Wrap Text
Operating update for the quarter ended 30 September 2025
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1895/000926/06)
ISIN: ZAE000058723
JSE & A2X share code: DRD
NYSE trading symbol: DRD
("DRDGOLD" or the "Company")
OPERATING UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2025
The operating update of the Company for the quarter ended 30 September 2025 is as follows:
QUARTER QUARTER %
ENDED ENDED change
30 SEP 2025 30 JUN 2025
Production
Gold produced kg 1,191 1,173 2%
oz 38,291 37,713 2%
Gold sold kg 1,158 1,142 1%
oz 37,231 36,716 1%
Ore milled Metric 6,481 6,651 (3%)
Yield Metric (g/t) 0.184 0.176 5%
Price and costs
Average gold price received R per kg 1,943,398 1,925,627 1%
US$ per oz 3,429 3,278 5%
Adjusted EBITDA * Rm 1,092.9 1,081.5 1%
US$m 62.0 59.2 5%
Cash operating costs R/t 179 165 8%
US$/t 10 9 11%
Cash operating costs R per kg 955,086 929,681 3%
US$ per oz 1,685 1,583 6%
All-in sustaining costs ** R per kg 1,066,287 1,015,267 5%
US$ per oz 1,881 1,728 9%
All-in costs ** R per kg 1,745,213 1,644,800 6%
US$ per oz 3,079 2,800 10%
Capital expenditure
Sustaining Rm 51.5 121.3 (58%)
US$m 2.9 6.6 (56%)
Non-sustaining/growth Rm 781.1 716.2 9%
US$m 44.3 39.2 13%
Average R/US$ exchange rate 17.63 18.27 (4%)
Rounding of figures may result in computational discrepancies
* Adjusted earnings before interest, taxes, depreciation and amortisation ("Adjusted EBITDA") may not be
comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance
under International Financial Reporting Standards (IFRS) and should be considered in addition to, and not as a
substitute for, other measures of financial performance and liquidity.
** All-in cost definitions based on the guidance note on non-GAAP Metrics issued by the World Gold Council on
27 June 2013.
Revenue for the quarter remained stable in comparison to the previous quarter, increasing marginally by 2% to
R2,254.9 million, mainly as a result of a sustained high gold price of R1,943,398/kg and an increase in gold sold
to 1,158kg, increasing by 16kg quarter on quarter. Despite a 3% decrease in tonnage throughput, gold
production increased by 2% from the previous quarter to 1,191kg, primarily due to a higher yield at 0.184g/t
which is 0.008g/t higher than the previous quarter.
Cash operating costs per kilogram of gold sold remained stable, increasing marginally by 3% quarter on quarter
to R955,086/kg. The increase in cash operating costs was primarily driven by annual labour increases at both
operations and higher reagent costs (primarily lime and cyanide) at Ergo Mining Proprietary Limited. Electricity
costs increased as a result of two months of winter tariffs, which Eskom charges between June and August each
year, included in this quarter. Far West Gold Recoveries Proprietary Limited ("FWGR") incurred additional
machine hire costs relating to the Driefontein 5 reclamation site clean-up. Cash operating costs per tonne of
material increased by 8% from the previous quarter to R179/t due to the cost drivers described above and a
decrease in tonnage throughput.
All-in sustaining costs per kilogram was R1,066,287/kg, increasing quarter on quarter mainly due to the increase
in cash operating costs per kilogram detailed above, despite the decrease in sustaining capital expenditure.
The prior quarter all-in sustaining costs included a credit adjustment related to the change in rehabilitation
estimate that is assessed annually. All-in costs per kilogram was R1,745,213/kg, increasing quarter on quarter
due to an increase in growth capital expenditure in comparison to the previous quarter, mainly relating to the
FWGR Phase II project, which includes the construction of the Regional Tailings Storage Facility and DP2 Plant
expansion.
Adjusted EBITDA increased by 1% from the previous quarter to R1,092.9 million primarily due to the increase
in gold sold and the accompanying higher gold price received.
Cash and cash equivalents decreased by R257.1 million to R1,049.1 million as at 30 September 2025
(30 June 2025: R1,306.2 million) after paying the final cash dividend of R345.7 million for the year ended
30 June 2025 and capital expenditure (including prepayments towards capital items) of R751.8 million incurred
during the quarter. The Company remains debt free as at 30 September 2025.
The high gold price has increased liquidity and cash generated during the current quarter which will, inter alia,
be applied towards the Company's extended capital expenditure programme for the financial year ending
30 June 2026.
The information contained in this announcement does not constitute an earnings forecast. The financial
information provided is the responsibility of the directors of DRDGOLD, and such information has not been
reviewed or reported on by the Company's auditors.
Johannesburg
16 October 2025
Sponsor
One Capital
Date: 16-10-2025 08:00:00
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