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DRDGOLD LIMITED - Report to shareholders for the quarter and nine months ended 31 March 2013

Release Date: 25/04/2013 08:00
Code(s): DRD     PDF:  
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Report to shareholders for the quarter and nine months ended 31 March 2013

DRDGOLD LIMITED
(Incorporated in the Republic of South Africa) 
Registration No. 1895/000926/06 / JSE share code: DRD     ISIN: ZAE 000058723 
NYSE trading symbol: DRD 
("DRDGOLD" or "the Group")

REPORT TO SHAREHOLDERS
for the quarter and nine months ended 31 March 2013

GROUP RESULTS: KEY FEATURES
 
FOR THE QUARTER Q3 2013 v Q3 2012

- Gold production up 3% to 35 976 oz
- Gold revenue up 16% to R531.0 million
- Operating profit up 5% to R170.7 million
- Cash operating costs up 3% to US$1 111/oz
- Headline earnings up 17% to 14 cps

FOR THE NINE MONTHS FY2013 v FY2012

- Gold production up 7% to 110 822 oz
- Gold revenue up 20% to R1 638.4 million
- Operating profit up 15% to R583.1 million
- Cash operating costs up 1% to US$1 091/oz
- Headline earnings up 51% to 59 cps

All figures used in this report represent continuing operations, unless specified otherwise.

REVIEW OF OPERATIONS 

                                                               Quarter         Quarter        % change       Quarter   9 months to     9 months to        % change
                                                              Mar 2013        Mar 2012                      Dec 2012   31 Mar 2013     31 Mar 2012
 Gold production
 Continuing operations                                oz        35 976          34 947               3        39 031       110 822         103 492                7
                                                      kg         1 119           1 087               3         1 214         3 447           3 219                7
 Discontinued operations                              oz                       25 946                                                   84 622                
                                                      kg                          807                                                    2 632                
 Group                                                oz        35 976          60 893             (41)       39 031       110 822         188 114              (41)
                                                      kg         1 119           1 894             (41)        1 214         3 447           5 851              (41)
 Gold production sold
 Continuing operations                                oz        35 976          34 947               3        39 031       112 912         105 453                7
                                                      kg         1 119           1 087               3         1 214         3 512           3 280                7
 Discontinued operations                              oz                       25 946                                                   84 622                
                                                      kg                          807                                                    2 632                
 Group                                                oz        35 976          60 893             (41)       39 031       112 912         190 075              (41)
                                                      kg         1 119           1 894             (41)        1 214         3 512           5 912              (41)
 Cash operating costs
 Continuing operations                        US$ per oz         1 111           1 074               3         1 017         1 091           1 075                1
                                              ZAR per kg       319 065         267 044              19       284 425       302 405         263 614               15
 Discontinued operations                      US$ per oz                        1 391                                                    1 378                
                                              ZAR per kg                      346 875                                                  338 341                
 Group                                        US$ per oz         1 111           1 209              (8)        1 017         1 091           1 211              (10)
                                              ZAR per kg       319 065         301 059               6       284 425       302 405         297 229                2
 Notional cash expenditure*
 Continuing operations                        US$ per oz         1 423           1 225              16         1 323         1 387           1 268                9
                                              ZAR per kg       408 272         304 972              34       369 632       384 475         311 376               23
 Discontinued operations                      US$ per oz                        1 496                                                    1 487                
                                              ZAR per kg                      372 914                                                  365 239                
 Group                                        US$ per oz         1 423           1 340               6         1 323         1 387           1 367                1
                                              ZAR per kg       408 272         333 921              22       369 632       384 475         335 606               15
 Gold price received                          US$ per oz         1 647           1 691              (3)        1 714         1 683           1 702               (1)
                                              ZAR per kg       474 482         421 420              13       478 309       466 506         417 832               12
 Capital expenditure                         US$ million          11.2             8.0              40          11.9          32.8            29.4               12
                                             ZAR million          99.8            62.2              60         103.5         282.9           224.5               26

*  Notional cash expenditure (NCE) is defined as cash operating costs plus capital expenditure, which include exploration and growth capital. NCE is reported on a per
   kilogram and per ounce basis.

MARKET CAPITALISATION
                                                                                     
As at 31 March 2013                        (ZARm)   2 759.3   As at 31 December 2012   (ZARm)   2 543.5   
As at 31 March 2013                        (US$m)     301.4   As at 31 December 2012   (US$m)     292.9   

STOCK TRADED                                                                              JSE     NYSE*   
Average volume for the quarter per day ('000)                                             649     1 111   
% of issued stock traded (annualised)                                                      44        75   
price - High                                                                            R7.55    $0.859   
      - Low                                                                             R6.14    $0.676   
      - Close                                                                           R7.16    $0.782   

* This data represents per share data and not ADS data  one ADS reflects ten ordinary shares

SHAREHOLDERS INFORMATION
Issued capital
385 383 767 ordinary no par value shares	
6 205 559 treasury shares held within the group
5 000 000 cumulative preference shares	
Total ordinary no par value shares issued and committed: 389 318 124

DEAR
SHAREHOLDER

As the new Crown/Ergo pipeline continues to settle, increasingly we are starting to understand what to expect from Ergo's current
Brakpan carbon-in-leach ("CIL") circuit in our effort to achieve steady-state performance. Volume delivery into our plants was steady, and
gold production was marginally better than the average quarterly production over the last two years.

Headline earnings per share ("HEPS") in Q3 FY2013 were 17% higher at 14 South African cents compared with Q3 FY2012. This was on
the back of a 16% increase in gold revenue to R531.0 million, flowing both from a 3% increase in gold production to 35 976oz and a
higher average Rand gold price received of R474 482/kg. After accounting for net operating costs of R360.3 million, operating profit was
5% higher at R170.7 million.

Free cash flow in Q3 FY2013 was up 16% from R73.7 million to R85.7 million compared to Q3 FY2012.

Gold production for the first nine months of FY2013 was 7% higher at 110 822oz compared with the first nine months of FY2012.
Together with a higher Rand gold price received of R466 506/kg, this delivered a 20% rise in gold revenue to R1 638.4 million. Cash
operating costs were well contained to US$1 091/oz  a 1% increase  and operating profit was 15% higher at R583.1 million, yielding
a 51% increase in HEPS to 59 South African cents.

Compared to Q2 FY2013, gold production was down 3 055oz due to marginally lower head-grades into the Brakpan plant.

Total production and free cash flows, namely for both continued and discontinued operations for the nine months to March 2013 are
lower than the comparative period in FY2012 following the disposal of Blyvooruitzicht, in Q4 2012.

DETAILED OPERATIONAL REVIEW
ERGO
Q3 FY2013 V Q3 2012

Gold production was 3% higher at 35 976oz due to a 3% increase in throughput to 5 766 000t. Yield was steady at 0.194g/t. Improved throughput reflects
the positive impact of both continued stabilisation in the operating parameters of the new Crown/Ergo pipeline and de-commissioning of the Crown plant.

Notwithstanding a 3% increase in cash operating unit costs to US$1 111/oz due to increased volumes and annual price increases, operating profit rose
by 5% to R170.7 million, a consequence both of the increase in gold production and a 13% improvement in the average rand gold price received to
R474 482/kg.

Capital expenditure was 60% higher at R99.8 million, reflecting on-going development of the flotation/fine-grind circuit at the Brakpan plant.

First nine months of FY2013 v first nine months of FY2012
An 8% increase in throughput to 17 430 000t offset the effect of a slight decline in yield to 0.198g/t, resulting in a 7% rise in gold production to 110
822oz. The Crown/Ergo pipeline coming on stream and the Crown plant de-commissioning were the primary contributors to higher throughput.

Cash operating unit costs were contained to US$1 091/oz. This, together with the increase in gold production and a 12% strengthening in the average
Rand gold price received to R466 506/kg, resulted in operating profit increasing by 15% to R583.1 million.

Capital expenditure, 26% higher at R282.9 million, was directed mainly towards the flotation/fine-grind project.

ERPM, ZIMBABWE
As reported last quarter, we intend to dispose of our ERPM underground mining asset in South Africa and our exploration assets in Zimbabwe. Various
expressions of interest have been received and these are being assessed, our objective being to secure the best deals that maximise value for shareholders.


LOOKING AHEAD
As we move into the exciting commissioning phase of the new flotation/fine-grind circuit at Ergo's Brakpan plant  our first delivery from our ongoing
research and development programme  we are cautiously optimistic about this project's ability to deliver into targeted operating and financial
performance. Meantime, as our strategic capital commitments come to an end, we remain focused on maximising the operating and financial capabilities
of the Brakpan plant's CIL circuit. A key element here is improved productivity, both at operational and individual employee level.

Niël Pretorius
Chief Executive Officer
25 April 2013

The condensed consolidated financial statements are prepared in accordance with the recognition and measurement principles of International
Financial Reporting Standards ("IFRS"), and South African Statements and Interpretations of Statements of Generally Accepted Accounting Practice
(AC 500 Series). The accounting policies adopted are in line with IFRS and are consistent with those applied in the annual financial statements for the
year ended 30 June 2012.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 

                                                                             Quarter         Quarter         Quarter     9 months to     9 months to
                                                                            Mar 2013        Mar 2012        Dec 2012     31 Mar 2013     31 Mar 2012
                                                                                  Rm              Rm              Rm              Rm              Rm
                                                                           Unaudited       Unaudited       Unaudited       Unaudited       Unaudited
 Continuing operations
 Gold and silver revenue                                                       531.0           458.3           580.6         1 638.4         1 370.7
 Net operating costs                                                          (360.3)         (296.1)         (341.9)       (1 055.3)         (863.3)
  Cash operating costs                                                        (357.0)         (290.3)         (345.3)       (1 042.4)         (848.6)
  Movement in gold in process                                                   (3.3)           (5.8)            3.4          (12.9)           (14.7)

 Operating profit                                                              170.7           162.2           238.7           583.1           507.4
 Depreciation                                                                  (34.7)          (31.7)          (33.9)         (102.8)          (89.5)
 Movement in provision for environmental rehabilitation                        (19.1)           (9.8)          (16.2)          (45.3)          (22.9)
 Retrenchment costs                                                                                           (0.6)           (0.6)              
 Net operating profit                                                          116.9           120.7           188.0           434.4           395.0
 Environmental rehabilitation costs                                            (11.5)          (13.5)          (12.5)          (41.2)          (37.3)
 Corporate, administration and other expenses                                  (32.6)          (32.5)          (36.0)         (102.6)          (85.1)
 Share-based payments                                                           (1.4)           (0.8)           (1.6)           (3.3)           (2.5)
 Net loss on financial liabilities measured at amortised cost                                                                               (7.1)
 Profit on disposal of assets                                                    8.6                            0.1            11.2               
 Finance income                                                                 16.1             5.9             8.2            57.9            16.7
 Finance expenses                                                               (2.8)           (2.8)           (3.2)          (10.0)           (8.8)
 Profit before taxation                                                         93.3            77.0           143.0           346.4           270.9
 Income tax                                                                                   (11.2)            2.9            12.8           (25.6)
 Deferred tax                                                                  (12.4)           (8.3)          (21.9)          (61.0)          (68.7)
 Profit after taxation                                                          80.9            57.5           124.0           298.2           176.6
 Discontinued operations
 Profit for the period from discontinued operations                                             6.9                                         136.0
 Net profit for the period                                                      80.9            64.4           124.0           298.2           312.6
 Attributable to:
  Equity owners of the parent                                                   62.1            49.9            93.0           233.7           250.6
  Non-controlling interest                                                      18.8            14.5            31.0            64.5            62.0
                                                                                80.9            64.4           124.0           298.2           312.6
 Other comprehensive income
 Foreign exchange translation and other                                          1.3             1.4             0.5             6.7            (1.8)
 Net gain on an available-for-sale financial asset                                                                            0.3               
 Mark-to-market of available-for-sale investments                              (10.6)                           3.6          (43.3)               
 Total comprehensive income for the period                                      71.6            65.8           128.1           261.9           310.8
 Attributable to:
  Equity owners of the parent                                                   52.8            51.3            97.1           197.4           248.8
  Non-controlling interest                                                      18.8            14.5            31.0            64.5            62.0
                                                                                71.6            65.8           128.1           261.9           310.8

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

                                                                     Quarter        Quarter      Quarter    9 months to      9 months to
                                                                    Mar 2013       Mar 2012     Dec 2012    31 Mar 2013      31 Mar 2012
                                                                          Rm             Rm           Rm             Rm               Rm
                                                                   Unaudited      Unaudited    Unaudited      Unaudited        Unaudited
Reconciliation of headline earnings
Net profit                                                              62.1           49.9         93.0          233.7            250.6
Adjusted for
  Profit on disposal of assets                                         (8.6)                      (0.1)         (11.2)               
  Non-controlling interest in headline earnings adjustment              0.9                        0.1            1.6                
  Taxation thereon                                                      0.6                                      1.1                
Headline earnings                                                       55.0           49.9         93.0          225.2            250.6
Headline earnings per share-cents
 From continuing operations                                              14             12           25             59               39
 From total operations                                                   14             13           25             59               65
Basic earnings per share-cents
 From continuing operations                                              17             12           25             62               39
 From total operations                                                   17             13           25             62               65
Diluted headline earnings per share-cents                                 14             13           25             59               65
Diluted basic earnings per share-cents                                    16             13           25             61               65
Calculated on the weighted average ordinary shares issued of:    379 178 208    384 229 290  379 178 208    379 178 208      384 766 369

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                                                    As at          As at          As at
                                                                                              31 Mar 2013    30 Dec 2012    31 Mar 2012
                                                                                                       Rm             Rm             Rm
                                                                                     Notes      Unaudited      Unaudited      Unaudited
Assets
Non-current assets                                                                                2 180.3        2 105.6        1 735.2
 Property, plant and equipment                                                                    1 838.4        1 767.9        1 584.2
 Non-current Investments and other assets                                                           141.0          141.7           10.8
 Environmental rehabilitation trust funds and investments                                           181.8          182.0          104.8
 Deferred tax asset                                                                                  19.1           14.0           35.4
Current assets                                                                                      658.3          664.8          798.5
  Inventories                                                                                       111.1          104.1           81.6
 Trade and other receivables                                                                        136.9          162.3          118.6
  Cash and cash equivalents                                                               1         410.3          398.4          379.8
 Assets classified as held for sale                                                                                             218.5
Total assets                                                                                      2 838.6        2 770.4        2 533.7
Equity and Liabilities
Equity                                                                                            1 765.8        1 755.2        1 482.7
  Equity of the owners of the parent                                                              1 474.6        1 482.8        1 448.8
  Non-controlling interest                                                                          291.2          272.4           33.9
Non-current liabilities                                                                             810.0          778.1          628.2
 Loans and borrowings                                                                     2         145.7          146.3              
 Post-retirement and other employee benefits                                                          6.2            6.1            5.9
 Provision for environmental rehabilitation                                                         546.1          527.1          464.9
 Deferred tax liability                                                                             112.0           98.6          157.4
Current liabilities                                                                                 262.8          237.1          422.8
 Trade and other payables                                                                           238.8          215.0          239.9
  Loans and borrowings                                                                    2          24.0           22.1           30.6
  Liabilities classified as held for sale                                                                                       152.3
Total equity and liabilities                                                                      2 838.6        2 770.4        2 533.7

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                                             Quarter      Quarter       Quarter 9 months to    9 months to
                                                            Mar 2013     Mar 2012      Dec 2012 31 Mar 2013    31 Mar 2012
                                                                  Rm           Rm            Rm          Rm             Rm
                                                           Unaudited    Unaudited     Unaudited   Unaudited      Unaudited
Balance at the beginning of the period                       1 755.2      1 439.0       1 657.6     1 633.9        1 219.2
Share capital issued                                            (0.2)                      0.3        (0.2)           1.8
  for share options exercised                                                                                     1.8
  for costs                                                    (0.2)                      0.3        (0.2)            
Increase in share-based payment reserve                          0.3          0.8           0.3         0.9            2.7
Net profit attributable to equity owners of the parent          62.1         49.9          93.0       233.7          250.6
Net profit attributable to non-controlling interest             18.8         14.5          31.0        64.5           62.0
Dividends paid on ordinary share capital                       (53.1)                      0.6       (91.0)         (28.9)
Dividends paid to non-controlling interest                      (8.1)                     (7.6)      (15.7)             
Treasury shares acquired                                                   (22.9)                                 (22.9)
Fair value adjustment on available-for-sale investments        (10.6)                      3.6       (43.3)             
Share Option Scheme buy-out                                                             (24.1)      (24.1)             
Other comprehensive income                                       1.4          1.4           0.5         7.1           (1.8)
Balance as at the end of the period                          1 765.8      1 482.7       1 755.2     1 765.8        1 482.7


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                             Quarter      Quarter      Quarter 9 months to    9 months to
                                                            Mar 2013     Mar 2012     Dec 2012 31 Mar 2013    31 Mar 2012
                                                                  Rm           Rm           Rm          Rm             Rm
                                                           Unaudited    Unaudited    Unaudited   Unaudited      Unaudited
Net cash inflow from operations                                179.7        141.5        212.5       424.8          503.3
Net cash outflow from investing activities                    (108.0)       (67.8)      (126.5)     (319.8)        (240.1)
Net cash (out)/inflow from financing activities                (59.8)       (23.1)       (97.5)        6.8         (142.5)
  Loans and other                                               (1.0)        (0.2)       (53.8)      109.9          (73.5)
 Treasury shares acquired                                                  (22.9)                                (22.9)
  Dividends paid to owners of the parent                       (52.5)                   (37.9)      (91.0)         (28.9)
  Dividends paid to non-controlling interest holders            (6.3)                    (5.8)      (12.1)         (17.2)
Increase/(decrease) in cash and cash equivalents                11.9         50.6        (11.5)      111.8          120.7
Opening cash and cash equivalents                              398.4        329.2        409.9       298.5          259.1
Closing cash and cash equivalents                              410.3        379.8        398.4       410.3          379.8
Reconciliation of net cash inflow from operations
Profit before taxation                                          93.3         77.0        143.0       346.4          270.9
Profit from discontinued operations                                          6.9                                 136.0
                                                                93.3         83.9        143.0       346.4          406.9
Adjusted for: 
Movement in gold in process                                      3.3          7.0         (3.4)       12.9           20.4
Depreciation and impairment                                     34.7         33.4         33.9       102.8           92.9
Movement in provision for environmental rehabilitation          19.1         10.8         16.2        45.3           22.7
Share-based payments                                             1.4          0.8          1.6         3.3            2.7
Loss on financial liabilities measured at amortised cost                                                          7.1
Profit on disposal of assets                                    (8.6)                    (0.1)      (11.2)             
Finance expense and unwinding of provisions                      0.2          2.3          0.3         1.6            7.9
Growth in Environmental Trust Funds                             (1.4)        (1.9)        (1.3)       (4.2)          (5.5)
Other non-cash items                                            (2.2)         0.1         (4.0)       (7.5)          (2.8)
Taxation paid                                                               (1.7)         3.0        10.0          (10.2)
Working capital changes                                         39.9          6.8         23.3       (74.6)         (38.8)
Net cash inflow from operations                                179.7        141.5        212.5       424.8          503.3

Notes to the financial statements

1. Cash and cash equivalents
   Included in cash and cash equivalents is restricted cash of R69.5 million.

2. Loans and borrowings
   Included in loans and borrowings is a Domestic Medium Term Note Programme ("DMTN Programme") under which DRDGOLD can issue notes from
   time to time. DRDGOLD raised a total of R165 million under the DMTN Programme in July and September 2012. The different unsecured notes issued
   mature 12 (R20.0 million), 24 (R69.5 million) and 36 (R75.5 million) months from the date of issue and bear interest at the three month Johannesburg
   Inter-bank Acceptance Rate (JIBAR) rate (currently 5.125%) plus margin ranging from 4% to 5% per annum.

 KEY OPERATING AND FINANCIAL RESULTS (Unaudited)

 Ore milled (t000) (metric) (imperial)                                           Mar 2013 Qtr                            5 766                 6 356
                                                                                 Dec 2012 Qtr                            6 066                 6 687
                                                                                 Mar 2013 Ytd                           17 430                19 213
 Yield (g/t) (oz/t) (metric) (imperial)                                          Mar 2013 Qtr                            0.194                 0.006
                                                                                 Dec 2012 Qtr                            0.200                 0.006
                                                                                 Mar 2013 Ytd                            0.198                 0.006
 Gold produced (kg) (oz) (metric) (imperial)                                     Mar 2013 Qtr                            1 119                35 976
                                                                                 Dec 2012 Qtr                            1 214                39 031
                                                                                 Mar 2013 Ytd                            3 447               110 822
 Cash operating costs (ZAR/kg) (US$/oz)                                          Mar 2013 Qtr                          319 065                 1 111
                                                                                 Dec 2012 Qtr                          284 425                 1 017
                                                                                 Mar 2013 Ytd                          302 405                 1 091
 Notional cash expenditure (ZAR/kg)(US$/oz)                                      Mar 2013 Qtr                          408 272                 1 423
                                                                                 Dec 2012 Qtr                          369 632                 1 323
                                                                                 Mar 2013 Ytd                          384 475                 1 387
 Cash operating costs (ZAR/t) (US$/t)                                            Mar 2013 Qtr                               62                     6
                                                                                 Dec 2012 Qtr                               57                     6
                                                                                 Mar 2013 Ytd                               60                     6
 Gold and Silver revenue (ZAR million) (US$ million)                             Mar 2013 Qtr                            531.0                  59.3
                                                                                 Dec 2012 Qtr                            580.6                  66.8
                                                                                 Mar 2013 Ytd                          1 638.4                 190.0
 Operating profit (ZAR million) (US$ million)                                    Mar 2013 Qtr                            170.7                  18.9
                                                                                 Dec 2012 Qtr                            238.7                  27.6
                                                                                 Mar 2013 Ytd                            583.1                  67.6
 Capital expenditure (ZAR million) (US$ million)                                 Mar 2013 Qtr                             99.8                  11.2
                                                                                 Dec 2012 Qtr                            103.5                  11.9
                                                                                 Mar 2013 Ytd                            282.9                  32.8

CASH OPERATING COSTS RECONCILIATION

R million unless otherwise stated

Total cash costs                                   Mar 2013 Qtr      405.8
                                                   Dec 2012 Qtr      393.2
                                                   Mar 2013 Ytd    1 204.9
Movement in gold in process                        Mar 2013 Qtr       (3.3)
                                                   Dec 2012 Qtr        3.4
                                                   Mar 2013 Ytd      (12.9)
Less: Assessment rates, rehabilitation and other   Mar 2013 Qtr       22.5
                                                   Dec 2012 Qtr       22.5
                                                   Mar 2013 Ytd       78.6
Less: Retrenchment costs                           Mar 2013 Qtr          
                                                   Dec 2012 Qtr        0.6
                                                   Mar 2013 Ytd        0.6
Less: Corporate and general administration costs   Mar 2013 Qtr       23.0
                                                   Dec 2012 Qtr       28.2
                                                   Mar 2013 Ytd       70.4
Cash operating costs                               Mar 2013 Qtr      357.0
                                                   Dec 2012 Qtr      345.3
                                                   Mar 2013 Ytd    1 042.4
Capital expenditure                                Mar 2013 Qtr       99.8
                                                   Dec 2012 Qtr      103.5
                                                   Mar 2013 Ytd      282.9
Notional cash expenditure (NCE)                    Mar 2013 Qtr      456.8
                                                   Dec 2012 Qtr      448.7
                                                   Mar 2013 Ytd    1 325.3
Gold produced (kg)                                 Mar 2013 Qtr      1 119
                                                   Dec 2012 Qtr      1 214
                                                   Mar 2013 Ytd      3 447
Total cash operating costs (R/kg)                  Mar 2013 Qtr    319 065
                                                   Dec 2012 Qtr    284 425
                                                   Mar 2013 Ytd    302 405
Total cash operating costs (US$/oz)                Mar 2013 Qtr      1 111
                                                   Dec 2012 Qtr      1 017
                                                   Mar 2013 Ytd      1 091

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

These risks include, without limitation, those described in the section entitled "Risk Factors" included in our annual report for the fiscal year ended 30 June 2012, which we filed
with the United States Securities and Exchange Commission on 26 October 2012 on Form 20-F. You should not place undue reliance on these forward-looking statements,
which speak only as of the date thereof. We do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances
after the date of this report or to the occurrence of unanticipated events. Any forward-looking statements included in this report have not been reviewed and reported on by
DRDGOLD's auditors.

DIRECTORS (*British)(**American)

Executives: DJ Pretorius (Chief executive officer), CC Barnes (Chief  financial officer)

Independent non-executives: GC Campbell* (Non-executive chairman), RP Hume, EA Jeneker, J Turk**

Company secretary: TJ Gwebu

FOR FURTHER INFORMATION, CONTACT NIEL PRETORIUS AT: 
Tel: 	+27 (0)11 470 2600 Fax: +27 (0)11 470 2618
Web:	http://www.drdgold.com

Quadrum Office Park . Building 1 . 50 Constantia Boulevard
Constantia Kloof Ext 28 . South Africa
PO Box 390 . Maraisburg 1700 . South Africa
Date: 25/04/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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