EXHIBIT: 4.98
 
 SUBSCRIPTION AGREEMENT ENTERED INTO BETWEEN:
 KHUMO GOLD SPV (PTY) LTD
 and
 DRDGOLD LIMITED


vice versa;
 vice versa.


“Khumo Gold SPV” "Khumo Gold SPV Class A Prefs"  "Conditions"  "CGR/ERPM/ Blyvoor Class A  Prefs"  "CGR/ERPM/Blyvoor Special Dividend"  "CGR"  "DRDGOLD"
 Company duly incorporated in the Republic of South Africa;  Khumo Gold SPV (Pty) Ltd, Registration Number 2005/029595/07, a limited liability private company duly incorporated in the Republic of South Africa;  class A cumulative participating compulsorily redeemable preference shares in the share capital of Khumo Gold SPV with a par value of R1.00 (one rand) each;  the suspensive conditions set out in clause 3;  class A cumulative participating preference shares in the share capital of CGR, ERPM and Blyvoor;  every preference dividend U1at Khumo Gold SPV becomes entitled to in terms of the  CGR/ERPM/Blyvoor Class A Prefs;  Crown Gold Recoveries (Proprietary) Limited, Registration Number 1988/005115/07, a limited liability private company duly incorporated in the Republic of South Africa;  DRDGOLD Limited, Registration Number 1895/000926/06, a limited liability Public company duly incorporated in the Republic of South Africa;


"DRDSA"  "ERPM"  "Closing Date"  "KBH"  "Holders"  "Issue Date"  "Issue Price"
 DRDGOLD South African. Operations (Proprietary) Limited, Registration Number 2005/033662/07, a limited liability private company duly incorporated in the Republic of South Africa;  East Rand Proprietary Mines Limited, Registration Number 1893/000773/06, a limited liability public company duly incorporated in the Republic of South Africa;  the
  5 th
 the last of the Conditions has been fulfilled or waived, as the case may be;  Khumo Bathong Holdings (Proprietary) Limited, Registration Number 1998/007546/07, a limited liability private company duly incorporated in the Republic of South Africa; the holders of Khumo Gold SPV Class A Prefs from time to time;  the actual date of issue of the Khumo Gold SPV Class A Prefs;  the par value of the Khumo Gold SPV Class A Prefs, being R1.00 (one rand), plus a premium of R999.00 (nine hundred and ninety nine rands) per Khumo Gold SPV Class A Pref, in


"Parties"  "Preference Dividend"  "Prime Rate"  "Redemption Amount"  "Redemption Date"
 the aggregate amounting to R1,000.00 (one thousand rands) per Khumo Gold SPV Class A Pref;  the parties to this Agreement;  the preferential cash dividend payable to the Holders in accordance with clause 5, below;  the prevailing interest rate (per cent, per annum, compounded monthly in arrears) from time to time published by The Standard Bank of South Africa Limited, as being its prime overdraft rate (as certified by any manager of that bank whose appointment and designation need not be proved);  the amount detailed in clause 6.1 below;  the fifth anniversary of the first business day after the Issue Date, unless:  1.
      rd
    2.
    3.


"DRDSA Subscription Agreement"
 "the Loan Cession Agreement"
 “CGR/ERPM/Blyvoor Class A Pref Offers
 "Dividend Period"  "Dividend Date"
      
               st


1.4





CONDITIONS
 
    th
                              DRDSA under the DRDSA Subscription Agreement;  DRDGOLD under the Loan Cession Agreement; and to


CGR, ERPM and B1yvoor to subscribe for and take up the CGR/ERPM/Blyvoor Class A Prefs.
 3.2
            status quo ante


/


Gold
               
   - A = (B x 75% x C) - D


A  B  C  D  E
       A
          5.5
     REDEMPTION


with


ultra vires


that the Holder is or becomes subject to any tax as a result of its holding the
   -./





8.4.3.1  8.4.3.2


mutatis mutandis,








SEVERABILITY
                    /s/ JWC Sayers JWC Sayers Chief Financial Officer For: DRDGOLD Date:  18 November 2005  Place: Randburg


/s/ PM Ncholo P M Ncholo  Director For: KHUMOGOLD SPV Date: 18 November 2005  Place: Randburg