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Operating update for the quarter ended 31 March 2022

04 May 2022

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 31 MARCH 2022

The operating update of the Company for the quarter ended 31 March 2022 is as follows:

                                                                         Quarter ended       Quarter ended
                                                                           31 MAR 2022         31 DEC 2021     % Change
Production
Gold produced                                      kg                             1,391              1,437           (3%)
                                                   oz                            44,722             46,201           (3%)
Gold sold                                          kg                             1,377              1,463           (6%)
                                                   oz                            44,272             47,037           (6%)
Ore milled                                         Metric (000't)                 6,659              7,045           (5%)
Yield                                              Metric (g/t)                   0.209              0.204            2%

Price and costs
Average gold price received                        R per kg                      914,864            885,681            3%
                                                   US$ per oz                      1,871              1,785            5%
Adjusted EBITDA *                                  Rm                              367.3              380.0           (3%)
                                                   US$m                             24.1               24.6           (2%)
Cash operating costs                		   R/t                               127                118            8%
                                                   US$/t                             8.3                7.6            9%
Cash operating costs               		   R per kg                      605,011            586,330            3%
                                                   US$ per oz                      1,237              1,182            5%
All-in sustaining costs **          		   R per kg                      677,996            681,887           (1%)
                                                   US$ per oz                      1,387              1,375           (1%)
All-in costs **                            	   R per kg                      735,948            709,706            4%
                                                   US$ per oz                      1,505              1,431            5%

Capital expenditure
Sustaining                                 	   Rm                               36.6               70.2          (48%)
                                                   US$m                              2.4                4.5          (47%)
Non-sustaining/growth           		   Rm                               67.0               23.6          184%
                                                   US$m                              4.4                1.5          193%

Average R/US$ exchange rate                                         		   15.21              15.43           (1%)



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.

 Gold production decreased by 3% from the previous quarter to 1,391kg primarily due to a 5% decrease in tonnage
 throughput, despite a 2% increase in yield. Gold sold decreased by 6% to 1,377kg.

As a result of the above, the cash operating costs per kilogram of gold sold increased by 3% from the previous
quarter to R605,011/kg. The cash operating costs per ton of material processed increased by 8% to R127/t.

All-in sustaining costs per kilogram was R677,996/kg, decreasing quarter on quarter mainly due to a decrease in
sustaining capital expenditure. All-in costs per kilogram was R735,948/kg, increasing quarter on quarter mainly
due to increased non-sustaining capital expenditure.

Adjusted EBITDA decreased by 3% from the previous quarter to R367.3 million primarily due to a 6% decrease
in gold sold, which was in part offset by a 3% increase in the average Rand gold price received to R914,864/kg.

Cash and cash equivalents increased by R70.4 million to R2,309.5 million as at 31 March 2022
(31 December 2021: R2,239.1 million) after paying the interim cash dividend of R167.8 million for the six months
ended 31 December 2021. External borrowings remained at Rnil as at 31 March 2022 (31 December 2021: Rnil).

The Company remains in a favourable position to, in the absence of unforeseen events, consider declaring a
final cash dividend in or around August 2022.

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
4 May 2022

Sponsor
One Capital

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