DRDGOLD (DRD) investor relations material

Strategic vision and growth initiatives

• Vision 2028 aims to increase throughput from 2.15Mtpm to 3Mtpm and lift annual gold production to 6 tonnes by 2028, focusing on infrastructure expansion at both Ergo and FWGR operations.

• Five major capital projects totaling R10 billion are underway, including new tailings storage facilities, plant expansions, and extensive pipeline networks to secure long-term capacity and operational flexibility.

• At FWGR, the plan includes doubling plant capacity, constructing a new regional tailings storage facility (RTSF), and building a 135km pipeline network to connect key assets.

• At Ergo, projects involve resuming deposition at Daggafontein TSF, splitting tailings between facilities, and constructing the Withok TSF for additional storage.

• Sustainability is prioritized through investments in solar power, reducing energy costs and carbon emissions, and supporting ecosystem regeneration.

Project progress and milestones

• Daggafontein TSF at Ergo was commissioned in July 2026, adding significant deposition capacity.

• The DP2 plant at FWGR poured its first gold in July 2026, with full commissioning expected by Q1 FY2027, increasing throughput and extending mine life by 16 years.

• The pipeline project is 95% complete, pending regulatory approval for the Libanon reclamation pump station, which will further boost throughput.

• RTSF construction reached 67% completion by June 2026, targeting 1.2Mtpm deposition capacity by Q1 FY2028, with phased commissioning dependent on regulatory and weather conditions.

• Withok TSF is in the regulatory approval phase, with construction targeted for completion during 2029, ensuring long-term deposition capacity for Ergo.

Financial and operational outlook

• Capital expenditure for Vision 2028 projects is spread over several years, with major outlays for RTSF, DP2, pipelines, Daggafontein, and Withok.

• Once all projects are operational, throughput is expected to reach 3Mtpm, supporting annual gold output of 185,000–195,000 ounces, with further upside once Withok is commissioned.

• RTSF's design allows for future expansion to 2.4Mtpm, providing growth optionality beyond 2028.

• An R880 million investment in an Aztec up-flow reactor at FWGR is planned for completion in Q4 FY2027, aiming to enhance recovery efficiency.

• The company emphasizes delivering both financial and environmental value, positioning itself for sustainable long-term growth.