Wrap Text
Operating update for the quarter ended 30 September 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 30 SEPTEMBER 2021
The operating update of the Company for the quarter ended 30 September 2021 is as follows:
Quarter ended Quarter ended
30 SEP 2021 30 JUN 2021 % Change
Production
Gold produced kg 1,449 1,357 7%
oz 46,587 43,629 7%
Gold sold kg 1,428 1,365 5%
oz 45,912 43,886 5%
Ore milled Metric (000't) 7,421 7,506 -1%
Yield Metric (g/t) 0.195 0.181 8%
Price and costs
Average gold price received R per kg 839,983 821,647 2%
US$ per oz 1,786 1,810 -1%
Adjusted EBITDA * Rm 350.8 303.1 16%
US$m 24.0 21.5 12%
Cash operating costs R/t 114 108 6%
US$/t 8 8 -
Cash operating costs R per kg 566,317 595,824 -5%
US$ per oz 1,204 1,312 -8%
All-in sustaining costs ** R per kg 648,880 669,744 -3%
US$ per oz 1,380 1,475 -6%
All-in costs ** R per kg 667,157 681,905 -2%
US$ per oz 1,419 1,550 -8%
Capital expenditure
Sustaining Rm 74.8 106.7 -30%
US$m 5.1 7.6 -33%
Non-sustaining/growth Rm 13.9 9.1 53%
US$m 1 0.6 67%
Average R/US$ exchange rate 14.63 14.12 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 increased by 7% from the previous quarter to 1,449kg primarily due to an 8% increase in
yield. Gold sold increased by 5% to 1,428kg.
Although increases in electricity and labour costs with effect from July 2021 resulted in higher cash operating
costs, the increase in the number of gold units produced and sold resulted in a 5% decrease in cash operating
costs per kilogram of gold sold to R566,317/kg. The cash operating cost per ton of material processed
increased by 6% to R114/t.
All-in sustaining costs per kilogram and all-in costs per kilogram were R648,880/kg and R667,157/kg,
respectively, decreasing quarter on quarter mainly due to a decrease in sustaining capital expenditure.
Adjusted EBITDA increased by 16% from the previous quarter to R350.8 million primarily due to a 5%
increase in gold sold and a 2% increase in the average Rand gold price received.
Payment of the final dividend declared for the year ended 30 June 2021 of R345.2 million and negative
working capital changes of R173.5 million at 30 September 2021 reduced cash and cash equivalents by
R276.8 million to R1,903.2 million at 30 September 2021 (30 June 2021: 2,180 million). External borrowings
remained at Rnil as at 30 September 2021 (30 June 2021: Rnil).
The cash generated during the current quarter will, inter alia, be applied towards the Company’s extended
capital expenditure programme for the financial year ending 30 June 2022. Despite the capital expenditure
planned for the financial year, the Company remains in a favourable position to, in the absence of unforeseen
events, consider declaring an interim cash dividend in or around February 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
25 October 2021
Sponsor
One Capital
Date: 25-10-2021 08:22:00
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