SA Gold Operations

Segment rollup of the South African gold operations comprising the 100%-owned Driefontein, Kloof and Beatrix underground mines, the 76%-held Cooke surface operations and the non-managed 50.10%-held DRDGOLD surface tailings retreatment business. 2025 production declined 10% to 19,668kg (632,341oz) including DRDGOLD, as seismicity and infrastructure constraints at Kloof led to cessation of mining in high-risk areas for safety reasons; revised mine planning deliberately excludes isolated high-grade high-risk areas. The 39% higher gold price (R1,942,194/kg) more than offset a 14% reduction in gold sold, driving a 114% increase in adjusted EBITDA to R12.5bn. A three-year wage agreement was concluded in late 2025, in place until 30 June 2028. Segment Mineral Reserves of 3.8Moz reflect a -1.4Moz exclusion at Kloof; gold development and exploration projects (Burnstone, SOFS) are declared on dedicated rows.