DRDGOLD (DRD): EPS/HEPS +64%–74% to 252–268c; Revenue R7.88bn

DRDGOLD expects earnings per share and headline earnings per share for the year ended 30 June 2025 of 252.4c–267.8c, up 64%–74% from 154.3c/154.1c a year earlier.

Rhea-AI Filing Summary

DRDGOLD expects earnings per share and headline earnings per share for the year ended 30 June 2025 of 252.4c–267.8c, up 64%–74% from 154.3c/154.1c a year earlier. Group revenue rose 26% to R7,878.2m, driven by a 31% increase in the Rand gold price despite a 3% decline in gold sold to 4,818kg. Cash operating costs increased 4% to R4,372.7m, with unit cost per kg up 9% to R1,064,447/kg while cost per tonne fell to R190/t. Capital expenditure fell 24% to R2,254.9m. Cash and equivalents strengthened to R1,306.2m and the Group generated a free cash inflow of R1,227.6m; the Group remains bank-debt free with undrawn facilities.

Positive

• EPS and HEPS forecast of between 252.4c and 267.8c, a 64%–74% increase year-on-year
• Revenue up 26% to R7,878.2m, led by a 31% increase in the Rand gold price received
• Cash and equivalentsR1,306.2m with a free cash inflow of R1,227.6m
• Group remains debt-free with a R1bn revolving credit facility and undrawn bank facilities
• Capital expenditure down 24% to R2,254.9m, reflecting practical completion of key projects

Negative

• Gold sold declined 3% to 4,818kg, with Ergo gold sold down 4% to 3,466kg
• Gold yields0.226g/t to 0.178g/t due to lower average grades at new reclamation sites
• Group cash operating costsR4,372.7m and unit cost per kg increased 9% to R1,064,447/kg
• Operational reliance on newly commissioned low-grade reclamation sites could pressure production consistency

Insights

Financial Analyst

TL;DR: Earnings surged on higher Rand gold price, stronger cash balance and no bank debt — a materially positive update for shareholders.

DRDGOLD's trading statement signals a marked earnings rebound: EPS/HEPS 252.4c–267.8c versus ~154c last year, driven primarily by a 31% lift in the Rand gold price that raised revenue to R7.88bn. Operational mix saw modestly lower gold sold and grade declines at Ergo, but improved margin dynamics from price outpaced volume weakness. Liquidity strengthened with R1.31bn cash and a R1.23bn free cash inflow, while capital spend moderated 24%. Overall, the update is earnings-accretive and improves balance-sheet optionality.

Mining Operations Specialist

TL;DR: Strong price-driven revenue lift masks operational issues—lower yields and slightly reduced gold sold warrant attention for sustainability.

Operationally, throughput at Ergo increased 21% but average gold yield fell from 0.226g/t to 0.178g/t as newly commissioned reclamation sites with lower grades came online, contributing to a 4% decline in gold sold at Ergo and a 3% decline Group-wide. Unit cash cost per kg rose 9%, reflecting lower production despite lower R/t. The commissioning of solar and BESS and fewer hydraulically mined sites should reduce future energy and processing costs, but grade and production profile remain the key operational risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What EPS and HEPS ranges did DRDGOLD (DRD) report for the year ended 30 June 2025?

DRDGOLD reported expected EPS and HEPS of 252.4 cents to 267.8 cents for the year ended 30 June 2025, versus 154.3c/154.1c in the prior year.

How much revenue did DRDGOLD generate in the reporting period?

Group revenue increased by 26% to R7,878.2 million, mainly due to a 31% increase in the Rand gold price received.

What was DRDGOLD's cash position and free cash flow at year end?

Cash and cash equivalents were R1,306.2 million and the Group recorded a free cash inflow of R1,227.6 million for the period.

Did DRDGOLD have any bank debt at 30 June 2025?

No. The Group remained free of bank debt at 30 June 2025 and had undrawn credit facilities available.

How did production and operating costs perform for DRDGOLD in the period?

Gold produced was 155,288 ounces; Group cash operating costs rose to R4,372.7m, with unit cost per kg at R1,064,447/kg and R/t at R190/t.

When will DRDGOLD publish its reviewed financial statements?

The company stated that the reviewed condensed consolidated financial statements for the year would be published subsequently.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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

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Accepted by SEC EDGAR 08/14/2025 - 10:04 AM Learn about SEC filing dates

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

August 14, 2025

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 August 14, 2025 “TRADING STATEMENT AND TRADING UPDATE FOR THE YEAR ENDED 30 JUNE 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: August 14, 2025    By: /s/ Adriaan Davel

        Name: Adriaan Davel

        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 YEAR ENDED 30 JUNE 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 year ended 30 June 2025 (“Current Reporting Period”) and shareholders are accordingly advised that the Company has reasonable certainty that it will report earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the Current Reporting Period of between 252.4 cents and 267.8 cents compared to EPS and HEPS of 154.3 cents and 154.1 cents, respectively, for the year ended 30 June 2024 (“Previous Corresponding Period”), being an increase of between 64% and 74%.

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 R1,638.5 million, or 26%, to R7,878.2 million (2024: R6,239.7 million), as a result of a 31% increase in the Rand gold price received, notwithstanding a marginal 3% decrease in gold sold from 4,990kg to 4,818kg.

Far West Gold Recoveries Proprietary Limited’s (“FWGR”) revenue increased by R491.9 million to R2,206.7 million (2024: R1,714.8 million), mainly due to a 31% increase in the Rand gold price received and in spite of a marginal 1% decrease in gold sold to 1,352kg (2024: 1,364kg). Gold yield increased by 0.5% from 0.221g/t in the Previous Corresponding Period to 0.222g/t. Throughput tonnages remained consistent at 6.1Mt.

Ergo Mining Proprietary Limited’s (“Ergo”) revenue increased by R1,146.6 million to R5,671.5 million (2024: R4,524.9 million), mainly due to the 31% increase in the Rand gold price received. Throughput tonnages increased by 21% from 16.1Mt in the Previous Corresponding Period to 19.5Mt. Gold yield decreased from 0.226g/t to 0.178g/t due to lower average grades which are a feature of the newly commissioned sites that are being reclaimed by Ergo. Gold sold was 4% lower at 3,466kg, compared to 3,625kg in the Previous Corresponding Period.

2.Cash operating costs

Group cash operating costs increased by 4% to R4,372.7 million (2024: R4,193.3 million).

At Ergo, cash operating costs increased by R128.2 million, or 4%, to R3,699.2 million (2024: R3,571.0 million). This increase was driven by inflationary increases and higher reagent and consumable stores consumption due to the 21% increase in tonnage throughput. While unit cash operating costs in R/kg of gold produced were 9% higher at R1,064,447/kg (FY2024: R974,764/kg) due to decreased gold production, they were 14% lower on a R/t of material processed basis at R190/t (FY2024: R222/t) as Ergo transitions to a reclamation profile involving fewer sites which are mostly hydraulically mined.

With the solar plant and battery energy storage system (“BESS”) reaching practical commissioning in November 2024 and now fully integrated into the national grid, a key focus going forward is the optimisation of its contribution to the Group’s cost base through direct consumption, off-setting, and wheeling.

At FWGR, cash operating costs increased by R51.2 million, or 8%, to R673.5 million (2024: R622.3 million) due to expansion-related staffing increases, inflationary increases in labour costs, higher maintenance requirements for ageing plant equipment and reagent and consumable cost increases.

3.Operational performance outlook

On 21 August 2024, in its annual results for the year ended 30 June 2024, the Company issued production guidance for the year ended 30 June 2025 of between 155,000 ounces and 165,000 ounces of gold and cash operating costs at approximately R870,000/kg. The Company has achieved 155,288 ounces of gold produced and cash operating costs of R 903,824/kg in the Current Reporting Period for the reasons set out above.

4.Capital expenditure

Cash expenditure on capital projects decreased by R730.8 million, or 24%, to R2,254.9 million (2024: R2,985.7 million). The decrease was mainly due to the practical completion of key projects, such as the commissioning of reclamation sites and the solar plant and BESS at Ergo, for which significant capital expenditure was incurred in the Previous Corresponding Period. The Current Reporting Period’s spend was mainly driven by ongoing key projects at FWGR such as the Regional Tailings Storage Facility construction, the Driefontein 2 Plant expansion, related pipeline infrastructure and the completion costs of the solar power plant and BESS at Ergo.

5.Liquidity

As at 30 June 2025, DRDGOLD held R1,306.2 million in cash and cash equivalents compared to R521.5 million as at 30 June 2024. During the Current Reporting Period, DRDGOLD had a free cash inflow (cash inflow from operating activities less cash outflow from investing activities) of R1,227.6 million (2024: free cash outflow of R1,197.6 million) after a R759.3 million decrease in cash outflow from investing activities to R2,283.3 million (2024: R3,042.6 million) and paying cash dividends of R431.0 million (2024: R731.7 million). The Group remains free of any bank debt as at 30 June 2025, (30 June 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 facilities remained undrawn at 30 June 2025.

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 reviewed condensed consolidated financial statements for the year ended 30 June 2025 are expected to be published on SENS on Wednesday, 20 August 2025.

Johannesburg

14 August 2025

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