DRDGOLD (DRD) Mining Forum Europe 2026 summary

Company Profile and Operational Model

• Listed on JSE and NYSE, operating since 1895, focused on large-scale, mechanised tailings reclamation near Johannesburg, prioritising environmental restoration and operational efficiency.

• Produces about 150,000 ounces of gold annually, with two main projects: Ergo (22-year life) and Far West Gold Recoveries (16-year life).

• Operates with a 48% all-in sustaining margin and 54% cash operating profit margin.

• Entirely unhedged gold producer, leveraging gold price volatility.

• Market capitalization around $2.8 billion, with robust financials and waste-neutral operations.

Strategic Positioning and Vision

• Vision 2028 targets organic output growth to over 200,000 ounces per year, supported by major capital projects.

• Strategy centers on optimizing a 6 million ounce resource portfolio, asset optimisation, and maximizing shareholder returns.

• Business model integrates environmental care, technological competence, and social commitment.

• Emphasizes full exposure to gold price as a core value proposition.

• Goal to consolidate tailings operations in South Africa and expand internationally.

Operational and Financial Performance

• Revenue for H2 2025 was just under $300 million, up 33% year-over-year due to higher gold prices; H1 2026 revenue was USD 291.1 million, with operating profit up 72% to USD 156.3 million.

• Ended December 2025 with $104 million in cash, after $95 million reinvested in capital infrastructure; cash and cash equivalents rose 31% to USD 104.7 million.

• Production declined 9% to 75,136 oz in H1 2026, with all-in sustaining costs rising 17% to USD 1,960/oz.

• Paid $28 million in tax and achieved $140 million profit before tax for the period.

• Maintained uninterrupted dividend payments for 19 years, with both interim and final dividends.