Drdgold Ltd. · JSE:DRD
Drdgold — H1 FY2026 Earnings Presentation
31 slides from Drdgold's earnings presentation, February 2026
Slide 1: Interim results for the six months ended 31 December 2025
for the six months ended 31 December 2025 Niël Pretorius Henriette Hooijer Jaco Schoeman Chief Executive Officer Chief Financial Officer Chief Operating Officer
Slide 2: Disclaimer
Disclaimer as at 31 December 2025 Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or
Slide 3: Performance at a glance
Performance at a glance as at 31 December 2025 19th consecutive financial year of dividends: Interim cash dividend of 50 SA cps Operating profit Average Rand gold Capital Free cash flow Revenue Headline earnings expenditure R5 053.2m R2 712.8m price received R1 932.4m R793.1m R2 114 227/kg R1 651.3m
Slide 4: Operational performance
Operational performance DRDGOLD Interim Results for the six months ended 31 December 2025 3
Slide 5: ERGO operating trends
ERGO operating trends Volume (000t) Yield (g/t) Production (kg) 10 000 9 856 0.200 2 100 9 631 0.187 9 378 1 844 0.179 0.180 1 800 9 000 0.169 1 683 1 629 0.160 1 500 8 000 0.140 1 200 7 000 0.120 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 DRDG
Slide 6: FWGR operating trends
FWGR operating trends Volume (000t) Yield (g/t) Production (kg) 3 500 0.240 0.235 800 720 0.208 0.212 637 654 3 060 3 066 3 079 3 000 0.200 600 2 500 0.160 400 2 000 0.120 200 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 DRDGOLD Interim Results f
Slide 7: Group operating trends
Group operating trends Volume (000t) Yield (g/t) Production (kg) 12 916 0.199 13 000 12 697 0.200 0.188 2 700 0.178 2 564 12 456 0.150 2 400 2 337 2 266 12 000 0.100 2 100 11 000 0.050 1 800 10 000 0.000 1 500 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY
Slide 8: Financial performance
Financial performance DRDGOLD Interim Results for the six months ended 31 December 2025 7
Slide 9: ERGO financial results
ERGO financial results Revenue (Rm) Cash operating costs (Rm) Operating profit (Rm) 4 000 3 613.1 0 2 000 1 660.3 2 952.5 -500 3 000 2 719.0 1 500 1 153.4 -1 000 2 000 1 000 828.7 -1 500 1 000 500 -2 000 -1 812.8 -1 886.4 -1 918.8 0 0 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026
Slide 10: FWGR financial results
FWGR financial results Revenue (Rm) Cash operating costs (Rm) Operating profit (Rm) 1 440.1 0 1200 1500 1 052.5 1 083.3 1 123.4 -100 900 750.0 791.5 1000 -200 600 500 -300 300 -328.7 -344.8 -400 -375.3 0 0 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY
Slide 11: Group financial trends
Group financial trends Operating margin (%) All-in sustaining costs margin (%) 60.0 48.3 50 53.7 42.3 50.0 47.7 40 35.0 41.5 30 40.0 20 30.0 10 HY1 FY2025 HY2 FY2025 HY1 FY2026 HY1 FY2025 HY2 FY2025 HY1 FY2026 Free cash flow (Rm) HEPS (cents per share) 908.8 240 223.2 900.0 793.1 180 148.2 600.0 112
Slide 12: Financial review: Statement of profit and loss
Financial review: Statement of profit and loss For the six months ended 31 December 2025 Six months ended Six months ended 31 December 2025 31 December 2024 Rm Rm Revenue 5 053.2 3 802.3 Cost of sales (2 591.4) (2 490.4) Gross profit from operating activities 2 461.8 1 311.9 Other income 0.1 — Admin
Slide 13: Financial review: Statement of financial position
Financial review: Statement of financial position As at 31 December 2025 As at As at As at 31 December 2025 30 June 2025 31 December 2024 Rm Rm Rm Property, plant and equipment 10 027.2 8 542.2 7 468.5 Non-current investments and other assets 1 600.8 1 382.0 1 164.1 Deferred tax assets 61.1 38.3 32.
Slide 14: Financial review: Statement of cash flows
Financial review: Statement of cash flows For the six months ended 31 December 2025 Six months ended Six months ended 31 December 2025 31 December 2024 Rm Rm Net cash inflow from operating activities 2 309.1 1 283.0 Cash generated from operations 2 498.0 1 205.6 Finance income received 51.6 26.7 Div
Slide 15: Vision 2028 update
Vision 2028 update DRDGOLD Interim Results for the six months ended 31 December 2025 14
Slide 16: ERGO Solar plant and BESS: up and running
ERGO Solar plant and BESS: up and running Decarbonising current operations - reflecting positive impact Commissioned November 2024 • Eskom consumption reduced by 28% to 101 965 MWh (Ergo reduced by 38%) • 23% Reduction in electricity costs at Ergo in HY1 FY2026, despite 12.74% increase in Eskom Tari
Slide 17: Renewable energy supply agreement
Renewable energy supply agreement Decarbonising Vision 2028 Stellar Energy Solutions (RF) Proprietary Limited • 150MW Solar power plant project in Polokwane, Limpopo • Disposal of 100% interest for R147.5 million on 23 December 2025 to NOA Group • 30MW Renewable energy supply agreement with NOA Grou
Slide 18: Our Big 5: Capital projects in progress
Our Big 5: Capital projects in progress Projects delivering on Vision 2028 targets At Ergo: At FWGR: • Pipeline linking Ergo Plant to Daggafontein TSF to resume deposition on • Expansion of DP2 plant Daggafontein TSF • Construction of Regional Tailings Storage Facility (RTSF) • Re-commissioning of W
Slide 19: Ergo projects update
Ergo projects update Daggafontein pipeline nearing completion Daggafontein TSF Work in progress includes: • Nearing completion on 21km dual pipeline (slurry and return water) construction • Project is on schedule and budget Completion expected Q1 FY2027 • 120Mt deposition capacity • 500 000tpm depos
Slide 20: FWGR's project update
FWGR's project update DP2 Plant Expansion • Smelt house completion expected during Q1 FY2027 81% Overall completion Smelt house • • Completion expected Q1 FY2027 construction is 135km pipeline on track • 104km (77%) completed to date RTSF • Lining: 1.2 million m2 installed to date (Target: 3.4 milli
Slide 21: FWGR RTSF
FWGR RTSF RTSF construction is progressing well despite summer rain delays June 2025 January 2026 DRDGOLD Interim Results for the six months ended 31 December 2025 20
Slide 22: DP2 Plant Expansion
DP2 Plant Expansion Throughput capacity doubles to 1.2Mtpm DRDGOLD Interim Results for the six months ended 31 December 2025 21
Slide 23: Mineral Resources and Mineral Reserves update
Mineral Resources and Mineral Reserves update Tonnes Grade Au Au ounces Mineral Resources reconciliation Mt g/t Moz Mineral Resources at 30 June 2025 685.30 0.28 6.27 Addition of Kloof 2 Dump 67.28 0.22 0.48 Depletion of Mineral Resources (12.16) 0.35 (0.13) Survey adjustments 0.72 0.34 0.01 Mineral
Slide 24: Sustainable development performance
Sustainable development performance DRDGOLD Interim Results for the six months ended 31 December 2025 23
Slide 25: Environmental performance
Environmental performance Reduced electricity grid consumption Six months Six months Six months and dust emission exceedances 31 Dec 2025 31 Dec 2024 31 Dec 2023 Hectares of active TSFs vegetated Ha 23 28 15 Environmental spend Potable water consumption Mℓ 432 551 536 R20.7m Dust emission exceedance
Slide 26: Social performance
Social performance Strengthening communities, investing in employees and improving safety performance Our Community Regeneration Model is aimed at sustainable impact, and guides our social programmes. R9.4 million Safety Employee training performance spend (R7.5 million spent No fatalities in HY1 FY
Slide 27: Share price movement
Share price movement 30 September 2025 - 17 February 2026: Upward momentum JSE ZAR cents 5,419.00 17 February 2026 NYSE USD 35.65 13 February 2026 DRDGOLD Interim Results for the six months ended 31 December 2025 26
Slide 28: Looking ahead
Looking ahead DRDGOLD Interim Results for the six months ended 31 December 2025 27
Slide 29: Outlook: FY2026 Guidance
Outlook FY2026 Guidance Outlook Conversion of Kloof 2 dump to a Mineral Reserve and inclusion in the FWGR life of mine Achieve Commencement of the construction of the Libanon a gold production @ cash reclamation pump station of between operating cost 140 000oz and of R995 000/kg Continue to deliver
Slide 30: Delivering on our purpose
Delivering on our purpose Sustainability is our Business model: We generate consistent dividends through disciplined growth, proving that profit and purpose are not We don’t dig deeper, we think smarter. competing priorities but reinforcing strengths. By reclaiming gold from legacy mine dumps, Every
Slide 31: Contact us
Contact us Niël Pretorius Investor and Registered office Shareholder data Chief Executive Officer media relations Constantia Office Park (Incorporated in the Email: DRDGOLD_Communications Cnr 14th Avenue and Republic of South Africa) Henriette Hooijer @thirdactconsultants.com Hendrik Potgieter Road