DRDGOLD LIMITED (DRD) Business

DRDGOLD, is a South African domiciled company that holds assets engaged in surface gold tailings retreatment in South Africa,

including exploration, extraction, processing and smelting.

We are a public limited liability company, incorporated in South Africa on February 16, 1895, as Durban Roodepoort Deep,

Limited. On December 3, 2004, the company changed its name from Durban Roodepoort Deep Limited, to DRDGOLD Limited. Our

operations focus on South Africa's Witwatersrand Basin, which has been a gold producing region for over 135 years.

Our shares and/or related instruments trade on the Johannesburg Stock Exchange (“JSE”), the New York Stock Exchange and the

A2X.

Our registered office and business address is Constantia Office Park, Cnr 14th Avenue and Hendrik Potgieter Road, Cycad House,

Building 17, Ground Floor, Weltevreden Park, 1709, South Africa. The postal address is P.O. Box 390, Maraisburg, 1700, South Africa. Our

telephone number is (+27 11) 470-2600 and our facsimile number is (+27 86) 524-3061. We are registered under the South African

Companies Act 71, 2008 under registration number 1895/000926/06. For our ADSs, JP Morgan Chase Bank, at 383 Madison Avenue, Floor

11, New York , NY 10179, United States, has been appointed as agent.

The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers

that file electronically with the SEC, which can be found at http://www.sec.gov. Our internet address is http://www.drdgold.com. The

information contained on our website is not incorporated by reference and does not form part of this annual report.

All of our operations are conducted in South Africa.

Our operations primarily consist of Ergo and FWGR. Our Ergo operations include the historic Crown operations (which were

restructured into Ergo during fiscal year 2012 and have substantially been rehabilitated as at the end of fiscal year 2018). East Rand

Proprietary Mines Limited's (“ERPM”) underground mining infrastructure was under care and maintenance up to this reporting date. Please

refer "Item 5A. OPERATING RESULTS - Capital expenditure" for an understanding on capital expenditure incurred by the Group.

Ergo was formed in June 2007. Ergo is the surface tailings retreatment operation which consists of what was historically the Crown

Gold Recoveries Proprietary Limited (“Crown”), ERPM Cason Dump operation and the Ergo Gold business units. On July 1, 2012, Ergo

acquired the mining assets and certain liabilities of Crown and all the surface assets and liabilities of ERPM as part of the restructuring of our

surface operations.

Capital expenditure for the Ergo projects is mainly financed through operational cash flows while financing for significant growth

projects may be obtained through specific financing arrangements, if required.

The Daggafontein TSF has been removed from our Mineral Resources and Mineral Reserves statement to resume depositioning, to

support the life of mine and supplement the Brakpan TSF. The TSF will have a deposition capacity of 120Mt and a life of 20 years, at a

deposition rate of 500,000tpm. It is expected to be commissioned in the first quarter of FY2027. Construction of the 21 kilometer dual

pipeline (tailings and return water), linking Ergo's Brakpan plant with the TSF, is well advanced and is expected to be completed in time.

The recommissioning of the Withok TSF is the engineering design that ultimately brings the tailings storage facility to its finality

in terms of extent, operation, rehabilitation and management. The implemented final design would result in alignments with the principles

that underscore the outcomes pursued under the Global Industry Standard on Tailings Management (“GISTM”) and regulatory bodies,

increase deposition capacity, improve operation/management and bring about the sustainable closure of the facility.

The Withok TSF public participation process was completed in FY2025 and the project is in the authorization phase.

Commissioning of the TSF is planned to occur within the next three years. The TSF will have a deposition capacity of 310Mt and a life of 20

years at an eventual deposition rate of 1.3Mtpm. The increase in deposition capacity for Ergo enables the processing of the Crown Complex

(three dumps to the southeast of Johannesburg's CBD). The Crown complex has been classified from an Indicated Mineral Resource to a

Probable Mineral Reserve. The Ergo life of mine has increased to 22 years.

Following a strategic review, the Board has decided to sell Ergo's stake in Stellar, a renewable energy company with a solar plant

development project, to focus on the Group's core mining activities. An active sale process is ongoing and is expected to be concluded during

FY2026. For further information, see "Item 18. Financial Statements – Note 23 – Subsidiary held for sale."

For further information on other capital investments, divestitures, capital expenditure and capital commitments, see Item 4D.

Property, Plant and Equipment, and Item 5B. Liquidity and Capital Resources.

On July 31, 2018, we acquired certain gold surface processing assets and tailing storage facilities that included Driefontein 3 and 5,

Kloof 1, Venterspost North and South, Libanon, Driefontein 4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and the land

owned by Sibanye-Stillwater that was earmarked for the future development of a central processing plant, regional tailings storage facility

and return water dam (together, the “WRTRP Assets”) associated with Sibanye-Stillwater’s West Rand Tailings Retreatment Project

("WRTRP"), subsequently renamed FWGR. This acquisition represented a significant increase in our assets. In connection with the

acquisition, we issued to Sibanye-Stillwater new shares equal to 38.05% of outstanding shares and granted Sibanye-Stillwater an option to

acquire up to a total of 50.1% of our shares within a period of 2 years from the effective date of the acquisition at a 10% discount to the

prevailing market value. On January 8, 2020, Sibanye-Stillwater exercised the option and on January 22, 2020 subscribed for 168,158,944

DRDGOLD shares at an aggregate subscription price of R1,086 million, (R6.46 per DRDGOLD share).

The assets acquired were to be developed in two phases – Phase 1 and Phase 2.

Phase 1 involved the reclamation of the Driefontein 5 dump through a reconfigured Driefontein 2 plant and deposition onto the

Driefontein 4 tailings storage facility. The Driefontein 4 tailings storage facility was an upstream day-wall dam with a capacity of

approximately 200,000 tonnes per month. In order to increase the deposition capacity to 500 000 tonnes per month, the conversion of this

dam to cyclone deposition commenced in fiscal year 2019. The conversion has been completed and this allows a deposition capacity of

500,000 tonnes per month until at least the end of calendar year 2026 after which depositioning of tonnes on this facility will have to reduce.

The material being reclaimed by FWGR contains high levels of copper which incurs penalty refining charges of between 1% and

5% during final refining by Rand Refinery depending on the copper content of the bullion delivered. FWGR has been allocated 98% of its

gold production with 2% lost to these penalty refining charges due to the high levels of copper in the bullion delivered. To reduce these

penalty refining charges, FWGR constructed and commissioned a copper elution plant at a cost of approximately R12 million during fiscal

year 2021. On average, the plant resulted in an additional 1.2kg of gold per month which would otherwise have been lost due to penalty

refining charges for the copper in its bullion.

The Phase 2 project is a key project for FWGR intended to mine current reserves and to extend potential resources in the West

Rand.

Phase 2 includes the construction of a new RTSF, which is necessary in order to develop FWGR as envisaged by management. The

new RTSF is expected to be capable of processing 2.4 million tonnes per month with a maximum capacity of approximately 800 million

tonnes. An amended design of the RTSF was submitted to the Department of Water and Sanitation during fiscal year 2023. The amended

design included the build of a synthetic barrier system in place for ground water protection and a combined centre line/downstream dam wall

in the early stages of the facility. All of the required approvals and authorizations were obtained and the construction of the RTSF has

commenced.

The Definitive Feasibility Study (“DFS”) for Phase 2 was completed in the 3rd quarter of fiscal year 2021 and the project was found to be

economically viable in a number of scenarios.

An external consultant was engaged, Sound Mining (consultants to the mining industry specializing in surface and underground

operations) to perform an independent review of the available information and studies that have been performed regarding the Phase 2

expansion project. These included:

•DFS performed by DRA Global (“DRA”) (An engineering consulting company) regarding the construction of the CPP and related

pumping and pipeline infrastructure;

•Detail design of a new RTSF performed by Beric Robinson (engineer of record) and related capital costing performed by DRA;

•Reviews of the explorations data base, Mineral Resource and Reserve estimates of FWGR assets and other future potential assets

such as battery metals, uranium and other gold West Rand metal resources;

•Legal tenure, permitting, environmental and compliance status; and

•Economic analysis of the projects.

Based on currently available information, the Company believes that there are no material technical or geo-metallurgical risks that

could significantly impact the production forecasts.

The breaking of ground at this complex, on June 5, 2024, followed the appointment of a leading contractor to construct the RTSF

and the receipt of the requisite permits. Construction of the RTSF is progressing well, notwithstanding some delays caused by rainy weather.

Approximately one-third of the RTSF is expected to be completed in the first quarter of financial year 2027 to align with the commissioning

of the DP2 plant expansion. Construction of the rest of the RTSF will continue simultaneously with the start of deposition. The expansion of

DP2 (which involves the construction of the plant's own elution circuit, smelter house and doubling current throughput capacity), has

commenced during the first quarter of FY2025 and is expected to be completed in the first quarter of FY2027. 60km of the 135km pipeline,

consisting of a slurry pipeline, two residue pipelines and a return water pipeline linking the DP2 plant and the RTSF, has been constructed.

Included in the work so far was the successful under-passing of the N12 highway and the crossing of five provincial roads.

Significant financing is required for the Phase 2 expansion which is expected to be financed through a combination of cash

resources, operational cash flows and a new 5-year Bank facility as may be determined. (Refer to Item 18. “Financial Statements - Note 20 –

Capital management). Capital expenditure for other projects is mainly financed through operational cash flows and cash resources.

For further information on other capital investments, divestitures, capital expenditure and capital commitments, see Item 4D.

Property, Plant and Equipment, and Item 5B. Liquidity and Capital Resources.

ERPM was acquired in October 2002 and consists of an underground mine which has been under care and maintenance since fiscal

year 2009. Underground mining at ERPM was halted in October 2008. On July 1, 2012, ERPM sold its surface mining assets and its 65%

interest in ErgoGold to Ergo as part of the restructuring of our surface operations.

In December 2018, ERPM concluded revised agreements to dispose certain of its underground assets to OroTree Limited

(“Orotree”). The disposal of the underground mining and prospecting rights were concluded in the second half of the financial year ended

June 30, 2019. Orotree did not exercise an option to purchase the underground mining infrastructure.

In fiscal 2021, ERPM completed the decommissioning and rehabilitation of the last remaining underground mining infrastructure,

being the Far East Vertical Shaft.

Crown was acquired on September 14, 1998. Due to the depletion of mineral reserves in the western Witwatersrand, the Crown

plant ceased operation in March 2017 and the site has since been rehabilitated.

We are a South African company that holds assets engaged in surface gold tailings retreatment including exploration, extraction,

processing and smelting. Our surface tailings retreatment operations, including the requisite infrastructure and metallurgical processing

plants, are located in South Africa. Our operating footprint is unique in that it involves some of the largest concentration of gold tailings

deposits in the world, situated within the city boundaries of Johannesburg and its suburbs and the far west rand of the province of Gauteng.

DRDGOLD has arranged its operations into two wholly owned entities covering their East Rand (east of Johannesburg) and far

West Rand (far west of Johannesburg) businesses. The East Rand operations are run by Ergo and the West Rand operations by FWGR. A

detailed overview of the operations is provided under Item 4D. Property, Plant and Equipment and in the Technical Report Summary

attached as exhibits in this annual report.

DRDGOLD’s long-term goal is to extract as much gold from its assets as possible, in a sustainable and economically viable

manner. To a large extent this depends on how effectively it continues to manage its capitals. DRDGOLD uses sustainable development to

direct its strategic thinking. We seek sustainable benefits in respect to financial, manufactured, natural, social and human capitals, each of

which is essential to our operations. Our mining operations are dependent on electrical power supplied by Eskom. Due to insufficient

generating capacity, South Africa has faced significant disruptions in electricity supply in the past and we have occasionally suffered power

outages or shortages as a result. Such power outages or shortages may lead to interruptions in our production. To help address these potential

shortages and avoid the potential impact that insufficient electricity supplies may have on our mining operations, we have moved forward

with commissioning the Ergo Solar PV Plant and integrated BESS to reduce our reliance on Eskom and the future cost of electricity. Please

see "Item 3D. Risk Factors - Risks related to doing business in South Africa" for an understanding of the impact Eskom's price volatility can

have on DRDGOLD, “Item 4D. Property, Plant and Equipment – Capital Expenditure - Ergo” and “Item 18. Financial Statements – Note 25

– Payments made under protest” for further discussion related to shortages in electricity.

We also aim to align and overlap the interests of each of these capitals in such a manner that an investment in any one translates

into value-added increases in as many of the others as possible. We therefore seek to achieve an enduring and harmonious alignment between

them, and we pursue these criteria in the feasibility analysis of each investment. We intend to explore opportunities made possible by

technology, which could entail further investment in research and development (“R&D”) to improve gold recoveries even further over the

long term.

During the fiscal years presented in this Annual Report, all of our operations took place in one geographic region, namely South

Africa. For a breakdown of revenue by operation, please see "Item 18. Financial Statements – Note 24 – Operating segments."

Surface tailings retreatment involves the extraction of gold from old mine dumps and slimes dams, comprising the waste material

from earlier underground gold mining activities. This is done by reprocessing sand dumps and slimes dams. Sand dumps are the result of the

less efficient stamp-milling process employed in earlier times. They consist of coarse-grained particles which generally contain higher

quantities of gold. Sand dumps are reclaimed mechanically using front end loaders that load sand onto conveyor belts. The sand is fed onto a

screen where water is added to wash the sand into a sump, from where it is pumped to the plant. Most sand dumps have already been

retreated using more efficient milling methods. Lower grade slimes dams were the product of the “tube and ball mill” recovery process. The

economic viability of processing this material has improved due to improved treatment methods such as the treatment of large volumes of

this material. The material from the slimes dams is broken down using monitor guns that spray jets of high pressure water at the target area.

The resulting slurry is then pumped to a treatment plant for processing.

Exploration activities are focused on the extension of existing ore reserves and identification of new ore reserves both at existing

sites and at undeveloped sites. Once a potential site has been identified, exploration is extended and intensified in order to enable clearer

definition of the site and the portions with the potential to be mined. Geological techniques are constantly refined to improve the economic

viability of exploration and exploitation.

A detailed review of the metallurgical plants and processes is provided under Item 4D. Property, Plant and Equipment.

The gold market is relatively liquid compared to other commodity markets, and the price of gold is quoted in US dollars. Physical

demand for gold is primarily for manufacturing purposes, and gold is traded on a world-wide basis. Refined gold has a variety of uses,

including jewelry, electronics, dentistry, decorations, medals and official coins. In addition, central banks, financial institutions and private

individuals buy, sell and hold gold bullion as an investment and as a store of value.

The use of gold as a store of value and the large quantities of gold held for this purpose in relation to annual mine production have

meant that historically the potential total supply of gold has been far greater than demand. Thus, while current supply and demand play some

part in determining the price of gold, this does not occur to the same extent as in the case of other commodities. Instead, the gold price has

from time to time been significantly affected by macro-economic factors such as expectations of inflation, interest rates, exchange rates,

changes in reserve policy by central banks and global or regional political and economic crises. In times of inflation and currency

devaluation or economic uncertainty gold is often seen as a safe haven, leading to increased purchases of gold and support for its price.

The average gold price for fiscal year 2025 reached record highs due to policies instituted by the US government, including the

imposition of significant tariffs on various countries including South Africa, the ongoing attacks on the independence of the US federal

reserve, and significant changes in foreign policy, which have continued to fuel global economic uncertainty. Furthermore, the conflict in

Ukraine and conflict between Israel and Gaza have contributed to prolonged geopolitical instability, leading investors to seek gold as a safe

haven asset. In addition, we were impacted by movements in the exchange rate of the rand against the dollar as described below.

We generally take full exposure to the US dollar spot price of gold and rand/dollar exchange rate. The higher the gold price, the

higher our profit margin and vice versa, subject to exchange rate fluctuations.

The average gold spot price increased by 36% from $2,078 per ounce to $2,818 per ounce during fiscal year 2025 after having

increased by 13.5% from $1,831 per ounce to $2,078 per ounce during the fiscal year 2024 and having increased by less than 1% from

$1,834 per ounce to $1,831 per ounce during the fiscal year 2023. As a result, the average gold price received by us in rands for fiscal year

2025 increased by 31% to R1,632,275 per kg compared to the previous year at R1,248,679 per kg and for fiscal year 2024 increased by 20%

to R1,248,679 per kg compared to the previous year at R1,041,102 per kg. The increase in the gold price received contributed to a 26%

increase in our total revenue for fiscal year 2025 amounting to R7,878.2 million (2024: R6,239.7 million and 2023: R5,496.3 million). All

our revenue is generated from our operations in South Africa.

Looking ahead we believe that the global economic environment, escalating geopolitical tensions, the evolving changes in local

and foreign policy in the US and the major uncertainties on the future of global trade, a relatively weaker US dollar, interest rate policies

(particularly in the US), escalating sovereign and personal levels of debt, economic volatility and the oversupply of foreign currency, will

continue to make gold attractive to investors. The supply of gold in South Africa has shrunk in recent years and is likely to shrink even more

due to the significantly reduced capital expenditure and development occurring in the sector.

Until April 11, 2022, all gold we produced was sold on our behalf by Rand Refinery Proprietary Limited (Rand Refinery) in

accordance with a refining agreement entered into in October 2001 and updated in July 2018. The sales price was fixed at the London

afternoon fixed dollar price on the day the gold was delivered to the buyer. Before November 2020, the dollar proceeds sold were remitted to

us within two days at which date the dollars were sold. Since November 2020 up to April 11, 2022, the dollars are also sold on the day the

gold is delivered to the buyer. After April 11, 2022, gold is sold directly to South African Bullion banks after being refined to the required

purity by Rand Refinery. The Group recognizes revenue from the sale of gold at a point in time when the gold is delivered to the South

African Bullion bank on an agreed upon date, gold price and exchange rate. The gold bars which we produce consist of approximately 85%

gold, 7-8% silver and the remaining balance comprises copper and other common elements. The gold bars are sent to Rand Refinery for

assaying and final refining where the gold is purified to 99.9% and cast into troy ounce bars of varying weights. In exchange for this service,

we pay Rand Refinery a variable refining fee and administration fees and up to April 11, 2022, a fixed marketing charge. We own 11.3%

(fiscal year 2024 and 2023: 11.3%) of Rand Refinery.

Common Law Mineral Rights and Statutory Mining Rights

Prior to the introduction of the Minerals and Petroleum Resources Development Act, or MPRDA in 2002, ownership in mineral

rights in South Africa could be acquired through the common law or by statute. With effect from May 1, 2004, all minerals have been placed

under the custodianship of the South African government under the provisions of the MPRDA and old order proprietary rights were required

to be converted to new order rights of use within certain prescribed periods, as dealt with in more detail below. Mine dumps created before

the MPRDA became lawful outside of the MPRDA and do not require a mining license to be processed nor do they require the extensive

rehabilitation and closure guarantees that are a feature of the MPRDA. Many of the activities to re-process a mine dump do fall under the

provisions of the National Environmental Management Act though, which requires at its most basic the compilation and submission of an

Environmental Impact Assessment.

Conversion and renewal of Rights under the Mineral and Petroleum Resources Development Act, 2002

Existing old order rights were required to be converted into new order rights in order to ensure exclusive access to the mineral for

which rights existed at the time of the enactment of the MPRDA. In respect of used old order mining rights, the Department of Mineral and

Petroleum Resources ("DMPR") (previously the DMRE), is obliged to convert the rights if the applicant complies with certain statutory

criteria. These include the submission of a mining works program, demonstrable technical and financial capability to give effect to the

program, provision for environmental management and rehabilitation, and compliance with certain black economic empowerment criteria

and an adequate social and labor plan. These applications had to be submitted within five years after the promulgation of the MPRDA on

May 1, 2004. Similar procedures apply where we hold prospecting rights and a prospecting permit and conduct prospecting operations.

Under the MPRDA mining rights are not perpetual. Upon being granted by the Minister of Mineral Resources and Energy, through the ambit

of the DMPR, they remain valid for a fixed period, namely a maximum period of thirty years, after which they may be renewed for a further

period of thirty years. Prospecting rights are limited to a maximum period of five years, with one further period of renewal of three years.

Applications for conversion of our old order rights were submitted to the DMPR within the requisite time periods. As at June 30, 2025 and

September 30, 2025 respectively, all of our Ergo operation’s old order mining rights have been converted into new order rights in terms of

the MPRDA and applications to renew the converted new order mining rights have been lodged timeously.

The Broad-Based Socio-Economic Empowerment Charter

In order to promote broad based participation in mining revenue, the MPRDA provides for a Mining Charter to be developed by

the Minister of the DMPR within six months of commencement of the MPRDA beginning May 1, 2004 and was subsequently amended in

September 2010. It is used as an instrument to achieve mutually symbiotic sustainable growth and broad based and meaningful

transformation of the mining and mineral industry.

The Mining Charter sets certain goals on equity participation (amount of equity participation and time frames) by historically

disadvantaged South Africans of South African mining assets. It recommends that these are achieved by, among other methods, disposal of

assets by mining companies to historically disadvantaged persons on a willing seller, willing buyer basis at fair market value. The goals set

by the Mining Charter require each mining company to achieve 15 percent ownership by historically disadvantaged South Africans of its

South African mining assets within five years and 26 percent ownership by May 1, 2014. It also sets out guidelines and goals in respect of

employment equity at management level with a view to achieving 40 percent participation by historically disadvantaged persons in

management and ten percent participation by women in the mining industry, each within five years from May 1, 2004. Compliance with

these objectives is measured on the weighted average “scorecard” approach in accordance with a scorecard which was first published around

August 2010. In April 2018, judgment was handed down by the Gauteng Division of the High Court in Pretoria against a provision in the

2010 Mining Charter regarding the “once empowered always empowered” principle.” This principle refers to whether a mining company,

after the exit of a Black partner that held a stake in the company consequent to a result of a BEE transaction, continues to be BEE compliant.

The judgment was appealed by the DMPR. The DMPR in August 2020, withdrew their notice to appeal to the Supreme Court of Appeal in

respect of the judgment issued in April 2018 by the Pretoria High Court.

The Mining Charter and the related scorecard are not legally binding and, instead, simply state a public policy. However, the

DMPR places significant emphasis on the compliance therewith. The Mining Charter and scorecard have a decisive effect on administrative

action taken under the MPRDA.

In recognition of the Mining Charter’s objectives of transforming the mining industry by increasing the number of black people in

the industry to reflect the country’s population demographics, to empower and enable them to meaningfully participate in and sustain the

growth of the economy, thereby advancing equal opportunity and equitable income distribution, we have achieved our commitment to

ownership compliance with the MPRDA through our historic black economic empowerment structures which have subsequently unwound.

The mining industry in South Africa is extensively regulated through legislation and regulations issued by government’s

administrative bodies. These involve directives with respect to health and safety, mining and exploration of minerals, and managing the

impact of mining operations on the environment. A change in regulatory or government policies could adversely affect our business.

On June 15, 2017, the Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals

Industry, 2017 (“2017 Mining Charter”) was published in the Government Gazette No. 40923 of Government Notice.581. The publication

of the charter was met with widespread criticism and on June 26, 2017 the Minerals Council of South Africa (previously Chamber of Mines

of South Africa), applied to the Gauteng Local Division of the High Court of South Africa, Johannesburg for an urgent interdict to prevent

the charter from implementation.

Key provisions included:

•50% Black ownership for new prospecting rights;

•30% Black ownership for mining rights (up to 11% offset for local beneficiation)

•For new mining rights to be issued, the provision for 1% of Earnings Before Interest, Taxes, Depreciation and Amortisation

(“EBITDA”) is paid to communities and employees as a trickle dividend from the sixth year of a mining right until dividends are declared

or at any point in a 12-month period where dividends are not declared

On February 2016, The President of South Africa announced that a new mining charter would be developed and will follow a

process which includes all stakeholders. The Minerals Council of South Africa subsequently postponed its court application in respect of

the 2017 Mining Charter.

On September 27, 2018 the Broad-Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018

(“Mining Charter 2018”) was published in Government Gazette No. 41934 of Government Notice No. 639 on September 27, 2018

superseding and replacing all previous charters, including Mining Charter III.

Mining Charter 2018 requires an enduring 30% BEE interest in respect of new mining rights. It also has extensive provisions in

respect of HDP representation at board and management, as well provisions relating to local procurement of goods and services. The

procurement target of the total spend on services from South African companies has been set at 80% (up from 70% in Mining Charter III)

and 60% of the aggregate spend thereof must be apportioned to BEE entrepreneurs.

Key provisions of Mining Charter 2018 are:

•the conditional acceptance of the continued consequences of previous compliance of the BEE ownership threshold of 26% in

respect of existing mining rights;

•of the 30% HDP ownership component, qualifying employees and communities are each to hold a 5% carried interest (as opposed

to a free carry interest as per Mining Charter III) the cost of which may be recovered by the mining right holder from the

development of the asset. the community interest in turn may be offset by way of an equity equivalent;

•removal of the so-called 1% of EBITDA trickle dividend provided for in the 2017 Mining Charter;

•the removal of provisions requiring community and employee representation at board level;

•that the continuing consequences of HDP ownership are not recognized for transfers of mining rights; and

•that a top up of HDP ownership back to 30% is required for the renewal of existing rights.

Subsequently, several notable developments have occurred:

In March 2019, the Mineral Council of South Africa brought an application in the Gauteng Division of the High Court for a

judicial review and setting aside of certain provisions in Mining Charter 2018.

In June 2020, the same court ordered the Minerals Council of South Africa to join parties representing communities, trade unions

and BEE entrepreneurs as a prerequisite to the continuation of the lawsuit, as they have a direct and substantial interest in the outcome of the

litigation.

On September 21, 2021, the Gauteng Division of the High Court ruled that Mining Charter 2018 is not binding subordinate

legislation but an instrument of policy. This ruling affirmed that the Minister of the DMPR was not entitled to make law through the Mining

Charter 2018 to require 30% HDP ownership for the renewal of existing mining rights.

On November 23, 2021, the Minister of the DMPR confirmed that the DMPR Ministery will not appeal the ruling made by the

Gauteng Division of the High Court of South Africa.

The recently proposed Mineral and Resources Draft Bill ("MPRD Bill") has contributed to increased regulatory uncertainty for

mining companies in South Africa, including DRDGOLD’s. The potential impact of the MPRD Bill on our business is significant due to the

following provisions:

•The proposed requirement to apply for a mining right to process movable ‘historical tailings’ pursuant to the draft MPRD Bill; and

•The intended amendments to the MPRD Act that would allow the relevant Minister to set beneficiation targets for the mining

industry and exercise greater control over the beneficiation of minerals in South Africa.

DRDGOLD has submitted representations to the office of the Minister of the DMPR expressing its concerns regarding these

proposed amendments. The Minerals Council of South Africa, which advocates on behalf of mining companies such as DRDGOLD, also

intends to submit its own representations to the office of the Minister of the DMPR.

Mine Health and Safety Regulation

The South African Mine Health and Safety Act, 1996 (as amended), or the Mine Health and Safety Act (“MHSA”), came into

effect in January 1997. The principal objective of the MHSA is to improve health and safety at South African mines by inter alia, providing

for effective monitoring of health and safety conditions and the enforcement of health and safety measures at our mines. To this end, the

MHSA imposes various duties on us at our mines and grants the authorities broad powers to, among other things, close unsafe mines and

order corrective action relating to health and safety matters. In the event of any future accidents at any of our mines, regulatory authorities

could take steps which could increase our costs and/or reduce our production capacity. The Act was amended in 2009 and the amendments to

the Act dealt with inter alia the stoppage of production and increased punitive measures including increased financial fines and legal liability

of mine management. Some of the more important provisions in the 2009 amendment bill are the insertion of section 50(7A) that places an

obligation on an inspector to impose a prohibition on the further functioning of a site where a person’s death, serious injury, illness to a

person or a health threatening occurrence has occurred; a new section 86A(1) creating a new offense for any person who contravenes or fails

to comply with the provisions of the MHSA thereby causing a person’s death, serious injury or illness to a person. Subsection (3) further

provides that (a) the “fact that the person issued instructions prohibiting the performance or an omission is not in itself sufficient proof that

all reasonable steps were taken to prevent the performance or omission”; and that (b) “the defense of ignorance or mistake by any person

accused cannot be permitted”; or that (c) “the defense that the death of a person, injury, illness or endangerment was caused by the

performance or an omission of any individual within the employ of the employer may not be admitted”; section 86A(2) creating an offense

of vicarious liability for the employer where a Chief Executive Officer, manager, agent or employee of the employer committed an offense

and the employer either connived at or permitted the performance or an omission by the Chief Executive Officer, manager, agent or

employee concerned; or did not take all reasonable steps to prevent the performance or an omission. The maximum fines were also

increased. Any owner convicted in terms of section 86 or 86A may be sentenced to “withdrawal or suspension of the permit” or to a fine of

R3 million or a period of imprisonment not exceeding five years or to both such fine and imprisonment, while the maximum fines for other

offenses and for administrative fines have all been increased, with the highest being R1 million.

Under the South African Compensation for Occupational Injuries and Diseases Act, 1993 (as amended), or COID Act, employers

are required to contribute to a fund specifically created for the purpose of compensating employees or their dependents for disability or death

arising in the course of their work. Employees who are incapacitated in the course of their work have no claim for compensation directly

from the employer and must claim compensation from the COID Act fund. Employees are entitled to compensation without having to prove

that the injury or disease was caused by negligence on the part of the employer, although if negligence is involved, increased compensation

may be payable by this fund. The COID Act relieves employers of the prospect of costly damages but does not relieve employers from

liability for negligent acts caused to third parties outside the scope of employment. In fiscal year 2025, we contributed approximately R6.8

million under the COID Act (2024: R6.3 million and 2023: R6.1 million) to a multi-employer industry fund administered by Rand Mutual

Assurance Limited.

Under the Occupational Diseases in Mines and Works Act, 1973 (as amended), or the Occupational Diseases Act, the multi-

employer fund pays compensation to employees of mines performing “risk work,” usually in circumstances where the employee is exposed

to dust, gases, vapors, chemical substances or other working conditions which are potentially harmful, or if the employee contracts a

“compensatable disease,” which includes pneumoconiosis, tuberculosis, or a permanent obstruction of the airways. No employee is entitled

to benefits under the Occupational Diseases Act for any disease for which compensation has been received or is still to be received under the

COID Act. These payment requirements are based on a combination of the employee costs and claims made during the fiscal year.

Uranium and radon are often encountered during the ordinary course of gold mining operations in South Africa, and present

potential risks for radiation exposure of workers at those operations and the public to radiation in the nearby vicinity. We monitor our

uranium and radon emissions for compliance with all local laws and regulations pertaining to uranium and radon management and under the

current legislative exposure limits prescribed for workers and the public, under the Nuclear Energy Act, 1999 (as amended) and Regulations

from the National Nuclear Regulator.

Environmental Regulation

Managing the impact of mining on the environment is extensively regulated by statute in South Africa. Recent statutory

enactments set compliance standards both generally, in the case of the National Environmental Management Act, and in respect of specific

areas of environment impact, as in the case of the Air Quality Act 2004, the National Water Act (managing effluent), and the Nuclear

Regulator Act 1999. Liability for environmental damage is also extended to impose personal liability on managers and directors of mining

corporations that are found to have violated applicable laws.

The impact on the environment by mining operations is extensively regulated by the MPRDA. The MPRDA has onerous

provisions for personal liability of directors of companies whose mining operations have an unacceptable impact on the environment.

Mining companies are also required to demonstrate both the technical and financial ability to sustain an ongoing environmental

management program, or EMP, and achieve ultimate rehabilitation, the particulars of which are to be incorporated in an EMP. This program

is required to be submitted and approved by the DMPR as a prerequisite for the issue of a new order mining right. Various funding

mechanisms are in place, including trust funds, guarantees and concurrent rehabilitation budgets, to fund the rehabilitation liability.

The MPRDA imposes specific, ongoing environmental monitoring and financial reporting obligations on the holders of mining

rights.

We believe that our environmental risks have been addressed in EMPs which have been submitted to the DMPR for approval.

Additionally, key environmental issues have been prioritized and are being addressed through active management input and support as well

as progress measured in terms of activity schedules and timescales determined for each activity.

Our existing reporting and controls framework is consistent with the additional reporting and assessment requirements of the

MPRDA.

Financial Provision for Rehabilitation

We are required to make financial provision for the cost of mine closure and post-closure rehabilitation, including monitoring once

the mining operations cease. This can be done through the use of rehabilitation trusts or through financial guarantees issued to the DMPR.

During fiscal year 2022, a change in method was decided upon as providing for environmental rehabilitation from funding in a specific

rehabilitation trust to financial guarantees which is an allowed method in terms of the National Environmental Management Act. The

financial guarantees are issued through approved insurance products from Guardrisk Insurance Company Limited (“GICL”). All the

required approvals for the change in method and transfer of the rehabilitation trust funds were obtained from the DMPR and a thorough

consideration of tax and legal impacts were completed prior to the funds being transferred to GICL directly from the rehabilitation trust

where the funds were previously held. As of June 30, 2025, we held a total of R765.0 million (2024: R697.5 million) in funds. As at June 30,

2025 guarantees amounting to R941.3 million (2024: R951.8 million) were issued to the DMPR.

The provision for environmental rehabilitation for the group was R558.7 million at June 30, 2025, compared to R616.8 million at

June 30, 2024.

New Financial Provisioning Regulations (“FPR”) were promulgated on November 20, 2015 under the National Environmental

Management Act, 107 of 1998 (“NEMA”) by the Department of Forestry, Fisheries and the Environment (“DFFE”). Under the FPRs to be

implemented by the DMPR, existing environmental rehabilitation trust funds, of which DRDGOLD has Rnil, may be used only for post

closure activities and may no longer be utilized for their intended purpose of concurrent and final rehabilitation on closure. As a result, new

methods for provisions will have to be made for these activities.

Several further proposed amendments to the FPRs, (“Proposed Amendments”) were published subsequently. On February 1,

2024, the Minister of Forestry, Fisheries and the Environment again amended the transitional period contained in regulation 17B of the

Financial Provision Regulations, 2015. The transitional arrangements in regulation 17B of the FPRs allows the holder of a right or permit

granted or issued, as the case may be, in accordance with the MPRDA, who applied for such right or permit before 20 November 2015, to

continue making financial provision in accordance with regulations 53 and 54 of the regulations published under the MPRDA. Stated

differently, a person who applied for a right or permit prior to 20 November 2015, is not yet required to comply with the Financial Provision

Regulations. In the previous amendments to the regulation 17B of the Financial Provision Regulations, the Minister always specified a date

by when the transitional period would expire and when all holders would be required to comply with the Financial Provision Regulations.

However, this time the Minister has amended regulation 17B to provide that the transitional period will continue to apply until the Minister

published a date by when all holders are required to comply with the Financial Provision Regulations.

The Proposed Amendments, in their current form and which are still subject to the approval of the DMPR and Treasury, allow

under certain circumstances for the withdrawal against financial provision (which is currently not contemplated in the FPR). It is therefore

uncertain whether these provisions relating to withdrawal will remain in their current form, or at all.

Regulation 5(4) of the Proposed Amendments states that the determination of financial provision must be undertaken by a

specialist, which according to the definitions listed in the Proposed Amendments is an “independent person”. Regulation 10 of the Proposed

Amendments further requires the annual review and re-assessment of financial provision by an independent specialist, which in terms of

Regulation 11 of the Proposed Amendments must also be audited by an independent auditor. The Proposed Amendments do not require that

the annual review and re-assessment of financial provision be audited by a financial auditor.

Mining royalties and other tax reform.

The Mineral and Petroleum Resources Royalty Act, No.28 of 2008 and the Mineral and Petroleum Resources Royalty Act

(Administration), No.29 of 2008 govern royalty rates for gold mining in South Africa. These acts provide for the payment of a royalty,

calculated through a royalty rate formula (using rates of between 0.5% and 5.0%) applied against gross revenue per year, payable half yearly

with a third and final payment thereafter. The royalty is tax deductible and the cost after tax amounts to a rate of between 0.33% and 3.3% at

the prevailing marginal tax rates applicable to the taxed entity. The royalty is payable on old unconverted mining rights and new converted

mining rights. Based on a legal opinion the Company obtained, mine dumps created before the enactment of the Mineral and Petroleum

Resources Development Act (“MPRD Act”) fall outside the ambit of this royalty, and consequently the Company does not pay any royalty

on any dumps created prior to the MPRD Act. Introduction of further revenue-based royalties or any adverse future tax reforms could have

an adverse effect on our business, operating results and financial condition.

On May 20, 2025, the draft Mineral Resources Development Bill (the "MPRD Bill") was gazetted for public comment. The two

main areas of concern in the MPRD Bill are the requirement to now be granted a mining right for movable tailings dumps and a new Black

Economic Empowerment (“BEE”) and transformation regime. The other notable concern with respect to the MPRD Bill relates to suggested

‘Beneficiation’. Subsequent to the MPRD Bill being gazetted on May 20, 2025 for public comment, “interested and affected parties” were

allowed to make representations to the DMPR. DRDGOLD has submitted its written representations to the DMPR.

Requirement of a mining right

Currently, and as a general proposition in the mining industry, the processing of movable tailings dumps does not constitute “mining” for the

purposes of the MPRD Act. Movable tailings dumps created before May 1, 2004, when the MPRD Act became effective, are not subject to

the MPRD Act and can be processed without a mining right. Tailings dumps processed by companies like DRDGOLD are all movable in

nature, and the MPRD Bill, if it ultimately amends the MPRD Act, will radically change companies’ ability to process these movable tailings

dumps.

BEE and transformation regime

Currently, there is no requirement for BEE when applying for a Prospecting Right. The MPRD Bill changes BEE and transformation

imperatives to those which currently apply to the Mining Industry. The MPRD Bill amends the definition of “this Act” to include “the Codes

of Good Practice for the South African Minerals Industry and Housing and Living Conditions Standards for the Minerals Industry”,

Gazetted on 29 April 2009 (“Codes”). The MPRD Bill makes these Codes enforceable legislation. The Codes conflict with the

transformation imperatives in the remainder of the MPRD Bill.

Beneficiation

"Beneficiation” is defined as “value addition to a higher value over baselines determined by the Minister” (the Minister of Mineral and

Petroleum Resources). Therefore, the State has control over what comprises beneficiation. The Minister can prescribe “conditions required

to ensure security of supply for local beneficiation”. The MPRD Bill provides that “Every producer of minerals must make available

minerals or mineral products for local beneficiation”. In summary, the Minister of the DMPR can determine what comprises “beneficiation”,

can make regulations with respect to promotion of “beneficiation” and mining companies will be compelled to ensure supply of minerals for

“beneficiation” in South Africa.

The following chart shows our principal subsidiaries as of June 30, 2025 and as of September 30, 2025 respectively. All of our

subsidiaries which are duly registered private companies with independent legal personality, incorporated in South Africa. Our voting

interest in each of our subsidiaries are equal to our ownership interests. We hold the majority of our subsidiaries directly or indirectly as

indicated below. Refer to Exhibit 8.1 for a list of our significant subsidiaries.

As at September 30, 2025:

1Sibanye Gold Proprietary Limited trading as Sibanye-Stillwater. During August 2025, Sibanye-Stillwater purchased additional shares in

the market due to the new share issuances made by the Company to settle its employee share plan, as described in Item 10B. Sibanye-

Stillwater's shareholding as at June 30, 2025 was 50.1%; as at 30 September 30, 2025 was 50.16% and as at October 30, 2025: 50.1%.

2Includes shareholding by subsidiary, EMO of 0.25% and shareholding by directors of the Company of 0.16%. Such shareholding is

classified as non-public. As at October 23,2025, EMO no longer held DRDGOLD shares.

Ergo was previously owned by Ergo Mining Operations (Proprietary) Limited (EMO). EMO was 74% owned by DRDGOLD Limited and

26% by our broad-based black economic empowerment (BBBEE) partners – Khumo Gold SPV Proprietary Limited (Khumo) and the

DRDSA Empowerment Trust. In FY2015, an agreement with our BBBEE partners entailing a roll-up of shareholding included the

substitution of their 26% shareholding in EMO for 8.1% and 2.4% shareholding in DRDGOLD Limited respectively. At 30 June 2025,

Khumo and the DRDSA Empowerment Trust held nil shares in DRDGOLD. In terms of the “once empowered, always empowered”

principle, the transaction is deemed to still provide compliance with ownership element of the Mining Charter.

The financial and technical assumptions underlying the Mineral Resources and Mineral Reserves estimations contained in this

report and in the Technical Report Summary or Summaries (“TRSs”) included as exhibits in this report are current as at June 30, 2025, the

period covered by each of the respective reports. Such assumptions rely on various factors that may change after the reporting period,

including as a result of operational reviews which the Company undertakes from time to time and when necessary. The TRSs which are filed

as exhibits to this report in accordance with Item 601(86) and Item 1300 of Regulation S-K have been prepared by the Qualified Persons

named therein and are based on their observations and assumptions.

In South Africa, we are legally required to publicly report Mineral Reserves and Mineral Resources in compliance with the South

African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, or SAMREC Code 2016 edition. South

Africa is a member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO).

•History of operations

•Summary of operations

•Properties and location

•Geology

•Mining method

•Mineral Processing and Recovery Methods

•Infrastructure

•Exploration

•Environmental and Closure Aspects

•Water usage and reduction in use of potable water

•Water pollution

•Environmental rehabilitation closure providing and funding

•Legal aspects and permitting

•Production

•Capital Expenditure

•Risks inherent in estimates

For a detailed review of the history of the operations, refer to Item 4A. History and development of the Company.

DRDGOLD owns 100% of the issued share-capital in both Ergo and FWGR. Both are managed surface tailings retreatment

operations producing gold. Ergo operates across central and east Johannesburg, within the Gauteng Province and FWGR in Carletonville on

the far West Rand of the Gauteng Province. In order to improve synergies, effect cost savings and establish a simpler group structure,

DRDGOLD restructured the Group’s surface operations (Crown, ERPM’s Cason Dump surface operation and ErgoGold) into Ergo with

effect from July 1, 2012. On July 31, 2018, DRDGOLD acquired WRTRP Assets, which are surface gold processing assets and tailing

storage facilities associated with Sibanye-Stillwater’s WRTRP, and subsequently renamed it FWGR.

DRDGOLD also owns 100% of ERPM. In December 2018, ERPM concluded revised agreements to dispose certain of its

underground assets to OroTree Limited (“OroTree”) which included the disposal of ERPM’s underground mining and prospecting rights.

Underground mining infrastructure was not sold. ERPM’s underground gold mining infrastructure is under care and maintenance.

At June 30, 2025, Ergo employed 693 full-time employees. In addition, specialist service providers deployed a further 1945

employees to our operations bringing the total number of in-house and outsourced employees to 2,638 at June 30, 2025 (at June 30, 2024:

2,470; at June 30, 2023: 2,600). At June 30, 2025, FWGR employed 168 full-time employees. In addition, specialist service providers

deployed a further 572 employees to our operations bringing the total number of in-house and outsourced employees to 740 at June 30, 2025

(at June 30, 2024: 451; at June 30, 2023: 452). The increase in FWGR specialist service providers is as a result of the capital projects in

progress, namely RTSF and DP2 plant expansion.

DRDGOLD has numerous surface, mining and prospecting rights and has strong security in title to its reserves and resources,

vested in various subsidiaries. In addition to security in title, permission is required from the authorities before reclamation may start, either

in the form of a mining right or environmental authorization. Mining rights are issued for a specific period of time, and if the reserve is not

exhausted by the time the right expires, it may be renewed, during which time the holder may continue mining. Our operations have been

issued all the rights and authorizations for those sites that are currently being mined and they are in good standing with the regulators. All

required operating permit and licenses have been obtained and are in good standing with the regulators. More detailed information on the

various properties' mineral title can be found under the “Legal aspects and permitting” here below.

Below is a geographical representation of the location on Ergo and FWGR within South Africa:

Summary of production

The following table sets out aggregate production for Ergo and FWGR for the last three fiscal years: Total aggregate gold production 2025 2024 2023 Gold produced (ounces) 155,288 160,818 169,820

DRDGOLD's summary Mineral Resources (Exclusive of Mineral Reserves) are set forth in the tables below: Mineral Resources (Exclusive of Mineral Reserves) as of June 30, 2025 Measured Resources Indicated Resources Inferred Resources Total Tonnes Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) Ergo — — — — 42.43 0.3 0.41 12.73 — — — — 42.43 0.30 0.41 12.73 FWGR 1 — — — — — — — — — — — — — — — — Total — — — — 42.43 0.30 0.41 12.73 — — — — 42.43 0.30 0.41 12.73 1 Mineral Resources when stated exclusive of Mineral Reserves amount to zero for FWGR, because all of the Mineral Resources are converted to Mineral Reserves Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K.These Mineral Resources are stated exclusive of Mineral Reserves.In situ Mineral Resource estimate reported according to S-K 1300 requirements No geological losses applied

DRDGOLD's summary Mineral Reserves are set forth in the tables below: Mineral Reserves as of June 30, 2025 Proved Reserves Probable Reserves Total Reserves Tones Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) Ergo 150.54 0.30 1.46 45.16 282.83 0.24 2.22 67.88 433.37 0.26 3.68 113.04 FWGR 196.63 0.32 2.04 63.33 12.88 0.33 0.13 4.25 209.51 0.32 2.17 67.57 Total 347.17 0.31 3.50 108.49 295.71 0.24 2.35 72.13 642.88 0.28 5.85 180.62 Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.The Mineral Reserves constitute the feed to the gold plants The Mineral Reserves are stated at a price of R1,689,997/kg The input studies are to a PFS level of accuracy No mining losses or dilution has been applied in the conversion process nor has a mine call factor been applied.Tonnes and grade Run-of-Mine (RoM) as delivered to the plantThe Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Reserves

The Ergo plant is located approximately 25 miles (40 kilometers) east of the Johannesburg’s central business district in the

province of Gauteng on land owned by Ergo. Access to the Ergo plant is via the Ergo Road on the N17 Johannesburg-Springs motorway.

Following the restructuring of the Crown operations, which consisted of three separate locations, City Deep, Crown Mines and

Knights, into a single surface retreatment operation in Ergo, these mining rights were transferred to Ergo in March 2014. The Crown Mines

plant and sites were closed down in March 2017 and rehabilitated.

The City Deep operation is located on the West Wits line within the Central Goldfields of the Witwatersrand Basin, approximately

3 miles (5 kilometers) south-east of the Johannesburg central business district in the province of Gauteng. Access is via the Heidelberg Road

on the M2 Johannesburg-Germiston motorway. The City Deep plant continues to operate as a pump station feeding the metallurgical plant.

The Knights operation is located at Stanley and Knights Road Germiston off the R29 Main Reef Road. The Knights plant was

reconfigured from an operating metallurgical plant to operate as a pump/milling station from April 1, 2023.

As of June 30, 2025 and September 30, 2025, no material encumbrances exist on Ergo's property.

As of June 30, 2025, the net book value of Ergo’s mining assets was R4,932.9 million (2024: R4,667.0 million).

Below is a geographical representation of the location of individual material properties of Ergo and FWGR: (Figure A)

FWGR’s assets consists of the currently operational Driefontein 2 plant (“DP2”), Driefontein 4 TSF which is a current active

tailings deposition facility, pilot plant, which is a moveable LogiProc pilot plant established to test the processes, techniques and assumptions

made in the definitive level design of the full scale retreatment of dumps. FWGR currently owns six tailings storage facilities on the West

Rand between Roodepoort and Carletonville, approximately 43 miles (70km) South West of Johannesburg (Figure A).

There are an additional four TSFs which will be transferred from Sibanye-Stillwater to FWGR once no longer required by the

existing operations (Available TSFs). These are Driefontein 1, and 2, Kloof 2 and Leeudoorn. Numerous other TSFs are potentially available

in the area for future reclamation. FWGR also owns land on which the Central Processing Plant (“CPP”) and RTSF and the return water dam

were originally planned to be built.

As of June 30, 2025, and September 30, 2025, no material encumbrances exist on FWGR's property.

At June 30, 2025, the net book value of FWGR’s mining assets was R3,581.1 million (2024: R2,098.3 million).

Surface reclamation operations including the treatment of sand from ERPM’s Cason Dump, was conducted through the Knights

metallurgical plant, tailings deposition facilities and associated facilities until ERPM’s surface mining assets were transferred to Ergo as part

of the restructuring which took place on July 1, 2012.

As of June 30, 2025, and September 30, 2025, no encumbrances exist on ERPM's property.

At June 30, 2025, the net book value of ERPM’s mining assets was zero (2024: zero).

DRDGOLD’s surface deposits are the residue (“tailings”) of the mining and metallurgical process for the recovery of gold and

uranium ores of the gold bearing late Archaean (2.7Ga to 3.2Ga) Witwatersrand sedimentary basin. The Witwatersrand Basin is the largest

gold bearing metallogenic province globally and is unconformably overlain by units of the Ventersdorp Supergroup (~2.7Ga), the Transvaal

Supergroup (~2.6Ga), and the Karoo Supergroup (~280Ma).

The deposits consist of gold, uranium and sulphur-bearing sand dumps and slimes dams, and the composition reflects the major

constituents of the Witwatersrand Basin: quartz (70%-80%), mica (10%), chlorite and chloritoid (9%-18%) and pyrite (1%-2%). Gold,

uranium, zirconium and chromium may be minor constituents averaging <100ppm each. Deposits possess characteristics, determined by the

geometry, material source and processing plants in which the original ores were processed.

Material processed by Ergo is sourced from surface sources namely, sand and slime and are reclaimed separately. FWGR's only

source is slime.

No selective mining takes place on a dump with the entire TSF being processed. This is due to the following:

•No place exists on mining sites to dump below cut-off grade material;

•The mining method is not conducive to selective mining; and

•The operation is also a rehabilitation exercise, and all mineralized material must be removed from the site, and it is, therefore,

economically beneficial to process all material, even low-grade material.

TSFs are mined through hydro-mining using high-pressure jets of water to dislodge tailings material or move sediment for

transportation as a slurry to processing plants. The hydro-mining removes the tailings material from the top of a TSF to the natural ground

level in 15m to 20m layers. Hydraulic mining provides slurry feedstock to the plants continuously. Ergo also uses mechanical front end

loaders to load slimes/sand material. Material is re-pulped with water and pumped to the plants.

Our metallurgical plants use carbon-in-leach (“CIL”) metallurgical processes to recover gold from slurry.

The surface sources have generally undergone a complex depositional history resulting in grade variations associated with

improvements in plant recovery over the period the material was deposited. At Ergo, our gold producing metallurgical plant, we have an

installed capacity to treat approximately 25 million tonnes of material per year based on 92% availability and are fully operational. All of the

plants have undergone various modifications during recent years resulting in significant changes to the processing circuits. The City Deep

plant continues to operate as a pump station and the Knights plant as a pump/milling station, both feeding the Ergo metallurgical plant. At

FWGR, DP2 has an installed capacity to treat approximately 7.2 million tonnes of material per year.

The re-pulped slime is pumped to the plant and the reclaimed material is treated using screens, cyclones, ball mills and Carbon-in-Leach, or

CIL, technology to extract the gold.

Set forth below is a description of each of our plants in operation:

Ergo Plant: Commissioned by Anglo American Corporation in 1977, became part of AngloGold Ashanti in 1998 from which it

was acquired for a consideration of R42.8 million in 2007. Five CIL tanks were refurbished during fiscal year 2015 to increase

capacity to treat up to 25.2Mt per year.

Knights Plant: Commissioned in 1988, this surface/underground plant comprises a circuit including screening, primary

cycloning, milling in closed circuit with hydrocyclones, thickening, oxygen preconditioning, CIL, elution, electro-winning and

smelting to doré. The Knights plant, although historically part of the Crown operation, is located further east and considerably

closer to the Brakpan TSF. Due to the location of the Knights plant it deposited waste on the Brakpan TSF. The Knights plant has

an installed capacity to treat an estimated 3.6Mt per year. During fiscal year 2023 the Knights plant was reconfigured to operate as

a milling and pump station and feeds material to the Ergo plant.

City Deep Plant: Commissioned in 1987, this surface/underground plant comprises a circuit including screening, primary,

secondary and tertiary cycloning in closed circuit milling, thickening, oxygen preconditioning, CIL, elution and zinc precipitation

followed by calcining and smelting to doré. Retreatment continued at the City Deep Plant until the plant was decommissioned in

August 2013 to operate as a milling and pump station and is currently pumping material to the Ergo Plant for the final extraction of

gold.

Driefontein 2 Plant: Recommissioned in fiscal year 2019, this surface/underground plant was refurbished and modifications made

to the milling and cyclone circuit to increase its capacity to 600tpm, to ensure the production of a finer grind for gold liberation.

The hydro-mining, reprocessing and re-deposition of tailings material requires a network of pipes. Slurry pipelines will be needed

from the hydro-mining sites at the TSFs to the plants and tailings pipelines from the plants to the respective deposition facilities. High

pressure water pipelines are necessary to supply the mining operations while separate low-pressure water pipes are needed for returning

water to the plants from return water dams at the various TSFs. These have all been adequately designed and included in the LoM planning.

Ergo currently uses the Brakpan TSF as deposition facility, and FWGR, the Driefontein 4 TSF. Ergo requires the deposition

capacity from the Daggafontein and Withok TSFs to receive additional tailings capacity in order to deliver into its life of mine. FWGR

requires the RTSF to ensure adequate storage facilities for the long-term deposition of all tailings arising from FWGR operations.

The Withok TSF public participation process has been completed in FY2025 and the project is in authorization phase.

Commissioning of the TSF is expected within the next three to four years. The construction of the RTSF is progressing well, with a total

depositional capacity of 800Mt, one third of this capacity will be available in the first quarter of FY2027, which aligns with the

commissioning of the DP2 plant expansion. The RTSF will have sufficient storage capacity to also accommodate new risings up to a rate of

2.4Mtpm from the mining of available TSFs in the area well into the future.

Up to May 2024 both operations obtained their power ultimately from the Eskom grid and therefore are currently exposed to the

material risks associated with Eskom. Ergo operations receive power from several substations and mining sites are supplied power via

several separate feeds. Currently, the Ergo plant demands peaks at 16MVa and the Brakpan TSF at 8MVa. Ergo operates 24-7-365 and the

plant receives power at 22KV overhead lines from the solar plant or via Eskom’s 88kV Vlakfontein distribution. Ergo commissioned the

solar power plant and Battery Energy Storage System ("BESS") (60MW solar PV plant and 160mWh BESS) in November 2024, and as at

June 30, 2025, it was functioning at 97% designed capacity and now largely meets the day time power needs of the Ergo operation. At

FWGR, power is currently supplied from Eskom’s 132kV and 44kV grid to various Sibanye owned gold mines in the vicinity of FWGR’s

operations. The power requirement of FWGR remains within the current surplus capacity of the Driefontein and Kloof mining complexes.

Exploration and development activity at Ergo and FWGR involves the drilling of surface dumps and evaluating the potential for

gold and other commodities bearing surface material in the determination of its Mineral Resources and Mineral Reserves. These exploration

programmes comprise:

•surveying to determine physical dimensions and volumes;

•auger or reverse circulation drilling programs to permit sampling and analyzing for gold content and mapping of the gold distribution;

•metallurgical and flow sheet development test work; and

•tailings toxicity tests and specific gravity determination.

During the current year, additional drilling works on the Crown Complex were undertaken to convert the Crown Complex TSF to a

Mineral Reserve and include it in the Ergo life of mine.

In accordance with South African mining legislation, all mining companies are required to rehabilitate the land on which they work

to a determined standard for alternative use. DRDGOLD’s business involves the reclamation of previously discarded material deposited, in

many cases, by other companies, most of which are no longer in business. As a result we deal with legacy environmental issues.

Before we embark on new mining projects, we undertake an environmental authorization process which is performed by external

consulting specialists that conduct detailed specialist studies, an environmental impact assessment and an environmental management

programme (“EMP”) for the management of these projects. These reports are discussed and reviewed by our stakeholders through an open

public participation process. Through this process, we are able to identify, address and minimize the effects of our activities on the

environment and identify and mitigate the potential impacts our activities may have on surrounding communities and the receiving

environment. Our environmental management systems and policies have been designed in compliance with South Africa’s National

Environmental Management Act 107 of 1998 and associated regulations. Internal and external environmental audits are performed annually

and recorded in a database to ensure compliance. Our EMP encompasses all the activities of our operations and assesses the environmental

impacts of mining at reclamation sites, plants and tailings storage facilities. It also outlines the closure process, including financial

provisions.

At Ergo, environmental management and compliance is further assisted by the in–house developed electronic monitoring system

(Compliance Management Tool) that incorporates all existing Environmental Impact Assessments (“EIAs”), EMPs, Mining Right

Conversions, Performance Assessments and Social and Labor Plans (“SLPs”) associated with each mining right. At Ergo the monitoring

system incorporates existing EMPs and water use licenses. The existing and most recent studies are used to supplement the management

components with regards to the mining right boundaries and its required compliance parameters. The individual management items are

integrated to provide a holistic overview of the state of each of the mining right areas. Spatial data pertaining to the mining right boundaries

is stored onto a central database and is utilized to create a live map which illustrates the mining right area and various environmental

monitoring systems.

The Group actively manages and monitors the consumption of natural resources (including potable water and energy) at monthly

and weekly meetings. This entails the analysis of trends to identify excess use and discuss various focus areas to ensure responsible natural

resource usage. The major environmental risks are associated with dust from various reclamation sites, and effective management of

relocated process material on certain tailings facilities. At Ergo, Municipal infrastructure as well as commercial and residential developments

have encroached towards the Ergo operation.

The impact of nuisance dust fallout on the surrounding environment and community is addressed through a comprehensive

monitoring network including appropriate community involvement. The monitoring reports are sent to regulators, municipalities, and

interested and affected parties. For a residential zoned monitoring bucket, an exceedance is defined as above the dust limit of 600mg/m2/day.

For a non-residential zoned monitoring bucket, an exceedance is defined as above the dust limit of 1200mg/m2/day.

Mitigation measures include environmentally friendly dust suppressants applied to high impact areas, active wetting of access

roads by water bowsers, and a network of high velocity sprayers on our active TSFs. In the long-term, dust suppression and water pollution is

managed through a program of progressive vegetation of the tailings followed by the application of lime, to reduce the natural acidic

conditions, and fertilizer to assist in the growth of vegetation planted on the tailings facility.

The primary uses for water are in the plants and hydro-mining for the various TSFs. Ergo constructed a central water reticulation

plant in 2017 to give it the ability to deliver water to all corners of the operation and return it through a fully integrated closed system.

60%-70% of all process water make up at Ergo is drawn from the Brakpan TSF to various reclamation sites by way of return water columns.

Another 20% water is drawn from lakes and dams in the region in terms of the requisite extraction licenses. A further 14% of process water

top up needs are from treated underground acid mine drainage (AMD) drawn from Trans-Caledon Tunnel Authority (TCTA). DRDGOLD

has the right to use up to 30 Ml of AMD water per day. Potable water is used only where the sensitivity of equipment requires it and for

certain early stages of irrigation to settle in newly established vegetation on TSFs. At FWGR, all water harvested from Driefontein 4 TSF is

used. This amounts to approximately 55% of process water requirements. The balance is made up from underground mine dewatering. Water

use licenses are available for the pumping of water from underground workings at Kloof 10 shaft and Driefontein 10 shaft, and the

consumption planned from these shafts will not exceed the pumping rates approved in the respective WULs. Potable water consumption is

limited to drinking and change houses and flocculant make up for usage in the plant.

A closed water system is designed to avoid having to treat water or having to discharge into surface water courses. Overflows of

return water dams may, depending on their location, pollute surrounding streams and wetlands. Ergo and FWGR have an ongoing monitoring

program to ensure that its water balances (in its reticulation system, on its tailings and its return water dams) are maintained at levels that are

sensitive to the capacity of return water dams. Any water discharge is contained through paddocks on reclaimed sites, storm water run-off

and water systems that pump rain or excess water into the system. Another possible source of water discharge is attributed mainly to

compromised or aging pipes that may cause leaks. Continuous monitoring of pipelines to timeously identify water leaks and minimize water

seepages is managed through the use of technology that identifies leaks by loss of pressure, together with pipeline patrols. A comprehensive

maintenance plan is in place to replace compromised pipelines.

ERPM acid mine drainage

There is a regular ingress of water into the underground workings of ERPM, which was contained by continuous pumping from the

underground section. Studies on the estimates of the probable rate of rise of water have been inconsistent, with certain theories suggesting

that the underground water might reach a natural subterranean equilibrium, whilst other theories maintain that the water could decant or

surface.

The government appointed TCTA to construct a partial treatment plant (neutralization plant) to prevent the ground water being

contaminated. TCTA completed the construction of the neutralization plant for the Central Basin and commenced treatment during July

2014. As part of the heads of agreement signed in December 2012 between EMO, Ergo, ERPM and TCTA, sludge emanating from this plant

is co-disposed onto the Brakpan TSF together with processed material from the Ergo plant. Partially treated water is then discharged by

TCTA into the Elsburg Spruit. This agreement includes the granting of access to the underground water basin through one of the ERPM

shafts and the rental of a site onto which it constructed its neutralization plant. In exchange, Ergo and its associate companies including

ERPM have a set-off against any future directives to make any contribution toward costs or capital of up to R250 million. Through this

agreement, Ergo also secured the right to purchase up to 30 ML of partially treated AMD, a day, from TCTA at cost, in order to reduce

Ergo’s reliance on potable water for mining and processing purposes.

Refer Item 18. ‘‘Financial Statements - Note 27.2 Contingent liability for environmental rehabilitation” for disclosures on potential pollution

impact on ground water through seepage.

While the ultimate amount of rehabilitation costs to be incurred is uncertain, we have estimated that the total cost for Ergo, in

current monetary terms as at June 30, 2025 is approximately R411.4 million (2024: R490.9 million). As at June 30, 2025, a total of R172.0

million (2024: R156.8million) is invested in liquid money market funds and hedge funds in the Guardrisk Cell Captive, as security for

financial guarantees issued for rehabilitation costs.

We have estimated that the total cost for FWGR, in current monetary terms as at June 30, 2025 is approximately R142.3 million

(2024: R116.4 million). As at June 30, 2025, a total of R576.3 million (2024: R525.3 million) is invested in liquid money market funds and

hedge funds in the Guardrisk Cell Captive, as security for financial guarantees issued for rehabilitation costs.

Guardrisk has guarantees in issue amounting to R941.3 million (2024: R951.8 million) to the DMPR on behalf of the DRDGOLD

Group related to the Group's environmental obligations. The funds for environmental rehabilitation in the cell captive serve as collateral for

these guarantees.

We have estimated that as at June 30, 2025 the present discounted value of the total cost of rehabilitation for ERPM is

approximately R5.0 million (2024: R9.4 million). A total of R16.8 million (2024: R15.4 million) is held in fixed income investment funds

and is available for the settlement of these rehabilitation costs.

Tailings storage facilities, in most instances, are considered movable and capable of being owned under the common law

separately from land. As such, they are distinguishable from underground minerals, which can no longer be individually owned in South

African but in respect of which the DMPR may issue mining rights in terms of the MPRDA of 2002 (MPRDA), as amended. The construct

of the MPRDA caused the minerals in certain TSFs to therefore fall outside the regulatory reach of the MPRDA. The transitional

arrangements of the MPRDA provided for existing operations, however, to convert old order rights (Mining Licenses held under the previous

dispensation) to new order rights. Ergo successfully converted its old order licenses to mining rights. In terms of reserves in TSFs which are

owned by common law and are not covered by a Mining right, Environmental and Waste Management Approvals are obtained from the

DMPR for the retreatment of such TSFs.

For an exploration project, a prospecting right, valid for five years, is issued, and for a mining operation, a mining right is valid for

up to 30 years, is issued. The prospecting right, which is conducted in terms of a Prospecting Work Program, is renewable for a further three

years. The mining right is undertaken in terms of the Mining Works Program, Social and Labor Plan, and an approved Environmental

Management Program, which can be renewed for a further 30 years. A prospecting right or mining right may be cancelled or suspended

subject to Section 47 of the MPRDA.

Mining rights and Prospecting Rights held are listed under the Ergo Mining Proprietary Limited subsidiary. DRDGOLD has

numerous surface, mining and prospecting rights, and ownership of the surface rights and mine dumps vests in various legal entities.

Ergo’s title to its TSFs is vested in common law ownership, mining and prospecting rights and third-party agreements, including

environmental approvals in respect of the same. Ergo has submitted applications for the renewal of its mining rights and prospecting rights.

The renewal applications were made to the DMPR on different dates per mining right. Ergo, in the process of renewal, is in the process of

consolidating its mining rights and as such has applied to extend the mining period for a further 30 years through its consolidated MWPs.

The period of 30 years is the maximum period allowable for a mining might renewal as detailed in the MPRDA, as amended. A mining right

in respect of which an application for renewal has been lodged shall despite its expiry date remain in force until such time as such application

has been granted or refused. Water use licenses are applied for as and when required to remain compliant with relevant legislation. Ergo

complies with all the conditions for renewal and has no reason to believe that the submitted renewals would not be granted. Ergo is in

constant communication with the DMPR and is submitting the required information as per their requests to finalize these renewal

applications.

Our primary Tailings Storage Facilities (TSFs) are subject to a five-yearly Dam Safety Evaluation (DSE) by an independent

Approved Professional Person (APP), who is required to make proposals in a prescribed form to the regulator, the Department of Water and

Sanitation (DWS), based on his findings, for the implementation of his recommendations. These recommendations may include adjustments

to deposition rates or other recommendations that may result in changes, limitations or restrictions on the use of the TSF, which may impact

our throughput rate and affect production.

Each operation monitors the geo-technical integrity of its TSFs carefully in accordance with a prescribed set of parameters. Any

deterioration in any of these parameters may result in a reduction in or suspension of throughput which may affect production.

The Brakpan TSF is a mature facility and is approaching its final phase as a mega-volume tailings storage facility. Therefore, in

light of Ergo’s planned future production plans, Ergo has commenced with the process of recommissioning the adjacent Withok TSF, to

create an additional 310 million tonnes of deposition capacity. The requisite public participation process has been completed and the project

is in its authorization phase. Commissioning is planned to occur within the next three to four years. Ergo plans to maintain its current

deposition rate of 1.65 million tonnes per month for another three to four more years before moving onto the adjacent Withok TSF.

The regulatory process to recommission Withok is complex, though, and the regulator may not approve all aspects of the envisaged

design. The footprint and location of the facility also make for a challenging construction process, and this may result in target dates not

being met, and planned throughput rates not being achieved. Regulatory and construction delays in commissioning replacement tailings

storage facilities as existing facilities approach capacity could result in reduced or suspended deposition and adversely affect our production

and results of operations.

At FWGR, key projects to increase such a deposition capacity include the development of the RTSF as part of the Phase 2 FWGR

project. The timing to have the new facilities online is critical, as a delay may result in reduced deposition rates or a suspension of

deposition which will have an adverse financial impact on the business if interim alternative deposition facilities cannot be obtained.

The Mineral Resources and Mineral Reserves held by FWGR were acquired from Sibanye Gold Proprietary Limited, a subsidiary

of Sibanye-Stillwater Limited, in a transaction in which common law ownership was established over the various TSFs containing the said

Mineral Resources and Mineral Reserves, and control was established by Sibanye-Stillwater over DRDGOLD. FWGR conducts its activities

inter alia in accordance with Environmental Approvals (“EAs”) and the provisions of the Mine Health and Safety regulations. A Use and

Access Agreement with Sibanye Gold articulates the various rights, permits and licenses held by Sibanye Gold in terms of which FWGR

operates, pending the transfer to FWGR of those that are transferable.

FWGR entered into a smelting agreement with Sibanye-Stillwater to smelt and recover gold from gold loaded carbon produced at

the DP2 plant, and deliver the gold to Rand Refinery. In exchange for this service, Sibanye-Stillwater receives a fee based on the smelting

costs plus 10% of the smelting costs. Rand Refinery performs the final refinement of all gold produced. Up to April 11, 2022, FWGR also

engaged its fellow subsidiary, Ergo Mining Proprietary Limited, to act as its agent and representative and to enter into a refining services

arrangement with Rand Refinery for the sale, marketing and export of the refined gold of the Company. After April 11, 2022, FWGR

continued to engage Ergo Mining Proprietary Limited, to act as its agent and representative to sell gold directly to the South African Bullion

banks. This agreement is expected to be in place until FWGR obtains its own depository account with Rand Refinery.

DRDGOLD and its subsidiaries own the rights to some of the properties where the Mineral Resources are located. In other cases,

agreements are in place with the landowners to mine the dump material and rehabilitate the land for other uses. The details of the related

surface rights are not material for the purpose of this report. The necessary agreements are in place for all properties in the LoM plan.

Impediments on rights to mine

Grootvlei Complex

Ergo's application for the renewal of its prospecting rights over Grootvlei dumps 6L16, 6L17 and 6L17A to the DMPR was granted

in July 2022. During the 2023 financial year, an external party raised a conflicting claim of common law ownership of 6L16, 6L17 and

6L17A TSFs. The Grootvlei TSFs have been excluded from Mineral Reserves and Resources and the life of mine, as common law ownership

could not be secured and the prospecting rights lapsed and could not be renewed further. Ergo has a mining right over 6L14 dump via mining

right GP158MR.

Marievale Complex

Ergo purchased 7L4 from EBM Project Proprietary Limited ("EBM") during the current financial year.

Ergo acquired the Marievale TSFs 7L5, 7L6 and 7L7 – in terms of a written notarial executed deed of sale in 2019 and took

possession of the TSFs on 8 April 2019. It has since also obtained the requisite National Environmental Management Act, 1998 regulatory

approvals to retreat the said TSFs. During the 2022 financial year, the owner of the land on which 7L5, 7L6 and 7L7 are situated – an

estimated 36.5 million tonnes out of the total 54.1 million tonnes comprising the Marievale cluster – notified Ergo that in its view, the said

TSFs had acceded to the land, and that it had become the owner of the TSFs. Ergo disputed the claim of legal title and referred the matter to

arbitration as all ownership requirements were met when the TSFs were purchased by Ergo. Following the lodging of legal proceedings, the

parties settled the dispute and Ergo during the 2023 financial year entered into a commercial arrangement with the land-owner whereby the

landowner has renounced its entire right, title and interest in and to the TSFs in the favor of Ergo against payment of an agreed sum. The

7L4, 7L5, 7L6 and 7L7 TSFs have been classified as Mineral Reserves in fiscal year 2024 and fiscal year 2025.

Below is a graphical representation of the permits and licenses held within the Group:

Access Rights The grant of access to DRDGOLD of the:· Driefontein 10 shaft;· Kloof 10 shaft located in the Kloof mining area that is subject to the Kloof Mining Right, for the purpose of pumping and supplying, at the cost of WRTRP, the required quantities of water, as licensed, for the WRTRP Assets;· rights, servitudes and agreements for installation, supply and distribution and maintenance of power supply; existing and proposed pipeline routes; servitudes; wayleaves and surface right permits; and· Driefontein 1 Gold Plant for the purpose of accessing the Pilot Plant.

For fiscal year 2025, production decreased to 111,657 ounces from 116,994 ounces in fiscal year 2024 mainly due to a decline in

the average yield from 0.226g/t in fiscal year 2024 to 0.178g/t in fiscal year 2025.The lower yield reflects both depletion of higher grade

material from clean-up activities at Ergo's completed reclamation sites and a buildup in tonnage from new, lower grade reclamation sites.

Tonnage throughput increased from 16.1Mt to 19.5Mt as a result of being unaffected by delays in the commissioning of new reclamation

sites and community related disruptions that charaterized fiscal year 2024.

Cash operating costs increased by $203 per ounce, or 13%, from $1,621 per ounce in fiscal year 2024 to $1,824 per ounce in fiscal

year 2025 mainly due to the decrease in gold produced and higher reagent and consumable stores consumption as a result of the higher

volume throughput.

The following table details certain production and financial results of Ergo for the past three fiscal years. 2025 2024 2023 Production (metric) Ore milled ('000 tonnes) 19,487 16,101 17,334 Recovered grade (oz/ton) 0.006 0.008 0.008 Gold produced (ounces) 111,657 116,994 126,385 Results of Operations Revenue (R million) 5,671.5 4,524.9 4,108.6 Cost of sales (R million) (3,952.9) (3,673.2) (3,320.2) Cash operating costs (R million)1 (3,699.2) (3,571.0) (3,183.2) Cash operating costs (R/kilogram)1 1,064,447 974,764 809,199 All-in sustaining costs (R/kilogram) 1 1,149,134 1,066,948 895,741 All-in cost (R/kilogram) 1 1,251,985 1,652,688 1,041,733 1 Cash operating cost, cash operating costs per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram are financial measures of performance that we use to determine cash generating capacities of the mines and to monitor performance of our mining operations. These are all non-IFRS measures. For a reconciliation of these measures to the nearest IFRS measure see Item 5A.: “Operating Results - Reconciliation of cash cost per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.”

For fiscal year 2025, production decreased to 43,628 ounces from 43,820 ounces produced in fiscal year 2024. The gold produced

decreased due to the decreased volume throughput from 6.2Mt in fiscal year 2024 to 6.1Mt in fiscal 2025. This was marginally offset by a

increase in average yield from 0.221g/t in fiscal year 2024 to 0.222g/t in fiscal year 2025.

Cash operating costs increased by $81 per ounce, or 11%, from $762 per ounce in fiscal year 2024 to $843 per ounce in fiscal year

2025 mainly due to expansion-related staffing increases, inflationary pressures on labor costs, higher maintenance requirements for aging

plant equipment and reagent and consumable cost increases.

The following table details certain production and financial results of FWGR for the past three fiscal years. 2025 2024 2023 Production (metric) Ore milled ('000 tonnes) 6,126 6,166 5,698 Recovered grade (oz/ton) 0.008 0.008 0.008 Gold produced (ounces) 43,628 43,820 43,435 Results of Operations Revenue (R million) 2,206.7 1,714.8 1,387.7 Cost of sales (R million) (798.0) (756.3) (589.9) Cash operating costs (R million)1 (673.5) (622.3) (504.9) Cash operating costs (R/kilogram)1 492,049 458,207 368,206 All-in sustaining costs (R/kilogram) 1 549,187 543,553 545,780 All-in cost (R/kilogram) 1 1,706,470 1,044,207 550,717 1 Cash operating cost, cash operating costs per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram are financial measures of performance that we use to determine cash generating capacities of the mines and to monitor performance of our mining operations. These are all non IFRS measures. For a reconciliation of these measures to the nearest IFRS measure see Item 5A: “Operating Results - Reconciliation of cash cost per kilogram, all-in sustaining costs per kilogram and all-in costs per kilogram.”

For a discussion of capital expenditures in fiscal years 2023, 2024 and 2025, see "Item 5.A. Operating and Financial Review and

Prospects—Capital expenditure".

Capital expenditure related to material growth projects are financed on a project-by-project basis which may include bank facilities

and existing cash resources. Sustaining capital expenditure is financed from cash generated from operations and existing cash resources. For

a summary of capital expenditure, see Item 5A. Operating Results.

Advance planning is ongoing for the recommissioning of the Withok TSF to increase deposition capacity for Ergo. The increase in

deposition capacity is required for the processing of the Crown Complex, which has been moved to a Probable Mineral Reserve.

During fiscal year 2025 capital was expended to complete the construction of the solar power project, to reduce Ergo’s reliance on

the Eskom grid and reduce its carbon footprint. Further capital spend in fiscal year 2025 relates to the Daggafontein TSF recommissioning.

The majority of the capital expenditure in fiscal year 2024 was expended to complete phase 1 of the solar power project, while phase 2 of the

project was completed and commissioned in the second quarter of fiscal year 2025.

FWGR appointed an engineering consulting company to undertake the definitive feasibility study and detailed design for the Phase

2 project. The available information was independently reviewed by an external consultant, Sound Mining Solution (Pty) Ltd. The project

initially included the construction of a new CPP with a capacity of between 1.2 Mtpm to 2.4 Mtpm and the equipping of the required

reclamation sites and pipeline infrastructure to supply the relevant resources to the CPP. Phase 2 also includes the construction of a new

RTSF capable of accepting up to 2.4 Mtpm to a capacity of approximately 800Mt. The construction of the RTSF commenced on June 5,

2024.

Furthermore, the expansion of DP2 to a 1.2Mt processing capacity per month has been planned using the same designs applicable

to CPP and construction of the DP2 expansion project commenced during the first quarter of fiscal year 2025.

Capital expenditure related to material growth projects are financed on a project-by-project basis which may include bank facilities

and existing cash resources. Sustaining capital expenditure is financed from cash generated from operations and existing cash resources.

DRDGOLD's summary Mineral Resources (Exclusive of Mineral Reserves) are set forth in the tables below: Mineral Resources (Exclusive of Mineral Reserves) as of June 30, 2025 Measured Resources Indicated Resources Inferred Resources Total Tonnes Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) Ergo — — — — 42.43 0.3 0.41 12.73 — — — — 42.43 0.27 0.41 12.73 FWGR 1 — — — — — — — — — — — — — — — — Total — — — — 42.43 0.30 0.41 12.73 — — — — 42.43 0.27 0.41 12.73 1 Mineral Resources when stated exclusive of Mineral Reserves amount to zero for FWGR, because all of the Mineral Resources are converted to Mineral Reserves Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K.These Mineral Resources are stated exclusive of Mineral Reserves In situ Mineral Resource estimate reported according to S-K 1300 requirements No geological losses applied

Mineral Resources are estimates that contain inherent risk and uncertainties and depend upon geological interpretations and data

statistics drawn from drilling and sampling programmes, which may prove to be unreliable. For detailed description of risks associated with

the Company’s material properties, refer to Item 3D: Risk Factors.

Mineral Resources consist of sand dumps, slimes dams and silted ‘vlei’ areas and dams. Before dumps are included as Mineral

Resources, they are evaluated by drilling and an initial assessment is completed by the Qualified Person.

With respect to the Mineral Resources and Mineral Reserves, drilling takes place on a predetermined grid to ascertain the average grade

(grade model), moisture, expected extraction factors and ultimate financial viability before mining begins. Sampling is done subject to

quality control and assurance as prescribed.

Estimation methods vary depending on data distribution and statistics. A block model is generated and used to evaluate the

potential for inclusion into a mine plan. The applied Mineral Resource classification is a function of the confidence of the entire process from

surveying, drilling, sampling, assaying, geological understanding and/or geostatistical relationships. Mineral Resources estimates are

reported in situ.

Both Mineral Resources and Mineral Reserves are determined by the average grade of a TSF which must be above or equal to a

plant feed cut-off grade. A cut-off is also determined per complex or cluster. A TSF may report an average gold grade below a cut-off, but

when included in a complex, the total complex could be above the cut-off. The assumptions on a Mineral Resource cut-off include working

costs, the average plant recovery, the expected residue grade, the required yield based on working cost and gold price, and are presented

below:

ERGO FWGR Cut-off assumptions Gold price (R) 1,689,997 1,689,997 Working cost (R/tonne) 139 119 Plant recovery (%) 41% 51% Mine call factor (%) 100 100 Cut-off grade (g/t) 0.20 0.13

The Mineral Resource estimates for all the TSFs and a sand dump are declared as follows:

•The point of reference is in-situ. The TSFs or sand dumps themselves are the reference points;

•No geological or other losses were applied as all material is accessible and there are no geological structures;

•Mineral Resource Estimates are stated as both inclusive and exclusive of Mineral Reserves as defined in S-K 1300; and

•Mineral Resources are 100% attributable to DRDGOLD.

DRDGOLD's summary Mineral Reserves are set forth in the tables below: Mineral Reserves as of June 30, 2025 Proved Reserves Probable Reserves Total Reserves Tonnes Grade Gold Content Tonnes Grade Gold Content Tonnes Grade Gold Content (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) (mill) (g/tonne) ('m ozs) (tonnes) Ergo 150.54 0.30 1.46 45.16 282.83 0.24 2.22 67.88 433.37 0.26 3.68 113.04 FWGR 196.63 0.32 2.04 63.33 12.88 0.33 0.13 4.25 209.51 0.32 2.17 67.57 Total 347.17 0.31 3.50 108.49 295.71 0.24 2.35 72.13 642.88 0.28 5.85 180.62 Notes:The figures contained in the tables are rounded, which may result in minor computational discrepancies which are not deemed to be significant.The Mineral Reserves constitute the feed to the gold plants The Mineral Reserves are stated at a price of ZAR1,689,997/kg The input studies are to a PFS level of accuracy No mining losses or dilution has been applied in the conversion process nor has a mine call factor been applied.Tonnes and grade Run-of-Mine (RoM) as delivered to the plantThe Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Reserves

Key parameters used in the determination of Mineral Reserves June 30, 2025 Recovery Mine call factor Operating costs Average cut-off grade % % R/t g/t Ergo 41 100 139 0.20 FWGR 51 100 119 0.13

The Mineral Reserves were prepared in accordance with the requirements of S-K 1300, and the economic viability thereof

performed at a minimum prefeasibility study level. Modifying factors like dilution or mining losses are not applied for the Mineral Reserve

estimation because the TSFs are re-mined and re-processed in their entirety. All other modifying factors are reflected in the mine design and

all of the associated technical aspects that informed the capital and operating cost estimates. Mineral Reserves are reported as delivered to the

processing plants.

As material is removed for retreatment, the Mineral Resources and Mineral Reserves for each operation are adjusted accordingly.

Continuous checks of modifying factors and ongoing surveys are conducted to monitor the rate of depletion and the accuracy of factors used

in conversion.

Mineral Reserves changed in the past two fiscal years as follows:

•Mineral Reserves increased from 5.53 million ounces at June 30, 2024, to 5.85 million ounces (a increase of 6%) at June

30, 2025, mainly due to the Crown Complex (272.0Mt @0.234g/t) being included in the Life of Mine plan and the

Complex was classified from an Indicated Mineral Resource to a Probable Mineral Reserve. The above mentioned

movement is attributable to Ergo.

•Mineral Reserves decreased from 5.79 million ounces at June 30, 2023, to 5.53 million ounces (a decrease of 4.5%) at

June 30, 2024, mainly because of depletion through ongoing mining activities.

The life-of-mine for Ergo based on Proven and Probable Mineral Reserves S-K 1300 as at June 30, 2025, was 22 years (June 30,

2024: 18 years).

The life of mine for FWGR based on Proven and Probable Mineral Reserves under S-K 1300 as at June 30, 2025 was 16 years

(June 30, 2024: 17 years).

The year on year Mineral Reserve reconciliation is shown below:

Tonnes (Mt) Grade Au (g/t) Au Ounces (Moz) Mineral Reserves as at June 30, 2024 582.23 0.30 5.53 Depletion of Mineral Reserves – Ergo (18.22) 0.33 (0.19) Survey adjustments - Ergo 0.23 1.28 0.01 Removed from Mineral Reserves - Ergo - Daggafontein TSF (192.79) 0.24 (1.49) Removed from Mineral Reserves to Not in Reserve (1.53) 0.47 (0.02) Added to Mineral Reserves - Ergo - addition of Crown Complex 279.45 0.24 2.10 Depletion of Mineral Reserves - FWGR (6.49) 0.42 (0.09) Mineral Reserves at June 30, 2025 642.88 0.28 5.85 The figures contained in the table are rounded, which may result in minor computational discrepancies which are not deemed to be significant. Depletion based on block model surveys

The estimation of Mineral Reserves and Mineral Resources requires the economic assessment to demonstrate reasonable prospects

for economic extraction. Assumptions in the economic assessment includes a gold price. The Company has estimated the gold price based on

consensus forecasts obtained from various sources which provided a range as of June 30, 2025. The lowest range of these forecasts was

selected to take into account the volatility experienced in the current global economic conditions.

Year ended June 30, 2025 Gold price Rand gold price per kilogram 1,689,997 Dollar gold price per ounce 2,982 ZAR/USD rate 17.63 Year ended June 30, 2024 Gold price Rand gold price per kilogram 1,170,587 Dollar gold price per ounce 1,973 ZAR/USD rate 18.46

The information contained in Item 4D related to Mineral Reserves and Mineral Resources is based on information compiled by the

Qualified Persons as defined in S-K 1300. The Qualified Persons are not employed by the Company. The Company has evaluated the

qualification and experience of the Qualified Persons and is satisfied that they meet the requirements in accordance with the SAMREC Code

and S-K 1300. DRDGOLD obtained written consents from the Qualified Persons prior to publication of this report. The Qualified Person

responsible for the compilation and reporting of Ergo’s Mineral Resources is Mr Mpfariseni Mudau and for FWGR is Mr Nicholas Weeks.

The Qualified Person responsible for the compilation and reporting of Ergo’s Mineral Reserves is Professor Steven Rupprecht and for

FWGR is Mr Vaughn Duke.

Qualified Persons Title Address Qualifications Relevant years Experience Mpfariseni Mudau Pr.Sci.Nat. 400305/12 Director of The RVN Group Proprietary Limited Willowbrook Villas, 21 Van Hoof St, Roodepoort, 1724 BSc (Hons) – Geology, MSc (Mining Engineering) 19 Professor Steven Rupprecht HFSAIMM 701013 Associate Principal Mining Engineer of the RVN Group Willowbrook Villas, 21 Van Hoof St, Roodepoort, 1724 BSc. Mining Engineering PhD. Mechanical Engineering 38 Nicholas WeeksPr.Sci.Nat. 155508 Director at Sound Mining International SA Proprietary Limited Sound Mining House, 2A Fifth Avenue, Rivonia, 2128 BSc (Hons) – Geology, MGSSA 6 Vaughn DukePr. Eng 940314 FSAIMM 37179 Partner of Sound Mining Solution Proprietary Limited Sound Mining House, 2A Fifth Avenue, Rivonia, 2128 BSc Mining Engineering (Hons), MBA 40

DRDGOLD has employed RVN Group, an independent consultant to manage drilling activities and report sampling results in

accordance with DRDGOLD’s prescribed internal control procedures. The control procedures include standard operating procedure,

supervision of drilling by experienced geologists, technical site visits by Qualified Persons, chain of custody and management approvals.

Reputable commercial laboratories perform the assaying of samples for gold. These laboratories have quality assurance and quality control

measures in place that satisfy Qualified Persons and also meet DRDGOLD’s requirements. The results are also submitted to senior

management at Ergo and FWGR to ensure that due process has been followed and to identify any anomalies. Verification of estimates is a

routine part of the plant feed sampling programme. Plant feed grades are compared to the expected grades from the Mineral Resource and

Mineral Reserves and updated monthly. Surveys are undertaken monthly, and a reconciliation is reported annually. Any adjustments for

shortfall or overruns are made in the Mineral Resource and Mineral Reserve statement for the following year. Gains or losses are largely

related to volume adjustments on survey although adjustment may be made for other reasons. The estimation of Mineral Reserves is an

outcome of life of mine and budget planning which runs annually, whereby capital costs, operating costs and other assumptions are

interrogated and approved at an executive committee level. The level of the study conducted to support the declaration of the Mineral

Reserves is based on studies conducted to at least a Preliminary Feasibility Study (PFS) level of accuracy.

Uncertainties associated with the operations, and therefore the Mineral Resource and Mineral Reserve estimates, can be mitigated.

The risks inherent in these estimates are:

•Mining - whilst the mining method and practices are well established and conducted by experienced hydro-miners, throughput

could be affected by a variety of issues, including, but not limited to availability of electricity and water.

•Quality of the Mineral Assets - the Mineral Resources and Mineral Reserves have all been adequately drilled, their likely content

adequately assessed and recovery test work satisfactorily completed. The actual recoveries will be influenced by the actual Run-on-

Mine grade entering the processing plants. This risk could be managed by blending material from different TSFs’, where possible.

•Plant Performance: the management of the risk of a lower-than-expected overall throughput recovery can be mitigated by ensuring

optimal processing takes place at the processing plants.

•Tailings Capacity: depending on when the construction of the new or expanded TSF's are completed, deposition rates can be

impacted which impacts the volumes the operations can process. Should regulatory approvals further delay the recommissioning of

the Withok TSF, alternative deposition facilities needs to be explored.

•Delayed Commissioning of Key Infrastructure: delays to the scheduled commissioning of key assets for Ergo and FWGR will

impact on the proposed production forecast and anticipated revenues.

•TSF Design Risk: the main design risk of the Withok TSF recommissioning and the RTSF is the process of installing the synthetic

liner. Should creases occur during installation, this could lead to a perforation in the liner, thus compromising the liners'

effectiveness.

•Water Supply: South Africa is a relatively dry area and predictions are that dry conditions will escalate. Mining is heavily reliant

on water to transport material over large distances and for processing.

•Power Supply: power is provided by the national power supplier, Eskom. The national power supply and distribution infrastructure

is severely distressed and this results in frequent disruptions to the power delivered to the South African mining industry. There is a

curtailment agreement in place with Eskom which requires that during black-outs electricity use is to be curtailed, which is

typically achieved by shutting down equipment. The curtailment reduces consumption between 10% and 20%.

•Grave Relocation: the process of grave relocation is well understood in the South African mining industry and supported by

comprehensive statutory guidelines. It will be managed by specialists who will ensure that full consultation with next of kin is

undertaken and that appropriate compensation is realized.

•Long-term Sustainability: Continued production beyond the current LoM plan and Mineral Reserve estimate relies on available

TSFs that can be brought on line in the future. There is ample time for additional sampling and resource modelling to confirm their

extent and content prior to production.

•Climate Change: extreme weather events such as droughts, extreme rainfall and high wind volumes are on the increase.

Specifically, the increase in intensity of events, such as thunderstorms on the Highveld, where the operations are situated, will

impact operations. Major property, infrastructure and/or environmental damage as well as loss of human life could also be caused

by extreme weather events.

•Rising Costs: The global economic environment, geopolitical tensions and inflationary pressures world-wide have led to above

inflationary increases in production costs as well as an unavailability of critical material such as reagents and critical equipment

which effects production and operating costs.

•Country Risk and Security: increasing inflation, corruption and poor service delivery are the primary drivers of social pressures,

particularly in poorer communities. The consequences of these pressures are mostly seen in operational disruptions and increased

security measures due to protest action and more crime. Protest action also results in damage to existing infrastructure.

•Gold Price: Ergo and FWGR takes full exposure to the gold price, and therefore a reduction in the price of gold may erode margins

or lead to the operations making a loss.

•Uncertainties regarding supply chain: A sustained unavailability and increased cost of critical material such as reagents and critical

equipment may require Ergo and FWGR to find acceptable substitute suppliers and may also require it to pay higher prices for

such materials, potentially affect production and increase operating costs resulting in loss of revenue.

For additional information regarding the Company’s risks, see Item 3D - RISK FACTORS.