Interview with Riaan Davel, CFO, and Henriette Hooijer, CFO Designate and GM: Finance of DRDGOLD Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/drdgold-nysedrd-moving-towards-200000-oz-gold-production-from-tailings-8411

Recording date: 17th November 2025

DRDGOLD Limited, a 130-year-old South African gold mining company, is executing a carefully orchestrated leadership transition as CFO Riaan Davel prepares to hand over responsibilities to Henriette Hooijer on February 1, 2026. The succession, built on a 20-year working relationship including nine years together at DRDGOLD, reflects the company's commitment to maintaining strategic continuity as it pursues ambitious growth plans.

The company operates a distinctive business model focused on surface tailings retreatment—processing historical mining waste to extract gold while simultaneously remediating over a century of environmental damage. This "mega volumes, nano recovery" approach processes material containing just 200 parts per billion of gold, demonstrating that environmental restoration and economic viability need not be mutually exclusive. As Davel explains, "We own waste essentially. So how do we make the most of that?"

DRDGOLD's disciplined execution has generated impressive results. Market capitalization has grown to approximately $2 billion, enabling capital deployment of roughly 10 billion rand in recent years, with another 8 billion rand planned over the next three years. This investment is building infrastructure designed for 20-40 year operational lifespans at operations like Far West, while repositioning the older Ergo facility for improved cost efficiency.

Despite favorable gold prices—currently around 2.2 million rand per kilogram versus 600,000 rand when Far West was initially planned- management maintains the cost discipline developed during tougher market conditions. The company has paid dividends for 18 consecutive years while internally financing major capital projects, balancing stakeholder interests through what Davel describes as keeping "all your stakeholders equally unhappy" to optimize long-term resource extraction over short-term profit maximization.

Looking ahead, DRDGOLD is exploring expansion opportunities across Africa and potentially South America, considering partnerships with established operators in unfamiliar jurisdictions while maintaining gold as its primary focus. Hooijer's operational project experience, combined with Davel's continued 12-month consulting support, positions the company to execute its Vision 2028 strategy while exploring how its proven retreatment model might address tailings challenges for major mining companies globally.

View DRDGOLD's company profile: https://www.cruxinvestor.com/companies/drdgold-limited

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