REVENUE

12 Months Ended

Jun. 30, 2025

ACCOUNTING POLICIES

Revenue comprises the sale of gold bullion and silver bullion (produced as a by-product).

Revenue is measured based on the consideration specified in a contract with the customer, being South African bullion

banks. The consideration is based on the gold price derived on the gold market on the day a contract is entered into with the

bullion bank. The Group recognises revenue at a point in time when the Group transfers the gold bullion and silver bullion to

the bullion bank and the sale price is fixed, as evidenced by deal confirmations. It is at this point that the customer obtains

control of the gold and silver bullion, which is the settlement date specified in the contract.

On the settlement date the revenue can be measured reliably and the recovery of the consideration is probable. The

customer is contractually obliged to make payment to the Group on the same day that the Group settles the contract and

therefore no significant financing component exists.

A disaggregation of revenue by operating segment is presented in note 24 OPERATING SEGMENTS.

MARKET RISK

Commodity price sensitivity

The Group's profitability and the cash flows are significantly affected by changes in the market price of gold which is sold in US

Dollars. The Group did not enter into any hedging arrangements during the year.

A change of 20% in the average US Dollar gold price received during the financial year would have increased/(decreased) equity

and profit/(loss) by the amounts shown below. This analysis assumes that all other variables remain constant and specifically

excludes the impact on income tax.


Amounts in R million	2025	2024	2023

20% increase in the US Dollar gold price	1,575.6	1,247.9	1,099.3
20% decrease in the US Dollar gold price	(1,575.6)	(1,247.9)	(1,099.3)

Exchange rate sensitivity

The Group's profitability and the cash flows are significantly affected by changes in the rand to the US Dollar exchange rate. The

Group did not enter into any hedging arrangements during the year.

A change of 10% (2024: 20%) in the average Rand to US Dollar exchange rate received during the financial year would have

increased/(decreased) equity and profit/(loss) by the amounts shown below. This analysis assumes that all other variables remain

constant and specifically excludes the impact on income tax.


Amounts in R million	2025	2024	2023

10% increase in the US Dollar exchange rate (2024 and 2023: 20%)	787.8	1,247.9	1,099.3
10% decrease in the US Dollar exchange rate (2024 and 2023: 20%)	(787.8)	(1,247.9)	(1,099.3)
Due to lower volatility in the Rand to US Dollar exchange rate the sensitivity has been reduced to 10% from 20% in 2024.