Johannesburg- and New York-listed DRDGOLD expects to report earnings per share (EPS) of between 216.9c and 228.2c for the six months ended December 31, 2025, an increase of between 93% and 103% on the 112.6c reported for the six months ended December 2024.

Headline earnings per share (HEPS) are anticipated to be between 217.5c and 228.7c, an increase of between 93% and 103% from the 112.6c in the previous corresponding period.

The expected increases are owed primarily to movements in, among others, revenue.

Group revenue increased by R1.25-billion, or 33%, to R5.05-billion owing to a 43% increase in the average rand gold price received, notwithstanding a 7% decrease in gold sold from 2 567 kg to 2 388 kg.

Far West Gold Recoveries’ (FWGR’s) revenue increased by R356.8-million to R1.44-billion mainly owing to the 43% increase in the average rand gold price received offsetting the 7% decrease in gold sold to 678 kg.

The gold yield decreased by 10% from 0.235 g/t in the previous corresponding period to 0.212 g/t mainly owing to the depletion of higher-grade material at the base of Driefontein 5 and the processing of material from a lower-grade area in Driefontein 3. 

FWGR has completed most of the clean-up of Driefontein 5 and is in the process of transitioning fully to Driefontein 3.

Ergo Mining’s revenue increased by R894.1-million to R3.61-billion, mainly owing to the 43% increase in the average rand gold price received.

Also, group cash operating costs increased by 4% to R2.29-billion, mainly owing to cost increases in carbon and reagents.

At Ergo, cash operating costs increased by R32.4-million, or 2%, to R1.92-billion, driven mainly by higher reagent and contractor costs, which were offset by a 23% decrease in electricity costs.

Electricity costs at Ergo decreased despite an increase in electricity tariffs of 12.74% with effect from April 1, 2025, reflecting the benefits of the solar plant and battery energy storage system.

DRDGOLD is trending towards the higher end of its production guidance for the financial year to end on June 30 of between 140 000 oz and 150 000 oz, with unit costs expected to remain within guidance. Cash operating costs are anticipated at about R995 000/kg.

Meanwhile, for the six months under review, capital reinvestment increased by R703.7-million, or 74%, to R1.65-billion, related mostly to projects at the core of Vision 2028, namely Ergo’s Daggafontein tailings storage facility (TSF) and FWGR’s DP2 Plant expansion, regional TSF and related pipeline.

FWGR has added about 67-million tonnes to the mineral resource estimate in the period, with an estimated average grade of 0.22 g/t, following the transfer of the Kloof 2 dump from Sibanye-Stillwater to FWGR.

DRDGOLD held R1.73-billion in cash and cash equivalents as at December 31, 2025, after paying cash dividends of R345.7-million.

The group remains free of any bank debt.

To support liquidity in funding the significant capital expansion programme, it has a R1-billion revolving credit facility with a R500-million accordion option and a R500-million general bank facility with Nedbank available, if needed.

DRDGOLD expects to release its results for the period on February 18.