Stronger quarter lifts DRDGOLD (NYSE: DRD) cash, costs and output

Rhea-AI Filing Summary

DRDGOLD delivered a stronger quarter to 31 March 2026, with revenue up 6% to R2,963.1 million as the average Rand gold price received rose 13% to R2,565,465/kg. Gold production increased 6% to 1,219kg on higher tonnage and slightly better yield, though gold sold fell 6%.

Group cash operating costs rose 5% to R1,191.5 million, but higher output reduced cash operating costs per kilogram by 4% to R960,270/kg, and Adjusted EBITDA grew 21% to R1,812.8 million. All-in sustaining costs fell 5% to R1,067,744/kg and all-in costs fell 7% to R1,672,599/kg.

Growth capital expenditure was R693.1 million in the quarter and R2,297.4 million for the nine months, focused on FWGR’s tailings and plant projects and Ergo infrastructure. Despite this and a R433.6 million interim dividend, cash increased by R581.9 million to R2,316.3 million, and the Group remained free of bank debt. The Company reports it is on track to achieve the upper end of its FY2026 production guidance of 140,000–150,000 ounces at cash operating costs of about R995,000/kg.

Insights

Gold mining equity analyst

Higher gold price, stable costs and disciplined capex lifted profitability and cash.

DRDGOLD grew revenue to R2,963.1 million on a 13% stronger Rand gold price, while gold production rose 6% to 1,219kg. With cash operating costs up only 5% to R1,191.5 million, unit cash costs per kilogram fell 4%, supporting a 21% rise in Adjusted EBITDA to R1,812.8 million.

All-in sustaining costs of R1,067,744/kg and all-in costs of R1,672,599/kg declined 5% and 7% quarter on quarter, respectively, helped by higher output and lower sustaining and non-sustaining capital. This indicates improved cost efficiency alongside rising revenues.

Despite investing R693.1 million in growth projects and paying a R433.6 million interim dividend, cash increased by R581.9 million to R2,316.3 million, with no bank debt outstanding. The Company states it remains on track for the upper end of its FY2026 production guidance of 140,000–150,000 ounces at cash operating costs around R995,000/kg, while maintaining access to sizeable undrawn credit facilities for its expansion programme.

Key Figures

Revenue: R2,963.1 million Adjusted EBITDA: R1,812.8 million Gold production: 1,219 kg +5 more

8 metrics

Revenue R2,963.1 million Quarter ended 31 March 2026, up 6% vs prior quarter

Adjusted EBITDA R1,812.8 million Quarter ended 31 March 2026, up 21% vs prior quarter

Gold production 1,219 kg Quarter ended 31 March 2026, 6% higher than previous quarter

Cash operating costs R1,191.5 million Quarter ended 31 March 2026, 5% higher than prior quarter

Cash operating cost per kg R960,270/kg Quarter ended 31 March 2026, 4% lower than prior quarter

All-in sustaining cost per kg R1,067,744/kg Quarter ended 31 March 2026, down 5% quarter on quarter

Cash and cash equivalents R2,316.3 million As of 31 March 2026, up R581.9 million since 31 December 2025

Growth capital expenditure R693.1 million Quarter ended 31 March 2026 on FWGR and Ergo projects

Key Terms

Adjusted EBITDA, all-in sustaining costs, all-in costs, cash operating costs, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA increased by 21% from the previous quarter to R1,812.8 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

all-in sustaining costs financial

"All-in sustaining costs per kilogram were R1,067,744/kg, decreasing by 5% quarter on quarter"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

all-in costs financial

"All-in costs per kilogram were R1,672,599/kg, decreasing by 7% quarter on quarter"

All-in costs are the total expense of running an operation or producing a product when you add up every recurring and one-time charge — direct materials and labor, overhead, maintenance, taxes, royalties, and any other fees. Think of it like the true cost of owning a car, not just the sticker price but fuel, insurance, repairs and parking; for investors it shows the real profit margin and lets them compare how efficiently different companies or projects turn revenue into cash. Accurate all-in costs help assess sustainability, pricing pressure and long-term returns.

cash operating costs financial

"cash operating costs per kilogram decreased by 4% from the previous quarter to R960,270/kg"

Cash operating costs are the actual cash outflows a company spends to run its core operations, excluding accounting items that don’t require cash such as depreciation or amortization. Think of it like a household’s monthly utility, grocery and service bills — the real money you pay each month — which helps investors judge how much cash a business needs to keep running and how much cash is available to pay debts or invest in growth.

revolving credit facility financial

"the Group has a R1 billion revolving credit facility with a R500 million accordion option"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

tailings storage facility technical

"including the Regional Tailings Storage Facility ("TSF"), the Driefontein 2 Plant expansion"

A tailings storage facility is a managed site—often a lined pond or engineered dam—where mining companies store the wet waste left after extracting minerals. Investors care because these sites carry long-term risks and costs (environmental damage, spills, regulatory fines, cleanup and closure liabilities) that can quickly reduce a mine’s value, halt production or trigger costly remediation, much like a leaking landfill can suddenly force unexpected expenses and legal trouble.

FAQ

How did DRDGOLD (DRD) perform operationally in the quarter ended 31 March 2026?

DRDGOLD increased gold production 6% to 1,219kg as ore milled rose 5% and yield improved slightly to 0.194g/t. Gold sold declined 6%, but higher realised Rand gold prices supported revenue growth and stronger profitability for the quarter compared with the previous three-month period.

What were DRDGOLD (DRD)’s key financial results for the March 2026 quarter?

Revenue rose 6% to R2,963.1 million, while Adjusted EBITDA increased 21% to R1,812.8 million. Operating profit reached R1,854.0 million. These improvements were driven mainly by a higher average Rand gold price and stable unit cash costs despite increased throughput.

How are DRDGOLD (DRD)’s costs and margins trending in the latest quarter?

Cash operating costs rose 5% to R1,191.5 million, but cash costs per kilogram fell 4% to R960,270/kg. All-in sustaining costs decreased 5% to R1,067,744/kg and all-in costs declined 7% to R1,672,599/kg, indicating firmer margins quarter on quarter.

What capital expenditure did DRDGOLD (DRD) undertake and on which projects?

Quarterly growth capital expenditure was R693.1 million, with nine-month spend at R2,297.4 million. Investment focused on FWGR’s Regional Tailings Storage Facility, Driefontein 2 Plant expansion and pipelines, plus Ergo’s Daggafontein pump station and tailings infrastructure as projects move past peak expenditure.

What is DRDGOLD (DRD)’s liquidity and debt position as of 31 March 2026?

DRDGOLD’s cash and cash equivalents increased to R2,316.3 million, up R581.9 million from 31 December 2025, after paying a R433.6 million interim dividend. The Group reported no bank debt and has significant undrawn revolving credit and general bank facilities available if required.

Is DRDGOLD (DRD) on track to meet its FY2026 production guidance?

The Company states it remains on track to achieve the upper end of its FY2026 production guidance of 140,000–150,000 ounces of gold. It also maintains operating cost guidance at approximately R995,000/kg, supported by higher production levels and ongoing cost management initiatives.

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

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

Accepted by SEC EDGAR 05/06/2026 - 11:34 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

May 06, 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 May 06, 2026 “OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2026”

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: May 06, 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”)

OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2026

The operating update of the Company for the quarter ended 31 March 2026 is as follows:

						QUARTER ENDED			QUARTER ENDED									% change
						31 MAR 2026			31 DEC 2025
Production
Gold produced			kg			1,219			1,146									6%
			oz			39,192			36,845									6%
Gold sold			kg			1,155			1,230									(6%)
			oz			37,134			39,545									(6%)
Ore milled			Metric (000't)			6,269			5,975									5%
Yield			Metric (g/t)			0.194			0.192									1%
Key financial results summary
Revenue			Rm			2,963.1			2,798.3									6%
			US$m			181.5			163.6									11%
Cash operating cost			Rm			(1,191.5)			(1,136.7)									5%
			US$m			(73.0)			(66.5)									10%
Operating profit #			Rm			1,854.0			1,564.0									19%
			US$m			113.5			91.5									24%
Adjusted EBITDA *			Rm			1,812.8			1,502.3									21%
			US$m			111.0			87.9									26%
Price and costs
Average gold price received			R per kg			2,565,465			2,275,057									13%
			US$ per oz			4,886			4,138									18%
Cash operating costs			R per t			190.1			190.2									(<1%)
			US$ per t			11.6			11.1									5%
Cash operating costs			R per kg			960,270			1,003,537									(4%)
			US$ per oz			1,829			1,825									<1%
All-in sustaining costs **			R per kg			1,067,744			1,120,455									(5%)
			US$ per oz			2,034			2,038									(<1%)
All-in costs **			R per kg			1,672,599			1,792,600									(7%)
			US$ per oz			3,186			3,261									(2%)
Capital expenditure
Sustaining			Rm			61.6			68.2									(10%)
			US$m			3.8			4.0									(5%)
Non-sustaining/growth			Rm			693.1			823.0									(16%)
			US$m			42.4			48.1									(12%)
Average R/US$ exchange rate						16.33			17.10									(5%)

Rounding of figures may result in computational discrepancies.

# Operating profit is net of the movement in gold in process

* 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.

1.Revenue

Revenue for the quarter increased by 6% from the previous quarter to R2,963.1 million mainly as a result of the 13% increase in the average Rand gold price received to R2,565,465/kg. The increase was offset by a 6% decrease in gold sold.

Gold production increased by 6% (73kg) from the previous quarter, to 1,219kg, primarily due to a 5% increase in tonnage throughput and a marginal increase in yield to 0.194g/t. Tonnages processed improved due to the drier weather conditions following early rainfall experienced in the previous quarter.

2.Cash operating costs

Group cash operating costs increased by 5% to R1,191.5 million from R1,136.7 million in the previous quarter due to higher reagent consumption and trucking costs in line with the increased tonnages processed. As a result of the increase in gold production, cash operating costs per kilogram decreased by 4% from the previous quarter to R960,270/kg. Cash operating costs per tonne remained consistent at

R190/t.

Adjusted EBITDA increased by 21% from the previous quarter to R1,812.8 million as a result of the increase in revenue and cost containment described above.

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 ending 30 June 2026 (“FY2026”) of between 140,000 ounces and 150,000 ounces of gold, at cash operating costs of approximately R995,000/kg. The Company remains on track to achieve the upper end of this production guidance, while maintaining its operating cost guidance for FY2026.

4.Capital expenditure

Capital expenditure on growth projects decreased by R129.8 million, or 16%, to R693.1 million from the previous quarter. The total growth capital expenditure for the nine months ended 31 March 2026 amounted to R2,297.4 million (compared to R1,183.3 million for the nine months ended 31 March 2025), primarily driven by continued investment in key projects at Far West Gold Recoveries Proprietary Limited (“FWGR”), including the Regional Tailings Storage Facility (“TSF”), the Driefontein 2 Plant expansion and associated pipeline infrastructure.

Additional expenditure was incurred at Ergo Mining Proprietary Limited (“Ergo”), including the Daggafontein pump station and related infrastructure, as well as the pipeline connecting the Daggafontein TSF with the Ergo plant, in preparation of the resumption of deposition onto this TSF.

The decrease in capital expenditure during the quarter was mainly attributable to reduced spend on FWGR’s Driefontein 2 plant and pipeline network expansion, as well as on the Daggafontein TSF, as these projects have passed peak expenditure and are nearing completion.

All-in sustaining costs per kilogram were R1,067,744/kg, decreasing by 5% quarter on quarter mainly due to the increase in gold production and decrease in sustaining capital expenditure. All-in costs per kilogram were R1,672,599/kg, decreasing by 7% quarter on quarter, mainly as a result of the lower non-sustaining capital expenditure.

5.Liquidity

The Company added R581.9 million to its cash and cash equivalents, from R1,734.4 million as at 31 December 2025, to R2,316.3 million as at 31 March 2026. An interim cash dividend of R433.6 million was paid on 16 March 2026 in relation to the six months ended 31 December 2025.

The Company’s cash position allows it to continue funding its extended capital expenditure programme without incurring debt, and, if current conditions prevail and barring any unforeseen events, the Company is favourably positioned to consider a final dividend in August 2026.

The Group remains free of any bank debt as at 31 March 2026 (31 December 2025: 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 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

6 May 2026

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