Page 1

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

For July 2005

Commission File Number 0-28800

______________________

DRDGOLD Limited

45 Empire Road

Parktown

Johannesburg, South Africa, 2193

(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 whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.

Yes

If ''Yes'' is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): N/A

This report on Form 6-K shall be deemed to be incorporated by reference into the
Registration Statement on Form F-3 (Registration No. 333-102800) and Registration
Statement on Form F-4 (Registration No. 333-121386) of DRDGOLD Limited (the
"Company") filed with the Securities and Exchange Commission on September 30, 2003
and December 17, 2004 respectively, and to be part thereof from the date on which this
report is filed, to the extent not superseded by documents or reports subsequently filed or
furnished.

Attached to the Registrant Form 6-K filing for the month of July 2005, incorporated
by reference herein:

Exhibit

99.1 Release dated July 28, 2005, entitled “REPORT ON ACTIVITIES FOR THE
FOURTH QUARTER ENDED JUNE 30, 2005”

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: July 28, 2005

By: / Themba Gwebu

Name:

Themba

Gwebu

Title:

Company

Secretary

Report on activities for the fourth quarter ended

30 June 2005

D R D G O L D L I M I T E D

(Formerly Durban Roodepoort Deep, Limited)

2 0 0 5 F I N A N C I A L Y E A R

(Incorporated in the Republic of South Africa) • Registration No.1895/000926/06
ARBN 086 277616 • JSE trading symbol: DUR • ISIN Code: ZAE 000058723
Issuer code: DUSM • NASDAQ trading symbol: DROOY • ASX trading symbol: DRD (“DRDGOLD”)

KEY RESULTS SUMMARY

Quarter

12 months to

Group

June 2005

March 2005

June 2004

June 2005

June 2004

Attributable gold production (*)

Australasian operations

72 662

79 334

70 990

317 134

233 190

2 259

2 467

2 208

9 864

7 253

South African operations

64 752

60 733

76 294

251 902

329 972

2 014

1 889

2 373

7 835

10 263

Discontinued operations

47 584

81 181

199 850

341 861

1 480

2 525

6 216

10 633

Group

137 414

187 651

228 465

768 886

905 023

4 273

5 836

7 106

23 915

28 149

Gold price received

US$/oz

432

431 395 423 391

R/kg

89 375

83 341

85 804

84 690

86 788

Capital expenditure

US$ million

4.6

1.3 4.5

18.4

23.2

R million

29.4

7.1 30.1

114.4

160.4

Cash operating costs

US$/oz

327

412 355 376 344

ZAR/kg

67 498

81 222

76 031

75 122

76 209

* Attributable - Including Emperor Mines Limited (45.33%) and Crown Gold Recoveries (Pty) Limited (40%)

Group Results (Unaudited)

• DRDGOLD secures BEE deal over all South African operations

• Re-opening of Blyvoor No. 2 Sub-Shaft to proceed

• ERPM turned around successfully

• A$10 million Convertible Loan and operational

support for Emperor

KEY FEATURES

STOCK

Issued capital
296 206 048 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 326 348 457

Stock traded

JSE

ASX

NASDAQ

FRANKFURT

Avg. volume for the quarter per day (000)

119

2 239

% of issued stock traded (annualized)

197

Price

– High

R8.09

A$1.42

US$1.18

Euro 0.94

– Low

R4.15

A$0.76

US$0.30

Euro 0.50

– Close

R5.69

A$1.12

US$0.88

Euro 0.77

SAFETY

With deep regret, we record the deaths of three people in work-related incidents at our South African operations during the
quarter under review – one each at Blyvooruitzicht Gold Mining Company Limited (“Blyvoor”), East Rand Proprietary Mines
Limited (“ERPM”) and Crown Gold Recoveries Limited (“CGR”). While this compares with five fatalities in the previous quarter,
it marks a slight deterioration in the company’s Fatal Injury Frequency Rate (“FIFR”) from 0.50 to 0.52 due to a reduction in the
total number of company employees and employees of contractors.
Encouragingly, both the Lost Time Injury Frequency Rate (“LTIFR”) and Serious Injury Frequency Rate (“SIFR”) declined quarter-
on-quarter – the former from 12.20 to 7.21 and the latter from 4.02 to 3.60 – and Blyvoor achieved one million fatality free
shifts. Clearly, however, there is no place for complacency and we must strive for continuous improvement. Our focus on
programmes to achieve positive changes in behaviour relating to workplace safety continues to be appropriate.

PRODUCTION

Group gold production was 27% lower at 137 414 ounces (4 273 kilograms) quarter on quarter, due mainly to the previously
reported discontinuation of operations at the North West Operations (Buffelsfontein Gold Mines Limited) in South Africa
during March. Gold production at the South African operations during the quarter under review, however, increased by 7% to
64 752 ounces (2 014 kilograms).This reflects continuing positive turnarounds resulting from ongoing restructuring at the
Blyvoor and ERPM mines.

Australasian gold production at 72 662 ounces (2 259 kilograms) comprised 53% of the Group’s total but was 8% lower than in
the previous quarter due to various operational difficulties experienced at Porgera,Tolukuma Gold Mines Limited (“ Tolukuma”)
and Emperor Mines Limited (“ Emperor”).These difficulties, and the corrective actions taken, are discussed later in this report.

CASH OPERATING COSTS

Group cash operating costs were 21% lower at US$327 per ounce, primarily due to the exclusion of the discontinued North
West Operations. Blyvoor continued to show very encouraging cash cost reductions while Tolukuma and Porgera both recorded
reversals, reflecting lower production and fuel price increases.

GOLD MARKET REVIEW

The quarter can be divided into two halves, although not of equal proportion, as the company finally saw a weakening of the
Rand, which has been stubbornly strong for some time now.The currency moved from R6.22/US$ to end at R6.65/US$, seeing
highs of R5.96/US$, and dipping as low as R6.88/US$.
While the first two months of the quarter (April/May) were still tough on the revenue line (average spot price was R85 338/kg)
the weaker Rand – brought about by interest rate cuts in South Africa and interest rate rises in the US, thus closing the yield
differential – saw gold comfortably over the magical R90 000/kg barrier.This resulted in a spot gold price for the quarter of
R88 011/kg, slightly below our received gold price of R89 375/kg.

We are also encouraged by the continued interest in gold, especially in Exchange Traded Funds (“ETF”), which has seen gold in
the ETF hit over 8 million ounces.This is gold out of circulation, which, combined with the more robust supply/demand
fundamentals of the metal, should be an encouraging underpin for the US$ gold price for the remainder of the year.
As for South Africa, we believe the slightly weaker exchange rate, especially to the Euro and US dollar, can only be positive for
the economy, which has grown robustly.The growth is somewhat skewed, however, as the export component and balance of
payment, and thus current account, have suffered under the strong currency.

CORPORATE DEVELOPMENT

Today, simultaneously with these production results, DRDGOLD has announced that it has signed a Memorandum of
Understanding (“MOU”) with its established Black Economic Empowerment (“BEE”) partner, Khumo Bathong Holdings (Pty)
Limited (“KBH”), regarding the acquisition by KBH of a 15% stake in DRDGOLD’s South African operations.

The BEE transaction envisages the exchange of 45% of KBH’s 60% stake in CGR and ERPM for 15% of DRDGOLD’s wholly
owned Blyvoor.The effect would be the ownership by KBH of 15% of DRDGOLD’s South African operations. DRDGOLD
intends to facilitate the BEE transaction through vendor financing.

The MOU includes an option for KBH to lead a broad-based consortium in the acquisition of a further 11% of DRDGOLD’s
South African operations, the intention being to bring DRDGOLD into full compliance with the 10-year, 26% BEE equity
requirement contained in the Mining Charter (“the BEE transaction”).

Dr MP Ncholo, Non-executive Chairman of DRDGOLD, has an interest in KBH greater than 35% and, as a result, in terms of
the listing requirements of the JSE Limited, the BEE transactions will constitute small related party transactions. It is subject,
therefore, to regulatory approvals and to confirmation by an appointed, independent expert that it is fair and reasonable to
DRDGOLD shareholders.

In a move related to the overall restructuring of DRDGOLD’s South African interests – specifically to position CGR’s Crown and
ERPM operations for growth – DRDGOLD has acquired from the Industrial Development Corporation (IDC) all of the IDC’s
CGR and ERPM debt through the issue of 4 451 219 DRDGOLD shares.

Australasian Operations

Quarter

Quarter

12 months to

Porgera (20% of the Joint Venture)

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Ore milled

t'000

297

297 - 327 1

200

941

Yield

g/t

4.65

5.07 (8)

4.74

5.07

4.87

Gold produced

44 409

48 406

(8)

49 834

195 394

147 475

1 382

1 506

(8)

1 550

6 079

4 587

Capital expenditure

US$ m

4.0

0.9 (343)

(1.1)

11.7

4.1

ZAR m

25.4

5.0 (408)

(7.2)

73.3

28.3

Cash operating costs

US$/oz

227

191 (19)

179

186

196

ZAR/kg

46 715

37 073

(26)

41 396

37 293

43 480

Gold production declined 8% to 44 409 ounces (1 382 kilograms), reflecting an 8% decline in yield to 4.65 grams per ton (“g/t”)
(5.07 g/t) and ore milled unchanged at 297 000 tonnes.
The lower output was attributable mainly to production being severely restricted by wet weather and the unbudgeted removal
of slip material from the West Wall instability. Mud from this instability covered high-grade Stage 4 ore and delayed access to
Stage 5, resulting in a lower feed grade. A plan to mitigate the effects of the West Wall instability is currently being prepared.
Cash operating costs were 19% higher at US$227 per ounce, reflecting lower production, costs associated with the West Wall
failure and higher fuel and maintenance costs.

Quarter

Quarter

12 months to

Tolukuma

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Ore milled

t'000

52 - 52

211

196

Yield

g/t

11.21

11.27 (1)

12.65

11.24

13.60

Gold produced

18 769

18 878

(1)

21 156

76 314

85 715

583

586 (1)

658

372

666

Capital expenditure

US$ m

0.5

0.5 -

2.8

3.4

6.0

ZAR m

3.7

3.2 (16)

18.9

21.3

41.3

Cash operating costs

US$/oz

418

321 (30)

251

348

259

ZAR/kg

85 806

62 404

(38)

52 685

69 566

57 522

Gold production was down 1% at 18 769 ounces (583 kilograms) as a consequence of ore milled being static at 52 000 tonnes
and yield slightly lower at 11.21 g/t.
Wet weather and power outages impacted negatively on access to planned higher-grade stope ore and resulted in delays in
underground development, particularly of the declines.

An incident of sabotage of the mine’s hydro electric plant contributed to the power outage problem and to underground
flooding. A lasting solution to the sabotage issue continues to be pursued with local community leaders.

Cash costs were 30% higher, reflecting the lower production arising from operational difficulties, higher fuel costs resulting both
from price increases and from having to run the diesel generators for longer due to the hydro electric plant sabotage incident,
and to higher than normal maintenance costs.

Quarter

Quarter

12 months to

Emperor (45.33% attributable)

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Ore milled

t'000

63 (29)

213

Yield

g/t

6.53

5.95 10

6.63

Gold produced

9 484

12 050

(22)

45 426

294

375 (22)

413

A 10% increase in yield to 6.53 g/t was insufficient to compensate for a 29% drop in ore milled, leading to a 22% decline in gold
production to 9 484 ounces (294 kilograms).
The lower output was attributable to various factors, including winder problems on the Philip Shaft.These have now been
resolved but affected production for two months of the quarter under review. Other contributors were heavy dilution and poor
heavy vehicle availability.

During the quarter, the Emperor Board announced a plan to return the company’s Vatukoula Mine in Fiji to profitability.This
followed an earlier announcement in which the company said it expected to report a loss from ordinary activities before
income tax and exceptional items of about A$18 million for the year ended 30 June, 2005.
On 12 July, DRDGOLD announced a financing and operating package to assist Emperor with implementation of the plan,
including a A$10 million Convertible Loan Facility, which is subject to Emperor shareholder approval to be sought at a meeting
scheduled for 29 August 2005.

A key objective of the recovery plan, to be driven by recently appointed Chief Operating Officer Michael Marriott and General
Manager Sean O’Connor – both from DRDGOLD and whose services have been supplied in terms of an operating support
agreement – is to drive development and reduce dilution, largely through workplace change, which has already begun.

The plan envisages production of some 650 000 tonnes of ore at an average grade of 8.00 g/t, delivering 145 000 ounces of
gold for the current financial year.

South African Operations

Quarter

Quarter

12 months to

Blyvooruitzicht

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Area mined m

000

36 17

158

203

Development

423

453

(7)

288

1 854

2 382

Face length

1 187

1 234

(4)

1 990

1 348

2 064

Stoping width

110

108 2 109

109

110

Ore milled

Underground

t'000

138

140 (1)

207

587

831

Surface

t'000

807

780

719

2 932

2 287

Total

t'000

945

920 3 926 3

519 3

118

Yield

Underground

g/t

7.83

7.36 6 6.59

7.31

7.42

Surface

g/t

0.25

0.27 (8)

0.31

0.25

0.47

Total

g/t

1.36

1.35 1 1.72

1.43

2.33

Gold produced

Underground

34 755

33 115

43 886

137 958

198 211

1 081

1 030

1 365

4 291

6 165

Surface

6 559

6 880

(5)

7 201

23 920

34 883

204

214 (5)

224

744

085

Total

41 314

39 995

51 087

161 878

233 094

1 285

1 244

1 589

5 035

7 250

Capital expenditure

US$ m

0.1

(0.1)

(201)

1.2 (0.1)

8.8

ZAR m

0.3

(0.6)

(150)

7.2 (0.7)

60.4

Cash operating costs

US$/oz

393

422 7 467

453

385

ZAR/kg

81 545

81 606

99 922

90 598

85 453

Total gold production increased by 3% to 41 314 ounces (1 285 kilograms) quarter-on-quarter, mainly as a result of a 6%
increase in underground yield.

Productivity, in terms of grams per total employee costed (“g/tec”) was marginally lower at 122.72 g/tec. Continuing
improvement is expected to result both from a tripling in the rate of training and coaching for in-stope personnel and from
action steps to further reduce the average temperature at working faces.

Area mined increased by 17% to 42 000 m

. Opening up of previously mined areas improved by 17% to 1 080 metres.

Development at 423 metres, however, was 7% lower, primarily due to ore pass hang-ups.The addressing of this problem,
together with an incentive scheme for development crews, is expected to accelerate the pace of development.

The increase in underground yield to 7.83 g/t, resulting mainly from improved face advance in higher grade areas on the eastern
side of No. 5 Shaft, more than offset a slight decline in underground ore milled, leading to a 5% increase in underground gold
production to 34 755 ounces (1 081 kilograms).The mine’s strategy to improve its mine call factor (“MCF”) continued during
the quarter with a focus on communication of daily targets, better drilling quality and improved blasting efficiencies. Settler dam
cleaning and renovations to pumps at No. 5 Shaft, paid out of working costs, has resulted in more efficient mud pumping and a
reduction in gold losses.

Although Slimes Dam Project surface material milled rose by 3% to 807 000 tonnes, surface yield was 8% lower at 0.25 g/t,
resulting in a 5% reduction in surface gold production to 6 559 ounces (204 kilograms).The project turnaround continues and is
operating well beyond design capacity.
Overall cash costs continued to decline satisfactorily, for the quarter under review by 7% to US$393 per ounce, reflecting
operational improvements.

An agreement reached with the mine’s workforce on a revised working calendar at the end of the second quarter, in terms of
which Saturdays are worked in return for weekends off following pay-days, has already resulted in a significant reduction in lost
shifts.The agreement is effective until the end of the March 2006 quarter.

Two projects at Blyvoor with a total capital cost of R82.8 million – the re-establishment of mining operations from the No. 2
Sub-Shaft in two phases costing R80.5 million and a R2.3 million expansion of the Slimes Dam Project – will be presented to the
DRDGOLD Board of Directors for approval when it meets on 24 August.
In total, the No. 2 Sub-Shaft project is expected to yield some 770 491 oz (24 772 kg) of gold from 2.4 million tonnes of ore
with an average delivered grade of 8.16 g/t, restoring Blyvoor’s life to 17 years.

The project – the first phase of which has been modeled at a gold price of R84 056 per kilogram – is cost-sensitive, however,
and could be jeopardized by excessive increases in major items such as wages, which account for 49% of total working costs.
Decommissioned in 1993 by the previous owners, the No. 2 Main Shaft has deteriorated beyond repair but the No. 2 Sub-Shaft
is accessible from both Nos 5 and 6 Shafts on 15 and 33 levels. Phase 1 of the project, costing R23.1 million, began during the
quarter and involves re-equipping 15 level. Main Reef and Carbon Leader ore reserves accessed en route to the No. 2 Sub-Shaft
will be mined to offset the cost of the first phase.

In phase 2, scheduled to begin in March 2006, the sub-shaft, winders, ropes and conveyances will be repaired and refurbished,
and mine levels 17 to 31 equipped at an estimated cost of R53.6 million.The No. 2 Sub-Shaft project is expected to deliver
2.4 million tonnes of ore, with an average grade of 8.16 g/t, to the Blyvoor plant.

The expansion of the Slimes Dam Project – scheduled for completion by the end of the September 2005 quarter, involves the
installation of an additional pump and wider gauge pipes on the residue pipeline from the plant in order to ease congestion and
further improve plant efficiency, together with the implementation of a number of in-plant process upgrades to ease
maintenance demands.

A 15% increase in volume, to approximately 300 000 tonnes per month, a 12% increase on gold production to 74 kilograms
a month, a slight reduction in operating costs to R12.50 per tonne, and an additional contribution of R450 000 a month are
expected.The capital cost of the expansion was minimized by acquiring pipes, pumps and valves second-hand from AngloGold
Ashanti’s Ergo surface reclamation operation which closed earlier in the year.

Quarter

Quarter

12 months to

Crown (40% attributable)

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Ore milled

t'000

904

841

952

3 552

4 011

Yield

g/t

0.37

0.39 (5)

0.41

0.40

Gold produced

10 886

10 643

12 603

45 424

51 982

339

331 2 392 1

413 1

617

Cash operating costs

US$/oz

397

428 7 334

395

343

ZAR/kg

81 879

82 723

70 743

78 890

75 967

Although overall yield was 5% lower at 0.37 g/t, tonnage treated was 7% higher at 904 000 tonnes, resulting in a 2% increase in
gold production to 10 886 ounces (339 kilograms).
While the Crown plant’s tonnage for the quarter improved due to the successful commissioning of the 3L17 reclamation site,
the low yield of material from the established Consolidated Main Reef (“CMR”) site reporting to the Crown plant at the start of
the quarter accounted for the lower overall yield. Problems with rock from the CMR site experienced during the previous
quarter were overcome successfully.

The City Deep and Knights plants were primarily responsible for the increase in tonnage treated as the Crown plant’s tonnages
continued to be compromised by pipeline difficulties.These could continue until the pipeline replacement project underway is
completed in nine months’ time.
Work continues to bring the new CMR (2/A/1) reclamation site on stream. Material from this site will report to the Crown
plant.

Quarter

Quarter

12 months to

ERPM (40% attributable)

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Area mined m

000

16 13

128

Development #

513

253 103

240

948

585

Face length #

715

694

1 081

716

1 253

Stoping width #

127

126 1 140

129

126

Ore milled

Underground

t'000

30 10

145

230

Surface

t'000

193

197 (2)

752

Total

t'000

226

227 - 142

897

317

Yield

Underground

g/t

9.18

7.61 21 6.61

7.58

5.97

Surface

g/t

0.44

0.42 5 0.26

0.38

0.25

Total

g/t

1.72

1.38 25 2.75

1.55

4.40

Gold produced

Underground

9 800

7 433

11 896

35 392

44 189

305

231

370

1 101

1 374

Surface

2 752

2 662

708

9 208

707

83 2

286

Total

12 552

10 095

12 604

44 600

44 896

390

314 24

392 1

387

396

Cash operating costs

US$/oz

370

462 20

334

411

367

ZAR/kg

76 395

89 408

70 801

82 287

81 543

Represents total mine

Overall gold production rose by 24% to 12 552 ounces (390 kilograms), mainly as a result of a 33% increase in underground
gold production to 9 800 ounces (305 kilograms).
The increase in underground gold production was due mainly to a 21% increase in yield to 9.18 g/t; area mined at 18 000 m

and underground ore milled was 10% higher at 33 000 tonnes. Other contributory factors, however, included a concerted
campaign to improve sweepings and the resolution during April of technical problems on both the rock hoist and decline belt
between 70 and 75 levels at Far East Vertical Shaft (“FEV”) that impacted negatively on production in the previous quarter.

Productivity in terms of grams per total employee costed improved by 25% to 129.84 g/tec, reflecting the improved yield.
Development increased by 103% to 513 metres for the quarter.
Gold production from the Cason Dump surface retreatment operation increased by 2% to 2 752 ounces (85 kilograms), a 5%
increase in yield to 0.44 g/t compensating for a 2% decline in material milled to 193 000 tonnes.

The first phase of the three-phase plugging project to isolate FEV from the rest of the mine is on schedule for completion at the
end of July and on budget. Work on phase two has begun. Meanwhile, three phases of an eight-phase programme to upgrade
pumping facilities at FEV have been completed.The three-year programme, costing some R24 million, will be paid for out of
working costs, supplemented by the continuing Government pumping subsidy.

Salvaging operations at the discontinued Hercules Shaft were completed during the quarter, the sale of scrap generating close to
R1 million. Surface reclamation is 95% complete and surface rehabilitation, including the dismantling of the headgear, is scheduled to begin shortly.
Underground reclamation at Central Shaft has been completed and the shaft placed on care and maintenance. Management is
co-operating with the Department of Water Affairs and the Council for Geoscience on an investigation to determine the
feasibility of diverting water from the Central Wits Basin to the Elsburg Vlei via an underground tunnel from Central Shaft, and of
constructing a purification plant to render the water suitable for commercial re-use.

Following a preliminary investigation into the feasibility of extending ERPM’s ore reserve into the neighbouring Sallies lease area,
application has been made to the Department of Minerals and Energy for a prospecting license. If the license is granted, and
should the ensuing prospecting prove successful, there is potential to significantly increase the life of ERPM’s underground mining operations.

Discontinued Operations

North West (Hartebeestfontein

Quarter

Quarter

12 months to

and Buffelsfontein mines)

June 2005

March 2005

Change

June 2004

June 2005

June 2004

Area mined m

000

70 (100)

243

355

Development

7 366

(100)

11 017

26 148

41 756

Face length

2 404

(100)

3 147

2 759

3 101

Stoping width

120 (100)

118

120

Ore milled
Underground

t'000

246 (100)

396

986

665

Surface

t'000

320 (100)

884

493

Total

t'000

566 (100)

459

1 870

3 158

Yield
Underground

g/t

4.68 (100)

5.84

5.44

5.58

Surface

g/t

1.03 (100)

3.38

0.96

0.90

Total

g/t

2.61 (100)

5.50

3.32

3.37

Gold produced
Underground

37 006

(100)

74 333

172 522

298 681

1 151

(100)

2 312

5 366

9 290

Surface

10 578

(100)

6 848

27 328

43 180

329 (100)

213

850

343

Total

47 584

(100)

81 181

199 850

341 861

1 480

(100)

2 525

6 216

10 633

Capital expenditure

US$ m

(0.1)

(100)

1.7 3.3 4.3

ZAR m

(0.7)

(100)

11.0 20.3 29.8

Cash operating costs

US$/oz

665 100

421

508

400

ZAR/kg

133 275

100

88 341

101 701

88 710

Buffelsfontein Gold Mines Limited, a wholly owned subsidiary of DRDGOLD and operator of the Buffelsfontein and
Hartebeestfontein mines – better known as DRDGOLD North West Operations – was provisionally liquidated on 22 March
2005.
All operations were suspended on that date and the company was placed under the control of three provisional liquidators
appointed by the High Court. During the quarter, the provisional liquidators appointed Simmer & Jack Limited to manage and
preserve the mine, and to conduct limited surface mining on their behalf. Discussions are ongoing between the provisional
liquidators and Simmer & Jack Limited to negotiate terms for the acquisition of Buffelsfontein Gold Mines Limited.

A claim for damage and production losses arising from the earthquake that struck the North West Operations on 9 March
2005 has been lodged with insurers, for the benefit of the provisional liquidators.

CASH OPERATING COSTS
Cash operating costs per ounce are non-US GAAP financial measures that should not be considered by investors in isolation or
as alternatives to production costs. While the Gold Institute has provided definitions for the calculation of cash operating costs,
the calculation of cash costs per ounce may vary significantly among gold mining companies, and these definitions by themselves
do not necessarily provide a basis for comparison with other gold mining companies. However, we believe that cash operating
costs per ounce are useful indicators to investors and management of an individual mine’s performance and of the performance
of our operations as a whole as they provide:
– an indication of a mine’s profitability and efficiency;
– the trend in costs;
– a measure of a mine’s margin per ounce, by comparison of the cash operating costs per ounce by mine to the price

of gold; and

– a benchmark of performance to allow for comparison against other mines and mining companies.

A reconciliation of cash operating costs to production costs for the three months ended 30 June 2005; 31 March 2005; and
twelve months ended 30 June 2005, is presented below:

Reconciliation of Non-Gaap financial measures

For the three months ending

Continued

Discontinued

30 June 2005

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

US$ 000

16 225

7 838

10 091

34 154

34 154

Adjust for:

Revenue from byproducts

US$ 000

(96)

(295)

2 548

2 157

2 157

Other non cash operating costs

US$ 000

573

(618)

231

259

Production costs

16 202

8 116

12 021

36 339

231

36 570

Cash operating costs

US$/oz

393

418

227

327

327

For the three months ending

Continued

Discontinued

31 March 2005 (Restated)

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

US$ 000

16 888

6 066

9 240

32 194

31 625

63 819

Adjust for:
Revenue from byproducts

US$ 000

(309)

(2 667)

(2 976)

(2 976)

Other non cash operating costs

US$ 000

148

835

751

1 734

674

2 408

Production costs

17 036

6 592

7 324

30 952

32 299

63 251

Cash operating costs

US$/oz

422

321

191

300

665

412

For the twelve months ending

Continued

Discontinued

30 June 2005

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

US$ 000

73 316

26 521

36 437

136 274

101 606 237 880

Adjust for:
Revenue from byproducts

US$ 000

(142)

(1 161)

(226)

(1 529)

(15)

(1 544)

Other non cash operating costs

US$ 000

554

2 561

1 659

4 774

3 146

7 920

Production costs

73 728

27 921

37 870

139 519

104 737 244 256

Cash operating costs

US$/oz

453

348

186

314

508 376

For the three months ending

Continued

Discontinued

30 June 2005

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

ZAR 000

104 785

50 025

64 560

219 370

- 219 370

Adjust for:
Revenue from byproducts

ZAR 000

(595)

(1 891)

15 665

13 179

13 179

Other non cash operating costs

ZAR 000

485

3 694

(3 693)

486

1 573

2 059

Production costs

104 675

51 828

76 532

233 035

1 573 234 608

Cash operating costs

ZAR/kg

81 545

85 806

46 715

67 498

67 498

For the three months ending

Continued

Discontinued

31 March 2005

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

ZAR 000

101 518

36 569

55 832

193 919

197 247 391 166

Adjust for:
Revenue from byproducts

ZAR 000

(1 868)

(16 409)

(18 277)

- (18 277)

Other non cash operating costs

ZAR 000

894

5 072

4 533

10 499

4 072

14 571

Production costs.

102 412

39 773

43 956

186 141

201 319 387 460

Cash operating costs

ZAR/kg

81 606

62 404

37 073

58 129

133 275

81 222

For the twelve months ending

Continued Discontinued

30 June 2005

Blyvoor

Tolukuma

Porgera

operations

operations

Group

Cash operating costs

ZAR 000

456 162

165 011

226 707

847 880

632 174

1 480 054

Adjust for:
Revenue from byproducts

ZAR 000

(881)

(7 222)

(1406)

(9 509)

(95)

(9 604)

Other non cash operating costs

ZAR 000

3 447

15 932

10 322

29 701

19 573

49 274

Production costs

458 728

173 721

235 623

868 072

651 652

1 519 724

Cash operating costs

ZAR/kg

90 598

69 566

37 293

62 871

101 701

75 122

EXPLORATION - TOLUKUMA

Brownfields on mine site
The major focus on exploration during the quarter has been to evaluate the encouraging drilling results achieved on several
newly-discovered structures within the Mining Lease. Results of intersections on the Fundoot and Gulbadi Red structures have
been reported in prior quarters but include bonanza grades up to 60 g/t of gold over a width of 1.8 metres with individual
sample results up to 148.7 g/t of gold over 0.6 meter.These bonanza grades are frequently associated with visible gold in the
drill core.
Consulting geologists have undertaken a detailed interpretation of all the existing mine data together with those from recent
drilling.The outcome is a greatly improved understanding of the structural controls to gold mineralisation. As a result a total
of 16 drill targets have been identified within the immediate environs of the current mine workings and infrastructure.
A major drilling programme has been commenced to systematically test these targets on a prioritised basis over the coming year
utilizing three surface drill rigs and two underground rigs. It is also proposed to acquire an additional underground rig to
expedite resource infill drilling in order to convert discovery intersections to resources.

The abovementioned Fundoot and Gulbadi Red structures have been included in the mine’s latest resource estimates and are
expected to contribute approximately 85 000 ounces to resources with the present data coverage. Further drilling is expected
to increase this resource base.

Regional Papua New Guinea
Consultants have also been engaged to evaluate all the historic data from several exploration programmes with a focus on
target generation and prioritisation of of future exploration.The company currently has in excess of 9 000 square kilometres of
exploration title held through current Exploration Licenses (ELs), ELs under renewal and under application.These licenses are
held in areas adjacent to and in a similar geological province to the Tolukuma mining lease.

ML104 EXPLORATION

120/Zine North Extension
After the completion of three drill holes at Mt Sen (EL 580) the drill rig was moved back to ML 104 to test the Far Northern
area of the 120 Zine vein.The two holes (120/ZN009 and 120/ZN010) drilled intersected both targeted structures.These
structures were found to continue down dip and along strike. Results are consistently low with the highest being 1.3 metres at
1.8 g/t gold. Results from this area will be reviewed and if necessary additional surface work will be carried out before any
additional drilling will be done.

Hole No

From depth(m)

To Depth(m)

True Width(m)

Au (g/t)

Ag (g/t)

120/ZN_009

100.6

102.2

1.1

0.3

6.0

120/ZN_009

121.0

122.9

1.3

1.8

3.0

Sawmill Vein
The Sawmill vein has been drilled from surface. A total of eight holes have been completed. A splay in SM007 returned a
weighted average of 0.8 metre at 57.7 g/t of gold including 0.4 metre at 105.2 g/t of gold.This splay had abundant visible gold.
Although the splay was intersected in several other holes, the grades were not repeated which could have been due to the large
core loss in the oxidized portion of the structure.

Hole No

From depth(m)

To Depth(m)

True Width(m)

Au (g/t)

Ag (g/t)

SM006

54.6

56.5

1.3

6.8

113.0

SM007

28.5

30.7

0.8

57.7

23.0

SM007

137.9

139.3

0.3

4.2

15.0

SM008

83.5

86.0

0.2

1.4

3.0

SM009

54.4

57.7

1.1

8.2

93.0

SM011

31.7

34.8

1.1

2.5

53.0

SM011

88.1

89.0

0.3

5.9

1.0

SM012

179.4

180.0

0.2

0.5

8.0

SM013

162.9

163.1

0.2

2.7

4.6

Underground LMA90 drilling

The drill rig completed the central and Northwestern area of the Degot/Fundoot. Work has indicated a high-grade zone with

the following parametres:

Average width of the high grade zone

1.8 metres

Weighted average grade across structure

32.9 g/t of gold

Average height of high grade zone

50 metres

Average quartz width

0.8 metre

Weighted average quartz grade

71.9 g/t of gold

Strike length of high grade zone

170 metres

Underground drilling continued along the Milihamba drive, testing the Southwestern extent of the Degot/Fundoot and

Zine/Gulbadi structures.

Hole No

From depth(m)

To Depth(m)

True Width(m)

Au (g/t)

Ag (g/t)

TU048

254.2

255.3

0.3

1.3

9.0

TU050

188.9

194.0

1.3

2.2

15.0

TU051

148.9

154.9

4.5

3.7

6.0

TU051

184.7

186.7

1.6

0.4

3.0

TU052

210.1

210.7

0.5

4.1

25.0

TU054

137.6

140.6

2.8

0.2

3.0

TU055

80.0

83.0

1.5

0.1

2.0

Degot/Fundoot Northwest - Banana Surface Drilling
Three holes were drilled from surface to test the Northwestern extent of the Degot/Fundoot area and two holes were drilled
in the Banana/Snake Creek area. Result summary:

Hole No

From depth(m)

To Depth(m)

True Width(m)

Au (g/t)

Ag (g/t)

DG014

155.1

155.7

0.3

0.2

15.0

DG015

101.0

101.7

0.4

2.9

146.0

BN007

22.7

24.9

1.7

0.3

23.0

BN008

40.2

40.7

0.4

0.1

29.6

DR PASEKA NCHOLO

Non-executive Chairman

MARK WELLESLEY-WOOD
Chief Executive Officer
28 July 2005

THIS REPORT DOES NOT CONSTITUTE AN OFFER OF SECURITIES

INVESTOR INFORMATION

AT 30 JUNE 2005

DIRECTORS

(* British) (** Australian) (*** American)

Independent non-executives:
D Blackmur **
GC Campbell *

Executives:

RP Hume

MM Wellesley-Wood (Chief Executive Officer) *
IL Murray (Chief Financial Officer)

Non-executives

Group Company Secretary:

MP Ncholo (Non-executive Chairman)

T Gwebu

J Turk ***

INVESTOR RELATIONS

For further information, contact Ilja Graulich at:

Tel: (+27-11) 219-8700 • Fax: (+27-11) 476-2637 • e-mail: ilja.graulich@za.drdgold.com • website: http://www.drdgold.com

299 Pendoring Avenue, Blackheath, Randburg, South Africa • PO Box 390, Maraisburg, 1700, South Africa