Doornkop

Operating performance FY23

Doornkop delivered improved results for FY23 producing 4 213kg (135 451oz) compared to 3 444kg (110 726oz), a 22% improvement over FY22. This was mainly due to a notable increase in the recovered grade to 4.69g/t (FY22: 3.94g/t) on the back of improved mining grades in the latter part of the year as well as mill clean-up operations in the first half. Ore milled increased by 3% to 898 000 tonnes (FY22: 874 000 tonnes).

Significantly higher production results reflected in revenue of R4 384 million (FY22: R3 106 million), 41% higher than the previous year, supported by a rise in the gold price. Cash operating costs were 19% higher at R2 987 million (FY22: R2 514 million) mainly due to annual wage increases and higher cost of consumables. Additional costs relating to compressed air generation amounted to approximately R57 million and R31 million was due to higher diesel expenditure. Capital expenditure increased 46% to R716 million from R491 million in FY22, mainly towards major project capital as well as on ongoing development.

Operating free cash flow of R682 million was recorded in FY23 compared to R102 million in FY22, reflecting the improved production results as well as a higher gold price.

OUTLOOK FOR FY24

Continued focus on safety remains a top priority. Business improvement endevours are underway to bring about increased productivity within mining disciplines, and to reinstate flexibility in mining operations. Production guidance for FY24 is between 111 900oz and 117 800oz.