9/8/2008 1 Presentation to the Denver Gold Forum Niël Pretorius CEO Designate 8 September 2008 Disclaimer Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a continuing strengthening of the Rand against the Dollar, regulatory developments adverse to DRDGOLD or difficulties in maintaining necessary licences or other governmental approvals, changes in DRDGOLD's competitive position, changes in business strategy, any major disruption in production at key facilities or adverse changes in foreign exchange rates and various other factors. These risks include, without limitation, those described in the section entitled 2 "Risk Factors" included in our annual report for the fiscal year ended 30 June 2007, which we filed with the United States Securities and Exchange Commission on 14 December 2007 on Form 20-F. You should not place undue reliance on these forward-looking statements, which speak only as of the date thereof. We do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to the occurrence of unanticipated events.
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9/8/2008
1
Presentation to the Denver Gold Forum
Niël PretoriusCEO Designate
8 September 2008
Disclaimer
Many factors could cause the actual results, performance or achievements tobe materially different from any future results, performance or achievementsthat may be expressed or implied by such forward-looking statements,i l di th d h t i ti i lincluding, among others, adverse changes or uncertainties in generaleconomic conditions in the markets we serve, a drop in the gold price, acontinuing strengthening of the Rand against the Dollar, regulatorydevelopments adverse to DRDGOLD or difficulties in maintaining necessarylicences or other governmental approvals, changes in DRDGOLD'scompetitive position, changes in business strategy, any major disruption inproduction at key facilities or adverse changes in foreign exchange rates andvarious other factors.
These risks include, without limitation, those described in the section entitled
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"Risk Factors" included in our annual report for the fiscal year ended 30 June2007, which we filed with the United States Securities and ExchangeCommission on 14 December 2007 on Form 20-F. You should not placeundue reliance on these forward-looking statements, which speak only as ofthe date thereof. We do not undertake any obligation to publicly update orrevise these forward-looking statements to reflect events or circumstancesafter the date of this report or to the occurrence of unanticipated events.
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Profile
• Medium-tier gold producer
• 321 432 oz for FY08321 432 oz for FY08
• South Africa’s fourth largest
• Building on diversified asset mix
• 54% of production from underground operations
• 46% from surface retreatment
• Strong balance sheet supporting near-term growth
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Strong balance sheet supporting near term growth
• cash from operations
• R341 million from Australasian divestment
• current ratio of 2.91 at 30 June 2008
Accomplished to date:
• Australasia exited
• South African operations stabilized, returnedSouth African operations stabilized, returned to sustainability
• fewer, more profitable ounces
• 33% drop in production to 321 432 oz FY08
• 57% increase in cash operating profit to R364.3 million
• SA organic growth platform established
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• pipeline of brownfields projects
• Increased attributable reserves and resources
• reserves up by 25% to 7.9 million oz
• resources up from 54.2 to 54.7 million oz
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Accomplished to date, cont’d
• Margins improved
• Net profit after tax from continuing operations increasedNet profit after tax from continuing operations increased from R3.1 million in FY07 to R154.4 million in FY08
• Balance sheet strengthened
• cash equivalent to R2.25 per share
• Dividend of 10 cents per share declared
• BEE compliant ahead of schedule
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• Strong, dynamic management, stable board
Our strategy
• Build organically on diversified asset mix
• undergroundunderground
• surface
• in South Africa
• 400 000 safe, profitable ounces a year by 2011
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Structure
DRDGOLDKhumo Gold
20%
74%
100%
~12%
6%
Khumo Gold
DRDGOLD SAEmployee Trust
DRDGOLD SA
DRD (OFFSHORE)
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Ergo
50%
Blyvoor Crown ERPM
100% 100% 100%
Location
BlyvooruitzichtCrownDRDGOLD andDRDGOLD SA Corporate Office
ERPM
Ergo JV
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Mineable ounces (attributable reserves)
2008 reserves (7.9 Moz) 2007 reserves (6.2 Moz)
5.1Moz
0.7Moz
0.4Moz
4.8Moz2.6Moz
0.4Moz0.1Moz
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Blyvoor ERPM Crown Ergo
Mineable ounces (attributable resources)
2008 resources (54.7 Moz) 2007 resources (53.8 Moz)
20.4Moz
29.0Moz
3.1Moz2.2Moz
30.6Moz
20.1Moz
3.1Moz
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Blyvoor ERPM Crown Ergo
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Blyvoor
• Production: 141 172 oz *• Cash operating cost: US$670/oz*• Cash operating profit: R156.3 m*• Reserve: 4.1 Moz**• Resource: 20.4 Moz**• 5 Shaft Way Ahead Project, 6 Shaft 15/29 Incline Project*FY08 **Attributable at 30 June 2008
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Blyvoor: Way Ahead Project (WAP)
27-12 LevelTons- 36287G/t- 21.13Kg- 766.74
27-26 LevelTons- 104292G/t- 13.92Kg- 1451.71
29-26 LevelTons- 77950G/t- 12.40Kg- 966.58
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31-26 LevelTons- 161814G/t- 14.61Kg- 2364.1
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ERPM
• Production: 79 479 oz*• Cash operating cost: US$748/oz*• Cash operating profit: R32.2 m*• Reserve: 2.6 Moz**• Resource: 29.0 Moz**• Extensions 1 and 2*FY08 **Attributable at 30 June 2008
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ERPM Extension 1
Present FEV longwall
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Decline target area
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ERPM Extension 1, cont’d
Proposed decline
Present sub-shaft
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Contours (strike change)
ERPM Ext 1: costs
‘Pay as you go’
R167.8m
R85.7m
R56.6m
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R24.0mR12.0m
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Crown
• Production: 87 354 oz*• Cash operating cost: US$553/oz*• Cash operating profit: R175.7 m*• Reserve: 0.4 Moz**• Resource: 3.1 Moz**• Top Star Project*FY08 **Attributable at 30 June 2008
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Crown: Top Star Project
• Reserve: 5.2Mt; 129 567oz• Recovery: 260 000tpm; 3 890oz• Head grade: 0.775g/t• Recovered grade: 0.465g/t• Capex: R36.4m• Opex: R42-48/t• Project life: 20 months• NPV
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NPV• R107.5m at gold price of R200 000/kg*• R118.9m at gold price of R210 000/kg*• R130.3m at gold price of R220 000/kg*
*discounted by 20%
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ERGO Joint Venture
• Total capex: R611m• DRDGOLD contribution: R275m
• Two distinct streams• Benoni tailings dam on line October ’08
• 14.3 Mt at 0.36g/t• Elsburg Tailings Complex on line April ’09
• 171.5 Mt at 0.30g/t (1.67 Moz)• Opex
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• October to June ’09: R30/t• June ’09 onwards: R23/t
• Life of project 12 years• 600 000 tpm October ’08 April ’09• 1.2 Mtpm thereafter
ERGO Joint Venture
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Performance: ounces
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Performance: revenue
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Performance: costs
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Healthy margins
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Balance sheet as at:30 June 2008
R million R million
2008 2007
Non current assets 1 073 3 785 3Non-current assets 1 073.3 785.3
Cash and cash equivalents 846.1 106.9
Other current assets 343.1 1 055.0
Total assets 2 262.5 1 947.2
Equity 1 305.5 143.5
*
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Long-term liabilities 548.0 462.1
Current liabilities 409.0 1 341.6
Total equity & liabilities 2 262.5 1 947.2
Current ratio 2.91 0.87*Includes withholding tax of R82.7 received from Emperor in August
Risk management
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Why invest?
• Highly geared, liquid gold stock, supported by:
• diversified asset mix;diversified asset mix;
• safe, profitable production;
• strong balance sheet, funding near-term growth
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Presentation to the Denver Gold Forum
Niël PretoriusCEO Designate
9 September 2008
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