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 2009

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

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 2009, incorporated
by reference herein:

Exhibit

99.1 Release dated August 20, 2009, entitled “REPORT TO SHAREHOLDERS FOR THE
QUARTER AND YEAR ENDED 30 JUNE 2009”.

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 20, 2009

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

Report to shareholders for the quarter and year ended 30 June 2009

(Incorporated in the Republic of South Africa), Registration No.1895/000926/06 , JSE share code: DRD,
ISIN: ZAE 000058723, Issuer code: DUSM NASDAQ trading symbol: DROOY, (“DRDGOLD” or “the company”).

GROUP RESULTS

KEY FEATURES

•

Dividend declared of 5 cents per share

•

Surface production steady

•

Acquisition of the remaining 50% interest in ErgoGold completed

•

Operating profit of R282.7 million for the year

•

Headline profit for the year of 33.8 cents per share

Stock traded

JSE

NASDAQ*

Average volume for the quarter per day ('000)

647

1 913

% of issued stock traded (annualised)

132

Price • High

R8.45

$1.059

• Low

R5.91

$0.680

• Close

R6.03

$0.759

* This data represents per share data and not ADS data - one ADS reflects ten
ordinary shares

STOCK

Issued capital

378 001 303 ordinary no par value shares

5 000 000 cumulative preference shares

Total ordinary no par value shares issued and committed: 395 306 232

REVIEW OF OPERATIONS

Quarter

Quarter 12 months to

12 months to

Group

Jun 2009

Mar 2009

Change

Jun 2008

30 Jun 2009

30 Jun 2008

Gold production

Continuing operations

57 775

58 997

(2)

71 211

247 690

308 005

1 797

1 835

(2)

2 215

7 704

9 580

Discontinued operations

–

13 427

–

417

Group

57 775

58 997

(2)

71 211

247 690

321 432

1 797

1 835

(2)

2 215

7 704

9 997

Cash operating costs

Continuing operations

US$ per oz

855

653 (31)

689 730

657

ZAR per kg

235 499

211 666

(11)

173 034

212 228

154 451

Discontinued operations

US$ per oz

–

1 098

ZAR per kg

–

264 264

Group

US$ per oz

855

653 (31)

689 730

675

ZAR per kg

235 499

211 666

(11)

173 034

212 228

159 032

Gold price received

US$ per oz

900

915 (2)

893 861

817

ZAR per kg

244 927

292 369

(16)

224 552

250 589

192 143

Capital expenditure

US$ million

13.7

6.4 (114)

20.0 38.4

36.5

ZAR million

117.3

65.8 (78)

149.8 345.1

267.2

DRDGold Limited

Shareholder Report 09

FORWARD LOOKING STATEMENTS

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 uncertainties in general
economic conditions in the markets we serve, a drop in the gold price, a
sustained strengthening of the Rand against the Dollar, regulatory
developments adverse to DRDGOLD or difficulties in maintaining necessary
licenses or other governmental approvals, changes in DRDGOLD's
competitive position, changes in business strategy, any major disruption in
production at key facilities or adverse changes in foreign exchange rates and
various other factors.

These risks include, without limitation, those described in the section entitled
"Risk Factors" included in our annual report for the fiscal year ended 30 June
2008, which we filed with the United States Securities and Exchange
Commission on 12 December 2008 on Form 20-F.You should not place undue
reliance on these forward-looking statements, which speak only as of the date
thereof.We do not undertake any obligation to publicly update or revise these
forward-looking statements to reflect events or circumstances after the date
of this report or to the occurrence of unanticipated events.

OVERVIEW

Dear shareholder

Safety, health and environment
It is encouraging to report that we have recorded our second successive
fatality-free quarter. This points clearly to the logic of our strategic objective
to reduce risk in our company, and it is a particularly creditable performance
by Blyvooruitzicht Gold Mining Company Limited (“Blyvoor”), our only
remaining underground operation.

While Blyvoor’s Disabling Injury Frequency Rate (“DIFR”) deteriorated slightly
from 13.31 to 13.55, its Reportable Injury Frequency Rate (“RIFR”) remained
constant at 4.34 and its Dressing Station Injury Rate (“DSIR”) improved from
27.97 to 26.58.

The mine as a whole recorded 1 000 000 fatality-free shifts on 10 June 2009.

Crown Gold Recoveries (Pty) Limited (“Crown”) recorded improvements in
respect of all measured safety parameters, a pleasing result, considering that
ErgoGold’s statistics are now included. The RIFR dropped from 2.28 to 0, the
DIFR from 5.7 to 1.34 and the DSIR from 15.9 to 8.74.

We are now well-placed for the introduction of our behaviour-based safety
programme at Blyvoor’s No 6 Shaft during August and September 2009, to be
followed by an operations-wide rollout. Various operation- and issues-specific
safety campaigns continued throughout the quarter.

In respect of occupational hygiene, health codes of practice for airborne
pollutants, noise and thermal stress have been signed off by all stakeholders
and will be submitted to the Department of Mineral Resources.

At Blyvoor, quantitative risk assessments for airborne pollutants underground
at each of the shafts are at varying stages of completion and a baseline
quantitative risk assessment for noise in respect of surface working areas has
begun. The TB prevention programme continues to function well and a
Wellness Day has been scheduled for 14 September 2009.

Total expenditure on environmental issues for the quarter was R3.9 million.

Production
Total gold production for the quarter was 2% lower at 57 775oz, reflecting a
5% decline in underground production at Blyvoor, where a number of high-
grade panels in the 38/29 section at No 5 Shaft were knocked out by a large
seismic event on 29 May 2009. Surface gold production remained steady at
35 430oz. While 100% of ErgoGold’s production (previously known as the
Elsburg Gold Mining Joint Venture) is reflected in our results for the first time
this quarter, recoveries from L29 Dump had not by quarter-end reached
project assumption. Reclamation from the Elsburg Tailings Complex (“ETC”)
started on 3 August 2009, and we aim to achieve steady state from the
second feeder line to the Brakpan plant in September. Further information,
per operation, is provided below.

Total gold production for the year from continuing operations was 20% lower
at 247 690oz, the major contributing factor being the suspension of

underground mining at ERPM in the second quarter, and the downward
volume adjustment at Crown, as part of the decommissioning of the Crown
Tailings Deposition Facility.

Reserves and resources
Attributable Mineral Resources increased by 3% from 54.7 million ounces
(Moz) in financial year 2008 to 56.4Moz in financial year 2009. Attributable
Ore Reserves decreased by 24% from 7.9Moz in FY08 to 6.0Moz in FY09.

This information has been prepared in compliance with the SAMREC Code by
Mr R. Botha who is an employee of DRDGOLD and has been reviewed by Mr
K. Lomberg an independent advisor from Coffey Mining (SA) Pty Limited.

The rise in attributable Mineral Resources reflects the company’s acquisition
of the remaining 50% of ErgoGold, which added 1.9Moz to the group’s total
resources.

The decrease in attributable Ore Reserves was primarily because of ERPM’s
underground operations being suspended.

Financial
Total revenue for the quarter was 22% lower at R420.7 million, due mainly to
a 16% drop in the average Rand gold price received to R244 927/kg. After
accounting for total cash operating costs – 9% higher at R423.2 million –
cash operating profit was 99% lower at R1.3 million. Depreciation of
R41.6 million resulted in a gross loss from operating activities of R47.9 million
compared with the previous quarter’s gross profit of R116.0 million. Higher
impairment provisions and administration expenses and general costs, partly
offset by R53 million negative goodwill were the major contributors to a pre-
tax loss of R81.2 million compared with a pre-tax profit of R95.0 million in
the previous quarter. Net profit was 2% lower at R42.6 million, after
accounting for deferred tax of R120.6 million.

Total revenue for the year was 4% higher at R1 910.7 million, reflecting a
30% increase in the average Rand gold price received for the year to
R250 589/kg. Operating profit, however, was 26% lower at R282.7 million
after accounting for total cash operating costs, which were 11% higher at
R1 635.0 million. Higher depreciation charges and retrenchment costs
resulted in a 52% decline in gross profit to R129.1 million. The negative effect
of higher administration expenses and general costs was offset by a profit on
financial liabilities measured at amortised costs, goodwill and higher finance
income, leaving profit before tax 4% lower at R82.3 million. After deduction
of tax of R46.2 million and deferred tax, net profit was R110.7 million. This
compares with the previous year’s profit of R1 225.1 million, which reflected
a profit on the sale of the company’s Australasian assets.

Corporate
During the year, we acquired Mintails SA (Pty) Limited (”Mintails SA”) 50%
interest in ErgoGold, the gold component of the first phase of the Ergo Joint
Venture. This was a valuable acquisition for us, bringing in 100% of the
envisaged production, revenue and profits from Phase 1 and presenting us
with opportunities to explore, develop and ultimately exploit surface
retreatment synergies between our veteran Crown operation and Ergo. A
further very advantageous development for us is that Crown also secured the
contractual right from jointly owned Ergo Mining (Pty) Limited to deposit its
entire tailings flow onto the Brakpan and Withok tailings facility. Potentially,
this development could extend Crown’s life of mine by several years.

Subsequent to the purchase of Mintails SA 50% interest in ErgoGold, we
offered to purchase the remainder of its South African surface assets, but the
offer was rejected.

Detailed operating and financial review

Blyvoor

Total gold production in the quarter under review was virtually unchanged at
31 766oz (32 248oz in the previous quarter). A 7% increase in total
throughput to 1 014 000t offset the impact of an 8% decline in overall yield
to 0.97g/t.

Gold production from underground was 5% lower at 21 349oz, a
consequence of an 8% decline in average underground grade to 4.37g/t. The
lower average grade resulted both from the loss of high-grade panels at No 5
Shaft due to seismicity and to an increase in mining of lower-grade panels at
No 4 Shaft. Underground throughput was 3% higher at 152 000t.

Shareholder Report 09

DRDGold Limited

Surface gold production increased by 7% to 10 417oz due to an 8% rise in
surface throughput to 862 000t. Higher throughput reflected the successful
commissioning of a new pipeline from the slimes operation transfer pump
station to the plant. The average surface yield was maintained at 0.38g/t.

Total cash operating costs rose by 12% to R227 831/kg, reflecting the impact
of higher winter power tariffs. Underground cash operating costs were
17% higher at R289 816/kg and surface cash operating costs 3% higher at
R100 799/kg.

Cash operating profit was 79% lower at R19.2 million, a consequence of a
substantially lower average Rand gold price received.

Capital expenditure was 10% lower at R24.0 million.

At the Way Ahead Project, there has been good production build-up.
Additional crews have been deployed and the 1 200m

per month targeted

for the end of June 2009 is being exceeded. The upper portion of the 15/29
Incline Project is now in production but overall build-up has been slower than
anticipated. Deepening of the incline to facilitate smoother loading of reef is
in progress.

Crown

Gold production was 13% lower at 17 940oz, reflecting both a 10% decline
in throughput to 1 414 000t and a 5% decline in the average yield to 0.39g/t.
Lower throughput was in line with a planned reduction to 400 000tpm to
effect the Crown Tailings Deposition Facility closure plan, while lower yield
resulted from completion of reclamation of the Mennells dump.

Cash operating costs increased by 10% to R187 314/kg due to lower gold
production. Cash operating profit was 69% lower, reflecting both lower
production and a lower average Rand gold price received.

Capital expenditure declined by 23% to R7.9 million, reflecting conclusion of
the construction of buttresses at the Crown Tailings Deposition Facility.

Work continued on an environmental impact assessment for a proposed
R212 million pipeline linking the Crown plants to Ergo’s tailings deposition
site at Brakpan.

ERPM

Total gold production increased by 44% to 6 204oz, reflecting a 59%
improvement in surface gold production to 5 208oz. Continued clean-up at
the suspended underground operation yielded 996oz.

Higher surface gold production resulted both from a 26% increase in surface
throughput to 428 000t and a 27% increase in the average surface yield to
0.38g/t. Throughput and yield improvements reflected successful completion
of a shift in the direction of reclamation at the Cason Dump into higher-grade
areas.

Total cash operating costs were 31% lower at R295 601/kg. This reflects a
23% drop in surface cash operating costs to R197 173/kg, which resulted
from higher surface gold production. Underground cash operating costs,
although 17% lower at R809 968/kg, were nevertheless unacceptably high.
Yields from remnant clean-up were lower than planned and therefore did not
offset the care and maintenance costs of the underground operations to the
extent that we had hoped. These were the major contributors to a 3%
increase in the cash operating loss to R18.3 million.

No capital expenditure was incurred during the quarter.

ErgoGold

Results for the quarter under review are not directly comparable with those
of the previous quarter. This is due to DRDGOLD acquiring full ownership of
ErgoGold with effect from 1 April 2009.

Work on ErgoGold's elution plant was completed in the second week of April.
While volume flows of the first circuit – from the L29 Dump – were
satisfactory, initial recoveries of 0.04g/t at quarter-end were below project
specifications, requiring a number of engineering modifications to the
elution plant.

The second circuit, linking the 186Mt ETC site with the Brakpan plant, came
into production on 3 August 2009. Capital expenditure totalled R85.4 million,
mainly to complete the reclamation site.

With two lines now operational – one from L29 and the other from ETC – we
expect to achieve steady state in the September quarter. Accelerated capital
at the ETC site provides us with surge capacity on the Elsburg line and the
ability to manipulate the flow rates from our two reclamation sites.

Dividend
The directors have declared a final dividend of 5 South African cents per
ordinary share for the year ended 30 June 2009, which amounts to a total
final dividend payout of R18.9 million. This compares with the final dividend
of 10 cents per share for the year ended 30 June 2008, amounting to a total
dividend payout of R37.7 million. The directors are of the view that the
need to reward shareholders for their continuing support must be balanced
against the negative impact that the Rand/Dollar exchange rate currently has
on revenues.

In compliance with the requirements of STRATE, given the company’s primary
listing on the JSE Limited, the salient dates for payment of the dividend are
as follows:

2009

Last date to trade ordinary shares cum dividend

Friday, 2 October

Ordinary shares trade ex dividend

Monday, 5 October

Record date

Friday, 9 October

Payment date

Monday, 12 October

On payment date, dividends due to holders of certificated securities on the
South African share register will either be electronically transferred to the
shareholders’ bank accounts or, in the absence of suitable mandates, dividend
cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to
shareholders’ accounts with the relevant CSDP or broker.

To comply with the further requirements of STRATE, between Monday,
5 October 2009 and Friday, 9 October 2009, both days inclusive, no transfers
between the South African and any other share register will be permitted and
no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depository Shares

Each American Depository Share (“ADS”) represents ten ordinary shares

2009

ADSs trade ex dividend on Nasdaq

Wednesday, 7 October

Record date

Friday, 9 October

Approximate date for currency conversion

Friday, 16 October

Approximate payment date of dividend

Monday, 26 October

Assuming an exchange rate of R8.14/$1, the dividend payable on an ADS is
equivalent to 6.14 US cents. However, the actual rate of payment will depend
on the exchange rate on the date for currency conversion.

Looking ahead
Our asset mix and stated conservative management approach has seen us
through the quarter and year under review. We have entered the first quarter
of the new financial year with the means to grow our surface operations
intact, and the resolve to address the key risks associated with our
underground footprint.

At Blyvoor, we will rehabilitate the damaged higher grade panels at No 5 Shaft
over an estimated six months, and increase mining from the Main Reef to
offset the volatilities we see in the more remote high grade areas of 5 Shaft.
We have resolved, also, to discontinue care and maintenance and close
ERPM’s underground operation.

The successful commissioning early in the current quarter of the ETC line
brings us closer to ErgoGold starting to deliver to expectation. We will
continue with our investigation into the feasibility of a pipeline linking the
Crown plants to Ergo’s Brakpan tailings deposition site over the next six
months. This, should it go ahead, will resolve the deposition constraint we
currently face as the Crown Tailings Deposition Complex nears closure. It will
also open up a range of surface retreatment synergies between Crown and
Ergo and further consolidate our position in this lower-risk, lower-cost, higher-
margin sector of the gold business in South Africa.

Niël Pretorius
Chief Executive Officer

20 August 2009

DRDGold Limited

Shareholder Report 09

The condensed preliminary consolidated financial statements below have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) and the disclosure requirements of IAS 34, which is consistent with the accounting policies used in the audited
annual financial statements for the year ended 30 June 2008.

KPMG's unmodified review report on the condensed consolidated IFRS financial statements contained in this announcement is available for
inspection at the company's registered office.

CONDENSED CONSOLIDATED

Quarter

Quarter 12 months to 12 months to

Statement of comprehensive income

Jun 2009

Mar 2009

Jun 2008

30 Jun 2009

30 Jun 2008

Unaudited

Reviewed

Continuing operations
Gold and silver revenue

420.7

536.5 495.4

1 910.7

1 843.9

Net operating costs

(419.4)

(406.6)

(368.5)

(1 628.0)

(1 464.3)

Cash operating costs

(423.2)

(388.4)

(383.2)

(1 635.0)

(1 479.6)

Movement in gold in process

3.8

(18.2)

14.7

7.0

15.3

Operating profit

1.3

129.9 126.9 282.7

379.6

Depreciation

(41.6)

(23.5)

(11.0)

(99.2)

(69.0)

Movement in provision for environmental rehabilitation

(6.2)

7.8 (16.0)

(19.5)

(30.2)

Retrenchment costs

(1.4)

1.8 (5.1)

(34.9)

(11.3)

Gross (loss)/profit from operating activities

(47.9)

116.0 94.8

129.1

269.1

Impairments

(19.4)

(3.3)

(63.9)

(75.1)

(63.9)

Administration expenses and general costs

(56.5)

(37.4)

(26.7)

(138.3)

(96.1)

Share-based payments

(1.7)

(2.0)

(5.9)

(7.9)

(6.6)

Financial liabilities measured at amortised cost – note 1

(8.8)

5.7 (88.5)

44.0

(89.3)

Recognition of goodwill on purchase of subsidiary – note 2

53.0

–

53.0

–

Profit/(loss) on sale of assets and investments

–

(0.3)

(0.9)

8.3

11.1

Finance income

3.3

20.6 35.1 82.5

75.7

Finance expenses and unwinding of provisions

(3.2)

(4.3)

4.0

(13.3)

(13.9)

(Loss)/profit before taxation

(81.2)

95.0 (52.0)

82.3

86.1

Income tax

3.2

(25.2)

3.8

(46.2)

(13.3)

Deferred tax

120.6

(26.3)

81.6

74.6

81.6

Profit after taxation

42.6

43.5 33.4

110.7

154.4

Discontinued operations
Loss for the period from discontinued operations

–

(0.5)

–

(51.8)

Profit on sale of assets and investments

–

12.6

–

1 169.2

Impairment from discontinued operations

–

(1.0)

–

(46.7)

Net profit for the period

42.6

43.5 44.5

110.7

1 225.1

Attributable to:

Ordinary shareholders of the company

37.2

34.1 40.2

129.1

996.1

Minority interest

5.4

9.4 4.3

(18.4)

229.0

42.6

43.5 44.5

110.7

1 225.1

Other comprehensive income
Foreign exchange translation and other

10.0

1.1 (1.1)

(0.6)

83.6

Purchase/(disposal) of subsidiaries and other

192.9

–

5.2

192.9

(184.1)

Mark-to-market of available-for-sale investments

(1.1)

– 1.7 (1.1)

1.7

Total comprehensive income for the period

244.4

44.6 50.3

301.9

1 126.3

Attributable to:

Ordinary shareholders of the company

179.3

35.2 40.4

260.6

1 251.4

Minority interest

65.1

9.4 9.9

41.3

(125.1)

244.4

44.6 50.3

301.9

1 126.3

Reconciliation of headline (loss)/profit
Net profit

37.2

34.1 40.2

129.1

996.1

Adjusted for:

– Impairments

19.4

3.3 63.9 75.1

63.9

– Impairment from discontinued operation

–

– 1.0 –

46.7

– Profit on sale of discontinued operations

–

– (12.6)

–

(1 169.2)

– Goodwill on purchase of subsidiary

(53.0)

– –

(53.0)

–

– Loss/(profit) on sale of assets and investments

–

0.3 (9.2)

(8.3)

(22.1)

– Minority share of headline earnings adjustment

(4.4)

(0.1)

(10.5)

(15.5)

198.5

Headline (loss)/profit

(0.8)

37.6 72.8

127.4

113.9

Headline (loss)/earnings per share – cents

(0.2)

10.0 19.3 33.8

30.3

Basic earnings per share – cents

9.8

9.0 10.7 34.3

264.9

Diluted headline (loss)/earnings per share –cents

(0.2)

10.0 19.3 33.8

30.3

Diluted basic earnings per share – cents

9.8

9.0 10.7 34.3

264.9

Calculated on the weighted average ordinary shares issued of: 377 733 911

376 884 611

376 536 319 376 678 974

376 023 344

Adjusted headline earnings per share – cents

2.1

8.5

42.8

22.1

54.0

(Adjusted for the net (loss)/gain on financial liabilities measured at amortised cost – note 1)

Note* From time to time DRDGOLD may publicly disclose certain “Non-GAAP” financial measures in the course of its financial presentation earnings release, earnings
conference calls and otherwise.

Shareholder Report 09

DRDGold Limited

CONDENSED CONSOLIDATED

As at

Statement of financial position

30 Jun 2009

31 Mar 2009

30 Jun 2008

Reviewed

Unaudited

Reviewed

Assets
Property, plant and equipment – note 2

1 737.5

932.8 815.6

Non-current Investments and other assets

43.0

65.4 65.3

Environmental rehabilitation trust funds

129.7

125.6 110.8

Deferred tax

165.1

35.6 81.6

Current assets

550.5

989.9 1 189.2

Inventories

93.9

80.6 62.9

Trade and other receivables

88.0

348.6 240.5

Cash and cash equivalents

353.6

545.7 846.1

Assets classified as held for sale

15.0

15.0 39.7

Total assets

2 625.8

2 149.3

2 262.5

Equity and liabilities
Equity

1 584.0

1 335.7

1 305.5

Shareholders' equity

1 481.5

1 298.3

1 244.3

Minority shareholders' interest

102.5

37.4 61.2

Long-term liabilities

65.1

88.2 125.7

Post-retirement and other employee benefits

43.6

24.7 22.7

Provision for environmental rehabilitation

412.5

401.1 381.3

Deferred tax

194.6

– –

Current liabilities

326.0

299.6 427.3

Trade and other payables

323.9

292.8 387.4

Short-term liabilities

2.1

6.8 39.9

Total equity and liabilities

2 625.8

2 149.3

2 262.5

CONDENSED CONSOLIDATED

Quarter

Quarter 12 months to 12 months to

Statement of changes in equity

Jun 2009

Mar 2009

Jun 2008

30 Jun 2009

30 Jun 2008

Unaudited

Unaudited

Reviewed

Reviewed

Balance at the beginning of the period

1 335.7

1 285.4

1 248.6

1 305.5

143.5

Share capital issued

2.2

3.7 0.7 6.3

29.1

– for acquisition finance and cash

–

– – –

28.0

– for share options exercised

2.2

4.1 0.7 6.7

2.3

– for costs relating to issue of shares

–

(0.4)

–

(0.4)

(1.2)

Increase in share-based payment reserve

1.7

2.0 5.9 7.9

6.6

Net profit attributable to ordinary shareholders

37.2

34.1 40.2

129.1

996.1

Net profit/(loss) attributed to minority shareholders

5.4

9.4 4.3

(18.4)

229.0

Dividends declared

–

– –

(37.6)

–

Increase/(decrease) in minorities

59.7

– 5.2

59.7

(170.1)

Purchase/(disposal) of subsidiaries and other

142.1

1.1 0.6

131.5

71.3

Balance as at the end of the period

1 584.0

1 335.7

1 305.5

1 584.0

1 305.5

DRDGold Limited

Shareholder Report 09

CONDENSED CONSOLIDATED

Quarter

Quarter

Quarter 12 months to 12 months to

Statement of cash flows

Jun 2009

Mar 2009

Jun 2008

30 Jun 2009

30 Jun 2008

Unaudited

Unaudited

Reviewed

Reviewed

Net cash inflow from operations

39.5

114.1 238.1 208.4

61.4

Net cash (out)/inflow from investing activities

(377.3)

(88.0)

(150.5)

(593.3)

1 531.0

Net cash in/(out)flow from financing activities

156.0

(89.7)

26.0

(85.8)

(840.0)

(Decrease)/increase in cash and cash equivalents

(181.8)

(63.6)

113.6

(470.7)

752.4

Translation adjustment

(10.3)

0.3 1.0

(21.8)

(15.6)

Opening cash and cash equivalents

545.7

609.0 731.5 846.1

109.3

Closing cash and cash equivalents

353.6

545.7 846.1 353.6

846.1

Reconciliation of net cash inflow from operations

(Loss)/profit before taxation

(81.2)

95.0 (52.0)

82.3

86.1

Net operating loss from discontinued operations

–

(0.5)

–

(51.8)

(81.2)

95.0 (52.5)

82.3

34.3

Adjusted for:

Movement in gold in process

(3.8)

18.2 (14.7)

(7.0)

(15.3)

Depreciation and impairment

61.0

26.8 74.9

174.3

132.9

Movement in provision for environmental rehabilitation

6.2

(7.8)

16.0

19.5

30.2

Share-based payments

1.7

2.0 5.9 7.9

6.6

(Profit)/loss on financial instruments

8.8

(5.7)

88.5

(44.0)

89.3

(Profit)/loss on sale of assets and investments

–

0.3 0.9 (8.3)

(11.1)

Recognition of goodwill on purchase of subsidiary

(53.0)

–

(53.0)

–

Finance expense and unwinding of provisions

3.2

3.2

(7.0)

9.8

4.7

Growth in Environmental Trust Funds

(2.8)

(3.3)

(2.5)

(12.9)

(8.5)

Other non-cash items

38.5

8.3 (20.4)

42.7

(39.0)

Taxation paid

(20.2)

(1.8)

(11.8)

(46.9)

(40.8)

Working capital changes

81.1

( 21.1)

160.8

44.0

(121.9)

Net cash inflow from operations

39.5

114.1 238.1 208.4

61.4

Notes to the financial statements

1. Financial liabilities measured at amortised cost

The net gain/(loss) on financial liabilities measured at amortised cost in the statement of comprehensive income comprises the expected cash

flows of the preference shares issued to Khumo Gold SPV (Pty) Ltd and the DRDGOLD SA Empowerment Trust. These preference shares are re-

measured on a quarterly basis and based on the expected future cash flows from DRDGOLD South African Operations (Pty) Limited.

2. Recognition of goodwill on purchase of subsidiary

On 31 March 2009 the group acquired the remaining 50% interest in the ErgoGold (Elsburg Gold Mining Joint Venture) with ERPM acquiring

15% and DRDGOLD acquiring 35% for a cash consideration of R100 million and R177 million respectively.

The fair value of the assets acquired at the date of acquisition, exceeded the cost of the acquisition therefore resulting in a bargain purchase.

The bargain purchase is a direct result of the favourable change in the gold price since the period the purchase price was fixed and the higher

gold price on the date all the requirements were met for the acquisition to be recognised, which is the date the fair value of the assets and

liabilities were determined. The resulting negative goodwill arising amounted to R53 million and was recognised in the statement of

comprehensive income.

The statement of comprehensive income relating to ErgoGold:

Statement of comprehensive income

Figures consolidated since 1 April 2009

Figures for the full 8 months trading period

Revenue

5.5

39.6

Cost of sales

(17.1)

(105.1)

Operating loss

(11.6)

(65.5)

Administration expenses and general costs

(0.2)

(1.2)

Loss before taxation

(11.8)

(66.7)

Statement of financial position as at 1 April 2009
Assets

Property, plant and equipment

887.4

Current assets

Inventory

17.9

Trade and other receivables

0.9

Cash and cash equivalents

1.7

Total fair value of assets

907.9

Non-current liabilities

Deferred tax liability on fair value adjustment

185.6

Current liabilities

Trade and other payables

33.4

Total fair value of liabilities

219.0

Fair value of net assets on date of acquisition

688.9

Minority interest in fair value of net assets on

date of acquisition

55.9

Acquisition date fair value on 50% initial equity interest

344.5

Shareholder Report 09

DRDGold Limited

KEY OPERATING AND FINANCIAL RESULTS (Unaudited)

Total

Continuing operations

Blyvoor

Crown

ERPM

ErgoGold*

Operations

Ore milled (t'000)

Underground

Jun 09 Qtr

152

–

213

Mar 09 Qtr

147

–

170

Financial year to Jun 09

603

–

184

–

787

Surface

Jun 09 Qtr

862 1

414 428 1 525 4 229

Mar 09 Qtr

798

1 566

341

755

3 460

Financial year to Jun 09

3 433

6 577

1 430

2 296

13 736

Total

Jun 09 Qtr

1 014

1 414

489

1 525

4 442

Mar 09 Qtr

945

1 566

364

755

3 630

Financial year to Jun 09

4 036

6 577

1 614

2 296

14 523

Yield (g/t)

Underground

Jun 09 Qtr

4.37

–

0.51

–

3.26

Mar 09 Qtr

4.77

–

1.39

–

4.31

Financial year to Jun 09

4.59

–

3.20

–

4.26

Surface

Jun 09 Qtr

0.38 0.39 0.38 0.04 0.26

Mar 09 Qtr

0.38 0.41 0.30 0.07 0.32

Financial year to Jun 09

0.37

0.38

0.33

0.05

0.32

Total

Jun 09 Qtr

0.97 0.39 0.39 0.04 0.40

Mar 09 Qtr

1.06 0.41 0.37 0.07 0.51

Financial year to Jun 09

1.00

0.38

0.66

0.05

0.53

Gold produced (oz)

Underground

Jun 09 Qtr

21 349

–

996

–

22 345

Mar 09 Qtr

22 538

–

1 029

–

23 567

Financial year to Jun 09

88 898

–

18 935

–

107 833

Surface

Jun 09 Qtr

10 417

17 940

5 208

1 865

35 430

Mar 09 Qtr

9 710

20 705

3 279

1 736

35 430

Financial year to Jun 09

40 575

80 377

15 239

3 666

139 857

Total

Jun 09 Qtr

31 766

17 940

6 204

1 865

57 775

Mar 09 Qtr

32 248

20 705

4 308

1 736

58 997

Financial year to Jun 09

129 473

80 377

34 174

3 666

247 690

Gold produced (kg)

Underground

Jun 09 Qtr

664

–

695

Mar 09 Qtr

701

–

733

Financial year to Jun 09

2 765

–

589

–

3 354

Surface

Jun 09 Qtr

324

558

162

1 102

Mar 09 Qtr

302

644

102

1 102

Financial year to Jun 09

1 262

2 500

474

114

4 350

Total

Jun 09 Qtr

988

558

193

1 797

Mar 09 Qtr

1 003

644

134

1 835

Financial year to Jun 09

4 027

2 500

1 063

114

7 704

Cash operating costs

Underground

Jun 09 Qtr

1 048

–

2 983

–

1 144

(US$ per oz)

Mar 09 Qtr

770

–

3 058

–

852

Financial year to Jun 09

878

–

1 287

–

942

Surface

Jun 09 Qtr

365

682

723

2 313

673

Mar 09 Qtr

303 529 795

067 521

Financial year to Jun 09

337

578

778

2 077

566

Total

Jun 09 Qtr

824

682

1 086

2 313

855

Mar 09 Qtr

630

529

1 336

1 067

653

Financial year to Jun 09

709

579

1 060

2 077

730

Cash operating costs

Underground

Jun 09 Qtr

289 816

–

809 968

–

313 017

(ZAR per kg)

Mar 09 Qtr

247 907

–

978 094

–

279 784

Financial year to Jun 09

255 517

–

361 141

–

274 066

Surface

Jun 09 Qtr

100 799

187 314

197 173

629 707

186 611

Mar 09 Qtr

98 142

169 651

254 627

341 833

166 357

Financial year to Jun 09

98 124

168 034

222 430

582 825

164 549

Total

Jun 09 Qtr

227 831

187 314

295 601

629 707

235 499

Mar 09 Qtr

202 814

169 651

427 396

341 833

211 666

Financial year to Jun 09

206 191

168 034

299 289

582 825

212 228

Cash operating costs

Underground

Jun 09 Qtr

1 266

–

412

–

1 021

(ZAR per tonne)

Mar 09 Qtr

1 182

–

1 361

–

1 206

Financial year to Jun 09

1 172

–

1 156

–

1 168

Surface

Jun 09 Qtr

38 74 75 24 49

Mar 09 Qtr

37 70 76 24 53

Financial year to Jun 09

Total

Jun 09 Qtr

222 74

117 24 95

Mar 09 Qtr

215

157

107

Financial year to Jun 09

206

197

113

Gold and silver revenue

Jun 09 Qtr

28.7

15.3

4.6

1.0

49.6

(US$ million)

Mar 09 Qtr

29.7

19.1

4.0

1.5

54.3

Financial year to Jun 09

112.6

68.5

28.4

2.6

212.1

DRDGold Limited

Shareholder Report 09

CASH OPERATING COSTS RECONCILIATION

Continuing operations

Total

R000 unless otherwise stated

Blyvoor

Crown

ERPM

ErgoGold*

Operations

Total cash costs

Jun 09 Qtr

242 879

129 844

54 651

37 719

465 093

Mar 09 Qtr

222 494

119 729

63 105

23 866

429 194

Financial year to Jun 09

869 083

472 525

370 609

65 415

1 777 632

Movement in gold in process

Jun 09 Qtr

(11 485)

4 547

4 949

5 787

3 798

Mar 09 Qtr

(12 416)

(2 040)

(1 019)

(2 698)

(18 173)

Financial year to Jun 09

(9 445)

3 659

1 573

11 233

7 020

Less: Production taxes,

Jun 09 Qtr

2 459

21 140

(2 034)

4 796

26 361

rehabilitation and other

Mar 09 Qtr

2 675

4 684

2 257

2 449

12 065

Financial year to Jun 09

12 583

36 120

6 765

7 685

63 153

Less: Retrenchment costs

Jun 09 Qtr

–

Mar 09 Qtr

–

(1 289)

–

(1 289)

Financial year to Jun 09

–

30 681

–

30 681

Less: Corporate and general

Jun 09 Qtr

3 838

8 730

4 582

2 187

19 337

administration costs

Mar 09 Qtr

3 981

3 750

3 847

260

11 838

Financial year to Jun 09

16 719

19 980

16 592

2 521

55 812

Cash operating costs

Jun 09 Qtr

225 097

104 521

57 051

36 523

423 192

Mar 09 Qtr

203 422

109 255

57 271

18 459

388 407

Financial year to Jun 09

830 336

420 084

318 144

66 442

1 635 006

Gold produced

Jun 09 Qtr

988

558

193

1 797

Mar 09 Qtr

1 003

644

134

1 835

Financial year to Jun 09

4 027

2 500

1 063

114

7 704

Total cash operating costs – R/kg

Jun 09 Qtr

227 831

187 314

295 601

629 707

235 499

Mar 09 Qtr

202 814

169 651

427 396

341 833

211 666

Financial year to Jun 09

206 192

168 034

299 289

582 825

212 228

Total cash operating costs – US$/oz

Jun 09 Qtr

824

682

1 086

2 313

855

Mar 09 Qtr

630

529

1 336

1 067

653

Financial year to Jun 09

709

598

1 060

2 077

730

* With effect from 1 April 2009, ErgoGold represents DRDGOLD's 100% share in the Elsburg Joint Venture and 50% in the Ergo Joint Venture.

DIRECTORS

(*British) (**American)

Executives:
DJ Pretorius (Chief Executive Officer)
CC Barnes (Chief Financial Officer)

Non-executive:
J Turk **

Independent non-executives:
GC Campbell* (Non-Executive Chairman)
RP Hume
EA Jeneker

Company Secretary:
TJ Gwebu

For further information,contact Niël Pretorius at:

Tel: (+27-11) 219-8700
Fax: (+27-11) 476-2637

website: http://www.drdgold.com

Ebsco House 4, 299 Pendoring Avenue
Blackheath, Randburg, South Africa
PO Box 390, Maraisburg, 1700
South Africa

KEY OPERATING AND FINANCIAL RESULTS (Unaudited) (continued)
Cash operating profit/(loss)

Jun 09 Qtr

2.5

3.1

(2.2)

(3.4)

–

(US$ million)

Mar 09 Qtr

9.4

8.2

(1.8)

(0.3)

15.5

Financial year to Jun 09

20.8

22.1

(7.9)

(5.1)

29.9

Gold and silver revenue

Jun 09 Qtr

244.2

128.9

38.9

8.7

420.7

(ZAR million)

Mar 09 Qtr

293.4

188.6

39.5

15.0

536.5

Financial year to Jun 09

1 018.5

620.1

247.9

24.2

1 910.7

Cash operating profit/(loss)

Jun 09 Qtr

19.2

24.4

(18.3)

(27.8)

(2.5)

(ZAR million)

Mar 09 Qtr

90.0

79.3

(17.7)

(3.5)

148.1

Financial year to Jun 09

188.2

200.0

(70.2)

(42.3)

275.7

Capital expenditure

Jun 09 Qtr

2.8

1.0

–

10.2

14.0

(US$ million)

Mar 09 Qtr

2.6

1.0

(0.2)

3.1

6.5

Financial year to Jun 09

10.7

4.8

2.8

20.8

39.1

Capital expenditure

Jun 09 Qtr

24.0

7.9

–

85.4

117.3

(ZAR million)

Mar 09 Qtr

26.6

10.2

(1.8)

30.8

65.8

Financial year to Jun 09

97.2

43.1

25.9

178.8

345.0

* With effect from 1 April 2009, ErgoGold represents DRDGOLD's 100% share in the Elsburg Joint Venture and 50% in the Ergo Joint Venture. The disclosures of the different operations
will also form the basis on which the operating segments will be disclosed in the annual report in accordance with IFRS 8 (Operating Segments), which the company has early adopted
at year-end.