DRDGOLD (NYSE: DRD) EPS nearly doubles as revenue climbs 33%

Rhea-AI Filing Summary

DRDGOLD Limited expects a sharp improvement in results for the six months ended 31 December 2025. It guides for earnings per share of 216.9–228.2 cents and headline earnings per share of 217.5–228.7 cents, up 93–103% from 112.6 cents a year earlier.

Group revenue rose 33% to R5,053.2 million, driven by a 43% higher Rand gold price despite 7% lower gold sales. Cash operating costs increased modestly to R2,294.1 million, while capital reinvestment jumped 74% to R1,651.3 million on key tailings and plant projects. Free cash inflow grew to R793.1 million, cash reached R1,734.4 million, and the Group had no bank debt at period end.

Positive

• EPS and HEPS nearly double: Guided earnings per share of 216.9–228.2 cents and headline EPS of 217.5–228.7 cents represent a 93–103% increase versus 112.6 cents in the prior six-month period.
• Revenue growth with cost control: Group revenue rose 33% to R5,053.2 million on a 43% higher Rand gold price, while cash operating costs increased only 4% to R2,294.1 million.
• Robust cash and no bank debt: Free cash inflow climbed to R793.1 million, cash and cash equivalents reached R1,734.4 million, and the Group remained free of bank debt after paying R345.7 million in dividends.
• Strategic reinvestment in growth assets: Capital reinvestment increased 74% to R1,651.3 million, advancing key projects such as Ergo’s Daggafontein tailings facility and FWGR’s DP2 plant and regional tailings storage facility.
• Structural power-cost improvement: At Ergo, grid electricity consumption fell 38% and electricity costs dropped 23%, helped by solar and battery energy storage supplying 76,017MWh and operating at about 84% of designed capacity.

Negative

• None.

Insights

Mining equity analyst

DRDGOLD pairs surging earnings with strong cash and higher capex.

DRDGOLD signals a step-change in profitability. EPS and HEPS are expected between 216.9 and 228.7 cents, a 93–103% rise on the prior six-month period, supported by a 33% increase in group revenue to R5,053.2 million from a stronger Rand gold price.

Cash operating costs rose only 4% to R2,294.1 million, so higher prices more than offset lower gold volumes. Free cash inflow increased to R793.1 million, with cash and cash equivalents of R1,734.4 million and no bank debt, even after R345.7 million in dividends and a 74% jump in capital reinvestment to R1,651.3 million.

The company reiterates production guidance of 140,000–150,000 ounces for the year ending 30 June 2026 and indicates performance is trending towards the higher end with unit costs within guidance. Interim results are expected on 18 February 2026, which will provide confirmed figures and more detail on operating trends.

Sustainability and cost-structure specialist

Solar and storage sharply cut DRDGOLD’s grid power use and costs.

At Ergo, electricity consumption from Eskom and municipalities fell to 70,259MWh from 113,219MWh, a 38% reduction. This contributed to a 23% drop in electricity costs despite a 12.74% tariff increase from 1 April 2025, highlighting the impact of the solar plant and battery energy storage system.

Solar and BESS supplied 76,017MWh versus 44,135MWh previously and ran at about 84% of designed capacity, meeting most daytime power needs at key sites. This helps contain operating costs and reduces exposure to grid instability while the company increases capital spending on major tailings and plant expansion projects.

Form 6-K: How Foreign Companies Report to the SEC →

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
______________________

FORM 6-K

REPORT OF A FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

February 9, 2026

Commission File Number 0-28800

______________________

DRDGOLD Limited

Constantia Office Park

Cnr 14th Avenue and Hendrik Potgieter Road

Cycad House, Building 17, Ground Floor

Weltevreden Park 1709

(Address of principal executive offices)

______________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Exhibit

99.1    Release dated February 9, 2026 “TRADING STATEMENT AND TRADING UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2025”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DRDGOLD LIMITED

Date: February 9, 2026    By: /s/ Henriette Hooijer

        Name: Henriette Hooijer

        Title: Chief Financial Officer

Exhibit 99.1

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” or the “Group”)

TRADING STATEMENT AND TRADING UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty, that the financial results for the current reporting period will differ by at least 20% from the financial results of the previous corresponding period.

DRDGOLD is in the process of finalising its financial results for the six months ended 31 December 2025 (“Current Reporting Period”) and shareholders are accordingly advised that the Company has reasonable degree of certainty that, for the Current Reporting Period, it will report:

•earnings per share (“EPS”) of between 216.9 cents and 228.2 cents compared to EPS of 112.6 cents for the six months ended 31 December 2024 (“Previous Corresponding Period”), being an increase of between 93% and 103%; and

•headline earnings per share (“HEPS”) of between 217.5 cents and 228.7 cents compared to HEPS of 112.6 cents for the Previous Corresponding Period, being an increase of between 93% and 103%.

The expected increase in EPS and HEPS, respectively, for the Current Reporting Period compared to the Previous Corresponding Period, is primarily due to movements in, inter alia, the following items:

1.Revenue

Group revenue increased by R1,250.9 million, or 33%, to R5,053.2 million (31 December 2024: R3,802.3 million), as a result of a 43% increase in the average Rand gold price received, notwithstanding a 7% decrease in gold sold from 2,567kg to 2,388kg.

Far West Gold Recoveries Proprietary Limited’s (“FWGR”) revenue increased by R356.8 million to R1,440.1 million (31 December 2024: R1,083.3 million), mainly due to the 43% increase in the average Rand gold price received offsetting the 7% decrease in gold sold to 678kg (31 December 2024: 731kg). Gold yield decreased by 10% from 0.235g/t in the Previous Corresponding Period to 0.212g/t mainly due to the depletion of higher-grade material at the base of Driefontein 5 and the processing of material from a lower grade area in Driefontein 3. FWGR has completed most of the clean-up of Driefontein 5 and is in the process of transitioning fully to Driefontein 3. Throughput tonnages remained consistent at 3.1Mt.

Ergo Mining Proprietary Limited’s (“Ergo”) revenue increased by R894.1 million to R3,613.1 million (31 December 2024: R2,719.0 million), mainly due to the 43% increase in the average Rand gold price received. Throughput tonnages decreased by 5% to 9.4Mt (31 December 2024: 9.9Mt) due mainly to rain and weather-related interruptions in November and December 2025. Gold yield decreased 4% from 0.187g/t to 0.179g/t and gold sold was 7% lower at 1,710kg, compared to 1,836kg in the Previous Corresponding Period.

2.Cash operating costs

Group cash operating costs increased by 4% to R2,294.1 million (31 December 2024: R2,215.1 million), attributed mainly to cost increases in carbon and reagents. Group unit cash operating costs were 13% higher at R980,042/kg (31 December 2024: R866,221/kg), mainly due to a decrease in gold production and higher operating costs.

Ergo:

At Ergo, cash operating costs increased by R32.4 million, or 2%, to R1,918.8 million (31 December 2024: R1,886.4 million). This increase was driven mainly by higher reagent and contractor costs, which was offset by a 23% decrease in electricity costs. Electricity costs at Ergo decreased despite an increase in electricity tariffs of 12.74% with effect from 1 April 2025, reflecting the benefits of the solar plant and battery energy storage system (“BESS”) facility. Ergo's electricity consumption from Eskom and municipalities for the Current Reporting Period totalled 70,259MWh (31 December 2024: 113,219MWh), a decrease of 38%, which resulted in a corresponding 23% reduction in electricity costs. Power supplied to Ergo from the operation’s solar plant and BESS facility was 76,017MWh (31 December 2024: 44,135MWh). The facility operated at an average efficiency of 84% of designed capacity during the Current Reporting Period and continued to meet the majority of daytime power requirements at the Ergo plant, Rooikraal reclamation site and the Brakpan Tailings Storage Facility (“TSF”).

FWGR:

At FWGR, cash operating costs increased by R46.6 million, or 14%, to R375.3 million (31 December 2024: R328.7 million) due to increases in consumable and reagent costs, mainly sodium cyanide and carbon raw materials.

3.Operational performance outlook

On 20 August 2025, in its annual results for the year ended 30 June 2025, the Company issued production guidance for the year ended 30 June 2026 of between 140,000 ounces and 150,000 ounces of gold at cash operating costs of approximately R995,000/kg. The Company is trending towards the higher end of production guidance with unit costs expected to remain within guidance.

4.Capital expenditure

Capital reinvestment increased by R703.7 million, or 74%, to R1,651.3 million (31 December 2024: R947.6 million), and related mostly to the following projects at the core of Vision 2028:

•Ergo's Daggafontein TSF: The construction of the necessary infrastructure at Ergo’s Brakpan plant and the 21 kilometre dual pipeline linking the plant to the Daggafontein TSF is nearing completion.

•FWGR's DP2 Plant expansion, Regional Tailings Storage Facility ("RTSF") and related pipeline: The DP2 Plant is fast approaching a significant milestone with its smelt house construction expected to be completed in calendar year 2026. Of the 135 kilometre pipeline linking the DP2 Plant with the RTSF, 104 kilometres had been installed by the end of the Current Reporting Period. At the RTSF, an important interim target is to have 3.4 million square metres of liner installed, of which 1.2 million square metres had been installed by the end of the Current Reporting Period. Inclement weather and rainstorms during November and December 2025 have caused some delays but we remain positive that the above-mentioned target will be met and that our construction team will recover the lost time.

5.Mineral Resource

FWGR has added approximately 67 million tonnes to the Mineral Resource estimate in the Current Reporting Period, with an estimated average grade of 0.22g/t, following the transfer of the Kloof 2 dump from Sibanye- Stillwater Limited (“Sibanye-Stillwater”) to FWGR. This transfer took place in accordance with terms in the initial agreement of sale for the acquisition of the FWGR project, which guide the transfer of TSFs from Sibanye-Stillwater as they are decommissioned and come at no additional cost to the Group other than the assumption of rehabilitation liability.

6.Liquidity

As at 31 December 2025, DRDGOLD held R1,734.4 million in cash and cash equivalents (31 December 2024: R661.2 million), after paying cash dividends of R345.7 million (31 December 2024: R172.3 million). During the Current Reporting Period, DRDGOLD had a free cash inflow (cash inflow from operating activities less cash outflow from investing activities) of R793.1 million (31 December 2024: free cash inflow of R319.0 million) after a R552.0 million increase in cash outflow from investing activities to R1,516.0 million (31 December 2024: R964.0 million). The Group remains free of any bank debt as at 31 December 2025 (31 December 2024: Rnil). To support liquidity in funding the significant capital expansion programme, the Group has a R1 billion revolving credit facility with a R500 million accordion option and a R500 million general bank facility with Nedbank Limited (acting through its Corporate and Investment Banking division), available if needed.

The financial information contained in this announcement is the responsibility of the directors of DRDGOLD, and such information has not been reviewed or reported on by the Company’s auditors.

The condensed consolidated unaudited interim results for the six months ended 31 December 2025 are expected to be published on SENS on or about Wednesday, 18 February 2026.

Johannesburg

9 February 2026

Sponsor

One Capital

FAQ

How much is DRDGOLD (DRD) expecting earnings per share to increase for the half-year?

DRDGOLD expects EPS and HEPS to rise sharply. It guides earnings per share of 216.9–228.2 cents and headline EPS of 217.5–228.7 cents, compared with 112.6 cents a year earlier, an increase of roughly 93–103% for the six months ended 31 December 2025.

What drove DRDGOLD’s revenue growth in the six months ended 31 December 2025?

Revenue growth was mainly price-driven. Group revenue increased by R1,250.9 million, or 33%, to R5,053.2 million, largely due to a 43% increase in the average Rand gold price received, which more than offset a 7% decrease in gold sold volumes across the Group.

How did DRDGOLD’s cash operating costs change during the current reporting period?

Cash operating costs rose modestly while unit costs increased. Group cash operating costs grew 4% to R2,294.1 million. Unit cash operating costs were 13% higher at R980,042/kg, mainly because of lower gold production and higher consumable and reagent costs at both Ergo and FWGR operations.

What is the status of DRDGOLD’s major capital projects under Vision 2028?

Key tailings and plant projects are progressing. Capital reinvestment rose 74% to R1,651.3 million, funding near-completion of infrastructure and a 21km dual pipeline to Ergo’s Daggafontein TSF, and substantial progress on FWGR’s DP2 plant, 135km RTSF pipeline, and liner installation targets despite weather-related delays.

How strong is DRDGOLD’s liquidity position at 31 December 2025?

Liquidity appears solid with significant cash and facilities. DRDGOLD held R1,734.4 million in cash and cash equivalents and had no bank debt. It also retains a R1 billion revolving credit facility with a R500 million accordion option and a separate R500 million general bank facility available if required.

What production and cost guidance has DRDGOLD given for the year ending 30 June 2026?

DRDGOLD maintains its full-year guidance. It previously guided production of 140,000–150,000 ounces of gold at cash operating costs of about R995,000/kg. The company reports it is trending toward the higher end of production guidance with unit costs expected to remain within that guidance range.

When will DRDGOLD release its detailed interim results for this period?

Interim results are expected shortly after the trading update. The condensed consolidated unaudited interim results for the six months ended 31 December 2025 are expected to be published on SENS on or about Wednesday, 18 February 2026, providing full financial statements and additional operational detail.