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 August 2006

Commission File Number 0-28800

______________________

DRDGOLD Limited

EBSCO House 4

299 Pendoring Avenue

Blackheath

Randburg, South Africa, 2195

(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 _ No

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

Attached to the Registrant Form 6-K filing for the month of August 2006, incorporated
by reference herein:

Exhibit

99.1

Release dated August 24, 2006, entitled “REPORT ON ACTIVITIES FOR THE FOURTH
QUARTER ENDED 30 JUNE 2006 ”

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: August 24, 2006

By: /s/ Themba Gwebu

Name: Themba Gwebu
Title: Company Secretary

Report on activities for the fourth quarter ended

30 June 2006

(Incorporated in the Republic of South Africa) Registration No.1895/000926/06
ARBN 086 277616 JSE trading symbol: DRD ISIN Code: ZAE 000058723

Issuer code: DUSM NASDAQ trading symbol: DROOY
( DRDGOLD or the company )

KEY FEATURES

KEY RESULTS SUMMARY

Group

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Attributable gold production *

Australasian operations

41 676

42 979

(3)

211 425

317 134

1 296

1 337

(3)

6 578

9 864

South African operations

90 181

86 678

315 976

251 902

2 805

2 696

9 828

7 835

Discontinued operations

oz - - - -

199 850

kg - - - -

6 216

Group

131 857

129 657

527 401

768 886

4 101

4 033

16 406

23 915

Cash operating costs

Australasian operations

US$ per oz

329

514

362

231

ZAR per kg

68 758

102 217

74 775

46 289

South African operations

US$ per oz

507

511

480

439

ZAR per kg

105 117

103 519

(2)

99 301

87 895

Discontinued operations

US$ per oz - - - -

508

ZAR per kg - - - -

101 701

Group

US$ per oz

452

512

433

372

ZAR per kg

93 627

103 136

89 475

74 404

Capital expenditure (net)

US$ million

13.7

5.4

(154)

36.6

24.9

ZAR million

87.9

32.8

(168)

235.1

154.8

* Attributable Emperor Mines Limited ("Emperor") consolidated 100% from 6 April 2006 (previously 39.52% attributable) and Crown Gold Recoveries (Pty)

Limited ("CGR") consolidated 100% from 1 December 2005 (previously 40% attributable)

Group Results

· Total attributable gold production for the quarter steady at 131 857oz

· 4% improvement from SA operations for the quarter; 25% for the year

· Porgera production for the quarter up 11%; west wall remediation now 60% complete

· 35% increase in attributable reserves to 8.8 million ounces
· New Boards for Emperor and DRDGOLD SA

· Emperor transaction closed

· DRDGOLD holds 78.9% of new Emperor

· Group cash operating costs down to US$452/oz (R93 627/kg)

DRDGOLD LIMITED

2006 FINANCIAL YEAR

STOCK
Issued capital
320 035 078 ordinary no par value shares
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and committed: 352 210 334

Stock traded

JSE

NASDAQ

FRANKFURT

Average volume for the 3 months per day ('000)

471

4 900

% of issued stock traded (annualised)

400

Price

·High

R11.70

US$1.98

Euro 1.47

·Low

R7.71

US$1.11

Euro 0.92

·Close

R10.00

US$1.37

Euro 1.09

OVERVIEW

Dear shareholder

Safety
I am sad to report that two employees died in mine-related accidents,
both at ERPM, in the quarter ended 30 June 2006. Phalali Silase, a team
leader, died in a seismically related rockfall on 4 April and Matjoesa
Samuel, a stope team member, in a similar incident on 27 June. Seven
fatalities for the year as a whole compares with 10 in the previous year.
Two of the seven occurred at Empero s Vatukoula operation in Fiji,
while the balance was in the South African operations of DRDGOLD. In
the previous year, all 10 fatalities occurred in the operations of
DRDGOLD in South Africa.

While the Fatality Frequency Rate for the year within DRDGOLD South
African Operations (Pty) Limited ("DRDGOLD SA") showed a slight
improvement from 0.25 per million man hours to 0.22, the Lost Time
Injury Frequency Rate ("LTIFR") deteriorated from 9.55 to 10.81 and the
Reportable Injury Frequency Rate from 3.44 to 3.81. While this is not an
acceptable performance by the company as a whole for the year,
Blyvooruitzicht Gold Mining Company Limited ("Blyvoor"), which
showed commendable improvements in respect of all three measures,
won the West Rand Mine Managers Safety Competition for the eighth
year in succession, and achieved one million fatality-free shifts shortly
before year end.

Within Empero s managed operations, Vatukoula s LTIFR for the year
deteriorated from 1.6 to 2.2 and its Disabling Injury Frequency Rate
("DIFR") from 5.6 to 7.8 while at Tolukuma Gold Mines Limited
("Tolukuma") both the LTIFR and DIFR worsened from 2.1 to 2.6.

Needless to say, a range of initiatives is in place at both the South African
and Australasian operations to effect the necessary improvements.
Particularly noteworthy is a broad-spectrum safety awareness campaign
dubbed Before You Work currently being implemented at both ERPM and
Blyvoor, and the Accelerated Development and Training Plan ("ACDTP")
at Vatukoula. As its title implies, the ACDTP has a major focus on training
and this includes safety matters.

Production
Total attributable gold production for the quarter was 2% higher at
131 857 ounces oz ), reflecting a 4% increase from the South African
operations to 90 181oz. Australasian gold production was 3% lower at
41 676oz.

Ongoing west wall remediation work at Porgera, the negative impacts of
underground flooding and bad weather at Tolukuma and a planned
shutdown at Vatukoula to implement ACDTP were all contributors to
lower Australasian production.

In South Africa, the upswing in production can be attributed to a
generally steady-state performance from Crown and indeed from the
surface recovery operations as a whole, to better production at ERPM
notwithstanding faulting encountered and increased seismicity
experienced towards the end of the June quarter and to the start of
Blyvoor's implementation of its new, volume-driven plan.

For the year, total attributable gold production was 31% lower at
527 401oz than in the previous year, reflecting the impact of a 33%
decline in Australasian gold production to 211 425oz. South African gold
production rose by 25% to 315 976oz.

Cash operating costs
Group cash operating costs for the quarter decreased by 12% to
US$452/oz. For the year, group cash operating costs were 16% higher at
US$433/oz than in the previous year. The driver was Australasian cash
operating costs, which were 57% higher at US$362/oz. South African
cash operating costs rose by 9% to US$480/oz.

Corporate developments
In April 2006 the vending of DRDGOLD s Australasian operations into
Emperor was concluded and Emperor now ranks as the fourth largest
gold producer listed on the Australian Stock Exchange. Consequences of
the transaction for DRDGOLD were an increased stake in Emperor
(now 78.9%) and US$30 million in cash.

The Emperor transaction, with another earlier in the year that fully
incorporated Blyvoor, Crown and ERPM into a new entity, DRDGOLD
SA 85% owned by DRDGOLD and 15% by a wholly owned
subsidiary of its black economic empowerment partner, Khumo Bathong
Holdings Limited ("KBH") concluded a thorough and meticulous re-
positioning of DRDGOLD s gold mining assets.

These are now housed in two, distinct regional entities

one Pacific Rim-

focused and the other South Africa- and Africa-focused. An enormously
important consequence is that there will be no cross-subsidisation of one
by the other going forward, a factor that, in the past, caused value-
destruction and consequently, enormous and understandable shareholder
irritation.

DRDGOLD was removed from the official list of the Australia Stock
Exchange Limited as from the close of trading on Friday, 28 July 2006,
pursuant to the de-listing arrangement described in the letter to
shareholders dated 21 April 2006 and the attachments to that letter and
in accordance with listing rule 17.11

Appointments
Injections of fresh board and senior management capacity are vital to the
future success of both Emperor and DRDGOLD SA, and it is very
pleasing to report that huge progress in this respect was made during
the quarter and into the start of the new financial year.

At Emperor, Brad Gordon

former Managing Director of Placer Dome

Nuigini Limited and General Manager of Porgera joined as Chief

Executive Officer and an executive director. Clyde Moore was
appointed as Chief Financial Officer and executive director.
Geoffrey Campbell, Chairman of DRDGOLD, and Ilja Graulich, Strategic
Development Officer for DRDGOLD, both joined the board as non-
executive directors. Geoffrey was also appointed as Chairman.
Bob McDonald was also appointed an independent non-executive
director. Frazer Bourchier former Manager: Mining at Porgera was
appointed General Manager at Vatukoula and John Wallace former
HR Manager at Porgera joined as General Manager: Human Resources
based at Empero s corporate office in Brisbane. Brad Sampson was
appointed General Manager: Tolukuma.

At DRDGOLD SA, Niel Pretorius acting Chief Executive Officer and

DRDGOLD s Group Legal Counsel was confirmed as Chief Executive
Officer in place of Dr Paseka Ncholo, who stood down in January due
to other business commitments. Craig Barnes, former DRDGOLD
Group Financial Accountant, was appointed Chief Financial Officer and
an executive director. Thulo Mogotsi, an executive director of KBH, and
Louisa Zondo, General Counsel for South African Airways, joined as
non-executive directors. Ben Nyirenda, Head of New Business for
DRDGOLD, was appointed as an alternate director. At Blyvoor, Collie
Russouw former Mine Manager at Harmony s Virginia operations takes
over as General Manager in place of Mark Munroe who will head
up a new entity, DRDGOLD Capital, focusing on the company s growth
in Africa.

Looking ahead
A year of extremely hard work has produced a way forward for
DRDGOLD and its key investments, Emperor and DRDGOLD SA, that
will be enormously challenging but, at the same time, encouraging. I say
encouraging, because the way forward is clear and filled with new
brown- and greenfields growth opportunities, and because our perennial
confidence in our product, gold, is being rewarded with renewed and
seemingly sustained price buoyancy.

In South Africa, Blyvoor is proceeding with its new plan that is expected to
deliver fewer but more profitable ounces, and a new approach provides
impetus to its No 2 Sub-shaft project. At ERPM, seismicity remains a
challenge but risk will be all the better managed through more mining of
less active, though lower grade, areas above 70 level. ERPM s great
promise, of course, lies in the extension of high-grade mining into the
adjacent Sallies lease area, for which exploration is already under way. For
Crown, much in the medium term depends on a successful outcome to its
application to mine the Top Star dump in central Johannesburg. Thanks to
the current gold price, we are able, also, to look afresh at the Argonaut
Project to the south of Johannesburg, albeit on a smaller scale.

In Australasia, management of the Porgera Joint Venture is in the capable
hands of the new majority shareholder, Barrick, and there is every
reason to be confident that turnaround forecasts will be met. At
Tolukuma, a range of infrastructural improvements, coupled with mining
of recently discovered bonanza Zine deposits, should lead to significant
operating and financial improvements. At Vatukoula, long the problem
child , a shift in focus to high-grade mining, long overdue infrastructural
improvements and employee re-training mean there is at last the very
real prospect of profitable mining into the future.

Lastly, indicative of DRDGOLD s longer term prospects, is the healthy
increase in the company s attributable reserve and resource position.
The former has increased by 35% to 8.8 million ounces and the latter by
30% to 47.6 million ounces.

We like to say 'we do what we say'. At various times in the recent past,
however, not everyone liked hearing about our intentions, not least
because they often meant pain and discomfort of some sort. Looking
down the track, I believe all of our stakeholders should feel more
enthused, both about our ambitions and our ability to deliver.

MARK WELLESLEY-WOOD
Chief Executive Officer
24 August 2006

KEY OPERATING AND FINANCIAL RESULTS

Australasian Operations

Porgera (20% Share of Joint Venture)

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

t'000

305

241

1 097

1 200

Yield

g/t

2.77

3.15

(12)

3.64

5.07

Gold produced

27 215

24 410

128 238

195 394

846

760

3 990

6 079

Cash operating costs

US$ per oz

123

455

277

186

ZAR per kg

25 811

90 355

57 148

37 291

ZAR per tonne

285

208

189

Capital expenditure (net)

US$ million

4.7

1.1

(327)

14.5

16.1

ZAR million

30.0

5.8

(417)

93.1

100.2

Attributable gold production for the quarter ended 30 June 2006 was 11% higher at 27 215oz, reflecting a 27% increase in ore milled to 305 000 tonne

t ). Average yield was 12% lower at 2.77 grams per ton g/t ). Low grade, long term stockpiles continued to provide the primary ore feed at Porgera

during the quarter. Cash operating costs were 73% lower at US$123/oz, reflecting higher gold production and an adjustment to deferred stripping cost
capitalised during the quarter.

Remediation of the west wall cutback continues and is now 60% complete. The JV expects mining of ore from the open pit to begin later in 2006, after
which both production levels and cash costs are expected to improve.

Tolukuma

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

t'000

(4)

193

211

Yield

g/t

8.58

7.70

8.83

11.24

Gold produced

12 408

11 659

54 790

76 314

386

362

1 704

2 372

Cash operating costs

US$ per oz

781

637

(23)

561

346

ZAR per kg

161 858

127 122

(27)

116 042

69 348

ZAR per tonne

1 388

979

(42)

1 025

780

Capital expenditure (net)

US$ million

0.8 - -

4.4

3.4

ZAR million

5.1

(0.4)

(1 375)

28.4

21.3

Gold production for the quarter was 6% lower at 12 408oz. While the average yield improved by 11% to 8.58g/t, ore milled was 4% lower at 45 000t.

Poor weather prevented continuous freight movement to the mine site by helicopter, resulting in several plant shutdowns during the quarter. To
overcome this in the future, strategic stocks of consumables at the mine site will be increased.

Improved flexibility is expected as initial production areas along the newly discovered Zine structure are developed and brought into the mine plan.
Lower gold production was the main contributor to a 23% increase in cash operating costs to US$781/oz.

Vatukoula ("Old" Emperor)
100% consolidated from 6 April 2006
(Previously 39.52% attributable)

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

t'000

(36)

161

213

Yield

g/t

2.78

5.97

(53)

5.49

6.63

Gold produced

2 053

6 910

(70)

28 397

45 426

215

(70)

884

1 413

Cash operating costs #

US$ per oz

333

690

588

434

ZAR per kg

74 953

137 002

121 515

86 527

ZAR per tonne

209

809

697

584

Capital expenditure (net) #

US$ million

3.5

1.6

(119)

9.5

8.4

ZAR million

22.2

9.9

(124)

60.8

52.0

# Represents total operation

Implementation of the mine's new ACDTP involved a temporary shutdown of the mine on 20 April and a gradual start-up early in June.

Consequently, gold production for the quarter was only 2 053oz compared with 17 485oz in the previous quarter (DRDGOLD attributable portion 6 910oz). Ore milled was 75% lower at 23 000t and average yield 53% lower at 2.78g/t. The ACDTP has been designed to introduce flexibility to production areas, improve infrastructure and increase the productivity of the workforce. The plan includes development of higher
grade areas at Philip Shaft and upgrading of associated shaft infrastructure. In addition, the entire workforce will undergo comprehensive
assessment, re-skilling and retraining. During the quarter, work continued on various infrastructure-related improvements at Philip Shaft.

Production from Smith Shaft has now stopped.

South African Operations

Blyvoor

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

Underground

t'000

178

171

674

587

Surface

t'000

920

927

(1)

3 634

2 932

Total

t'000

1 098

4 308

3 519

Yield

Underground

g/t

5.26

4.59

5.55

7.31

Surface

g/t

0.33

0.38

(13)

0.34

0.25

Total

g/t

1.13

1.03

1.15

1.43

Gold produced

Underground

30 124

25 238

120 178

137 958

937

785

3 738

4 291

Surface

9 806

11 221

(13)

39 515

23 920

305

349

(13)

1 229

744

Total

39 930

36 459

159 693

161 878

1 242

1 134

4 967

5 035

Cash operating costs

Underground

US$ per oz

607

692

551

468

ZAR per kg

126 037

138 084

113 789

93 715

ZAR per tonne

663

634

(5)

631

685

Surface

US$ per oz

276

233

(18)

248

272

ZAR per kg

57 289

46 553

(23)

51 245

54 331

ZAR per tonne

(6)

Total

US$ per oz

526

551

476

439

ZAR per kg

109 155

109 914

98 314

87 895

ZAR per tonne

123

114

(8)

113

126

Capital expenditure (net)

US$ million

2.2

2.4

8.8

2.1

ZAR million

14.3

15.1

56.8

12.9

The generally improved underground results reflect the start of implementation of the new plan, key features of which are a reduction in mining from the
seismically active, high-grade No 5 Shaft area in the interests of safety and an increase in production from the No 4 Shaft and lower-grade No 6 Shaft
areas.

A target of 70 000t per month from underground was expected by the end of September 2006 but could be delayed by up to a month because of the
required overhaul of the No 6 Shaft winder and shaft repairs.

For the quarter ending June 2006, underground gold production was 19% higher as a result of a 15% increase in average yield to 5.26g/t. Surface gold
production was 13% lower at 9 806oz, as a result of a 1% decrease in ore milled to 920 000t and a 13% decrease in average yield to 0.33g/t. Lower
throughput reflects slower recovery of hard material from the slimes dam project and downtime during the relocation of a pump station to access higher
grade slimes. Lower yield was mainly a factor of a foreseen decline in the grade of rock dump material treated.

Total cash operating costs were 5% lower at US$526/oz, reflecting higher underground gold production. Underground cash operating costs declined by
12% to US$607/oz, while surface cash operating costs rose by 18% to US$276/oz.

A re-assessment of Phase 2 of the No 2 Sub-shaft project has indicated that accessing the ore body between 27 and 35 level from No 6 Shaft will be
considerably more cost effective than from the No 2 Sub-shaft, as originally envisaged. This approach is expected to lower the total capital cost of the project from R100 million to R40 million. Work on Phase 2, according to the new approach, began in July and is expected to be completed in two years.

Drilling to determine the extent of the Alpha Dyke in the No 5 Shaft high-grade area, intercepted in the previous quarter some 40m further to the west
than anticipated, continued throughout the quarter under review. Indications thus far are that the dyke is at least 30m thick.

Crown
100% consolidated from 1 Dec 2005
(Previously 40% attributable)

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

t'000

2 070

1 946

6 165

3 552

Yield

g/t

0.36

0.37

(2)

0.38

0.40

Gold produced

23 823

23 213

75 959

45 424

741

722

2 362

1 413

Cash operating costs #

US$ per oz

489

502

432

395

ZAR per kg

101 456

99 841

(2)

89 329

78 890

ZAR per tonne

Capital expenditure (net) #

US$ million

1.6

1.3

(23)

4.9

1.5

ZAR million

10.6

7.8

(36)

31.6

9.6

# Represents total operation

A 6% increase in ore milled to 2 070 000t for the quarter compensated for a 2% decline in average yield to 0.36g/t. Gold production rose by 3% to
23 823oz. Drier weather conditions contributed to the increase in throughput. Cash operating costs were 3% lower at US$489/oz, reflecting higher gold
production.

A R3.2 million upgrade of the residue pipeline, scheduled for completion by the end of August 2006, a R6.8 million upgrade of the CMR reclamation site
pipeline, scheduled for completion by the end of the September quarter, and a R17.4 million refurbishment of the Knights plant mills are all expected to
improve efficiencies.

In respect of the planned recovery of material from the Top Star dump in central Johannesburg, mining authorisation application procedures are
under way.

ERPM
100% consolidated from 1 Dec 2005
(Previously 40% attributable)

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

Underground

t'000

225

145

Surface

t'000

474

537

(12)

1 598

752

Total

t'000

551

609

(10)

1 823

897

Yield

Underground

g/t

8.17

8.86

(8)

8.29

7.59

Surface

g/t

0.41

0.38

0.40

0.38

Total

g/t

1.49

1.38

1.37

1.55

Gold produced

Underground

20 223

20 512

(1)

59 999

35 392

629

638

(1)

1 866

1 101

Surface

6 205

6 494

(4)

20 325

9 208

193

202

(4)

633

286

Total

26 428

27 006

(2)

80 324

44 600

822

840

(2)

2 499

1 387

Cash operating costs #

Underground

US$ per oz

479

470

(2)

461

381

ZAR per kg

99 514

93 624

(6)

95 293

76 303

ZAR per tonne

813

830

785

578

Surface

US$ per oz

537

563

499

527

ZAR per kg

111 451

112 010

103 109

105 288

ZAR per tonne

(7)

Total

US$ per oz

493

471

411

ZAR per kg

102 316

98 045

(4)

97 289

82 287

ZAR per tonne

153

135

(13)

134

127

Capital expenditure (net) #

US$ million

0.7

2.1

(1.1)

ZAR million

4.8

4.4

(9)

13.7

(7.5)

# Represents total operation

Total gold production for the quarter was 2% lower at 26 428oz, reflecting a 10% decrease in total ore milled to 551 000t. The overall average yield was
8% higher at 1.49g/t.

While underground ore milled was 7% higher at 77 000t, the average underground yield was 8% lower at 8.17g/t, leading to slightly lower underground
gold production of 20 223oz. Lower grade reflects increased mining from lower grade panels above 70 level. Underground production was also
adversely affected by the exclusion from the mine plan of stopes in the 73 West area due to seismicity.

Targeted available face above 70 level of 150m has now been achieved. Traversing of the 16m, up-throw fault in the 70 East area is continuing. Work to
split the 70 level decline conveyor into two sections thus reducing wear and tear is under way and is scheduled for completion by December 2006.

The four-year, ERPM Extension (Sallies) exploration drilling programme has begun, with the drilling of the first of three holes on 70 level in progress. An
application to the Department of Minerals and Energy for a prospecting permit over an extension to the existing exploration area has been accepted.

With respect to the pumping upgrade project, water pumping plans are currently under review, while mud pumping feasibility work is continuing. Phase 2
of the plugging project is on schedule and planning of Phase 3 has been completed. The total plugging project is scheduled for completion by June 2007.

Surface gold production was 4% lower at 6 205oz, reflecting a 12% decline in surface ore milled to 474 000t. Average surface yield was 8% higher at
0.41g/t. Lower throughput was the result of mill breakdowns in the ERPM plant. The commissioning of two additional mills at the Knights plant neared
completion at the end of the quarter, slightly behind schedule due to various teething problems.

Discontinued Operations

North West (Hartebeestfontein and
Buffelsfontein mines)

Quarter

30 Jun 2006

Quarter

31 Mar 2006

Change

12 months to

30 Jun 2006

12 months to

30 Jun 2005

Ore milled

Underground

t'000 - - - -

986

Surface

t'000 - - - -

884

Total

t'000 - - - -

1 870

Yield

Underground

g/t - - - -

5.44

Surface

g/t - - - -

0.96

Total

g/t - - - -

3.32

Gold produced

Underground

oz - - - -

172 522

kg - - - -

5 366

Surface

oz - - - -

27 328

kg - - - -

850

Total

oz - - - -

199 850

kg - - - -

6 216

Cash operating costs

Total

US$ per oz - - - -

508

ZAR per kg - - - -

101 701

ZAR per tonne - - - -

338

Capital expenditure (net)

US$ million - - - -

3.3

ZAR million - - - -

20.3

EXPLORATION AND DEVELOPMENT

Australasian Operations

Vatukoula
On 20 April 2006, Emperor announced the implementation of the new ACDTP. The plan includes the development of higher grade areas in the vicinity
of Philip Shaft and upgrading the associated shaft infrastructure. On 26 April, Emperor entered into an agreement with the Government of Fiji, the Mine
Workers Union of Fiji and the Vatukoula Mine Workers Staff Association to give effect to a major reorganization to ensure the long term future of the
mine. In addition, the entire workforce is undergoing a comprehensive assessment, re-skilling and retraining programme. Over the next 18 months,
Emperor will invest F$27 million in capital expenditure. A Workers Relief Fund of F$300 000 has been committed by the Fijian Government to assist
employees.

Tolukuma
A comprehensive review of the regional exploration database has outlined several new high priority prospects. Work will begin on these in the next few
months.
In late April, Emperor announced the discovery of two zones of high-grade gold mineralisation in the Zine structure, a significant regional structure that is
parallel to the main Tolukuma Structure. This structure has continued to return encouraging results from both drilling and underground development
with a considerable strike length of high-grade material being identified. Drilling and development is in progress to bring the area into a resource category
as quickly as possible.

South African Operations

Argonaut
A prospecting right for 969 hectares was granted on 6 February. An application to extend this prospecting right by an additional 4 002 hectares was
submitted to the Department of Minerals and Energy (DME) on 26 June. The application has been accepted, and response is awaited.

ERPM Extension 1
The ERPM Extension 1 Mineral Resource as at 30 June is as follows: