New Risk • May 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$25.96, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 5x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 90% over the past year. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$32.69, the stock trades at a trailing P/E ratio of 14.8x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 156% over the past year. Declared Dividend • Mar 01
First half dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 13th March 2026 Payment date: 23rd March 2026 Dividend yield will be 1.1%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (24% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 19
First half 2026 earnings released: EPS: R22.27 (vs R11.26 in 1H 2025) First half 2026 results: EPS: R22.27 (up from R11.26 in 1H 2025). Revenue: R5.05b (up 33% from 1H 2025). Net income: R1.93b (up 99% from 1H 2025). Profit margin: 38% (up from 26% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Metals and Mining industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$31.87, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 219% over the past year. Board Change • Jan 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. GM of Finance & Executive Director Henriette Hooijer was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$28.95, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 7x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 208% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$51.41 per share. Reported Earnings • Nov 02
Full year 2025 earnings released: EPS: R26.01 (vs R15.43 in FY 2024) Full year 2025 results: EPS: R26.01 (up from R15.43 in FY 2024). Revenue: R7.88b (up 26% from FY 2024). Net income: R2.24b (up 69% from FY 2024). Profit margin: 28% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Production and reserves: Gold Production: 155.28 troy koz (160.81 troy koz in FY 2024) Number of mines: 2 (2 in FY 2024) Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Metals and Mining industry in the United Kingdom. Aankondiging • Oct 28
DRDGOLD Limited, Annual General Meeting, Nov 26, 2025 DRDGOLD Limited, Annual General Meeting, Nov 26, 2025. Aankondiging • Sep 26
An undisclosed buyer acquired an unknown minority stake in DRDGOLD Limited (NYSE:DRD) from Van Eck Associates Corporation. An undisclosed buyer acquired an unknown minority stake in DRDGOLD Limited (NYSE:DRD) from Van Eck Associates Corporation on September 26, 2025. Following the acquisition Van Eck Associates Corporation now holds 1.46% of the total issued ordinary share capital of DRDGOLD Limited.
An undisclosed buyer completed the acquisition of an unknown minority stake in DRDGOLD Limited (NYSE:DRD) from Van Eck Associates Corporation on September 26, 2025. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$26.02, the stock trades at a trailing P/E ratio of 17.1x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 163% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$16.36 per share. Buy Or Sell Opportunity • Sep 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to US$19.75. The fair value is estimated to be US$16.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 21%. Declared Dividend • Aug 31
Final dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 12th September 2025 Payment date: 22nd September 2025 Dividend yield will be 1.7%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 45% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$18.50, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 128% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$18.51 per share. Board Change • Aug 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Executive Director Henriette Hooijer was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 21
Full year 2025 earnings released: EPS: R26.01 (vs R15.43 in FY 2024) Full year 2025 results: EPS: R26.01 (up from R15.43 in FY 2024). Revenue: R7.88b (up 26% from FY 2024). Net income: R2.24b (up 69% from FY 2024). Profit margin: 28% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Metals and Mining industry in the United Kingdom. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$15.84, the stock trades at a trailing P/E ratio of 14.2x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 78% over the past year. New Risk • Jun 27
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Aankondiging • Jun 17
DRDGOLD Limited to Report Fiscal Year 2025 Results on Aug 20, 2025 DRDGOLD Limited announced that they will report fiscal year 2025 results on Aug 20, 2025 Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$15.98, the stock trades at a trailing P/E ratio of 14.8x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$12.95, the stock trades at a trailing P/E ratio of 11.9x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Declared Dividend • Mar 03
First half dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 14th March 2025 Payment date: 27th March 2025 Dividend yield will be 1.9%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 35% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 19
First half 2025 earnings released: EPS: R11.26 (vs R6.84 in 1H 2024) First half 2025 results: EPS: R11.26 (up from R6.84 in 1H 2024). Revenue: R3.80b (up 28% from 1H 2024). Net income: R970.1m (up 65% from 1H 2024). Profit margin: 26% (up from 20% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the United Kingdom. Aankondiging • Feb 18
DRDGOLD Limited Declares an Interim Cash Dividend for the Six Months Ended 31 December 2024, Payable on 17 March 2025 The board of DRDGOLD Limited has declared an interim cash dividend of 30 South African (SA) cents per ordinary share for the six months ended 31 December 2024. Ordinary shares trade ex-dividend date is 12 March 2025. Record date is 14 March 2025. Payment date is 17 March 2025. Aankondiging • Feb 12
DRDGOLD Limited Announces Changes to Board Committees, with Effect from 1 March 2025 The board of directors of DRDGOLD Limited announced that DRDGOLD shareholders of the following changes to Board committees with effect from 1 March 2025: Ms. Thoko Mnyango, an independent non-executive director of the Company, will be appointed as a member of the Risk Committee, and will resign as a member of the Remuneration Committee; and Ms. Prudence Lebina, an independent non-executive director of the Company, will be appointed as a member of the Remuneration Committee. Aankondiging • Feb 08
DRDGOLD Limited Provides Earnings Guidance for the Six Months Ended 30 December 2024 DRDGOLD Limited provided earnings guidance for the six months ended 30 December 2024. DRDGOLD is in the process of finalising its results for the six months ended 31 December 2024 ("Current Reporting Period") and shareholders are accordingly advised that the Company has reasonable certainty that for the Current Reporting Period it will report earnings per share and headline earnings per share ("HEPS") of between 109.2 cents and 116.0 cents compared to EPS and HEPS of 68.4 cents for the six months ended 31 December 2023 ("Previous Corresponding Period"), being an increase of between 60% and 70%. Aankondiging • Jan 15
DRDGOLD Limited to Report First Half, 2025 Results on Feb 18, 2025 DRDGOLD Limited announced that they will report first half, 2025 results on Feb 18, 2025 Buy Or Sell Opportunity • Jan 02
Now 21% overvalued Over the last 90 days, the stock has fallen 7.8% to US$9.01. The fair value is estimated to be US$7.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 4.2%. Aankondiging • Nov 30
DRDGOLD Limited Approved Election of Johan Holtzhausen (Chairman) and Prudence Lebina as Members of the Audit Committee DRDGOLD Limited at its AGM held on 27 November 2024 approved election of Mr. Johan Holtzhausen (Chairman) as a member of the Audit Committee and election of Ms. Prudence Lebina as a member of the Audit Committee. Aankondiging • Nov 29
DRDGOLD Limited Announces Change to the Board of Directors and Board Committees DRDGOLD Limited announced that Mr. Andrew Robert Brady has been appointed as an independent non-executive director of the board of directors of the Company with effect from 1 December 2024, to replace Mr. Jean Nel, a former independent non-executive director of the Board who resigned from the Board with effect from 27 November 2024. Mr. Brady was considered following a recommendation by Sibanye Stillwater Limited and after reviewing his suitability for the position, as well as obtaining an independent legal opinion as to whether Mr. Brady would be deemed independent. Mr. Brady will also be appointed as a member of the Company's audit committee, risk committee and investment committee. Mr. Brady is currently a director of Clean World Capital Proprietary Limited and has over 25 years of experience both in the resources sector and corporate finance. He holds a Bachelor of Commerce degree from the University of the Witwatersrand, a Post Graduate Diploma in Business Administration from Wits Business School and has attended a Corporate Restructuring Executive Programme at Harvard Business School. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$9.71, the stock trades at a trailing P/E ratio of 11.4x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Reported Earnings • Nov 05
Full year 2024 earnings released: EPS: R15.43 (vs R14.91 in FY 2023) Full year 2024 results: EPS: R15.43 (up from R14.91 in FY 2023). Revenue: R6.24b (up 14% from FY 2023). Net income: R1.33b (up 3.7% from FY 2023). Profit margin: 21% (down from 23% in FY 2023). The decrease in margin was driven by higher expenses. Production and reserves: Gold Production: 160.82 troy koz (169.82 troy koz in FY 2023) Aankondiging • Oct 29
DRDGOLD Limited, Annual General Meeting, Nov 27, 2024 DRDGOLD Limited, Annual General Meeting, Nov 27, 2024. Aankondiging • Oct 23
DRDGOLD Limited Announces Board Changes, Effective 27 November 2024 DRDGOLD Limited announced that Mr. Jean Nel, an independent non-executive director of the board of directors of the Company, has decided to step down as a director of the Company with effect from 27 November 2024, after 6 years on the Board. He will consequently vacate his position as chairperson of the remuneration committee and the investment committee, and as a member of the risk committee and the audit committee. Shareholders are further advised that Mr. Edmund Jeneker has been appointed as chairperson of the remuneration committee and Ms Prudence Lebina has been appointed as chairperson of the investment committee with effect from 27 November 2024. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$11.99, the stock trades at a trailing P/E ratio of 13.7x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$9.10, the stock trades at a trailing P/E ratio of 10.3x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Reported Earnings • Aug 22
Full year 2024 earnings released: EPS: R15.43 (vs R14.91 in FY 2023) Full year 2024 results: EPS: R15.43 (up from R14.91 in FY 2023). Revenue: R6.24b (up 14% from FY 2023). Net income: R1.33b (up 3.7% from FY 2023). Profit margin: 21% (down from 23% in FY 2023). The decrease in margin was driven by higher expenses. Aankondiging • Aug 22
Drdgold Limited Declares Final Dividend for the Year Ended June 30, 2024, Payable on September 16, 2024 DRDGOLD Limited declared final gross cash dividend for the year ended June 30, 2023 of 20 South African cents per share, payable on September 16, 2024. Ex-dividend is on September 11, 2024 and record date on September 13, 2024. Board Change • Jun 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. Non-Executive Chairman Tim Cumming was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
