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 February 2014

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                     No      

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

Attached to the Registrant Form 6-K filing for the month of February 2014, incorporated
by reference herein:

Exhibit

99.1 Release dated February 11, 2014, entitled “REPORT TO SHAREHOLDERS FOR THE

SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013”.

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: February 11, 2014

By: /s/ Themba Gwebu

Name: Themba Gwebu

Title: Company Secretary

1

REVIEW OF OPERATIONS

Group

Quarter

Dec 2013

Quarter

Sept 2013

%

change

Quarter

Dec 2012

6 months to

31 Dec 2013

6 months to

31 Dec 2012

%

change

6 months to
30 Jun 2013

Gold production

oz

35 043

33 597

4

39 031

68 640

74 846

(8)

71 535

kg

1 090

1 045

4

1 214

2 135

2 328

(8)

2 225

Gold sold

oz

35 043

36 394

(4)

39 031

71 437

76 936

(7)

68 802

kg

1 090

1 132

(4)

1 214

2 222

2 393

(7)

2 140

Cash operating costs

US$ per oz

1 013

1 164

(13)

1 017

1 087

1 081

1

1 108

ZAR per kg

330 585

373 433

(11)

284 425

351 557

294 397

19

327 885

All-in sustaining costs

US$ per oz

1 150

1 362

(16)

1 208

1 254

1 302

(4)

1 275

ZAR per kg

375 246

436 954

(14)

337 672

405 450

354 480

14

377 171

Average gold price received

US$ per oz

1 267

1 333

(5)

1 714

1 300

1 699

(23)

1 530

ZAR per kg

413 359

427 604

(3)

478 309

420 616

462 776

(9)

452 837

Operating profit

ZAR million

84.1

72.0

17

238.7

156.1

412.4

(62)

266.9

Operating margin

%

20

13

58

41

16

36

(55)

28

All-in sustaining costs margin

%

9

(2)

521

29

4

23

(85)

17

EBITDA

ZAR million

46.3

27.6

68

171.9

73.9

286.6

(74)

216.2

Headline earnings/(loss)

ZAR million

0.9

(12.5)

107

93.0

(11.6)

170.2

(107)

89.0

ZAR cents per share

–

(3)

107

25

(3)

45

(107)

23

(Incorporated in the Republic of South Africa)

Registration No.1895/000926/06

JSE share code: DRD

ISIN: ZAE 000058723

NYSE trading symbol: DRD

(“DRDGOLD” or “the company”)

SHAREHOLDERS INFORMATION

Issued capital

385 383 767 ordinary no par value shares

6 155 559 treasury shares held within the group

5 000 000 cumulative preference shares

Total ordinary no par value shares issued and committed: 386 831 995

REPORT TO SHAREHOLDERS

FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013

GROUP RESULTS: KEY FEATURES

(Q2 2014 V Q1 2014)

Cash operating

costs down to

$1 013 per oz

Flotation/fine-grind

first gold produced

Gold production up

4% to 35 043oz

Operating profit up to

R84.1 million

2 DRDGOLD LIMITED REPORT TO SHAREHOLDERS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013

STOCK TRADED

JSE

NYSE*

Average volume for the

quarter per day ('000)

768

1 420

% of issued stock traded

(annualised)

52

96

Price • High

R 5.85

$0.575

• Low

R 3.10

$0.316

• Close

R 3.74

$0.369

* This data represents per share data and not ADS data –

one ADS reflects 10 ordinary shares

MARKET CAPITALISATION

As at 31 Dec 2013 (ZARm)

1 441.3

As at 30 Sept 2013 (ZARm)

2 254.5

As at 31 Dec 2013 (US$m)

142.2

As at 30 Sept 2013 (US$m)

220.4

At our last quarterly presentation, we said that our aims for the near term were to: restore production levels to where they were prior to the September quarter; complete construction of the flotation/fine-grind circuit (“FFG”); and achieve steady state production of this circuit.

I can report that production is back up, and that quarter-on-quarter unit cash operating costs and all-in sustaining costs are both down. We also completed construction of the FFG on 18 December 2013.

I am also pleased to report that, on 28 January 2014, three days after we finally achieved full capacity through-put of all three flotation banks and full-scale operation of the high-grade elution circuit, Ergo cast the first 22kg doré bar comprised entirely of gold flowing directly from the FFG circuit – a significant milestone for us.

I deal in greater detail with where exactly we are in the drive for steady state performance at the end of this letter.

Q2 2014 v Q1 2014

OPERATING REVIEW

Although there was a 4% decline in throughput to 5 856 000t compared with the first quarter, the new circuit contributed marginally to a 9% increase in the average yield to 0.186g/t. Gold production was thus 4% higher at 35 043oz.

Higher gold production resulted in an 11% decrease in cash operating unit costs to R330 585/kg. All-in sustaining costs were 14% lower at R375 246/kg.

Capital expenditure at Ergo Mining (Proprietary) Limited (“Ergo”) rose by 6% to R55.6 million due to costs incurred to bring on line the FFG circuit’s third thickener.

FINANCIAL REVIEW

Revenue was 7% lower at R450.6 million due both to a decline of 4% in gold sold to 35 043oz and of 3% in the average gold price received to R413 359/kg. However, after accounting for net operating costs – 11% lower at R366.5 million – operating profit was 17% higher at R84.1 million.

The operating margin improved from 13% to 20% and the all-in sustaining costs margin from -2% to 9%.

Earnings before interest, taxes, depreciation and amortisation (“EBITDA”) increased by 68% to R46.3 million. Headline earnings were R0.9 million (0 South African cents) compared with the previous quarter’s headline loss of R12.5 million (3 South African cents).

Six months to 31 December 2013 v

six months to 31 December 2012

OPERATING REVIEW

Gold production for the first six months of FY2014 was down 8% to 68 640oz compared with the first six months of FY2013 due to an 11% decline in the average yield to 0.179g/t. Throughput was 2% higher at 11 954 000t.

Cash operating unit costs rose by 19% to R351 557/kg and all-in sustaining costs by 14%, from R405 450/kg.

Capital expenditure at Ergo was 42% lower at R107.8 million, as we neared the end of construction of the FFG circuit.

FINANCIAL REVIEW

Revenue was down 16% from R1 107.4 million, reflecting both a 7% decline in gold sold to 71 437oz and in the average rand gold price received of 9% to R420 616/kg. After accounting for net operating costs – 12% higher at R778.5 million – operating profit was 62% lower at R156.1 million.

The operating margin weakened to 16% from 36% and the all-in sustaining costs margin from 23% to 4%.

EBITDA declined by 74% to R73.9 million and headline loss of

R11.6 million (3 South African cents per share) was recorded, compared with headline earnings of R170.2 million (45 South African cents per share).

Applying our established guideline of distributing approximately 30% of free cash flow, there is no room for considering a distribution at this time. The board has therefore decided not to declare an interim dividend.

COMMISSIONING OF FFG

We are very pleased with the performance of the high-grade FFG circuit; it is achieving a recovery efficiency that is consistent with feasibility study assumptions. The fact of the matter, however, is that it took us longer and cost us more to build it than what we planned.

To a large extent, this was due to the fact that it became clear during early commissioning that we had to bring a third thickener online if we were to maintain adequate volume throughput of the float circuit.

Now, with each component of the new circuit up and running, our objective over the next few months will be to further synchronise the operation of all the components of our plant. A simple leach and elution process now has an added four layers. These components all interact and need to be co-ordinated to achieve and maintain steady state. We are confident that this is within reach and we will provide regular updates on progress.

APPOINTMENT OF CHIEF FINANCIAL OFFICER

With effect from 1 January 2014, Francois van der Westhuizen assumed the role of Chief Financial Officer of DRDGold succeeding Craig Barnes, who relocated to Australia as previously announced. The board is grateful to Craig for the contribution he made during his tenure.

LOOKING AHEAD

The lower than planned gold production this year, due to the late commissioning of the FFG and the fact that we are only now easing into steady state, means that for the near term our approach to costs and capital expenditure will remain conservative in order to preserve an adequate cash buffer. By and large the measures required to achieve steady state are operational and within our control though. That will continue to be our main priority.

Niël Pretorius – Chief executive officer

DEAR

SHAREHOLDER

3

The condensed consolidated interim financial statements are prepared in accordance with the recognition and measurement principles of International
Financial Reporting Standards (“IFRS”) and presented in accordance with the minimum content, including disclosures, prescribed by IAS 34 Interim
Financial Reporting applied to interim reporting and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council. 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 2013.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Notes

Quarter

Dec 2013

Rm

Unaudited

Quarter

Sep 2013

Rm

Unaudited

Quarter

Dec 2012

Rm

Unaudited

6 months to

31 Dec 2013

Rm

Unaudited

6 months to

31 Dec 2012

Rm

Unaudited

6 months to
30 Jun 2013

Rm

Restated

Unaudited

Gold and silver revenue

450.6

484.0

580.6

934.6

1 107.4

969.1

Net operating costs

(366.5)

(412.0)

(341.9)

(778.5)

(695.0)

(702.2)

Cash operating costs

(360.4)

(390.2)

(345.3)

(750.6)

(685.4)

(729.5)

Movement in gold in process

(6.1)

(21.8)

3.4

(27.9)

(9.6)

27.3

Operating profit

84.1

72.0           238.7

156.1

412.4

266.9

Depreciation

(36.8)

(36.4)

(33.9)

(73.2)

(68.1)

(75.7)

Movement in provision for environmental rehabilitation

(1.6)

(4.0)

(16.2)

(5.6)

(26.2)

10.9

Environmental rehabilitation costs

(10.8)

(10.7)

(12.5)

(21.5)

(29.7)

(15.7)

Retrenchment costs

–

(2.4)

(0.6)

(2.4)

(0.6)

–

Care-and-maintenance costs

(3.6)

(5.1)

(6.7)

(8.7)

(15.4)

(4.8)

Other operating expenses

(2.5)

1.9

(2.7)

(0.6)

(9.0)

(14.3)

Gross profit from operating activities

28.8

15.3            166.1             44.1

263.4

167.3

Impairments

1

(4.5)

(0.8)

–

(5.3)

–

(187.9)

Share of losses of equity accounted investments

2

–

–

–

–

–

(50.1)

Corporate and administration expenses

(19.3)

(23.3)

(26.6)

(42.6)

(45.6)

(40.9)

Share-based payments

–

(0.8)

(1.6)

(0.8)

(1.9)

(2.6)

Profit on disposal of assets

–

–

0.1

–

2.6

16.7

Net finance (expense)/income

(5.4)

(6.0)

5.0

(11.4)

34.6

(10.6)

(Loss)/profit before taxation

(0.4)

(15.6)

143.0

(16.0)

253.1

(108.1)

Taxation

(5.5)

(4.6)

(19.0)

(10.1)

(35.8)

(9.1)

Net (loss)/profit after taxation

(5.9)

(20.2)

124.0

(26.1)

217.3

(117.2)

Attributable to:

Equity owners of the parent

(3.6)

(13.3)

93.0

(16.9)

171.6

(112.4)

Non-controlling interest

(2.3)

(6.9)

31.0

(9.2)

45.7

(4.8)

(5.9)

(20.2)

124.0

(26.1)

217.3

(117.2)

Other comprehensive income
Foreign exchange translation and other

(0.3)

0.5

0.5

0.2

5.4

3.4

Net gain on an available-for-sale financial asset

–

–

–

–

0.3

–

Reclassification of fair-value adjustment on available-
for-sale investments to profit or loss

–

–

–

–

–

101.3

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

–

–

3.6

–

(32.7)

(34.0)

Total comprehensive income for the period

(6.2)

(19.7)

128.1

(25.9)

190.3

(46.5)

Attributable to:

Equity owners of the parent

(3.9)

(12.8)

97.1

(16.7)

144.6

(42.7)

Non-controlling interest

(2.3)

(6.9)

31.0

(9.2)

45.7

(3.8)

(6.2)

(19.7)

128.1

(25.9)

190.3

(46.5)

Reconciliation of headline earnings
Net (loss)/profit

(3.6)

(13.3)

93.0

(16.9)

171.6

(112.4)

Adjusted for:
– Impairments

4.5

0.8

–

5.3

–

187.9

– Share of losses of equity accounted investments

–

–

–

–

–

50.1

– Profit on disposal of assets

–

–

(0.1)

–

(2.6)

(16.7)

– Non-controlling interest in headline earnings

adjustment

–

–

0.1

–

0.7

(12.9)

– Taxation thereon

–

–

–

–

0.5

(7.0)

Headline earnings/(loss)

0.9

(12.5)

93.0

(11.6)

170.2

89.0

Headline earnings/(loss) per share-cents

–

(3)

25

(3)

45

23

Basic earnings/(loss) per share-cents

–

(4)

25

(4)

45

(29)

Diluted headline earnings/(loss) per share-cents

–

(3)

25

(3)

45

23

Diluted basic (loss)/earnings per share-cents

(1)

(3)

25

(4)

45

(29)

Calculated on the weighted average ordinary shares
issued of :

379 203 751  379 178 208

379 178 208 379 190 980  379 178 208   379 178 208

4 DRDGOLD LIMITED REPORT TO SHAREHOLDERS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at

31 Dec 2013

Rm

As at

30 Sep 2013

Rm

As at

31 Dec 2012

Rm

As at

30 Jun 2013

Rm

Notes

Unaudited

Restated

Unaudited

Restated

Unaudited

Restated

Unaudited

Assets

Non-current assets

2 107.8

2 087.5

2 106.1

2 066.6

Property, plant and equipment

1 796.6

1 775.7

1 726.2

1 756.3

Investment in joint arrangements

2

0.3

0.3

42.2

0.3

Non-current investments and other assets

125.1

129.2

141.7

130.1

Environmental rehabilitation trust funds and investments

184.6

180.8

182.0

177.0

Deferred tax asset

1.2

1.5

14.0

2.9

Current assets

451.0

587.4

664.0

604.3

Inventories

122.3

124.9

104.1

138.8

Trade and other receivables

129.3

131.7

162.2

88.8

Cash and cash equivalents

3

199.4

330.8

397.7

376.7

Total assets

2 558.8

2 674.9

2 770.1

2 670.9

Equity and liabilities

Equity

1 566.5

1 575.7

1 755.2

1 648.3

Equity of the owners of the parent

1 354.4

1 361.3

1 482.8

1 427.0

Non-controlling interest

212.1

214.4

272.4

221.3

Non-current liabilities

731.1

725.2

778.1

777.0

Loans and borrowings

4

75.5

75.5

146.3

143.3

Post-retirement and other employee benefits

8.8

9.1

6.1

8.7

Provision for environmental rehabilitation

540.4

537.3

527.1

524.3

Deferred tax liability

106.4

103.3

98.6

100.7

Current liabilities

261.2

374.0

236.8

245.6

Trade and other payables

188.8

281.6

214.7

221.3

Loans and borrowings

4

72.4

92.4

22.1

24.3

Total equity and liabilities

2 558.8

2 674.9

2 770.1

2 670.9

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Quarter

Dec 2013

Rm

Unaudited

Quarter

Sept 2013

Rm

Unaudited

Quarter

Dec 2012

Rm

Unaudited

6 months to

31 Dec 2013

Rm

Unaudited

6 months to

31 Dec 2012

Rm

Unaudited

6 months to
30 Jun 2013

Rm

Unaudited

Balance at the beginning of the period

1 575.7

1 648.3

1 657.6

1 648.3

1 633.9

1 755.2

Share capital issued

(0.4)

–

0.3

(0.4)

–

(0.2)

– for costs

(0.4)

–

0.3

(0.4)

–

(0.2)

Increase in share-based payment reserve

0.1

0.2

0.3

0.3

0.6

0.6

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

(3.6)

(13.3)

93.0

(16.9)

171.6

(112.4)

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

(2.3)

(6.9)

31.0

(9.2)

45.7

(4.8)

Dividends paid on ordinary share capital

–

(53.1)

0.6

(53.1)

(37.9)

(53.1)

Dividends paid to non-controlling interest

–

–

(7.6)

–

(7.6)

(8.1)

Treasury shares recognised/acquired

–

–

–

–

–

0.3

Fair-value adjustment on available-for-sale investments

–

–

3.6

–

(32.7)

(34.0)

Reclassification of fair-value adjustment on available-for-sale
investments to profit or loss

–

–

–

–

–

101.3

Share Option Scheme buy-out

(2.7)

–

(24.1)

(2.7)

(24.1)

–

Other comprehensive income

(0.3)

0.5

0.5

0.2

5.7

3.5

Balance at the end of the period

1 566.5

1 575.7

1 755.2

1 566.5

1 755.2

1 648.3

5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Quarter

Dec 2013

Rm

Unaudited

Quarter

Sep 2013

Rm

Restated

Unaudited

Quarter

Dec 2012

Rm

Restated

Unaudited

6 months to

31 Dec 2013

Rm

Unaudited

6 months to

31 Dec 2012

Rm

Restated

Unaudited

6 months to
30 Jun 2013

Rm

Restated

Unaudited

Net cash inflow from operations

10.9

11.2

213.1

22.1

245.1

257.2

Net cash outflow from investing activities

(66.0)

(57.1)

(126.5)

(123.1)

(211.8)

(217.6)

Net cash in/(out)flow from financing activities

(76.3)

–

(98.1)

(76.3)

66.6

(60.9)

Loans and other

(20.5)

–

(53.8)

(20.5)

110.9

(2.1)

Treasury shares/share options acquired

(2.7)

–

–

(2.7)

–

–

Dividends paid to owners of the parent

(53.1)

–

(38.5)

(53.1)

(38.5)

(52.5)

Dividends paid to non-controlling interest holders

–

–

(5.8)

–

(5.8)

(6.3)

(Decrease)/increase in cash and cash equivalents

(131.4)

(45.9)

(11.5)

(177.3)

99.9

(21.3)

Foreign exchange movement

–

–

(0.7)

–

(0.7)

(0.4)

Opening cash and cash equivalents

330.8

376.7

409.9

376.7

298.5             398.4

Closing cash and cash equivalents

199.4

330.8

397.7

199.4

397.7            376.7

Reconciliation of net cash inflow from operations

(Loss)/profit before taxation

(0.4)

(15.6)

143.0

(16.0)

253.1

(108.1)

Adjusted for:

Movement in gold in process

6.1

21.8

(3.4)

27.9

9.6

(27.3)

Depreciation and impairment

41.3

37.2

33.9

78.5

68.1

313.7

Movement in provision for environmental rehabilitation

1.6

4.0

16.2

5.6

26.2

(10.9)

Share-based payments

–

0.8

1.6

0.8

1.9

2.6

Profit on disposal of assets

–

–

(0.1)

–

(2.6)

(16.7)

Finance expense and unwinding of provisions

9.1

9.2

0.3

18.3

1.4

32.1

Growth in environmental trust funds

(1.1)

(1.1)

(1.3)

(2.2)

(2.8)

(2.8)

Other non-cash items

(4.8)

1.1

(3.4)

(3.7)

(5.3)

8.4

Taxation paid

(2.0)

–

3.0

(2.0)

10.0

(5.8)

Working capital changes

(38.9)

(46.2)

23.3

(85.1)

(114.5)

72.0

Net cash inflow from operations

10.9

11.2

213.1

22.1

245.1

257.2

NOTES TO THE FINANCIAL STATEMENTS

1. Impairments

The Group recorded an impairment of R4.5 million against the investment in Village Main Reef Limited.

2. Changes in accounting policies

The Group has adopted the new standard IFRS 11 – Joint Arrangements. The Group previously applied proportionate consolidation
for investment in joint arrangements and would from 1 July 2013 apply equity accounting.

The comparative periods presented have been restated. The results for 30 June 2013 and the financial position at the date have been
audited, but the restatement of the results and balances affected by IFRS 11 have not been audited.

Reconciliation of the effect of the change in accounting standard:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Quarter

Sept 2013

Rm

Unaudited

Quarter

Dec 2012

Rm

Unaudited

6 months to

31 Dec 2013

Rm

Unaudited

6 months to

31 Dec 2012

Rm

Unaudited

6 months to
30 Jun 2013

Rm

Unaudited

Impairments

As previously reported

–

–

–

–

(238.0)

IFRS 11 adjustment

–

–

–

–

50.1

Restated

–

–

–

–

(187.9)

Share of losses of equity accounted investments
As previously reported

–

–

–

–

–

IFRS 11 adjustment

–

–

–

–

(50.1)

Restated –

–

–

–

(50.1)

6 DRDGOLD LIMITED REPORT TO SHAREHOLDERS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013

ERGO KEY OPERATING AND FINANCIAL RESULTS (unaudited)

Ore milled (’000t) (metric) (imperial)

Dec 2013 Qtr

5 856

6 454

Sep 2013 Qtr

6 098

6 721

Dec 2013 Ytd

11 954

13 175

Yield (g/t) (oz/t) (metric) (imperial)

Dec 2013 Qtr

0.186

0.005

Sep 2013 Qtr

0.171

0.005

Dec 2013 Ytd

0.179

0.005

Gold produced (kg) (oz) (metric) (imperial)

Dec 2013 Qtr

1 090

35 043

Sep 2013 Qtr

1 045

33 597

Dec 2013 Ytd

2 135

68 640

Cash operating costs (ZAR/kg) (US$/oz)

Dec 2013 Qtr

330 585

1 013

Sep 2013 Qtr

373 433

1 164

Dec 2013 Ytd

351 557

1 087

Cash operating costs (ZAR/t) (US$/t)

Dec 2013 Qtr

62

6

Sep 2013 Qtr

64

6

Dec 2013 Ytd

63

6

Gold and silver revenue (ZAR million) (US$ million)

Dec 2013 Qtr

450.6

44.4

Sep 2013 Qtr

484.0

48.5

Dec 2013 Ytd

934.6

92.9

Operating profit (ZAR million) (US$ million)

Dec 2013 Qtr

84.1

8.3

Sep 2013 Qtr

72.0

7.2

Dec 2013 Ytd

156.1

15.5

Loss before taxation (ZAR million)(US$ million) *

Dec 2013 Qtr

(5.6)

(0.5)

Sep 2013 Qtr

(23.9)

(2.4)

Dec 2013 Ytd

(29.5)

(2.9)

Capital expenditure (ZAR millions) (US$ million)

Dec 2013 Qtr

55.5

5.5

Sep 2013 Qtr

52.3

5.2

Dec 2013 Ytd

107.8

10.7

* Note - The difference between the profit before tax on the statement of profit or loss and other comprehensive income relates to corporate head office and all other.

3. Cash and cash equivalents

Included in cash and cash equivalents is restricted cash of R18.6 million.

4. Loans and borrowings

Included in loans and borrowings is a Domestic Medium Term Note Programme (“DMTN Programme”) under which DRDGOLD can
issue notes from time to time. DRDGOLD raised a total of R165 million under the DMTN Programme in July and September 2012.
The different unsecured notes issued mature 12 (R20.0 million), 24 (R69.5 million) and 36 (R75.5 million) months from the date of
issue and bear interest at the three month Johannesburg Inter-bank Acceptance Rate (JIBAR) rate (currently 5.125%) plus a margin
ranging from 4% to 5% per annum. During the quarter, DRDGOLD repaid the amount of R20 million.

As at

Sept 2013

Rm

Unaudited

As at

31 Dec 2012

Rm

Unaudited

As at

30 Jun 2013

Rm

Unaudited

Property, plant and equipment
As previously reported

1 775.7

1 767.9

1 756.3

IFRS 11 adjustment

–

(41.7)

–

Restated

1 775.7

1 726.2

1 756.3

Investment in joint arrangement
As previously reported

–

–

–

IFRS 11 adjustment

0.3

42.2

0.3

Restated

0.3

42.2

0.3

Trade and other receivables
As previously reported

131.7

162.3

88.8

IFRS 11 adjustment

–

(0.1)                –

Restated

131.7

162.2

88.8

Cash and cash equivalents
As previously reported

331.3

398.4

377.2

IFRS 11 adjustment

(0.5)

(0.7)

(0.5)

Restated

330.8

397.7

376.7

Trade and other payables
As previously reported

281.8

215.0

221.5

IFRS 11 adjustment

(0.2)

(0.3)

(0.2)

Restated

281.6

214.7

221.3

NOTES TO THE FINANCIAL STATEMENTS

continued

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

7

ALL-IN SUSTAINING COSTS RECONCILIATION (unaudited)

R million unless otherwise stated

Net operating costs

Dec 2013 Qtr

366.5

Sep 2013 Qtr

412.0

Dec 2013 Ytd

778.5

Corporate, administration and other expenses

Dec 2013 Qtr

21.8

Sep 2013 Qtr

22.2

Dec 2013 Ytd

44.0

Rehabilitation and remediation (accretion and amortisation)

Dec 2013 Qtr

10.7

Sep 2013 Qtr

13.2

Dec 2013 Ytd

23.9

Capital expenditure (sustaining)

Dec 2013 Qtr

10.1

Sep 2013 Qtr

9.2

Dec 2013 Ytd

19.3

All-in sustaining costs*

Dec 2013 Qtr

409.1

Sep 2013 Qtr

456.6

Dec 2013 Ytd

865.7

Retrenchment costs

Dec 2013 Qtr

–

Sep 2013 Qtr

2.4

Dec 2013 Ytd

2.4

Rehabilitation and remediation (not related to current operations)

Dec 2013 Qtr

10.8

Sep 2013 Qtr

10.7

Dec 2013 Ytd

21.5

Care-and-maintenance costs

Dec 2013 Qtr

3.6

Sep 2013 Qtr

5.1

Dec 2013 Ytd

8.7

Capital expenditure (non-sustaining)

Dec 2013 Qtr

48.1

Sep 2013 Qtr

43.8

Dec 2013 Ytd

91.9

All-in costs*

Dec 2013 Qtr

471.6

Sep 2013 Qtr

518.6

Dec 2013 Ytd

990.2

All-in sustaining costs (R/kg)

Dec 2013 Qtr

375 246

Sep 2013 Qtr

436 954

Dec 2013 Ytd

405 450

All-in sustaining costs (US$/oz)

Dec 2013 Qtr

1 150

Sep 2013 Qtr

1 362

Dec 2013 Ytd

1 254

All-in costs (R/kg)

Dec 2013 Qtr

432 576

Sep 2013 Qtr

496 320

Dec 2013 Ytd

463 776

All-in costs (US$/oz)

Dec 2013 Qtr

1 325

Sep 2013 Qtr

1 547

Dec 2013 Ytd

1 434

* All-in cost definitions based on the guidance note on non-GAAP Metrics issued by the World Gold Council on 27 June 2013.

There has been no material change to the technical information relating to, inter alia, the Group’s reserves and resources, legal title to its mining and prospecting rights and legal proceedings relating to its mining and exploration activities as disclosed in the company’s annual reports of 30 June 2013 and subsequent public announcements.

The technical information referred to in this report has been reviewed by Vivian Labuschagne (PLATO), mineral and resource manager, a full time employee of the company. He approved this information in writing before the publication of this report.

DIRECTORS (*British)(**American)

Executives: DJ Pretorius (Chief executive officer)
FD van der Westhuizen (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

Website: 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

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 2013, which we filed with the United States Securities and Exchange Commission on 25 October 2013 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.

8 DRDGOLD LIMITED REPORT TO SHAREHOLDERS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2013