EXHIBIT 4.113
 
 CLASS B PREFERENCE SHARE SUBSCRIPTION
 AGREEMENT
 between
 KHUMO GOLD SPV (PROPRIETARY) LIMITED
 and
 BLYVOORUITZICHT GOLD MINING COMPANY LIMITED


TABLE OF CONTENTS
 1 INTERPRETATION
  .................................................................................
 3
 2
  RECORDALS............................................................................................
 6
 3 SUSPENSIVE
 CONDITIONS.................................................................
 7
 4
 SUBSCRIPTION, ALLOTMENT AND ISSUE
  .....................................
 
 8
 5
 RIGHTS, PRIVILEGES AND RESTRICTIONS
 ATTACHING TO THE CLASS B PREF SHARE
  ........................................
 
 
 9
 6
  BREACH..................................................................................................
 9
 7 GENERAL
 WARRANTIES
  ...................................................................
 10
 8 CO-OPERATION
  .....................................................................................
 10
 9
  PUBLICITY..............................................................................................
 10
 10 DISPUTE
 RESOLUTION
  ......................................................................
 
 11
 11  BENEFIT OF THE
  AGREEMENT...........................................................
 
 12
 12  NOTICES AND DOMICILIA
  .................................................................
 13
 13 GENERAL
  ..............................................................................................
 
 14
 14  APPLICABLE LAW AND JURISDICTION
  ...........................................
 15
 15 COSTS
  ....................................................................................................
 
 15
 16 SIGNATURE
  ..........................................................................................
 
 16
 ANNEXES
 
 
 
 ANNEXE "A"
 RIGHTS, PRIVILEGES AND RESTRICTIONS OF THE CLASS
 B CUMULATIVE PARTICIPATING PREFERENCE SHARE


WHEREBY THE PARTIES AGREEAS FOLLOWS -
 
 1 INTERPRETATION
        vice versa;
  vice versa.
          "Agreement"
   "Class A Pref Share"
   "Class B Pref Share"


"Closing
 1 5 t
    "Company"
   "DRDGOLD"
    "DRDSA"
    "Khumo Gold SPV"
    "Khumo Gold SPV Pref Share Subscription Agreement"
        "Nominated Attorneys"
    "Parties"
  "Signature Date"


"Subscription Price"
   "Suspensive Conditions"


2 RECORDALS
    inter
 alia,
 inter alia
    3 SUSPENSIVE CONDITIONS


have
          status quo ante
    4 SUBSCRIPTION, ALLOTMENT AND ISSUE


4.3
 On the Closing Date, against compliance by Khumo Gold SPV with the obligation to pay
 the Subscription Price, the Company shall allot and issue the Class B Pref Share and shall
 deliver the share certificate in respect thereof to Khumo Gold SPV.
 4.4
 The creation duty payable on the creation of the Class B Pref Share shall be
 
 borne and paid by the Company.
 
 5 RIGHTS, PRIVILEGES AND RESTRICTIONS ATTACHING TO THE
 CLASS B PREF SHARE
 
 The Class B Pref Share shall have the rights, privileges and restrictions set out in annexe "A".
 6 BREACH
 6.1
 If, before the completion of the allotment and issue of the Class B Pref Share, either
 Party commits a breach of its obligations under this Agreement, and if the
 breach in question is not remedied before the expiry of a period of 48 (forty eight)
 hours after the aggrieved Party has given notice to the other Party to remedy same,
 the aggrieved party shall be entitled to cancel this Agreement on written notice to the other
 Party.
 6.2
 The Parties agree that after the subscription by Khumo Gold SPV for, and the
 allotment and issue by the Company of, the Class B Pref Share in terms of this
 Agreement, the cancellation of this Agreement in the event of a breach would be
 an inappropriate and insufficient remedy and that irreparable damage would
 occur if the provisions of this Agreement were not complied with. It is
 accordingly agreed that, in the event of a breach, the aggrieved Party shall be
 entitled (without prejudice to any other rights which it may have in law save for the
 right to cancel the Agreement) to an order  for specific performance and  to recover
 any damages which it may have suffered.
 6.3
 Subject to the provisions of clause 6.2, this Agreement and the Khumo Gold SPV Pref
 Share Subscription Agreement form part of one indivisible transaction. Should either this


Agreement or the Khumo Gold SPV Pref Share Subscription Agreement be terminated for
 any reason whatsoever, the other of them shall terminate simultaneously.
 7 GENERAL WARRANTIES
 Each of the Parties hereby warrants to and in favour of the other that –
 7.1
 it has the legal capacity and has taken all necessary corporate action
 required to empower and authorise it to enter into this Agreement; and
 7.2
 this Agreement constitutes an agreement valid and binding on it and
 enforceable against it in accordance with its terms.
 8 CO-OPERATION
 The Parties undertake at all times to co-operate with each other in good faith in order to carry
 out this Agreement and to implement all transactions and steps contemplated herein. The
 Parties further undertake not to take any action or to omit taking any action which will result in
 delaying or impeding the implementation of this Agreement.
 9 PUBLICITY
 9.1
 Subject to the provisions of clause 9.3, each Party undertakes to keep confidential and
 not to disclose to any third party, save as may be required in law (including by the rules of
 any recognised securities exchange) or permitted in terms of this Agreement, the nature,
 content or existence of this Agreement and any and all information given by a Party to the
 other Party pursuant to this Agreement.
 9.2
 No announcements of any nature whatsoever shall be made by or on behalf of a
 Party relating to this Agreement without the prior consent of the other Party, save for any
 announcement or other statement required to be made in terms of the provisions of any law (or
 the rules of any recognised securities exchange) in which event the Party obliged to make such
 statement shall first consult with the other Party in order to enable them in good faith to


attempt to agree the content of such announcement, which (unless agreed) must go no
 further than is required in terms of such law or rules. This shall not apply to a Party wishing
 to respond to the other Party which has made an announcement of some nature in breach of
 this clause 9.
 9.3
 The provisions of this clause 9 shall not apply to any disclosure made by a Party to its
 professional advisors or consultants, provided that they have agreed to the same confidentiality
 undertakings, or to any judicial or arbitral tribunal or officer, in connection with any matter
 relating to this Agreement or arising out of it.
 10 DISPUTE RESOLUTION
 10.1   
  In the event of there being any dispute or difference between the Parties
 arising out of this Agreement, or in connection with it, or regarding its
 interpretation, validity, execution, implementation, termination or cancellation, the
 said dispute or difference shall on written demand by either Party be submitted to
 arbitration in Johannesburg in accordance with the AFSA rules for commercial arbitration.
 10.2   
  Should AFSA, as an institution, not be operating at that time or not be accepting requests for
 arbitration for any reason, then the arbitration shall be conducted in accordance with the
 AFSA rules for commercial arbitration, but administered by the attorneys of the Parties,
 before an arbitrator appointed by agreement between the Parties or failing agreement within 10
 (ten) business days of the demand for arbitration, then either Party shall be entitled to
 forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the
 arbitrator, provided that the person so nominated shall be an advocate of not less than 10 (ten)
 years standing as such. The
 person so nominated shall be accepted by and appointed as the arbitrator by the Parties. In
 the event of the attorneys of the Parties failing to agree on any matter relating to the
 administration of the arbitration, such matter shall be referred to and decided by the
 arbitrator whose decision shall be final and binding on the Parties.
 10.3
 Either Party may appeal the decision of the arbitrator or arbitrators in terms


in camera
               11 BENEFIT OF THE AGREEMENT
   12 NOTICES AND DOMICILIA
 domicilia citandi et executandi


NameKhumo Gold SPV
 Physical Address
     Telefax
    Name                           
  Physical Address
 Telefax
    299 Pendoring Ave Blackheath
  domicilium
    domicilium.


13 GENERAL
                  pro scrip to


14 APPLICABLE LAW AND JURISDICTION
        15 COSTS
     16 SIGNATURE
    For and on behalf of KHUMO GOLD SPV (PROPRIETARY) LIMITED/ s /   M P   Ncholo
  For and on behalf of BLYVOORUITZICHT GOLD MINING COMPANY LIMITED /s/ LC Lamsley


TERMS AND CONDITIONS OF THE CLASS B CUMULATIVE
 PARTICIPATING PREFERENCE SHARE
      "Company"
   "Class A Pref Share"
  "Class B Pref Share"
   "Class C Pref Share"
  "Dividend Date"
   "Dividend Period"
 3t


5f
  st
  "DRDGOLD"
     "Issue Date"
  "Preference Dividend"
   "Shareholder Loans"
   "Subscription Price"


the Company, a preferential dividend in an amount of R0.05 (five cents) (less any
 Secondary Tax on Companies, or any other dividend tax imposed in its stead which the
 Company becomes obliged to pay on every dividend of R0.05 (five cents)) for every R0.74
 (seventy four cents) that the Company pays to DRDGOLD or its successor in title, both
 towards capital and interest on capital in terms of the Shareholder Loans.
 3.2
 Each Preference Dividend shall accrue in favour of the Holder immediately upon
 payment of any amount towards the Shareholder Loans and shall become payable on the next
 Dividend Date.
 3.3
 The Class B Pref Share shall entitle the Holder to receive Preference Dividends until
 the outstanding balance on the Shareholder Loans has been reduced to Nil.
 3.4
 On a winding-up of the Company or on any repayment of its capital, the Class B Pref
 Share shall rank, in regard to all arrears of Preference Dividends (whether declared or
 not) calculated to the date of the distribution or repayment, after the Class A Pref
 Share, equally with the Class C Pref Share, but in priority to any other shares for the time
 being issued by the Company.
 3.5
 The Class B Pref Share shall not be entitled to any further (in addition to what is
 contained herein) participation in the profits or assets of the Company or, on its winding-
 up, in the distribution of its surplus assets.
 3.6
 The Holder shall be entitled to receive notice of and be entitled to attend but not to
 vote at any general meeting of the Company in respect of the Class B Pref Share unless, any
 Preference Dividend remains in arrear and unpaid for a period of 7 (seven) days after a


pan passe


and without the consent in writing of the Holder.
 3.9
 A certificate issued by the auditors of the Company for the time being as to the Preference
 Dividends due from time to time shall, unless and until the contrary is proved, be binding on
 the Company and all its members.
 3.10    
  The Company shall not be liable to the Holder for interest on any unclaimed Preference
 Dividend. The Company shall retain all unclaimed monies until they are claimed; provided
 that any amount remaining unclaimed for a period of 12 (twelve) years shall be forfeited by the
 Holder to the Company.


CLASS B PREFERENCE SHARE SUBSCRIPTION
 AGREEMENT
 between
 KHUMO GOLD SPV (PROPRIETARY) LIMITED
 and
 CROWN GOLD RECOVERIES (PROPRIETARY) LIMITED


TABLE OF CONTENTS
                                                ANNEXES
    ANNEXE "A" RIGHTS, PRIVILEGES AND RESTRICTIONS OF THE CLASS B CUMULATIVE PARTICIPATING PREFERENCE SHARE


WHEREBY THE PARTIES AGREE AS FOLLOWS -
 INTERPRETATION
 1.1
 In this Agreement -
        vice versa;
  vice versa.
           "Agreement"
  "Class A Pref Share"
  "Class B Pref Share"


"Closing Date"
 s
    "Company"
    "DRDGOLD"
     "DRDSA"
    "Khumo Gold SPV"
    "Khumo Gold SPV Pref Share Subscription Agreement"
       "Nominated Attorneys"


"Parties"
 "Signature Date"
   "Subscription Price"
   "Suspensive Conditions"


2 RECORDALS
     inter elle,
 inter alia


3 SUSPENSIVE CONDITIONS


status quo ante
    4 SUBSCRIPTION, ALLOTMENT AND ISSUE


be borne and paid by the Company.
 5 RIGHTS, PRIVILEGES AND RESTRICTIONS ATTACHING TO THE
 CLASS PREF SHARE
 The Class B Pref Share shall have the rights, privileges and restrictions set out in annexe "A".
 6 BREACH
 6.1
 If, before the completion of the allotment and issue of the Class B Pref Share, either
 Party commits a breach of its obligations under this Agreement, and if the breach in
 question is not remedied before the expiry of a period of 48 (forty eight) hours after the
 aggrieved Party has given notice to the other Party to remedy same, the aggrieved party
 shall be entitled to cancel this Agreement on written notice to the other Party.
 6.2
 The Parties agree that after the subscription by Khumo Gold SPV for, and the
 allotment and issue by the Company of, the Class B Pref Share in terms of this
 Agreement, the cancellation of this Agreement in the event of a breach would be an
 inappropriate and insufficient remedy and that irreparable damage would occur if the
 provisions of this Agreement were not complied with. It is accordingly agreed that, in the
 event of a breach, the aggrieved Party shall be entitled (without prejudice to any other rights
 which it may have in law save for the right to cancel the Agreement) to an order for
 specific performance and to recover any damages which it may have suffered.
 6.3
 Subject to the provisions of clause 6.2, this Agreement and the Khumo Gold SPV
 Pref Share Subscription Agreement form part of one indivisible transaction. Should either
 this Agreement or the Khumo Gold SPV Pref Share Subscription Agreement be terminated for
 any reason whatsoever,


the other of them shall terminate simultaneously.
 7 GENERAL WARRANTIES
 Each of the Parties hereby warrants to and in favour of the other that --
 7.1
 it has the legal capacity and has taken all necessary corporate action
 
 required to empower and authorise it to enter into this Agreement; and
 7.2
 this Agreement constitutes an agreement valid and binding on it and
 enforceable against it in accordance with its terms.
 8 CO-OPERATION
 The Parties undertake at all times to co-operate with each other in good faith in order to carry out
 this Agreement and to implement all transactions and steps contemplated herein. The Parties further
 undertake not to take any action or to omit taking any action which will result in delaying or impeding the
 implementation of this Agreement.
 9 PUBLICITY
 9.1
 Subject to the provisions of clause 9.3, each Party undertakes to keep confidential
 and not to disclose to any third party, save as may be required in law (including by
 the rules of any recognised securities exchange) or permitted in terms of this
 Agreement, the nature, content or existence of this Agreement and any and all
 information  given  by  a  Party  to  the  other  Party pursuant to this Agreement.
 9.2
 No announcements of any nature whatsoever shall be made by or on behalf of a Party
 relating to this Agreement without the prior consent of the other Party, save for any
 announcement or other statement required to be made in terms of the provisions of any law (or
 the rules of any recognised securities exchange) in which event the Party obliged to make such


10 DISPUTE RESOLUTION


in camera
          11 BENEFIT OF THE AGREEMENT


12 NOTICES AND DOMICILIA
 domicllia citandi et executandi
     Name
  Physical Address
     Telefax
   Name
   Physical Address
   Telefax
            domicilium
   domicilium.


13 GENERAL


pro non scripto
         14 APPLICABLE LAW AND JURISDICTION
        15 COSTS


16 SIGNATURE
     KHUMO GOLD SPV (PROPRIETARY) LIMITED
  /s/ MP NcholoName of Signatory:
   CROWN GOLD RECOVERIES (PROPRIETARY)
 LIMITED
 
 /s/ LC Lamsley Name of Signatory:


TERMS AND CONDITIONS OF THE CLASS B CUMULATIVE
 PARTICIPATING PREFERENCE SHARE
      "Company"
   1.3 "Class A Pref Share"
   " Class  B  Pref   Share "
    " Class  C  Pref   Share "
   "Dividend Date"
    "Dividend Period"
 1St
   51


1st
  "DRDGOLD"
       "Issue Date"
  "Preference Dividend"
  "Secured Shareholder Loans"
     "Subscription Price"


contemporaneously with the payment of the preference dividend payable on the Class C
 Pref Share, but in priority to any dividend on any other class of shares for the time being
 issued by the Company, a preferential dividend in an amount of R0.05 (five cents) (less
 any Secondary Tax on Companies, or any other dividend tax imposed in its stead which
 the Company becomes obliged to pay on every dividend of R0.05 (five cents)) for every
 R0.74 (seventy four cents) that the Company pays to DRDGOLD or its successor in title,
 both towards capital and interest on capital in terms of the Secured Shareholder Loans.
 3.2
 Each Preference Dividend shall accrue in favour of the Holder immediately upon
 payment of any amount towards the Secured Shareholder Loans and shall become
 payable on the next Dividend Date.
 3.3
 The Class B Pref Share shall entitle the Holder to receive Preference Dividends until
 the outstanding balance on the Secured Shareholder Loans has been reduced to Nil.
 3.4
 On a winding-up of the Company or on any repayment of its capital, the Class B Pref
 Share shall rank, in regard to all arrears of Preference Dividends   ( whether
 declared   or   not)   calculated   to   the   date   of   the   distribution or repayment, after
 the Class A Pref Share, equally with the Class C Pref Share, but in priority to any
 other shares for the time being issued by the Company.
 3.5
 The Class B Pref Share shall not be entitled to any further (in addition to what is
 contained herein) participation in the profits or assets of the Company or, on its
 winding-up, in the distribution of its surplus assets.
 3.6
 The Holder shall be entitled to receive notice of and be entitled to attend but not to vote
 at any general meeting of the Company in respect of the Class B Pref Share unless, any


pari
 passu


3.9
 A certificate issued by the auditors of the Company for the time being as to the Preference
 Dividends due from time to time shall, unless and until the contrary is proved, be binding on
 the Company and all its members.
 3.10 The Company shall not be liable to the Holder for interest on any unclaimed Preference Dividend. The
 Company shall retain all unclaimed monies until they are claimed; provided that any amount
 remaining unclaimed for a period of 12 (twelve) years shall be forfeited by the Holder to the
 Company.


CLASS B PREFERENCE SHARE SUBSCRIPTION
 AGREEMENT
 between
 KHUMO GOLD SPV (PROPRIETARY) LIMITED
 and
 EAST RAND PROPRIETARY MINES LIMITED


TABLE OF CONTENTS
                                             ANNEXES
    ANNEXE "A" RIGHTS, PRIVILEGES AND RESTRICTIONS OF THE CLASS B CUMULATIVE PARTICIPATING PREFERENCE SHARE


WHEREBY THE PARTIES AGREEAS FOLLOWS -
 1 INTERPRETATION
        vice versa;
  vice versa.
      "Act"
    "Agreement"
  "Class A Pref Share"
  "Class B Pref Share"


"Closing Date"
 5t
   "Company"
   "DRDGOLD"
  "DRDSA"
   "Khumo Gold SPV"
   "Khumo Gold SPV Pref Share Subscription Agreement"
       "Nominated Attorneys"


"Parties"
  "Signature Date"
  "Subscription Price"
    "Suspensive Conditions"


2 RECORDALS
 2
   inter alia,
 inter al
 g
 a


the terms and conditions contained in this Agreement.
 2.3
 The Parties wish to record in writing their agreement in respect of the
 above and matters ancillary thereto.
 3 SUSPENSIVE CONDITIONS
 3.1
 This Agreement, save for the provisions of clause 1, this clause 3, and clauses 6 to 16
 which will become effective immediately, shall be subject to the suspensive conditions that, by
 no later than 30 November 2006 –
 3.1.1
 the Khumo Gold SPV Pref Shares Subscription Agreement has been entered into and
 has become unconditional in accordance with its terms, save in respect of any condition
 requiring that this Agreement becomes unconditional;
 3.1.2
 a special resolution has been passed and registered by the Registrar of Companies in
 order to amend the rights, privileges and restrictions attaching to the Class A Pref Share,
 by substituting R0.74 (seventy four cents) for R0.85 (eighty five cents) where it appears
 in article 19(L) 2.1 of the articles of association of the Company; and
 3.1.3
 all such resolutions have been passed by the shareholders and directors of the
 Company and, where required, registered by the Registrar of Companies, as may be
 necessary in order to approve and implement the provisions of this Agreement.
 3.2
 The Suspensive Conditions have been inserted for the benefit of both Parties and may
 therefore only be waived by agreement in writing between the Parties.
 3.3  Each of the Parties will use commercially reasonable endeavours and the
 Parties will co-operate in good faith to procure the fulfilment of the


status quo ante
    4 SUBSCRIPTION, ALLOTMENT AND ISSUE


be borne and paid by the Company.
 5 RIGHTS, PRIVILEGES AND RESTRICTIONS ATTACHING TO THE
 CLASS B PREF SHARE
 The Class B Pref Share shall have the rights, privileges and restrictions set out in annexe "A".
 6 BREACH
 6.1
 If, before the completion of the allotment and issue of the Class B Pref Share, either
 Party commits a breach of its obligations under this Agreement, and if the breach in
 question is not remedied before the expiry of a period of 48 (forty eight) hours after the
 aggrieved Party has given notice to the other Party to remedy same, the aggrieved party
 shall be entitled to cancel this Agreement on written notice to the other Party.
 6.2
 The Parties agree that after the subscription by Khumo Gold SPV for, and the
 allotment and issue by the Company of, the Class B Pref Share in terms of this Agreement,
 the cancellation of this Agreement in the event of a breach would be an inappropriate and
 insufficient remedy and that irreparable damage would occur if the provisions of this
 Agreement were not complied with. It is accordingly agreed that, in the event of a breach,
 the aggrieved Party shall be entitled (without prejudice to any other rights which it may have
 in law save for the right to cancel the Agreement) to an order for specific performance and
 to recover any damages which it may have suffered.
 6.3
 Subject to the provisions of clause 6.2, this Agreement and the Khumo Gold SPV
 Pref Share Subscription Agreement form part of one indivisible transaction. Should either
 this Agreement or the Khumo Gold SPV Pref Share Subscription Agreement be terminated
 for any reason whatsoever,


7 GENERAL WARRANTIES
        8 CO-OPERATION
     9 PUBLICITY


statement shall first consult with the other Party in order to enable them in good faith to attempt
 to agree the content of such announcement, which (unless agreed) must go no further than is
 required in terms of such law or rules. This shall not apply to a Party wishing to respond to the
 other Party which has made an announcement of some nature in breach of this clause 9.
 9.3
 The provisions of this clause 9 shall not apply to any disclosure made by a Party to its
 professional advisors or consultants, provided that they have agreed to the same confidentiality
 undertakings, or to any judicial or arbitral tribunal or officer, in connection with any matter
 relating to this Agreement or arising out of it.
 10 DISPUTE RESOLUTION
 10.1   
  In the event of there being any dispute or difference between the Parties
 arising out of this Agreement, or in connection with it, or regarding its
 interpretation, validity, execution, implementation, termination or cancellation, the
 said dispute or difference shall on written demand by either Party be submitted to
 arbitration in Johannesburg in accordance with the AFSA rules for commercial arbitration.
 10.2   
  Should AFSA, as an institution, not be operating at that time or not be accepting
 requests for arbitration for any reason, then the arbitration shall be conducted in accordance
 with the AFSA rules for commercial arbitration, but administered by the attorneys of the
 Parties, before an arbitrator appointed by agreement between the Parties or failing agreement
 within 10 (ten) business days of the demand for arbitration, then either Party shall be entitled to
 forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the
 arbitrator, provided that the person so nominated shall be an advocate of not less than 10 (ten)
 years standing as such. The


in camera
          11 BENEFIT OF THE AGREEMENT


12 NOTICES AND DOMICILIA
  domicilia citandi et executandi
    NameKhumo Gold SPV
 Physical AddressThe Birches Riverwoods Office Park Johnson Road Bedfordview
 Telefax
    Name
 Physical Address
 Telefax
       domicilium
   domicilium.


13 GENERAL


pro non scripto
         14 APPLICABLE LAW AND JURISDICTION
        15 COSTS


16 SIGNATURE
    For and on behalf of KHUMO GOLD SPV (PROPRIETARY) LIMITED
 
 Signature:/s/ MP Ncholo Name of Signatory:
  For and on behalf of EAST RAND PROPRIETARY MINES LIMITED Signature:/s/ LC Lamsley Name of Signatory:


TERMS AND CONDITIONS OF THE CLASS B CUMULATIVE
 PARTICIPATING PREFERENCE SHARE
      "Company"
   "Class A Pref Share"
  " Class  B   Pref   Share "
   " Class  C Pref   Share"
  "Debenture Deeds"
    "Dividend Date"


"Dividend Period"
 s t
   st
  5t
  "DRDGOLD"
  "Holder"
 "IDC"
    "Issue Date"
  "Preference Dividend"
   "Secured Shareholder Loans"
     "Subscription Price"


3
 The Class B Pref Share will carry the following special rights and will be
 subject to the following special conditions -
 3.1
 The Class B Pref Share carries the right in favour of the Holder to call for and receive,
 after the payment of the preference dividend payable on the Class A Pref Share,
 contemporaneously with the payment of the preference dividend payable on the Class C Pref
 Share, but in priority to any dividend on any other class of shares for the time being issued by
 the Company, a preferential dividend in an amount of R0.05 (five cents) (less any
 Secondary Tax on Companies, or any other dividend tax imposed in its stead which the
 Company becomes obliged to pay on every dividend of R0.05 (five cents)) for every
 R0.74 (seventy four cents) that the Company pays to DRDGOLD or its successor in title, both
 towards -
 3.1.1
 capital and interest on capital in terms of the Secured Shareholder
 Loans; and
 3.1.2
 interest and smelter royalties in terms of, or to redeem, the debentures
 issued by the Company in terms of the Debenture Deeds.
 3.2
 Each Preference Dividend shall accrue in favour of the Holder immediately
 upon payment of any amount towards the Secured Shareholder Loans or in
 terms of the Debenture Deeds and shall become payable on the next
 Dividend
 Date.
 3.3
 The Class B Pref Share shall entitle the Holder to receive Preference
 Dividends until the -
 3.3.1
 the outstanding balance on the Secured Shareholder Loans has been
 reduced to Nil; and
 3.3.2
 the debentures issued under the Debenture Deeds have been redeemed
 in full and all amounts owing in respect of such debentures have been





pari passe