Wrap Text
Operating update for the quarter ended 31 March 2022
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 2022
The operating update of the Company for the quarter ended 31 March 2022 is as follows:
Quarter ended Quarter ended
31 MAR 2022 31 DEC 2021 % Change
Production
Gold produced kg 1,391 1,437 (3%)
oz 44,722 46,201 (3%)
Gold sold kg 1,377 1,463 (6%)
oz 44,272 47,037 (6%)
Ore milled Metric (000't) 6,659 7,045 (5%)
Yield Metric (g/t) 0.209 0.204 2%
Price and costs
Average gold price received R per kg 914,864 885,681 3%
US$ per oz 1,871 1,785 5%
Adjusted EBITDA * Rm 367.3 380.0 (3%)
US$m 24.1 24.6 (2%)
Cash operating costs R/t 127 118 8%
US$/t 8.3 7.6 9%
Cash operating costs R per kg 605,011 586,330 3%
US$ per oz 1,237 1,182 5%
All-in sustaining costs ** R per kg 677,996 681,887 (1%)
US$ per oz 1,387 1,375 (1%)
All-in costs ** R per kg 735,948 709,706 4%
US$ per oz 1,505 1,431 5%
Capital expenditure
Sustaining Rm 36.6 70.2 (48%)
US$m 2.4 4.5 (47%)
Non-sustaining/growth Rm 67.0 23.6 184%
US$m 4.4 1.5 193%
Average R/US$ exchange rate 15.21 15.43 (1%)
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 3% from the previous quarter to 1,391kg primarily due to a 5% decrease in tonnage
throughput, despite a 2% increase in yield. Gold sold decreased by 6% to 1,377kg.
As a result of the above, the cash operating costs per kilogram of gold sold increased by 3% from the previous
quarter to R605,011/kg. The cash operating costs per ton of material processed increased by 8% to R127/t.
All-in sustaining costs per kilogram was R677,996/kg, decreasing quarter on quarter mainly due to a decrease in
sustaining capital expenditure. All-in costs per kilogram was R735,948/kg, increasing quarter on quarter mainly
due to increased non-sustaining capital expenditure.
Adjusted EBITDA decreased by 3% from the previous quarter to R367.3 million primarily due to a 6% decrease
in gold sold, which was in part offset by a 3% increase in the average Rand gold price received to R914,864/kg.
Cash and cash equivalents increased by R70.4 million to R2,309.5 million as at 31 March 2022
(31 December 2021: R2,239.1 million) after paying the interim cash dividend of R167.8 million for the six months
ended 31 December 2021. External borrowings remained at Rnil as at 31 March 2022 (31 December 2021: Rnil).
The Company remains in a favourable position to, in the absence of unforeseen events, consider declaring a
final cash dividend in or around August 2022.
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
4 May 2022
Sponsor
One Capital
Date: 04-05-2022 08:00:00
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