DRDGOLD (DRD) H.C. Wainwright 28th Annual Global Investment Conference summary

Recent performance and operational overview

• Produced over 155,000 ounces of gold in the year ending June 2026 from 25.1 million tons processed, with a yield of 193 ppb and cash operating cost of $1,780/oz.

• Achieved record revenues of $660 million and operating profit up nearly 100% to $382 million, with highest-ever dividends declared at 60% of earnings.

• Maintains a debt-free position with $120 million in undrawn facilities and strong cash flow, allocating capital to sustaining and organic growth CapEx.

• About 50% of power is sourced from solar, and 95% of processed water is recycled, emphasizing environmental restoration.

• Operations are unhedged, providing full exposure to gold price movements and supporting robust margins.

Vision 2028 and growth initiatives

• Vision 2028 aims to optimize a 6 million ounce resource, increase throughput by 40%, and output by 25% through major infrastructure projects.

• Key projects include expanding tailings storage at Ergo (Daggafontein and Withok TSFs) and doubling Far West Gold Recoveries' plant capacity to 1.2 million tons/month.

• Regional Tailings Storage Facility (RTSF) is under construction, targeting 70% completion by October and full commissioning by July 2028.

• Withok TSF commissioning is delayed to end-2029, with full benefits expected from 2030, but current throughput can be maintained until then.

• CapEx peaks at $206 million in 2026, tapering off by 2029, after which sustaining CapEx remains low relative to operating costs.

Operational milestones and future outlook

• Far West Gold Recoveries' plant expansion and new smelt house are operational, with pipeline project 95% complete and pump station targeted for April next year.

• Once all projects are commissioned, throughput capacity will reach 2.85 million tons/month, supporting annual output of 185,000–195,000 ounces.

• RTSF is designed for potential regional consolidation, with capacity for 800 million tons of tailings.

• Share price performance has improved post-2024, tracking industry trends after successful solar farm commissioning and Vision 2028 progress.

• Focus remains on executing current projects, optimizing resource use, and maintaining strong financial discipline.