Media releases

DRDGOLD delivers strong FY2026 results as Vision 2028 takes shape while projects come online

Key features

• Operating profit increased by 83% to R6.5 billion
• Headline earnings increased by 89% to R4.3 billion
• Free cash flow increased by 85% to R2.3 billion
• Gold production of 4 839kg exceeded annual guidance
• R3.5 billion invested in capital expenditure
• Cash and cash equivalents increased by 112% to R2.8 billion, with no debt
• Final cash dividend of 120 SA cents per share
• Daggafontein pipeline project commissioned and expanded DP2 plant pours first gold
• Water Use Licence approved for Libanon reclamation pump station
• Kloof 2 dump classified as a Mineral Reserve

Johannesburg, South Africa. 19 August 2026. DRDGOLD Limited (JSE: DRD, A2X: DRD, NYSE: DRD) ended FY2026 with stable production, materially higher earnings and a debt-free balance sheet, as more than R5 billion invested in Vision 2028 began translating into new operating infrastructure and capacity.

Revenue increased by 42% to R11.2 billion, operating profit by 83% to R6.5 billion and headline earnings by 89% to R4.3 billion. Gold production remained stable at 4 839kg, marginally ahead of FY2025 and above annual guidance.

“This was a year of delivery,” said CEO Niël Pretorius. “We maintained production while investing at a level that is fundamentally reshaping the business, and we did that while remaining debt-free and continuing to return value to shareholders.

“What is particularly encouraging is that we are now seeing that investment translate into operating capability. The infrastructure we have been building is starting to come online and the next phase of DRDGOLD is beginning to take shape.”

Free cash flow increased by 85% to R2.3 billion. DRDGOLD invested R3.5 billion in capital expenditure and paid R779.3 million in dividends during the year, ending FY2026 with R2.8 billion in cash and cash equivalents and no debt. The Board declared a final cash dividend of 120 cents per share.

Vision 2028 takes shape
Vision 2028 is DRDGOLD’s approximately R10 billion programme to increase combined throughput at ERGO and Far West Gold Recoveries (FWGR), lift annual gold production towards six tonnes by 2028 and extend FWGR’s life of mine. More than R5 billion has now been invested.

At ERGO, the Daggafontein Tailings Storage Facility received its first water in June and first tailings in July, marking completion of the first major Vision 2028 project and reducing reliance on the mature Brakpan Tailings Storage Facility.

At FWGR, the expanded DP2 plant’s new elution circuit and smelt house were commissioned in July, with first gold poured on the same day. The Regional Tailings Storage Facility (RTSF) was approximately 67% complete at year-end, while the pipeline network linking DP2, the RTSF and the Libanon reclamation site was approximately 95% complete.

The Water Use Licence for the Libanon reclamation pump station was approved in July, enabling construction of the pump station to proceed and paving the way for completion of the final link in the pipeline network connecting the Libanon reclamation site to the expanded FWGR infrastructure. Following the expected completion of the expansion of the DP2 plant in Q2 FY2027, and once beneficial occupation of the regional tailings storage facility has been obtained, Libanon is planned to add 600 000 tonnes per month to FWGR’s throughput profile, to increase to 1.2 million tonnes per month.

“Daggafontein is receiving tailings, DP2 has poured first gold and approval of the Libanon Water Use Licence brings us another step closer to unlocking the next phase of growth at FWGR,” Pretorius said.

“There is still significant work ahead, but the building blocks are increasingly in place. Our focus now is on bringing these projects into operation safely and efficiently and converting that investment into sustainable production and cash flow.”

The expected completion of the Withok Tailings Storage Facility at ERGO is now anticipated during 2029, assuming the required regulatory approvals are granted by the end of December 2026. Though the near-term operational impact is expected to be limited (Withok is expected to add 150 000 tonnes per month to ERGO’s deposition capacity to take it 1.8Mtpm) the longer term impact is profound, in that it provides an additional 310 million tonnes of tailings storage capacity to facilitate the remainder of ERGO’s life of mine. In the meantime, following the resumption of deposition at Daggafontein, ERGO will be able to maintain throughput of approximately 1.65Mtpm in the absence of unforeseen events.

Following the transfer of Kloof 2 dump from Sibanye-Stillwater to FWGR in December 2025, the dump added 67 million tonnes to the Group’s Mineral Reserves and extended FWGR’s life of mine by four years.

DRDGOLD maintained its zero-fatality record during FY2026, while its Lost Time Injury Frequency Rate improved by 23% and its Reportable Injury Frequency Rate by 67%. At ERGO, electricity sourced from Eskom and municipalities, net of wheeling and offsets declined by 14% as the contribution from its solar plant and battery energy storage system increased. Group potable water consumption declined by 23%.

Pretorius noted that: “The gold price has been supportive, but that is not something we control. What we can control is how well we operate, how we allocate capital and whether we use favourable conditions to leave the business stronger and better positioned for the future.”

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