Wrap Text
Operating update for the quarter ended 30 September 2026
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 30 SEPTEMBER 2026
The operating update of the Group for the quarter ended 30 September 2026 is as follows:
QUARTER QUARTER QUARTER
ENDED ENDED % ENDED %
30 SEP 30 JUN change 30 SEP change
2026 2026 2025
Production
Gold produced kg 1,307 1,283 2 1,191 10
oz 42,021 41,249 2 38,291 10
Gold sold kg 1,324 1,322 * 1,158 14
oz 42,568 42,503 * 37,231 14
Tonnage throughput Metric (000't) 6,170 6,345 (3) 6,481 (5)
Yield Metric (g/t) 0.212 0.202 5 0.184 15
Key financial results summary
Revenue Rm 2,950.6 3,142.6 (6) 2,254.9 31
US$m 181.2 190.8 (5) 127.9 42
Cash operating cost Rm (1,300.7) (1,226.7) 6 (1,157.4) 12
US$m (79.9) (74.5) 7 (65.6) 22
Operating profit # Rm 1,627.4 1,885.1 (14) 1,148.9 42
US$m 100.0 114.5 (13) 65.2 53
Price and costs
Average gold price received R per kg 2,223,112 2,364,070 (6) 1,943,398 14
US$ per oz 4,247 4,465 (5) 3,429 24
Cash operating costs R per t 211 193 9 179 18
US$ per t 13 12 8 10 30
Cash operating costs R per kg 999,396 951,162 5 955,086 5
US$ per oz 1,909 1,796 6 1,685 13
All-in sustaining costs ** R per kg 1,135,423 1,058,000 7 1,066,287 6
US$ per oz 2,169 1,998 9 1,881 15
All-in costs ** R per kg 1,562,538 1,951,197 (20) 1,745,213 (10)
US$ per oz 2,985 3,685 (19) 3,079 (3)
Capital expenditure
Sustaining Rm 119.7 98.1 22 51.5 132
US$m 7.4 6.0 23 2.9 155
Growth/non-sustaining Rm 555.7 1,160.0 (52) 781.1 (29)
US$m 34.1 70.4 (52) 44.3 (23)
Average R/US$ exchange 16.28 16.47 (1) 17.63 (8)
rate
Rounding of figures may result in computational discrepancies.
* Change less than 1%
# Operating profit is net of the movement in gold in process. Operating profit may not be comparable to similarly titled
measures of other companies and 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 sustaining costs and all-in costs are based on the guidance note on non-GAAP Metrics issued by the World
Gold Council in November 2018.
Unless otherwise indicated, comparisons in this operating update are against the quarter ended
30 September 2025. Information for the quarter ended 30 June 2026 is presented for supplementary
comparative purposes.
1. Revenue
Revenue for the quarter ended 30 September 2026 increased by 31% to R2,950.6 million from
R2,254.9 million for the quarter ended 30 September 2025, reflecting both a 14% increase in gold sold to
1,324kg and a 14% increase in the average Rand gold price received, to R2,223,112/kg. Gold production
increased by 10% to 1,307kg, supported by a 15% improvement in yield to 0.212g/t, despite tonnage
throughput being 5% lower.
2. Cash operating costs
Group cash operating costs increased by 12% to R1,300.7 million from R1,157.4 million for the quarter ended
30 September 2025, mainly due to higher reagent and diesel costs, as well as the purchase and processing
of higher-grade third-party material. The increase in diesel costs was attributable to the ongoing conflict in the
Middle East. Electricity costs were also higher following the tariff adjustment and the impact of two winter
months, partially offset by lower consumption of Eskom-sourced electricity due to the contribution of Ergo
Mining Proprietary Limited's (“Ergo”) solar plant and battery energy storage system (BESS). Cash operating
costs at Far West Gold Recoveries Proprietary Limited (“FWGR”) also increased, mainly due to higher labour
and other costs associated with the commissioning of the elution plant and smelthouse, as well as preparations
for the commissioning of the DP2 Plant expansion.
Cash operating costs per kilogram increased by 5% from R955,086/kg to R999,396/kg, while cash operating
costs per tonne increased by 18% from R179/t to R211/t. The increase in cash operating costs per tonne was
further impacted by tonnage throughput being 5% lower than in the quarter ended 30 September 2025.
Compared with the quarter ended 30 June 2026, Group cash operating costs increased by 6% to
R1,300.7 million, primarily due to wage increases effective from 1 July 2026 at both operations, as well as
higher contractor and machine hire costs, attributable to the increase in the diesel price. Cash operating costs
per kilogram consequently increased by 5% to R999,396/kg, while cash operating costs per tonne increased
by 9% to R211/t, also reflecting the impact of the 3% decrease in tonnage throughput to 6.2Mt.
3. Capital expenditure
Growth capital expenditure decreased by 29% to R555.7 million from R781.1 million for the quarter ended
30 September 2025, reflecting the progression of certain Vision 2028 projects towards completion and the
resulting reduction in capital expenditure.
The majority of capital expenditure incurred at FWGR related to the construction of the Regional Tailings
Storage Facility (“RTSF”), which was 77% complete as at 30 September 2026, with construction work required
for beneficial occupation being 99% complete. Beneficial occupation remains subject to obtaining the
necessary regulatory approvals and favourable weather conditions. The DP2 Plant expansion was
substantially completed by 30 September 2026, with commissioning scheduled for October 2026. Construction
of the Libanon reclamation station commenced in September 2026 following receipt of the necessary
regulatory approvals. Capital expenditure at Ergo decreased following the completion and commissioning of
the Daggafontein Tailings Storage Facility in July 2026, while the regulatory approval process at Withok
remains ongoing.
All-in sustaining costs increased by 6% to R1,135,423/kg from R1,066,287/kg for the quarter ended
30 September 2025, primarily due to the increase in cash operating costs and higher sustaining capital
expenditure.
All-in costs decreased by 10% to R1,562,538/kg from R1,745,213/kg for the quarter ended
30 September 2025, mainly reflecting lower growth capital expenditure during the quarter ended
30 September 2026.
4. Liquidity
Cash and cash equivalents decreased by R318.9 million, from R2,770.0 million as at 30 June 2026 to
R2,451.1 million as at 30 September 2026, following payment of the final cash dividend of R1,042.5 million
for the year ended 30 June 2026 (“FY2026”) on 14 September 2026. Free cash inflow, comprising operating
cash flow less investing cash flow, amounted to R725.8 million for the quarter, compared to R90.6 million for
the quarter ended 30 September 2025, mainly reflecting increased profitability and lower capital expenditure
as certain Phase 2 projects at FWGR progressed towards completion.
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 an interim dividend in February 2027.
The Group remained debt free as at 30 September 2026 (30 June 2026: Rnil). To support liquidity and fund
its significant capital expansion programme, the Group has access to 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), which may be utilised if required.
5. Operational performance outlook
The Company’s FY2026 results, published on 19 August 2026, included production guidance for the year
ending 30 June 2027 (“FY2027”) of between 160,000 ounces and 170,000 ounces of gold, at cash operating
costs of approximately R1,099,000/kg and all-in sustaining costs of R1,230,000/kg. The Company remains on
track to achieve its FY2027 production guidance while maintaining its operating cost guidance.
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
20 October 2026
Sponsor
One Capital
Date: 20/10/2026 08:00:00
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