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Operating update for the quarter ended 31 March 2023


(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”)


The operating update of the Company for the quarter ended 31 March 2023 is as follows:

                                                                       Quarter ended       Quarter ended
                                                                         31 MAR 2023         31 DEC 2022     % change
Gold produced                                  kg                              1 329               1 278           4%
                                               oz                             42 728              41 089           4%
Gold sold                                      kg                              1 289               1 320          (2%)
                                               oz                             41 442              42 439          (2%)
Ore milled                                     Metric (000't)                  5 217               5 686          (8%)
Yield                                          Metric (g/t)                    0.255               0.225          13%

Price and costs
Average gold price received                    R per kg                    1 079 878             977 126          11%
                                               US$ per oz                      1 893               1 726          10%
Adjusted EBITDA *                              Rm                              488.5               318.0          54%
                                               US$m                             27.5                18.1          52%
Cash operating costs                           R/t                             170.3               156.0           9%
                                               US$/t                              10                   9          11%
Cash operating costs                           R per kg                      689 426             691 061           0%
                                               US$ per oz                      1 208               1 221          (1%)
All-in sustaining costs **                     R per kg                      790 471             844 697          (6%)
                                               US$ per oz                      1 385               1 492          (7%)
All-in costs **                                R per kg                      920 965             901 591           2%
                                               US$ per oz                      1 614               1 592           1%

Capital expenditure
Sustaining                                     Rm                              115.2               123.0          (6%)
                                               US$m                              6.5                 7.0          (7%)
Non-sustaining/growth                          Rm                              160.2                64.9         147%
                                               US$m                              9.0                 3.7         143%

Average R/US$ exchange rate                                                    17.75               17.61           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 increased by 4% from the previous quarter to 1,329kg primarily due to yield being 0.03g/t higher
at 0.255g/t, and despite an 8% decrease in ore treated. Gold sold decreased by 31kg to 1,289kg.

As a result of the increase in yield, cash operating costs per kilogram of gold sold decreased marginally from the
previous quarter to R689,426/kg. Cash operating costs per tonne of material increased from the previous quarter
to R170.3/t due to a decrease in the ore treated, the result of the reclamation of final remnant and clean up
material at sites as they near depletion at both operations.

All-in sustaining costs per kilogram were R790,471/kg, decreasing quarter on quarter mainly due to a decrease
in sustaining capital expenditure.

All-in costs per kilogram were R920,965/kg, increasing quarter on quarter mainly due to an increase in non-
sustaining capital expenditure, relating primarily to the development of the 20MW solar power plant.

Adjusted EBITDA increased by 54% from the previous quarter to R488.5 million primarily due to an increase in
Rand gold price received.

Cash and cash equivalents increased by R160.2 million to R2,552.4 million as at 31 March 2023
(31 December 2022: R2,392.2 million), notwithstanding the payment of the interim cash dividend of R172.1 million
for the six months ended 31 December 2022. External borrowings remained at Rnil as at 31 March 2023
(31 December 2022: Rnil).

The cash generated during the current quarter will, inter alia, be applied towards the Company’s extended capital
expenditure programme for the financial year ending 30 June 2023. Despite the remaining capital expenditure
planned for the current financial year, the Company remains in a favourable position to, in the absence of
unforeseen events, consider declaring a final cash dividend in or around August 2023.

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.

8 May 2023

One Capital

Date: 08-05-2023 08:00:00
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