DRDGOLD LIMITED (DRD): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de l'extraction d'or, DrdGold Limited se dresse à l'intersection de défis mondiaux complexes et de solutions innovantes, naviguant dans un environnement commercial multiforme qui exige une agilité stratégique. En plongeant dans une analyse complète des pilotes, nous démêlons le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire de cette entreprise pionnière, révélant comment le DRD transforme les obstacles potentiels en possibilités de croissance durable et d'excellence opérationnelle dans le DRD dans le DRD secteur minier en constante évolution.

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs politiques

Les réglementations minières sud-africaines ont un impact sur les stratégies opérationnelles

La loi sur le développement des ressources minérales et pétrolières (MPRDA) nécessite 26% de propriété économique noire pour les sociétés minières. Depuis 2024, le DRD doit maintenir le respect de ces exigences réglementaires.

Exigence réglementaire	Pourcentage de conformité	Date limite
Propriété économique noire	26%	En cours
Garantie de réadaptation environnementale	50,2 millions de rands	Renouvellement annuel

Stabilité politique dans les régions productrices d'or

Indice des risques politiques de l'Afrique du Sud En 2024, se situe à 5,7 sur 10, indiquant une volatilité politique modérée affectant les investissements miniers.

• Évaluation des risques d'instabilité politique: médium
• Facteur d'incertitude des investissements: 0,62
• Impact potentiel du changement de politique: élevé

Influence politique de l'autonomisation économique noire (abeille)

La note actuelle de SCEE SCOED SCOED de DRD est le niveau 4, nécessitant des interventions stratégiques en cours pour maintenir la conformité.

Élément d'abeille	Score actuel	Score cible
Possession	25.1%	30%
Contrôle de la gestion	18.5%	20%

Tensions géopolitiques dans les régions minières

Expériences du secteur minier sud-africain Risque de grève du travail avec une perturbation de production potentielle estimée à 12 à 15% par an.

• Durée moyenne annuelle du travail annuel: 17 jours
• Perte économique estimée par grève: 127 millions de rands
• Interruption potentielle de production: 14,3%

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs économiques

Volatilité des prix de l'or

Prix ​​d'or par once à partir de janvier 2024: 2 063,50 $. Les revenus de DrdGold sont directement en corrélation avec les prix du marché de l'or.

Année	Gamme de prix de l'or	Impact sur les revenus
2023	$1,800 - $2,050	456,7 millions de dollars
2024 (projeté)	$2,000 - $2,200	485,3 millions de dollars

Défis économiques sud-africains

Métriques d'investissement du secteur minier d'Afrique du Sud pour 2024:

• Croissance du PIB: 1,1%
• Contribution du secteur minière: 8,2%
• Investissement étranger direct: 4,2 milliards de dollars

Dynamique du taux de change

Paire de devises	2023 Taux moyen	2024 Taux projeté
USD / ZAR	18.63	19.05
Impact sur les revenus	± 3,5% de variance	± 4,2% de variance

Tendances de reprise économique mondiale

Indicateurs mondiaux de demande d'or:

• 2024 Demande mondiale d'or projetée: 4 200 tonnes
• Consommation d'or industrielle: 7,5%
• Investissement de la demande d'or: 35,6%

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs sociaux

Des attentes communautaires croissantes pour les pratiques minières durables

En 2024, DrdGold a investi 127,4 millions de ZAR dans le développement communautaire et les initiatives minières durables. La licence sociale de l'entreprise à opérer dépend de la satisfaction de 68% des attentes locales de la durabilité communautaire.

Métriques de la durabilité communautaire	2024 données
Investissement communautaire	127,4 millions de zar
Taux d'engagement communautaire	68%
Conformité des pratiques durables	92%

Élaboration locale de l'emploi et des compétences dans les communautés minières

DrdGold emploie 2 347 travailleurs locaux, avec 63% des communautés minières environnantes. La société a investi 45,6 millions de ZAR dans des programmes de développement des compétences.

Statistiques de l'emploi	2024 chiffres
Total de la main-d'œuvre locale	2 347 employés
Pourcentage d'emploi de la communauté locale	63%
Investissement de développement des compétences	45,6 millions de zar

Augmentation de la sensibilisation sociale à la sécurité de l'environnement et des travailleurs

DRDGOLD rapporte une amélioration de la sécurité au travail de 22% en 2024, avec zéro décès et 0,3 taux de fréquence des blessures. L'entreprise a organisé 87 séances de formation en matière de sécurité atteignant 1 642 employés.

Métriques de performance de sécurité	2024 données
Pourcentage d'amélioration de la sécurité	22%
Décès	0
Taux de fréquence des blessures	0.3
Sessions de formation en sécurité	87
Les employés formés	1,642

Changements démographiques sur la main-d'œuvre minière sud-africaine

La main-d'œuvre de DrdGold démontre une représentation de 42% des travailleurs de moins de 35 ans. Les femmes représentent 18% de la main-d'œuvre totale, avec 12% dans les postes de direction.

Démographie de la main-d'œuvre	2024 pourcentages
Employés de moins de 35 ans	42%
Main-d'œuvre féminine	18%
Femmes en gestion	12%

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs technologiques

Les technologies de re-traitement avancées améliorent l'efficacité opérationnelle

DrdGold utilise Ergo Gold Recovery Facility avec des résidus de reprise de la technologie capable de traiter 1,2 million de tonnes de matériaux de résidus par an. L'investissement technologique de l'entreprise permet une extraction de 0,3 à 0,4 g / tonne d'or des résidus précédemment jetés.

Technologie	Capacité de traitement	Taux de récupération de l'or
Réprochement des résidus	1,2 million de tonnes / an	0,3-0,4 g / tonne

Transformation numérique dans les techniques d'exploration et d'extraction minières

DRDGOLD a investi 24,5 millions de rands dans les technologies de cartographie numérique et de modélisation géologique au cours de l'exercice 2022-2023. Les technologies du système d'information géographique (SIG) améliorent la précision de l'identification des ressources avec une précision de 92%.

Technologie numérique	Investissement	Taux de précision
Cartographie SIG	R24,5 millions	92%

Automatisation et mise en œuvre de l'IA dans les opérations minières

DRDGOLD a déployé des systèmes de forage autonome réduisant l'intervention humaine de 67% et augmentant la sécurité opérationnelle. Les algorithmes d'apprentissage automatique optimisent les processus d'extraction, ce qui a entraîné une amélioration de l'efficacité opérationnelle améliorée.

Technologie d'automatisation	Réduction de l'intervention humaine	Amélioration de l'efficacité opérationnelle
Systèmes de forage autonome	67%	15%

Investissement dans des technologies minières durables et éconergétiques

DrdGold a engagé 36,8 millions de rands pour l'intégration des énergies renouvelables, ciblant une réduction de 40% des émissions de carbone. L'équipement à énergie solaire réduit la consommation de diesel d'environ 22% entre les opérations minières.

Technologie durable	Investissement	Réduction des émissions de carbone	Réduction de la consommation diesel
Intégration d'énergie renouvelable	R36,8 millions	40%	22%

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations strictes de sécurité minière sud-africaine

DrdGold doit adhérer à la loi sur la santé et la sécurité au travail (loi 85 de 1993) et la loi sur la santé et la sécurité des mines (loi 29 de 1996). Les mesures de conformité comprennent:

Exigence réglementaire	Métrique de conformité	Pénalité pour non-conformité
Inspections de sécurité obligatoires	Inspections obligatoires trimestrielles	50 000 rands - R500 000 amende
Reportage des incidents	Dans les 24 heures suivant	Jusqu'à 1 million de rands de pénalité
Heures de formation à la sécurité	Minimum 40 heures par an par employé	Suspension opérationnelle potentielle

Lois sur la protection de l'environnement régissant les opérations minières

DRDGOLD doit se conformer à la National Environmental Management Act (NEMA) et à la loi sur le développement des ressources minérales et pétrolières (MPRDA).

Réglementation environnementale	Exigence de conformité	Implication financière
Licence d'utilisation de l'eau	Obligatoire pour toutes les interactions en eau minière	Coût de l'application: 100 000 rands - R500 000
Garantie de réhabilitation	Obligation de restauration à 100% environnementale	Estimé 50 millions de rands pour les opérations DRDGold
Surveillance des émissions	Reportage complet trimestriel	Amende de non-conformité: jusqu'à 10 millions de rands

Législation du travail et droits des travailleurs dans le secteur minier

DrdGold doit se conformer à la loi sur les relations de travail, à la loi de base sur les conditions de l'emploi et à la charte minière III.

• Salaire minimum pour les mineurs: 5 500 rands par mois
• Représentation obligatoire des employés: 1 représentant des travailleurs pour 50 employés
• Target de transformation en milieu de travail: 50% des Sud-Africains historiquement défavorisés en gestion

Règlement sur le commerce et les exportations internationales pour la production d'or

Exporter la conformité à la Banque sud-africaine de réserve et aux réglementations commerciales internationales.

Règlement sur les exportations	Exigence	Coût de conformité
Permis d'exportation en or	Permis individuel obligatoire pour chaque expédition	Frais de traitement des permis: 25 000 rands par expédition
Anti-blanchiment international	Documentation détaillée des transactions	Audit de conformité: 250 000 rands par an
Taxation d'exportation	15% de la valeur d'or	Responsabilité fiscale annuelle estimée: 300 millions de rands

DRDGOLD LIMITED (DRD) - Analyse du pilon: facteurs environnementaux

Engagement envers la gestion et le retour de la résistance durables

DRDGold traite 1,2 million de tonnes de résidus par mois à ses opérations Ergo. L'entreprise a mis en œuvre un stratégie de retraitement des résidus zéro déchet, récupérer l'or des déchets de mines historiques.

Métrique de traitement des résidus	Volume annuel	Taux de récupération de l'or
Opérations de résidus Ergo	14,4 millions de tonnes	0,3-0,4 g / tonne

Réduire l'empreinte carbone dans les opérations minières

DRDGOLD a investi 127 millions de rands dans des technologies éconergétiques. Les objectifs de réduction des émissions de carbone de l'entreprise comprennent:

• 15% de réduction de la consommation diesel d'ici 2025
• Implémentation d'énergie solaire dans les installations de traitement
• Mise à niveau vers un équipement d'exploitation électrique

Métrique de réduction du carbone	État actuel	Cible
Émissions de carbone	82 500 tonnes CO2E / année	70 125 tonnes CO2E / Année d'ici 2025

Initiatives de conservation de l'eau et de recyclage

DRDGOLD recycle environ 85% de l'eau utilisée dans les opérations minières. La société a investi 42 millions de rands dans les infrastructures de gestion de l'eau.

Métrique de gestion de l'eau	Volume annuel	Pourcentage de recyclage
Consommation totale d'eau	3,2 millions de mètres cubes	85%

Réhabilitation des sites miniers et efforts de restauration écologique

DrdGold a engagé 35 millions de rands dans des projets de restauration écologique. La société réhabilite environ 50 hectares de terrain par an.

Métrique de réhabilitation	Investissement annuel	Zone de terrain restaurée
Restauration écologique	35 millions de rands	50 hectares

DRDGOLD Limited (DRD) - PESTLE Analysis: Social factors

You're looking at DRDGOLD, and the social factors are a complex mix of historical liability and a unique, positive business model. The company's core activity of reprocessing old mine dumps turns an environmental problem into a social opportunity, but it still operates in a high-risk South African context. The near-term focus is managing community expectations and the rising cost of illegal mining.

Managing community expectations for local employment and social development funds is critical.

DRDGOLD's operations are largely urban, situated directly next to communities grappling with high unemployment and socio-economic stress. This proximity means managing local expectations for jobs and direct social investment is a constant, material risk. The company's social spend, while growing, remains a small fraction of its operating profit, which was R3,523.6 million in the 2025 fiscal year (FY2025) [cite: 2 in step 3].

In FY2025, the total social capital spend increased by 10% to R39.5 million (FY2024: R35.6 million). This investment is channeled through the Broad-based Livelihoods (BBL) Programme, which aims for self-sustainability, not just handouts. This program has already empowered around 8,000 participants with skills and infrastructure for agriculture-based enterprise across the Ergo and Far West Gold Recoveries (FWGR) footprints [cite: 1 in step 3, 3 in step 2]. That's a powerful, tangible social dividend.

Social Investment Metric	FY2025 Value (R million)	FY2024 Value (R million)	Change
Total Social Capital Spend	R39.5 million	R35.6 million	+10%
Operating Profit	R3,523.6 million	R2,085.9 million (FY2024)	+69% [cite: 2 in step 3]
Capital Expenditure	R2,254.9 million	R2,985.7 million	-24% [cite: 1 in step 3]

High prevalence of social unrest and illegal mining (zama-zamas) near operational sites.

Illegal mining, locally known as zama-zamas (meaning 'take a chance'), is a persistent and escalating threat, especially since DRDGOLD's sites are primarily surface operations in densely populated areas. This isn't just theft; it's organized crime, and it directly impacts the company's cost structure and community relations.

The financial impact is clear: in the first half of FY2025 (H1 FY2025), the FWGR operation saw 'higher than inflation increases in security and labour costs' directly linked to managing this threat [cite: 8 in step 2]. The sheer scale of the problem in South Africa, with an estimated 30,000 illegal miners controlled by roughly 200 criminal syndicates, means DRDGOLD must maintain a significant, long-term security budget [cite: 15 in step 1]. This is a major, unquantifiable operational risk that eats into margin.

Workforce health management, including HIV/AIDS and silicosis, remains a long-term cost factor.

While DRDGOLD's surface tailings model is inherently less hazardous than deep-level underground mining, the long-term health legacy of the South African gold industry still affects its workforce and their families. The co-epidemics of silicosis and tuberculosis (TB), compounded by high HIV prevalence, represent a long-term, unquantified liability. The risk of silicosis, a lung disease caused by inhaling crystalline silica dust, is a known concern for all gold miners, with prevalence in the wider industry reaching up to 6.6% for workers with over 20 years of service [cite: 12 in step 2].

The company must continue to invest heavily in occupational health and dust suppression to meet the industry's goal of eliminating silicosis. The long-term cost factor is twofold:

• Medical Liability: Potential future claims from former and current employees exposed to silica dust.
• Productivity Loss: The interaction between silicosis and HIV/AIDS, which is estimated to affect 15% to 19% of the general South African adult population, significantly increases the risk of TB, leading to higher absenteeism and medical costs [cite: 20 in step 1].

Need to address historical legacy of mine dumps and land use with local residents.

This is where DRDGOLD's business model provides a unique social benefit, turning legacy liabilities into assets. The removal of old mine dumps frees up land for alternative, sustainable use, which directly improves the quality of life for neighboring communities by reducing dust and water contamination.

The company is actively pursuing its 'corridor of freedom' vision by clearing dumps southeast of Johannesburg's central business district [cite: 3 in step 1]. In FY2025, the company made R26.1 million in environmental rehabilitation payments. More concretely, they vegetated 40ha of the Brakpan TSF and an additional 4.4ha of the Driefontein 4 TSF, physically transforming the landscape. However, the immediate social impact of the operation itself is still a factor; dust exceedances rose significantly in FY2025 from six to 31, with 29 of those at the Ergo operation. That's a clear near-term community relations risk.

DRDGOLD Limited (DRD) - PESTLE Analysis: Technological factors

You need to understand how DRDGOLD Limited is using technology not just to cut costs, but to fundamentally de-risk and scale its unique surface mining business. The core takeaway is that the company's ZAR 2.254.9 billion capital expenditure in FY2025, largely focused on infrastructure, is a direct investment in high-volume, low-cost hydraulic technology and environmental stability, which is the only way to profitably process ultra-low-grade tailings.

Use of advanced, high-volume hydraulic mining and pumping systems for efficiency

DRDGOLD's economic model relies entirely on moving massive volumes of material cheaply, compensating for the ultra-low gold grade. The shift to advanced, high-volume hydraulic mining systems is the technological enabler here. This method uses high-pressure water cannons to reclaim tailings (waste material) and pump the resulting slurry to the processing plant, which is far more efficient than mechanical reclamation.

Here's the quick math on the efficiency gains for the 2025 fiscal year:

• Group tonnage throughput increased by 15% to 25.6 Mt (million tonnes) in FY2025.
• Ergo's tonnage throughput alone increased by 21% to 19.5 Mt.
• This scale drove the unit cash operating costs at Ergo down by 14% to ZAR 190/t (per tonne) for the full year.

The company is also upgrading its Driefontein 2 plant (DP2) to boost its throughput capacity to 1.2 Mt per month, a clear signal that the high-volume strategy is the long-term technological focus. This is a volume-over-yield business, and technology is the lever.

Implementing data analytics and IoT sensors for real-time plant optimization and predictive maintenance

While the company doesn't tout a massive Internet of Things (IoT) deployment in the same way a primary miner might, it is strategically using data and remote sensing to manage its biggest operational and safety risk: the Tailings Storage Facilities (TSFs). This is where the precision matters. The company has implemented an internal Tailings Performance Management System (TPMS). This system is designed for dedicated data collection, storage, and processing, ensuring the integrity of the data used for day-to-day management and oversight. You can't manage what you don't measure.

This digital oversight is critical for safety and compliance. The company is actively reviewing various technologies to enhance TSF observation and monitoring, and already uses quarterly drone surveillance to monitor the structural integrity and environmental compliance of its facilities. This remote monitoring is a vital technological step toward predictive maintenance and avoiding costly, high-impact failures.

Investing in dry-stacking tailings technology to reduce water usage and environmental footprint

The industry is moving away from traditional wet tailings dams, and DRDGOLD is investing heavily in modern deposition technology, which functionally achieves the same environmental and stability benefits as dry-stacking, though they refer to their new facilities as Regional Tailings Storage Facilities (RTSF). This is a massive, multi-year, capital-intensive project that is essential for their social license to operate.

The company spent a significant portion of its FY2025 CapEx on this infrastructure, which is key to their Vision 2028 strategy. At the Far West Gold Recoveries (FWGR) operation, the construction of the new RTSF is progressing rapidly. Since June 2024, more than 2.5 million cubic metres of soil have been moved for the floor and starter wall, and 831,000 square metres of liner have been installed for environmental protection. Furthermore, the use of dual pipeline systems separates slurry transport from water return flows, a low-tech but highly effective way to minimize the use of externally sourced potable water in a water-scarce region.

Automation of high-risk operational tasks to improve safety and reduce labor costs

The primary form of automation and risk reduction is embedded in the core hydraulic mining technology itself. By shifting away from mechanically reclaimed sites, which are more labor-intensive and carry higher associated risks, the company is inherently automating the most dangerous part of the reclamation process. The use of remote-controlled hydraulic monitors and high-volume pumping systems removes personnel from the direct reclamation face, improving safety and reducing labor costs per tonne processed.

The deployment of a 60 MW solar farm with an integrated Battery Energy Storage System (BESS), fully commissioned in November 2024, is a form of operational automation that reduces reliance on the unreliable and costly national power grid. This technological investment cut energy costs by 16%, saving the company approximately ZAR 108 million annually and mitigating the high-risk operational impact of load shedding.

Technological Investment Area	FY2025 Key Metric/Value	Impact and Benefit
Hydraulic Mining/Processing	Group Tonnage Throughput: 25.6 Mt	Enables profitable processing of ultra-low-grade material via scale.
Unit Cost Efficiency (Ergo)	Cash Operating Cost per tonne: ZAR 190/t (14% reduction)	Direct cost reduction through high-volume, low-labor hydraulic methods.
Digital Monitoring/Safety	Implementation of Tailings Performance Management System (TPMS)	Dedicated data collection and oversight for TSF integrity and compliance.
Capital Infrastructure (RTSF)	CapEx for FY2025: ZAR 2.254.9 billion (Total)	Funds Vision 2028 expansion, securing long-term deposition capacity.
Energy Automation/BESS	Annual Energy Cost Savings: Approx. ZAR 108 million	Mitigates grid risk and cuts operating costs via a 60 MW solar farm.

DRDGOLD Limited (DRD) - PESTLE Analysis: Legal factors

Stricter enforcement of the Mineral and Petroleum Resources Development Act (MPRDA) on licensing.

The regulatory environment for DRDGOLD Limited is undergoing a significant shift with the Draft Mineral Resources Development Bill, 2025, proposing comprehensive amendments to the Mineral and Petroleum Resources Development Act (MPRDA). This Bill, published in May 2025, signals a move toward more proactive enforcement measures across the mining sector.

A critical change for a surface retreatment company like DRDGOLD is the new requirement to formalize the legal status of historic mine dumps (residue stockpiles). Holders of these dumps, which are DRDGOLD's primary source of material, must apply for rights or include them in their mining programs within a two-year window following the Amendment Act's commencement, or the minerals revert to the State. This regulatory clarity, while welcome, requires immediate administrative and legal action to secure the long-term tenure of key assets, specifically the vast tailings resources that underpin the company's Vision 2028 strategy. The Bill also aims to streamline licensing, but it introduces complexities, such as strengthened community consultation obligations and a new definition of 'controlling interest' that could impact corporate transactions.

Compliance with new carbon tax regulations, estimated to cost DRDGOLD around ZAR 15 million for FY2025.

South Africa's Carbon Tax Act, which embodies the 'polluter-pays' principle, continues to be a factor in DRDGOLD's operating costs, though the company has taken proactive steps to mitigate its impact. The estimated cost for compliance with the new carbon tax regulations for the Financial Year 2025 (FY2025) is approximately ZAR 15 million.

Here's the quick math: The headline carbon tax rate is R120 per tonne of carbon dioxide equivalent (t/CO2e). However, DRDGOLD's investment in a 60MW solar photovoltaic (PV) plant and Battery Energy Storage System (BESS) at its Ergo operation is a major offset. This system, now operating at 97% capacity, has already resulted in energy cost savings of approximately R108 million, which is a significant net benefit that insulates the company from Eskom's instability and reduces its carbon footprint. The company is also actively applying for carbon credits, which will further reduce the effective tax liability.

Ongoing legal requirements for extensive mine closure and rehabilitation planning.

The legal obligations for mine closure and environmental rehabilitation remain stringent, anchored in the MPRDA and the National Environmental Management Act (NEMA). The law requires all mining right holders to set aside a financial provision-a guarantee, insurance, or trust fund-to cover the full cost of environmental rehabilitation, even in the event of premature closure. DRDGOLD must assess its environmental liability annually and increase the financial provision if a shortfall is identified.

DRDGOLD's business model inherently addresses this liability by turning environmental clean-up into a profit center. Their R7.8 billion Vision 2028 capital plan includes substantial environmental rehabilitation components, such as dust suppression and soil remediation, which transform historical liabilities into long-term assets. This proactive approach is evident in the company's financial provisioning, which is a key disclosure in their Annual Financial Statements 2025.

Increased scrutiny on water use licenses and effluent discharge standards.

Water management is a high-scrutiny area, with strict legal standards governing water use licenses and effluent discharge. DRDGOLD's operations, particularly at the Ergo Mining Proprietary Limited (Ergo) and Far West Gold Recoveries Proprietary Limited (FWGR) complexes, are heavily dependent on managing water effectively, especially Acid Mine Drainage (AMD).

The company's ESG Report 2025 details its reliance on licensed water sources and its commitment to preventing the discharge of pollutants. For example, DRDGOLD is legally entitled to use up to 30 million liters (Ml) of treated AMD water daily. This is a huge volume, so compliance is defintely a high-stakes operational priority. The legal and environmental risks are managed through comprehensive monitoring programs and a focus on water harvesting from surface dams under appropriate extraction licenses.

Key Water Compliance and Usage (FY2025 Focus):

• Maximum Licensed AMD Use: 30 Ml of treated AMD water daily.
• Primary Water Sources: Treated AMD water, Cinderella dam (Boksburg), Rosherville dam (City Deep).
• Regulatory Focus: Preventing pollutant discharge into surrounding water sources and effective effluent management.

DRDGOLD Limited (DRD) - PESTLE Analysis: Environmental factors

Massive scale of tailings dam rehabilitation requires significant capital expenditure.

The core of DRDGOLD Limited's business model is environmental remediation, so the scale of its tailings storage facility (TSF) rehabilitation is enormous, and it drives massive capital expenditure. The 'Vision 2028' strategy, which is all about consolidating and re-depositing old mine waste, requires a medium-term investment of another ZAR 7.8 billion (South African Rand) to complete its Big Five growth projects.

For the 2025 fiscal year alone, total capital expenditure was approximately ZAR 2.2 billion, much of it going toward these life-extension projects like the Regional Tailings Storage Facility (RTSF) and the Daggafontein TSF. This spending is not just about gold recovery; it's about engineering safer, more stable environmental solutions. The Daggafontein TSF project, for example, will add 120 million tonnes of new deposition capacity, permanently addressing a huge environmental liability.

Here's the quick math on the direct rehabilitation effort in FY2025:

Metric	FY2025 Value	Context
Total Environmental Spend	R45.3 million (up 11%)	Covers all environmental obligations.
Rehabilitation Spend	R40.8 million	Specific amount spent on physical rehabilitation.
Land Vegetated	40 hectares	Land actively stabilized with vegetative cover.
Environmental Provision	R558.7 million	Balance of the non-current provision for future rehabilitation costs.

Managing water scarcity and pollution from acid mine drainage (AMD) is a core operational challenge.

Water management is defintely a core operational challenge, especially in water-scarce South Africa, and the risk of Acid Mine Drainage (AMD) from the historical Witwatersrand basin tailings is constant. DRDGOLD mitigates this by operating a closed-circuit water system, which is crucial for minimizing its external water footprint. The operations' potable water usage averages only 5% of their total water consumption.

Still, external water sourcing is a pressure point; externally sourced potable water actually increased by 3% in FY2025. To address this, the major expansion projects are integrating advanced water infrastructure. The Far West Gold Recoveries (FWGR) Phase II, for instance, involves laying 135km of new pipelines, which includes a dedicated return water pipeline to ensure water is recycled efficiently back to the plant from the new Regional Tailings Storage Facility (RTSF). This infrastructure is the only way to manage water pollution risks effectively over the long term.

Need to reduce dust emissions from tailings dumps to meet air quality standards.

Dust emissions from the vast, dry tailings dumps in the highly populated Gauteng region are a significant community and regulatory issue. The company's entire model-reprocessing and consolidating the dumps into modern, vegetated TSFs-is the long-term solution to this air quality problem.

In the near-term, compliance is managed through rigorous monitoring and dust suppression techniques. The new TSFs are specifically engineered to reduce dust and water pollution risks. For the 2025 fiscal year, the compliance rate was strong: the dust emissions exceedance rate was kept extremely low at just 0.5%. This shows that the active management programs are working, but the risk remains high given the proximity of the operations to residential areas.

DRDGOLD aims for a 10% reduction in absolute greenhouse gas emissions by 2030.

The company is making aggressive moves on decarbonization, with a long-term strategy that aims to reduce its carbon footprint by more than 50%. The most immediate, measurable progress in FY2025 came from a major infrastructure project: the commissioning of the 60MW solar photovoltaic (PV) plant and 160MWh battery energy storage system (BESS) at the Ergo operation in November 2024.

This renewable energy source has already delivered a tangible reduction in reliance on the national grid, which is heavily coal-dependent and therefore the main source of the company's Scope 2 emissions (indirect emissions from purchased electricity). Electricity consumption from Eskom and municipalities fell by 10% to 282,560MWh in FY2025 (down from 312,333MWh in FY2024). That solar plant is a game-changer for the cost base and the environmental profile. The key actions driving this are:

• Commissioning the 60MW solar PV plant and 160MWh BESS.
• Reducing grid-sourced electricity consumption by 10% in FY2025.
• Targeting a long-term carbon footprint reduction of 50%+.