31 October 2018

DRD: DRDGOLD LIMITED - Operating update for the quarter ended 30 September 2018

DRD: DRDGOLD LIMITED - Operating update for the quarter ended 30 September 2018
Operating update for the quarter ended 30 September 2018

DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ISIN: ZAE000058723
JSE share code: DRD
NYSE trading symbol: DRD
("DRDGOLD" or the "Company")

OPERATING UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2018

DRDGOLD Shareholders ("Shareholders") are referred to the announcement published
on SENS on 1 August 2018, wherein Shareholders were advised of the implementation of
the acquisition of Far West Gold Recoveries assets from Sibanye Gold Limited, trading as
Sibanye-Stillwater, ("Sibanye-Stillwater"), effective 31 July 2018 (the "Transaction").

Following the implementation of the Transaction, Sibanye-Stillwater holds 38.05% of
DRDGOLD ordinary shares in issue and consequently reports on its interest in DRDGOLD
with effect from 31 July 2018. In the circumstances, and considering that
Sibanye-Stillwater provides operating updates to the market on a quarterly basis,
DRDGOLD will similarly provide quarterly operating updates with effect from the quarter
ended 30 September 2018.

The operating update of the Company for the quarter ended 30 September 2018 is as
follows:

                                                                        Quarter ended
                                                                    30 September 2018

 Production
 Gold produced                                    kg                           1 169
                                                  oz                          37 572
 Gold sold                                        kg                           1 118
                                                  oz                          35 944
 Ore milled                                       Metric (000't)               6 249
 Yield                                            Metric (g/t)                 0.187

 Price and costs
 Gold price received                              R per kg                   545 867
                                                  US$ per oz                   1 208
 Adjusted EBITDA*                                 Rm                            12.8
                                                  US$m                           0.9
 Cash operating costs                             R/t                             94
                                                  US$/t                            7
 Cash operating costs                             R per kg                   509 979
                                                  US$ per oz                   1 129
 All-in sustaining costs**                        R per kg                   541 541
                                                  US$ per oz                   1 199
 All-in costs**                                   R per kg                   658 180
                                                  US$ per oz                   1 457
                                                               
                                                                        Quarter ended
                                                                    30 September 2018
 Capital expenditure
 Sustaining                                       Rm                             3.8
                                                  US$m                           0.3
 Non-sustaining/growth                            Rm                           117.6
                                                  US$m                           8.4

 Average R/US$ exchange rate                                                   14.05

 *The adjusted earnings before interest, taxes, depreciation and amortisation ("EBITDA")
 is based on the definitions in DRDGOLD´s revolving credit facility agreements. Adjusted
 EBITDA is not an IFRS measure and is provided for illustrative purposes only and
 because of its nature, it may not fairly present the Company´s results of operations.
 **All-in cost definitions based on the guidance note on non-GAAP Metrics issued by the
 World Gold Council on 27 June 2013.

Gold production of 1 169 kilograms or 37 572 ounces was achieved for the quarter,
tracking the guidance previously provided of between 148 000 and 154 000 ounces for the
2019 financial year.

Cash operating costs per ton increased by 7% from R88/t for the 2018 financial year
("FY2018"), with increases also reflected in cash operating costs per kilogram and all-in
sustaining costs per kilogram.

All-in costs per kilogram include growth capital of just under R115 million relating to Far
West Gold Recoveries.

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 been neither reviewed nor reported on by DRDGOLD´s external
auditors.

The full reporting suite for FY2018 is available on the Company´s website at
http://www.drdgold.com/investors-and-media/annual-reports/2018


Johannesburg
31 October 2018

Sponsor
One Capital

Date: 31/10/2018 09:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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