Target 1

  • JSE: R182.37 +4.54%
  • NYSE:$9.62 +1.91%
  • GOLD:$2 681/oz +0.17%
  • GOLD:R1 618 961/kg -0.58%
  • USD:ZARR18.78 -0.76%
  • At 16:39pm, 15 Jan 2025

Overview

Target 1 is an advanced, single-shaft, deep-level mine in the Free State, some 270km south-west of Johannesburg.

Mining operations use both mechanised and conventional stoping techniques. The gold mineralisation currently exploited is contained in a succession of Elsburg and Dreyerskuil quartz pebble conglomerate reefs. These reefs are mined to a depth of around 2 300m below surface. Ore mined is milled and processed at the Target plant, with gold recovered by means of gold cyanide leaching.

As at 30 June 2024

  • Gold Resource: 3.4Moz
  • Gold Reserve: 0.5Moz
  • LoM: 5 years

Operating statistics FY24

Production

1 859kg / 59 769oz

Grade

4.02g/t

Workforce

2 005

All-in sustaining cost

US$2 593/oz

Operating performance FY24

Target 1 recorded a much improved year post completion of the optimisation project with a significant improvement in gold production. Volumes of ore milled increased 27% to 462 000 tonnes in FY24 from 365 000 tonnes in the previous year. The recovered grade at 4.02g/t was 15% higher than the 3.49g/t recorded for FY23. As a result, gold production rose 46% to 1 859kg (59 769oz) from 1 275kg (40 992oz) in FY23.

Gold revenue was significantly higher at R2 262 million (FY23:R1 308 million), a 73% increase, boosted by higher production as well as benefiting from a higher gold price. The average gold price received increased by 17% year on year to R1 219 817/kg in FY24 from R1 041 564/kg for the prior year. On the back of higher production cash operating costs rose 16% to R2 354 million (FY23: R2 033 million) also impacted by annual wage and electricity tariff increases as well as an increase in maintenance and drilling contractors cost.

Capital expenditure increased 14% to R488 million (FY23: R428 million) impacted by a trackless machinery replacement strategy and regulatory compliance to level 9, collision avoidance systems. A total of R202 million was spent for ongoing development.

Our focus area in FY25

The main focus for the operation will be to deliver increased production in line with the FY25 plan post completion of the infrastructure project.

ESG statistics

Lost-time injury frequency rate

6.24 per million hours worked (FY23: 9.54)

Water intensity (/tonne treated)

1.28Ml (FY23: 2.20Ml)

Energy intensity (/tonne treated)

0.50GWh (FY23: 0.58GWh)

GHG intensity
(/tonne treated)

0.51t CO2e (FY23: 0.61t CO2e)

Local economic development

R11m (FY22: R8m)

SLP

Target 1 2018 – 2022 (English)
Target 1 2018 – 2022 (SeSotho)

Target 1

Tel: 057 452 4429

20 Buffalo Road, Allanridge,
Free State, South Africa