DRDGOLD (“DRD”) is a South African tailings reprocessing business that operates two principal units, Ergo and Far West Gold Recoveries (“FWGR”), with FY25 guidance of 155-165koz of gold at a cash operating cost of US$1,463/oz (ZAR870,000/kg) for the 12 months to June 2025; we expect 165koz at US$1,645/oz. Output in Q1 (Jul-Sep) was solid with 42.4koz produced at an all-in sustaining cost (“AISC”) of US$1,616/oz. Bulk tailings processing is inherently lower technical risk than primary mining, wit ....
