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 2012

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 2012, incorporated
by reference herein:

Exhibit

99.1

Release dated April 26, 2012, entitled “REPORT TO SHAREHOLDERS FOR THE

QUARTER AND NINE MONTHS ENDED 31 MARCH 2012”.

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: April 26, 2012

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

Report to shareholders for the quarter and nine
months ended 31 March 2012

(Incorporated in the Republic of South Africa) • Registration No.1895/000926/06

JSE share code: DRD • ISIN: ZAE 000058723 • Issuer code: DUSM

NYSE trading symbol: DRD • (“DRDGOLD” or “the Group”)

Review of operations

Quarter

% change

Quarter 9 months to 9 months to

% change

Group

Mar 2012

Dec 2011

Mar 2011 31 Mar 2012 31 Mar 2011

Gold production
Continuing operations

34 947

33 983

36 876

103 492

108 701

(5)

1 087

1 057

1 147

3 219

3 381

(5)

Discontinued operations

25 946

29 676

(13)

30 511

84 622

93 399

(9)

807

923

(13)

949

2 632

2 905

(9)

Group

60 893

63 659

(4)

67 387

188 114

202 100

(7)

1 894

1 980

(4)

2 096

5 851

6 286

(7)

Gold production sold
Continuing operations

34 947

33 983

36 876

105 453

110 147

(4)

1 087

1 057

1 147

3 280

3 426

(4)

Discontinued operations

25 946

29 676

(13)

30 511

84 622

96 293

(12)

807

923

(13)

949

2 632

2 995

(12)

Group

60 893

63 659

(4)

67 387

190 075

206 440

(8)

1 894

1 980

(4)

2 096

5 912

6 421

(8)

Cash operating costs
Continuing operations

US$ per oz

1 074

1 010

938

1 075

945

ZAR per kg

267 044

263 569

209 828

263 614

215 158

Discontinued operations

US$ per oz

1 391

1 245

1 263

1 378

1 206

ZAR per kg

346 875

326 677

279 920

338 341

273 807

Group

US$ per oz

1 209

1 118

1 090

1 211

1 067

ZAR per kg

301 059

292 988

241 563

297 229

242 262

Gold price received

US$ per oz

1 691

1 679

1 411

1 702

1 328

ZAR per kg

421 420

437 316

(4)

312 913

417 832

301 363

Capital expenditure

US$ million

8.0

11.5

(30)

12.3

29.4

31.5

(7)

ZAR million

62.2

84.4

(26)

85.2

224.5

222.2

STOCK

Issued capital

385 383 767 ordinary no par value shares
2 714 069 treasury shares held within the group
5 000 000 cumulative preference shares
Total ordinary no par value shares issued and
committed: 405 400 459

STOCK TRADED

JSE

NYSE*

Average volume for the quarter

per day (’000)

% of issued stock traded (annualised)

Price •

High

•

Low

•

1 618

110

R 6.28

R 4.46

R 5.58

934

$0.816

$0.528

$0.746

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

GROUP RESULTS

KEY FEATURES

Gold production from continuing operations up 3%
Operating proﬁt from continuing operations of R162.2 million
Net cash inﬂow from operations of R141.5 million
Crown/Ergo pipeline completed

Construction of Ergo’s ﬂotation/ﬁne-grind circuit underway

Blyvoor disposal on track

Dear shareholder

The consolidation of the Crown and Ergo circuits is now complete enabling greater operating efﬁciencies and enhancing our competitive advantage in the
Johannesburg area to access and treat tailings material. Over the twelve months preceding the end of the quarter we constructed a 50 kilometre pipeline
linking the Crown Central footprint in Roodepoort to the Ergo plant. We also upgraded the capacity of the Ergo plant to receive a total of 1.8 million tonnes
of material a month. We de-commissioned two reclamation sites, commissioned two new sites and phased out production at both the Crown Central and
City Deep plants towards the end of the period.

In the past, we have experienced volatilities in recoveries and production every time we have begun work on a new mine dump. As the events described
above happened simultaneously, we were apprehensive about the outcome. In the mega-volume environment in which we operate, we have learned that,
in spite of thorough test-work, actual throughput results are the most critical measure.

We are therefore very pleased to report that Ergo and Crown combined (from this point onwards referred to as “Ergo”) achieved a 3% increase
in production, quarter on quarter.

We are also pleased that we managed this investment in capital infrastructure without any dilution to shareholders and, in fact, repurchased 5.4 million
shares on the open market during February and March of this year, which we hold in treasury to off-set the potential dilution of employees exercising
share options.

The disposal of DRDGOLD’s 74% interest in Blyvooruitzicht Gold Mining Company Limited (“Blyvoor”) to Village Main Reef Limited (“Village”) continued
during the quarter under review.

At the time of writing this report, two conditions remained outstanding. These involve the approval of the transaction by the Competition Commission
and ﬁnalising the terms of the acquisition of a block of ore from AngloGold Ashanti. While it is not possible to predict how the Competition Commission
process will develop (the required submissions were ﬁled on 29 March 2012), we can conﬁrm that the ﬁling does not contain anything controversial or out
of the ordinary. In addition, our discussions with AngloGold Ashanti and Village have been encouraging. I am comfortable reporting that it is highly likely
that we will have completed this condition by the due date of 30 May 2012.

The transaction itself is structured around three distinct events. The ﬁrst event is what we refer to as the “cash ﬂow risk cutoff date” (1 February 2012).
This was the last day on which DRDGOLD could recover any portion of the outstanding balance on the Blyvoor working capital loan facility. Similarly,
DRDGOLD had also warranted in favour of Village that, on the said date, Blyvoor’s working capital balance would stand at Rnil. If there was a working
capital shortfall, DRDGOLD would pay that to Blyvoor. Any surplus would be paid to DRDGOLD over time. As it turned out, the working capital surplus
stood at R64.8 million on the cash ﬂow risk cutoff date. This amount will be recovered from Blyvoor by the time the next key date (“Part A closure”) arrives.

The deadline for Part A closure is 30 May 2012. It will, however, take effect as soon as the two conditions referred to above are met. This date can also
be referred to as the “de-consolidation” date, since it will be the date on which control of Blyvoor transfers, and its results are no longer consolidated.

The signiﬁcance of the distinction between the cash ﬂow risk cutoff date and Part A closure is important. Although DRDGOLD is no longer exposed to the
cash ﬂow requirements of Blyvoor, it still fully consolidates Blyvoor’s results until such time as Part A closure arrives. Put differently, the ﬁnancial reports
will still show the production and cost patterns of Blyvoor during this period, including the impact of the substantial restructuring that is taking place at
the mine and the resulting effect on production.

The third signiﬁcant date is the “conversion date”. This is the date on which the Department of Mineral Resources approves the conversion and thereafter,
transfer of the mining rights. This is the ﬁnal closure date.

It is pleasing to report that, once again, the Group achieved a fatality-free quarter.

Detailed operational review

CONTINUING OPERATIONS (“ERGO”)

Q3 2012 V Q2 2012

Gold production was 3% higher at 34 947oz due to a 7% increase in total throughput to 5 613 000t, which reﬂected completion of the Crown/Ergo
pipeline and continued optimisation of this circuit. The average yield was 5% lower at 0.19g/t, a consequence of the depletion of higher-grade 4A11 sand
dump material reporting to the City Deep milling/pumping station.

Cash operating unit costs were contained to a 1% increase at R267 044/kg, reﬂecting higher throughput and notwithstanding the impact of reagent price
increases, cyanide in particular.

Ergo achieved an operating proﬁt of R162.2 million and spent R41.2 million on capital, the last of the Crown/Ergo consolidation.

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 2011, which we ﬁled with the United States Securities and Exchange Commission on 28 October 2011 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 statement included in this report have not been reviewed and reported on by
DRDGOLD’s auditors.

DRDGOLD LIMITED

Shareholder Report 2012

DRDGOLD LIMITED

Shareholder Report 2012

Q3 2012 V Q3 2011

Volume throughput for the quarter, compared to Q3 2011, increased by 12%. As we are mining lower grades, this was reﬂected in total production, which
was 5% lower than last year.

Cash operating unit costs were up from R209 828/kg to R267 044/kg.

The higher Rand gold price pushed operating proﬁt up from R120.0 million to R162.2 million.

Cash operating margin per kilogram of gold produced increased by R51 291/kg, up from R103 085/kg to R154 376/kg.

Capital expenditure was down 27%, from R56.5 million to R41.2 million.

DISCONTINUED OPERATION (“BLYVOOR”)

Q3 2012 V Q2 2012

We reported during the quarter that Blyvoor’s number 4 and 6 shafts did not achieve the recovery trends which were envisaged in the draft business rescue

plan that was prepared by Blyvoor’s business rescue practitioner. We concluded that the likelihood of a recovery at these shafts was remote and resolved

to suspend mining operations there.

This caused a 15% decline in Blyvoor’s underground production to 19 741oz, and an once-off retrenchment cost of R42.2 million. This cost was incurred

after 1 February.

Blyvoor saw a 5% decline in surface gold production to 6 204oz.

These trends and events resulted in a reduction in the quarter on quarter operating proﬁt from R98.6 million to R58.7 million. Capital expenditure was

37% lower at R21.0 million.

Q3 2012 V Q3 2011

Total cash operating unit costs were up 24%, the higher Rand gold price and increased cash operating margin drove Blyvoor’s Q3 2012 operating proﬁt

up 135% from R25.1 million to R58.7 million.

ZIMBABWE

During the quarter, exploration drilling continued at the KT target at Gweru. At John Bull, trenching has resulted in intersections of between 2 and 24g/t,
and a drilling programme is planned to determine the behavior of the reef at depth. At Leny, additional trenching has been completed and sampling is
pending; and at Ascot, geophysics and geochem sampling will be carried out during the June quarter. At Zhombe, geo-chemical analysis on a 50m x 50m
staggered grid is planned.

We are also carefully monitoring developments around the land lease regime that has been proposed by the Zimbabwe Government and we are positioned

to move swiftly if these proposals are put in place.

LOOKING AHEAD

Construction of the R250 million Brakpan plant ﬂotation and ﬁne-grind circuit has begun and is designed to push up gold production at Ergo by

16% to 20%.

We ended the quarter with cash and cash equivalents of R379.8 million and therefore believe that we could also implement this project without any

dilution to shareholders.

A desktop study suggests that the ﬁne-grind circuit may also bring uranium recovery within reach and effect a by-product credit reduction in gold

production costs of between 5 and 8%. This assumes production of approximately 11 tonnes per month and a uranium spot price of US$50/lb. A full

feasibility study is currently under way to verify these assumptions and, among other things, the estimated capital cost of R150 million.

While all this is happening we will continue to work on optimising our gold circuit in pursuit of our objective to produce between 140 000 to

150 000oz pa; at a cash cost of R260 000-R270 000/kg or US$1 000-US$1 100/oz; and with maintenance capital of about R11 000/kg or U$42/oz.

Niël Pretorius – Chief Executive Ofﬁcer

26 April 2012

DRDGOLD LIMITED

Shareholder Report 2012

CONDENSED CONSOLIDATED

Quarter

Quarter 9 months to 9 months to

Statement of comprehensive income

Mar 2012

Dec 2011

Mar 2011 31 Mar 2012

31 Mar 2011

Notes

Unaudited

Unaudited

Continuing operations
Gold and silver revenue

458.3

462.8

360.0

1 370.7

1 034.9

Net operating costs

(296.1)

(274.1)

(240.0)

(863.3)

(739.5)

Cash operating costs

(290.3)

(278.6)

(240.8)

(848.6)

(727.5)

Movement in gold in process

(5.8)

4.5

0.8

(14.7)

(12.0)

Operating proﬁt

162.2

188.7

120.0

507.4

295.4

Depreciation

(31.7)

(30.6)

(24.0)

(89.5)

(70.5)

Movement in provision for environmental rehabilitation

(9.8)

(6.0)

(7.9)

(22.9)

(16.9)

Retrenchment costs

–

(0.4)

–

(0.8)

Net operating proﬁt

120.7

152.1

87.7

395.0

207.2

Environmental rehabilitation costs

(13.5)

(9.3)

(9.9)

(37.3)

(25.7)

Corporate, administration and other expenses

(32.5)

(31.1)

(18.4)

(85.1)

(52.8)

Share-based payments

(0.8)

(1.3)

(0.8)

(2.5)

(2.6)

Net loss on ﬁnancial liabilities measured at amortised cost

–

(6.8)

(1.0)

(7.1)

(13.7)

Proﬁt on disposal of assets

–

1.7

Finance income

5.9

5.4

4.8

16.7

17.2

Finance expenses

(2.8)

(1.5)

(5.8)

(8.8)

(15.4)

Proﬁt before taxation

77.0

107.5

56.6

270.9

115.9

Income tax

(11.2)

(8.6)

(0.2)

(25.6)

(5.9)

Deferred tax

(8.3)

(25.8)

(3.6)

(68.7)

(35.3)

Proﬁt after taxation

57.5

73.1

52.8

176.6

74.7

Discontinued operations
Proﬁt for the period from discontinued operations

6.9

92.0

6.3

136.0

17.8

Net proﬁt for the period

64.4

165.1

59.1

312.6

92.5

Attributable to:
Equity owners of the parent

49.9

125.3

48.1

250.6

80.0

Non-controlling interest

14.5

39.8

11.0

62.0

12.5

64.4

165.1

59.1

312.6

92.5

Other comprehensive income
Foreign exchange translation

1.4

(0.6)

–

(1.8)

–

Total comprehensive income for the period

65.8

164.5

59.1

310.8

92.5

Attributable to:

Equity owners of the parent

51.3

124.7

48.1

248.8

80.0

Non-controlling interest

14.5

39.8

11.0

62.0

12.5

65.8

164.5

59.1

310.8

92.5

Reconciliation of headline earnings
Net proﬁt

49.9

125.3

48.1

250.6

80.0

Adjusted for:
– Proﬁt on disposal of assets

–

(1.7)

– Non-controlling interest in headline earnings adjustment

–

0.4

Headline earnings

49.9

125.3

48.1

250.6

78.7

Headline earnings per share-cents

– From continuing operations

– From total operations

Basic earnings per share-cents

– From continuing operations

– From total operations

Diluted headline earnings per share-cents

Diluted basic earnings per share-cents

Calculated on the weighted average ordinary shares issued of:

384 229 290 385 173 763 384 884 379 384 766 369 384 884 379

The condensed consolidated ﬁnancial statements are prepared in accordance with the recognition and measurement principles of International Financial

Reporting Standards (“IFRS”) and South African Statements and Interpretations of Statements of Generally Accepted Accounting Practice (AC 500 Series).

The accounting policies adopted are in line with IFRS and are consistent with those applied in the annual ﬁnancial statements for the year ended

30 June 2011.

DRDGOLD LIMITED

Shareholder Report 2012

CONDENSED CONSOLIDATED

Quarter

Quarter 9 months to 9 months to

Statement of changes in equity

Mar 2012

Dec 2011

Mar 2011 31 Mar 2012 31 Mar 2011

Unaudited

Unaudited

Unaudited

Unaudited

Balance at the beginning of the period

1 439.0

1 271.2

1 665.5

1 219.2

1 649.9

Share capital issued

–

1.8

(0.3)

1.8

(0.7)

– for share options exercised

–

1.8

–

1.8

–

– for costs

–

(0.3)

–

(0.7)

Increase in share-based payment reserve

0.8

1.5

0.8

2.7

2.6

Net proﬁt attributable to equity owners of the parent

49.9

125.3

48.1

250.6

80.0

Net proﬁt attributable to non-controlling interest

14.5

39.8

11.0

62.0

12.5

Dividends paid on ordinary share capital

–

(28.9)

(19.2)

Treasury shares acquired

(22.9)

–

(22.9)

–

Other comprehensive income

1.4

(0.6)

–

(1.8)

–

Balance as at the end of the period

1 482.7

1 439.0

1 725.1

1 482.7

1 725.1

CONDENSED CONSOLIDATED

As at

Statement of ﬁnancial position

31 Mar 2012 31 Dec 2011 31 Mar 2011

Notes

Unaudited

Unaudited

Assets
Non-current assets

1 735.2

1 731.4

2 231.0

Property, plant and equipment

1 584.2

1 570.4

1 992.6

Non-current investments and other assets

10.8

10.8

24.8

Environmental rehabilitation trust funds

104.8

103.4

132.8

Deferred tax asset

35.4

46.8

80.8

Current assets

798.5

716.8

498.4

Inventories

81.6

89.7

95.5

Trade and other receivables

118.6

92.0

119.3

Cash and cash equivalents

379.8

320.9

268.6

Assets classiﬁed as held-for-sale

218.5

214.2

15.0

Total assets

2 533.7

2 448.2

2 729.4

Equity and liabilities
Equity

1 482.7

1 439.0

1 725.1

Equity of the owners of the parent

1 448.8

1 419.6

1 613.3

Non-controlling interest

33.9

19.4

111.8

Non-current liabilities

628.2

622.5

687.4

Loans and borrowings

–

73.8

Post-retirement and other employee beneﬁts

5.9

5.8

14.1

Provision for environmental rehabilitation

464.9

456.2

449.8

Deferred tax liability

157.4

160.5

149.7

Current liabilities

422.8

386.7

316.9

Trade and other payables

239.9

209.1

238.1

Loans and borrowings

30.6

30.5

78.8

Liabilities classiﬁed as held-for-sale

152.3

147.1

–

Total equity and liabilities

2 533.7

2 448.2

2 729.4

DRDGOLD LIMITED

Shareholder Report 2012

Notes to the ﬁnancial statements

1. DISCONTINUED OPERATIONS AND ASSETS CLASSIFIED AS HELD FOR SALE

On 8 November 2011, DRDGOLD announced the acceptance of an EOI from Village for the acquisition of DRDGOLD’s entire interest in and claims
against Blyvoor for R1 and 85 714 286 new ordinary shares of Village. Pursuant to the EOI, DRDGOLD, Village and Business Venture Investments No 1557
(Pty) Ltd (a wholly owned subsidiary of Village) (“Purchaser”) entered into a sale and claims agreement on 11 February 2012.

Quarter

9 months to 9 months to

Results of discontinued operation

Mar 2012

Dec 2011

Mar 2011 31 Mar 2012 31 Mar 2011

Unaudited

Unaudited

Unaudited

Unaudited

Gold and silver revenue

339.9

403.1

295.9

1 099.5

900.2

Net operating costs

(281.2)

(304.5)

(270.8)

(896.2)

(829.6)

Operating proﬁt

58.7

98.6

25.1

203.3

70.6

Depreciation

(1.8)

(1.1)

(8.7)

(3.4)

(25.5)

Movement in provision for environmental rehabilitation

(1.0)

1.4

0.1

0.2

(0.4)

Retrenchment cost

(42.2)

–

(42.2)

–

Net operating proﬁt

13.7

98.9

16.5

157.9

44.7

Other costs

(6.8)

(6.9)

(8.3)

(21.9)

(20.7)

Proﬁt before taxation

6.9

92.0

8.2

136.0

24.0

Taxation

–

(1.9)

–

(6.2)

Proﬁt after taxation

6.9

92.0

6.3

136.0

17.8

Cash ﬂow (used in)/from discontinued operations
Net cash generated by operating activities

20.2

93.7

24.6

134.8

71.1

Net cash used in investing activities

(21.0)

(33.2)

(27.1)

(70.8)

(67.8)

Net cash from ﬁnancing activities

–

Net cash (used)/from for the period

(0.8)

60.5

(2.5)

64.0

3.3

CONDENSED CONSOLIDATED

Quarter

9 months to

Statement of cash ﬂows

Mar 2012

Dec 2011

Mar 2011 31 Mar 2012 31 Mar 2011

Unaudited

Unaudited

Unaudited

Unaudited

Net cash inﬂow from operations

141.5

243.9

120.4

503.3

220.9

Net cash outﬂow from investing activities

(67.8)

(89.2)

(85.2)

(240.1)

(220.5)

Net cash (out)/inﬂow from ﬁnancing activities

(23.1)

(119.4)

(0.3)

(142.5)

80.0

Loans and other

(0.2)

(73.3)

(0.3)

(73.5)

130.9

Treasury shares acquired

(22.9)

–

(22.9)

–

Dividends paid to owners of the parent

–

(28.9)

–

(28.9)

(19.2)

Dividends paid to non-controlling interest holders

–

(17.2)

–

(17.2)

(31.7)

Increase in cash and cash equivalents

50.6

35.3

34.9

120.7

80.4

Opening cash and cash equivalents

329.2

293.9

233.7

259.1

188.2

Closing cash and cash equivalents

379.8

329.2

268.6

379.8

268.6

Cash classiﬁed as assets held for sale included in the
closing balance

–

8.3

–

Reconciliation of net cash inﬂow from operations
Proﬁt before taxation

77.0

107.5

56.6

270.9

115.9

Proﬁt from discontinued operations

6.9

92.0

8.2

136.0

24.0

83.9

199.5

64.8

406.9

139.9

Adjusted for:
Movement in gold in process

7.0

(1.5)

4.4

20.4

46.2

Depreciation and impairment

33.4

31.7

32.7

92.9

96.0

Movement in provision for environmental rehabilitation

10.8

4.6

7.8

22.7

17.3

Share-based payments

0.8

1.5

0.8

2.7

2.6

Loss on ﬁnancial liabilities measured at amortised cost

–

6.8

1.9

7.1

16.4

Proﬁt on disposal of assets

–

(1.7)

Finance expense and unwinding of provisions

2.3

2.9

2.6

7.9

8.6

Growth in Environmental Trust Funds

(1.9)

(1.9)

(1.7)

(5.5)

(5.6)

Other non-cash items

0.1

(1.2)

(1.3)

(2.8)

(2.4)

Taxation paid

(1.7)

(8.5)

–

(10.2)

(5.8)

Working capital changes

6.8

10.0

8.4

(38.8)

(90.6)

Net cash inﬂow from operations

141.5

243.9

120.4

503.3

220.9

DRDGOLD LIMITED

Shareholder Report 2012

2. CASH AND CASH EQUIVALENTS

Included in cash and cash equivalents is restricted cash of R117.3 million in the form of guarantees mainly relating to environmental rehabilitation.

3. LOANS AND BORROWINGS

Included in loans and borrowings is a Domestic Medium Term Note Programme (“DMTN Programme”) under which DRDGOLD may from time to
time issue notes. R108 million was issued on 1 October 2010, consisting of R78 million and R30 million respectively, under the DMTN Programme and
the different notes issued mature 12 and 24 months from the date of issue and bear interest at the three month Johannesburg Inter-bank Acceptance
Rate plus a margin ranging from 4% to 5% per annum. The DMTN Programme is unsecured. During the previous quarter, DRDGOLD repaid the amount
of R78 million.

KEY OPERATING AND FINANCIAL RESULTS

(Unaudited)

Metric

Imperial

Continuing

operations

Discontinued

operations*

Total

operations

Continuing

operations

Discontinued

operations*

Total

operations

Ore milled (t’000)

Underground

Mar 2012 Qtr

–

135

–

149

Dec 2011 Qtr

–

191

–

210

Mar 2012 Ytd

–

510

–

562

Surface

Mar 2012 Qtr

5 613

711

6 324

6 188

784

6 970

Dec 2011 Qtr

5 234

801

6 035

5 769

883

6 652

Mar 2012 Ytd

16 078

2 295

18 373

17 721

2 530

20 251

Total

Mar 2012 Qtr

5 613

846

6 459

6 188

933

7 119

Dec 2011 Qtr

5 234

992

6 226

5 769

1 093

6 862

Mar 2012 Ytd

16 078

2 805

18 883

17 721

3 092

20 813

Yield (g/t) (oz/t)

Underground

Mar 2012 Qtr

–

4.55

–

0.132

Dec 2011 Qtr

–

3.76

–

0.110

Mar 2012 Ytd

–

3.93

–

0.115

Surface

Mar 2012 Qtr

0.19

0.27

0.20

0.006

0.008

0.006

Dec 2011 Qtr

0.20

0.25

0.21

0.006

0.007

0.006

Mar 2012 Ytd

0.20

0.27

0.21

0.006

0.008

0.006

Total

Mar 2012 Qtr

0.19

0.95

0.29

0.006

0.028

0.009

Dec 2011 Qtr

0.20

0.93

0.32

0.006

0.027

0.009

Mar 2012 Ytd

0.20

0.94

0.31

0.006

0.027

0.009

Gold produced (kg)/(oz)

Underground

Mar 2012 Qtr

–

614

–

19 741

Dec 2011 Qtr

–

719

–

23 117

Mar 2012 Ytd

–

2 002

–

64 367

Surface

Mar 2012 Qtr

1 087

193

1 280

34 947

6 205

41 152

Dec 2011 Qtr

1 057

204

1 261

33 983

6 559

40 542

Mar 2012 Ytd

3 219

630

3 849

103 492

20 255

123 747

Total

Mar 2012 Qtr

1 087

807

1 894

34 947

25 946

60 893

Dec 2011 Qtr

1 057

923

1 980

33 983

29 676

63 659

Mar 2012 Ytd

3 219

2 632

5 851

103 492

84 622

188 114

Cash operating costs

Underground

Mar 2012 Qtr

–

412 966

–

1 657

(ZAR/kg) (US$/oz)

Dec 2011 Qtr

–

375 071

–

1 429

Mar 2012 Ytd

–

400 341

–

1 630

Surface

Mar 2012 Qtr

267 044

136 617

247 378

1 074

547

994

Dec 2011 Qtr

263 569

156 113

246 186

1 010

597

940

Mar 2012 Ytd

263 614

141 319

243 597

1 075

576

992

Total

Mar 2012 Qtr

267 044

346 875

301 059

1 074

1 391

1 209

Dec 2011 Qtr

263 569

326 677

292 988

1 010

1 245

1 118

Mar 2012 Ytd

263 614

338 341

297 229

1 075

1 378

1 211

Cash operating costs

Underground

Mar 2012 Qtr

–

1 878

–

219

(ZAR/t) (US$/t)

Dec 2011 Qtr

–

1 412

–

157

Mar 2012 Ytd

–

1 572

–

187

Surface

Mar 2012 Qtr

Dec 2011 Qtr

Mar 2012 Ytd

Total

Mar 2012 Qtr

331

Dec 2011 Qtr

304

Mar 2012 Ytd

317

Gold and silver revenue

Mar 2012 Qtr

458.3

339.8

798.1

59.3

43.5

102.8

(ZAR million) (US$ million)

Dec 2011 Qtr

462.8

403.1

865.9

57.1

49.9

107.0

Mar 2012 Ytd

1 370.7

1 099.5

2 470.2

179.7

143.7

323.4

Operating proﬁt

Mar 2012 Qtr

162.2

58.7

220.9

21.1

7.5

28.6

(ZAR million) (US$ million)

Dec 2011 Qtr

188.7

98.6

287.3

23.4

12.6

36.0

Mar 2012 Ytd

507.4

203.3

710.7

66.5

26.6

93.1

Capital expenditure

Mar 2012 Qtr

41.2

21.0

62.2

5.3

2.7

8.0

(ZAR million) (US$ million)

Dec 2011 Qtr

51.2

33.2

84.4

7.3

4.2

11.5

Mar 2012 Ytd

153.7

70.8

224.5

20.2

9.2

29.4

* Discontinued operations represent Blyvoor.

DIRECTORS (*British)(**American)
Executives: DJ Pretorius (Chief Executive Ofﬁcer),
CC Barnes (Chief Financial Ofﬁcer)
Independent non-executives: GC Campbell* (Non-Executive Chairman),
RP Hume, EA Jeneker, J Turk** • Company Secretary: TJ Gwebu

FOR FURTHER INFORMATION, CONTACT NIËL PRETORIUS AT:

Tel: +27 (0)11 470 2600 Fax: +27 (0)11 470 2618
Web: http://www.drdgold.com

Quadrum Ofﬁce Park • Building 1 • 50 Constantia Boulevard
Constantia Kloof Ext 28 • South Africa
PO Box 390 • Maraisburg 1700 • South Africa

CASH OPERATING COSTS RECONCILIATION

R000 unless otherwise stated

Continuing

operations

Discontinued

operations*

Total

operations

Total cash costs

Mar 2012 Qtr

330 759

330 400

674 714

Dec 2011 Qtr

305 009

311 802

629 403

Mar 2012 Ytd

1 005 069

960 446

1 954 653

Movement in gold in process

Mar 2012 Qtr

(5 870)

(1 202)

(7 072)

Dec 2011 Qtr

4 577

(3 041)

1 536

Mar 2012 Ytd

(14 720)

(5 732)

(20 452)

Less: Assessment rates, rehabilitation and other

Mar 2012 Qtr

25 664

2 597

29 756

Dec 2011 Qtr

21 966

2 533

26 361

Mar 2012 Ytd

114 759

8 153

87 130

Less: Retrenchment costs

Mar 2012 Qtr

–

42 170

Dec 2011 Qtr

–

Mar 2012 Ytd

–

42 170

Less: Corporate and general administration costs

Mar 2012 Qtr

8 948

4 503

25 511

Dec 2011 Qtr

9 028

4 705

24 462

Mar 2012 Ytd

27 018

13 877

65 813

Cash operating costs

Mar 2012 Qtr

290 277

279 928

570 205

Dec 2011 Qtr

278 592

301 523

580 116

Mar 2012 Ytd

848 572

890 514

1739 088

Gold produced (kg)

Mar 2012 Qtr

1 087

807

1 894

Dec 2011 Qtr

1 057

923

1 980

Mar 2012 Ytd

3 219

2 632

5 851

Total cash operating costs (R/kg)

Mar 2012 Qtr

267 044

346 875

301 059

Dec 2011 Qtr

263 569

326 677

292 988

Mar 2012 Ytd

263 614

338 341

297 229

Total cash operating costs (US$/oz)

Mar 2012 Qtr

1 074

1 391

1 209

Dec 2011 Qtr

1 010

1 245

1 118

Mar 2012 Ytd

1 075

1 378

1 211

* Discontinued operations represent Blyvoor.

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