6-K 1 operatingupdate2023q3.htm OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2023 operatingupdate2023q3
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 6-K
REPORT OF A FOREIGN PRIVATE
 
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
May 08, 2023
Commission File Number 0-28800
______________________
DRDGOLD Limited
Constantia Office Park
Cnr 14th Avenue and Hendrik Potgieter Road
Cycad House, Building 17, Ground Floor
Weltevreden Park
 
1709
(
Address of principal executive offices
)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-
F or Form 40-
F.
Form 20-F
☑
 
Form 40-F
☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by
Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by
Regulation S-T Rule 101(b)(7):
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Exhibit
 
99.1
 
Release
 
dated
 
May
 
08,
 
2023
 
“OPERATING
 
UPDATE
 
FOR
 
THE
 
QUARTER
 
ENDED
 
31
MARCH 2023”
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DRDGOLD LIMITED
Date: May 08, 2023
 
By: /s/ Riaan Davel
 
Name: Riaan Davel
 
Title: Chief Financial Officer
 
 
 
 
 
Exhibit 99.1
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ISIN: ZAE000058723
JSE share code: DRD
NYSE trading symbol: DRD
(“
DRDGOLD
” or the “
Company
”)
OPERATING UPDATE
 
FOR THE QUARTER ENDED 31 MARCH 2023
The operating update of the Company for the quarter ended 31 March 2023 is as follows:
Quarter ended
Quarter ended
31 MAR 2023
31 DEC 2022
% change
Production
Gold produced
kg
 
1 329
 
 
1 278
 
4%
oz
 
42 728
 
 
41 089
 
4%
Gold sold
kg
 
1 289
 
 
1 320
 
(2%)
oz
 
41 442
 
 
42 439
 
(2%)
Ore milled
Metric (000't)
 
 
5 217
 
 
5 686
 
(8%)
Yield
Metric (g/t)
 
0.255
 
 
0.225
 
13%
Price and costs
Average gold price received
R per kg
 
1 079 878
 
 
977 126
 
11%
US$ per oz
 
1 893
 
 
1 726
 
10%
Adjusted EBITDA *
Rm
 
488.5
 
 
318.0
 
54%
US$m
 
27.5
 
 
18.1
 
52%
Cash operating costs
R/t
 
170.3
 
 
156.0
 
9%
US$/t
 
10
 
 
9
 
11%
Cash operating costs
R per kg
 
689 426
 
 
691 061
 
0%
US$ per oz
 
1 208
 
 
1 221
 
(1%)
All-in sustaining costs **
R per kg
 
790 471
 
 
844 697
 
(6%)
US$ per oz
 
1 385
 
 
1 492
 
(7%)
All-in costs **
R per kg
 
920 965
 
 
901 591
 
2%
US$ per oz
 
1 614
 
 
1 592
 
1%
Capital expenditure
Sustaining
Rm
 
115.2
 
 
123.0
 
(6%)
US$m
 
6.5
 
 
7.0
 
(7%)
Non-sustaining/growth
Rm
 
160.2
 
 
64.9
 
147%
US$m
 
9.0
 
 
3.7
 
143%
Average R/US$ exchange rate
 
17.75
 
 
17.61
 
1%
Rounding of figures may result in computational discrepancies
* A
djusted earnings before interest, taxes, depreciation and amortisation ("
Adjusted EBITDA
") may not be comparable
to similarly titled
 
measures of other companies.
 
Adjusted EBITDA is
 
not a measure of
 
performance under International
Financial Reporting
 
Standards (IFRS)
 
and should
 
be considered
 
in addition
 
to, and
 
not as
 
a substitute
 
for, other measures
of financial performance and liquidity.
 
**
All-in
 
cost
 
definitions
 
based
 
on
 
the
 
guidance
 
note
 
on
 
non-GAAP
 
Metrics
 
issued
 
by
 
the
 
World
 
Gold
 
Council
 
on
 
27 June 2013
.
Gold production increased by
 
4% from the previous
 
quarter to 1,329kg primarily
 
due to yield being
 
0.03g/t higher
at 0.255g/t, and despite an 8% decrease in ore treated.
 
Gold sold decreased by 31kg to 1,289kg.
 
As a result of the increase in
 
yield, cash operating costs per kilogram
 
of gold sold decreased marginally from
 
the
previous quarter to
 
R689,426/kg. Cash operating
 
costs per tonne
 
of material increased
 
from the previous
 
quarter
to
 
R170.3/t
 
due
 
to
 
a
 
decrease in
 
the
 
ore
 
treated,
 
the
 
result
 
of
 
the
 
reclamation of
 
final
 
remnant
 
and
 
clean
 
up
material at sites as they near depletion at both operations.
All-in sustaining costs per kilogram were
 
R790,471/kg,
 
decreasing quarter on quarter mainly due
 
to a decrease
in sustaining capital expenditure.
All-in
 
costs
 
per
 
kilogram
 
were
 
R920,965/kg,
 
increasing
 
quarter
 
on
 
quarter
 
mainly
 
due
 
to
 
an
 
increase
 
in
 
non-
sustaining capital expenditure, relating primarily to the development of the 20MW solar power plant.
Adjusted EBITDA increased by
 
54% from the previous
 
quarter to R488.5 million primarily
 
due to an increase
 
in
Rand gold price received.
Cash
 
and
 
cash
 
equivalents
 
increased
 
by
 
R160.2
 
million
 
to
 
R2,552.4
 
million
 
as
 
at
 
31
 
March
 
2023
 
(31 December
 
2022: R2,392.2
 
million), notwithstanding
 
the payment
 
of the
 
interim cash
 
dividend of
 
R172.1 million
for
 
the
 
six
 
months
 
ended
 
31
 
December
 
2022.
 
External
 
borrowings
 
remained
 
at
 
Rnil
 
as
 
at
 
31
 
March
 
2023
 
(31 December 2022: Rnil).
The cash generated
 
during the current
 
quarter will,
inter alia
, be applied
 
towards the Company’s
 
extended capital
expenditure programme for
 
the financial
 
year ending
 
30 June
 
2023. Despite
 
the remaining
 
capital expenditure
planned
 
for
 
the
 
current
 
financial
 
year,
 
the
 
Company
 
remains
 
in
 
a
 
favourable
 
position
 
to,
 
in
 
the
 
absence
 
of
unforeseen events, consider declaring a final cash dividend in or around August 2023.
The
 
information
 
contained
 
in
 
this
 
announcement
 
does
 
not
 
constitute
 
an
 
earnings
 
forecast.
 
The
 
financial
information
 
provided
 
is
 
the
 
responsibility
 
of
 
the
 
directors
 
of
 
DRDGOLD,
 
and
 
such
 
information
 
has
 
not
 
been
reviewed or reported on by the Company’s auditors.
Johannesburg
8 May 2023
Sponsor
One Capital