Doornkop

Operating performance FY24

Gold production for FY24 at 3 470kg (111 562oz) was 18% lower than the 4 213kg (135 451oz) for the previous year, this was, however, in line with planning. Doornkop experienced face-length challenges during the June 2024 quarter affecting production, ore milled for the year was 9% lower at 815 000 tonnes for FY24 (FY23: 898 000 tonnes). During FY23 Doornkop embarked on mill clean-up operations that boosted the recovered grade, which was not repeated in FY24, this was a contributor to the 9% decrease in grade to 4.26g/t (FY23: 4.69g/t).

The lower gold production reflected in revenue, down 4% to R4 198 million (FY23: R4 384 million) despite a 17% increase in the gold price. The gold price received increased to R1 210 252/kg for FY24 from R1 035 665/kg in the previous year. Cash operating costs increased by only 2% to R3 054 million (FY23: R2 987 million) mainly due to annual wage and electricity tariff increases. Capital expenditure decreased 4% to R687 million from R716 million in FY23, mainly on major project capital. A total of R336 million was spent for ongoing development.

Operating free cash flow of R457 million was recorded in FY24, 33% lower than the R682 million in FY23, a direct result of the lower production.

Our focus area in FY25

Focus on safety remains a top priority for the management team, with continued focus on the 207/212 level extension and associated infrastructure to ensure the operation’s future.