|------|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | The following table details certain production and financial results of FWGR for the past three fiscal years. |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                               | 2023    | 2022    | 2021 |
| Production (imperial)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                               |         |         |
| Ore milled ('000 tons)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 5,698                                                                                                         | 6,078   | 6,159   |
| Recovered grade (oz/ton)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 0.008                                                                                                         | 0.008   | 0.008   |
| Gold produced (ounces)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 43,435                                                                                                        | 50,284  | 46,940  |
| Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                               |         |         |
| Revenue (R million)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1,387.7                                                                                                       | 1,413.6 | 1,326.0 |
| Cost of sales (R million)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (589.8)                                                                                                       | (592.1) | (517.2) |
|   Cash operating costs (R million)1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (504.9)                                                                                                       | (454.0) | (406.2) |
|   Cash operating costs (R/kilogram)1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 368,206                                                                                                       | 291,302 | 276,174 |
|   All-in sustaining costs (R/kilogram) 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 545,780                                                                                                       | 396,762 | 377,210 |
|   All-in cost (R/kilogram) 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 550,717                                                                                                       | 422,540 | 400,829 |
| 1Cash operating cost, cash operating costs per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram are financial measures of performance that we use to determine cash generating capacities of the mines and to monitor performance of our mining operations. These are all non IFRS measures. For a reconciliation of these measures to the nearest IFRS measure see Item 5A.: “Operating Results - Reconciliation of cash cost per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.” |

|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Licenses to Operate | All the licenses, permits, permissions, management plans and reports, as well as amendments, variations or modifications thereof from time to time necessary for Sibanye-Stillwater to operate the WRTRP Assets lawfully.                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Access Rights       | The grant of access to DRDGOLD of the:·  Driefontein 10 shaft;·  Kloof 10 shaft located in the Kloof mining area that is subject to the Kloof Mining Right, for the purpose of pumping and  supplying, at the cost of WRTRP, the required quantities of water, as licensed, for the WRTRP Assets;·  rights, servitudes and agreements for installation, supply and distribution and maintenance of power supply; existing and proposed pipeline routes; servitudes; wayleaves and surface right permits; and·  Driefontein 1 Gold Plant for the purpose of accessing the Pilot Plant. |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------------------|--------------------|----------|---------|---------------|----------|----------|--------------|---------------|----------|--------------|---------|---------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| DRDGOLD's summary Mineral Resources (Exclusive of Mineral Reserves) are set forth in the tables below:                                                                                                                                                                                                                                                                                                                                                |
| Mineral Resources (Exclusive of Mineral Reserves) as of June 30, 2023                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Measured Resources | Indicated Resources | Inferred Resources | Total    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Tons               | Grade               | Gold Content       | Tons     | Grade   | Gold Content  | Tons     | Grade    | Gold Content | Tons          | Grade    | Gold Content |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (mill)             | (g/tonne)       | ('m ozs)           | (tonnes) | (mill)  | (g/tonne) | ('m ozs) | (tonnes) | (mill)       | (g/tonne) | ('m ozs) | (tonnes)     | (mill)  | (g/tonne) | ('m ozs) | (tonnes) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
| Ergo                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 66.04              | 0.26                | 0.55               | 17.17    | 375.41  | 0.25          | 3.06     | 93.85    | 21.32        | 0.24          | 0.16     | 5.12         | 462.77  | 0.27          | 3.77     | 116.14   |
| FWGR 1                                                                                                                                                                                                                                                                                                                                                                                                                                                    | —            | —             | —            | —  | — | —       | —  | —  | —      | —       | —  | —      | — | —       | —  | —  |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 66.04              | 0.26                | 0.55               | 17.17    | 375.41  | 0.25          | 3.06     | 93.85    | 21.32        | 0.24          | 0.16     | 5.12         | 462.77  | 0.27          | 3.77     | 116.14   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                    |                     |                    |          |         |               |          |          |              |               |          |              |         |               |          |          |
| 1Mineral Resources when stated exclusive of Mineral Reserves amount to zero for FWGR, because all of the Mineral Resources will be exploited and converted to Mineral Reserves                                                                                                                                                                                                                                                                            |
| Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K.These Mineral Resources are stated inclusive of Mineral Reserves In situ Mineral Resource estimate reported according to S-K 1300 requirements No geological losses applied |

|                            |           |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------|-----------|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                            | ERGO      | FWGR      |  |
| Cut-off assumptions        |           |           |
| Gold price (R)             | 1 081 261 | 1 081 261 |
| Working cost (R/tonne) | 101.99    | 97.08     |
| Plant recovery (%)         | 41.00     | 53.00     |
| Mine call factor (%)       | 100       | 100       |
| Cut-off grade (g/t)    | 0.23      | 0.17      |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------|----------------|----------|--------|---------------|----------|----------|--------------|---------------|----------|----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| DRDGOLD's summary Mineral Reserves are set forth in the tables below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mineral Reserves as of June 30, 2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                 |                   |                |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Proved Reserves | Probable Reserves | Total Reserves |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Tons            | Grade             | Gold Content   | Tons     | Grade  | Gold Content  | Tons     | Grade    | Gold Content |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (mill)          | (g/tonne)     | ('m ozs)       | (tonnes) | (mill) | (g/tonne) | ('m ozs) | (tonnes) | (mill)       | (g/tonne) | ('m ozs) | (tonnes) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
| Ergo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 185.29          | 0.31              | 1.85           | 57.44    | 196.17 | 0.25          | 1.60     | 49.04    | 381.46       | 0.28          | 3.45     | 106.48   |
| FWGR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 208.99          | 0.33              | 2.20           | 68.58    | 12.88  | 0.33          | 0.14     | 4.24     | 221.87       | 0.33          | 2.34     | 72.83    |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 394.28          | 0.32              | 4.05           | 126.02   | 209.05 | 0.25          | 1.74     | 53.28    | 603.33       | 0.30          | 5.79     | 179.30   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                 |                   |                |          |        |               |          |          |              |               |          |          |
| Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.The Mineral Reserves constitute the feed to the gold plants The Mineral Reserves are stated at a price of ZAR1,081,261/kg The input studies are to a PFS level of accuracy No mining losses or dilution has been applied in the conversion process nor has a mine call factor been applied.Tons and grade Run-of-Mine (RoM) as delivered to the plantThe Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Reserves |

|                                                                            |          |                  |                 |                       |      |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|----------|------------------|-----------------|-----------------------|------|--|--|--|--|--|--|--|--|--|--|--|--|
| Key parameters used in the determination of Mineral Reserves June 30, 2023 |
|                                                                            | Recovery | Mine call factor | Operating costs | Average cut-off grade |      |
|                                                                            | %        | %                | R/t         | g/t               |      |
|                                                                            |          |                  |                 |                       |      |
| Ergo                                                                       | 41       | 100         |                 | 101.99                | 0.23 |  |
| FWGR                                                                       | 53       | 100         |                 | 97.08                 | 0.17 |  |

|                                                                                                                                                                                      |             |                    |                 |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--------------------|-----------------|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                      | Tonnes (Mt) | Grade Au (g/t) | Au Ounces (Moz) |
| Mineral Reserves as at June 30, 2022                                                                                                                                                 | 622.37      | 0.30               | 6.04            |
| Depletion of Mineral Reserves – Ergo                                                                                                                                           | (15.05)     | 0.33               | (0.16)          |
| Survey adjustments - Ergo                                                                                                                                                            | 3.50        | 0.30               | 0.02            |
|                                                                                                                                                                                      |             |                    |                 |
|                                                                                                                                                                                      |             |                    |                 |
|                                                                                                                                                                                      |             |                    |                 |
| Depletion of Mineral Reserves – FWGR                                                                                                                                           | (7.51)      | 0.48               | (0.11)          |
| Mineral Reserves at June 30, 2023                                                                                                                                                    | 603.31      | 0.30               | 5.79            |
| The figures contained in the table are rounded, which may result in minor computational discrepancies which are not deemed to be significant. Depletion based on block model surveys |

----

|                               |                               |  |  |  |  |
|-------------------------------|-------------------------------|--|--|--|--|
| Year ended June 30, 2023      | Gold price                    |
| Rand gold price per kilogram  | 1,081,261                     |
| Dollar gold price per ounce   | 1,934                         |
| ZAR/USD rate              | 17.39                         |
|                               |                               |
| Year ended June 30, 2022      | Three-year average gold price |
| Rand gold price per kilogram  | 914,294                       |
| Dollar gold price per ounce   | 1,823                         |
| Ore Reserves (million ounces) | 15.60                         |

|                                            |                                                      |                                                      |                                                      |                           |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|------------------------------------------------------|------------------------------------------------------|------------------------------------------------------|---------------------------|--|--|--|--|--|--|--|--|--|--|
| Qualified Persons                          | Title                                                | Address                                              | Qualifications                                       | Relevant years Experience |
| Mpfariseni Mudau Pr.Sci.Nat. 400305/12 | Director of The RVN Group Proprietary Limited        | Willowbrook Villas 21, Van Hoof St, Roodepoort, 1724 | BSc (Hons) – Geology, MSc (Mining Engineering) | 17                        |
| Professor Steven Rupprecht FSAIMM 701013   | Associate Principal Mining Engineer of the RVN Group | Willowbrook Villas 21, Van Hoof St, Roodepoort, 1724 | BSc. Mining Engineering PhD. Mechanical Engineering  | 36                        |
| Diana van BurenPr.Sci.Nat. 400107/14   | Partner of Sound Mining Solution Proprietary Limited | Sound Mining House, 2A Fifth Avenue, Rivonia, 2128   | BSc (Hons) – Geology                           | 17                        |
| Vaughn DukePr. Eng 940314 FSAIMM 37179     | Partner of Sound Mining Solution Proprietary Limited | Sound Mining House, 2A Fifth Avenue, Rivonia, 2128   | BSc Mining Engineering (Hons), MBA                   | 38                        |

----

----

----

|                                                |                  |                  |               |  |  |  |  |  |  |  |  |
|------------------------------------------------|------------------|------------------|---------------|--|--|--|--|--|--|--|--|
|                                                | 2023 fiscal year | 2022 fiscal year | Change        |
|                                                | $ per ounce      | $ per ounce      | %             |
| Closing gold spot price on June 30,            | 1,920            | 1,807            | 6             |
| Lowest gold spot price during the fiscal year  | 1,614            | 1,684            | (4)           |
| Highest gold spot price during the fiscal year | 2,072            | 2,070            | —       |
| Average gold spot price for the fiscal year    | 1,831            | 1,834            | —  |  |
|                                                |                  |                  |               |

----

|                                                                               |                   |      |      |  |     |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|-------------------|------|------|--|-----|--|--|--|--|--|--|
|                                                                               | Fiscal year ended |
| Year ended June 30,                                                           | 2023              | 2022 | 2021 |
| (%)                                                                           | (%)               | (%)  |
| The average rand/dollar exchange rate weakened/(strengthened) by: | 17           |      | (1)  |  | (2) |
| CPI (inflation rate)                                                          | 5.4               | 7.4  | 4.9  |
|                                                                               |                   |      |      |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|---------|--|--|--|--|--|--|
| Financial and operating data                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                     |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Year ended June 30, |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2023                | 2022    |
| Revenue (R'm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 5,496.3             | 5,118.5 |
| Gold production (ounces)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 169,820             | 183,902 |
| Gold production (kilograms)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5,282               | 5,720   |
| Gold sold (ounces)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 169,531             | 183,709 |
| Gold sold (kilograms)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5,273               | 5,714   |
| Average spot gold price (R/kilogram)                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,045,472           | 896,877 |
| Average gold price received (R/kilogram)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1,041,102           | 894,409 |
| Cost of sales (R'm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 3,911.0             | 3,741.5 |
| Operating costs (R'm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3,711.4             | 3,506.5 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
| Cash operating costs (R'm) (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3,688.1             | 3,463.8 |
| Cash operating costs (R/kilogram) (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 697,382             | 600,875 |
| All-in sustaining costs (R/kilogram) (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 827,148             | 721,684 |
| All-in costs (R/kilogram) (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 937,525             | 746,255 |
| Additions to property, plant and equipment (R'm)                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,030.9             | 598.4   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                     |         |
| (1) Cash operating costs, cash operating costs per kilogram, all-in sustaining costs, all-in sustaining costs per kilogram and all-in costs and all-in costs per kilogram are non-IFRS financial measures of performance that we use to monitor performance. A reconciliation of these measures to the nearest IFRS measure is included in Item 5A.: “Operating Results - Reconciliation of cash cost per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.” |

----

----

----

|                                              |                                   |          |            |            |            |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|-----------------------------------|----------|------------|------------|------------|--|--|--|--|--|--|--|--|--|
| Amounts in R million                         | Observable/unobservable input | Unit     | 2023       | 2022       |
|                                              |                                   |          |            |            |
|                                              |                                   |          |            |            |
| Rand Refinery operations                     |                                   |          |            |            |
|                                              |                                   |          |            |            |
| Forecast average gold price                  | Observable input                  | R/kg | 1,060,562  | 880,207    |
| Forecast average silver price                | Observable input                  | R/kg | 13,460     | 11,209     |
| Average South African CPI                    | Observable input                  | %        | 4.5   |            | 4.4   |  |
| South African long-term government bond rate | Observable input                  | %        | 10.5  |            | 10.3  |  |
| Terminal growth rate                         | Unobservable input                | %        | 4.5   |            | 4.4   |  |
| Weighted average cost of capital             | Unobservable input                | %        | 17.0  |            | 15.9  |  |
|                                              |                                   |          |            |            |
| Investment in Prestige Bullion               |                                   |          |            |            |
|                                              |                                   |          |            |            |
| Discount period                              | Unobservable input                | years    | 10         | 11         |
| Cost of equity                               | Unobservable input                | %        | 17.0       | 14.2  |            |
|                                              |                                   |          |            |            |

|              |              |                                         |                                |            |         |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------|--------------|-----------------------------------------|--------------------------------|------------|---------|--|--|--|--|--|--|--|--|--|--|--|--|
| R million    | Total        | Impact of change in amount of gold sold | Impact of change in gold price | Net change | Total   |
| gold revenue | gold revenue |
| 2022         | 2023         |
| Ergo         | 3,700.1      | (181.5)                                 | 585.9                          | 404.4      | 4,104.5 |
| FWGR         | 1,410.6      | (213.1)                                 | 187.7                          | (25.4)     | 1,385.2 |
| Consolidated | 5,110.7      | (394.6)                                 | 773.6                          | 379.0      | 5,489.7 |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |
|              |              |                                         |                                |            |         |

----

----

|                                                                                                    |                     |         |  |  |  |  |  |  |
|----------------------------------------------------------------------------------------------------|---------------------|---------|--|--|--|--|--|--|
|                                                                                                    | Year ended, June 30 |
| Reconciliation of adjusted EBITDA                                                                  | 2023                | 2022    |
| Profit for the year                                                                                | 1,281.4             | 1,123.8 |
| Income tax                                                                                         | 405.0               | 334.3   |
|                                                                                                    |                     |         |
| Profit before tax                                                                                  | 1,686.4             | 1,458.1 |
| Finance expense                                                                                    | 70.7                | 74.8    |
| Finance income                                                                                     | (334.3)             | (225.8) |
| Results from operating activities                                                                  | 1,422.8             | 1,307.1 |
| Depreciation                                                                                       | 217.5               | 267.6   |
| Share based payment expense                                                                        | 22.0                | 18.4    |
| Change in estimate of environmental rehabilitation recognised in profit or loss                    | (7.1)               | (2.2)   |
| Gain on disposal of property, plant and equipment                                                  | (10.3)              | (6.6)   |
| IFRS 16 Lease payments                                                                             | (16.9)              | (23.8)  |
| Exploration expenses and transaction costs                                                         | 4.6                 | 15.2    |
| Adjusted earnings before interest, tax depreciation and amortisation ("Adjusted EBITDA") 1 | 1,632.6             | 1,575.7 |
|                                                                                                    |                     |         |
| 1 See Glossary of Terms for definitions.                                                           |                     |         |

----

|                                                                                                                                                                                      |         |  |         |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--|---------|--|--|--|--|--|--|--|
| Reconciliation of cash operating costs, cash operating costs per kilogram, all-in sustaining costs, all-in sustaining costs per kilogram, all-in costs and all-in costs per kilogram |         |  |         |  |
| R millions                                                                                                                                                                           | 2023    |  | 2022    |  |
| Cost of sales                                                                                                                                                                        | 3,911.0 |  | 3,741.5 |  |
| Depreciation                                                                                                                                                                         | (217.5) |  | (267.6) |  |
| Change in estimate of environmental rehabilitation                                                                                                                                   | 7.1     |  | 2.2     |  |
| Movement in gold in process                                                                                                                                                          | 10.8    |  | 30.4    |  |
| Operating costs                                                                                                                                                                      | 3,711.4 |  | 3,506.5 |  |
| Ongoing rehabilitation expenditure                                                                                                                                                   | (26.8)  |  | (31.6)  |  |
| Care and maintenance costs                                                                                                                                                           | (0.4)   |  | (5.9)   |  |
| Other operating income/(costs)                                                                                                                                                   | 3.9     |  | (5.2)   |  |
| Cash operating costs 1                                                                                                                                                               | 3,688.1 |  | 3,463.8 |  |
| Movement in gold in process                                                                                                                                                          | (10.8)  |  | (30.4)  |  |
| Administration expenses and other costs excluding non-recurring items 1                                                                                                              | 172.2   |  | 146.0   |  |
| Other operating income/(costs)                                                                                                                                                   | (3.4)   |  | 5.1     |  |
| Change in estimate of environmental rehabilitation                                                                                                                                   | (7.1)   |  | (2.2)   |  |
| Unwinding of rehabilitation provision                                                                                                                                                | 46.2    |  | 45.0    |  |
| Sustaining capital expenditure 1                                                                                                                                                     | 476.3   |  | 496.4   |  |
| All-in sustaining costs 1                                                                                                                                                            | 4,361.5 |  | 4,123.7 |  |
| Care and maintenance costs                                                                                                                                                           | 0.4     |  | 5.9     |  |
| Ongoing rehabilitation expenditure                                                                                                                                                   | 26.8    |  | 31.6    |  |
| Exploration expenses and transaction costs                                                                                                                                           | 0.2     |  | 15.2    |  |
| Growth capital expenditure 1                                                                                                                                                         | 554.6   |  | 87.7    |  |
| All-in costs 1                                                                                                                                                                       | 4,943.5 |  | 4,264.1 |  |
| Gold produced (kilograms)                                                                                                                                                            | 5,282   |  | 5,720   |  |
| Cash operating costs per kilogram (R per kilogram)                                                                                                                                   | 697,382 |  | 600,875 |  |
| All-in sustaining costs per kilogram (R per kilogram)                                                                                                                                | 827,148 |  | 721,684 |  |
| All-in costs per kilogram (R per kilogram)                                                                                                                                           | 937,525 |  | 746,255 |  |
|                                                                                                                                                                                      |         |  |         |  |
| Reconciliation of sustaining capital expenditure and growth capital expenditure                                                                                                      |         |  |         |  |
| Additions - property, plant and equipment owned                                                                                                                                      | 1,030.9 |  | 584.1   |  |
| Less                                                                                                                                                                                 |         |  |         |  |
| Growth capital expenditure 1                                                                                                                                                         | 554.6   |  | 87.7    |  |
| Sustaining capital expenditure 1                                                                                                                                                     | 476.3   |  | 496.4   |  |
|                                                                                                                                                                                      |         |  |         |  |
| 1See Glossary of Terms for definitions.                                                                                                                                              |         |  |         |  |

----

|           |                      |                                |                           |            |                      |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------|----------------------|--------------------------------|---------------------------|------------|----------------------|--|--|--|--|--|--|--|--|--|--|--|--|
| R million | Cash operating costs | Impact of change in throughput | Impact of change in costs | Net change | Cash operating costs |
| 2022      | 2023                 |
| Ergo      | 3,009.8              | (650.3)                        | 823.7                     | 173.4      | 3,183.2              |
| FWGR      | 454.0                | (28.4)                         | 79.2                      | 50.9       | 504.9                |
| Total     | 3,463.8              | (678.7)                        | 902.9                     | 224.3      | 3,688.1              |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |
|           |                      |                                |                           |            |                      |

|                               |             |      |          |            |      |                               |          |   |          |   |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|-------------|------|----------|------------|------|-------------------------------|----------|---|----------|---|--|--|--|--|--|--|--|--|--|--|
|                               | Ergo        |      |          | FWGR       |
|                               | Years ended |      |          | Year ended |
| Costs                         | 2023        | 2022 |          | Costs      | 2023 | 2022                          |
| Consumables                   | 32     | %    | 29  | %          |      | Consumables                   | 35  | % | 32  | % |
| Labor                         | 18     | %    | 18  | %          |      | Labor                         | 20  | % | 21  | % |
| Electricity and water         | 17     | %    | 18  | %          |      | Specialized service providers | 16  | % | 9   | % |
| Specialized service providers | 19     | %    | 16  | %          |      | Electricity and water         | 8   | % | 19  | % |
| Machine hire                  | 4      | %    | 4   | %          |      | Machine hire                  | 3   | % | 2   | % |
| Security expenses             | 4      | %    | 4   | %          |      | Security expenses             | 5   | % | 5   | % |
| Other costs                   | 6      | %    | 11  | %          |      | Other costs                   | 14  | % | 12  | % |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |
|                               |             |      |          |            |      |                               |

----

|                                                                                             |         |  |  |  |  |
|---------------------------------------------------------------------------------------------|---------|--|--|--|--|
| Reconciliation of budgeted cost of sales to budgeted cash operating costs (R’million) |         |
|                                                                                             |         |
| Cost of sales                                                                               | 4,371.8 |
| Reconciling items 1                                                                         | (307.6) |
| Cash operating costs 2                                                                      | 4,064.2 |

----

|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|--------------------|---------------|----------|----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  |                                                                                                                                                                                                                                                                                  |                  | Quarter ended      | Quarter ended |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  | September 30, 2023 | June 30, 2023 | % change |    |  |  |  |
|  | Production                                                                                                                                                                                                                                                                       |                  |                    |               |          |    |  |  |  |
|  | Gold produced                                                                                                                                                                                                                                                                    | kg               | 1,284              | 1,222         | 5   | %  |  |  |  |  |
|  |                                                                                                                                                                                                                                                                                  | oz               | 41,281             | 39,288        | 5   | %  |  |  |  |  |
|  | Gold sold                                                                                                                                                                                                                                                                        | kg               | 1,267              | 1,222         | 4   | %  |  |  |  |  |
|  |                                                                                                                                                                                                                                                                                  | oz               | 40,735             | 39,288        | 4   | %  |  |  |  |  |
|  | Ore milled                                                                                                                                                                                                                                                                       | Metric (000't)   | 5,632              | 4,972         | 13  | %  |  |  |  |  |
|  | Yield                                                                                                                                                                                                                                                                            | Metric (g/t) | 0.228              | 0.246         | (7  | %) |  |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  | Reconciliation of adjusted EBITDA (R'million)                                                                                                                                                                                                                                    |                  |                    |               |          |    |  |  |
|  | Profit for the period                                                                                                                                                                                                                                                            |                  | 257.3              | 258.2         |          |    |  |  |  |
|  | Income tax                                                                                                                                                                                                                                                                       |                  | 80.4               | 232.0         |          |    |  |  |  |
|  | Profit before tax                                                                                                                                                                                                                                                                |                  | 337.7              | 490.2         |          |    |  |  |  |
|  | Finance expense                                                                                                                                                                                                                                                                  |                  | 17.2               | 21.4          |          |    |  |  |  |
|  | Finance income                                                                                                                                                                                                                                                                   |                  | (64.2)             | (107.4)       |          |    |  |  |  |
|  | Results from operating activities                                                                                                                                                                                                                                                |                  | 290.7              | 404.2         |          |    |  |  |  |
|  | Depreciation                                                                                                                                                                                                                                                                     |                  | 72.2               | 57.6          |          |    |  |  |  |
|  | Share based payment expense                                                                                                                                                                                                                                                      |                  | 6.3                | 5.7           |          |    |  |  |  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss                                                                                                                                                                                                  |                  | —            | (7.1)         |          |    |  |  |  |
|  | Gain on disposal of property, plant and equipment                                                                                                                                                                                                                                |                  | —            | (10.3)        |          |    |  |  |  |
|  | Loss on disposal of property, plant and equipment                                                                                                                                                                                                                                |                  | 0.1                | —       |          |    |  |  |  |
|  | IFRS 16 Lease payments 1                                                                                                                                                                                                                                                         |                  | (4.5)              | (4.5)         |          |    |  |  |  |
|  | Exploration expenses and transaction costs                                                                                                                                                                                                                                       |                  | 1.0                | 1.4           |          |    |  |  |  |
|  | Adjusted EBITDA 1,2*                                                                                                                                                                                                                                                             |                  | 365.8              | 447.0         |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  | 1The amended RCF includes IFRS 16 lease payments in the calculation of the adjusted EBITDA                                                                                                                                                                                       |                  |                    |               |          |
|  | 2See Glossary of Terms for definitions.                                                                                                                                                                                                                                          |                  |                    |               |          |    |  |  |  |
|  | * The adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as substitute for other measures of financial performance and liquidity |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  | Reconciliation of cash operating costs, cash operating costs per kilogram, all-in sustaining costs, all-in sustaining costs per kilogram, all-in costs and all-in costs per kilogram(R'millions)                                                                                 |                  |                    |               |          |    |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |
|  | Cost of sales                                                                                                                                                                                                                                                                    |                  | 1,121.5            | 1,007.2       |          |    |  |  |  |
|  | Depreciation                                                                                                                                                                                                                                                                     |                  | (72.2)             | (57.6)        |          |    |  |  |  |
|  | Change in estimate of environmental rehabilitation                                                                                                                                                                                                                               |                  | —            | 7.1           |          |    |  |  |  |
|  | Movement in gold in process                                                                                                                                                                                                                                                      |                  | 24.5               | 5.9           |          |    |  |  |  |
|  | Operating costs                                                                                                                                                                                                                                                                  |                  | 1,073.8            | 962.6         |          |    |  |  |  |
|  | Ongoing rehabilitation expenditure                                                                                                                                                                                                                                               |                  | (3.5)              | (6.8)         |          |    |  |  |  |
|  | Care and maintenance costs                                                                                                                                                                                                                                                       |                  | (0.1)              | 0.3           |          |    |  |  |  |
|  | Other operating income/(costs)                                                                                                                                                                                                                                               |                  | 0.3                | 3.2           |          |    |  |  |  |
|  | Cash operating costs 1                                                                                                                                                                                                                                                           |                  | 1,070.5            | 959.3         |          |    |  |  |  |
|  | Movement in gold in process                                                                                                                                                                                                                                                      |                  | (24.5)             | (5.9)         |          |    |  |  |  |
|  | Administration expenses and other costs excluding non-recurring items 1                                                                                                                                                                                                          |                  | 50.1               | 51.8          |          |    |  |  |  |
|  | Other operating (income)/Costs                                                                                                                                                                                                                                               |                  | 1.3                | (3.3)         |          |    |  |  |  |
|  | Change in estimate of environmental rehabilitation                                                                                                                                                                                                                               |                  | —            | (7.0)         |          |    |  |  |  |
|  | Unwinding of rehabilitation provision                                                                                                                                                                                                                                            |                  | 14.2               | 6.5           |          |    |  |  |  |
|  | Sustaining capital expenditure 1                                                                                                                                                                                                                                                 |                  | 93.3               | 125.0         |          |    |  |  |  |
|  | All-in sustaining costs 1                                                                                                                                                                                                                                                        |                  | 1,204.9            | 1,126.4       |          |    |  |  |  |
|  | Care and maintenance costs                                                                                                                                                                                                                                                       |                  | 0.1                | (0.3)         |          |    |  |  |  |
|  | Ongoing rehabilitation expenditure                                                                                                                                                                                                                                               |                  | 3.5                | 6.8           |          |    |  |  |  |
|  | Exploration expenses and transaction costs                                                                                                                                                                                                                                       |                  | —            | (3.0)         |          |    |  |  |  |
|  | Growth capital expenditure 1                                                                                                                                                                                                                                                     |                  | 182.4              | 276.3         |          |    |  |  |  |
|  | All-in costs 1                                                                                                                                                                                                                                                                   |                  | 1,390.9            | 1,406.2       |          |    |  |  |  |
|  |                                                                                                                                                                                                                                                                                  |                  |                    |               |          |    |  |  |  |

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|  |                             |  |            |                    |               |               |    |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------|--|------------|--------------------|---------------|---------------|----|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  |                             |  |            | Quarter ended      | Quarter ended |               |
|  |                             |  |            | September 30, 2023 | June 30, 2023 | % change      |
|  | Price and costs             |  |            |                    |               |               |
|  | Average gold price received |  | R per kg   | 1,154,771          | 1,181,488     | (2       | %) |
|  |                             |  | US$ per oz | 1,927              | 1,968         | (2       | %) |
|  | Cash operating costs        |  | R/t    | 190                | 193           | (2       | %) |
|  |                             |  | US$/t  | 10                 | 10            | —  | %  |
|  | Cash operating costs        |  | R per kg   | 825,630            | 780,054       | 6        | %  |
|  |                             |  | US$ per oz | 1,378              | 1,299         | 6        | %  |
|  | All-in sustaining costs **  |  | R per kg   | 951,008            | 921,603       | 3        | %  |
|  |                             |  | US$ per oz | 1,587              | 1,535         | 3        | %  |
|  | All-in cost **              |  | R per kg   | 1,097,718          | 1,150,641     | (5       | %) |
|  |                             |  | US$ per oz | 1,832              | 1,916         | (4       | %) |
|  |                             |  |            |                    |               |               |
|  |                             |

|  |                                                      |  |      |       |       |               |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|------------------------------------------------------|--|------|-------|-------|---------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Capital expenditure                                  |  |      |       |       |               |
|  | Sustaining                                           |  | Rm   | 93.3  | 125.0 | (25)          | % |
|  |                                                      |  | US$m | 5.0   | 6.7   | (25)          | % |
|  | Non-sustaining/growth                            |  | Rm   | 182.4 | 276.3 | (34)          | % |
|  |                                                      |  | US$m | 9.8   | 14.8  | (34)          | % |
|  | Average R/US$ exchange rate                      |  |      | 18.64 | 18.68 | —  | % |
|  |                                                      |  |      |       |       |               |
|  | Reconciliation of sustaining capital expenditure     |  |      |       |       |               |
|  | Additions - property, plant and equipment owned      |  |      | 275.7 | 401.3 |               |
|  | Less                                                 |  |      |       |       |               |
|  |     Growth capital expenditure 1 |  |      | 182.4 | 276.3 |               |
|  | Sustaining capital expenditure 1                     |  |      | 93.3  | 125.0 |               |
|  |                                                      |  |      |       |       |               |
|  | 1See Glossary of Terms for definitions.              |  |      |       |       |               |
|  |                                                      |  |      |       |       |               |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------------------------------------------------------|--------------------------------------------------------------|------------------------------------------------|------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | The following table sets forth the compensation for our directors and prescribed officers for the year ended June 30, 2023.                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | The disclosure detailed in this table is consistent with the disclosure requirements of the Companies Act, 2008 (Act 71 of 2008) and the JSE Listings Requirements. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Directors / Prescribed Officer                                                                                                                                  | Total remuneration recognised during the year | Short-Term Incentives recognised related to this cycle | Discretionary Short-Term Incentives related to this cycle(1) | Long-term Incentives settled during this cycle | Total remuneration related to this cycle |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | R'000                                                                                                                                                               | R'000                                         | R'000                                                  | R'000                                                        | R'000                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Executive directors                                                                                                                                                 |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | D J Pretorius                                                                                                                                                       | 8,167                                         | 7,732                                                  | 1,317                                                        | 6,114                                          | 23,330                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | A J Davel                                                                                                                                                           | 5,072                                         | 4,778                                                  | 814                                                          | 2,959                                          | 13,623                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     | 13,239                                        | 12,510                                                 | 2,131                                                        | 9,074                                          | 36,953                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Non-executive directors                                                                                                                                             |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | T J Cumming                                                                                                                                                         | 1,633                                         | —                                                | —                                                      | —                                        | 1,633                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | E A Jeneker                                                                                                                                                         | 925                                           | —                                                | —                                                      | —                                        | 925                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | J A Holtzhausen                                                                                                                                                     | 823                                           | —                                                | —                                                      | —                                        | 823                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | T B V N Mnyango                                                                                                                                                     | 773                                           | —                                                | —                                                      | —                                        | 773                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | J J Nel                                                                                                                                                             | 860                                           | —                                                | —                                                      | —                                        | 860                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | K P Lebina                                                                                                                                                          | 849                                           | —                                                | —                                                      | —                                        | 849                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | C D Flemming                                                                                                                                                        | 806                                           | —                                                | —                                                      | —                                        | 806                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     | 6,669                                         | —                                                | —                                                      | —                                        | 6,669                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Prescribed officers (2)                                                                                                                                             |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | W J Schoeman                                                                                                                                                        | 4,815                                         | 4,778                                                  | 814                                                          | 2,959                                          | 13,366                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | E Beukes                                                                                                                                                            | 1,511                                         | —                                                | —                                                      | 437                                            | 1,948                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     | 6,326                                         | 4,778                                                  | 814                                                          | 3,396                                          | 15,314                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Total                                                                                                                                                               | 26,235                                        | 17,288                                                 | 2,945                                                        | 12,470                                         | 58,936                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |
| (1) Awarded after June 30, 2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (2) The Companies Act, 2008 (Act 71 of 2008), under section 30, requires the remuneration of prescribed officers, as defined in regulation 38 of Company Regulations 2008, to be disclosed with that of directors of the company. A person is a prescribed officer if they have general executive authority over the company, general responsibility for the financial management or management of legal affairs, general managerial authority over the operations of the company or directly or indirectly exercise or significantly influence the exercise of control over the general management and administration of the whole or a significant portion of the business and activities of the company. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                     |                                               |                                                        |                                                              |                                                |                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Also see Item 6E. Share Ownership for details of share options held by directors.                                                                                   |

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|                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                       |  |  |  |  |  |  |
|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Single incentive plan             |
|                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Components and determination: | Single Incentive = Free Cash Flow Portion + Scorecard Portionwhereby:Free Cash Flow Portion = free cash flow for the relevant financial year x 10% x personal share*.Scorecard Portion = cost-to-company x scorecard on-target percentage x performance multiplier.*The personal share of the Free Cash Flow pool is capped at 50% of cost to Company. Personal share determined jointly by the chief Executive Officer and the Chief Financial Officer and approved by Remco |
| Participants                      | Full time employees from category 19 to 26 excluding non-executive directors.                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Pay-out form                      | Cash payment (short-term component)Cash payment = Single Incentive x 67%;                                                                                                                                                                                                                                                                                                                                                                                                             | DRD Gold Shares (long-term component)Deferred DRDGOLD shares =Single Incentive x 33% + any approved retention award.                                                                                                              |
| Pay-out period                    | Settled annually for all employees                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Vesting over 5 years at 20% per annum for Category 25 and 26 (F band) and over 3 years at 33% per year for Category 19 to 24 (E and D band) participants, without further performance conditions and subject to continued employment. |
| Basis of award                    | Group and individual scorecards for initial award. Business unit scorecard to be introduced for subsequent awards.                                                                                                                                                                                                                                                                                                                                                                            |
| Safeguards                        | The quantum and award of the Single Incentive will be tested against certain safeguards including a specified percentage of EBIT and a 1% limitation on the total number of DRDGOLD shares in issue during that year.                                                                                                                                                                                                                                                                         |

|                                                |                     |               |                                |                                  |     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|---------------------|---------------|--------------------------------|----------------------------------|-----|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Scorecard On-target percentages and weightings | Strategic Level     | Typical title | Scorecard On-target Percentage | Performance Multiplier Weighting |
| Company                                        | Business Unit*      | Personal      |
| Top Management, Strategic Intent               | CEO                 | 90%           | 90%                            | 0%                               | 10% |
| CFO                                            | 75%                 | 90%           | 0%                             | 10%                              |
| General Management, Strategic Execution        | Prescribed Officers | 60%           | 90%                            | 0%                               | 10% |

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|                                                           |                                   |                |                        |                                 |                                |                                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------|-----------------------------------|----------------|------------------------|---------------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Area                                                      | Measure                           | Weight         | Threshold              | Target                          | Stretch                        | Measures                                                                                                                                                                           |
| 0%                                                        | 100%                              | 200%           |
| Shareholders (20%)                                        | Relative Total Shareholder Return | 10%            | Median                 | Halfway between median / UQ | Upper quartile                 | Relative to that of comparators                                                                                                                                                    |
| Return on Equity                                          | 10%                               | Cost of equity | Cost of equity plus 3% | Cost of equity plus 6%          | Return higher than Cost equity |
| Financial (30%)                                           | Cash operating cost (R/ton)   | 10%            | 115% x Budget          | 110% x Budget                   | Budget                         | Based on the achievement vs budget, noting that budget is already a stretch target since it is based on “nameplate” capacity without de-risking for probable downtime. |
| Cash operating cost (R/kg)                            | 10%                               |
| All-in Sustaining Cost (R per kg)                         | 10%                               |
| Operations (30%)                                          | Production (kgs)                  | 15%%           | 85% x Budget           | 90% x Budget                    | Budget                         | Based on the achievement vs budget, noting that budget is already a stretch target since it is based on “nameplate” capacity without de-risking for probable downtime. |
| Throughput (tons)                                         | 15%                               |
| Current scorecard modifier evaluation (ESG factors) (20%) | Environmental                     | 4%             | Amber Score (2)        | Green Score (3)                 | Blue Score (5)                 | Based on current scorecard modifier evaluation, a portfolio of evidence compiled.                                                                                                  |
| Health & Safety                                       | 4%                                |
| Local Economic Development                                | 4%                                |
| Human Resources Development                               | 4%                                |
| Transformation                                            | 4%                                |

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|                                                                                                                                                                                                                                                                                                                       |                         |                      |                                          |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|----------------------|------------------------------------------|--|--|--|--|--|--|--|--|--|
| Director                                                                                                                                                                                                                                                                                                              | Title                   | Year first appointed | Term of current office since latest AGM1 |  |
| D J Pretorius                                                                                                                                                                                                                                                                                                         | Chief Executive Officer | 2008                 | 1 year                                   |  |
| A J Davel                                                                                                                                                                                                                                                                                                             | Chief Financial Officer | 2015                 | 2 years                                  |  |
| T J Cumming                                                                                                                                                                                                                                                                                                           | Non-Executive Director  | 2020                 | 3 years                                  |  |
| E A Jeneker                                                                                                                                                                                                                                                                                                           | Non-Executive Director  | 2007                 | 2 years                                  |  |
| J A Holtzhausen                                                                                                                                                                                                                                                                                                       | Non-Executive Director  | 2014                 | 1 year                                   |  |
| T B V N Mnyango                                                                                                                                                                                                                                                                                                       | Non-Executive Director  | 2016                 | 1 year                                   |  |
| J J Nel                                                                                                                                                                                                                                                                                                               | Non-Executive Director  | 2018                 | 3 years                                  |  |
| K P Lebina                                                                                                                                                                                                                                                                                                            | Non-Executive Director  | 2019                 | 2 years                                  |  |
| C D Flemming                                                                                                                                                                                                                                                                                                          | Non-Executive Director  | 2020                 | 3 years                                  |  |
|                                                                                                                                                                                                                                                                                                                       |                         |                      |                                          |  |
| 1In terms of clause 25 of the MOI, one third of the directors (executive and non-executive) for the time being shall retire from office by rotation at each AGM. The directors, eligible and available for re-election, will renew their term of service director with effect from the end of the AGM, if re-elected. |
|                                                                                                                                                                                                                                                                                                                       |                         |                      |                                          |  |

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|                                                                                                                                    |                     |                     |                     |         |         |         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------|---------------------|---------------------|---------------------|---------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| (Per million man hours)                                                                                                            | Ergo                | FWGR                | Consolidated        |
|                                                                                                                                    | Year ended June 30, | Year ended June 30, | Year ended June 30, |
|                                                                                                                                    | 2023                | 2022                | 2023                | 2022    | 2023    | 2022    |
| Lost time injury frequency rate (LTIFR)1                                                                                           | 1.44                | 2.14                | 1.87                | — | 1.50    | 1.84    |
| Reportable incidence frequency rate (RIFR)1                                                                                        | 0.96                | 0.76                | 1.87                | — | 1.09    | 0.66    |
| Fatalities                                                                                                                         | —             | —             | —             | — | — | — |
| 1 Calculated as follows: actual number of instances divided by the total number of man hours worked multiplied by one million. |

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|                    |                           |  |  |  |  |
|--------------------|---------------------------|--|--|--|--|
| Individual Rating  | % of Target Value Awarded |
| < 2.75         | 0%                        |
| 2.75 to < 3.00 | 50%                       |
| 3.0 to < 3.75  | 100%                      |
| 3.75 to < 4.5  | 133.33%                   |
| 4.5 to < 5.0   | 166.67%                   |
| 5.0                | 200%                      |

|                               |                                 |  |  |  |  |
|-------------------------------|---------------------------------|--|--|--|--|
| Percentile of Peers           | % of Conditional Shares Vesting |
| < 25th percentile         | 0%                              |
| 25th to < 50th percentile | 25%                             |
| 50th to < 75th percentile | 75%                             |
| ≥ 75th percentile       | 100%                            |

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|                                                                                     |                           |                                        |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------|---------------------------|----------------------------------------|--|--|--|--|--|--|
|                                                                                     | Shares Beneficially owned |
| Holder                                                                              | Number                    | Percent of outstanding ordinary shares |
| Directors/prescribed officers                                                   |                           |                                        |
| D.J. Pretorius                                                                      | 999,816                   | *                                      |
| A.J. Davel                                                                          | 338,756                   | *                                      |
|                                                                                     |                           |                                        |
| Other                                                                               |                           |                                        |
| SIBANYE GOLD PTY LTD                                                                | 433 158 944               | 50.10%                                 |
| THE BANK OF NEW YORK MELLON DR                                                      | 243 780 546               | 28.20%                                 |
| GOVERNMENT EMPLOYEES PENSION FUND P                                                 | 28 128 958                | 3.25%                                  |
| JPMC-VANGUARD BBH LENDING ACCOUNT                                                   | 11 643 202                | 1.35%                                  |
| CLEARSTREAM BANKING S.A LUXEMBOURG                                                  | 9 509 407                 | 1.10%                                  |
| STATE STREET BANK AND TRUST CO-OMNI                                                 | 9 039 710                 | 1.05%                                  |
|                                                                                     |                           |                                        |
|                                                                                     |                           |                                        |
|                                                                                     |                           |                                        |
| *     Indicates share ownership of less than 1% of our outstanding ordinary shares. |                           |                                        |

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|                                                                                                                                                                                                        |                                                                                                                                                                                               |  |  |              |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--------------|--|--|--|--|--|--|--|--|--|--|
| Liquidity risk - Long-term debt                                                                                                                                                                        |
|                                                                                                                                                                                                        | Set out below is an analysis of our debt as at June 30, 2023 consisting of capital and interest related to lease liabilities. All of our long-term debt is denominated in South African rand. |
|                                                                                                                                                                                                        | Interest rate                                                                                                                                                                                 |  |  |              |
|                                                                                                                                                                                                        | Total                                                                                                                                                                                         |  |  | 6.4% - 10.3% |
|                                                                                                                                                                                                        |                                                                                                                                                                                               |  |  | R'm          |
|                                                                                                                                                                                                        | Repayment period                                                                                                                                                                              |  |  |              |
|                                                                                                                                                                                                        | 2024                                                                                                                                                                                          |  |  | 16.7         |
|                                                                                                                                                                                                        | 2025                                                                                                                                                                                          |  |  | 9.2          |
|                                                                                                                                                                                                        | 2026                                                                                                                                                                                          |  |  | 8.5          |
|                                                                                                                                                                                                        | 2027                                                                                                                                                                                          |  |  | 4.4          |
|                                                                                                                                                                                                        | 2028                                                                                                                                                                                          |  |  | 2.7          |
|                                                                                                                                                                                                        | 2029                                                                                                                                                                                          |  |  | 1.3          |
|                                                                                                                                                                                                        | 2030                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2031                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2032                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2033                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2034                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2035                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2036                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | 2037                                                                                                                                                                                          |  |  | 0.9          |
|                                                                                                                                                                                                        | Total                                                                                                                                                                                         |  |  | 50.0         |
|                                                                                                                                                                                                        |                                                                                                                                                                                               |  |  |              |
| Based on our fiscal year 2023 financial results, a hypothetical 100 basis points (increase)/decrease in interest rate activity would (increase)/decrease our interest expense by R0.4 million. |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                             |            |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|------------|--|--|--|--|--|--|
| Service                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                             | Fees (USD) |
| Issuance of ADSs, including issuances resulting from a distribution of ordinary shares or rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $5.00 (or less) per 100 ADSs (or portion thereof)1                                                                          |
| Cancellation of ADSs for the purpose of withdrawal, including if the Deposit Agreement terminates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $5.00 (or less) per 100 ADSs (or portion thereof)1                                                                          |
| Distribution of cash dividends or other cash distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2 cents (or less) per ADS (or portion thereof)                                                                              |
| Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $5.00 (or less) per 100 ADSs (or portion thereof)                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                             |            |
| 1 These fees are typically paid to the Depositary by the brokers on behalf of their clients receiving the newly-issued ADSs from the Depositary or delivering the ADSs to the Depositary for cancellation. The brokers in turn charge these transaction fees to their clients.                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                             |            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | In addition, ADR holders are responsible for certain fees and expenses incurred by the Depositary on their behalf including |
| (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of ordinary shares generally on the share register and applicable to transfers of ordinary shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, and (4)  such expenses as are incurred by the Depositary in the conversion of foreign currency to U.S. Dollars. |

----

----

|                        |                     |      |  |  |  |  |  |  |
|------------------------|---------------------|------|--|--|--|--|--|--|
| Auditors' remuneration | Year ended June 30, |
|                        | 2023                | 2022 |
|                        | R m                 | R m  |
| Audit fees             | 7.9                 | 8.6  |
| All other fees         | 0.6                 | 0.4  |
| Total                  | 8.5                 | 9.0  |

----

----

|                                                                                                                          |              |                          |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------|--|--|--|--|--|--|
| ITEM 18 FINANCIAL STATEMENTS                                                                                             |              |                          |
|                                                                                                                          |              |                          |
| The following annual financial statements and related auditor’s report are filed as part of this Annual Report     | Page         |
| Report of Independent Registered Public Accounting Firm                                                                  | Firm ID: | F-1- to F-5              |
| Report for the year ended June 30, 2023 - BDO South Africa Inc.                                                          | 1368         |                          |
| Report for the years ended June 30, 2022 and 2021 - KPMG Inc.                                                            | 1025         |                          |
| Consolidated statement of profit or loss and other comprehensive income for the years ended June 30, 2023, 2022 and 2021 | F-6          |
| Consolidated statement of financial position at June 30, 2023 and 2022                                                   |              | F‐7                |
| Consolidated statement of changes in equity for the years ended June 30, 2023, 2022 and 2021                             | F‐8    |
| Consolidated statement of cash flows for the years ended June 30, 2023, 2022 and 2021                                    | F‐9    |
| Notes to the consolidated financial statements                                                                           |              | F‐10 to F‐45 |
|                                                                                                                          |              | Note                     |
| About these consolidated financial statements                                                                            |              | 1                        |
| Use of accounting assumptions, estimates and judgements                                                                  |              | 2                        |
| New standards, amendments to standards and interpretations                                                               |              | 3                        |
| Performance                                                                                                              |              |                          |
| Revenue                                                                                                                  |              | 4                        |
| Results from operating activities                                                                                        |              | 5                        |
| Cost of sales                                                                                                            |              | 5.1                      |
| Other income                                                                                                             |              | 5.2                      |
| Administration expenses and other costs                                                                                  |              | 5.3                      |
| Finance income                                                                                                           |              | 6                        |
| Finance expense                                                                                                          |              | 7                        |
| Earnings per share                                                                                                       |              | 8                        |
| Resource assets and related liabilities                                                                                  |              |                          |
| Property, plant and equipment                                                                                            |              | 9                        |
| Right of use assets and leases                                                                                           |              | 10                       |
| Provision for environmental rehabilitation                                                                               |              | 11                       |
| Investments in rehabilitation and other funds                                                                            |              | 12                       |
| Working capital                                                                                                          |              |                          |
| Cash and cash equivalents                                                                                                |              | 13                       |
| Cash generated from operations                                                                                           |              | 14                       |
| Trade and other receivables                                                                                              |              | 15                       |
| Trade and other payables                                                                                                 |              | 16                       |
| Inventories                                                                                                              |              | 17                       |
| Tax                                                                                                                      |              |                          |
| Income tax                                                                                                               |              | 18                       |
| Income tax expense                                                                                                       |              | 18.1                     |
| Deferred tax                                                                                                             |              | 18.2                     |
| Employee matters                                                                                                         |              |                          |
| Employee benefits                                                                                                        |              | 19                       |
| Cash-settled tong-term incentive scheme                                                                                  |              | 19.1                     |
| Equity settled tong-term incentive scheme                                                                                |              | 19.2                     |

----

|                                            |  |      |  |  |  |  |  |  |
|--------------------------------------------|--|------|--|--|--|--|--|--|
| Transactions with key management personnel |  | 19.3 |
| Capital and equity                         |  |
| Capital management                         |  | 20   |
| Equity                                     |  | 21   |
| Disclosure items                           |  |      |
| Interest in subsidiaries                   |  | 22   |
| Operating segments                         |  | 23   |
| Payments made under protest                |  | 24   |
| Other investments                          |  | 25   |
| Contingencies                              |  | 26   |
| Financial instruments                      |  | 27   |
| Related parties                            |  | 28   |
| Subsequent events                          |  | 29   |

----

----

----

----

----

----

|                                                                                                  |      |               |      |               |  |               |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------|------|---------------|------|---------------|--|---------------|--|--|--|--|--|--|--|--|
|                                                                                                  |      |               |      |               |
| Amounts in R million                                                                             | Note | 2023          | 2022 | 2021          |
|                                                                                                  |      |               |      |               |
| Revenue                                                                                          | 4    | 5,496.3  |      | 5,118.5  |  | 5,269.0       |
| Cost of sales                                                                                    | 5.1  | (3,911.0)     |      | (3,741.5)     |  | (3,388.2)     |  |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
| Gross Profit  from operating activities                                                          |      | 1,585.3  |      | 1,377.0  |  | 1,880.8       |
| Other income                                                                                     | 5.2  | 10.4     |      | 91.3     |  | 0.1           |
| Administration expenses and other costs                                                          | 5.3  | (172.9)       |      | (161.2)       |  | (64.0)        |  |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
| Results from operating activities                                                                |      | 1,422.8  |      | 1,307.1  |  | 1,816.9       |
| Finance income                                                                                   | 6    | 334.3    |      | 225.8    |  | 216.2         |
| Finance expense                                                                                  | 7    | (70.7)        |      | (74.8)        |  | (69.5)        |  |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
| Profit before tax                                                                                |      | 1,686.4  |      | 1,458.1  |  | 1,963.6       |
| Income tax                                                                                       | 18.1 | (405.0)       |      | (334.3)       |  | (523.7)       |  |
|                                                                                                  |      |               |      |               |
| Profit for the year                                                                              |      | 1,281.4  |      | 1,123.8  |  | 1,439.9  |  |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
| Other comprehensive income                                                                       |      |               |      |               |
| Items that will not be reclassified to profit or loss, net of tax                                |      |               |      |               |
| Net fair value adjustment on equity investments at fair value through other comprehensive income |      | 17.9     |      | (9.1)         |  | (34.4)        |  |
|                                                                                                  |      |               |      |               |
| Fair value adjustment on equity investments at fair value through other comprehensive income     | 25   | 17.2     |      | (15.7)        |  | (28.2)        |  |
| Deferred tax thereon                                                                             | 18.2 | 0.7      |      | 6.6      |  | (6.2)         |  |
|                                                                                                  |      |               |      |               |
| Total other comprehensive income for the year                                                    |      | 17.9     |      | (9.1)         |  | (34.4)        |
|                                                                                                  |      |               |      |               |
| Total comprehensive income for the year                                                          |      | 1,299.3  |      | 1,114.7  |  | 1,405.5       |
|                                                                                                  |      |               |      |               |
| Earnings per share                                                                               |      |               |      |               |
|                                                                                                  |      |               |      |               |
| Basic earnings per share (SA cents per share)                                                    | 8    | 149.1    |      | 131.2    |  | 168.4         |
| Diluted earnings per share (SA cents per share)                                                  | 8    | 148.2    |      | 130.6    |  | 167.2         |
|                                                                                                  |      |               |      |               |
|                                                                                                  |      |               |      |               |
| The accompanying notes are an integral part of these consolidated financial statements.          |

----

|                                                                                         |      |            |         |         |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------|------|------------|---------|---------|--|--|--|--|--|--|--|
|                                                                                         |      |            |         |
| Amounts in R million                                                                    | Note | 2023       | 2022    |
|                                                                                         |      |            |         |
| ASSETS                                                                                  |      |            |         |
| Non-current assets                                                                      |      | 4,940.3    | 4,001.2 |
| Property plant and equipment                                                            | 9    | 3,909.5    | 3,084.1 |
| Investments in rehabilitation and other funds                                           | 12   | 789.7      | 710.8   |
| Payments made under protest                                                             | 24   | 39.7       | 40.4    |
| Other investments                                                                       | 25   | 168.6      | 151.4   |
| Deferred tax asset                                                                      | 18.2 | 32.8       | 14.5    |
|                                                                                         |      |            |         |
| Current Assets                                                                          |      | 3,214.2    | 3,077.0 |
| Inventories                                                                             | 17   | 413.6      | 389.3   |
| Current tax receivable                                                                  |      | 40.6       | 12.6    |
| Trade and other receivables                                                             | 15   | 288.6      | 149.5   |
| Cash and cash equivalents                                                               | 13   | 2,471.4    | 2,525.6 |
|                                                                                         |      |            |         |
| TOTAL ASSETS                                                                            |      | 8,154.5    | 7,078.2 |
|                                                                                         |      |            |         |
| EQUITY AND LIABILITIES                                                                  |      |            |         |
| Equity                                                                                  |      | 6,274.1    | 5,439.9 |
| Ordinary share capital                                                                  | 21.1 | 6,187.9    | 6,173.3 |
| Retained earnings/(Accumulated loss)                                                |      | 86.2  |         | (733.4) |  |
|                                                                                         |      |            |         |
| Non-current liabilities                                                                 |      | 1,161.7    | 1,012.8 |
| Provision for environmental rehabilitation                                              | 11   | 562.1      | 517.7   |
| Deferred tax liability                                                                  | 18.2 | 560.7      | 451.9   |
| Post retirement employee benefits                                                       |      | 10.5       | 10.4    |
| Lease liabilities                                                                       | 10.2 | 28.4       | 32.8    |
|                                                                                         |      |            |         |
| Current liabilities                                                                     |      | 718.7      | 625.5   |
| Trade and other payables                                                                | 16   | 700.5      | 598.4   |
| Current portion of lease liabilities                                                    | 10.2 | 11.3       | 19.5    |
| Current tax liability                                                                   |      | 6.9        | 7.6     |
|                                                                                         |      |            |         |
| Total Liabilities                                                                       |      | 1,880.4    | 1,638.3 |
|                                                                                         |      |            |         |
| TOTAL EQUITY AND LIABILITIES                                                            |      | 8,154.5    | 7,078.2 |
|                                                                                         |
|                                                                                         |      |            |         |
|                                                                                         |      |            |         |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

|                                                                                         |            |               |  |            |            |            |               |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------|------------|---------------|--|------------|------------|------------|---------------|--|--|--|--|--|--|--|--|
|                                                                                         |            |               |  |            |            |
|                                                                                         |            | Stated        |  |            |            |
|                                                                                         |            | share         |  | Retained   | Total      |
| Amounts in R million                                                                    | Note       | capital       |  | earnings   | equity     |
|                                                                                         |            |               |  |            |            |
| Balance at June 30, 2020                                                                |            | 6,157.9       |  | (2,117.7)  |            | 4,040.2    |
|                                                                                         |            |               |  |            |            |
| Total comprehensive income                                                              |            |               |  |            |            |
| Profit for the year                                                                     |            |               |  | 1,439.9    | 1,439.9    |
| Other comprehensive income                                                              |            |               |  | (34.4)     | (34.4)     |
| Total comprehensive income                                                              |            | —       |  | 1,405.5    | 1,405.5    |
|                                                                                         |            |               |  |            |            |
| Transactions with the owners of the parent                                              |            |               |  |            |            |
| Contributions and distributions                                                         |            |               |  |            |            |
| Dividend on ordinary shares                                                             | 21.2       |               |  | (641.3)    |            | (641.3)    |               |
| Equity settled share-based payment                                                      | 19.1       |               |  | 16.0       | 16.0       |
| Total contributions and distributions                                                   |            | —       |  | (625.3)    | (625.3)    |
| Balance at June 30, 2021                                                                |            | 6,157.9       |  | (1,337.5)  | 4,820.4    |
|                                                                                         |            |               |  |            |            |
| Total comprehensive income                                                              |            |               |  |            |            |
| Profit for the year                                                                     |            |               |  | 1,123.8    | 1,123.8    |
| Other comprehensive income                                                              |            |               |  | (9.1)      |            | (9.1)      |               |
| Total comprehensive income                                                              |            | —       |  | 1,114.7    | 1,114.7    |
|                                                                                         |            |               |  |            |            |
| Transactions with the owners of the parent                                              |            |               |  |            |            |
| Contributions and distributions                                                         |            |               |  |            |            |
| Dividend on ordinary shares                                                             | 21.2       |               |  | (513.6)    |            | (513.6)    |               |
| Treasury shares disposed of for the vesting of the equity-settled share-based payment   | 21.1, 19.1 | 15.4     |  |            | (15.4)     |            | —  |  |
| Equity-settled share-based payment                                                      | 19.1       |               |  | 18.4       | 18.4       |
| Total contributions and distributions                                                   |            | 15.4          |  | (510.6)    |            | (495.2)    |               |
| Balance at June 30, 2022                                                                |            | 6,173.3       |  | (733.4)    |            | 5,439.9    |
|                                                                                         |            |               |  |            |            |
| Total comprehensive income                                                              |            |               |  |            |            |
| Profit for the year                                                                     |            |               |  | 1,281.4    | 1,281.4    |
| Other comprehensive income                                                              |            |               |  | 17.9  |            | 17.9  |               |
| Total comprehensive income                                                              |            | —       |  | 1,299.3    | 1,299.3    |
|                                                                                         |            |               |  |            |            |
| Transactions with the owners of the parent                                              |            |               |  |            |            |
| Contributions and distributions                                                         |            |               |  |            |            |
| Treasury shares disposed of for the vesting of the equity-settled share-based payment   | 21.1, 19.1 | 14.6     |  |            | (14.6)     |            | —  |  |
| Dividend on ordinary shares                                                             | 21.2       |               |  | (515.3)    |            | (515.3)    |
| Equity-settled share-based payment expense                                              | 19.1       |               |  | 22.0       | 22.0       |
| Equity-settled share based payment income tax impact on equity                          |            |               |  | 27.7       | 27.7       |
| Equity-settled share based payment vesting impact on equity                             |            |               |  | 0.5        | 0.5        |
| Total contributions and distributions                                                   |            | 14.6     |  |            | (479.7)    |            | (465.1)       |  |
| Balance at June 30, 2023                                                                | 21.1       | 6,187.9  |  |            | 86.2  |            | 6,274.1       |
|                                                                                         |            |               |  |            |            |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

|                                                                                         |       |           |               |            |         |           |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------------------|-------|-----------|---------------|------------|---------|-----------|--|--|--|--|--|--|--|--|
|                                                                                         |       |           |               |            |
| Amounts in R million                                                                    | Note  | 2023      | 2022          | 2021       |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                    |       |           |               |            |
| Cash generated from operations                                                          | 14    | 1,708.7   | 1,585.6       | 1,851.0    |
| Finance income received                                                                 |       | 188.6     | 111.1         | 105.9      |
| Dividends received                                                                      |       | 78.3      | 71.5          | 76.1       |
| Finance expense paid                                                                    |       | (5.2)     |               | (7.7)      |         | (7.5)     |  |
| Income tax paid                                                                         |       | (314.8)   |               | (262.7)    |         | (452.1)   |  |
| Net cash inflow from operating activities                                               |       | 1,655.6   | 1,497.8       | 1,573.4    |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                    |       |           |               |            |
| Acquisition of property, plant and equipment                                            | 9, 15 | (1,145.2) |               | (584.1)    |         | (395.7)   |  |
| Proceeds on disposal of property, plant and equipment                                   |       | 0.9  |               | 12.2  |         | 0.1  |  |
| Environmental rehabilitation payments to reduce decommissioning liabilities             | 11    | (13.8)    | (25.4)        | (51.0)     |
| Investment in other funds                                                               | 12    | (28.4)    |               | (28.9)     | — |
| Net cash outflow from investing activities                                              |       | (1,186.5) |               | (626.2)    |         | (446.6)   |  |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                    |       |           |               |            |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| Dividends paid on ordinary share capital                                                | 21.2  | (515.3)   |               | (513.3)    |         | (640.9)   |  |
| Initial fees incurred on facility                                                       |       | —   | —  |            | (1.0)   |           |
| Repayment of lease liabilities                                                          | 10.2  | (16.9)    |               | (19.7)     |         | (11.6)    |  |
| Net cash outflow from financing activities                                              |       | (532.2)   |               | (533.0)    |         | (653.5)   |  |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS                              |       | (63.1)    | 338.6         | 473.3      |
| Impact of fluctuations in exchange rate on cash held in foreign currencies              |       | 8.9       | 7.0      |            | (8.4)   |           |
| Cash and cash equivalents at the beginning of the year                                  |       | 2,525.6   | 2,180.0       | 1,715.1    |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                                        | 13    | 2,471.4   | 2,525.6       | 2,180.0    |
|                                                                                         |       |           |               |            |
|                                                                                         |       |           |               |            |
| The accompanying notes are an integral part of these consolidated financial statements. |       |           |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       |       |       |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|--|--|--|--|--|--|--|--|--|--|
|  | Reporting entityThe DRDGOLD Group is primarily involved in the retreatment of surface gold. The consolidated financial statements comprise DRDGOLD Limited (“DRDGOLD” or the “Company”) and its subsidiaries who are all wholly owned subsidiaries and solely operate in South Africa (collectively the “Group” and individually “Group Companies”). The Company is domiciled in South Africa with a registration number of 1895/000926/06. The registered address of the Company is Constantia Office Park, Cnr 14th Avenue and Hendrik Potgieter Road, Cycad House, Building 17, Ground Floor, Weltevreden Park, 1709.DRDGOLD is 50.1% held by Sibanye Gold Proprietary Limited, which in turn is a wholly owned subsidiary of Sibanye-Stillwater Limited (“Sibanye-Stillwater”)                                                                                                                                                                                                                                  |
|  | Basis of accountingThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and its interpretations issued by the International Accounting Standards Board (“IASB”), SAICA Financial Reporting Guides as issued by the Accounting Practices Committee andFinancial Reporting Pronouncements as issued by the Financial Reporting Standards Council (“FRSC”) as well as the requirements of the Companies Act of South Africa. The consolidated financial statements were approved by the board of directors of the Company (“Board”) for issuance on October 30, 2023.The consolidated financial statements have been prepared on a going concern basis.                                                                                                                                                                                                                                                                                                        |
|  | Functional and presentation currencyThe functional and presentation currency of DRDGOLD and its subsidiaries is South African Rand (“Rand”). The amounts in these consolidated financial statements are rounded to the nearest million unless stated otherwise. Significant exchange rates during the year are set out in the table below:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       |       |       |
|  | Rand / US dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2023  | 2022  | 2021  |
|  | Spot rate at year end                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 18.83 | 16.27 | 14.27 |
|  | Average prevailing rate for the financial year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 17.76 | 15.21 | 15.40 |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |       |       |       |
|  | Basis of measurementThe consolidated financial statements are prepared on the historical cost basis, unless otherwise stated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  | Basis of consolidationSubsidiariesSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.Transactions eliminated on consolidation Intra-group balances, transactions and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | The preparation of the consolidated financial statements requires management to make accounting assumptions, estimates and judgements that affect the application of the Group's accounting policies and reported amounts of assets and liabilities, income and expenses.Accounting assumptions, estimates and judgements are reviewed on an ongoing basis. Revisions to reported amounts are recognised in the period in which the revision is made and in any future periods affected. Actual results may differ from these estimates.Information about assumptions and estimates in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are included in the notes:NOTE 9        PROPERTY, PLANT AND EQUIPMENTNOTE 11      PROVISION FOR ENVIRONMENTAL REHABILITATIONNOTE 18      INCOME TAXNOTE 24      PAYMENTS MADE UNDER PROTESTNOTE 25      OTHER INVESTMENTSInformation about significant judgements in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are included in the notes:NOTE 24      PAYMENTS MADE UNDER PROTESTNOTE 25      OTHER INVESTMENTSNOTE 26      CONTINGENCIES |

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|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | New standards, amendments to standards and interpretations effective for the year ended 30 June 2023During the financial year, the following new and revised accounting standards, amendments to standards and new interpretation were adopted by the Group:Annual Improvements to IFRS Standards 2018-2020 (Effective 1 July 2022)As part of its process to make non-urgent but necessary amendments to IFRS Standards, the International Accounting Standards Board (“IASB”) has issued the Annual Improvements to IFRS Standards 2018–2020. These did not have a significant impact on the Group.Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS16) (Effective 1 July 2022)The IASB has amended IAS 16 Property, Plant and Equipment to provide guidance on the accounting for such sale proceeds and the related production costs.Under the amendments, proceeds from selling items before the related item of property, plant and equipment (“PPE”) is available for use should be recognised in profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identifying and measuring these production costs.The amendments apply retrospectively, but only to items of PPE made available for use on or after the beginning of the earliest period presented in the financial statements in which the amendments are adopted. The amendment did not have a significant impact on the Group.New standards, amendments to standards and interpretations not yet effectiveAt the date of authorisation of these consolidated financial statements, the following relevant standards, amendments to standards and interpretations that may be applicable to the business of the Group were in issue but not yet effective and may therefore have an impact on future consolidated financial statements. These new standards, amendments to standards and interpretations will be adopted at their effective dates.Definition of Accounting Estimate (Amendments to IAS 8) (Effective 1 July 2023)The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty.The amendments also clarify the relationship between accounting policies and accounting estimates by specifying that a company develops an accounting estimate to achieve the objective set out by an accounting policy. The amendment is not expected to have a significant impact on the Group.  Deferred Tax related to Assets and Liabilities Arising from a single transaction – Amendments to IAS 12 Income Taxes (Effective 1 July 2023)IAS 12 Income taxes clarifies how companies should account for deferred tax on certain transactions – e.g. leases and decommissioning provisions. The amendments narrow the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The Group has assessed the estimated impact of adopting the standard on 1 July 2023 as follows: Decommissioning provision•The amendment will result in an increase in the gross deferred tax assets and liabilities for the Group as deferred tax will be recognised on the decommissioning asset and liability which was previously not recognised under the initial recognition exemption. These increases are not expected to be material for the Group.Lease liability•The amendment will not have a material impact on the Group as deferred tax is recognised on lease liabilities and the corresponding right of use assets. |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | New standards, amendments to standards and interpretations not yet effective (continued)Classification of liabilities as current or non-current (Amendments to IAS 1 Presentation of Financial Statements) (Effective 1 July 2023)To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB has amended IAS 1 as follows: Right to defer settlement must have substanceUnder existing IAS 1 requirements, companies classify a liability as current when they do not have an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.As part of its amendments, the IASB has removed the requirement for a right to be unconditional and instead, now requires that a right to defer settlement must have substance and exist at the end of the reporting period.Classification of debt may changeA company classifies a liability as non-current if it has a right to defer settlement for at least twelve months after the reporting period. The IASB has now clarified that a right to defer exists only if the company complies with conditions specified in the loan agreement at the end of the reporting period, even if the lender does not test compliance until a later date. The amendment is not expected to have a significant impact on the Group.Disclosure of Accounting Policy (Amendments to IAS 1 and IFRS Practice Statement 2) (Effective 1 July 2023)The Board has recently issued amendments to IAS 1 Presentation of Financial Statements and an update to IFRS Practice Statement 2 Making Materiality Judgements to help companies provide useful accounting policy disclosures.The key amendments to IAS 1 include:•requiring companies to disclose their material accounting policies rather than their significant accounting policies;•clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and•clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company’s financial statements.The amendments are applied prospectively.The amendment is not expected to have a material impact on the Group's disclosures. |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|
| ACCOUNTING POLICIESRevenue comprises the sale of gold bullion and silver bullion (produced as a by-product).Up to April 11, 2022 revenue is measured based on the consideration specified in a contract with the customer, which is based on the London Bullion Market fixing price on the date when the Group transfers control over the goods to the customer. The Group recognises revenue at a point in time when Rand Refinery Proprietary Limited (“Rand Refinery”), acting as an agent for the sale of all gold produced by the Group, delivers the Gold to the buyer and the sales price is fixed, as evidenced by the certificate of sale. It is at this point that the revenue can be measured reliably and the recovery of the consideration is probable. Rand Refinery is contractually obliged to make payment to the Group within two business days after the sale of the gold and silver and therefore no significant financing component exists.Subsequent to April 11, 2022 revenue is measured based on the consideration specified in a contract with the customer, being South African bullion banks. The consideration is based on the gold price derived on the gold market on the day a contract is entered into with the customer. The Group recognises revenue at a point in time when the Group transfers the gold bullion and silver bullion to the bullion bank and the sale price is fixed, as evidenced by deal confirmations.It is at this point that the customer obtains control of the gold bullion or silver bullion, which is the settlement date specified in the contract. At this point that the revenue can be measured reliably and the recovery of the consideration is probable. The customer is contractually obliged to make payment to the Group on the same day that the Group settles the contract and therefore no significant financing component exists. |

|  |                      |  |         |         |         |  |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------|--|---------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million |  | 2023    | 2022    | 2021    |
|  |                      |  |         |         |         |
|  | Gold revenue         |  | 5,489.7 | 5,110.7 | 5,263.8 |
|  | Silver revenue       |  | 6.6     | 7.8     | 5.2     |
|  | Total revenue        |  | 5,496.3 | 5,118.5 | 5,269.0 |

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|  |                                          |  |           |         |           |  |           |  |  |  |  |  |  |  |  |  |  |
|--|------------------------------------------|--|-----------|---------|-----------|--|-----------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                     |  | 2023      | 2022    | 2021      |
|  |                                          |  |           |         |           |
|  |                                          |  |           |         |           |
|  |                                          |  |           |         |           |
|  | 20% increase in the US Dollar gold price |  | 1,099.3   | 1,023.7 | 1,053.8   |
|  | 20% decrease in the US Dollar gold price |  | (1,099.3) |         | (1,023.7) |  | (1,053.8) |  |
|  |                                          |  |           |         |           |

|  |                                             |  |           |         |           |  |           |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------|--|-----------|---------|-----------|--|-----------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                        |  | 2023      | 2022    | 2021      |
|  |                                             |  |           |         |           |
|  |                                             |  |           |         |           |
|  |                                             |  |           |         |           |
|  | 20% increase in the US Dollar exchange rate |  | 1,099.3   | 1,023.7 | 1,053.8   |
|  | 20% decrease in the US Dollar exchange rate |  | (1,099.3) |         | (1,023.7) |  | (1,053.8) |  |
|  |                                             |  |           |         |           |

|  |                                                                     |      |            |      |            |         |            |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------|------|------------|------|------------|---------|------------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                | Note | 2023       | 2022 | 2021       |
|  |                                                                     |      |            |      |            |
|  | Cost of sales                                                       |      | (3,911.0)  |      | (3,741.5)  |         | (3,388.2)  |  |
|  | Operation costs (a)                                                 |      | (3,711.4)  |      | (3,506.5)  |         | (3,122.5)  |  |
|  | Movement in gold in process and finished inventories - Gold Bullion |      | 10.8  |      | 30.4  |         | (25.6)     |  |
|  | Depreciation                                                        | 9    | (217.5)    |      | (267.6)    | (252.5) |
|  | Change in estimate of environmental rehabilitation                  | 11   | 7.1   |      | 2.2   |         | 12.4  |  |
|  |                                                                     |      |            |      |            |
|  |                                                                     |      |            |      |            |
|  |                                                                     |      |            |      |            |
|  | (a) The most significant components of operating costs include: |      |            |      |            |
|  | Consumable stores                                                   |      | (1,199.9)  |      | (1,014.9)  |         | (880.2)    |  |
|  | Labour including short term incentives                              |      | (663.4)    |      | (649.6)    |         | (598.4)    |  |
|  | Electricity                                                         |      | (544.4)    |      | (547.3)    |         | (488.2)    |  |
|  | Specialist service providers                                        |      | (633.9)    |      | (610.2)    |         | (510.7)    |  |
|  | Machine hire                                                        |      | (152.3)    |      | (139.0)    |         | (127.4)    |  |
|  | Security expenses                                                   |      | (153.6)    |      | (133.0)    |         | (122.8)    |  |
|  | Water                                                               |      | (61.8)     |      | (54.2)     |         | (57.1)     |  |
|  |                                                                     |      |            |      |            |
|  |                                                                     |      |            |      |            |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |  |  |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | RELATED PARTY TRANSACTIONSFar West Gold Recoveries Proprietary Limited (“FWGR”) entered into an agreement with Sibanye-Stillwater effective 31 July 2018 for the pumping and supply of water and electricity to the FWGR operations for which FWGR is invoiced based on metered usage of water and electricity. FWGR also entered into a smelting agreement with Sibanye-Stillwater effective 31 July 2018 to smelt and recover gold from gold loaded carbon produced at FWGR, and deliver the gold to Rand Refinery. As consideration for this service, Sibanye-Stillwater receives a fee based on the smelting costs plus 10% of the smelting costs. Rand Refinery up to 10 April 2022, performed the final refinement and marketing of all gold and silver produced by the Group. As consideration for this service, Rand Refinery receives a variable refining fee plus fixed marketing and administration fees. From 11 April 2022, Rand Refinery only performs the final refinement and administration of the gold bars delivered. As a result of this, the marketing fee was no longer incurred by the Group. Rand Refinery is a related party to the Group through Sibanye-Stillwater’s shareholding in Rand Refinery.All transactions and outstanding balances with related parties are to be settled in cash within 30 days of the invoice date. None of the balances are secured. No expense has been recognised in the current year as a credit loss allowance in respect of amounts charged to related parties. |

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|  |                                                                           |  |       |       |      |  |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------|--|-------|-------|------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                      |  | 2023  | 2022  | 2021 |
|  |                                                                           |  |       |       |      |
|  | Services rendered by related parties and included in operating costs: |  |       |       |      |
|  | Supply of water and electricity 1                                         |  | 79.2  | 79.2  | 68.1 |
|  | Gold smelting and related charges 1                                       |  | 21.1  | 19.1  | 21.1 |
|  | Other charges 1                                                           |  | 0.3   | 0.3   | 0.7  |
|  | Gold refining and related charges 2                                       |  | 7.2   | 6.9   | 6.8  |
|  |                                                                           |  | 107.8 | 105.5 | 96.7 |
|  | 1 Paid to Sibanye-Stillwater by FWGR                                      |  |
|  | 2 Paid to Rand Refinery by Ergo                                           |  |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESOther income is recognised where it is probable that the economic benefits associated with a transaction will flow to the Group and it can be reliably measured.Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include COVID-19 and other insurance payouts, gains on disposal of property, plant and equipment and gains on financial instruments at fair value through profit or loss. |

|  |                                                                                                                                                                                                                                                                                                                                                    |  |         |         |         |  |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|---------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                                                                                                                                                                                                                               |  | 2023    | 2022    | 2021    |
|  |                                                                                                                                                                                                                                                                                                                                                    |  |         |         |         |
|  | Gain on disposal of property, plant and equipment                                                                                                                                                                                                                                                                                                  |  | 10.3    | 6.6     | 0.1     |
|  | Insurance claim refund                                                                                                                                                                                                                                                                                                                             |  | — | 84.7    | — |
|  | Sundry income                                                                                                                                                                                                                                                                                                                                      |  | 0.1     | — | — |
|  |                                                                                                                                                                                                                                                                                                                                                    |  | 10.4    | 91.3    | 0.1     |
|  |                                                                                                                                                                                                                                                                                                                                                    |  |         |         |         |
|  | (a) Insurance claim                                                                                                                                                                                                                                                                                                                                |  |         |         |         |
|  | During the FY2020, a complex insurance claim process was initiated for business interruption caused by the regulatory lockdowns pursuant to the COVID-19 pandemic. R84.7 million was included in other income in profit or loss in FY2022. R53.0 million was received before 30 June 2022 and the balance of R31.7 million was received in FY2023. |  | — | 84.7    | — |
|  |                                                                                                                                                                                                                                                                                                                                                    |  |         |         |         |

|  |                                                                                                                 |      |         |         |        |      |        |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------|------|---------|---------|--------|------|--------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                            | Note | 2023    | 2022    | 2021   |
|  |                                                                                                                 |      |         |         |        |
|  | Included in administration expenses and other costs are the following:                                      |      |         |         |        |
|  | Share based payment (expenses)/benefit                                                                      |      | (22.0)  |         | (18.4) | 28.3 |
|  | Cash settled Long-Term Incentive ("CLTI") scheme                                                        |      | — | — | 44.3   |
|  | Equity settled Long-Term Incentive ("ELTI") scheme                                                      | 19.1 | (22.0)  |         | (18.4) |      | (16.0) |  |
|  |                                                                                                                 |      |         |         |        |
|  | Exploration expenses and transaction costs1                                                                     |      | (4.6)   |         | (15.2) |      | (3.1)  |  |
|  | Other costs and administration expenses2                                                                        |      | (55.8)  |         | (52.8) |      | (39.7) |  |
|  | 1FY2022 includes exploration expenses of R8.2 million paid to Sibanye-Stillwater.                               |      |
|  |                                                                                                                 |      |         |         |        |
|  | 2Other costs and administration expenses are made up of short-term incentives and information technology costs. |      |

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|  |                                                                                                                                                                                                                                                                                                                                                               |  |  |  |  |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICYFinance income includes interest received, growth in cash and cash equivalents in environmental rehabilitation trust funds, growth in investment in Guardrisk, growth in the reimbursive right for environmental rehabilitation guarantees, dividends received, the unwinding of the payments made under protest and foreign exchange gains. |

|  |                                                                                 |      |         |         |         |  |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------|------|---------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                            | Note | 2023    | 2022    | 2021    |
|  |                                                                                 |      |         |         |         |
|  | Interest on financial assets measured at amortised cost                         | 13   | 190.2   | 111.8   | 108.7   |
|  | Growth in cash and cash equivalents in environmental rehabilitation trust funds | 12   | — | 14.8    | 22.5    |
|  | Growth in reimbursive right for environmental rehabilitation guarantees         | 12   | — | 1.8     | 3.7     |
|  | Growth in investment in Guardrisk                                               | 12   | 50.5    | 13.1    | — |
|  | Dividends received                                                              | 25   | 78.3    | 71.5    | 76.1    |
|  | Unwinding of payments made under protest                                        | 24   | 5.7     | 5.8     | 4.8     |
|  | Unrealised foreign exchange gain                                                |      | 9.0     | 7.0     | — |
|  | Other finance income                                                            |      | 0.6     | — | 0.4     |
|  |                                                                                 |      | 334.3   | 225.8   | 216.2   |

|  |                                                                                                                                                                                                                                                                                                                                                 |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICYFinance expenses comprise interest payable on financial instruments measured at amortised cost calculated using the effective interest method, unwinding of the provision for environmental rehabilitation, interest on lease liabilities, the discount recognised on payments made under protest and foreign exchange losses. |

|  |                                                              |      |         |               |        |       |        |  |  |  |  |  |  |  |  |  |  |
|--|--------------------------------------------------------------|------|---------|---------------|--------|-------|--------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                         | Note | 2023    | 2022          | 2021   |
|  |                                                              |      |         |               |        |
|  | Interest on financial liabilities measured at amortised cost |      | (1.4)   |               | (2.6)  |       | (2.3)  |  |
|  | Unwinding of provision for environmental rehabilitation      | 11   | (46.2)  |               | (45.0) |       | (44.7) |  |
|  | Discount recognised on payments made under protest           | 24   | (19.0)  |               | (21.1) |       | (7.4)  |  |
|  | Interest on lease liabilities                                | 10.2 | (3.8)   |               | (4.2)  |       | (4.5)  |  |
|  | Unrealised foreign exchange loss                             |      | — | —  |        | (8.4) |        |
|  | Other finance expenses                                       |      | (0.3)   |               | (1.9)  |       | (2.2)  |  |
|  |                                                              |      | (70.7)  |               | (74.8) |       | (69.5) |  |
|  |                                                              |      |         |               |        |

|  |                                                                                                                    |      |             |             |             |  |  |  |  |  |  |  |  |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------|------|-------------|-------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                               |      | 2023        | 2022        | 2021        |
|  |                                                                                                                    |      |             |             |             |
|  | The calculations of basic and diluted earnings per ordinary share are based on the following:                  |      |             |             |             |
|  | Profit for the year                                                                                                |      | 1,281.4     | 1,123.8     | 1,439.9     |
|  |                                                                                                                    |      |             |             |             |
|  | Reconciliation of weighted average number of ordinary shares to diluted weighted average number of ordinary shares | Note | 2023        | 2022        | 2021        |
|  |                                                                                                                    |      |             |             |             |
|  | Weighted average number of ordinary shares in issue adjusted for treasury shares                                   |      | 859,538,847 | 856,760,797 | 855,113,791 |
|  |                                                                                                                    |      |             |             |             |
|  | Effect of equity-settled share-based payment                                                                       |      | 5,423,357   | 4,203,336   | 5,935,215   |
|  |                                                                                                                    |      |             |             |             |
|  | Dilutive weighted average issued shares                                                                            |      | 864,962,204 | 860,964,133 | 861,049,006 |
|  |                                                                                                                    |      |             |             |             |
|  | SA cents per share                                                                                                 |      | 2023        | 2022        | 2021        |
|  |                                                                                                                    |      |             |             |             |
|  | Basic EPS                                                                                                          |      | 149.1       | 131.2       | 168.4       |
|  | Diluted EPS                                                                                                        |      | 148.2       | 130.6       | 167.2       |
|  |                                                                                                                    |      |             |             |             |

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|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATESMineral resources and mineral reserves estimatesThe Group is required to determine and report mineral resources and mineral reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (“SAMREC Code”). In order to calculate mineral resources and mineral reserves, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of mineral resources and mineral reserves requires the size, shape and depth of reclamation sites to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. Because the assumptions used to estimate mineral resources and mineral reserves change from period to period and because additional geological data is generated during the course of operations, estimates of mineral resources and mineral reserves may change from period to period. Mineral resources and mineral reserves estimates prepared by management are reviewed by independent mineral resources and mineral reserves experts.Changes in reported mineral resources and mineral reserves may affect the Group’s life-of-mine plan, financial results and financial position in a number of ways including the following:•asset carrying values may be affected due to changes in estimated future cash flows;•depreciation charged to profit or loss may change where such charges are determined by the units-of-production method, or where the useful lives of assets change;•decommissioning, site restoration and environmental provisions may change where changes in estimated mineral resources and mineral reserves affect expectations about the timing or cost of these activities; and•the carrying value of deferred tax assets and liabilities may change due to changes in estimates of the likely recovery of the tax benefits and charges.DepreciationThe calculation of the units-of-production rate of depreciation could be affected if actual production in the future varies significantly from current forecast production. This would generally arise when there are significant changes in any of the factors or assumptions used in estimating mineral resources and mineral reserves. These factors could include: •changes in mineral resources and mineral reserves;•the grade of mineral resources and mineral reserves may vary from time to time;•differences between actual commodity prices and commodity price assumptions;•unforeseen operational issues at mine sites including planned extraction efficiencies; and•changes in capital, operating, mining processing and reclamation costs, discount rates and foreign exchange rates. |

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|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|
| ACCOUNTING POLICIESRecognition and measurementProperty, plant and equipment comprise mine plant facilities and equipment, mine property and development (including mineral rights) and exploration assets. These assets (excluding exploration assets) are initially measured at cost, whereafter they are measured at cost less accumulated depreciation and accumulated impairment losses. Exploration assets are initially measured at cost, whereafter they are measured at cost less accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition or construction of the asset, borrowing costs capitalised, as well as the costs of dismantling and removing an asset and restoring the site on which it is located. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Exploration and evaluation costs are capitalised as exploration assets on a project-by-project basis, pending determination of the technical feasibility and commercial viability of the project.Exploration assets consists of costs of acquiring rights, activities associated with converting a mineral resource to a mineral reserve - the process thereof includes drilling, sampling and other processes necessary to evaluate the technical feasibility and commercial viability of a mineral resource to prove whether a mineral reserve exists. Exploration assets also include geological, geochemical and geophysical studies associated with prospective projects and tangible assets which comprise property, plant and equipment used for exploratory activities. Costs are capitalised to the extent that they are a directly attributable exploration expenditure and classified as a separate class of assets on a project by project basis. Once a mineral reserve is determined or the project ready for development, the asset attributable to the mineral reserve or project is assessed for impairment and then reclassified to the appropriate class of assets. Depreciation commences when the assets are available for use. Exploration and evaluation expenses prior to acquiring rights to explore is recognised in profit or loss. DepreciationDepreciation of mine plant facilities and equipment, as well as mining property and development (including mineral rights) are calculated using the units of production method which is based on the life-of-mine of each site. The life-of-mine is primarily based on proved and probable mineral reserves. It reflects the estimated quantities of economically recoverable gold that can be recovered from reclamation sites based on the estimated gold price. Changes in the life-of-mine will impact depreciation on a prospective basis. The life-of-mine is prepared using a methodology that takes account of current information to assess the economically recoverable gold from specific reclamation sites and includes the consideration of historical experience. The depreciation method, estimated useful lives and residual values are reassessed annually and adjusted if appropriate. The current estimated useful lives are based on the life-of-mine of each site, currently between one year (2022: two years; 2021: three years) and 19 years (2022: 19 years; 2021: 13 years) for mining assets of Ergo Mining Proprietary Limited (“Ergo”) and between two years (2022: two years; 2021: three years) and 18 years (2022: 20 years; 2021: 18 years) for FWGR mining assets. |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|
| ImpairmentThe carrying amounts of property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, the asset’s recoverable amount is estimated. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (“CGUs”). The key assets of a surface retreatment operation which constitutes a CGU are a reclamation site, a metallurgical plant and a tailings storage facility. These key assets operate interdependently to produce gold. The Ergo and FWGR operations each have separately managed and monitored reclamation sites, metallurgical plants and tailings storage facilities and are therefore separate CGUs.The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised in profit or loss if the carrying amount of an asset or CGU exceeds its recoverable amount. |

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|  |                                                            |      |                                     |                               |                    |                          |               |               |               |            |           |  |  |  |  |  |  |  |  |  |  |  |  |
|--|------------------------------------------------------------|------|-------------------------------------|-------------------------------|--------------------|--------------------------|---------------|---------------|---------------|------------|-----------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                       | Note | Mine plant facilities and equipment | Mine property and development | Exploration assets | Capital work in progress | Total         |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | 30 June 2023                                               |      |                                     |                               |                    |                          |               |
|  | Cost                                                       |      | 2,901.6                             | 2,788.6                       | 16.2               | 498.0                    | 6,204.4       |
|  | Balance at the beginning of the year                       |      | 2,733.9                             | 2,419.6                       | 14.2               | —                  | 5,167.7       |
|  | Additions - property, plant and equipment owned1           |      | 157.5                               | 365.1                         | 2.0                | 498.0                    | 1,022.6       |
|  | Additions - right-of-use assets                            | 10.1 | —                             | 6.1                           | —            | —                  | 6.1           |
|  | Lease modifications                                        | 10.1 | (0.6)                               | —                       | —            | —                  | (0.6)         |
|  | Lease derecognitions                                       | 10.1 | (4.2)                               |                               | (0.8)              | —                  | —  |               | (5.0)         |            |
|  | Disposals and scrapping                                    |      | (6.6)                               |                               | (0.2)              |                          | —  |               | —  |            | (6.8)     |  |
|  | Change in estimate of decommissioning asset                | 11   | 21.6                           |                               | (1.2)              |                          | —       | —  |               | 20.4  |           |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Accumulated depreciation and impairment                    |      | (1,108.7)                           |                               | (1,176.5)          |                          | (9.7)         |               | —  |            | (2,294.9) |  |
|  | Balance at the beginning of the year                       |      | (1,017.0)                           |                               | (1,056.9)          |                          | (9.7)         |               | —  |            | (2,083.6) |  |
|  | Depreciation                                               | 5.1  | (97.9)                              |                               | (119.6)            |                          | —       | —       | (217.5)       |            |
|  | Lease derecognitions                                       |      | 4.0                                 | —                       | —            | —                  | 4.0           |
|  | Disposals and scrapping                                    |      | 2.2                                 | —                       | —            | —                  | 2.2           |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Carrying value at end of the year                          |      | 1,792.9                             | 1,612.1                       | 6.5                | 498.0                    | 3,909.5       |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Comprising:                                            |      |                                     |                               |                    |                          |               |
|  | Property, plant and equipment owned                        |      | 1,783.2                             | 1,587.0                       | 6.5                | 498.0                    | 3,874.7       |
|  | Right-of-use assets                                        | 10.1 | 9.7                                 | 25.1                          | —            | —                  | 34.8          |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Carrying value at end of the year                          |      | 1,792.9                             | 1,612.1                       | 6.5                | 498.0                    | 3,909.5       |
|  | 1 This amount includes cash additions of R959.7 million    |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | 30 June 2022                                               |      |                                     |                               |                    |                          |               |
|  | Cost                                                       |      | 2,733.9                             | 2,419.6                       | 14.2               | —                  | 5,167.7       |
|  | Balance at the beginning of the year                       |      | 2,604.3                             | 2,154.0                       | 110.5              | —                  | 4,868.8       |
|  | Additions - property, plant and equipment owned            |      | 291.4                               | 301.2                         | 5.8                | —                  | 598.4         |
|  | Additions - right-of-use assets                            | 10.1 | 6.0                                 | 9.9                           | —            | —                  | 15.9          |
|  | Lease modifications                                        | 10.1 | —                             | 1.2                           | —            | —                  | 1.2           |
|  | Lease derecognitions                                       | 10.1 | (1.6)                               |                               | —            | —                  | —  |               | (1.6)         |            |
|  | Disposals and scrapping                                    |      | (185.3)                             |                               | (61.6)             |                          | (0.9)         | —  |               | (247.8)    |           |
|  | Change in estimate of decommissioning asset                | 11   | (46.3)                              | (20.9)                        | —       |                          | —       | (67.2)        |
|  | Transfers between classes of property, plant and equipment |      | 65.4                                | 35.8                          | (101.2)            |                          | —       | —       |
|  | Accumulated depreciation and impairment                    |      | (1,017.0)                           |                               | (1,056.9)          |                          | (9.7)         |               | —  |            | (2,083.6) |  |
|  | Balance at the beginning of the year                       |      | (1,074.0)                           |                               | (975.4)            |                          | (9.7)         |               | —  |            | (2,059.1) |  |
|  | Depreciation                                               | 5.1  | (125.1)                             |                               | (142.5)            |                          | —       | —  |               | (267.6)    |           |
|  | Lease derecognitions                                       |      | 1.6                                 | —                       | —            | —                  | 1.6           |
|  | Disposals and scrapping                                    |      | 180.5                               | 61.0                          | —            | —                  | 241.5         |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Carrying value at end of the year                          |      | 1,716.9                             | 1,362.7                       | 4.5                | —                  | 3,084.1       |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Comprising:                                            |      |                                     |                               |                    |                          |               |
|  | Property, plant and equipment owned                        |      | 1,698.7                             | 1,333.2                       | 4.5                | —                  | 3,036.4       |
|  | Right-of-use assets                                        | 10.1 | 18.2                                | 29.5                          | —            | —                  | 47.7          |
|  |                                                            |      |                                     |                               |                    |                          |               |
|  | Carrying value at end of the year                          |      | 1,716.9                             | 1,362.7                       | 4.5                | —                  | 3,084.1       |

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|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING JUDGEMENTSAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The contract must also be enforceable. To assess whether a contract conveys the right to control the use of an identified asset, requires judgement particularly on contracts with service contractors, which may contain embedded leases.The Group assesses whether:•the contract involves the use of an identified asset;•the Group has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and•the Group has the right to direct the use of the asset.At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relevant stand-alone prices. However, for the lease of land and buildings in which it is a lessee, the Group has elected not to separate non-lease components and account for the lease and non-lease component as a single lease component.Some property leases contain options to renew under the contract. Judgement is applied in whether the renewable option periods must be included in the lease term i.e. it is reasonably certain that the options to renew will be exercised. In applying judgement, the Group also considers whether the lease term is commensurate with estimated future mine plan requirements and environmental rehabilitation obligations associated with the property post reclamation. |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESRight of use assetsThe right of use asset is initially measured at cost, which comprises the initial amount of the lease liability and is adjusted by any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The Group recognises a right of use asset and lease liability at the lease commencement date. The right of use asset is subsequently depreciated using the straightline method from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The right of use asset carrying value is allocated to the CGU it belongs to and the CGU is reviewed at each reporting date to determine whether there is any indication of impairment. The carrying value is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease liabilityThe lease liability is initially measured at the present value of the outstanding lease payments at commencement date over the lease term, discounted using the interest rate implicit in the lease or if that rate is undeterminable, the Group’s incremental borrowing rate. The lease term includes the non-cancellable period for which the lessee has the right to use an underlying asset including optional periods when the Group is reasonably certain to exercise an option to extend a lease. Lease payments comprise fixed payments, variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date, and the exercise price under a purchase option that the Group is reasonably certain to exercise.The lease liability is measured using the effective interest rate method. The Group re-measures the lease liability when the lease contract is modified and this does not give rise to modification accounting, when the lease term has been changed or when the lease payments have changed as a result of a change in an index or rate or a change in the assessment of a purchase option. Upon remeasurement, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Right of use assets are presented in “property, plant and equipment” and lease liabilities are separately disclosed in the statement of financial position.Short term leases and leases of low value assetsThe Group has elected not to recognise right of use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of 12 months or less and leases of low value assets which include IT equipment, security equipment and administration equipment. |

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|  |                                         |      |                                     |                               |         |       |        |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------|------|-------------------------------------|-------------------------------|---------|-------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                    | Note | Mine plant facilities and equipment | Mine property and development | Total   |       |
|  |                                         |      |                                     |                               |         |       |
|  | 30 June 2023                            |      |                                     |                               |         |       |
|  | Cost                                    |      | 26.4                                | 63.7                          | 90.1    |       |
|  | Opening balance                         |      | 31.2                                | 58.4                          | 89.6    |       |
|  | Additions                               |      | —                             | 6.1                           | 6.1     |       |
|  | Lease modifications                     |      | (0.6)                               | —                       | (0.6)   |       |
|  | Lease derecognitions                    |      | (4.2)                               |                               | (0.8)   | (5.0) |        |  |
|  | Accumulated depreciation and impairment |      | (16.7)                              |                               | (38.6)  |       | (55.3) |  |  |
|  | Opening balance                         |      | (13.0)                              |                               | (28.9)  |       | (41.9) |  |  |
|  | Depreciation                            |      | (7.7)                               |                               | (9.7)   |       | (17.4) |  |  |
|  | Lease derecognitions                    |      | 4.0                                 | —                       | 4.0     |       |
|  |                                         |      |                                     |                               |         |       |
|  | Carrying value                          |      | 9.7                                 | 25.1                          | 34.8    |       |
|  |                                         |      |                                     |                               |         |       |
|  | 30 June 2022                            |      |                                     |                               |         |       |
|  | Cost                                    |      | 31.2                                | 58.4                          | 89.6    |       |
|  | Opening balance                         |      | 26.8                                | 47.3                          | 74.1    |       |
|  | Additions                               |      | 6.0                                 | 9.9                           | 15.9    |       |
|  | Lease modifications                     |      | —                             | 1.2                           | 1.2     |       |
|  | Lease derecognitions                    |      | (1.6)                               |                               | — | (1.6) |        |  |
|  | Accumulated depreciation and impairment |      | (13.0)                              |                               | (28.9)  |       | (41.9) |  |  |
|  | Opening balance                         |      | (6.2)                               |                               | (18.8)  |       | (25.0) |  |  |
|  | Depreciation                            |      | (8.4)                               |                               | (10.1)  |       | (18.5) |  |  |
|  | Lease derecognitions                    |      | 1.6                                 | —                       | 1.6     |       |
|  |                                         |      |                                     |                               |         |       |
|  | Carrying value                          |      | 18.2                                | 29.5                          | 47.7    |       |
|  |                                         |      |                                     |                               |         |       |

|  |                                                                                |      |        |         |        |  |  |  |  |  |  |  |  |  |
|--|--------------------------------------------------------------------------------|------|--------|---------|--------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                           | Note | 2023   | 2022    |
|  |                                                                                |      |        |         |
|  | Reconciliation of the lease liabilities balance:                           |      |        |         |
|  | Balance at the beginning of the year                                           |      | 52.3   | 54.8    |
|  | New leases                                                                     | 9    | 6.1    | 15.9    |
|  | Lease modifications                                                            | 9    | (0.6)  | 1.2     |
|  | Lease derecognitions                                                           | 9    | (1.2)  | — |
|  | Interest charge on lease liabilities                                           | 7    | 3.8    | 4.2     |
|  | Repayment of lease liabilities                                                 |      | (16.9) |         | (19.7) |  |
|  | Interest repaid                                                                |      | (3.8)  |         | (4.1)  |  |
|  |                                                                                |      |        |         |
|  | Balance at the end of the year                                                 |      | 39.7   | 52.3    |
|  |                                                                                |      |        |         |
|  | Current portion of lease liabilities                                           |      | (11.3) |         | (19.5) |  |
|  |                                                                                |      |        |         |
|  | Non-current portion of lease liabilities                                       |      | 28.4   | 32.8    |
|  |                                                                                |      |        |         |
|  | Maturity analysis of undiscounted contractual cash flows:                  |      |        |         |
|  | Less than a year                                                               |      | 16.7   | 22.4    |
|  | One to five years                                                              |      | 24.8   | 35.1    |
|  | More than five years                                                           |      | 8.5    | 2.1     |
|  |                                                                                |      |        |         |
|  | Total undiscounted lease liabilities at the end of the year                    |      | 50.0   | 59.6    |
|  |                                                                                |      |        |         |
|  | Lease payments not recognised as a liability but expensed during the year: |      |        |         |
|  | Short-term leases                                                              |      | (6.4)  |         | (2.5)  |  |
|  | Leases of low value assets                                                     |      | (9.7)  |         | (8.6)  |  |
|  |                                                                                |      |        |         |
|  | Cash flows included in cash generated from operating activities                |      | (16.1) |         | (11.1) |  |
|  |                                                                                |      |        |         |

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|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |  |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATESEstimates of future environmental rehabilitation costs are determined with the assistance of an independent expert and are based on the Group’s environmental management plans which are developed in accordance with regulatory requirements as well as the life-of-mine plan (as discussed in note 9 to the consolidated financial statements) which influences the estimated timing of the rehabilitation cash outflows and the planned method of rehabilitation which in turn is influenced by developments in trends and technology.An average discount rate ranging between 10.8% and 11.1% (2022: between 10.2% and 10.3%), average inflation rate of 5.7% (2022: 5.5%) and the discount periods as per the expected life-of-mine were used in the calculation of the estimated net present value of the rehabilitation liability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|  | ACCOUNTING POLICIESThe net present value of the estimated rehabilitation cost as at reporting date is provided for in full. These estimates are reviewed annually and are discounted using a pre-tax risk-free rate that is adjusted to reflect the current market assessments of the time value of money and the risks specific to the obligation.Annual changes in the provision consist of financing expenses relating to the change in the present value of the provision and inflationary increases in the provision, as well as changes in estimates.The present value of dismantling and removing the asset created (decommissioning liabilities) are capitalised to PPE against an increase in the rehabilitation provision. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised in profit or loss. If the asset value is increased and there is an indication that the revised carrying value is not recoverable, an impairment test is performed in accordance with the accounting policy dealing with impairments of property, plant and equipment. Over time, the liability is increased to reflect an interest element, and the capitalised cost is depreciated over the life of the related asset. Cash costs incurred to rehabilitate these disturbances are charged to the provision and are presented as investing activities in the statement of cash flows.The present value of environmental rehabilitation costs relating to the production of inventories and sites without related assets (restoration liabilities) as well as changes therein are expensed as incurred and presented as operating costs. Cash costs incurred to rehabilitate these disturbances are presented as operating activities in the statement of cash flows. The cost of ongoing rehabilitation is recognised in profit or loss as incurred. |

|  |                                                                                                                                                                                                                                       |      |            |       |        |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|------------|-------|--------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                                                                                                                  | Note | 2023       | 2022  |
|  |                                                                                                                                                                                                                                       |      |            |       |
|  | Opening balance                                                                                                                                                                                                                       |      | 517.7      | 570.8 |
|  | Unwinding of provision                                                                                                                                                                                                                | 7    | 46.2       | 45.0  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss                                                                                                                                                       | 5.1  | (7.1)      |       | (2.2)  |  |
|  | Change in estimate of environmental rehabilitation recognised to decommissioning asset (a)                                                                                                                                            | 9    | 20.4  |       | (67.2) |
|  | Environmental rehabilitation payments (b)                                                                                                                                                                                             |      | (15.1)     |       | (28.7) |  |
|  | To reduce decommissioning liabilities                                                                                                                                                                                                 |      | (13.8)     |       | (25.4) |  |
|  | To reduce restoration liabilities                                                                                                                                                                                                     | 14   | (1.3)      |       | (3.3)  |  |
|  |                                                                                                                                                                                                                                       |      |            |       |
|  | Closing balance                                                                                                                                                                                                                       |      | 562.1      | 517.7 |
|  |                                                                                                                                                                                                                                       |      |            |       |
|  | Environmental rehabilitation payments to reduce the liability                                                                                                                                                                         |      | (15.1)     |       | (28.7) |  |
|  | Ongoing rehabilitation expenditure 1                                                                                                                                                                                                  |      | (26.8)     |       | (31.6) |  |
|  |                                                                                                                                                                                                                                       |      |            |       |
|  | Total cash spent on environmental rehabilitation                                                                                                                                                                                      |      | (41.9)     |       | (60.3) |  |
|  | 1 The Group also performs ongoing environmental rehabilitation arising from its current activities concurrently with production. These costs do not represent a reduction of the above liability and are expensed as operating costs. |
|  |                                                                                                                                                                                                                                       |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESCash and cash equivalents in environmental rehabilitation trustsCash and cash equivalents included in environmental rehabilitation trusts comprise low-risk, interest-bearing cash and cash equivalents and are non-derivative financial assets categorised as financial assets measured at amortised cost.Cash and cash equivalents are initially measured at fair value. Subsequent to initial recognition, cash and cash equivalents are measured at amortised cost, which is equivalent to their fair value.The cash and cash equivalents in environmental rehabilitation trusts are for the sole use of material future environmental rehabilitation payments and are therefore included in non-current assets.Reimbursive right for environmental rehabilitation guarantees (“old environmental rehabilitation policy”)Funds held in the cell captive that secure the environmental rehabilitation guarantees issued are recognised as a right to receive a reimbursement and are measured at the lower of the amount of the consolidated environmental rehabilitation liability recognised and the consolidated fair value of the fund assets.Changes in the carrying value of the fund assets, other than those resulting from contributions and payments, are recognised in finance income. The funds held in the cell captive under the old environmental rehabilitation policy are for the sole use of material future environmental rehabilitation payments and are therefore included in non-current assets.Investments in Guardrisk Cell CaptiveFunds invested in the Guardrisk Cell Captive, held within Guardrisk Insurance Company Limited (“GICL”) or “Guardrisk” are non-derivative financial assets categorised as financial assets measured at fair value through profit and loss as the funds are invested by Guardrisk in liquid money market funds. These assets are initially measured at fair value and subsequent changes in fair value are recognised in profit or loss as they arise and included in finance income. The investments in GICL are for the sole use of environmental financial guarantees, Directors’ and Officers’ insurance and other insurance requirements.The investment in the Guardrisk Cell Captive are for the sole use as determined in the insurance policies and are therefore included in non-current assets. |

----

|  |                                                                                       |      |               |         |         |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------------|------|---------------|---------|---------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                  | Note | 2023          | 2022    |
|  |                                                                                       |      |               |         |
|  | Cash and cash equivalents in environmental rehabilitation trust funds                 |      | —       | — |
|  | Opening balance                                                                       |      | —       | 564.7   |
|  | Transfer to Investment in Guardrisk Cell Captive                                      |      | —  |         | (579.5) |
|  | Growth                                                                                | 6    | —       | 14.8    |
|  |                                                                                       |      |               |         |
|  | Reimbursive right for environmental rehabilitation guarantees                         |      | —       | — |
|  | Opening balance                                                                       |      | —       | 87.5    |
|  | Lapsing of old environmental rehabilitation policy retained in Guardrisk Cell Captive |      | —  |         | (89.3)  |
|  | Growth                                                                                | 6    | —       | 1.8     |
|  |                                                                                       |      |               |         |
|  | Investment in Guardrisk Cell Captive (a)                                              |      | 789.7         | 710.8   |
|  | Opening balance                                                                       |      | 710.8         | — |
|  | Transfer to Guardrisk cell captive                                                    |      | —       | 668.8   |
|  | Contributions                                                                         |      | 28.4          | 28.9    |
|  | Growth                                                                                | 6    | 50.5          | 13.1    |
|  | Investments in rehabilitation and other funds                                         |      | 789.7         | 710.8   |
|  |                                                                                       |      |               |         |
|  | (a) Investment in Guardrisk Cell Captive                                              |      |               |         |
|  | The investment in the cell captive is allocated as follows:                       |      | 789.7         | 710.8   |
|  | Environmental rehabilitation                                                          |      | 630.6         | 589.8   |
|  | Directors’ and Officers’ insurance                                        |      | 61.3          | 29.5    |
|  | Other funds                                                                           |      | 97.8          | 91.5    |
|  |                                                                                       |      |               |         |

|  |                      |  |       |       |  |  |  |  |  |  |  |  |  |  |
|--|----------------------|--|-------|-------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million |  | 2023  | 2022  |
|  |                      |  |       |       |
|  | 100bp increase       |  | 7.9   | 7.1   |
|  | 100bp (decrease)     |  | (7.9) | (7.1) |
|  |                      |  |       |       |
|  |                      |  |       |       |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESCash and cash equivalents are short-term, highly liquid investments that are readily convertible to cash without significant risk of changes in value and comprise cash on hand, demand deposits, and highly liquid investments which are readily convertible to known amounts of cash.Cash and cash equivalents are non-derivative financial assets categorised as financial assets measured at amortised cost. Cash and cash equivalents are initially measured at fair value. Subsequent to initial recognition, cash and cash equivalents are measured at amortised cost, which is equivalent to their fair value. |

|  |                                                                                                                                                                                                                                                        |      |         |         |  |  |  |  |  |  |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|---------|---------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                                                                                                                                   | Note | 2023    | 2022    |
|  |                                                                                                                                                                                                                                                        |      |         |         |
|  | Cash on hand                                                                                                                                                                                                                                           |      | 131.3   | 113.2   |
|  | Access deposits and income funds1                                                                                                                                                                                                                      |      | 2,328.7 | 2,401.7 |
|  | Restricted cash2                                                                                                                                                                                                                                       |      | 11.4    | 10.7    |
|  |                                                                                                                                                                                                                                                        |      |         |         |
|  |                                                                                                                                                                                                                                                        |      | 2,471.4 | 2,525.6 |
|  |                                                                                                                                                                                                                                                        |      |         |         |
|  | Interest earned on cash and cash equivalents                                                                                                                                                                                                           | 6    | 190.2   | 111.8   |
|  | 1These consist of access deposit notes and conservatively managed income funds that are diversified across the major financial institutions in South Africa.                                                                                           |
|  | At reporting date all of these instruments had same day or next day liquidity and effective annualised yields of between 8.80% and 9.49%                                                                                                               |
|  | 2This consists of cash held on call as collateral for guarantees issued by the Standard Bank of South Africa Limited on behalf of the Group for environmental rehabilitation amounting to R5.2 million and various utilities amounting to R5.1 million |

|  |                      |  |        |        |  |  |  |  |  |  |  |  |  |  |
|--|----------------------|--|--------|--------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million |  | 2023   | 2022   |
|  |                      |  |        |        |
|  | 100bp increase       |  | 25.0   | 23.5   |
|  | 100bp (decrease)     |  | (25.0) | (23.5) |
|  |                      |  |        |        |
|  |                      |  |        |        |

|  |                                                                                                                                                                                                                                     |  |       |       |  |  |  |  |  |  |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------|-------|--|--|--|--|--|--|--|--|--|--|
|  | US Dollars not converted to South African rands at reporting date are as follows:                                                                                                                                               |  |       |       |
|  |                                                                                                                                                                                                                                     |  |       |       |
|  | Figures in USD million                                                                                                                                                                                                              |  | 2023  | 2022  |
|  |                                                                                                                                                                                                                                     |  |       |       |
|  | Foreign denominated cash at 30 June                                                                                                                                                                                                 |  | 3.7   | 3.4   |
|  |                                                                                                                                                                                                                                     |  |       |       |
|  | A 10% strengthening of the rand against the US Dollar at 30 June 2023 would have increased/(decreased) equity and profit/(loss) by the amounts shown below. This analysis assumes that all other variables remain constant. |
|  |                                                                                                                                                                                                                                     |  |       |       |
|  | Amounts in R million                                                                                                                                                                                                                |  | 2023  | 2022  |
|  |                                                                                                                                                                                                                                     |  |       |       |
|  | Strengthening of the Rand against the US Dollar                                                                                                                                                                                     |  | (7.0) | (5.5) |
|  | Weakening of the Rand against the US Dollar                                                                                                                                                                                         |  | 7.0   | 5.5   |
|  |                                                                                                                                                                                                                                     |  |       |       |

----

|  |                                                                                 |      |               |            |               |            |            |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------|------|---------------|------------|---------------|------------|------------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                            | Note | 2023          | 2022       | 2021          |
|  |                                                                                 |      |               |            |               |
|  | Profit for the year                                                             |      | 1,281.4       | 1,123.8    | 1,439.9       |
|  | Adjusted for:                                                               |      |               |            |               |
|  | Income tax                                                                      | 18.1 | 405.0         | 334.3      | 523.7         |
|  | Depreciation                                                                    | 9    | 217.5         | 267.6      | 252.5         |
|  |                                                                                 |      |               |            |               |
|  | Movement in gold in process and finished inventories - Gold Bullion             | 5.1  | (10.8)        |            | (30.4)        |            | 25.6  |  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | 11   | (7.1)         |            | (2.2)         |            | (12.4)     |  |
|  | Environmental rehabilitation payments to reduce the restoration liabilities     | 11   | (1.3)         | (3.3)      |               | (5.8)      |            |
|  | Share based payment expense                                                     | 5.3  | 22.0     |            | 18.4          | (28.3)     |
|  | Gain on disposal of property, plant and equipment                               | 5.2  | (10.3)        |            | (6.6)         |            | (0.1)      |  |
|  | Insurance claim received/(receivable)                                       | 5.2  | 31.7          | (31.7)     | —  |            |
|  | Finance income                                                                  | 6    | (334.3)       |            | (225.8)       |            | (216.2)    |  |
|  | Finance expense                                                                 | 7    | 70.7          | 74.8  |               | 69.5  |            |
|  | Other non-cash items                                                            |      | —  |            | 3.8      |            | (2.5)      |  |
|  |                                                                                 |      |               |            |               |
|  | Operating cash flows before working capital changes                             |      | 1,664.5       | 1,522.7    | 2,045.9       |
|  |                                                                                 |      |               |            |               |
|  | Changes in:                                                                 |      | 44.2          | 62.9       | (194.9)       |            |
|  | Trade and other receivables                                                     |      | 19.9          | 25.7       | 6.9           |
|  | Inventories                                                                     |      | (13.6)        |            | (18.9)        |            | (44.7)     |  |
|  | Payment made under protest                                                      | 24   | (12.6)        |            | (15.2)        |            | (8.1)      |  |
|  | Trade and other payables and employee benefits                                  |      | 50.5     |            | 71.3     |            | (149.0)    |  |
|  |                                                                                 |      |               |            |               |
|  | Cash generated by operations                                                    |      | 1,708.7       | 1,585.6    | 1,851.0       |
|  |                                                                                 |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESRecognition and measurementTrade and other receivables, excluding Value Added Tax and prepayments, are non-derivative financial assets categorised as financial assets at amortised cost.These assets are initially measured at fair value plus directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method less any expected credit losses using the Group’s business model for managing its financial assets. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability.ImpairmentThe Group recognises loss allowances for trade and other receivables at an amount equal to expected credit losses (“ECLs”). The Group uses the simplified ECL approach. When determining whether the credit risk of a financial asset has increased since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on informed credit assessments and including forward-looking information. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). The Group assesses whether the financial asset is credit impaired at each reporting date. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, including but not limited to financial difficulty or default of payment. The Group will write off a financial asset when there is no reasonable expectation of recovering it after considering whether all means to recovery the asset have been exhausted, or the counterparty has been liquidated and the Group has assessed that no recovery is possible.Any impairment losses are recognised in the statement of profit or loss.Trade receivables relate to gold sold to the bullion banks. Settlement is usually received on the gold sold date. Previously trade receivables related to gold sold on the bullion market by Rand Refinery in its capacity as an agent for the Group. Settlement was usually received 2 working days from gold sold date. |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

|  |                                                                                                                                                                   |  |       |       |       |  |  |  |  |  |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-------|-------|-------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                                              |  | 2023  | 2022  |
|  |                                                                                                                                                                   |  |       |       |
|  |                                                                                                                                                                   |  |       |       |
|  | Value Added Tax                                                                                                                                                   |  | 56.6  | 75.1  |
|  | Other receivables1                                                                                                                                                |  | 33.8  | 57.4  |
|  | Prepayments2                                                                                                                                                      |  | 199.1 | 19.2  |
|  | Allowance for impairment                                                                                                                                          |  | (0.9) |       | (2.2) |  |
|  |                                                                                                                                                                   |  | 288.6 | 149.5 |
|  | 1 Other receivables as at 30 June 2022 includes the outstanding COVID-19 insurance claim amount of R31.7 million (refer to note 5.2) which was received in FY2023 |
|  | 2 Prepayments includes prepayments made towards capital projects including those of the solar project of R185.5 million                                           |
|  |                                                                                                                                                                   |  |       |       |
|  |                                                                                                                                                                   |  |       |       |

|  |                      |                     |                 |                     |                 |       |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------|---------------------|-----------------|---------------------|-----------------|-------|--|--|--|--|--|--|--|--|--|--|--|
|  |                      | 2023                | 2022            |
|  | Amounts in R million | Non-credit impaired | Credit impaired | Non-credit impaired | Credit impaired |
|  |                      |                     |                 |                     |                 |
|  |                      |                     |                 |                     |                 |
|  | Other receivables    | 32.9                | 0.9             | 55.2                | 2.2             |
|  |                      |                     |                 |                     |                 |
|  |                      |                     |                 |                     |                 |
|  | Loss allowance       | —             | (0.9)           |                     | —         | (2.2) |  |

|  |                                                                              |       |         |       |  |  |  |  |  |  |  |
|--|------------------------------------------------------------------------------|-------|---------|-------|--|--|--|--|--|--|--|
|  | Amounts in R million                                                         | 2023  | 2022    |
|  |                                                                              |       |         |
|  | Balance at the beginning of the year                                         | (2.2) |         | (1.2) |  |
|  | Credit loss allowance/impairments recognised included in operating costs | (2.0) |         | (1.1) |  |
|  | Credit loss allowance/impairments reversed included in operating costs   | 0.6   | 0.1     |
|  | Credit loss allowance written off against related receivable                 | 2.7   | — |
|  | Balance at the end of the year                                               | (0.9) |         | (2.2) |  |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESTrade and other payables, excluding Value Added Tax, payroll accruals, accrued leave pay and provision for performance-based incentives, are non-derivative financial liabilities categorised as financial liabilities measured at amortised cost.These liabilities are initially measured at fair value plus directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method. The Group derecognises a financial liability when its contractual rights are discharged or cancelled or expire.Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |

|  |                                                                                           |      |       |         |       |  |  |  |  |  |  |  |  |  |
|--|-------------------------------------------------------------------------------------------|------|-------|---------|-------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                      | Note | 2023  | 2022    |
|  |                                                                                           |      |       |         |
|  | Trade payables and accruals                                                               |      | 525.1 | 429.1   |
|  | VAT payable                                                                               |      | 0.3   | 0.2     |
|  | Provision for leave                                                                       |      | 56.8  | 55.7    |
|  | Accrual for short term performance based incentives                                       |      | 89.8  | 87.5    |
|  | Payroll creditors                                                                         |      | 28.5  | 25.9    |
|  |                                                                                           |      |       |         |
|  |                                                                                           |      | 700.5 | 598.4   |
|  |                                                                                           |      |       |         |
|  | Interest relating to trade payables and accruals included in profit or loss               |      | (1.1) |         | (1.8) |  |
|  |                                                                                           |      |       |         |
|  | RELATED PARTY BALANCES                                                                    |      |       |         |
|  | Trade payables and accruals include the following amounts payable to related parties: |      |       |         |
|  | Sibanye-Stillwater                                                                        |      | 16.5  | 25.8    |
|  | Rand Refinery                                                                             |      | 0.3   | — |
|  |                                                                                           |      |       |         |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |  |  |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESGold in process is stated at the lower of cost and net realisable value. Costs are assigned to gold in process on a weighted average cost basis. Costs comprise all costs incurred to the stage immediately prior to smelting, including costs of extraction and processing as they are reliably measurable at that point. Gold Bullion is stated at the lower of cost and net realisable value. Selling and general administration costs are excluded from inventory valuation.Consumable stores are stated at cost less allowances for obsolescence. Cost of consumable stores and stockpile material is based on the weighted average cost principle and includes expenditure incurred in acquiring inventories and bringing them to their existing location and condition.Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and selling expenses. |

|  |                                                                                               |  |               |       |       |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------|--|---------------|-------|-------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                          |  | 2023          | 2022  |
|  |                                                                                               |  |               |       |
|  | Consumable stores                                                                             |  | 232.7         | 197.5 |
|  | Ore stockpiles                                                                                |  | 30.2          | 51.9  |
|  | Gold in process                                                                               |  | 67.9          | 75.1  |
|  | Finished inventories - Gold Bullion                                                           |  | 82.8          | 64.8  |
|  | Total inventories                                                                             |  | 413.6         | 389.3 |
|  |                                                                                               |  |               |       |
|  | Inventory carried at net realisable value includes:                                       |  |               |       |
|  | Gold in process                                                                               |  | —       | 8.5   |
|  | Finished inventories - Gold Bullion                                                           |  | —       | 7.9   |
|  | Write down to net realisable value included in movement in gold in process and finished stock |  | —  |       | (2.7) |
|  |                                                                                               |  |               |       |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATESManagement periodically evaluates positions taken where tax regulations are subject to interpretation. This includes the treatment of both Ergo and FWGR as single mining operations respectively, pursuant to the relevant ring-fencing legislation.The deferred tax liability is calculated by applying a forecast weighted average tax rate that is based on a prescribed formula. The calculation of the forecast weighted average tax rate requires the use of assumptions and estimates and are inherently uncertain and could change materially over time. These assumptions and estimates include expected future profitability and timing of the reversal of the temporary differences. Due to the forecast weighted average tax rate being based on a prescribed formula that increases the effective tax rate with an increase in forecast future profitability, and vice versa, the tax rate can vary significantly year on year and can move contrary to current period financial performance.A 100 basis points increase in the effective tax rate will result in an increase in the net deferred tax liability at 30 June 2023 of approximately R22.8 million (2022: R18.7 million; 2021: R14.2 million).The assessment of the probability that future taxable profits will be available against which the tax losses and unredeemed capital expenditure can be utilised requires the use of assumptions and estimates and are inherently uncertain and could change materially over time.Capital expenditure is assessed by the South African Revenue Service (“SARS”) when it is redeemed against taxable mining income rather than when it is incurred. A different interpretation by SARS regarding the deductibility of these capital allowances may therefore become evident subsequent to the year of assessment when the capital expenditure is incurred. |
|  | ACCOUNTING POLICIESIncome tax expense comprises current and deferred tax. Each company is taxed as a separate entity and tax is not set-off between the companies.Current taxCurrent tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment on tax payable or receivable in respect of the previous year. Amounts are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date. Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax is not recognised on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit.Deferred tax assets relating to unutilised tax losses and unutilised capital allowances are recognised to the extent that it is probable that future taxable profits will be available against which the unutilised tax losses and unutilised capital allowances can be utilised. The recoverability of these assets is reviewed at each reporting date and adjusted if recovery is no longer probable.Deferred tax related to gold mining income is measured at a forecast weighted average tax rate that is expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date. The calculation of the forecast weighted average tax rate requires the use of assumptions and estimates, including the Group’s life-of-mine plan (as discussed in note 9 to the consolidated financial statements) that is applied to calculate the expected future profitability. |

----

|  |                                                                                                                     |               |               |               |         |               |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------------------------------------------|---------------|---------------|---------------|---------|---------------|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                | 2023          | 2022          | 2021          |
|  |                                                                                                                     |               |               |               |
|  | Current tax                                                                                                         | (286.3)       |               | (261.6)       |         | (423.7)       |  |
|  | Mining tax                                                                                                          | (253.0)       |               | (250.2)       |         | (423.7)       |  |
|  | Non-Mining, company and capital gains tax                                                                           | (33.3)        |               | (11.4)        | — |
|  | Deferred tax                                                                                                        | (118.7)       |               | (72.7)        |         | (100.0)       |  |
|  | Deferred tax charge - Mining tax                                                                                    | (121.6)       |               | (119.9)       |         | (104.0)       |  |
|  | Deferred tax charge - Non-mining, company and capital gains tax                                                     | 2.9           | 1.6      |               | (19.1)  |               |
|  | Deferred tax rate adjustment                                                                                        | —       | 45.6          | —       |
|  | Recognition of previously unrecognised income losses                                                                | —       | 0.4           | 7.8           |
|  | Recognition of previously unrecognised capital losses                                                               | —       | —  |               | (1.2)   |               |
|  | Recognition of previously unrecognised temporary differences                                                        | —  |               | (0.4)         | 16.5    |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     | (405.0)       |               | (334.3)       |         | (523.7)       |  |
|  |                                                                                                                     |               |               |               |
|  | Tax reconciliation                                                                                                  |               |               |               |
|  | Major items causing the Group's income tax expense to differ from the statutory rate were:                      |               |               |               |
|  | Tax on net profit before tax at the South African corporate tax rate of 27% (2022 and 2021: 28%)                | (455.3)       |               | (408.3)       |         | (549.9)       |  |
|  | Rate adjustment to reflect the actual realised company tax rates applying the gold mining formula                   | 47.6          | 36.4          | 3.7           |
|  | Deferred tax rate adjustment (a)                                                                                    | —  |               | 45.6          | — |
|  | Depreciation of property, plant and equipment exempt from deferred tax on initial recognition (b)                   | (16.3)        | (22.2)        | (21.2)        |
|  | Non-deductible expenses (c)                                                                                         | (7.0)         |               | (7.3)         |         | (6.2)         |  |
|  | Exempt income and other non-taxable income (d)                                                                      | 21.8          | 19.0          | 22.8          |
|  | (Derecognition of previously recognised)/Recognition of previously unrecogniseddeductible temporary differences | —       | (0.4)         | 16.5          |
|  | (Derecognition of previously recognised)/Recognition of previously unrecognised tax losses of a capital nature  | —       | —  |               | (1.2)   |               |
|  | Utilisation of tax losses for which deferred tax assets were previously unrecognised                                | —  |               | 0.4      |         | 7.8      |  |
|  | Over provided in prior periods                                                                                      | 2.0      |               | —  |         | —  |  |
|  | Current year losses for which no deferred tax asset was recognised                                                  | 0.4      |               | (1.4)         |         | (0.1)         |  |
|  | Other                                                                                                               | (0.1)         |               | 3.6      |         | 3.3      |  |
|  | Tax incentives                                                                                                      | 1.9      |               | 0.3      |         | 0.8      |  |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  |                                                                                                                     |               |               |               |
|  | Income tax                                                                                                          |               |               |               |
|  | Income tax                                                                                                          | (405.0)       |               | (334.3)       |         | (523.7)       |  |
|  |                                                                                                                     |               |               |               |

----

|  |                                                                                                                                                                                                          |         |               |         |  |  |  |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------|---------|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                                                                                     | 2023    | 2022          |
|  |                                                                                                                                                                                                          |         |               |
|  | Included in the statement of financial position as follows:                                                                                                                                          |         |               |
|  | Deferred tax assets                                                                                                                                                                                      | 32.8    | 14.5          |
|  | Deferred tax liabilities                                                                                                                                                                                 | (560.7) |               | (451.9) |  |
|  |                                                                                                                                                                                                          |         |               |
|  | Net deferred tax liabilities                                                                                                                                                                             | (527.9) |               | (437.4) |  |
|  |                                                                                                                                                                                                          |         |               |
|  | Reconciliation of the deferred tax balance:                                                                                                                                                          |         |               |
|  | Balance at the beginning of the year                                                                                                                                                                     | (437.4) |               | (371.3) |  |
|  | Recognised in profit or loss                                                                                                                                                                             | (118.7) |               | (72.7)  |  |
|  | Recognised in other comprehensive income                                                                                                                                                                 | 0.7     | 6.6      |         |
|  | Recognised in equity                                                                                                                                                                                     | 27.5    | —  |         |
|  |                                                                                                                                                                                                          |         |               |
|  | Balance at the end of the year                                                                                                                                                                           | (527.9) |               | (437.4) |  |
|  |                                                                                                                                                                                                          |         |               |
|  | The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are: |
|  | Amounts in R million                                                                                                                                                                                     | 2023    | 2022          |
|  |                                                                                                                                                                                                          |         |               |
|  | Deferred tax liabilities                                                                                                                                                                                 |         |               |
|  | Property, plant and equipment (excluding unredeemed capital allowances)                                                                                                                                  | (659.7) |               | (537.6) |  |
|  | Environmental rehabilitation obligation and other funds                                                                                                                                                  | (76.3)  |               | (63.3)  |  |
|  | Other investments                                                                                                                                                                                        | (0.6)   |               | (0.9)   |  |
|  |                                                                                                                                                                                                          |         |               |
|  | Gross deferred tax liabilities                                                                                                                                                                           | (736.6) |               | (601.8) |  |
|  |                                                                                                                                                                                                          |         |               |
|  | Deferred tax assets                                                                                                                                                                                      |         |               |
|  | Environmental rehabilitation obligation                                                                                                                                                                  | 113.9   | 105.6         |
|  | Other provisions1                                                                                                                                                                                        | 81.0    | 49.3          |
|  | Other temporary differences2                                                                                                                                                                             | 9.0     | 4.6           |
|  | Estimated tax losses                                                                                                                                                                                     | 4.8     | 4.1           |
|  | Estimated unredeemed capital allowances                                                                                                                                                                  | — | 0.8           |
|  |                                                                                                                                                                                                          |         |               |
|  | Gross deferred tax assets                                                                                                                                                                                | 208.7   | 164.4         |
|  |                                                                                                                                                                                                          |         |               |
|  | Net deferred tax liabilities                                                                                                                                                                             | (527.9) |               | (437.4) |  |
|  | 1Includes the temporary differences on the equity settled share-based payment                                                                                                                            |         |               |
|  | 2 Includes the temporary differences on the lease liability                                                                                                                                              |         |               |
|  |                                                                                                                                                                                                          |         |               |

|  |                                                                                                                                                                                                                                                                                                                                                                                                           |       |       |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|--|--|--|--|--|--|--|--|
|  | Deferred tax assets have not been recognised in respect of the following:                                                                                                                                                                                                                                                                                                                             |
|  |                                                                                                                                                                                                                                                                                                                                                                                                           |       |       |
|  | Amounts in R million                                                                                                                                                                                                                                                                                                                                                                                      | 2023  | 2022  |
|  |                                                                                                                                                                                                                                                                                                                                                                                                           |       |       |
|  | Estimated tax losses                                                                                                                                                                                                                                                                                                                                                                                      | 17.2  | 18.1  |
|  | Estimated tax losses - Capital nature                                                                                                                                                                                                                                                                                                                                                                     | 313.6 | 313.6 |
|  | Unredeemed capital expenditure                                                                                                                                                                                                                                                                                                                                                                            | 252.0 | 252.0 |
|  |                                                                                                                                                                                                                                                                                                                                                                                                           |       |       |
|  | Deferred tax assets for tax losses, unredeemed capital expenditure and capital losses have not been recognised where future taxable profits against which these can be utilised are not anticipated. These do not have an expiry date. A maximum of R1 million or 80% of assessed losses (whichever is greater) is permitted to be set-off per year against taxable income from fiscal year 2023 onwards. |
|  |                                                                                                                                                                                                                                                                                                                                                                                                           |       |       |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | Equity settled share-based payments (“new long-term incentive” or “ELTI”)The grant date fair value of equity settled share-based payment arrangements is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at vesting date. |

|  |                                           |     |      |      |      |  |  |  |  |  |  |  |  |  |  |  |  |
|--|-------------------------------------------|-----|------|------|------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                      |     | 2023 | 2022 | 2021 |
|  |                                           |     |      |      |      |
|  | Share based payment expense - ELTI scheme | 5.3 | 22.0 | 18.4 | 16.0 |
|  |                                           |     |      |      |      |
|  |                                           |     |      |      |      |

|  |                               |                                 |  |   |  |  |  |  |  |  |  |
|--|-------------------------------|---------------------------------|--|---|--|--|--|--|--|--|--|
|  | Percentile of peers           | % of performance shares vesting |
|  | < 25th percentile         | 0                          |  | % |
|  | 25th to < 50th percentile | 25                         |  | % |
|  | 50th to < 75th percentile | 75                         |  | % |
|  | ≥ 75th percentile       | 100                        |  | % |
|  |                               |                                 |  |

|  |                                                    |               |                                    |               |                                    |             |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------------------------------------|---------------|------------------------------------|---------------|------------------------------------|-------------|--|--|--|--|--|--|--|--|--|--|--|
|  | Reconciliation of the number of conditional shares | 2023          | 2022                               |
|  |                                                    | Shares number | Weighted average price R per share | Shares number | Weighted average price R per share |
|  | Opening balance                                    | 7,593,670     |                                    | 7,840,620     |                                    |
|  | Granted                                            |               |                                    |               |                                    |
|  | October 20, 2021                                   |               |                                    | 3,508,232     |                                    |
|  | October 19, 2022                                   | 4,922,751     |                                    |               |                                    |
|  | Vested                                             | (2,715,604)   | 11.44                         |               | (2,862,654)                        | 14.02  |  |
|  | Forfeited                                          | (276,579)     |                                    |               | (892,528)                          |             |
|  |                                                    |               |                                    |               |                                    |
|  | Closing balance                                    | 9,524,238     |                                    | 7,593,670     |                                    |
|  | Vesting on                                         | 9,524,238     |                                    | 7,593,670     |                                    |
|  | December 2, 2022                                   | —       |                                    | 2,715,604     |                                    |
|  | October 22, 2023                                   | 1,588,120     |                                    | 1,666,778     |                                    |
|  | October 20, 2024                                   | 3,081,179     |                                    | 3,211,288     |                                    |
|  | October 19, 2025                                   | 4,854,939     |                                    | —       |                                    |

----

|  |                                                                                                                                                                       |                  |                  |                  |   |             |   |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|------------------|------------------|---|-------------|---|--|--|--|--|--|--|--|
|  | Grant date                                                                                                                                                            | October 19, 2022 | October 20, 2021 | October 22, 2020 |
|  | Vesting date                                                                                                                                                          | October 19, 2025 | October 20, 2024 | October 22, 2023 |
|  |                                                                                                                                                                       |                  |                  |                  |
|  | Weighted average fair value of 80% performance shares1                                                                                                                | 5.54             | 7.34             | 10.49            |
|  | Weighted average fair value of 20% retention shares                                                                                                                   | 8.60             | 12.32            | 18.67            |
|  | Expected term (years)                                                                                                                                                 | 3                | 3                | 3                |
|  | Grant date share price of a DRDGOLD share                                                                                                                             | 9.48             | 13.55            | 19.43            |
|  | Expected dividend yield                                                                                                                                               | 3.24        | %                | 3.15        | % | 1.33   | % |
|  | Expected volatility2                                                                                                                                                  | 58.00       | %                | 60.20       | % | 63.07  | % |
|  | Expected risk free rate                                                                                                                                               | 8.10        | %                | 5.78        | % | 3.82   | % |
|  | 1 The performance conditions are included in the measurement of the grant date fair value as they are classified as market-based performance conditions               |
|  | 2 Expected volatility has been based on an evaluation of the historical volatility of DRDGOLD’s share price, commensurate with the expected term of the options |

|  |                                                               |      |         |         |         |  |  |  |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------|------|---------|---------|---------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | Key management personnel remuneration                         |      |         |         |         |
|  |                                                               |      |         |         |         |
|  | Amounts in R million                                          | Note | 2023    | 2022    | 2021    |
|  |                                                               |      |         |         |         |
|  | - Board fees paid                                             |      | 7.6     | 7.8     | 7.6     |
|  | - Salaries paid                                               |      | 82.0    | 82.5    | 75.5    |
|  | - Short term incentives relating to this cycle                |      | 83.8    | 84.1    | 73.8    |
|  | - Market value of long-term incentives vested and transferred | 19.1 | 31.1    | 40.1    | — |
|  | - Long term incentives paid during the cycle                  |      | — | — | 183.3   |
|  |                                                               |      | 204.5   | 214.5   | 340.2   |

----

|  |                                                                                                                                                                                                                                                                                                                                                        |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESStated share capitalOrdinary shares and the cumulative preference shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effect.                                                                                        |
|  | Repurchase and reissue of share capital (treasury shares)When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from stated share capital. |
|  | DividendsDividends are recognised as a liability on the date on which they are declared which is the date when the shareholders’ right to the dividends vests.                                                                                                                                                                                   |

|  |                                                                                                    |         |         |         |  |        |  |  |  |  |  |  |  |  |
|--|----------------------------------------------------------------------------------------------------|---------|---------|---------|--|--------|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                               | 2023    | 2022    | 2021    |
|  |                                                                                                    |         |         |         |
|  | Authorised share capital                                                                           |         |         |         |
|  | 1,500,000,000 (2022 and 2021: 1,500,000,000) ordinary shares of no par value                   |         |         |         |
|  | 5,000,000 (2022 and 2021: 5,000,000) cumulative preference shares of 10 cents each             | 0.5     | 0.5     | 0.5     |
|  |                                                                                                    |         |         |         |
|  | Issued share capital                                                                               |         |         |         |
|  | 864,588,711 (2022 and 2021: 864,588,711) ordinary shares of no par value                       | 6,208.4 | 6,208.4 | 6,208.4 |
|  | 3,896,663 (2022: 6,612,266; 2021: 9,474,920) treasury shares held within the Group (a) | (21.0)  |         | (35.6)  |  | (51.0) |
|  | 5,000,000 (2022 and 2021: 5,000,000) cumulative preference shares of 10 cents each             | 0.5     | 0.5     | 0.5     |
|  |                                                                                                    | 6,187.9 | 6,173.3 | 6,157.9 |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |
|  |                                                                                                    |         |         |         |

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | (a) Treasury sharesShares in DRDGOLD Limited are held in treasury by Ergo Mining Operations Proprietary Limited ("EMO"). No shares were acquired in the market during the year ended June 30, 2023 or the year ended June 30, 2022 or the year ended June 30, 2021. During the year ended June 30, 2023 2,715,604 (June 30, 2022: 2,862,654; June 30, 2021: nil) shares were used to settle the equity settled share-based payment, at Rnil cashflow to the Group. R14.6  million (June 30, 2022: R15.4 million; June 30, 2021: Rnil), representing the average cost of the treasury shares used to settle the share-based payment, was transferred to retained earnings. |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|  |                                                                                                                                                  |       |       |       |  |  |  |  |  |  |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                                                                             | 2023  | 2022  | 2021  |
|  |                                                                                                                                                  |       |       |       |
|  | Dividends paid during the year net of treasury shares:                                                                                       |       |       |       |
|  | Final dividend declared relating to prior year: 40 SA cents per share (2022: 40 SA cents per share; 2021: 35 SA cents per share) | 343.2 | 342.0 | 299.3 |
|  | Interim dividend: 20 SA cents per share (2022: 20 SA cents per share; 2021: 40 SA cents per share)                               | 172.1 | 171.6 | 342.0 |
|  | Total                                                                                                                                            | 515.3 | 513.6 | 641.3 |
|  |                                                                                                                                                  |       |       |       |

----

|  |                                                                                                                                                                 |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING POLICIESSignificant subsidiaries of the Group are those subsidiaries with the most significant contribution to the Group's profit or loss or assets. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |  |  |  |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 23 | OPERATING SEGMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|    | ACCOUNTING POLICIESOperating segments are reported in a manner consistent with internal reports that the Group’s chief operating decision maker (“CODM”) reviews regularly in allocating resources and assessing performance of operating segments. The CODM has been identified as the Group’s Executive Committee. The Group has one material revenue stream, the sale of gold. To identify operating segments, management reviewed various factors, including operational structure and mining infrastructure. It was determined that an operating segment consists of a single or multiple metallurgical plants and reclamation sites that, together with its tailings storage facility, is capable of operating independently.When assessing profitability, the CODM considers, inter alia, the revenue and cash operating costs of each segment. The net of these amounts is the segment operating profit or loss. Therefore, segment operating profit has been disclosed as the primary measure of profit or loss. The CODM also considers the additions to property, plant and equipment. |

----

|    |                              |  |  |  |  |
|----|------------------------------|--|--|--|--|
| 23 | OPERATING SEGMENTS continued |

|  |                                                                                 |           |            |                         |         |               |           |           |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------|-----------|------------|-------------------------|---------|---------------|-----------|-----------|--|--|--|--|--|--|--|--|--|
|  |                                                                                 | Ergo      | FWGR       | Other reconciling items | Total   |
|  | 2023                                                                            |
|  | Amounts in R million                                                            |
|  |                                                                                 |           |            |                         |         |
|  |                                                                                 |           |            |                         |         |
|  | Revenue (External)                                                              | 4,108.6   | 1,387.7    | —                 | 5,496.3 |
|  | Cash operating costs                                                            | (3,183.2) |            | (504.9)                 |         | —       | (3,688.1) |           |
|  | Movement in gold in process and finished inventories - Gold Bullion             | (1.8)     | 12.6  |                         | — | 10.8          |
|  | Segment operating profit                                                        | 923.6     | 895.4      | —                 | 1,819.0 |
|  |                                                                                 |           |            |                         |         |
|  | Additions to property, plant and equipment                                      | (816.0)   |            | (209.8)                 |         | (5.1)         | (1,030.9) |           |
|  |                                                                                 |           |            |                         |         |
|  | Reconciliation of segment operating profit to profit after tax                  |           |            |                         |         |
|  | Segment operating profit                                                        | 923.6     | 895.4      | —                 | 1,819.0 |
|  | Deprecation                                                                     | (120.6)   |            | (95.8)                  |         | (1.1)         |           | (217.5)   |  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | 6.2  |            | —            |         | 0.9           | 7.1  |           |
|  | Ongoing rehabilitation expenditure                                              | (24.7)    |            | (1.7)                   |         | (0.4)         | (26.8)    |           |
|  | Care and maintenance                                                            | —   | —    | (0.4)                   |         | (0.4)         |           |
|  | Other operating costs                                                           | 3.9  |            | —            |         | —  |           | 3.9  |  |
|  | Other income                                                                    | 0.1       | 10.2       | 0.1                     | 10.4    |
|  | Administration expenses and other costs                                         | (8.3)     |            | (2.9)                   |         | (161.7)       |           | (172.9)   |  |
|  | Finance income                                                                  | 34.4      | 31.8       | 268.1                   | 334.3   |
|  | Finance expense                                                                 | (58.7)    |            | (9.7)                   |         | (2.3)         |           | (70.7)    |  |
|  | Current tax                                                                     | (51.1)    |            | (201.9)                 |         | (33.3)        |           | (286.3)   |  |
|  | Deferred tax                                                                    | (73.8)    |            | (47.9)                  |         | 3.0           | (118.7)   |           |
|  | Profit after tax                                                                | 631.0     | 577.5      | 72.9                    | 1,281.4 |
|  |                                                                                 |           |            |                         |         |
|  | Reconciliation of cost of sales to cash operating costs                         |           |            |                         |         |
|  | Cost of sales                                                                   | (3,320.2) |            | (589.8)                 |         | (1.0)         |           | (3,911.0) |  |
|  | Deprecation                                                                     | 120.6     | 95.8       | 1.1                     | 217.5   |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | (6.2)     | —    | (0.9)                   | (7.1)   |
|  | Movement in gold in process and finished inventories - Gold Bullion             | 1.8  |            | (12.6)                  | — | (10.8)        |           |
|  | Ongoing rehabilitation expenditure                                              | 24.7      | 1.7        | 0.4                     | 26.8    |
|  | Care and maintenance                                                            | —   | —    | 0.4                     | 0.4     |
|  | Other operating costs                                                           | (3.9)     | —    | —                 | (3.9)   |
|  | Cash operating costs                                                            | (3,183.2) |            | (504.9)                 |         | —       | (3,688.1) |           |
|  |                                                                                 |           |            |                         |         |

----

|    |                              |  |  |  |  |
|----|------------------------------|--|--|--|--|
| 23 | OPERATING SEGMENTS continued |

|  |                                                                                 |            |           |                         |         |               |           |           |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------|------------|-----------|-------------------------|---------|---------------|-----------|-----------|--|--|--|--|--|--|--|--|--|
|  |                                                                                 | Ergo       | FWGR      | Other reconciling items | Total   |
|  | 2022                                                                            |
|  | Amounts in R million                                                            |
|  |                                                                                 |            |           |                         |         |
|  |                                                                                 |            |           |                         |         |
|  | Revenue (External)                                                              | 3,704.9    | 1,413.6   | —                 | 5,118.5 |
|  | Cash operating costs                                                            | (3,009.8)  |           | (454.0)                 |         | —       | (3,463.8) |           |
|  | Movement in gold in process and finished inventories - Gold Bullion             | 35.2  |           | (4.8)                   | — | 30.4     |           |
|  | Segment operating profit                                                        | 730.3      | 954.8     | —                 | 1,685.1 |
|  |                                                                                 |            |           |                         |         |
|  | Additions to property, plant and equipment                                      | (436.2)    |           | (162.2)                 |         | —  |           | (598.4)   |  |
|  |                                                                                 |            |           |                         |         |
|  | Reconciliation of segment operating profit to profit after tax                  |            |           |                         |         |
|  | Segment operating profit                                                        | 730.3      | 954.8     | —                 | 1,685.1 |
|  | Deprecation                                                                     | (134.5)    |           | (131.6)                 |         | (1.5)         |           | (267.6)   |  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | 2.3   |           | —            |         | (0.1)         |           | 2.2  |  |
|  | Ongoing rehabilitation expenditure                                              | (30.1)     |           | (1.5)                   |         | —       | (31.6)    |           |
|  | Care and maintenance                                                            | —    | —   | (5.9)                   |         | (5.9)         |           |
|  | Other operating costs                                                           | (4.9)      | (0.2)     | (0.1)                   | (5.2)   |
|  | Other income                                                                    | 70.1       | 21.2      | —                 | 91.3    |
|  | Administration expenses and other costs                                         | (7.7)      | (13.8)    | (139.7)                 |         | (161.2)       |           |
|  | Finance income                                                                  | 22.4       | 19.0      | 184.4                   | 225.8   |
|  | Finance expense                                                                 | (58.8)     |           | (10.8)                  |         | (5.2)         |           | (74.8)    |  |
|  | Current tax                                                                     | (12.9)     |           | (237.3)                 |         | (11.4)        | (261.6)   |           |
|  | Deferred tax                                                                    | (45.3)     |           | (29.6)                  |         | 2.2           | (72.7)    |           |
|  | Profit after tax                                                                | 530.9      | 570.2     | 22.7                    | 1,123.8 |
|  |                                                                                 |            |           |                         |         |
|  |                                                                                 |            |           |                         |         |
|  | Reconciliation of cost of sales to cash operating costs                         |            |           |                         |         |
|  | Cost of sales                                                                   | (3,141.8)  |           | (592.1)                 |         | (7.6)         | (3,741.5) |           |
|  | Deprecation                                                                     | 134.5      | 131.6     | 1.5                     | 267.6   |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | (2.3)      | —   | 0.1                     | (2.2)   |
|  | Movement in gold in process and finished inventories - Gold Bullion             | (35.2)     | 4.8  |                         | — | (30.4)        |
|  | Ongoing rehabilitation expenditure                                              | 30.1       | 1.5       | —                 | 31.6    |
|  | Care and maintenance                                                            | —    | —   | 5.9                     | 5.9     |
|  | Other operating costs                                                           | 4.9   |           | 0.2                     | 0.1     | 5.2      |           |
|  | Cash operating costs                                                            | (3,009.8)  |           | (454.0)                 |         | —       | (3,463.8) |           |
|  |                                                                                 |

----

|    |                              |  |  |  |  |
|----|------------------------------|--|--|--|--|
| 23 | OPERATING SEGMENTS continued |

|  |                                                                                 |               |             |                         |           |               |             |               |  |  |  |  |  |  |  |  |  |
|--|---------------------------------------------------------------------------------|---------------|-------------|-------------------------|-----------|---------------|-------------|---------------|--|--|--|--|--|--|--|--|--|
|  |                                                                                 | Ergo          | FWGR        | Other reconciling items | Total     |
|  | 2021                                                                            |
|  | Amounts in R million                                                            |
|  |                                                                                 |               |             |                         |           |
|  |                                                                                 |               |             |                         |           |
|  | Revenue (External)                                                              | 3,943.0       | 1,326.0     | —                 | 5,269.0   |
|  | Cash operating costs                                                            | (2,666.5)     |             | (406.2)                 |           | —       | (3,072.7)   |               |
|  | Movement in gold in process and finished inventories - Gold Bullion             | (31.9)        |             | 6.3                     | —   | (25.6)        |             |
|  | Segment operating profit                                                        | 1,244.6       | 926.1       | —                 | 2,170.7   |
|  |                                                                                 |               |             |                         |           |
|  | Additions to property, plant and equipment                                      | (250.9)       |             | (143.3)                 |           | (1.5)         |             | (395.7)       |  |
|  |                                                                                 |               |             |                         |           |
|  | Reconciliation of segment operating profit to profit after tax                  |               |             |                         |           |
|  | Segment operating profit                                                        | 1,244.6  |             | 926.1              |           | —  |             | 2,170.7  |  |
|  | Deprecation                                                                     | (135.6)       |             | (115.6)                 |           | (1.3)         |             | (252.5)       |  |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | 7.2      |             | —            |           | 5.2           | 12.4   |               |
|  | Ongoing rehabilitation expenditure                                              | (46.6)        | (1.7)       | —                 | (48.3)    |
|  | Care and maintenance                                                            | —       | —     | (3.9)                   | (3.9)     |
|  | Other operating costs                                                           | 2.4           | —     | —            |           | 2.4      |             |
|  | Other income                                                                    | 0.1           | —     | —                 | 0.1       |
|  | Administration expenses and other costs                                         | 15.0     |             | 1.8                |           | (80.8)        |             | (64.0)        |  |
|  | Finance income                                                                  | 21.0     |             | 17.2               |           | 178.0         | 216.2  |               |
|  | Finance expense                                                                 | (45.8)        |             | (9.8)                   |           | (13.9)        | (69.5)      |               |
|  | Current tax                                                                     | (196.1)       |             | (227.6)                 |           | —       | (423.7)     |               |
|  | Deferred tax                                                                    | (66.6)        |             | (37.4)                  | 4.0       | (100.0)       |             |
|  | Profit after tax                                                                | 799.6         | 553.0       | 87.3                    | 1,439.9   |
|  |                                                                                 |               |             |                         |           |
|  |                                                                                 |
|  | Reconciliation of cost of sales to cash operating costs                         |               |             |                         |           |
|  | Cost of sales                                                                   | (2,871.0)     | (517.2)     | —                 | (3,388.2) |
|  | Deprecation                                                                     | 135.6         | 115.6  |                         | 1.3       | 252.5         |
|  | Change in estimate of environmental rehabilitation recognised in profit or loss | (7.2)         | —     | (5.2)                   | (12.4)    |
|  | Movement in gold in process and finished inventories - Gold Bullion             | 31.9     |             | (6.3)                   | —   | 25.6     |             |
|  | Ongoing rehabilitation expenditure                                              | 46.6          | 1.7    |                         | —   | 48.3          |
|  | Care and maintenance                                                            | -             | -           | 3.9                     | 3.9       |
|  | Other operating costs                                                           | (2.4)         |             | —                 | —   | (2.4)         |             |
|  | Cash operating costs                                                            | (2,666.5)     | (406.2)     | —                 | (3,072.7) |
|  |                                                                                 |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  |  |  |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | SIGNIFICANT ACCOUNTING JUDGEMENTSPayments made under protestThe determination of whether the payments made under protest give rise to an asset or a contingent asset or neither, required the use of significant judgement. The definition of an asset in the conceptual framework was applied as well as the considerations in the outcome of the IFRS Interpretations Committee (“IFRIC”) agenda decision – Deposits relating to taxes other than income tax (IAS 37 Provisions, Contingent Liabilities and Contingent Assets) (“IFRIC Agenda Decision”) published in January 2019. The IFRIC Agenda Decision has a similar fact pattern to that of the payments made under protest. With the consideration of the facts and circumstances surrounding the payments made under protest in applying the definition of an asset and the IFRIC Agenda Decision management considered the following: •payments were made under protest and without prejudice or admission of liability. Such payments were not made as a settlement of debt or recognition of expenditure;•the Group therefore retains a right to recover the payments from the City of Ekurhuleni Metropolitan Municipality (“Municipality”) if the Group is successful in the Main Application (as defined below);•if the Group is not successful in the Main Application, the payments will be used to settle the resultant liability to the Municipality; and •these two possible outcomes (i.e. success in the Main Application or not) therefore, will lead to economic benefits to the Group.Therefore, the right to recover the payments made under protest is not a contingent asset because it meets the definition and recognition criteria of an asset. No specific guidance exists in developing an accounting policy for such asset. Therefore, management applied judgement in developing an accounting policy that would lead to information that is relevant to the users of these financial statements and information that can be relied upon.Contingent liabilitiesThe assessment of whether an obligating event results in a liability or a contingent liability requires the exercise of significant judgement of the outcome of future events that are not wholly within the control of the Group.Litigation and other judicial proceedings inherently entail complex legal issues that are subject to uncertainties and complexities and are subject to interpretation.SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATESThe discounted amount of the payments made under protest is determined using assumptions about the future that are inherently uncertain and can change materially over time and includes the discount rate and discount period. These assumptions about the future include estimating the timing of concluding on the Main Application, i.e. the discount period, the ultimate settlement terms, the discount rate applied and the assessment of recoverability. |
|  | ACCOUNTING POLICIESPayments made under protestRecognition and measurementThe payment made under protest asset that arises from the Municipality Electricity Tariff Dispute is initially measured at a discounted amount, and any difference between the face value of payments made under protest and the discounted amount on initial recognition is recognised in profit or loss as a finance expense. Subsequent to initial recognition, the payments made under protest is measured using the effective interest method to unwind the discounted amount to the original face value less any write downs for recovery. Unwinding of the carrying value and changes in the discount period are recognised in finance income.Assessment of recoverabilityThe discounted amount of the payments under protest is assessed at each reporting date to determine whether there is any objective evidence that the full amount is no longer expected to be recovered. The Group considers the reasonable and supportable information related to the creditworthiness of the Municipality and events surrounding the outcome of the Main Application. Any write down is recognised in finance expense.Contingent liabilitiesA contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

|  |                                                                       |      |        |        |  |  |  |  |  |  |  |  |  |  |
|--|-----------------------------------------------------------------------|------|--------|--------|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                  | Note | 2023   | 2022   |
|  |                                                                       |      |        |        |
|  | Balance at the beginning of the year                                  |      | 40.4   | 40.5   |
|  | Payments made under protest                                           |      | 12.6   | 15.2   |
|  | Discount on initial payment made under protest and change in estimate | 7    | (19.0) | (21.1) |
|  | Unwinding                                                             | 6    | 5.7    | 5.8    |
|  |                                                                       |      |        |        |
|  | Balance at the end of the year                                        |      | 39.7   | 40.4   |
|  |                                                                       |      |        |        |

----

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |  |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
|  | ACCOUNTING JUDGEMENTSThe Group has one (1) director representative on the Rand Refinery board. Therefore, judgement had to be applied to ascertain whether significant influence exists, and if the investment should be accounted for as an associate under IAS 28 Investments in Associates and Joint Ventures. The director representation is not considered significant influence, as it does not constitute meaningful representation. It represents 11.11% of the entire board and is proportional to the 11% shareholding that the Group has. SIGNIFICANT ACCOUNTING ASSUMPTIONS AND ESTIMATESThe fair value of the listed equity instrument is determined based on quoted prices on an active market. Equity instruments which are not listed on an active market are measured using other applicable valuation techniques depending on the extent to which the technique maximises the use of relevant observable inputs and minimises the use of unobservable inputs. Where discounted cash flows are used, the estimated cash flows are based on management’s best estimate based on readily available information at measurement date. The discounted cash flows contain assumptions about the future that are inherently uncertain and can change materially over time. |
|  | ACCOUNTING POLICIESOn initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at fair value and changes therein are recognised in other comprehensive income (“OCI”), and are never reclassified to profit or loss, with dividends recognised in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.The Group’s listed and unlisted investments in equity securities are classified as equity instruments at fair value through OCI.                                                                                                                                                                                                                                                                                                                                                                                            |

|  |                                                                                                                                                                                                       |               |            |             |             |             |             |  |  |  |  |  |  |  |  |  |  |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|------------|-------------|-------------|-------------|-------------|--|--|--|--|--|--|--|--|--|--|
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Amounts in R million                                                                                                                                                                                  | Shares held 1 | % held 1   | 2023        | 2022        |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Listed investments (Fair value hierarchy Level 1):                                                                                                                                                |               |            |             |             |
|  | West Wits Mining Limited ("WWM")                                                                                                                                                              | 47,812,500    | 2.1   | %           | 7.2    |             | 10.7   |  |
|  | Total listed investments                                                                                                                                                                              |               |            | 7.2    |             | 10.7   |             |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Unlisted investments (Fair value hierarchy Level 3):                                                                                                                                              |               |            |             |             |
|  | Rand Refinery Proprietary Limited ("Rand Refinery")                                                                                                                                           | 44,438        | 11.3  | %           | 156.3  |             | 136.1  |  |
|  | Rand Mutual Assurance Company Limited B Share Business Fund ("RMA") 2                                                                                                                         |  12,659  | 1.3   | %           | 4.9    |             | 4.4    |  |
|  | Guardrisk Insurance Company Limited (Cell Captive A170) 3                                                                                                                                             |  20      | 100   | %           | 0.1    |             | 0.1    |  |
|  | Chamber of Mines Building Company Proprietary Limited                                                                                                                                                 | 42,292        | 4.5   | %           | 0.1    |             | 0.1    |  |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Total unlisted investments                                                                                                                                                                            |               |            | 161.4  |             | 140.7  |             |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Balance at the end of the year                                                                                                                                                                        |               |            | 168.6  |             | 151.4  |             |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Fair value adjustment on equity instruments at fair value through OCI                                                                                                                                 |               |            | 17.2   |             | (15.7)      |             |
|  | WWM                                                                                                                                                                                                   |               |            | (3.5)       |             | (32.8)      |             |
|  | Rand Refinery                                                                                                                                                                                         |               |            | 20.2   |             | 16.8   |             |
|  | RMA                                                                                                                                                                                                   |               |            | 0.5    |             | 0.3    |             |
|  | Dividends received on equity instruments at fair value through OCI                                                                                                                                    |               |            | (78.3)      |             | (71.5)      |             |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  | Rand Refinery                                                                                                                                                                                         |               |            | (77.4)      |             | (70.1)      |             |
|  | RMA                                                                                                                                                                                                   |               |            | (0.9)       |             | (1.4)       |             |
|  | 1The number and percentage of shares held remained unchanged from the prior year with the exception of WWM that issued new shares thereby diluting DRDGOLD's effective shareholding from 2.4% to 2.1% |
|  | 2The "B Share Business Fund" shares relate to all the businesses of the RMA Group that do not relate to the Compensation for Occupational Injuries and Diseases Act                           |
|  | 3The shares held entitle the holder to 100%  of the residual net equity of Cell Captive A 170                                                                                                         |
|  |                                                                                                                                                                                                       |               |            |             |             |
|  |                                                                                                                                                                                                       |               |            |             |             |

----

|  |                                                                                              |            |             |            |             |  |  |  |  |  |  |  |  |  |
|--|----------------------------------------------------------------------------------------------|------------|-------------|------------|-------------|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                                                                         |            | 2023        | 2022       |
|  |                                                                                              |            |             |            |
|  | Balance at the beginning of the year                                                         |            | 136.1  |            | 119.3  |  |
|  | Fair value adjustment on equity investments at fair value through other comprehensive income | 20.2  |             | 16.8  |             |
|  |                                                                                              |            |             |            |
|  | Balance at the end of the year                                                               |            | 156.3  |            | 136.1  |  |

|  |                                              |                                   |          |             |         |             |  |  |  |  |  |  |  |  |  |  |  |
|--|----------------------------------------------|-----------------------------------|----------|-------------|---------|-------------|--|--|--|--|--|--|--|--|--|--|--|
|  | Amounts in R million                         | Observable/unobservable input | Unit     | 2023        | 2022    |
|  |                                              |                                   |          |             |         |
|  |                                              |                                   |          |             |         |
|  | Rand Refinery operations                     |                                   |          |             |         |
|  |                                              |                                   |          |             |         |
|  | Forecast average gold price                  | Observable input                  | R/kg | 1,060,562   | 880,207 |
|  | Forecast average silver price                | Observable input                  | R/kg | 13,460      | 11,209  |
|  | Average South African CPI                    | Observable input                  | %        | 4.5    |         | 4.4    |  |
|  | South African long-term government bond rate | Observable input                  | %        | 10.51  |         | 10.26  |  |
|  | Terminal growth rate                         | Unobservable input                | %        | 4.5    |         | 4.4    |  |
|  | Weighted average cost of capital             | Unobservable input                | %        | 17.0   |         | 15.9   |  |
|  |                                              |                                   |          |             |         |
|  | Investment in Prestige Bullion               |                                   |          |             |         |
|  |                                              |                                   |          |             |         |
|  | Discount period                              | Unobservable input                | years    | 10          | 11      |
|  | Cost of equity                               | Unobservable input                | %        | 17.0   |         | 14.2   |  |

|  |                                    |                     |            |                           |            |            |       |     |  |  |  |  |  |  |  |  |  |  |  |  |
|--|------------------------------------|---------------------|------------|---------------------------|------------|------------|-------|-----|--|--|--|--|--|--|--|--|--|--|--|--|
|  |                                    |                     | Input      | Change in OCI, net of tax |
|  | Amounts in R million               |                     | % Increase | % Decrease                | % Increase | % Decrease |
|  |                                    |                     |            |                           |            |            |
|  |                                    |                     |            |                           |            |            |
|  | Rand Refinery operations           |                     |            |                           |            |            |
|  |                                    |                     |            |                           |            |            |
|  | Rand US Dollar exchange rate       | Observable inputs   | 1          | (1)                       |            | 2.4        | (2.4) |     |
|  | Commodity prices (gold and silver) | Observable inputs   | 1          | (1)                       |            | 1.6        | (1.6) |     |
|  | Operating costs                    | Unobservable inputs | 1          | (1)                       |            | (3.4)      |       | 3.4 |
|  | Weighted average cost of capital   | Unobservable inputs | 1          | (1)                       |            | (2.2)      |       | 2.2 |
|  | Minority discount                  | Unobservable inputs | 1          | (1)                       |            | (1.2)      |       | 1.2 |
|  | Marketability discount             | Unobservable inputs | 1          | (1)                       |            | (1.2)      |       | 1.2 |
|  |                                    |                     |            |                           |            |            |
|  | Investment in Prestige Bullion     |                     |            |                           |            |            |
|  |                                    |                     |            |                           |            |            |
|  | Cost of equity                     | Unobservable inputs | 1          | (1)                       |            | (0.6)      |       | 0.6 |
|  | Prestige Bullion dividend forecast | Unobservable inputs | 1          | (1)                       |            | 0.2        | (0.2) |     |

----

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |  |  |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 26 | CONTINGENCIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|    | SIGNIFICANT ACCOUNTING JUDGEMENTSThe assessment of whether an obligating event results in a liability or a contingent liability requires the exercise of significant judgement of the outcome of future events that are not wholly within the control of the Group.Litigation and other judicial proceedings inherently entail complex legal issues that are subject to uncertainties and complexities and are subject to interpretation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|    | ACCOUNTING POLICIESContingent liabilitiesA contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised.Contingent assetsContingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity. Contingent assets are not recognised, but they are disclosed when it is more likely than not that an inflow of benefits will occur. However, when the inflow of benefits is virtually certain an asset is recognised in the statement of financial position, because that asset is no longer considered to be contingent. |

----

----

----

|  |                     |                              |  |  |  |  |  |  |
|--|---------------------|------------------------------|--|--|--|--|--|--|
|  |                     | Number of conditional shares |
|  |                     |                              |
|  | Executive directors |                              |
|  | D J Pretorius       | 436,959                      |
|  | A J Davel           | 232,624                      |
|  |                     |                              |
|  | Prescribed officers |                              |
|  | W J Schoeman        | 232,624                      |
|  | K Mbanyele          | 29,585                       |
|  |                     |                              |
|  |                     |                              |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 1.1     | Memorandum of Incorporation of DRDGOLD Limited, as amended on November 30, 2012 (incorporated by reference to Exhibit 1.5 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 25, 2013)                                                                                                                                           |
| 2.1     | Form of Amended and Restated Deposit Agreement among DRDGOLD Limited, The Bank of New York Mellon as Depositary, and owners and holders of American Depositary Receipts, dated July 23, 2007 (incorporated by reference to Exhibit 1.2 to the registration statement on Form F-6 (File No. 333-140850), filed with the Securities and Exchange Commission on July 20, 2007)                        |
| 2.3     | Description of securities registered under Section 12 of the Exchange Act                                                                                                                                                                                                                                                                                                                          |
| 4.1     | Local Mine Bullion Refining Agreement between DRDGOLD Limited and Rand Refinery Limited, dated June 27, 2018 (incorporated by reference to Exhibit 4.5 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 31, 2018)                                                                                                              |
| 4.2     | Heads of Agreement entered into by Trans-Caledon Tunnel Authority, Ergo Mining Operations Proprietary Limited, East Rand Proprietary Mines Limited and Crown Gold Recoveries Proprietary Limited, dated November 28, 2012(incorporated by reference to Exhibit 4.39 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 25, 2013) |
| 4.3     | DRDGOLD Exchange Agreement between DRDGOLD Limited and Sibanye Gold Limited, dated November 28, 2017(incorporated by reference to Exhibit 10.1 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 31, 2018)                                                                                                                      |
| 4.4     | Sibanye-Stillwater Exchange Agreement between Sibanye Gold Limited and K2017449061 (South Africa) Proprietary Limited and including DRDGOLD Limited, dated November 28, 2017 (incorporated by reference to Exhibit 10.2 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 31, 2018)                                             |
| 4.5     | DRD Guarantee issued by DRDGOLD Limited in favour of Sibanye Gold Limited, dated November 28, 2017 (incorporated by reference to Exhibit 10.3 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 31, 2018)                                                                                                                       |
| 4.6     | Performance Guarantee by Absa Bank Limited in respect of Ergo Mining, dated January 8, 2019 (incorporated by reference to Exhibit 10.9 to the annual report on Form 20-F (File No. 001-35387), filed with the Securities and Exchange Commission on October 31, 2019)                                                                                                                              |
| 4.7     | Contract for the Engineering, Procurement, Supply and Commissioning of Bess Equipment related to a Storage Power Plant located in ERGO Mine between Ergo Mining Proprietary Limited and Nidec ASI SA, dated May 11, 2023†                                                                                                                                                                    |
| 8.1     | List of Subsidiaries                                                                                                                                                                                                                                                                                                                                                                               |
| 12.1    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002                                                                                                                                                                                                                                                                                                                            |
| 12.2    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002                                                                                                                                                                                                                                                                                                                            |
| 13.1    | Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002                                                                                                                                                                                                                                                                                                                            |
| 13.2    | Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002                                                                                                                                                                                                                                                                                                                            |
| 96.1    | Technical Report Summary and Certification from Qualified person – FWGR                                                                                                                                                                                                                                                                                                                      |
| 96.2    | Technical Report Summary and Certification from Qualified person – Ergo                                                                                                                                                                                                                                                                                                                      |
| 101.INS | XBRL Instance Document                                                                                                                                                                                                                                                                                                                                                                             |
| 101.SCH | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                                                                                                                                                                                            |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                                                                                                                                                                                                                              |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                                                                                                                                                                                                                               |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                                                                                                                                                                                                    |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                                                                                                                                                                                                                             |

----

|  |                 |                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|--|-----------------|---------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|
|  | DRDGOLD LIMITED |
|  |                 |                                                                                 |
|  |                 |                                                                                 |
|  | By:         | /s/ D.J. PretoriusD.J. PretoriusChief Executive Officer                 |
|  | By:         | /s/ A.J. Davel    A.J. DavelChief Financial Officer |
|  |                 |                                                                                 |
|  |                 | Date: October 30, 2023                                                      |