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DRDGOLD LIMITED

(DRD)
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DRD: DRDGOLD LIMITED - Operating update for the quarter ended 31 March 2021

05/05/2021 | 02:13am EDT

5 May 2021

DRD: DRDGOLD LIMITED - Operating update for the quarter ended 31 March 2021

DRD: DRDGOLD LIMITED - Operating update for the quarter ended 31 March 2021
Operating update for the quarter ended 31 March 2021

DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ISIN: ZAE000058723
JSE share code: DRD
NYSE trading symbol: DRD
('DRDGOLD' or the 'Company')

OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2021

The operating update of the Company for the quarter ended 31 March 2021 is as follows:

                                                                         Quarter ended      Quarter ended
                                                                          31 MAR 2021         31 DEC 2020 % change
Production
Gold produced                                  kg                                1,382              1,470          -6%
                                               oz                               44,433             47,262          -6%
Gold sold                                      kg                                1,363              1,484          -8%
                                               oz                               43,822             47,712          -8%
Ore milled                                     Metric (000't)                    7,272              7,073           3%
Yield                                          Metric (g/t)                      0.190              0.208          -9%

Price and costs
Average gold price received                    R per kg                        857,895             947,056         -9%
                                               US$ per oz                        1,785               1,888         -5%
Adjusted EBITDA *                              Rm                                371.7               571.0        -35%
                                               US$m                               25.7                37.0        -31%
Cash operating costs                           R/t                                 102                 108         -6%
                                               US$/t                                 7                   7            -
Cash operating costs                           R per kg                        549,817             532,480          3%
                                               US$ per oz                        1,144               1,062          8%
All-in sustaining costs **                     R per kg                        645,488             607,210          6%
                                               US$ per oz                        1,343               1,211         11%
All-in costs **                                R per kg                        654,072             628,571          4%
                                               US$ per oz                        1,361               1,253          9%

Capital expenditure
Sustaining                                     Rm                                  77.8               68.4         14%
                                               US$m                                 5.2                4.4         18%
Non-sustaining/growth                          Rm                                     -               13.3       -100%
                                               US$m                                   -                0.9       -100%

Average R/US$ exchange rate                                                      14.95              15.60          -4%

Rounding of figures may result in computational discrepancies

* 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.


Gold production decreased by 6% from the previous quarter to 1,382kg primarily due to a 9% decrease in
yield despite a 3% increase in tonnage throughput. Gold sold decreased by 8%.

As a result of the above, the cash operating costs per kilogram of gold sold increased by 3% from the previous
quarter to R549,817/kg. The cash operating costs per ton of material processed decreased by 6% to R102/t.

All-in sustaining costs per kilogram and all-in costs per kilogram were R645,488/kg and R654,072/kg,
respectively, increasing quarter on quarter mainly due to an increase in sustaining capital expenditure.

Adjusted EBITDA decreased by 35% from the previous quarter to R371.7 million primarily due to an 8%
decrease in gold sold and a 9% decrease in the average Rand gold price received of R857,895/kg.

Cash and cash equivalents decreased by R3.7 million to R2,165.7 million as at 31 March 2021 (31 December
2020: R2,169.4 million) after paying the interim cash dividend of R341.8 million for the six months ended 31
December 2020. External borrowings remained at Rnil as at 31 March 2021 (31 December 2020: Rnil).

The cash generated during the current quarter will, inter alia, be applied towards the Company´s extended
capital expenditure programme for the year ending 30 June 2021. Despite the capital expenditure planned
for the year, the Company remains in a favourable position to, in the absence of unforeseen events, consider
declaring a final cash dividend in or around August 2021.

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
5 May 2021


Sponsor
One Capital

Date: 05-05-2021 08:00:00
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Disclaimer

DRDGOLD Limited published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 06:12:03 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 386 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 842 M 842 M -
Capi. / Sales 2021 2,18x
Capi. / Sales 2022 2,28x
Nbr of Employees -
Free-Float 44,9%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 9,85 $
Average target price 19,25 $
Spread / Average Target 95,4%
Managers and Directors
Daniël Johannes Pretorius Chief Executive Officer, Executive Director & MD
Adriaan Jacobus Davel Chief Financial Officer & Executive Director
Geoffrey Charles Campbell Independent Non-Executive Chairman
Edmund Abel Jeneker Lead Independent Non-Executive Director
Johan Andries Holtzhausen Independent Non-Executive Director
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