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 April 2011

Commission File Number 0-28800

______________________

DRDGOLD Limited

Quadrum Office Park

Building 1

50 Constantia Boulevard

Constantia Kloof Ext 28

Roodepoort, South Africa, 1709

(Address of principal executive offices)

______________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark 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 April 2011, incorporated
by reference herein:

Exhibit

99.1 Release dated April 19, 2011, entitled “REPORT TO SHAREHOLDERS FOR THE

QUARTER AND NINE MONTHS ENDED 31 MARCH 2011

”.

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: April19, 2011

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

Report to shareholders for the quarter and
nine months ended 31 March 2011

KEY FEATURES FOR THE QUARTER

Gold production down 3%, up 13% for the nine months ended

31 March 2011

Ergo’s gold production up 8%

Operating profit of R145.1 million

Operating margin from surface operations maintained at 37%

Headline earnings per share up 44% to 12.5 cents

Net cash generated by operations up 53% to R120.4 million

EBITDA of R100.7 million

Crown/Ergo pipeline project on schedule and within budget

GROUP RESULTS

Review of operations

Quarter

9 months to

Group

Mar 2011

Dec 2010

Change

Mar 2010 31 Mar 2011 31 Mar 2010

Change

Gold production

67 387

69 446

(3)

62 404

202 100

179 562

2 096

2 160

(3)

1 941

6 286

5 585

Gold production sold

67 387

69 446

(3)

62 404

206 440

182 134

2 096

2 160

(3)

1 941

6 421

5 665

Cash operating costs

US$ per oz

1 090

1 030

913

1 067

935

ZAR per kg

241 563

229 560

221 400

242 262

229 261

Gold price received

US$ per oz

1 411

1 358

1 113

1 328

1 057

ZAR per kg

312 913

303 495

269 980

301 363

259 278

Capital expenditure

US$ million

12.3

11.1 11 4.2

31.5

16.6

ZAR million

85.2

77.6 10 31.3

222.2

126.4

STOCK

Issued capital

384 884 379 ordinary no par value shares

5 000 000 cumulative preference shares

Total ordinary no par value shares issued and committed:
407 825 157

Stock traded

JSE

NASDAQ*

Average volume for the quarter per day ('000)

375

1 047

% of issued stock traded (annualised)

Price

• High

R3.55

$0.53

• Low

R2.88 $0.44

• Close

R3.40

$0.53

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

(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”)

Overview

Dear shareholder

The Blyvoor community and everyone at DRDGOLD were deeply saddened by a tragic bus accident on 18 March. A Vaal Maseru coach
bringing workers to the mine crashed resulting in eight employee deaths and 26 injuries. The cause of the accident is under police
investigation.

Those who died were: Nontetho Florence Lande; Zweliwutile Tyokwana; Sibongile Gwantsela; Antonio Filepe Mandlate; Kabelo
Mabusetsa; Abram Moshahla Rasebolai; Armando Mutamngue Pendazamite; and Lucas Alfonso. Our deepest condolences go to their
families, colleagues and friends.

Safety, health and environment

During the quarter, Blyvooruitzicht Gold Mining Company Limited (“Blyvoor”) achieved 5 000 000 Gravity Falls of Ground fatality-free

shifts. In terms of other safety indicators, performance across the Group was mixed. While Blyvoor and Crown Gold Recoveries (Pty)

Limited (“Crown”) both reported improvements in their Lost Time Injury frequency Rate and Reportable Injury Frequency Rate, both

recorded deterioration in their Dressing Injury Frequency Rate.

Safety audits and operation-specific safety campaigns continued throughout the Group during the quarter. The Group-wide Behaviour

Based Safety Initiative moved ahead with an employee survey at Blyvoor that showed safety has a high priority and that good

relationships exist between employees and supervisors. Both are very encouraging indicators as we continue the roll-out of this

important initiative.

In terms of occupational health, a second dust-suppressing fogger has been installed underground at Blyvoor and a third is at the design

stage. These developments follow the considerable success of the first fogger installed during 2010. These measures will continue to play

a significant role in reducing employee exposure to dust related respiratory diseases.

During the quarter, the Group spent R12.2 million on environmental management.

Production

Total gold production was 3% lower at 67 387oz. While Ergo recovered 8% more ounces, gold production from Blyvoor and Crown was

lower (see below).

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 2010, which we filed with the United States Securities and Exchange Commission on 29 October 2010 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. Any forward-looking statements included in this report have not been reviewed and reported on by DRDGOLD's auditors.

Financial

Revenue was virtually unchanged at R655.9 million, a 3% increase in the average Rand gold price received to R312 913/kg offsetting

the impact of lower gold production. A 2% increase in cash operating costs to R506.4 million, however, resulted in a 4% decline in

operating profit to R145.1 million. Deferred taxation was substantially lower at R5.5 million, leaving net profit 42% higher at

R59.1 million.

Detailed operational review

Blyvoor

Total gold production was 6% lower at 30 511oz, reflecting lower gold production from underground sources and a return to normal

levels of gold production from surface sources, elevated in the previous quarter by a surface clean-up project.

Underground gold production declined by 6% to 23 149oz. While the average underground yield was 1% higher at 4.19g/t, underground

throughput was 7% lower at 172 000t. Lower throughput was a consequence of:

time taken to audit underground support and hanging wall conditions and to re-establish underground environmental conditions

to standard following the Christmas shutdown;

elevated levels of seismicity in the No 5 Shaft high grade areas during March, which required that mining of some panels be

suspended and crews be re-assigned for safety reasons; and

an operational shut-down for a day of mourning following the bus accident involving Blyvoor employees on 18 March.

Surface gold production was 8% lower at 7 362oz. While surface throughput was 9% higher at 828 000t, the average surface yield was

15% lower at 0.28g/t.

Cash operating unit costs were 10% higher at R279 920/kg mainly due to lower gold production. Underground cash operating unit costs

rose by 9% to R327 200/kg and surface cash operating unit costs by 14% to R131 266/kg.

The effect of lower gold production was not offset by the higher Rand gold price received, and operating profit declined by 41% to

R25.0 million.

Capital expenditure increased by 25% to R27.1 million. The increase was mainly as a result of expenditure on the relocation of a

compressor from East Rand Proprietary Mines Limited (“ERPM”) and its installation at Blyvoor.

Crown

Gold production was 3% lower at 24 370oz. This was the consequence of a 9% decline in the average yield to 0.42g/t, reflecting the

drawing to a close of reclamation of material for retreatment from the Top Star dump. Throughput was 5% higher at 1 796 000t.

Cash operating unit costs were 5% higher at R219 185/kg due to lower gold production, which also reduced operating profit by 4% to

R71.6 million, notwithstanding the higher Rand gold price received.

Capital expenditure, 16% lower at R35.6 million, was directed mainly towards construction of the Crown/Ergo pipeline. More than 38km

of steel piping for the pipeline have been laid, some 6.5km of which have been retro fitted with high-durability plastic lining.

DRDGOLD

LIMITED Shareholder Report 2011

Ergo

Gold production rose by 8% to 12 506oz, reflecting a 5% increase in throughput to 3 227 000t. The average yield was unchanged
at 0.12g/t.

Cash operating unit costs were 6% lower at R191 594/kg due to the increase in gold production which, together with the higher average
Rand gold price received, led to a 40% increase in operating profit to R48.5 million.

Capital expenditure was R20.9 million compared with R9.1 million in the previous quarter, reflecting on-going refurbishment of the
second carbon-in-leach (“CIL”) circuit at Ergo’s Brakpan plant, and work to increase the capacity of the Brakpan tailings deposition
facility, all of which is on time and within budget.

Refurbishment of the second CIL circuit at the Brakpan plant is more than 70% complete.

Zimbabwe

At Leny, a decision regarding a second-phase drilling programme will be taken once information flowing from a soil geochem survey and
structural geology study – both scheduled for April – has been assessed. Opening up of the quartz veins continued during the quarter
and the quartz has been found to carry gold at an average of 7.33g/t. Test work suggests that recovery of 92% can be achieved.

At Ascot, magnetic and IP surveys have been completed. A geochemical soil survey and selective trenching are currently being done.

Exploration at the John Bull/Eden Waters claims began during March with magnetic and IP surveys.

Looking ahead

Operationally our focus will remain the construction of the Crown/Ergo pipeline and Ergo plant upgrade. We will also in the coming
months be decommissioning the Topstar site and commencing reclamation from two other sites, while work on the integration of
the Crown Central and City Deep plants into Ergo, will also get underway.

The board has approved a R37 million three year exploration project in relation to the ERPM Extension 1 and 2 exploration
tenements in order to further define the estimated resource of 18 million ounces.

Further to our announcement in the previous quarter regarding the separation of assets, the board has now concluded that Blyvoor
no longer fits the core strategic focus of the company. It has therefore resolved to sell the mine and has appointed Royal Bank of
Canada as well as Beijing Axis to advise on the transaction.

Niël Pretorius
Chief Executive Officer
19 April 2011

Condensed consolidated statement
of comprehensive income

Quarter

Quarter

9 months to

9 months to

Mar 2011

Dec 2010

Mar 2010 31 Mar 2011 31 Mar 2010

Unaudited

Unaudited

Unaudited

Unaudited

Gold and silver revenue

655.9

655.6

524.0

1 935.1

1 468.8

Net operating costs

(510.8)

(504.1) (427.1)

(1 569.1)

(1 288.7)

Cash operating costs

(506.4)

(495.8) (429.7)

(1 522.9)

(1 280.4)

Movement in gold in process

(4.4)

(8.3) 2.6

(46.2)

(8.3)

Operating profit

145.1

151.5 96.9

366.0

180.1

Depreciation

(32.7)

(35.7)

(45.2)

(96.0)

(133.1)

Movement in provision for environmental rehabilitation

(7.8)

(4.7)

(14.6)

(17.3)

(22.9)

Retrenchment costs

(0.4)

–

(0.3)

(0.8)

(19.6)

Gross profit from operating activities

104.2

111.1 36.8

251.9

4.5

Administration expenses and general costs

(35.4)

(31.4)

(34.1)

(99.3)

(104.6)

Share-based payments

(0.8)

(1.2)

(2.6)

(3.5)

Net loss on financial liabilities measured at amortised cost

(1.9)

(1.9)

–

(16.4)

–

(Loss)/profit on disposal of assets

–

(2.7) 11.1 1.7

12.8

Finance income

5.2

10.9 5.5

21.4

20.0

Finance expenses

(6.5)

(6.7)

(0.5)

(16.8)

(8.5)

Profit/(loss) before taxation

64.8

78.1 17.6

139.9

(79.3)

Income tax

(0.2)

(2.1) (8.2) (5.9)

(22.7)

Deferred tax (note 1)

(5.5)

(34.3) 2.9

(41.5)

57.4

Net profit/(loss) for the period

59.1

41.7 12.3

92.5

(44.6)

Attributable to:

Equity owners of the parent

48.1

31.6 9.9

80.0

(33.1)

Non-controlling interest

11.0

10.1

2.4

12.5

(11.5)

59.1

41.7 12.3

92.5

(44.6)

Other comprehensive income
Mark-to-market of available-for-sale investments

–

– – –

0.3

Total comprehensive income/(loss) for the period

59.1

41.7 12.3 92.5

(44.3)

Attributable to:

Equity owners of the parent

48.1

31.6

9.9

80.0

(32.8)

Non-controlling interest

11.0

10.1 2.4

12.5

(11.5)

59.1

41.7 12.3 92.5

(44.3)

Reconciliation of headline earnings/(loss)
Net profit/(loss)

48.1

31.6

9.9

80.0

(33.1)

Adjusted for:

– Loss/(profit) on disposal of assets

–

2.7

(11.1)

(1.7)

(12.8)

– Non-controlling interest in headline earnings adjustment

–

(0.7)

2.8

0.4

3.3

Headline earnings/(loss) (note 1)

48.1

33.6

1.6

78.7

(42.6)

Headline earnings/(loss) per share-cents

12.5

8.7

0.4

20.4

(11.2)

Basic earnings/(loss) per share-cents

12.5

8.2

2.6

20.8

(8.7)

Diluted headline earnings/(loss) per share-cents

12.5

8.7 0.4

20.4

(11.2)

Diluted basic earnings/(loss) per share-cents

12.5

8.2

2.6

20.8

(8.7)

Calculated on the weighted average ordinary shares issued of :

384 884 379

384 884 379 380 987 431 384 884 379 379 810 206

Adjusted headline earnings/(loss) per share – cents *

13.0

9.2 0.4

24.7

(11.2)

(Adjusted for the net loss on financial liabilities
measured at amortised cost)

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

The condensed consolidated financial statements below have been prepared in accordance with International Financial Reporting Standards (“IFRS”), AC500 Standards as issued by the Accounting Practices Board, Schedule 4 of the Companies Act and the requirements of IAS 34, which is consistent with the accounting policies used in the audited annual financial statements for the year ended 30 June 2010.

The financial information contained in this report has not been audited or reviewed by the company’s external auditors unless otherwise stated.

DRDGOLD

LIMITED Shareholder Report 2011

Condensed consolidated statement of financial position

As at

As at

31 Mar 2011

31 Dec 2010

31 Mar 2010

Unaudited

Unaudited

Assets
Property, plant and equipment

1 992.6

1 939.0

1 730.7

Non-current investments and other assets

24.8

24.8

43.0

Environmental rehabilitation trust funds

132.8

131.1 141.4

Deferred tax asset

80.8

118.0 200.3

Current assets

498.4

446.4 464.3

Inventories

95.5

101.2

98.0

Trade and other receivables

119.3

96.5

150.0

Cash and cash equivalents

268.6

233.7 201.3

Assets classified as held for sale

15.0

15.0 15.0

Total assets

2 729.4

2 659.3

2 579.7

Equity and Liabilities
Equity

1 725.1

1 665.5

1 539.7

Equity of the owners of the parent

1 613.3

1 564.7

1 448.7

Non-controlling interest

111.8

100.8

91.0

Loans and borrowings

73.8

71.9 65.1

Post-retirement and other employee benefits

14.1

13.8 43.4

Provision for environmental rehabilitation

449.8

438.4

440.4

Deferred tax liability

149.7

181.4 172.4

Current liabilities

316.9

288.3 318.7

Trade and other payables

238.1

209.8

268.7

Loans and borrowings

78.8

78.5 50.0

Total equity and liabilities

2 729.4

2 659.3

2 579.7

Condensed consolidated statement
of changes in equity

Quarter

Quarter

9 months to

9 months to

Mar 2011

Dec 2010

Mar 2010

31 Mar 2011

31 Mar 2010

Unaudited

Unaudited

Unaudited

Unaudited

Balance at the beginning of the period

1 665.5

1 622.6

1 525.9

1 649.9

1 584.0

Share capital issued

(0.3)

– 0.3 (0.7)

15.5

– for acquisition finance and cash

–

– – –

15.5

– for share options exercised

–

– 0.2 –

1.1

– for costs

(0.3)

–

0.1

(0.7)

(1.1)

Increase in share-based payment reserve

0.8

1.2

2.6

3.5

Net profit/(loss) attributable to equity owners of the parent

48.1

31.6 9.9

80.0

(33.1)

Net profit/(loss) attributable to non-controlling interest

11.0

10.1

2.4

12.5

(11.5)

Dividends paid on ordinary share capital

–

– –

(19.2)

(19.0)

Other comprehensive income

–

– – –

0.3

Balance as at the end of the period

1 725.1

1 665.5

1 539.7

1 725.1

1 539.7

Condensed consolidated statement
of cash flows

Quarter

Quarter

9 months to

9 months to

Mar 2011

Dec 2010

Mar 2010

31 Mar 2011

31 Mar 2010

Unaudited

Unaudited

Unaudited

Unaudited

Net cash in/(out)flow from operations

120.4

78.6 8.3

220.9

(100.5)

Net cash outflow from investing activities

(85.2)

(80.3) (20.2)

(220.5)

(115.3)

Net cash (out)/in flow from financing activities

(0.3)

88.8 50.1 80.0

63.0

Increase/(decrease) in cash and cash equivalents

34.9

87.1 38.2 80.4

(152.8)

Translation adjustment

–

0.3

–

0.5

Opening cash and cash equivalents

233.7

146.6 162.8 188.2

353.6

Closing cash and cash equivalents

268.6

233.7 201.3 268.6

201.3

Reconciliation of net cash in/(out)flow from operations
Profit/(loss) before taxation

64.8

78.1 17.6

139.9

(79.3)

Adjusted for:
Movement in gold in process

4.4

8.3

(2.6)

46.2

8.3

Depreciation and impairment

32.7

35.7 45.2 96.0

133.1

Movement in provision for environmental rehabilitation

7.8

4.7 14.6

17.3

22.9

Share-based payments

0.8

1.2 1.2 2.6

3.5

Loss on financial liabilities measured at amortised cost

1.9

1.9 –

16.4

–

Loss/(profit) on disposal of assets

–

2.7

(11.1)

(1.7)

(12.8)

Finance expense and unwinding of provisions

2.6

3.0 0.4 8.6

6.0

Growth in Environmental Trust Funds

(1.7)

(1.9)

(2.4)

(5.6)

(7.1)

Other non-cash items

(1.3)

0.3

(4.8)

(2.4)

0.7

Taxation paid

–

(5.8)

–

(5.8)

(12.1)

Working capital changes

8.4

(49.6)

(49.8)

(90.6)

(163.7)

Net cash in/(out)flow from operations

120.4

78.6 8.3

220.9

(100.5)

Note to financial statements
Note 1 – Deferred tax
During the quarter under review the company measured its deferred tax assets and liabilities at the expected average effective rate over the expected life-of-mine plans, rather than the maximum rate prescribed in the gold mining tax formula. The reason for the change is to align ourselves with the rest of the gold mining industry in South Africa.
This change in estimate resulted in a lower deferred tax charge. The effect on headline earnings is 3.7 cents per share.

Key operating and financial results (unaudited)

Total

Metric

Blyvoor

Crown

Ergo

Operations

Ore milled (t'000)

Underground

Mar 2011 Qtr

172

–

172

Dec 2010 Qtr

185

–

185

Mar 2011 Ytd

550 – –

550

Surface

Mar 2011 Qtr

828

1 796

3 227

5 851

Dec 2010 Qtr

763

1 716

3 077

5 556

Mar 2011 Ytd

2 350

5 286

9 589

17 225

Total

Mar 2011 Qtr

1 000

1 796

3 227

6 023

Dec 2010 Qtr

948

1 716

3 077

5 741

Mar 2011 Ytd

2 900

5 286

9 589

17 775

Yield (g/t)

Underground

Mar 2011 Qtr

4.19

–

4.19

Dec 2010 Qtr

4.13

–

4.13

Mar 2011 Ytd

4.07

–

4.07

Surface

Mar 2011 Qtr

0.28

0.42

0.12

0.24

Dec 2010 Qtr

0.33

0.46

0.12

0.25

Mar 2011 Ytd

0.28 0.43 0.11 0.24

Total

Mar 2011 Qtr

0.95

0.42

0.12

0.35

Dec 2010 Qtr

1.07

0.46

0.12

0.38

Mar 2011 Ytd 1.00

0.43 0.11 0.35

Gold produced (kg)

Underground

Mar 2011 Qtr

720

–

720

Dec 2010 Qtr

764

–

764

Mar 2011 Ytd

2 237

–

2 237

Surface

Mar 2011 Qtr

229

758

389

1 376

Dec 2010 Qtr

250

785

361

1 396

Mar 2011 Ytd

668

2 288

1 093

4 049

Total

Mar 2011 Qtr

949

758

389

2 096

Dec 2010 Qtr

1 014

785

361

2 160

Mar 2011 Ytd

2 905

2 288

1 093

6 286

Cash operating costs (ZAR per kg)

Underground

Mar 2011 Qtr

327 200

–

327 200

Dec 2010 Qtr

300 914

–

300 914

Mar 2011 Ytd

317 447

–

317 447

Surface

Mar 2011 Qtr

131 266

219 185

191 594

196 753

Dec 2010 Qtr

115 532

208 694

202 892

190 510

Mar 2011 Ytd

127 662

219 022

207 069

200 723

Total

Mar 2011 Qtr

279 920

219 185

191 594

241 563

Dec 2010 Qtr

255 208

208 694

202 892

229 560

Mar 2011 Ytd

273 807

219 022

207 069

242 262

Cash operating costs (ZAR per tonne)

Underground

Mar 2011 Qtr

1 370

–

1 370

Dec 2010 Qtr

1 243

–

1 243

Mar 2011 Ytd

1 291

–

1 291

Surface

Mar 2011 Qtr

Dec 2010 Qtr 38 95 24 48

Mar 2011 Ytd 36 95 24

Total

Mar 2011 Qtr

266

Dec 2010 Qtr

273

Mar 2011 Ytd

274

Gold and Silver revenue (ZAR million)

Mar

2011

Qtr 295.9 237.6 122.4 655.9

Dec

2010

Qtr 307.4 238.4 109.8 655.6

Mar 2011 Ytd

900.3

694.1

340.7

1 935.1

Operating profit (ZAR million)

Mar 2011 Qtr

25.0

71.6

48.5 145.1

Dec 2010 Qtr

42.2

74.6

34.7 151.5

Mar

2011

Ytd 70.6

193.1 102.3 366.0

Capital expenditure (ZAR million)

Mar 2011 Qtr

27.1

35.6

20.9

83.6

Dec 2010 Qtr

21.6

42.4

9.1

73.1

Mar 2011 Ytd

67.8 107.6 38.6

214.0

DRDGOLD LIMITED Shareholder Report 2011

For further information, contact Niël Pretorius at:
Tel: +27 (0)11 470 2600 Fax: +27 (0)11 470 2618
Web: www.drdgold.com
Quadrum Office Park • Building 1
50 Constantia Boulevard • Constantia Kloof Ext 28
South Africa
PO Box 390 • Maraisburg 1700 • South Africa

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

Key operating and financial results (unaudited) (continued)

Total

Imperial

Blyvoor

Crown

Ergo

Operations

Gold produced (oz)

Underground

Mar 2011 Qtr

23 149

–

23 149

Dec 2010 Qtr

24 563

–

24 563

Mar 2011 Ytd

71 922

–

71 922

Surface

Mar 2011 Qtr

7 362

24 370

12 506

44 238

Dec 2010 Qtr

8 038

25 239

11 606

44 883

Mar 2011 Ytd

21 477

73 561

35 140

130 178

Total

Mar 2011 Qtr

30 511

24 370

12 506

67 387

Dec 2010 Qtr

32 601

25 239

11 606

69 446

Mar 2011 Ytd

93 399

73 561

35 140

202 100

Cash operating costs (US$ per oz)

Underground

Mar 2011 Qtr

1 476

–

1 476

Dec 2010 Qtr

1 351

–

1 351

Mar 2011 Ytd

1 399

–

1 399

Surface

Mar 2011 Qtr

591

975

865

888

Dec 2010 Qtr

516

937

911

855

Mar 2011 Ytd

563

961

912

884

Total

Mar 2011 Qtr

1 263

975

865

1 090

Dec 2010 Qtr

1 145

937

911

1 030

Mar 2011 Ytd

1 206

961

912

1 067

Gold and silver revenue (US$ million)

Mar 2011 Qtr

42.9 33.9 17.7 94.5

Dec 2010 Qtr

44.2

34.4

15.8

94.4

Mar 2011 Ytd

127.5

98.0

48.3

273.8

Operating profit (US$ million)

Mar 2011 Qtr

3.6

10.3

7.0

20.9

Dec 2010 Qtr

5.9

10.7

4.9

21.5

Mar 2011 Ytd

10.0

27.4

14.5

51.9

Capital expenditure (US$ million)

Mar 2011 Qtr

3.9

5.1

3.0

12.0

Dec 2010 Qtr

3.1

6.2

1.3

10.6

Mar 2011 Ytd 9.6 15.3 5.5 30.4

Cash operating costs reconciliation

Total

R’000 unless otherwise stated

Blyvoor

Crown

Ergo

Operations

Total cash costs

Mar 2011 Qtr

277 929

177 286

76 217

531 432

Dec 2010 Qtr

272 136

173 879

78 244

524 259

Mar 2011 Ytd

850 662

532 125

244 276

1 627 063

Movement in gold in process

Mar 2011 Qtr

(5 198)

218

580

(4 400)

Dec 2010 Qtr

(6 472)

(79)

(1 776)

(8 327)

Mar 2011 Ytd

(34 230)

125

(12 094)

(46 199)

Less: Assessment rates, rehabilitation and other

Mar 2011 Qtr

2 517

7 246

1 640

11 403

Dec 2010 Qtr

2 313

5 859

2 559

10 731

Mar 2011 Ytd

7 102

18 778

4 104

29 984

Less: Corporate and general administration costs

Mar 2011 Qtr

4 570

4 116

627

9 313

Dec 2010 Qtr

4 570

4 116

665

9 351

Mar 2011 Ytd

13 922

12 349

1 752

28 023

Cash operating costs

Mar 2011 Qtr

265 644

166 142

74 530

506 316

Dec 2010 Qtr

258 781

163 825

73 244

495 850

Mar 2011 Ytd

795 408

501 123

226 326

1 522 857

Gold produced (kg)

Mar 2011 Qtr

949

758

389

2 096

Dec 2010 Qtr

1 014

785

361

2 160

Mar 2011 Ytd

2 905

2 288

1 093

6 286

Total cash operating costs (R/kg)

Mar 2011 Qtr

279 920

219 185

191 594

241 563

Dec 2010 Qtr

255 208

208 694

202 892

229 560

Mar 2011 Ytd

273 807

219 022

207 069

242 262

Total cash operating costs (US$/oz)

Mar 2011 Qtr

1 263

975

865

1 090

Dec 2010 Qtr

1 145

937

911

1 030

Mar 2011 Ytd

1 206

961

912

1 067

DIRECTORS (*British)(**American)