DRDGOLD is a South African gold producer focused entirely on recovering gold from surface tailings — the waste material left over from decades of underground gold mining in the Witwatersrand Basin near Johannesburg. Rather than sinking new underground mines, DRDGOLD reclaims old mine dumps and slimes dams, reprocesses the material through carbon-in-leach metallurgical plants, and sells refined gold to South African bullion banks at spot prices. DRDGOLD operates through two entities: Ergo, which covers central and east Johannesburg and accounts for roughly 72% of production, and FWGR (Far West Gold Recoveries), which operates on the West Rand and was acquired from Sibanye-Stillwater in 2018. Because gold grades in tailings are very low, DRDGOLD must process enormous volumes of material — roughly 25 million tonnes per year at Ergo alone — making energy a significant cost input. DRDGOLD has invested in a 60MW solar PV plant with battery storage at Ergo to reduce grid dependence. Profitability is driven by the USD gold price and the rand/dollar exchange rate on the revenue side, and by processing volumes, reagents, electricity, and labor on the cost side. DRDGOLD takes full, unhedged exposure to the gold price. Growth is primarily organic — extending mine life by securing new tailings storage capacity and adding reclamation sources, including the FWGR Phase 2 expansion and new tailings facilities at Ergo.