Moab Khotsong

Operating performance FY24

Gold production for FY24 remained relatively flat, decreasing by 1% to 6 599kg (212 162oz) from 6 668kg (214 381oz) in FY23. The recovered grade for FY24 increased 11% to 8.03g/t compared to 7.25g/t in FY23 but was, however, offset by lower tonnes milled. Total volumes of ore milled for FY24 at 822 000 tonnes was 11% lower than the 920 000 tonnes recorded in FY23, affected by a seismic event in February 2024 and geological challenges resulting in the unplanned moving of crews.

The mine is the group’s second largest gold operation, contributing 14% of total production. Revenue increased 15% to R8 108 million (FY23: R7 036 million), mainly due to a higher gold price received. The average gold price received increased by 16% to R1 219 199/kg (FY23: R1 047 845/kg). Cash operating costs increased by only 1% for FY24 toR4 615 million (FY23: R4 561 million), benefiting from higher uranium sales credits partially offsetting annual wage and electricity tariff increases. Uranium sales increased year on year by 79% to 612 000lb (FY23: 342 000lb) resulting in total revenue of R866 million for FY24 (FY23: R304 million). MPRDA royalties increased by 61% to R228 million in FY24 (FY23: R142 million) on the back of higher revenue and profitability. Capital expenditure rose 14% to R1 330 million (FY23: R1 167 million), mainly as a result of capital expenditure for the Zaaiplaats project as well as the Great Noligwa pillar extraction accounting for 63% of the total spent. A total of R285 million was spent in respect of ongoing development.

Moab Khotsong was the third largest contributor to operating free cash flow at R2 163 million in FY24, a 65% increase over the R1 309 million recorded in FY23.

Our focus area in FY25

Focus for the top mine will be to continue with opening up and equipping to ensure availability of ground for FY26. Sinking operations in the Zaaiplaats decline has commenced with focus on the critical path to 103 level station breakaway.