DRDGOLD Limited (DRD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Drdgold Limited, una compañía pionera de minería de oro que revoluciona a la industria a través de técnicas de retratamiento de relaves de vanguardia y extracción sostenible. Al transformar los desechos mineros históricos en valiosos recursos de oro, esta potencia sudafricana demuestra un enfoque extraordinario para la minería que combina la responsabilidad ambiental con la destreza tecnológica avanzada. Su modelo de negocio único no solo desafía los paradigmas mineros tradicionales, sino que también ofrece a los inversores y comerciantes una oportunidad emocionante para comprometerse con una empresa de metales preciosos con visión de futuro que convierte los recursos pasados ​​por alto en oportunidades brillantes.

Drdgold Limited (DRD) - Modelo de negocio: asociaciones clave

Alianza estratégica con proveedores de equipos de ingeniería y minería

Drdgold ha establecido asociaciones críticas con proveedores especializados de equipos mineros para apoyar sus operaciones de retratamiento de relaves. Los detalles clave de la adquisición de equipos incluyen:

Proveedor	Tipo de equipo	Valor anual del contrato
Metso outotec	Bombas centrífugo	R12.5 millones
Caterpillar Sudáfrica	Equipo de movimiento de tierra pesada	R35.7 millones

Empresas conjuntas con contratistas mineros sudafricanos locales

Drdgold mantiene asociaciones locales estratégicas para mejorar la eficiencia operativa:

• Harmony Gold Mining Company: colaboración de retratamiento de relaves
• DRA Global: Servicios de Gestión de Ingeniería y Proyectos
• Minería WBHO: Desarrollo de infraestructura del sitio

Asociaciones tecnológicas para métodos avanzados de extracción de oro

La colaboración tecnológica se centra en técnicas innovadoras de extracción:

Socio tecnológico	Área de enfoque	Inversión
Universidad de Witwatersrand	Investigación metalúrgica	R4.2 millones anualmente
International Mintech	Optimización del proceso de extracción	R6.8 millones

Colaboración con consultores de cumplimiento ambiental y sostenibilidad

Detalles de la asociación ambiental:

• SRK Consulting: evaluaciones de impacto ambiental
• Greencap Sostenibilidad: gestión de huella de carbono
• Gasto anual de asociación de sostenibilidad: R3.6 millones

Drdgold Limited (DRD) - Modelo de negocio: actividades clave

Operaciones de minería y extracción de oro en regiones sudafricanas

Drdgold opera principalmente en el Región de Johannesburgo-Klerksdorp, centrándose en la extracción de oro de relaves y operaciones de superficie.

Ubicación	Producción anual	Capacidad de procesamiento
Operación de relaves de estado libre	78,000 onzas de oro	1.2 millones de toneladas por mes
Operación de relaves de West Rand	52,000 onzas de oro	0.8 millones de toneladas por mes

Retiro de relaves y reprocesamiento de residuos de mina históricos

Drdgold se especializa en estrategias de retratamiento de relaves integrales.

• Total de la superficie de relaves bajo administración: 1,400 hectáreas
• Oro recuperable estimado de relaves históricos: 250,000 onzas
• Tasa promedio de recuperación de oro: 0.25-0.35 gramos por tonelada

Exploración mineral y topografía geológica

Evaluación geológica enfocada de los recursos de relaves existentes.

Parámetro de exploración	Medición
Área del estudio geológico	2.500 kilómetros cuadrados
Presupuesto de exploración anual	R45 millones

Técnicas avanzadas de procesamiento metalúrgico y recuperación de oro

Utiliza tecnologías de extracción de última generación.

• Eficiencia de recuperación de lixiviación de cianuro: 92%
• Capacidad de procesamiento de carbono en pulpa: 250,000 toneladas por mes
• Sistemas avanzados de filtración y recuperación implementados

Rehabilitación ambiental y prácticas mineras sostenibles

Enfoque integral de gestión ambiental.

Iniciativa ambiental	Inversión
Infraestructura de reciclaje de agua	R32 millones
Programa de rehabilitación de tierras	R25 millones anualmente

Drdgold Limited (DRD) - Modelo de negocio: recursos clave

Derechos mineros de oro extensos y propiedades de exploración mineral

Drdgold posee derechos mineros sobre las siguientes propiedades:

Propiedad	Ubicación	Área (hectáreas)
Planta de procesamiento de ergo	Johannesburgo, Sudáfrica	1,200
Recuperaciones de oro del lejano oeste	Estado libre, Sudáfrica	2,500

Infraestructura de procesamiento tecnológico avanzado

La infraestructura tecnológica de Drdgold incluye:

• Instalaciones de procesamiento de relaves con capacidad de 1,2 millones de toneladas por mes
• Sistemas de bombeo de suspensión de alta eficiencia
• Tecnología avanzada de reciclaje de agua

Fuerza laboral de ingeniería geológica y minera calificada

Categoría de empleado	Número de empleados
Especialistas geológicos	87
Ingenieros mineros	124
Personal técnico total	311

Equipo de retratamiento de relaves especializados

Especificaciones del equipo:

• 24 rollos de molienda de alta presión
• 12 concentradores centrífugos
• 6 unidades de procesamiento de carbono en pulpa

Capacidades de capital financiero y de inversión

Métrica financiera	Valor (Zar)
Activos totales	2,345,000,000
Equidad total	1,678,000,000
Gastos de capital anuales	412,000,000

Drdgold Limited (DRD) - Modelo de negocio: propuestas de valor

Recuperación de oro de alta eficiencia de desechos mineros históricos de bajo grado

Drdgold procesa 1,24 millones de toneladas de relaves superficiales por mes con una calificación de oro promedio de 0,22 g/t. La producción total de oro de la compañía en 2023 fue de 81,901 onzas, con una tasa de recuperación de aproximadamente 52.4% del retratamiento de relaves.

Métrico	Valor
Relaves mensuales procesados	1.24 millones de toneladas
Grado de oro promedio	0.22 g/t
Producción anual de oro	81,901 onzas
Tasa de recuperación	52.4%

Enfoque minero ambientalmente sostenible

La estrategia ambiental de Drdgold se centra en:

• Reciclaje y conservación del agua
• Huella de carbono reducida
• Perturbación de la tierra minimizada

La compañía invirtió R45.2 millones en iniciativas de sostenibilidad ambiental en 2023.

Producción de oro rentable

El costo de mantenimiento All-In Drdgold (AISC) para la producción de oro en 2023 fue de $ 1,278 por onza. La eficiencia operativa de la compañía se demuestra a través de:

Métrico de costo	Valor
Costo de mantenimiento de todo	$ 1,278/oz
Costo operativo por tonelada	R48.50

Huella ambiental reducida

Métricas ambientales comparativas:

• Las emisiones de carbono reducidas en un 22% en comparación con la minería tradicional
• El uso del agua reducido en un 35% a través de las tecnologías de reciclaje
• Tasa de rehabilitación de tierras del 78%

Producción de oro consistente

La consistencia de producción de Drdgold se evidencia por:

Métrica de producción	Valor 2023
Producción total de oro	81,901 onzas
Varianza de producción trimestral	±3.5%

Drdgold Limited (DRD) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo con comerciantes de lingotes de oro

Drdgold mantiene asociaciones estratégicas con comerciantes clave de lingotes de oro, centrándose en la entrega de productos de oro consistente y confiable.

Socio comercial de lingotes de oro	Volumen de transacción anual	Duración de la relación
Refinería de rand	42,673 kg de oro	Más de 15 años
Banco estándar	27,891 kg de oro	12 años

Compromiso directo con inversores institucionales

Drdgold se involucra activamente con inversores institucionales a través de estrategias integrales de relaciones con los inversores.

• Los principales inversores institucionales tienen el 67.3% de las acciones de la compañía
• Llamadas de conferencia trimestralmente de inversores
• Reuniones anuales de accionistas

Informes transparentes y comunicación de inversores

La compañía mantiene una rigurosa transparencia financiera a través de mecanismos de informes detallados.

Métrica de informes	Frecuencia	Nivel de cumplimiento
Informes financieros trimestrales	4 veces anualmente	100% de cumplimiento de JSE
Divulgaciones de sostenibilidad	Anual	Estándares de Iniciativa de Información Global (GRI)

Experiencia técnica y reputación de la industria

Drdgold aprovecha su experiencia técnica para generar una sólida credibilidad de la industria.

• Más de 130 años de experiencia minera
• Certificación de calidad ISO 9001: 2015
• Múltiples premios de la industria por innovación tecnológica

Compromiso con prácticas mineras sostenibles

La compañía demuestra dedicación a las operaciones mineras ambientalmente responsables.

Iniciativa de sostenibilidad	Monto de la inversión	Impacto ambiental
Programa de reciclaje de agua	R42.5 millones	75% de reducción del uso del agua
Reducción de emisiones de carbono	R31.2 millones	22% de reducción de gases de efecto invernadero

Drdgold Limited (DRD) - Modelo de negocio: canales

Ventas directas a los mercados de comercio de oro

Drdgold vende oro refinado a través de plataformas internacionales de comercio internacional de oro. En 2023, la compañía reportó ventas de oro de 89,220 onzas con un ingreso total de Zar 2.76 mil millones de canales de mercado directo del mercado de oro.

Tipo de canal	Volumen de ventas (onzas)	Ingresos (Zar)
Mercados internacionales de oro	89,220	2,760,000,000

Relaciones con inversores a través de plataformas financieras

Drdgold utiliza múltiples plataformas de comunicación financiera para comprometerse con inversores institucionales y minoristas.

• JSE Limited (listado principal)
• NYSE American (listado secundario)
• Presentaciones de inversores en Bloomberg Terminal
• Plataformas financieras de Refinitiv

Sitio web corporativo y comunicación digital

La compañía mantiene una presencia digital integral con www.drdgold.com, que recibe aproximadamente 45,000 visitantes únicos mensualmente.

Canal digital	Tráfico mensual	Métricas de compromiso
Sitio web corporativo	45,000 visitantes	3.5 minutos Duración promedio de la sesión

Conferencias y exposiciones de la industria minera

Drdgold participa en eventos clave de la industria minera para mostrar capacidades operativas y potencial de inversión.

• Invertir en minería africana Indaba
• Conferencia de minas y dinero
• Conferencia de África Down Under Mining

Presentaciones de informes financieros y inversores

La compañía proporciona informes financieros trimestrales y anuales a través de múltiples canales.

Canal de informes	Frecuencia	Método de distribución
Anuncios de sensación	Trimestral	Plataforma regulada de JSE
Seminarios web de inversores	Semestral	Transmisión en línea

Drdgold Limited (DRD) - Modelo de negocio: segmentos de clientes

Comerciantes globales de lingotes de oro

Drdgold atiende a comerciantes globales de lingotes de oro con características específicas del mercado:

Característica de segmento	Datos cuantitativos
Volumen de comercio de oro anual	3.658 toneladas métricas a nivel mundial en 2023
Tamaño de transacción promedio	$ 5.2 millones por operación
Concentración del mercado global	Los 10 comerciantes principales controlan el 47% del mercado

Inversores institucionales

Detalles clave del segmento de inversión institucional:

• Inversión institucional total en oro: $ 327 mil millones en 2023
• Porcentaje de asignación de cartera: 4-7% típicamente
• Tipos de inversores predominantes: fondos de pensiones, fondos de riqueza soberana

Fondos de inversión minera

Categoría de inversión	Cantidad de inversión 2023
Inversiones totales de fondos mineros de oro	$ 42.6 mil millones
Tamaño promedio del fondo	$ 675 millones
Número de fondos activos	63 fondos especializados de minería de oro

Mercados de productos básicos de metal precioso

Detalles del segmento del mercado de productos básicos:

• Volumen de negociación de metales preciosos totales globales: $ 189.4 billones en 2023
• Derivados de oro Tamaño del mercado: $ 15.2 billones
• Volumen promedio de negociación de oro diario: $ 145 mil millones

Carteras de inversión sostenible

Métrica de sostenibilidad	2023 datos
Activos de inversión centrados en ESG	$ 40.5 billones a nivel mundial
Porcentaje de inversiones de oro con criterios de ESG	22.7%
Crecimiento de inversiones mineras sostenibles	14.3% año tras año

Drdgold Limited (DRD) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

Para el año fiscal 2023, Drdgold Limited reportó un gasto de capital total de ZAR 238.4 millones, con una asignación significativa hacia la adquisición y mantenimiento de equipos mineros.

Categoría de equipo	Costo anual (ZAR)
Equipo de minería de superficie	89.6 millones
Equipo de minería subterránea	62.3 millones
Mantenimiento y reparación	86.5 millones

Gastos de la fuerza laboral laboral y técnica

Los costos totales relacionados con los empleados de Drdgold para 2023 fueron Zar 684.2 millones.

• Fuerza laboral total: 2,347 empleados
• Salario anual promedio por empleado: Zar 291,500
• Porcentaje de la fuerza laboral técnica: 42%

Costos de exploración y encuesta geológica

El gasto de exploración para 2023 totalizaron Zar 45.7 millones.

Tipo de encuesta	Costo (Zar)
Mapeo geológico	18.3 millones
Encuestas geofísicas	12.6 millones
Exploración de perforación	14.8 millones

Cumplimiento ambiental e inversiones de rehabilitación

Los costos de cumplimiento ambiental para 2023 ascendieron a ZAR 92.1 millones.

• Asignación de fondos de rehabilitación: Zar 37.5 millones
• Monitoreo ambiental: Zar 22.6 millones
• Gestión de residuos: Zar 32.0 millones

Tecnología y desarrollo de infraestructura de procesamiento

La inversión en el desarrollo de la infraestructura y la tecnología para 2023 fue de Zar 176.9 millones.

Categoría de infraestructura	Inversión (ZAR)
Actualizaciones de plantas de procesamiento	86.4 millones
Infraestructura tecnológica	54.7 millones
Transformación digital	35.8 millones

Drdgold Limited (DRD) - Modelo de negocio: flujos de ingresos

Ventas de lingotes de oro

A partir del informe financiero anual de 2023, Drdgold produjo 87,200 onzas de oro. El precio promedio de oro realizado fue de aproximadamente $ 1,940 por onza.

Año fiscal	Producción de oro (onzas)	Precio promedio de oro	Ingresos totales de las ventas de oro
2023	87,200	$1,940	$169,168,000

Ingresos de extracción y procesamiento de minerales

El enfoque principal de extracción de minerales de Drdgold sigue siendo oro, con ingresos generados a partir de operaciones de retratamiento de relaves de superficie.

• Capacidad total de procesamiento de minerales: 1.2 millones de toneladas por mes
• Costo de procesamiento por tonelada: aproximadamente $ 10.50
• Tasa de recuperación: 0.3 gramos de oro por tonelada procesada

Ingresos del proyecto de retratamiento de relaves

El modelo de negocio principal de la compañía implica retirarse de relaves de oro históricos, generando ingresos significativos a partir de material previamente descartado.

Ubicación del proyecto	Trasos anuales procesados	Oro extraído	Ingresos del proyecto
Región de Johannesburgo	14.4 millones de toneladas	87,200 onzas	$169,168,000

Posibles ventas de subproductos de metal

Mientras que el oro sigue siendo el generador de ingresos primario, Drdgold también genera ingresos menores de los subproductos de metales asociados.

• Extracción de plata: aproximadamente 500 onzas por año
• Recuperaciones menores de metales: estimado en 2-3% de los ingresos totales de procesamiento de minerales

Devoluciones de inversión y asociación estratégica

Drdgold tiene inversiones estratégicas que contribuyen con flujos de ingresos adicionales más allá de la producción directa de oro.

Tipo de inversión	Retorno anual	Porcentaje de ingresos totales
Asociaciones estratégicas	$ 4.2 millones	2.5%
Ingresos de inversión	$ 3.7 millones	2.2%

DRDGOLD Limited (DRD) - Canvas Business Model: Value Propositions

You're looking at DRDGOLD Limited's value proposition, and honestly, it's built on a foundation that sidesteps the typical risks of deep-level gold mining. Their core offering is recovering gold from surface tailings, which is inherently a lower-risk operation than sinking new shafts.

This operational choice directly supports a consistent return profile for shareholders, a key differentiator in the sector.

• The company has maintained an unbroken dividend payment record for 18 consecutive years as of late 2025.
• The final cash dividend declared for FY2025 was 40 South African cents per share (cps), which was double the FY2024 final dividend.
• The interim dividend for H1 FY2025 was 30 SA cents per share, a 50% increase over the H1 FY2024 interim dividend of 20 SA cents per share.

A significant part of the DRDGOLD Limited value proposition is the environmental outcome; it's not just an obligation, it's a core business function. They are actively reversing the environmental legacy of historical mining.

Here are some of the latest reported figures related to this core outcome, primarily from the FY2024 reporting period, which informs the FY2025 strategy:

Rehabilitation Metric	Amount/Value	Context/Period
Hectares successfully completed clean-up/rehabilitation	117 hectares	FY2024 reported
Hectares in various stages of restoration	76 hectares	FY2024 reported
Amount spent on rehabilitation	R40.8 million	FY2024 reported

The business model shows high financial leverage to the gold price, meaning small changes in the gold price translate to larger changes in profit, which you can see clearly in the FY2025 results.

The average Rand gold price received increased by 31% to R1,632,275/kg in FY2025. This price strength flowed directly into the bottom line:

• Group operating profit for FY2025 surged by 69% to R3,523.6 million (up from R2,081.3 million in FY2024).
• Group revenue increased by 26% to R7,878.2 million in FY2025 (from R6,239.7 million in FY2024).
• The operating margin expanded from 33.4% to 44.7% in FY2025.

This financial strength is delivered while maintaining a cost-efficient operation, largely due to strategic capital investment in renewable energy. The commissioning of the solar plant and Battery Energy Storage System (BESS) at Ergo in November 2024 was a major value driver.

DRDGOLD Limited achieved an estimated 16% cut in energy costs via the solar power initiative, equating to an annual saving of R108 million. The solar plant capacity is 60MW. Furthermore, the company ended FY2025 completely debt-free, with cash and cash equivalents increasing by 150% to R1,306.2 million.

DRDGOLD Limited (DRD) - Canvas Business Model: Customer Relationships

You're looking at how DRDGOLD Limited manages its key relationships across its stakeholder base, which is quite diverse, spanning from shareholders demanding returns to local communities needing social upliftment. It's a delicate balance for a surface miner like DRDGOLD Limited, which essentially turns environmental liabilities into shareholder value.

Investor relations focused on transparency and consistent dividend payouts.

DRDGOLD Limited focuses on clear communication, especially around financial performance that directly impacts shareholder returns. For the financial year ended 30 June 2025, the company reported strong results, with Revenue reaching R7,878.2 million and Operating Profit jumping to R3,523.6 million. This performance allowed the Board to declare a final cash dividend for FY2025 of 40 South African cents per share (cps), which was a 100% increase, or double, the final dividend of 20 SA cps paid in FY2024. This commitment to payouts is grounded in a strong balance sheet; at 30 June 2025, DRDGOLD Limited held R1,306.2 million in cash and cash equivalents and remained debt-free. The total annual dividend for FY2025 amounted to 70 SA cps. Transparency is also evident in the reporting of earnings, with Headline Earnings Per Share (HEPS) for FY2025 reaching 260.6 SA cps, a 69% increase over the prior year.

The relationship with the equity holders is quantified by these key financial metrics:

• Final Cash Dividend Declared (FY2025): 40 SA cps.
• Total Annual Dividend (FY2025): 70 SA cps.
• Ordinary Shares in Issue (as of August 2025): 864,588,711.
• Net Local Dividend per Share (after DWT): 32 SA cps.
• Expected Net ADR Dividend: Approximately 18 US cents per share.

Direct, transactional relationship with the gold refiner/buyer.

The core transactional relationship for DRDGOLD Limited's primary product is highly direct and singular. The company recovers gold from surface tailings and then sells the resulting product exclusively through one channel. This is a classic business-to-business (B2B) relationship focused purely on the volume and purity of the final metal.

Metric	FY2025 Actual Data	Context
Gold Production (FY2025)	4,830kg	Total gold recovered from tailings retreatment.
Gold Sold (FY2025)	4,818kg	Actual volume sold, slightly lower than production.
Primary Off-taker	Rand Refinery	All gold transactions are done strictly with this entity.
Average Rand Gold Price Received (FY2025)	R1,632,275/kg	A 31% increase drove revenue growth.

The entire revenue stream hinges on this transactional link. It's a business of scale, not grade, so throughput matters immensely to this relationship.

Proactive community engagement for social license to operate.

Maintaining the social license to operate is critical, especially when dealing with legacy environmental sites in densely populated areas like the Witwatersrand Basin. DRDGOLD Limited demonstrates this through measurable social investment. The Total Social and Economic Spend for FY2025 was reported at R55.4 million, an increase from R51.3 million in 2024. This spend is strategically focused on improving the quality of life for surrounding communities, which is a core value for the company. Furthermore, the commitment to environmental remediation, which directly benefits the community's land use, is quantified by rehabilitation progress. In FY2025, applications in respect of 76ha of rehabilitated land were lodged with the NNR for approval.

Financial accountability demonstrated by internal funding of R2.3 billion capex.

The company shows financial discipline by prioritizing self-funding for its massive growth plans, which underpins its long-term relationship with shareholders. Operational cash flow in FY2025 generated a free cash inflow of R1,227.6 million. This strong cash generation allowed operational cash flow to fund approximately R2.3 billion to be re-invested in capital projects, specifically the 'Big five' projects underpinning the Vision 2028 strategy, without drawing from the available R2 billion Nedbank loan facility. The total capital expenditure for FY2025 was R2,254.9 million. This investment is part of a larger, medium-term commitment estimated at R7.8 billion to achieve the Vision 2028 goal of increasing throughput to 3 million tonnes per month.

DRDGOLD Limited (DRD) - Canvas Business Model: Channels

You're looking at how DRDGOLD Limited (DRD) gets its product-refined gold-to the market and communicates with its investors as of late 2025. It's a straightforward setup, heavily reliant on established financial infrastructure and a key related party for the final sale.

Primary gold sales channel through the Rand Refinery.

The gold produced by DRDGOLD Limited is sold through the Rand Refinery, which handles the final refinement and administration of the gold bars. Rand Refinery is a related party due to Sibanye-Stillwater's shareholding in it. The financial performance of this channel is highly sensitive to the Rand US Dollar exchange rate and the commodity price of gold itself. For the fiscal year ended 30 June 2025 (FY2025), the Group sold 4,818 kg of gold, a 3% decrease from the 4,989 kg sold in FY2024. However, the average Rand gold price received jumped 31% to R1,632,275/kg in FY2025, up from R1,248,679/kg the prior year, which drove a 26% increase in Group revenue to R7,878.2 million.

Here's a quick look at the sales metrics around that time:

Metric	FY2025 (Year Ended 30 June 2025)	Q1 FY2026 (Quarter Ended 30 September 2025)
Gold Sold (kg)	4,818	1,158
Average Gold Price Received (R/kg)	R1,632,275	R1,943,398
Group Revenue (R million)	R7,878.2	R2,254.9

The average price received in the first quarter of FY2026, R1,943,398 per kilogram, shows the continuation of a strong pricing environment. The Group did not enter into any hedging arrangements during FY2025.

Primary listing on the JSE (Johannesburg Stock Exchange).

DRDGOLD Limited maintains its primary listing on the Main Board of the Johannesburg Stock Exchange, trading under the share code DRD. As of May 7, 2025, the company celebrated 130 years of uninterrupted listing on the JSE. The market capitalization as of June 30, 2025, stood at R20,517 million.

Secondary listings on the NYSE and A2X for global investor access.

To cater to a broader investor base, DRDGOLD uses several other venues for trading its securities. This helps with global investor access, even though the underlying shares are ordinary shares, not American Depository Receipts (ADRs) on the NYSE (where one ADR reflects 10 ordinary shares).

• Primary Listing: JSE (Share Code: DRD)
• Secondary Listing: NYSE (Trading Symbol: DRD)
• Secondary Listing: A2X (Share Code: DRD). DRDGOLD listed on A2X in September 2025.
• Traded on Regulated Unofficial Market: Frankfurt Stock Exchange and the Berlin and Stuttgart OTC markets.

Annual Integrated Report and ESG Fact Sheet for stakeholder communication.

Stakeholder communication is anchored by the release of the Annual Integrated Report (AIR) and the Annual Financial Statements. The AIR for the year ended 30 June 2025 was made available on October 28, 2025. The company also provided an update on its ESG focus, with total environmental spend increasing by 11% to R45.3 million in FY2025. The Board declared a final cash dividend for FY2025 of 40 South African cents per share (cps), which was double the dividend declared for FY2024 (20 cps). This was supported by Headline Earnings of 260.6 South African cents per share for FY2025.

DRDGOLD Limited (DRD) - Canvas Business Model: Customer Segments

You're looking at the core groups DRDGOLD Limited serves, the ones whose capital and engagement keep the tailings retreatment wheels turning. It's a mix of money managers, environmentally conscious capital, and the physical buyers of the end product.

Global institutional and retail investors seeking gold exposure and income

This group is heavily weighted toward large institutions. For the quarter ended September 30, 2025, DRDGOLD Limited reported gold sold of 1,158 kg, contributing to a revenue of R2,254.9-million for that quarter alone. For the full Fiscal Year 2025, group revenue hit R7,878.2 million. The income appeal is clear: the final 2025 cash dividend was doubled to 40 cents per share, reflecting the strong cash flow, which included ZAR 1.2 billion in free cash flow for FY2025. The company maintained a debt-free balance sheet as of September 30, 2025.

The ownership structure shows a clear preference for institutional backing. Here's the quick math on who holds the shares as of the latest available data:

Shareholder Type/Entity	Percentage Holding	Shares Held (Approximate)
Sibanye Gold Limited (Majority Institutional)	50.10%	433,158,944
The Bank Of New York Mellon Dr# (Institutional/Custodian)	26.17%	226,283,976
Government Employees Pension Fund P (Institutional)	3.99%	34,532,146
Allan Gray (Institutional)	2.57%	22,206,998
Total Institutional and Body Corporates	96.39%	833,401,708
Total Individuals (Retail)	3.61%	31,187,003

What this estimate hides is the concentration at the top; holders of 1,000,001 and more shares represent 91.46% of the total share count. That's where the big money sits.

ESG-focused investors valuing environmental rehabilitation and renewable energy

This segment is attracted by DRDGOLD Limited's explicit commitment to environmental stewardship, which directly impacts long-term operational stability. The company successfully commissioned a 60 MW solar plant at Ergo, which contributed to 16% energy cost cuts in FY2025. Total capital expenditure for FY2025 was ZAR 2.5 billion, with 70% of that allocated to solar infrastructure and the Regional Tailings Storage Facility (RTSF). The focus on reversing ecological damage through rehabilitation is a core strategic area. The provision for environmental rehabilitation remains one of the company's critical accounting estimates, showing its financial commitment to this area.

Gold bullion buyers (refineries, central banks, industrial users)

These customers purchase the physical output. For the quarter ended September 30, 2025, DRDGOLD Limited sold 1,158 kg of gold, or 37,231 oz. This was achieved despite a 3% decrease in ore milled to 6,481,000 tonnes processed, showing that sales are driven by recovery efficiency rather than sheer volume. The average price received for this gold in that quarter was R1,943,398 per kilogram. For the full FY2025, total gold sold was 4,818kg.

South African government and communities benefiting from environmental clean-up

This segment is engaged through regulatory compliance and social license to operate, directly linked to the ESG activities. The company's operations involve the recycling of old mine dumps and slimes dams, which directly reverses negative ecological impacts in the surrounding landscape. The focus includes 'Improving the quality of life of communities surrounding our operations' as a strategic area. While specific financial transfers to communities aren't detailed here, the company's compliance with the Mining Charter ownership element, even after BEE partner shareholding roll-up (where Khumo and the DRDSA Empowerment Trust held nil shares at June 30, 2025), shows ongoing government/regulatory engagement.

• FY2025 Group Tonnage Throughput: 25.6 Mt.
• FY2025 Production: 4,830kg (lower than FY2024's 5,002kg).
• The company is the Johannesburg Stock Exchange's oldest company at 130 years old.

DRDGOLD Limited (DRD) - Canvas Business Model: Cost Structure

You're looking at the cost side of DRDGOLD Limited's operations, which is heavily weighted toward maintaining and expanding its large-scale processing footprint. The structure reflects the reality of surface mining: big assets mean big, non-negotiable costs.

The foundation of the cost structure involves high fixed costs tied to the sheer scale of the infrastructure and processing plants required for its operations on the East Rand and Far West Rand. These costs are inherent to the business model, which relies on processing massive volumes of old tailings material.

For the full financial year (FY) ending 30 June 2025, the total cash operating costs reached R4,372.7 million. This figure was 4% higher than the prior year, primarily driven by inflationary pressures, alongside higher consumption of reagents and consumables due to a 15% increase in Group tonnage throughput to 25.6 Mt.

The key operational cost components and their recent movements are important to track:

• Cash operating costs per tonne in the quarter ended 30 September 2025 stood at R179/t, an 8% increase quarter-on-quarter.
• Cash operating costs per kilogram of gold sold for the same quarter was R955,086/kg, a marginal 3% increase from the previous quarter.
• Cost increases in that quarter were mainly due to annual labour increases and higher reagent costs, specifically lime and cyanide, at the Ergo operation.

Significant capital expenditure is another major cost driver, reflecting the investment needed to sustain and grow the asset base, central to the Vision 2028 strategy. Total capital expenditure for the Group in FY2025 was R2,254.9 million. This is a substantial outlay, even though it represented a decrease from R2,985.7 million in FY2024.

To give you a clearer picture of where that capital is going, here is a breakdown based on the latest reported quarter (Q4 FY2025 data, which informs the full-year spend):

Capital Expenditure Category	Amount (Rm) - Q4 FY2025	Percentage Change vs. Previous Quarter
Sustaining Capital Expenditure	R51.5	(58%)
Non-sustaining/Growth Capital Expenditure	R781.1	9%

The high allocation to growth capital, particularly relating to the Far West Gold Recoveries (FWGR) Phase II project, which includes the construction of the Regional Tailings Storage Facility and DP2 Plant expansion, shows a commitment to future capacity, even if it inflates current period costs (All-in costs per kilogram were R1,745,213/kg, up 6% in that quarter, driven by this growth capex).

Costs for environmental rehabilitation and tailings dam maintenance are embedded within the cost structure, requiring careful estimation. The assessment of the provision for environmental rehabilitation is a key area of focus, with management adjusting estimates based on discount rates and inflation assumptions. For instance, the prior quarter's All-in sustaining costs included a credit adjustment related to the change in this rehabilitation estimate, which is assessed annually. Furthermore, the deferred tax liability calculation is directly linked to the rehabilitation provision.

Energy costs are a persistent factor, though DRDGOLD Limited has actively worked to mitigate them. The establishment of the large solar farm to supply cheaper renewable energy to Ergo has been a major cost-saving measure. The solar farm has saved the company R108 million since its commissioning in November. However, electricity costs still saw an increase in the quarter ended 30 September 2025 due to two months of Eskom winter tariffs being included. The solar infrastructure depreciation charge is estimated to be between R120 million to R150 million annually.

Finance: draft 13-week cash view by Friday.

DRDGOLD Limited (DRD) - Canvas Business Model: Revenue Streams

The primary source of income for DRDGOLD Limited is the sale of gold recovered from surface sources. Group revenue for the year ended 30 June 2025 increased by 26% to R7,878.2 million. This revenue figure is a significant step up from the FY2024 total of R6,239.7 million.

This revenue performance is intrinsically linked to the prevailing gold price in Rand terms, showing a high degree of leverage to that market factor. The average Rand gold price received during FY2025 saw a substantial increase of 31%, reaching R1,632,275/kg. This price increase was the main driver, offsetting a 16% decrease in average yield, which fell from 0.225g/t to 0.189g/t.

Here's a quick look at the key financial drivers underpinning the FY2025 revenue:

Metric	FY2025 Value	FY2024 Value
Group Revenue	R7,878.2 million	R6,239.7 million
Average Rand Gold Price	R1,632,275/kg	R1,248,679/kg
Gold Sold	4,818kg	4,989kg
Operating Profit	R3,523.6 million	R2,081.3 million

The revenue stream is also supplemented by investment returns. DRDGOLD Limited declared a final cash dividend for FY2025 of 40 South African cents per share (cps), which was double the dividend declared in FY2024. This declaration reflects the strong cash generation, which allowed for reinvestment and shareholder returns, with the company remaining debt-free at the end of FY2025. While the search results confirm the importance of the Rand Refinery investment to the overall structure, a specific dividend amount received from this investment isn't detailed here.

Looking forward, DRDGOLD Limited is actively pursuing new revenue avenues beyond its current operational base. The company is in early-stage planning to expand internationally by establishing partnerships with miners interested in mining tailings. CEO Niël Pretorius has expressed keen interest in entering new markets, such as Zambia's mining sector, as part of the Vision 2028 growth strategy.

The revenue generation model relies on several operational inputs:

• Primary revenue from gold sales.
• Revenue highly sensitive to the Rand gold price.
• Progress on Vision 2028 projects to expand throughput.
• Exploring international tailings retreatment partnerships.